XML 70 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
Schedule I Financial Statements of Parent Company
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure
EVERGY, INC.
Statements of Comprehensive Income of Parent Company
202320222021
OPERATING EXPENSES: (millions)
Operating and maintenance$6.2 $11.5 $13.2 
Total Operating Expenses6.2 11.5 13.2 
INCOME FROM OPERATIONS(6.2)(11.5)(13.2)
OTHER INCOME (EXPENSE)
Equity in earnings from subsidiaries 804.7 816.1 932.9 
Investment earnings0.5 7.1 19.2 
Other expense(0.1)(8.3)(8.3)
Total Other Income, Net805.1 814.9 943.8 
Interest expense91.6 73.9 74.3 
INCOME BEFORE INCOME TAXES707.3 729.5 856.3 
Income tax benefit(22.1)(19.1)(16.5)
NET INCOME$729.4 $748.6 $872.8 
COMPREHENSIVE INCOME
NET INCOME$729.4 $748.6 $872.8 
OTHER COMPREHENSIVE INCOME
Derivative hedging activity
Reclassification to expenses, net of taxes5.4 5.5 5.5 
Derivative hedging activity, net of tax5.4 5.5 5.5 
Other comprehensive income (loss) from subsidiaries, net(0.5)4.0 (0.1)
Total other comprehensive income4.9 9.5 5.4 
COMPREHENSIVE INCOME$734.3 $758.1 $878.2 
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
EVERGY, INC.
Balance Sheets of Parent Company
December 31
 20232022
ASSETS(millions, except share amounts)
CURRENT ASSETS:  
Cash and cash equivalents$— $0.4 
Accounts receivable from subsidiaries58.5 65.0 
Notes receivable from subsidiaries604.6 31.5 
Income taxes receivable11.2 5.8 
Prepaid expenses and other assets0.7 2.1 
Total Current Assets675.0 104.8 
OTHER ASSETS:  
Investment in subsidiaries11,867.1 11,367.3 
Deferred income taxes15.8 18.5 
Other1.7 0.8 
Total Other Assets11,884.6 11,386.6 
TOTAL ASSETS$12,559.6 $11,491.4 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:  
Current maturities of long-term debt$800.0 $— 
Accounts payable to subsidiaries30.8 19.8 
Accrued interest16.7 12.6 
Other6.8 7.3 
Total Current Liabilities854.3 39.7 
LONG-TERM LIABILITIES:
Long-term debt, net2,173.6 2,092.0 
Other13.9 19.4 
Total Long-Term Liabilities2,187.5 2,111.4 
Commitments and Contingencies (Note 15)
EQUITY:  
Evergy, Inc. Shareholders' Equity:  
Common stock - 600,000,000 shares authorized, without par value, 229,729,296 and 229,546,105 shares issued
7,218.1 7,202.9 
Retained earnings2,329.3 2,171.9 
Accumulated other comprehensive loss(29.6)(34.5)
Total Shareholders' Equity9,517.8 9,340.3 
TOTAL LIABILITIES AND EQUITY$12,559.6 11,491.4 
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
EVERGY, INC.
Statements of Cash Flows of Parent Company
202320222021
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:(millions)
Net income$729.4 $748.6 $872.8 
Adjustments to reconcile income to net cash from operating activities:
Non-cash compensation17.7 18.8 15.6 
Net deferred income taxes and credits1.1 (1.0)— 
Equity in earnings from subsidiaries(804.7)(816.1)(932.9)
Other7.0 7.1 7.0 
Changes in working capital items:
Accounts receivable from subsidiaries(14.2)7.2 (18.2)
Income taxes receivable(5.3)9.0 (7.5)
Prepaid expenses and other current assets1.5 — — 
Accounts payable to subsidiaries11.0 (2.5)3.9 
Accrued interest4.1 0.2 (1.4)
Other current liabilities(1.9)(0.8)(3.2)
Cash dividends from subsidiaries325.0 645.0 290.0 
Changes in other assets(0.8)0.3 0.1 
Changes in other liabilities(2.9)5.5 4.8 
Cash Flows from Operating Activities267.0 621.3 231.0 
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Repayment of intercompany note1.4 287.5 347.4 
Net money pool lending(574.5)(29.5)— 
Equity contribution— (200.0)— 
Cash Flows from Investing Activities(573.1)58.0 347.4 
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short term debt, net(0.5)(358.0)157.1 
Proceeds from term loan facility— 500.0 — 
Repayment of term loan facility(500.0)— — 
Proceeds from long-term debt1,379.1 — — 
Retirements of long-term debt— (287.5)(350.0)
Cash dividends paid(569.6)(534.8)(497.9)
Issuance of common stock— — 112.5 
Other financing activities(3.3)(6.1)(3.6)
Cash Flows used in Financing Activities305.7 (686.4)(581.9)
NET CHANGE IN CASH AND CASH EQUIVALENTS(0.4)(7.1)(3.5)
CASH AND CASH EQUIVALENTS:
Beginning of period0.4 7.5 11.0 
End of period$— $0.4 $7.5 
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
1. ORGANIZATION AND BASIS OF PRESENTATION
The Evergy, Inc. Parent Company Financial Statements have been prepared to comply with Rule 12-04 of Regulation S-X.
Evergy, Inc. was incorporated in 2017 as Monarch Energy, a wholly-owned subsidiary of Great Plains Energy. Prior to the closing of the merger transactions, Monarch Energy changed its name to Evergy, Inc. and did not conduct any business activities other than those required for its formation and matters contemplated by the Amended Merger Agreement. On June 4, 2018, in accordance with the Amended Merger Agreement, Great Plains Energy merged into Evergy, Inc., with Evergy, Inc. surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. These merger transactions resulted in Evergy, Inc. becoming the parent entity of Evergy Kansas Central and the direct subsidiaries of Great Plains Energy, including Evergy Metro and Evergy Missouri West.
Evergy, Inc. operates primarily through its wholly-owned direct subsidiaries. Evergy, Inc.'s investments in subsidiaries are accounted for using the equity method. Fair value adjustments and goodwill related to the acquired assets and liabilities of Great Plains Energy and its direct subsidiaries are only reflected on Evergy's consolidated financial statements and as such, are not included in Evergy, Inc.'s Parent Company Financial Statements. See Note 1 to the consolidated financial statement for additional information.
2. LONG-TERM DEBT
See Note 12 to the consolidated financial statements for additional information on Evergy, Inc.'s long-term debt.
3. GUARANTEES
See Note 16 to the consolidated financial statements for additional information regarding Evergy, Inc.'s guarantees.
4. DIVIDENDS
Cash dividends paid to Evergy, Inc. by its subsidiaries were $325.0 million for the year ended December 31, 2023, $645.0 million for the year ended December 31, 2022 and $290.0 million for the year ended December 31, 2021. See Note 18 to the consolidated financial statements for information regarding the dividend restrictions of Evergy, Inc. and its subsidiaries.