Evergy Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Schedule I - Parent Company Financial Statements
| EVERGY, INC. | |||
|---|---|---|---|
| Statements of Comprehensive Income of Parent Company | |||
| 2023 | 2022 | 2021 | |
| OPERATING EXPENSES: · (millions) | |||
| Operating and maintenance | $6.2 | $11.5 | $13.2 |
| Total Operating Expenses | 6.2 | 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 earnings | 0.5 | 7.1 | 19.2 |
| Other expense | (0.1) | (8.3) | (8.3) |
| Total Other Income, Net | 805.1 | 814.9 | 943.8 |
| Interest expense | 91.6 | 73.9 | 74.3 |
| INCOME BEFORE INCOME TAXES | 707.3 | 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 taxes | 5.4 | 5.5 | 5.5 |
| Derivative hedging activity, net of tax | 5.4 | 5.5 | 5.5 |
| Other comprehensive income (loss) from subsidiaries, net | (0.5) | 4.0 | (0.1) |
| Total other comprehensive income | 4.9 | 9.5 | 5.4 |
| COMPREHENSIVE INCOME | $734.3 | $758.1 | $878.2 |
| EVERGY, INC. | ||
|---|---|---|
| Balance Sheets of Parent Company | ||
| December 31 | ||
| 2023 | 2022 | |
| ASSETS · (millions, except share amounts) | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $— | $0.4 |
| Accounts receivable from subsidiaries | 58.5 | 65.0 |
| Notes receivable from subsidiaries | 604.6 | 31.5 |
| Income taxes receivable | 11.2 | 5.8 |
| Prepaid expenses and other assets | 0.7 | 2.1 |
| Total Current Assets | 675.0 | 104.8 |
| OTHER ASSETS: | ||
| Investment in subsidiaries | 11,867.1 | 11,367.3 |
| Deferred income taxes | 15.8 | 18.5 |
| Other | 1.7 | 0.8 |
| Total Other Assets | 11,884.6 | 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 subsidiaries | 30.8 | 19.8 |
| Accrued interest | 16.7 | 12.6 |
| Other | 6.8 | 7.3 |
| Total Current Liabilities | 854.3 | 39.7 |
| LONG-TERM LIABILITIES: | ||
| Long-term debt, net | 2,173.6 | 2,092.0 |
| Other | 13.9 | 19.4 |
| Total Long-Term Liabilities | 2,187.5 | 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 earnings | 2,329.3 | 2,171.9 |
| Accumulated other comprehensive loss | (29.6) | (34.5) |
| Total Shareholders' Equity | 9,517.8 | 9,340.3 |
| TOTAL LIABILITIES AND EQUITY | $12,559.6 | 11,491.4 |
| EVERGY, INC. | |||
|---|---|---|---|
| Statements of Cash Flows of Parent Company | |||
| 2023 | 2022 | 2021 | |
| 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 compensation | 17.7 | 18.8 | 15.6 |
| Net deferred income taxes and credits | 1.1 | (1.0) | — |
| Equity in earnings from subsidiaries | (804.7) | (816.1) | (932.9) |
| Other | 7.0 | 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 assets | 1.5 | — | — |
| Accounts payable to subsidiaries | 11.0 | (2.5) | 3.9 |
| Accrued interest | 4.1 | 0.2 | (1.4) |
| Other current liabilities | (1.9) | (0.8) | (3.2) |
| Cash dividends from subsidiaries | 325.0 | 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 Activities | 267.0 | 621.3 | 231.0 |
| CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
| Repayment of intercompany note | 1.4 | 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 debt | 1,379.1 | — | — |
| 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 Activities | 305.7 | (686.4) | (581.9) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (0.4) | (7.1) | (3.5) |
| CASH AND CASH EQUIVALENTS: | |||
| Beginning of period | 0.4 | 7.5 | 11.0 |
| End of period | $— | $0.4 | $7.5 |
NOTES TO FINANCIAL STATEMENTS OF PARENT COMPANY
The Evergy, Inc. Notes to Consolidated Financial Statements in Part II, Item 8 should be read in conjunction with the Evergy, Inc. Parent Company Financial Statements.
- 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.
- LONG-TERM DEBT
See Note 12 to the consolidated financial statements for additional information on Evergy, Inc.'s long-term debt.
- GUARANTEES
See Note 16 to the consolidated financial statements for additional information regarding Evergy, Inc.'s guarantees.
- 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.
Schedule II - Valuation and Qualifying Accounts and Reserves
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