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PENSION PLANS AND POST-RETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
PENSION PLANS AND POST-RETIREMENT BENEFITS PENSION PLANS AND POST-RETIREMENT BENEFITS
Evergy and certain of its subsidiaries maintain, and Evergy Kansas Central and Evergy Metro participate in, qualified non-contributory defined benefit pension plans covering the majority of Evergy Kansas Central's and Evergy Metro's employees as well as certain non-qualified plans covering certain active and retired officers. Evergy is also responsible for its indirect 94% ownership share of Wolf Creek's defined benefit plans, consisting of Evergy Kansas South's and Evergy Metro's respective 47% ownership shares.
For the majority of employees, pension benefits under these plans reflect the employees' compensation, years of service and age at retirement. However, for the plan covering Evergy Kansas Central's employees, the benefits for non-union employees hired between 2002 and the second quarter of 2018 and union employees hired beginning in 2012 are derived from a cash balance account formula. The plan was closed to future non-union employees in 2018. For the plans covering Evergy Metro's employees, the benefits for union employees hired beginning in 2014 are derived from a cash balance account formula and the plans were closed to future non-union employees in 2014.
Evergy and its subsidiaries also provide certain post-retirement health care and life insurance benefits for substantially all retired employees of Evergy Kansas Central and Evergy Metro and their respective shares of Wolf Creek's post-retirement benefit plans.
The Evergy Companies record pension and post-retirement expense in accordance with rate orders from the KCC and MPSC that allow the difference between pension and post-retirement costs under GAAP and costs for ratemaking to be recognized as a regulatory asset or liability.  This difference between financial and regulatory accounting methods is due to timing and will be eliminated over the life of the plans.
For 2023, Evergy, Evergy Kansas Central and Evergy Metro recorded pension settlement losses (gains) of ($21.1) million, $1.1 million and ($22.2) million, respectively. For 2022, Evergy, Evergy Kansas Central and Evergy Metro recorded pension and post-retirement special termination benefit losses of $59.5 million, $17.0 million and $42.5 million, respectively. For 2021, Evergy, Evergy Kansas Central and Evergy Metro recorded pension settlement losses of $34.3 million, $25.6 million and $13.7 million, respectively. These settlement (gains) losses and special termination benefits were the result of accelerated distributions and enhanced pension distributions as a result of employee retirements for certain plan participants. Evergy, Evergy Kansas Central and Evergy Metro deferred substantially all of the (gains) losses to regulatory assets or regulatory liabilities and expect to recover these amounts over future periods pursuant to regulatory agreements.
The following pension benefits tables provide information relating to the funded status of all defined benefit pension plans on an aggregate basis as well as the components of net periodic benefit costs. For financial reporting purposes, the market value of plan assets is the fair value. Net periodic benefit costs reflect total plan benefit costs prior to the effects of capitalization and sharing with joint owners of power plants.
Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Change in projected benefit obligation (PBO)(millions)
PBO as of January 1, 2023$1,850.5 $911.7 $920.6 $201.7 $103.0 $98.6 
Service cost44.9 18.6 26.3 1.8 0.9 0.9 
Interest cost91.9 47.0 44.0 11.1 5.7 5.5 
Contribution by participants— — — 6.2 1.0 5.2 
Actuarial (gain) loss64.8 42.2 22.0 (4.0)(2.6)(1.4)
Benefits paid(84.1)(50.6)(32.3)(24.0)(10.2)(13.8)
Settlements(256.2)(89.3)(166.9)— — — 
Other(7.4)(3.4)(4.0)— — — 
PBO as of December 31, 2023$1,704.4 $876.2 $809.7 $192.8 $97.8 $95.0 
Change in plan assets
Fair value of plan assets as of January 1, 2023$1,409.2 $668.5 $740.7 $192.9 $96.2 $96.7 
Actual return on plan assets145.2 75.5 69.7 21.6 11.5 10.1 
Contributions by employer and participants36.8 15.1 21.7 9.6 1.2 8.4 
Benefits paid(80.2)(48.2)(32.0)(22.6)(9.8)(12.8)
Settlements(252.9)(86.9)(166.0)— — — 
Other(7.4)(3.4)(4.0)— — — 
Fair value of plan assets as of December 31, 2023$1,250.7 $620.6 $630.1 $201.5 $99.1 $102.4 
Funded status as of December 31, 2023$(453.7)$(255.6)$(179.6)$8.7 $1.3 $7.4 
Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Amounts recognized in the consolidated balance sheets
(millions)
Non-current asset$— $— $— $24.7 $5.0 $19.7 
Current pension and other post-retirement liability(4.5)(2.5)(0.5)(1.1)(0.5)(0.6)
Noncurrent pension liability and other post-retirement liability
(449.2)(253.1)(179.1)(14.9)(3.2)(11.7)
Net amount recognized before regulatory treatment(453.7)(255.6)(179.6)8.7 1.3 7.4 
Accumulated OCI or regulatory asset/liability(92.4)60.7 (144.1)(34.0)(18.6)(21.7)
Net amount recognized as of December 31, 2023$(546.1)$(194.9)$(323.7)$(25.3)$(17.3)$(14.3)
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost:
Actuarial (gain) loss$(104.1)$47.3 $(142.8)$(34.7)$(19.0)$(16.9)
Prior service cost11.7 13.4 (1.3)0.7 0.4 (4.8)
Net amount recognized as of December 31, 2023$(92.4)$60.7 $(144.1)$(34.0)$(18.6)$(21.7)
Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Change in projected benefit obligation (PBO)(millions)
PBO as of January 1, 2022$2,561.7 $1,264.4 $1,273.5 $258.4 $133.9 $124.5 
Service cost79.7 30.7 49.0 3.0 1.5 1.5 
Interest cost79.3 38.8 39.8 7.9 4.1 3.8 
Contribution by participants— — — 6.9 1.0 5.8 
Plan amendments0.6 0.3 0.3 — — — 
Actuarial gain(717.9)(334.3)(378.6)(58.1)(28.7)(29.4)
Benefits paid(189.4)(100.1)(88.0)(23.1)(10.2)(12.9)
Special termination benefits52.8 15.6 37.2 6.7 1.4 5.3 
Other(16.3)(3.7)(12.6)— — — 
PBO as of December 31, 2022$1,850.5 $911.7 $920.6 $201.7 $103.0 $98.6 
Change in plan assets
Fair value of plan assets as of January 1, 2022$1,714.7 $835.7 $879.0 $242.3 $124.0 $118.3 
Actual return on plan assets(192.6)(97.1)(95.5)(34.9)(19.2)(15.7)
Contributions by employer and participants88.4 31.2 57.2 7.0 1.1 5.9 
Benefits paid(185.0)(97.6)(87.4)(21.5)(9.7)(11.8)
Other(16.3)(3.7)(12.6)— — — 
Fair value of plan assets as of December 31, 2022$1,409.2 $668.5 $740.7 $192.9 $96.2 $96.7 
Funded status as of December 31, 2022$(441.3)$(243.2)$(179.9)$(8.8)$(6.8)$(1.9)
Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Amounts recognized in the consolidated balance sheets
(millions)
Non-current asset$— $— $— $16.8 $— $16.8 
Current pension and other post-retirement liability(7.2)(4.7)(1.3)(1.3)(0.6)(0.7)
Noncurrent pension liability and other post-
   retirement liability		(434.1)(238.5)(178.6)(24.3)(6.2)(18.0)
Net amount recognized before regulatory treatment(441.3)(243.2)(179.9)(8.8)(6.8)(1.9)
Accumulated OCI or regulatory asset/liability(140.2)50.3 (180.3)(24.5)(12.8)(18.4)
Net amount recognized as of December 31, 2022$(581.5)$(192.9)$(360.2)$(33.3)$(19.6)$(20.3)
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost:
Actuarial (gain) loss$(153.8)$35.0 $(179.0)$(25.3)$(13.2)$(13.1)
Prior service cost13.6 15.3 (1.3)0.8 0.4 (5.3)
Net amount recognized as of December 31, 2022$(140.2)$50.3 $(180.3)$(24.5)$(12.8)$(18.4)
Actuarial losses for the Evergy Companies' pension benefit plans for 2023 were primarily driven by a decrease in the discount rate used to measure the benefit obligation as a result of lower market interest rates. Actuarial gains for the Evergy Companies' pension benefit plans for 2022 were primarily driven by an increase in the discount rate used to measure the benefit obligation as a result of higher market interest rates. See the weighted average assumptions used to determine the benefit obligations within this Note 9 for further information.
As of December 31, 2023 and 2022, Evergy's pension benefits include non-qualified benefit obligations of $38.0 million and $37.8 million, respectively, which are funded by trusts containing assets of $33.3 million and
$34.1 million, respectively. As of December 31, 2023 and 2022, Evergy Kansas Central's pension benefits include non-qualified benefit obligations of $19.5 million and $19.6 million, respectively, which are funded by trusts containing assets of $24.5 million and $24.9 million, respectively. The assets in the aforementioned trusts are not included in the table above. See Note 14 for more information on these amounts.
Pension BenefitsPost-Retirement Benefits
Year Ended December 31, 2023EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$44.9 $18.6 $26.3 $1.8 $0.9 $0.9 
Interest cost91.9 47.0 44.0 11.1 5.7 5.5 
Expected return on plan assets(87.6)(44.1)(43.4)(11.9)(6.3)(5.7)
Prior service cost1.9 2.0 — 0.1 — (0.4)
Recognized net actuarial (gain) loss(21.5)(2.5)(18.2)(4.2)(2.0)(2.1)
Settlement and special termination (gain) loss (21.1)1.1 (22.2)— — — 
Net periodic benefit costs before regulatory adjustment and intercompany allocations
8.5 22.1 (13.5)(3.1)(1.7)(1.8)
Regulatory adjustment94.0 30.4 63.0 (0.1)(1.7)2.1 
Intercompany allocationsn/a(2.3)(1.1)n/a0.3 — 
Net periodic benefit costs (income)102.5 50.2 48.4 (3.2)(3.1)0.3 
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
Current year net (gain) loss7.1 11.0 (4.2)(13.6)(7.8)(5.8)
Amortization of gain21.5 2.5 18.2 4.2 2.0 2.1 
Amortization of prior service cost(1.9)(2.0)— (0.1)— 0.4 
Net gain (loss) due to settlement21.1 (1.1)22.2 — — — 
Total recognized in OCI or regulatory asset/liability
47.8 10.4 36.2 (9.5)(5.8)(3.3)
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
$150.3 $60.6 $84.6 $(12.7)$(8.9)$(3.0)
Pension BenefitsPost-Retirement Benefits
Year Ended December 31, 2022EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$79.7 $30.7 $49.0 $3.0 $1.5 $1.5 
Interest cost79.3 38.8 39.8 7.9 4.1 3.8 
Expected return on plan assets(104.0)(51.2)(56.4)(10.2)(6.5)(3.7)
Prior service cost1.9 2.0 — 0.5 0.4 (1.4)
Recognized net actuarial (gain) loss34.8 25.6 38.6 (0.3)(0.2)(0.7)
Settlement and special termination benefits52.8 15.6 37.2 6.7 1.4 5.3 
Net periodic benefit costs before regulatory adjustment and intercompany allocations
144.5 61.5 108.2 7.6 0.7 4.8 
Regulatory adjustment14.7 0.7 (12.1)(7.1)(3.6)(1.3)
Intercompany allocationsn/a2.9 (18.4)n/a0.3 (0.6)
Net periodic benefit costs (income)159.2 65.1 77.7 0.5 (2.6)2.9 
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
Current year net gain(421.4)(186.1)(226.7)(13.0)(3.0)(10.0)
Amortization of gain (loss)(34.7)(25.6)(38.6)0.4 0.2 0.7 
Prior service cost0.6 0.4 0.4 — — — 
Amortization of prior service cost(1.9)(2.0)— (0.5)(0.4)1.4 
Total recognized in OCI or regulatory asset/liability
(457.4)(213.3)(264.9)(13.1)(3.2)(7.9)
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
$(298.2)$(148.2)$(187.2)$(12.6)$(5.8)$(5.0)
Pension BenefitsPost-Retirement Benefits
Year Ended December 31, 2021EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$82.6 $29.1 $53.5 $3.3 $1.7 $1.6 
Interest cost84.2 41.0 42.5 7.8 4.0 3.8 
Expected return on plan assets(103.5)(52.8)(55.7)(8.9)(6.3)(2.6)
Prior service cost2.0 2.1 — 0.5 0.5 (1.0)
Recognized net actuarial loss54.1 36.0 43.8 1.4 0.6 (0.1)
Settlement and special termination benefits34.3 25.6 13.7 — — — 
Net periodic benefit costs before regulatory adjustment and intercompany allocations
153.7 81.0 97.8 4.1 0.5 1.7 
Regulatory adjustment17.3 (13.1)4.2 (4.8)(3.3)0.4 
Intercompany allocationsn/a3.2 (25.9)n/a— (0.4)
Net periodic benefit costs (income)171.0 71.1 76.1 (0.7)(2.8)1.7 
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
Current year net gain(195.3)(106.3)(88.4)(13.6)(9.6)(3.9)
Amortization of gain (loss)(52.4)(36.0)(43.9)(1.3)(0.5)0.1 
Amortization of prior service cost(2.0)(2.1)— (0.5)(0.5)1.0 
Total recognized in OCI or regulatory asset/liability
(249.7)(144.4)(132.3)(15.4)(10.6)(2.8)
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
$(78.7)$(73.3)$(56.2)$(16.1)$(13.4)$(1.1)
For financial reporting purposes, the estimated prior service cost and net actuarial (gain) loss for the defined benefit plans are amortized from accumulated other comprehensive income (OCI) or a regulatory asset/liability into net periodic benefit cost. The Evergy Companies amortize prior service cost on a straight-line basis over the average future service of the active employees (plan participants) benefiting under the plan. The Evergy Companies amortize the net actuarial (gain) loss on a straight-line basis over the average future service of active plan participants benefiting under the plan without application of an amortization corridor.
Pension and other post-retirement benefit plans with the PBO, accumulated benefit obligation (ABO) or accumulated other post-retirement benefit obligation (APBO) in excess of the fair value of plan assets at year-end are detailed in the following tables.
December 31, 2023EvergyEvergy Kansas CentralEvergy Metro
(millions)
ABO for all defined benefit pension plans$1,539.7 $809.9 $711.3 
Pension plans with the PBO in excess of plan assets
Projected benefit obligation$1,704.4 $876.2 $809.7 
Fair value of plan assets1,250.7 620.6 630.1 
Pension plans with the ABO in excess of plan assets
Accumulated benefit obligation$1,539.7 $809.9 $711.3 
Fair value of plan assets1,250.7 620.6 630.1 
Other post-retirement benefit plans with the APBO in excess of plan assets
Accumulated other post-retirement benefit obligation$82.6 $3.5 $79.1 
Fair value of plan assets66.9 — 66.9 
December 31, 2022EvergyEvergy Kansas CentralEvergy Metro
(millions)
ABO for all defined benefit pension plans$1,687.3 $844.4 $824.6 
Pension plans with the PBO in excess of plan assets
Projected benefit obligation$1,850.5 $911.7 $920.6 
Fair value of plan assets1,409.2 668.5 740.7 
Pension plans with the ABO in excess of plan assets
Accumulated benefit obligation$1,687.3 $844.4 $824.6 
Fair value of plan assets1,409.2 668.5 740.7 
Other post-retirement benefit plans with the APBO in excess of plan assets
Accumulated other post-retirement benefit obligation$201.7 $103.0 $98.6 
Fair value of plan assets192.9 96.2 96.7 
The expected long-term rate of return on plan assets represents the Evergy Companies' estimate of the long-term return on plan assets and is based on historical and projected rates of return for current and planned asset classes in the plans' investment portfolios. Assumed projected rates of return for each asset class were selected after analyzing historical experience and future expectations of the returns of various asset classes. Based on the target asset allocation for each asset class, the overall expected rate of return for the portfolios was developed and adjusted for the effect of projected benefits paid from plan assets and future plan contributions.
The following tables provide the weighted-average assumptions used to determine benefit obligations and net costs for the Evergy Companies' pension and post-retirement benefit plans.
Weighted-average assumptions used to determine the benefit obligation at December 31, 2023Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Discount rate5.35 %5.34 %5.35 %5.43 %5.45 %5.41 %
Rate of compensation increase3.72 %3.77 %3.71 %3.75 %n/a3.75 %
Interest crediting rate for cash balance plans4.13 %4.20 %4.47 %n/an/an/a
Weighted-average assumptions used to determine the benefit obligation at December 31, 2022Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Discount rate5.72 %5.72 %5.72 %5.74 %5.75 %5.72 %
Rate of compensation increase3.72 %3.78 %3.70 %3.75 %n/a3.75 %
Interest crediting rate for cash balance plans4.13 %4.00 %4.43 %n/an/an/a
Weighted-average assumptions used to determine net costs for the year ended December 31, 2023Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Discount rate5.45 %5.66 %5.62 %5.74 %5.75 %5.72 %
Expected long-term return on plan assets6.71 %6.80 %6.62 %5.48 %5.75 %5.22 %
Rate of compensation increase3.72 %3.78 %3.70 %3.75 %n/a3.75 %
Interest crediting rate for cash balance plans4.13 %4.00 %4.43 %n/an/an/a
Weighted-average assumptions used to determine net costs for the year ended December 31, 2022Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Discount rate3.10 %3.10 %3.11 %3.12 %3.11 %3.13 %
Expected long-term return on plan assets6.71 %6.80 %6.63 %4.53 %5.75 %3.25 %
Rate of compensation increase3.75 %3.77 %3.71 %3.75 %n/a3.75 %
Interest crediting rate for cash balance plans4.13 %4.00 %4.45 %n/an/an/a
Evergy expects to contribute $45.2 million to the pension plans in 2024 to meet Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and regulatory orders, of which $15.6 million is expected to be paid by Evergy Kansas Central and $29.6 million is expected to be paid by Evergy Metro. The Evergy Companies' funding policy is to contribute amounts sufficient to meet the ERISA funding requirements and MPSC and KCC rate orders plus additional amounts as considered appropriate; therefore, actual contributions may differ from expected contributions. Also in 2024, Evergy expects to contribute $0.8 million to the post-retirement benefit plans, of which $0.4 million is expected to be paid by Evergy Kansas Central and $0.4 million is expected to be paid by Evergy Metro.
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid through 2033.
Pension BenefitsPost-Retirement Benefits
EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
(millions)
2024$135.6 $74.4 $59.6 $18.2 $10.3 $7.8 
2025136.5 73.5 61.4 17.6 9.9 7.8 
2026138.9 72.9 64.4 17.1 9.4 7.7 
2027140.4 72.4 66.5 15.2 8.2 7.0 
2028141.1 71.5 68.1 14.4 7.8 6.6 
2029-2033707.7 344.0 356.5 66.3 35.0 31.3 
As of December 31, 2023, Evergy Kansas Central and Evergy Metro maintained a master trust for their non-union and Evergy Kansas Central's union pension benefits and a separate trust for Evergy Metro's union pension benefits. Evergy Kansas Central and Evergy Metro maintained separate trusts for their post-retirement benefits as of December 31, 2023. These plans are managed in accordance with prudent investor guidelines contained in the ERISA requirements.
The primary objective of Evergy Kansas Central's and Evergy Metro's pension plans is to provide a source of retirement income for its participants and beneficiaries, and the primary financial objectives of the plans are to minimize funding deficiencies and maintain the plans' ability to pay all benefit and expense obligations when due.
The primary objective of Evergy Kansas Central's and Evergy Metro's post-retirement benefit plans is to preserve capital, maintain sufficient liquidity and earn a consistent rate of return.
The investment strategies of both the Evergy Kansas Central and Evergy Metro pension and post-retirement plans support the above objectives of the plans. The portfolios are invested, and periodically rebalanced, to achieve the targeted allocations detailed below. The following table provides the target asset allocations by asset class for the Evergy Kansas Central and Evergy Metro pension and other post-retirement plan assets.
Pension BenefitsPost-Retirement Benefits
Evergy Kansas CentralEvergy MetroEvergy Kansas CentralEvergy Metro
Domestic equities26%26%26%18%
International equities20%19%18%10%
Bonds39%38%56%66%
Mortgage & asset backed securities—%—%—%5%
Real estate investments4%6%—%—%
Other investments11%11%—%1%
Fair Value Measurements
Evergy classifies recurring and non-recurring fair value measurements based on the fair value hierarchy as discussed in Note 14. The following are descriptions of the valuation methods of the primary fair value measurements disclosed below.
Domestic equities - consist of individually held domestic equity securities and domestic equity mutual funds. Securities and funds, which are publicly quoted, are valued based on quoted prices in active markets and are categorized as Level 1. Funds that are valued by fund administrators using the net asset value (NAV) per fund share, derived from the quoted prices in active markets of the underlying securities are not classified within the fair value hierarchy.
International equities - consist of individually held international equity securities and international equity mutual funds. Securities and funds, which are publicly quoted, are valued based on quoted prices in active markets and are categorized as Level 1.
Bond funds - consist of funds maintained by investment companies that invest in various types of fixed income securities consistent with the funds' stated objectives. Securities and funds, which are publicly quoted, are valued based on quoted prices in active markets and are categorized as Level 1.
Corporate bonds - consists of individually held, primarily domestic, corporate bonds that are traded in less than active markets or priced with models using highly observable inputs that are categorized as Level 2.
U.S. Treasury and agency bonds - consists of individually held U.S. Treasury securities and U.S. agency bonds. U.S. Treasury securities, which are publicly quoted, are valued based on quoted prices in active markets and are categorized as a Level 1. U.S. agency bonds, which are publicly quoted, are traded in less than active markets or priced with models using highly observable inputs and are categorized as Level 2.
Mortgage and asset backed securities - consists of individually held securities that are traded in less than active markets or valued with models using highly observable inputs that are categorized as Level 2.
Real estate investments - consists of institutional trust funds valued at NAV per fund share and are not categorized in the fair value hierarchy.
Combination debt/equity/other fund - consists of a fund that invests in various types of debt, equity and other asset classes consistent with the fund's stated objectives. The fund, which is publicly quoted, is valued based on quoted prices in active markets and is categorized as Level 1.
Alternative investments - consists of investments in institutional trust and hedge funds that are valued by fund administrators using the NAV per fund share, derived from the underlying investments of the fund, and are not classified within the fair value hierarchy.
Short-term investments - consists of fund investments in high-quality, short-term, U.S. dollar-denominated instruments with an average maturity of 60 days that are valued at NAV per fund share and are not categorized in the fair value hierarchy.
Cash and cash equivalents - consists of investments with original maturities of three months or less when purchased that are traded in active markets and are categorized as Level 1.
The fair values of the Evergy Companies' pension plan assets at December 31, 2023 and 2022, by asset category are in the following tables.
  Fair Value Measurements Using
 
 
Description		December 31
2023		Level 1Level 2Level 3Assets measured at NAV
Evergy Kansas Central Pension Plans(millions)
Domestic equities$145.9 $124.0 $— $— $21.9 
International equities118.2 118.2 — — — 
Bond funds224.2 224.2 — — — 
Real estate investments23.0 — — — 23.0 
Combination debt/equity/other fund29.2 29.2 — — — 
Alternative investment funds74.6 — — — 74.6 
Short-term investments5.5 — — — 5.5 
Total$620.6 $495.6 $— $— $125.0 
Evergy Metro Pension Plans    
Domestic equities$138.9 $122.9 $— $— $16.0 
International equities120.0 120.0 — — — 
Bond funds174.9 174.9 — — — 
Corporate bonds21.1 — 21.1 — — 
U.S. Treasury and agency bonds10.1 5.1 5.0 — — 
Mortgage and asset backed securities5.1 — 5.1 — — 
Real estate investments49.0 — — — 49.0 
Combination debt/equity/other fund28.4 28.4 — — — 
Alternative investment funds70.8 — — — 70.8 
Cash and cash equivalents5.9 5.9 — — — 
Short-term investments4.0 — — — 4.0 
Other1.9 — 1.9 — — 
Total$630.1 $457.2 $33.1 $— $139.8 
  Fair Value Measurements Using
 
 
Description		December 31
2022		Level 1Level 2Level 3Assets measured at NAV
Evergy Kansas Central Pension Plans(millions)
Domestic equities$156.8 $129.2 $— $— $27.6 
International equities129.1 129.1 — — — 
Bond funds241.7 241.7 — — — 
Real estate investments26.8 — — — 26.8 
Combination debt/equity/other fund30.8 30.8 — — — 
Alternative investment funds63.9 — — — 63.9 
Short-term investments19.4 — — — 19.4 
Total$668.5 $530.8 $— $— $137.7 
Evergy Metro Pension Plans    
Domestic equities$156.1 $135.5 $— $— $20.6 
International equities136.7 136.7 — — — 
Bond funds195.2 195.2 — — — 
Corporate bonds23.7 — 23.7 — — 
U.S. Treasury and agency bonds14.0 5.8 8.2 — — 
Mortgage and asset backed securities5.0 — 5.0 — — 
Real estate investments59.0 — — — 59.0 
Combination debt/equity/other fund31.2 31.2 — — — 
Alternative investment funds63.1 — — — 63.1 
Cash and cash equivalents44.6 44.6 — — — 
Short-term investments14.6 — — — 14.6 
Other(2.5)— (2.5)— — 
Total$740.7 $549.0 $34.4 $— $157.3 
The fair values of the Evergy Companies' post-retirement plan assets at December 31, 2023 and 2022, by asset category are in the following tables.
  Fair Value Measurements Using
 
 
Description		December 31
2023		Level 1Level 2Level 3Assets measured at NAV
Evergy Kansas Central Post-Retirement Benefit Plans(millions)
Domestic equities$26.1 $26.1 $— $— $— 
International equities17.9 17.9 — — — 
Bond funds49.6 49.6 — — — 
Combination debt/equity/other fund4.5 4.5 — — — 
Short-term investments1.0 — — — 1.0 
Total$99.1 $98.1 $— $— $1.0 
Evergy Metro Post-Retirement Benefit Plans 
Domestic equities$21.8 $21.8 $— $— $— 
International equities12.1 12.1 — — — 
Bond funds36.8 36.8 — — — 
Corporate bonds15.0 — 15.0 — — 
U.S. Treasury and agency bonds12.2 6.1 6.1 — — 
Mortgage and asset backed securities1.0 — 1.0 — — 
Combination debt/equity/other fund3.0 3.0 — — — 
Short-term investments0.2 — — — 0.2 
Other0.3 — 0.3 — — 
Total$102.4 $79.8 $22.4 $— $0.2 
  Fair Value Measurements Using
 
 
Description		December 31
2022		Level 1Level 2Level 3Assets measured at NAV
Evergy Kansas Central Post-Retirement Benefit Plans(millions)
Domestic equities$24.2 $24.2 $— $— $— 
International equities17.5 17.5 — — — 
Bond funds48.7 48.7 — — — 
Combination debt/equity/other fund4.8 4.8 — — — 
Short-term investments1.0 — — — 1.0 
Total$96.2 $95.2 $— $— $1.0 
Evergy Metro Post-Retirement Benefit Plans 
Domestic equities$18.7 $18.7 $— $— $— 
International equities11.6 11.6 — — — 
Bond funds34.9 34.9 — — — 
Corporate bonds14.6 — 14.6 — — 
U.S. Treasury and agency bonds12.3 6.0 6.3 — — 
Mortgage and asset backed securities1.3 — 1.3 — — 
Combination debt/equity/other fund2.9 2.9 — — — 
Cash and cash equivalents0.2 0.2 — — — 
Other0.2 — 0.2 — — 
Total$96.7 $74.3 $22.4 $— $— 
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. The cost trend assumptions are detailed in the following tables.
Assumed annual health care cost growth rates as of December 31, 2023EvergyEvergy Kansas CentralEvergy Metro
Health care cost trend rate assumed for next year6.9 %6.9 %6.9 %
Rate to which the cost trend is assumed to decline (the ultimate trend rate)4.5 %4.5 %4.5 %
Year that rate reaches ultimate trend203020302030
Assumed annual health care cost growth rates as of December 31, 2022EvergyEvergy Kansas CentralEvergy Metro
Health care cost trend rate assumed for next year7.3 %7.3 %7.3 %
Rate to which the cost trend is assumed to decline (the ultimate trend rate)4.5 %4.5 %4.5 %
Year that rate reaches ultimate trend203020302030
Employee Savings Plans
Evergy has defined contribution savings plans (401(k)) that cover substantially all employees. Evergy matches employee contributions, subject to limits. The annual costs of the plans are detailed in the following table.
202320222021
(millions)
Evergy$24.1 $25.3 $25.6 
Evergy Kansas Central11.3 12.0 11.7 
Evergy Metro12.8 13.3 13.9