Evergy Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 27, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Receivables
- RECEIVABLES
The Evergy Companies' receivables are detailed in the following table.
| 2024 | 2023 | |
|---|---|---|
| Evergy · (millions) | ||
| Customer accounts receivable - billed | $2.7 | $2.6 |
| Customer accounts receivable - unbilled | 108.4 | 109.1 |
| Other receivables | 150.0 | 169.4 |
| Allowance for credit losses | (15.7) | (24.2) |
| Total | $245.4 | $256.9 |
| Evergy Kansas Central | ||
| Customer accounts receivable - unbilled | $36.0 | $39.9 |
| Other receivables | 104.9 | 143.5 |
| Allowance for credit losses | (7.8) | (11.6) |
| Total | $133.1 | $171.8 |
| Evergy Metro | ||
| Customer accounts receivable - unbilled | $28.5 | $27.2 |
| Other receivables | 35.4 | 35.7 |
| Allowance for credit losses | (5.8) | (7.9) |
| Total | $58.1 | $55.0 |
The Evergy Companies' other receivables as of December 31, 2024 and 2023, consisted primarily of receivables from partners in jointly-owned electric utility plants, wholesale sales receivables and receivables related to alternative revenue programs. The Evergy Companies' other receivables also included receivables from contracts with customers as summarized in the following table.
| December 31 | ||
|---|---|---|
| 2024 | 2023 | |
| (millions) | ||
| Evergy | $68.9 | $61.5 |
| Evergy Kansas Central | 65.3 | 59.9 |
| Evergy Metro | 2.6 | 0.8 |
The change in the Evergy Companies' allowance for credit losses is summarized in the following table.
| 2024 | 2023 | |
|---|---|---|
| Evergy · (millions) | ||
| Beginning balance January 1 | $24.2 | $31.4 |
| Credit loss expense | 11.7 | 15.4 |
| Write-offs | (32.5) | (33.3) |
| Recoveries of prior write-offs | 12.3 | 10.7 |
| Ending balance December 31 | $15.7 | $24.2 |
| Evergy Kansas Central | ||
| Beginning balance January 1 | $11.6 | $16.9 |
| Credit loss expense | 6.6 | 7.7 |
| Write-offs | (15.6) | (17.7) |
| Recoveries of prior write-offs | 5.2 | 4.7 |
| Ending balance December 31 | $7.8 | $11.6 |
| Evergy Metro | ||
| Beginning balance January 1 | $7.9 | $9.3 |
| Credit loss expense | 4.5 | 5.0 |
| Write-offs | (11.6) | (10.5) |
| Recoveries of prior write-offs | 5.0 | 4.1 |
| Ending balance December 31 | $5.8 | $7.9 |
Sale of Accounts Receivable
Evergy Kansas Central, Evergy Metro and Evergy Missouri West sell an undivided percentage ownership interest in their retail electric accounts receivable to independent outside investors. These sales are accounted for as secured borrowings with accounts receivable pledged as collateral and a corresponding short-term collateralized note payable recognized on the balance sheets. The Evergy Companies' accounts receivable pledged as collateral and the corresponding short-term collateralized note payable are summarized in the following table.
| December 31 | ||
|---|---|---|
| 2024 | 2023 | |
| (millions) | ||
| Evergy | $401.0 | $342.0 |
| Evergy Kansas Central | 215.0 | 166.0 |
| Evergy Metro | 136.0 | 126.0 |
In February 2024, Evergy Kansas Central, Evergy Metro and Evergy Missouri West amended the terms of their receivable sale facilities, including extending the expiration of each receivable sale facility to November 2025. Under the amended terms, effective in the first quarter of 2024, Evergy Kansas Central's facility allows up to $185.0 million in aggregate outstanding principal amount to be borrowed at any time. To the extent Evergy Kansas Central has qualifying accounts receivable and subject to the lender's discretion, Evergy Kansas Central's facility allows for an additional $65.0 million in aggregate outstanding principal amount to be borrowed at any time. Evergy Metro's facility allows up to $130.0 million in aggregate outstanding principal amount to be borrowed at any time. To the extent Evergy Metro has qualifying accounts receivable and subject to the lender's discretion, Evergy Metro's facility allows for an additional $70.0 million in aggregate outstanding principal amount to be borrowed at any time. Evergy Missouri West's facility allows up to $50.0 million in aggregate outstanding principal amount to be borrowed at any time. To the extent Evergy Missouri West has qualifying accounts receivable and subject to the lender's discretion, Evergy Missouri West's facility allows for an additional $65.0 million in aggregate outstanding principal amount to be borrowed at any time.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.