Evergy Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Schedule I - Parent Company Financial Statements
| EVERGY, INC. | |||
|---|---|---|---|
| Statements of Comprehensive Income of Parent Company | |||
| 2024 | 2023 | 2022 | |
| OPERATING EXPENSES: · (millions) | |||
| Operating and maintenance | $12.0 | $6.2 | $11.5 |
| Total Operating Expenses | 12.0 | 6.2 | 11.5 |
| INCOME FROM OPERATIONS | (12.0) | (6.2) | (11.5) |
| OTHER INCOME (EXPENSE) | |||
| Equity in earnings from subsidiaries | 965.8 | 804.7 | 816.1 |
| Investment earnings | 16.7 | 0.5 | 7.1 |
| Other expense | — | (0.1) | (8.3) |
| Total Other Income, Net | 982.5 | 805.1 | 814.9 |
| Interest expense | 124.8 | 91.6 | 73.9 |
| INCOME BEFORE INCOME TAXES | 845.7 | 707.3 | 729.5 |
| Income tax benefit | (25.9) | (22.1) | (19.1) |
| NET INCOME | $871.6 | $729.4 | $748.6 |
| COMPREHENSIVE INCOME | |||
| NET INCOME | $871.6 | $729.4 | $748.6 |
| OTHER COMPREHENSIVE INCOME | |||
| Derivative hedging activity | |||
| Reclassification to expenses, net of taxes | 5.4 | 5.4 | 5.5 |
| Derivative hedging activity, net of tax | 5.4 | 5.4 | 5.5 |
| Other comprehensive income (loss) from subsidiaries, net | 0.4 | (0.5) | 4.0 |
| Total other comprehensive income | 5.8 | 4.9 | 9.5 |
| COMPREHENSIVE INCOME | $877.4 | $734.3 | $758.1 |
| EVERGY, INC. | ||
|---|---|---|
| Balance Sheets of Parent Company | ||
| December 31 | ||
| 2024 | 2023 | |
| ASSETS · (millions, except share amounts) | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $0.1 | $— |
| Accounts receivable from subsidiaries | 58.4 | 58.5 |
| Notes receivable from subsidiaries | 0.6 | 604.6 |
| Income taxes receivable | 15.5 | 11.2 |
| Prepaid expenses and other assets | 3.0 | 0.7 |
| Total Current Assets | 77.6 | 675.0 |
| OTHER ASSETS: | ||
| Investment in subsidiaries | 12,523.4 | 11,867.1 |
| Deferred income taxes | 13.3 | 15.8 |
| Other | 1.6 | 1.7 |
| Total Other Assets | 12,538.3 | 11,884.6 |
| TOTAL ASSETS | $12,615.9 | $12,559.6 |
| LIABILITIES AND EQUITY | ||
| CURRENT LIABILITIES: | ||
| Current maturities of long-term debt | $— | $800.0 |
| Commercial paper | 75.4 | — |
| Accounts payable to subsidiaries | 30.8 | 30.8 |
| Accrued interest | 12.0 | 16.7 |
| Other | 6.0 | 6.8 |
| Total Current Liabilities | 124.2 | 854.3 |
| LONG-TERM LIABILITIES: | ||
| Long-term debt, net | 2,674.1 | 2,173.6 |
| Other | 9.8 | 13.9 |
| Total Long-Term Liabilities | 2,683.9 | 2,187.5 |
| Commitments and Contingencies (Note 15) | ||
| EQUITY: | ||
| Evergy, Inc. Shareholders' Equity: | ||
| Common stock - 600,000,000 shares authorized, without par value, 229,983,615 and 229,729,296 shares issued | 7,229.1 | 7,218.1 |
| Retained earnings | 2,602.5 | 2,329.3 |
| Accumulated other comprehensive loss | (23.8) | (29.6) |
| Total Shareholders' Equity | 9,807.8 | 9,517.8 |
| TOTAL LIABILITIES AND EQUITY | $12,615.9 | 12,559.6 |
| EVERGY, INC. | |||
|---|---|---|---|
| Statements of Cash Flows of Parent Company | |||
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: · (millions) | |||
| Net income | $871.6 | $729.4 | $748.6 |
| Adjustments to reconcile income to net cash from operating activities: | |||
| Non-cash compensation | 15.3 | 17.7 | 18.8 |
| Net deferred income taxes and credits | (0.1) | 1.1 | (1.0) |
| Equity in earnings from subsidiaries | (965.8) | (804.7) | (816.1) |
| Other | 7.0 | 7.0 | 7.1 |
| Changes in working capital items: | |||
| Accounts receivable from subsidiaries | 0.1 | (14.2) | 7.2 |
| Income taxes receivable | (4.3) | (5.3) | 9.0 |
| Prepaid expenses and other current assets | (2.3) | 1.5 | — |
| Accounts payable to subsidiaries | — | 11.0 | (2.5) |
| Accrued interest | (4.7) | 4.1 | 0.2 |
| Other current liabilities | (0.3) | (1.9) | (0.8) |
| Cash dividends from subsidiaries | 313.0 | 325.0 | 645.0 |
| Changes in other assets | 0.1 | (0.8) | 0.3 |
| Changes in other liabilities | 3.7 | (2.9) | 5.5 |
| Cash Flows from Operating Activities | 233.3 | 267.0 | 621.3 |
| CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
| Repayment of intercompany note | — | 1.4 | 287.5 |
| Net money pool lending | 604.0 | (574.5) | (29.5) |
| Equity contribution | (3.1) | — | (200.0) |
| Cash Flows from Investing Activities | 600.9 | (573.1) | 58.0 |
| CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
| Short term debt, net | 75.4 | (0.5) | (358.0) |
| Proceeds from term loan facility | — | — | 500.0 |
| Repayment of term loan facility | — | (500.0) | — |
| Proceeds from long-term debt | 493.3 | 1,379.1 | — |
| Retirements of long-term debt | (800.0) | — | (287.5) |
| Cash dividends paid | (596.7) | (569.6) | (534.8) |
| Other financing activities | (6.1) | (3.3) | (6.1) |
| Cash Flows used in Financing Activities | (834.1) | 305.7 | (686.4) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 0.1 | (0.4) | (7.1) |
| CASH AND CASH EQUIVALENTS: | |||
| Beginning of period | — | 0.4 | 7.5 |
| End of period | $0.1 | $— | $0.4 |
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. is a public holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy, Inc. operates primarily through the following wholly-owned direct subsidiaries listed below.
Evergy Kansas Central, Inc. (Evergy Kansas Central) 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).
Evergy, Inc.'s investments in subsidiaries are accounted for using the equity method. Fair value adjustments and goodwill related to acquired assets and liabilities from the merger that created Evergy, Inc. 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 $313.0 million for the year ended December 31, 2024, $325.0 million for the year ended December 31, 2023 and $645.0 million for the year ended December 31, 2022. 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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