Companies: 10,660     total market cap: $140.341 T
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Evergy
EVRG
#1292
Rank
$17.66 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$76.75
Share price
-1.06%
Change (1 day)
21.23%
Change (1 year)
๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
Evergy is an American utility company that has a generating capacity of 16,000 megawatt electricity from its over 40 power plants in Kansas and Missouri.
  1. Evergy
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q1

Evergy - 10-Q quarterly report FY2022 Q1


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______to_______
evrg-20220331_g1.jpg
 Exact name of registrant as specified in its charter, 
Commissionstate of incorporation, address of principalI.R.S. Employer
File Numberexecutive offices and telephone numberIdentification Number
   
001-38515EVERGY, INC.82-2733395
(a Missouri corporation)
1200 Main Street
Kansas City, Missouri 64105
(816) 556-2200
  
001-03523EVERGY KANSAS CENTRAL, INC.48-0290150
(a Kansas corporation)
818 South Kansas Avenue
Topeka, Kansas 66612
(785) 575-6300
000-51873EVERGY METRO, INC.44-0308720
(a Missouri corporation)
1200 Main Street
Kansas City, Missouri 64105
(816) 556-2200
      Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Evergy, Inc. common stockEVRGNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Evergy, Inc.YesxNo☐
Evergy Kansas Central, Inc.YesxNo☐
Evergy Metro, Inc.YesxNo☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Evergy, Inc.YesxNo☐
Evergy Kansas Central, Inc.YesxNo☐
Evergy Metro, Inc.YesxNo☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Evergy, Inc.Large Accelerated FilerxAccelerated Filer☐Non-accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐
Evergy Kansas Central, Inc.Large Accelerated Filer☐Accelerated Filer☐Non-accelerated FilerxSmaller Reporting Company☐Emerging Growth Company☐
Evergy Metro, Inc.Large Accelerated Filer☐Accelerated Filer☐Non-accelerated FilerxSmaller Reporting Company☐Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.
Evergy, Inc.☐
Evergy Kansas Central, Inc.☐
Evergy Metro, Inc.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Evergy, Inc.Yes☐Nox
Evergy Kansas Central, Inc.Yes☐Nox
Evergy Metro, Inc.Yes☐Nox
On April 29, 2022, Evergy, Inc. had 229,478,276 shares of common stock outstanding.  On April 29, 2022, Evergy Metro, Inc. and Evergy Kansas Central, Inc. each had one share of common stock outstanding and held by Evergy, Inc.
Evergy Kansas Central, Inc. and Evergy Metro, Inc. meet the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format.
This combined Quarterly Report on Form 10-Q is provided by the following registrants: Evergy, Inc. (Evergy), Evergy Kansas Central, Inc. (Evergy Kansas Central) and Evergy Metro, Inc. (Evergy Metro) (collectively, the Evergy Companies). Information relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.
This report should be read in its entirety.  No one section of the report deals with all aspects of the subject matter.  It should be read in conjunction with the consolidated financial statements and related notes and with the management's discussion and analysis of financial condition and results of operations included in the 2021 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro.

TABLE OF CONTENTS
Page Number
4
6
Item 1.
Unaudited Consolidated Balance Sheets
8
Unaudited Consolidated Statements of Comprehensive Income
10
Unaudited Consolidated Statements of Cash Flows
11
Unaudited Consolidated Statements of Changes in Equity
12
Unaudited Consolidated Balance Sheets
13
Unaudited Consolidated Statements of Income
15
Unaudited Consolidated Statements of Cash Flows
16
Unaudited Consolidated Statements of Changes in Equity
17
Unaudited Consolidated Balance Sheets
18
Unaudited Consolidated Statements of Comprehensive Income
20
Unaudited Consolidated Statements of Cash Flows
21
Unaudited Consolidated Statements of Changes in Equity
22
Combined Notes to Unaudited Consolidated Financial Statements for Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc.
23
Note 1:
23
Note 2:
28
Note 3:
29
Note 4:
31
Note 5:
34
Note 6:
36
Note 7:
37
Note 8:
37
Note 9:
41
Note 10:
44
Note 11:
Taxes
46
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
48
Item 3.
59
Item 4.
59
Item 1.
60
Item 1A.
60
Item 2.
61
Item 3.
61
Item 4.
61
Item 5.
62
Item 6.
64
66
3
CAUTIONARY STATEMENTS REGARDING CERTAIN FORWARD-LOOKING INFORMATION
Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," "should," "could," "may," "seeks," "intends," "proposed," "projects," "planned," "target," "outlook," "remain confident," "goal," "will" or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; changes in business strategy or operations; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of the Coronavirus (COVID-19) pandemic on, among other things, sales, results of operations, financial condition, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, including changes in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; the transition to a replacement for the London Interbank Offered Rate (LIBOR) benchmark interest rate; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies' ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in our other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the SEC. Each forward-looking statement speaks only as of the date of the particular
4
statement. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
AVAILABLE INFORMATION
The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at sec.gov. Additionally, information about the Evergy Companies, including their combined annual reports on Form 10-K, combined quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with the SEC, is also available through the Evergy Companies' website, http://investors.evergy.com. Such reports are accessible at no charge and are made available as soon as reasonably practical after such material is filed with or furnished to the SEC.
Investors should note that the Evergy Companies announce material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, the Evergy Companies also use the Investor Relations section of their website, http://investors.evergy.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Evergy Companies' website is not part of this document.
5
GLOSSARY OF TERMS 
The following is a glossary of frequently used abbreviations or acronyms that are found throughout this report.
Abbreviation or AcronymDefinition
  
AAOAccounting authority order
ACE
Affordable Clean Energy
AEP
American Electric Power Company, Inc.
AFUDC
Allowance for funds used during construction
AOCIAccumulated other comprehensive income
AROsAsset retirement obligations
BSERBest system of emission reduction
CAAClean Air Act Amendments of 1990
CCRsCoal combustion residuals
CO2
Carbon dioxide
COLICorporate-owned life insurance
COVID-19Coronavirus
CPPClean Power Plan
CSAPRCross-State Air Pollution
ELGEffluent limitations guidelines
EPAEnvironmental Protection Agency
EPSEarnings per common share
ERISAEmployee Retirement Income Security Act of 1974, as amended
ERSPEarnings Review and Sharing Plan
EvergyEvergy, Inc. and its consolidated subsidiaries
Evergy Board
Evergy Board of Directors
Evergy Companies
Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group
Evergy Kansas Central
Evergy Kansas Central, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
Evergy Kansas South
Evergy Kansas South, Inc., a wholly-owned subsidiary of Evergy Kansas Central
Evergy Metro
Evergy Metro, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
Evergy Missouri West
Evergy Missouri West, Inc., a wholly-owned subsidiary of Evergy
Evergy Transmission Company
Evergy Transmission Company, LLC
Exchange ActThe Securities Exchange Act of 1934, as amended
February 2021 winter weather eventSignificant winter weather event in February 2021 that resulted in extremely cold temperatures over a multi-day period across much of the central and southern United States
FERCFederal Energy Regulatory Commission
GAAPGenerally Accepted Accounting Principles
GHG
Greenhouse gas
Great Plains EnergyGreat Plains Energy Incorporated
JEC
Jeffrey Energy Center
KCCState Corporation Commission of the State of Kansas
KDHEKansas Department of Health & Environment
kVKilovolt
6
Abbreviation or AcronymDefinition
MDNRMissouri Department of Natural Resources
MECGMidwest Energy Consumers Group
MPSCPublic Service Commission of the State of Missouri
MWMegawatt
MWhMegawatt hour
NAAQSNational Ambient Air Quality Standards
NAVNet asset value
OCIOther comprehensive income
OPCOffice of the Public Counsel
Prairie WindPrairie Wind Transmission, LLC, 50% owned by Evergy Kansas Central
RSURestricted share unit
RTORegional transmission organization
SECSecurities and Exchange Commission
SIPState implementation plan
SPPSouthwest Power Pool, Inc.
TDCTransmission delivery charge
Term Loan FacilityTerm Loan Credit Agreement
TFRTransmission formula rate
Transource
Transource Energy, LLC and its subsidiaries, 13.5% owned by Evergy Transmission Company
VIEVariable interest entity
Wolf CreekWolf Creek Generating Station
7
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EVERGY, INC.
Consolidated Balance Sheets
(Unaudited)
 March 31
2022		December 31
2021
ASSETS(millions, except share amounts)
CURRENT ASSETS: 
Cash and cash equivalents$22.2 $26.2 
Receivables, net of allowance for credit losses of $24.4 and $32.9, respectively
185.2 221.6 
Accounts receivable pledged as collateral338.0 319.0 
Fuel inventory and supplies 612.7 566.7 
Income taxes receivable 16.9 28.0 
Regulatory assets425.3 424.1 
Prepaid expenses44.9 49.3 
Other assets76.8 75.4 
Total Current Assets1,722.0 1,710.3 
PROPERTY, PLANT AND EQUIPMENT, NET21,157.7 21,002.6 
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET146.0 147.8 
OTHER ASSETS:  
Regulatory assets2,058.0 1,991.1 
Nuclear decommissioning trust fund733.2 768.7 
Goodwill2,336.6 2,336.6 
Other586.4 563.4 
Total Other Assets5,714.2 5,659.8 
TOTAL ASSETS$28,739.9 $28,520.5 
The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
8
EVERGY, INC.
Consolidated Balance Sheets
(Unaudited)
 March 31
2022		December 31
2021
LIABILITIES AND EQUITY(millions, except share amounts)
CURRENT LIABILITIES:  
Current maturities of long-term debt$587.3 $389.3 
Notes payable and commercial paper1,392.2 1,159.3 
Collateralized note payable338.0 319.0 
Accounts payable396.1 639.7 
Accrued taxes248.0 150.4 
Accrued interest143.3 118.8 
Regulatory liabilities56.5 70.7 
Asset retirement obligations19.0 19.5 
Accrued compensation and benefits50.2 51.6 
Other160.7 184.6 
Total Current Liabilities3,391.3 3,102.9 
LONG-TERM LIABILITIES:  
Long-term debt, net9,247.1 9,297.9 
Deferred income taxes1,885.6 1,861.9 
Unamortized investment tax credits182.5 181.4 
Regulatory liabilities2,651.7 2,705.0 
Pension and post-retirement liability884.3 879.1 
Asset retirement obligations950.8 940.6 
Other309.1 310.0 
Total Long-Term Liabilities16,111.1 16,175.9 
Commitments and Contingencies (Note 9)
EQUITY:
Evergy, Inc. Shareholders' Equity:
Common stock - 600,000,000 shares authorized, without par value
229,476,558 and 229,299,900 shares issued, stated value
7,206.4 7,205.5 
Retained earnings2,073.3 2,082.9 
Accumulated other comprehensive loss(42.6)(44.0)
Total Evergy, Inc. Shareholders' Equity9,237.1 9,244.4 
Noncontrolling Interests0.4 (2.7)
Total Equity9,237.5 9,241.7 
TOTAL LIABILITIES AND EQUITY$28,739.9 $28,520.5 
The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
9
EVERGY, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 3120222021
(millions, except per share amounts)
OPERATING REVENUES$1,223.9 $1,611.9 
OPERATING EXPENSES:
Fuel and purchased power309.0 635.1 
SPP network transmission costs78.7 69.4 
Operating and maintenance252.2 275.5 
Depreciation and amortization229.0 219.3 
Taxes other than income tax101.9 94.9 
Total Operating Expenses970.8 1,294.2 
INCOME FROM OPERATIONS253.1 317.7 
OTHER INCOME (EXPENSE):
Investment earnings (loss)(9.6)1.6 
Other income8.2 11.2 
Other expense(24.9)(20.9)
Total Other Expense, Net(26.3)(8.1)
Interest expense91.8 94.0 
INCOME BEFORE INCOME TAXES
135.0 215.6 
Income tax expense11.5 23.0 
Equity in earnings of equity method investees, net of income taxes2.1 2.0 
NET INCOME125.6 194.6 
Less: Net income attributable to noncontrolling interests3.1 3.0 
NET INCOME ATTRIBUTABLE TO EVERGY, INC.$122.5 $191.6 
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY, INC. (see Note 1)
Basic earnings per common share$0.53 $0.84 
Diluted earnings per common share$0.53 $0.84 
AVERAGE COMMON SHARES OUTSTANDING
Basic229.8 227.3 
Diluted230.2 227.6 
COMPREHENSIVE INCOME
NET INCOME$125.6 $194.6 
Derivative hedging activity
Reclassification to expenses, net of tax1.4 1.4 
Derivative hedging activity, net of tax1.4 1.4 
Total other comprehensive income1.4 1.4 
COMPREHENSIVE INCOME127.0 196.0 
Less:  Comprehensive income attributable to noncontrolling interest3.1 3.0 
COMPREHENSIVE INCOME ATTRIBUTABLE TO EVERGY, INC.$123.9 $193.0 
The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
10
EVERGY, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 3120222021
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:(millions)
Net income$125.6 $194.6 
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization229.0 219.3 
Amortization of nuclear fuel15.8 13.3 
Amortization of deferred refueling outage6.3 5.8 
Amortization of corporate-owned life insurance6.7 6.7 
Non-cash compensation4.5 3.1 
Net deferred income taxes and credits0.4 20.0 
Allowance for equity funds used during construction(7.4)(7.5)
Payments for asset retirement obligations(1.3)(0.8)
Equity in earnings of equity method investees, net of income taxes(2.1)(2.0)
Income from corporate-owned life insurance(0.7)(0.6)
Other0.3 0.2 
Changes in working capital items:
Accounts receivable29.8 26.3 
Accounts receivable pledged as collateral(19.0)(5.0)
Fuel inventory and supplies(45.8)12.4 
Prepaid expenses and other current assets(48.0)(82.6)
Accounts payable(157.2)(242.4)
Accrued taxes108.7 90.4 
Other current liabilities(13.7)50.6 
Changes in other assets13.9 (324.6)
Changes in other liabilities19.3 (5.8)
Cash Flows from (used in) Operating Activities265.1 (28.6)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:  
Additions to property, plant and equipment(524.7)(467.7)
Purchase of securities - trusts(12.6)(44.6)
Sale of securities - trusts8.7 40.9 
Investment in corporate-owned life insurance(2.9)(1.0)
Proceeds from investment in corporate-owned life insurance 1.1 0.8 
Other investing activities (0.9)(3.6)
Cash Flows used in Investing Activities(531.3)(475.2)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:  
Short-term debt, net(267.1)980.0 
Proceeds from term loan facility500.0 — 
Collateralized short-term borrowings, net19.0 5.0 
Proceeds from long-term debt247.4 — 
Retirements of long-term debt(100.0)(1.1)
Retirements of long-term debt of variable interest entities— (18.8)
Borrowings against cash surrender value of corporate-owned life insurance0.6 0.4 
Repayment of borrowings against cash surrender value of corporate-owned life insurance— (0.1)
Cash dividends paid(131.3)(121.4)
Other financing activities(6.4)(3.1)
Cash Flows from Financing Activities262.2 840.9 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(4.0)337.1 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period26.2 144.9 
End of period$22.2 $482.0 
The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
11
EVERGY, INC.
Consolidated Statements of Changes in Equity
(Unaudited)
Evergy, Inc. Shareholders
Common stock sharesCommon stockRetained earningsAOCINon-controlling interestsTotal equity
(millions, except share amounts)
Balance as of December 31, 2020226,836,670 $7,080.0 $1,702.8 $(49.4)$(14.9)$8,718.5 
Net income— — 191.6 — 3.0 194.6 
Issuance of stock compensation and reinvested dividends, net of tax withholding
104,896 (1.1)— — — (1.1)
Issuance of restricted common stock54,054 2.9 — — — 2.9 
Dividends declared on common stock ($0.535 per share)
— — (121.4)— — (121.4)
Dividend equivalents declared— — (0.2)— — (0.2)
Stock compensation expense— 2.6 — — — 2.6 
Unearned compensation
Issuance of restricted common stock— (2.9)— — — (2.9)
Compensation expense recognized— 0.4 — — — 0.4 
Derivative hedging activity, net of tax— — — 1.4 — 1.4 
Other— (0.4)— — — (0.4)
Balance as of March 31, 2021226,995,620 $7,081.5 $1,772.8 $(48.0)$(11.9)$8,794.4 
Balance as of December 31, 2021229,299,900 $7,205.5 $2,082.9 $(44.0)$(2.7)$9,241.7 
Net income— — 122.5 — 3.1 125.6 
Issuance of stock compensation and reinvested dividends, net of tax withholding
176,658 (4.0)— — — (4.0)
Dividends declared on common stock ($0.5725 per share)
— — (131.3)— — (131.3)
Dividend equivalents declared— — (0.8)— — (0.8)
Stock compensation expense— 4.3 — — — 4.3 
Unearned compensation
Compensation expense recognized— 0.2 — — — 0.2 
Derivative hedging activity, net of tax— — — 1.4 — 1.4 
Other— 0.4 — — — 0.4 
Balance as of March 31, 2022229,476,558 $7,206.4 $2,073.3 $(42.6)$0.4 $9,237.5 
The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.

12
EVERGY KANSAS CENTRAL, INC.
Consolidated Balance Sheets
(Unaudited)
 March 31
2022		December 31
2021
ASSETS(millions, except share amounts)
CURRENT ASSETS: 
Cash and cash equivalents$4.9 $3.1 
Receivables, net of allowance for credit losses of $10.1 and $13.0, respectively
178.9 201.6 
Related party receivables5.7 21.2 
Accounts receivable pledged as collateral165.0 153.0 
Fuel inventory and supplies313.5 283.2 
Income taxes receivable1.5 9.6 
Regulatory assets243.1 257.3 
Prepaid expenses16.6 19.4 
Other assets40.1 21.6 
Total Current Assets969.3 970.0 
PROPERTY, PLANT AND EQUIPMENT, NET10,616.7 10,548.9 
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET146.0 147.8 
OTHER ASSETS:  
Regulatory assets787.0 753.6 
Nuclear decommissioning trust fund354.1 368.4 
Other310.3 286.9 
Total Other Assets1,451.4 1,408.9 
TOTAL ASSETS$13,183.4 $13,075.6 
The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
13
EVERGY KANSAS CENTRAL, INC.
Consolidated Balance Sheets
(Unaudited)
 March 31
2022		December 31
2021
LIABILITIES AND EQUITY(millions, except share amounts)
CURRENT LIABILITIES:  
Notes payable and commercial paper$461.3 $406.0 
Collateralized note payable165.0 153.0 
Accounts payable173.0 232.2 
Related party payables29.4 27.5 
Accrued taxes157.9 106.1 
Accrued interest91.1 71.5 
Regulatory liabilities13.4 12.8 
Asset retirement obligations7.3 7.3 
Accrued compensation and benefits24.8 13.8 
Other105.7 126.3 
Total Current Liabilities1,228.9 1,156.5 
LONG-TERM LIABILITIES:  
Long-term debt, net3,934.9 3,934.2 
Deferred income taxes871.9 867.9 
Unamortized investment tax credits63.4 61.7 
Regulatory liabilities1,443.7 1,469.4 
Pension and post-retirement liability433.6 435.6 
Asset retirement obligations442.2 436.6 
Other173.2 172.2 
Total Long-Term Liabilities7,362.9 7,377.6 
Commitments and Contingencies (Note 9)
EQUITY: 
Evergy Kansas Central, Inc. Shareholder's Equity:  
Common stock - 1,000 shares authorized, $0.01 par value, 1 share issued
2,737.6 2,737.6 
Retained earnings1,853.6 1,806.6 
Total Evergy Kansas Central, Inc. Shareholder's Equity4,591.2 4,544.2 
Noncontrolling Interests0.4 (2.7)
Total Equity4,591.6 4,541.5 
TOTAL LIABILITIES AND EQUITY$13,183.4 $13,075.6 
The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.

14
EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Income
(Unaudited)
Three Months Ended March 3120222021
(millions)
OPERATING REVENUES$613.9 $901.1 
OPERATING EXPENSES:
Fuel and purchased power108.1 294.8 
SPP network transmission costs78.7 69.4 
Operating and maintenance125.7 130.8 
Depreciation and amortization119.7 115.5 
Taxes other than income tax54.5 50.3 
Total Operating Expenses486.7 660.8 
INCOME FROM OPERATIONS127.2 240.3 
OTHER INCOME (EXPENSE):
Investment loss(1.5)(0.5)
Other income3.1 6.5 
Other expense(10.2)(9.2)
Total Other Expense, Net(8.6)(3.2)
Interest expense40.9 40.3 
INCOME BEFORE INCOME TAXES
77.7 196.8 
Income tax expense3.6 16.6 
Equity in earnings of equity method investees, net of income taxes1.0 0.9 
NET INCOME75.1 181.1 
Less: Net income attributable to noncontrolling interests3.1 3.0 
NET INCOME ATTRIBUTABLE TO EVERGY KANSAS CENTRAL, INC.$72.0 $178.1 
The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.

15
EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 3120222021
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:(millions)
Net income$75.1 $181.1 
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization119.7 115.5 
Amortization of nuclear fuel7.9 6.6 
Amortization of deferred refueling outage3.1 2.9 
Amortization of corporate-owned life insurance6.7 6.7 
Net deferred income taxes and credits(4.5)7.9 
Allowance for equity funds used during construction(2.7)(4.7)
Payments for asset retirement obligations(0.6)— 
Equity in earnings of equity method investees, net of income taxes(1.0)(0.9)
Income from corporate-owned life insurance(0.7)(0.6)
Other(1.4)(1.4)
Changes in working capital items:
Accounts receivable28.5 4.7 
Accounts receivable pledged as collateral(12.0)(5.0)
Fuel inventory and supplies(30.1)5.4 
Prepaid expenses and other current assets(44.8)(53.7)
Accounts payable(25.9)(109.9)
Accrued taxes59.9 54.4 
Other current liabilities0.1 2.1 
Changes in other assets(4.4)(94.0)
Changes in other liabilities10.0 (16.5)
Cash Flows from Operating Activities182.9 100.6 
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:  
Additions to property, plant and equipment(223.7)(212.7)
Purchase of securities - trusts(3.1)(36.3)
Sale of securities - trusts1.6 35.3 
Investment in corporate-owned life insurance(2.9)(1.0)
Proceeds from investment in corporate-owned life insurance 1.1 0.8 
Other investing activities 4.2 (0.1)
Cash Flows used in Investing Activities(222.8)(214.0)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:  
Short-term debt, net55.3 195.0 
Collateralized short-term debt, net12.0 5.0 
Retirements of long-term debt of variable interest entities— (18.8)
Borrowings against cash surrender value of corporate-owned life insurance0.6 0.4 
Repayment of borrowings against cash surrender value of corporate-owned life insurance— (0.1)
Cash dividends paid(25.0)— 
Other financing activities(1.2)(0.7)
Cash Flows from Financing Activities41.7 180.8 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH1.8 67.4 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period3.1 28.7 
End of period$4.9 $96.1 
The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Changes in Equity
(Unaudited)
Evergy Kansas Central, Inc. Shareholder
Common stock sharesCommon stockRetained earningsNon-controlling interestsTotal equity
(millions, except share amounts)
Balance as of December 31, 20201 $2,737.6 $1,558.1 $(14.9)$4,280.8 
Net income— — 178.1 3.0 181.1 
Balance as of March 31, 20211 $2,737.6 $1,736.2 $(11.9)$4,461.9 
Balance as of December 31, 20211 $2,737.6 $1,806.6 $(2.7)$4,541.5 
Net income— — 72.0 3.1 75.1 
Dividends declared on common stock— — (25.0)— (25.0)
Balance as of March 31, 20221 $2,737.6 $1,853.6 $0.4 $4,591.6 
The disclosures regarding Evergy Kansas Central included in the accompanying Unaudited Notes to Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC.
Consolidated Balance Sheets
(Unaudited)
 March 31
2022		December 31
2021
ASSETS(millions, except share amounts)
CURRENT ASSETS: 
Cash and cash equivalents$3.6 $2.1 
Receivables, net of allowance for credit losses of $9.5 and $13.3, respectively
19.2 31.0 
Related party receivables224.6 277.8 
Accounts receivable pledged as collateral123.0 116.0 
Fuel inventory and supplies220.7 211.0 
Regulatory assets86.1 86.3 
Prepaid expenses21.2 22.6 
Other assets19.2 19.7 
Total Current Assets717.6 766.5 
PROPERTY, PLANT AND EQUIPMENT, NET7,480.8 7,474.9 
OTHER ASSETS:  
Regulatory assets434.3 410.7 
Nuclear decommissioning trust fund379.1 400.3 
Other100.4 104.4 
Total Other Assets913.8 915.4 
TOTAL ASSETS$9,112.2 $9,156.8 
The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC.
Consolidated Balance Sheets
(Unaudited)
 March 31
2022		December 31
2021
LIABILITIES AND EQUITY(millions, except share amounts)
CURRENT LIABILITIES:  
Current maturities of long-term debt$300.0 $— 
Collateralized note payable123.0 116.0 
Accounts payable187.8 305.2 
Related party payables0.1 0.1 
Accrued taxes80.2 38.6 
Accrued interest37.9 26.4 
Regulatory liabilities40.3 54.6 
Asset retirement obligations10.7 11.0 
Accrued compensation and benefits25.3 37.8 
Other44.3 48.8 
Total Current Liabilities849.6 638.5 
LONG-TERM LIABILITIES:  
Long-term debt, net2,625.5 2,925.0 
Deferred income taxes615.4 606.1 
Unamortized investment tax credits116.6 117.2 
Regulatory liabilities925.5 954.2 
Pension and post-retirement liability427.0 420.9 
Asset retirement obligations374.2 370.0 
Other102.6 103.7 
Total Long-Term Liabilities5,186.8 5,497.1 
Commitments and Contingencies (Note 9)
EQUITY:  
Common stock - 1,000 shares authorized, without par value, 1 share issued, stated value
1,563.1 1,563.1 
Retained earnings1,508.4 1,453.8 
Accumulated other comprehensive income4.3 4.3 
Total Equity3,075.8 3,021.2 
TOTAL LIABILITIES AND EQUITY$9,112.2 $9,156.8 
The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 3120222021
(millions)
OPERATING REVENUES$422.5 $516.2 
OPERATING EXPENSES:  
Fuel and purchased power132.5 241.2 
Operating and maintenance78.1 93.4 
Depreciation and amortization82.9 78.4 
Taxes other than income tax33.4 32.0 
Total Operating Expenses326.9 445.0 
INCOME FROM OPERATIONS95.6 71.2 
OTHER INCOME (EXPENSE):
Investment earnings0.1 0.1 
Other income4.1 4.0 
Other expense(10.5)(8.4)
Total Other Expense, Net(6.3)(4.3)
Interest expense27.0 28.3 
INCOME BEFORE INCOME TAXES
62.3 38.6 
Income tax expense7.7 5.1 
NET INCOME$54.6 $33.5 
COMPREHENSIVE INCOME
NET INCOME$54.6 $33.5 
OTHER COMPREHENSIVE INCOME:
Derivative hedging activity
Reclassification to expenses, net of tax— — 
Derivative hedging activity, net of tax— — 
Total other comprehensive income (loss)— — 
COMPREHENSIVE INCOME$54.6 $33.5 
The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 3120222021
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:(millions)
Net income$54.6 $33.5 
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization82.9 78.4 
Amortization of nuclear fuel7.9 6.6 
Amortization of deferred refueling outage3.1 2.9 
Net deferred income taxes and credits(1.8)(23.2)
Allowance for equity funds used during construction(3.9)(2.6)
Payments for asset retirement obligations(0.4)(0.3)
Other(0.1)(0.1)
Changes in working capital items:
Accounts receivable13.0 (274.6)
Accounts receivable pledged as collateral (7.0)— 
Fuel inventory and supplies(9.7)2.9 
Prepaid expenses and other current assets(1.2)15.9 
Accounts payable(80.9)(85.6)
Accrued taxes41.6 57.5 
Other current liabilities(9.0)57.3 
Changes in other assets16.3 10.2 
Changes in other liabilities5.4 4.1 
Cash Flows from (used in) Operating Activities110.8 (117.1)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:  
Additions to property, plant and equipment(172.4)(160.2)
Purchase of securities - trusts(9.6)(8.4)
Sale of securities - trusts7.1 5.6 
Net money pool lending57.0 100.0 
Other investing activities 1.7 2.0 
Cash Flows used in Investing Activities(116.2)(61.0)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:  
Short-term debt, net— 115.0 
Collateralized short-term debt, net7.0 — 
Other financing activities(0.1)(0.1)
Cash Flows from Financing Activities6.9 114.9 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH1.5 (63.2)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period2.1 71.6 
End of period$3.6 $8.4 
The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY METRO, INC
Consolidated Statements of Changes in Equity
(Unaudited)
 Common stock shares Common Stock Retained earnings AOCI - Net gains (losses) on cash flow hedges Total equity
 (millions, except share amounts)
Balance as of December 31, 20201 $1,563.1 $1,191.5 $4.6 $2,759.2 
Net income— — 33.5 — 33.5 
Balance as of March 31, 20211 $1,563.1 $1,225.0 $4.6 $2,792.7 
Balance as of December 31, 20211 $1,563.1 $1,453.8 $4.3 $3,021.2 
Net income— — 54.6 — 54.6 
Balance as of March 31, 20221 $1,563.1 $1,508.4 $4.3 $3,075.8 
The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.
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EVERGY, INC.
EVERGY KANSAS CENTRAL, INC.
EVERGY METRO, INC.
Combined Notes to Unaudited Consolidated Financial Statements
The notes to unaudited consolidated financial statements that follow are a combined presentation for Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc., all registrants under this filing.  The terms "Evergy," "Evergy Kansas Central," "Evergy Metro" and "Evergy Companies" are used throughout this report.  "Evergy" refers to Evergy, Inc. and its consolidated subsidiaries, unless otherwise indicated.  "Evergy Kansas Central" refers to Evergy Kansas Central, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Metro" refers to Evergy Metro, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Companies" refers to Evergy, Evergy Kansas Central and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group.
1. ORGANIZATION AND BASIS OF PRESENTATION
Organization
Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy 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 Metro, Inc. (Evergy Metro) is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
•Evergy Missouri West, Inc. (Evergy Missouri West) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
•Evergy Transmission Company, LLC (Evergy Transmission Company) owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
Evergy Kansas Central also owns a 50% interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the Southwest Power Pool, Inc. (SPP). Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.

Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,400 MWs of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.6 million customers in the states of Kansas and Missouri.
Basis of Presentation
These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements in the Evergy Companies' combined 2021 Form 10-K.
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These unaudited consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the unaudited consolidated financial statements for each of the Evergy Companies for these interim periods. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Principles of Consolidation
Each of Evergy's, Evergy Kansas Central's and Evergy Metro's unaudited consolidated financial statements includes the accounts of their subsidiaries and variable interest entities (VIEs) of which they are the primary beneficiary. Undivided interests in jointly-owned generation facilities are included on a proportionate basis.  Intercompany transactions have been eliminated. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).
Fuel Inventory and Supplies
The Evergy Companies record fuel inventory and supplies at average cost. The following table separately states the balances for fuel inventory and supplies.
March 31
2022		December 31
2021
Evergy(millions)
Fuel inventory$189.2 $160.9 
Supplies423.5 405.8 
Fuel inventory and supplies$612.7 $566.7 
Evergy Kansas Central
Fuel inventory$95.7 $74.3 
Supplies217.8 208.9 
Fuel inventory and supplies$313.5 $283.2 
Evergy Metro  
Fuel inventory$66.4 $62.0 
Supplies154.3 149.0 
Fuel inventory and supplies$220.7 $211.0 
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Property, Plant and Equipment
The following tables summarize the property, plant and equipment of Evergy, Evergy Kansas Central and Evergy Metro.
March 31, 2022EvergyEvergy Kansas CentralEvergy Metro
(millions)
Electric plant in service$30,721.1 $14,826.3 $11,831.3 
Electric plant acquisition adjustment724.3 724.3 — 
Accumulated depreciation(11,701.4)(5,660.8)(4,833.2)
Plant in service, net19,744.0 9,889.8 6,998.1 
Construction work in progress1,267.5 653.7 409.7 
Nuclear fuel, net145.4 72.4 73.0 
Plant to be retired, net(a)
0.8 0.8 — 
Property, plant and equipment, net$21,157.7 $10,616.7 $7,480.8 
December 31, 2021EvergyEvergy Kansas CentralEvergy Metro
(millions)
Electric plant in service$30,289.9 $14,686.3 $11,656.9 
Electric plant acquisition adjustment724.3 724.3 — 
Accumulated depreciation(11,515.5)(5,590.8)(4,733.7)
Plant in service, net19,498.7 9,819.8 6,923.2 
Construction work in progress1,350.6 652.2 475.3 
Nuclear fuel, net152.5 76.1 76.4 
Plant to be retired, net(a)
0.8 0.8 — 
Property, plant and equipment, net$21,002.6 $10,548.9 $7,474.9 
(a) As of March 31, 2022 and December 31, 2021, represents the planned retirement of Evergy Kansas Central analog meters prior to the end of their remaining useful lives.
Other Income (Expense), Net
In 2022, Evergy's investment earnings (loss) included a pre-tax loss of $14.2 million related to Evergy's equity investment in an early-stage energy solutions company. See "Evergy Equity Investment" in this Note 1 for further information.
The table below shows the detail of other expense for each of the Evergy Companies.
Three Months Ended March 3120222021
Evergy(millions)
Non-service cost component of net benefit cost$(18.4)$(14.8)
Other(6.5)(6.1)
Other expense$(24.9)$(20.9)
Evergy Kansas Central
Non-service cost component of net benefit cost$(4.6)$(3.6)
Other(5.6)(5.6)
Other expense$(10.2)$(9.2)
Evergy Metro
Non-service cost component of net benefit cost$(10.0)$(7.9)
Other(0.5)(0.5)
Other expense$(10.5)$(8.4)
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Earnings Per Share
To compute basic earnings per share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), restricted stock and a warrant. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method or the contingently issuable share method, as applicable.

The following table reconciles Evergy's basic and diluted EPS.
Three Months Ended March 3120222021
Income(millions, except per share amounts)
Net income$125.6 $194.6 
Less: net income attributable to noncontrolling interests3.1 3.0 
Net income attributable to Evergy, Inc.$122.5 $191.6 
Common Shares Outstanding
Weighted average number of common shares outstanding - basic229.8 227.3 
Add: effect of dilutive securities0.4 0.3 
Diluted average number of common shares outstanding230.2 227.6 
Basic and Diluted EPS$0.53 $0.84 
Anti-dilutive securities excluded from the computation of diluted EPS for the three months ended March 31, 2022, were 3,950,000 common shares issuable pursuant to a warrant. Anti-dilutive shares excluded from the computation of diluted EPS for the three months ended March 31, 2021, were 353,806 RSUs with performance measures and 3,950,000 common shares issuable pursuant to a warrant.
Dividends Declared
In May 2022, Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $0.5725 per share on Evergy's common stock. The common dividend is payable on June 20, 2022, to shareholders of record as of May 20, 2022.
In May 2022, Evergy Kansas Central's Board of Directors declared a cash dividend to Evergy of up to $200.0 million, payable on June 17, 2022.
Supplemental Cash Flow Information
Evergy
Three Months Ended March 3120222021
Cash paid for (received from):(millions)
Interest, net of amount capitalized$76.7 $78.6 
Interest of VIEs— 0.2 
Income taxes, net of refunds(0.1)2.6 
Right-of-use assets obtained in exchange for new operating lease liabilities1.6 2.2 
Right-of-use assets obtained in exchange for new finance lease liabilities2.4 0.2 
Non-cash investing transactions:
Property, plant and equipment additions122.6 104.4 
Non-cash financing transactions:
Issuance of stock for compensation and reinvested dividends0.2 0.7 
26
Evergy Kansas Central
Three Months Ended March 3120222021
Cash paid for (received from):(millions)
Interest, net of amount capitalized$32.1 $31.2 
Interest of VIEs— 0.2 
Income taxes, net of refunds— 2.6 
Right-of-use assets obtained in exchange for new operating lease liabilities1.6 1.5 
Right-of-use assets obtained in exchange for new finance lease liabilities2.4 0.2 
Non-cash investing transactions:
Property, plant and equipment additions42.0 45.4 
Evergy Metro
Three Months Ended March 3120222021
Cash paid for (received from):(millions)
Interest, net of amount capitalized$15.6 $18.6 
Income taxes, net of refunds— (1.6)
Right-of-use assets obtained in exchange for new operating lease liabilities— 0.7 
Non-cash investing transactions:
Property, plant and equipment additions38.5 34.6 
February 2021 Winter Weather Event
In February 2021, much of the central and southern United States, including the service territories of the Evergy Companies, experienced a significant winter weather event that resulted in extremely cold temperatures over a multi-day period (February 2021 winter weather event). These circumstances resulted in higher than normal market prices within the SPP Integrated Marketplace for both natural gas and power for the duration of the February 2021 winter weather event. As part of the February 2021 winter weather event and inclusive of the aforementioned items, Evergy incurred natural gas and purchased power costs, net of wholesale revenues, of $341.3 million for the three months ended March 31, 2021. This $341.3 million of net fuel and purchased power costs incurred was primarily driven by $297.3 million of costs at Evergy Missouri West and $120.7 million of costs at Evergy Kansas Central, partially offset by $76.7 million of net wholesale revenues at Evergy Metro.
The amount of purchased power costs incurred and wholesale revenues recorded by the Evergy Companies in the first quarter of 2021 during the February 2021 winter weather event have been subject to subsequent resettlement activity by the SPP that has resulted in net increases to the total cost of the February 2021 winter weather event from the amounts initially recorded. As of March 31, 2022, Evergy has incurred total natural gas and purchased power costs, net of wholesale revenues, of $367.9 million related to the February 2021 winter weather event and inclusive of these subsequent SPP resettlements. This $367.9 million of net fuel and purchased power costs was primarily driven by $296.6 million of costs at Evergy Missouri West and $134.3 million of costs at Evergy Kansas Central, partially offset by $63.0 million of net wholesale revenues at Evergy Metro.
As of March 31, 2022 and December 31, 2021, the Evergy Companies had deferred substantially all of the fuel and purchased power costs, net of wholesale revenues, related to the February 2021 winter weather event to a regulatory asset or liability pursuant to pending requests for recovery or refund through the respective fuel recovery mechanisms of Evergy Kansas Central and Evergy Metro and through a securitization request at Evergy Missouri West. See Note 4 for additional information regarding these regulatory proceedings.
The Evergy Companies also engage in limited non-regulated energy marketing activities in various regional power markets that have historically not had a significant impact on the Evergy Companies' results of operations. These energy marketing margins are recorded net in operating revenues on the Evergy Companies' statements of income and comprehensive income. As a result of the elevated market prices experienced in regional power markets across the central and southern United States driven by the February 2021 winter weather event discussed above, Evergy
27
and Evergy Kansas Central recorded $96.5 million of energy marketing margins for the three months ended March 31, 2021 related to the February 2021 winter weather event, primarily driven by activities in the Electric Reliability Council of Texas (ERCOT).
Evergy Equity Investment
From time to time, Evergy makes limited equity investments in early-stage energy solution companies. These investments have historically not had a significant impact on Evergy's results of operations. In October 2021, an equity investment in which Evergy held a minority stake through an initial investment of $3.7 million was acquired through a transaction involving a special purpose acquisition company (SPAC). As a result of its equity investment in the company that was acquired in the SPAC transaction, Evergy received shares of the resulting public company upon the closing of the transaction, which were subject to a restriction on sale for 150 days. The equity investment had a fair value of $31.4 million as of December 31, 2021.
In March 2022, Evergy sold its shares in the equity investment to a financial institution through a share forward agreement following the expiration of the restriction on sale. As part of the share forward agreement, Evergy delivered its shares to the financial institution in exchange for a series of future cash settlements based primarily on the volume-weighted average price (VWAP) of the shares over the term of the agreement, which ends in June 2022 but could be ended earlier at the option of the financial institution. The share forward agreement is included in other current assets on Evergy's consolidated balance sheets as of March 31, 2022, at its fair value of $14.5 million.
In the first quarter of 2022, Evergy recorded a pre-tax loss of $14.2 million in investment earnings (loss) on its consolidated statements of comprehensive income related to the decrease in market value of its equity investment prior to sale and the recording of the share forward agreement at fair value. Evergy also received cash settlements of $2.7 million under the share forward agreement in the first quarter of 2022.
2. REVENUE
Evergy's, Evergy Kansas Central's and Evergy Metro's revenues disaggregated by customer class are summarized in the following tables.
Three Months Ended March 31, 2022EvergyEvergy Kansas CentralEvergy Metro
Revenues(millions)
Residential$451.8 $196.1 $159.9 
Commercial
403.1 165.2 173.6 
Industrial150.3 100.8 28.8 
Other retail9.0 4.1 2.6 
Total electric retail$1,014.2 $466.2 $364.9 
Wholesale51.9 50.1 7.7 
Transmission98.0 87.5 5.4 
Industrial steam and other3.3 0.6 (1.8)
Total revenue from contracts with customers
$1,167.4 $604.4 $376.2 
Other 56.5 9.5 46.3 
Operating revenues$1,223.9 $613.9 $422.5 
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Three Months Ended March 31, 2021EvergyEvergy Kansas CentralEvergy Metro
Revenues(millions)
Residential$396.7 $183.4 $122.2 
Commercial
346.0 153.7 132.5 
Industrial133.6 93.0 22.3 
Other retail7.4 3.2 2.1 
Total electric retail$883.7 $433.3 $279.1 
Wholesale487.5 272.4 200.5 
Transmission86.0 77.9 4.0 
Industrial steam and other5.2 0.5 0.3 
Total revenue from contracts with customers
$1,462.4 $784.1 $483.9 
Other 149.5 117.0 32.3 
Operating revenues$1,611.9 $901.1 $516.2 
3. RECEIVABLES
The Evergy Companies' receivables are detailed in the following table.
March 31December 31
20222021
Evergy(millions)
Customer accounts receivable - billed$14.5 $13.7 
Customer accounts receivable - unbilled59.1 80.1 
Other receivables136.0 160.7 
Allowance for credit losses(24.4)(32.9)
Total$185.2 $221.6 
Evergy Kansas Central
Customer accounts receivable - billed$8.6 $9.7 
Customer accounts receivable - unbilled21.4 26.4 
Other receivables159.0 178.5 
Allowance for credit losses(10.1)(13.0)
Total$178.9 $201.6 
Evergy Metro  
Customer accounts receivable - billed$3.4 $2.7 
Customer accounts receivable - unbilled9.2 25.9 
Other receivables16.1 15.7 
Allowance for credit losses(9.5)(13.3)
Total$19.2 $31.0 
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The Evergy Companies' other receivables at March 31, 2022 and December 31, 2021, 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.
March 31December 31
20222021
(millions)
Evergy$45.8 $63.7 
Evergy Kansas Central43.7 62.6 
Evergy Metro1.1 0.5 
The change in the Evergy Companies' allowance for credit losses is summarized in the following table.
20222021
Evergy(millions)
Beginning balance January 1$32.9 $19.3 
Credit loss expense (income)(4.1)4.8 
Write-offs(7.9)(4.0)
Recoveries of prior write-offs3.5 3.5 
Ending balance March 31$24.4 $23.6 
Evergy Kansas Central
Beginning balance January 1$13.0 $7.5 
Credit loss expense (income)(0.6)0.6 
Write-offs(3.6)(0.5)
Recoveries of prior write-offs1.3 1.2 
Ending balance March 31$10.1 $8.8 
Evergy Metro
Beginning balance January 1$13.3 $8.1 
Credit loss expense (income)(2.4)2.5 
Write-offs(2.9)(2.3)
Recoveries of prior write-offs1.5 1.6 
Ending balance March 31$9.5 $9.9 
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.
March 31December 31
20222021
(millions)
Evergy$338.0 $319.0 
Evergy Kansas Central165.0 153.0 
Evergy Metro123.0 116.0 
Each receivable sale facility expires in 2024. Evergy Kansas Central's facility allows for $185.0 million in aggregate outstanding principal amount of borrowings from mid-October through mid-June and then $200.0 million
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from mid-June through mid-October. Evergy Metro's facility allows for $130.0 million in aggregate outstanding principal amount of borrowings at any time. Evergy Missouri West's facility allows for $50.0 million in aggregate outstanding principal amount of borrowings from mid-November through mid-June and then $65.0 million from mid-June through mid-November.
4. RATE MATTERS AND REGULATION
KCC Proceedings
Evergy Kansas Central 2022 Transmission Delivery Charge (TDC)
In March 2022, the KCC issued an order adjusting Evergy Kansas Central's retail prices to include updated transmission costs as reflected in the Federal Energy Regulatory Commission (FERC) transmission formula rate (TFR). The new prices were effective in April 2022 and are expected to increase Evergy Kansas Central's annual retail revenues by $20.4 million when compared to 2021.
Evergy Metro 2022 TDC
In April 2022, the KCC issued an order adjusting Evergy Metro's retail prices to include updated transmission costs as reflected in the FERC TFR. The new prices were effective in May 2022 and are expected to increase Evergy Metro's annual retail revenues by $7.9 million when compared to 2021.
Evergy Kansas Central and Evergy Metro Earnings Review and Sharing Plan (ERSP)
As part of their merger settlement agreement with the KCC, Evergy Kansas Central and Evergy Metro agreed to participate in an ERSP for the years 2019 through 2022. Under the ERSP, Evergy Kansas Central's and Evergy Metro's Kansas jurisdiction are required to refund to customers 50% of annual earnings in excess of their authorized return on equity of 9.3% to the extent the excess earnings exceed the amount of annual bill credits that Evergy Kansas Central and Evergy Metro agreed to provide in connection with the merger that resulted in the formation of Evergy.
Evergy Kansas Central's and Evergy Metro's 2021 calculations of annual earnings did not result in a refund obligation. These calculations were filed with the KCC in March 2022. As of March 31, 2022, Evergy Kansas Central and Evergy Metro estimate their 2022 annual earnings will not result in a significant refund obligation. The final refund obligations for 2021 and 2022 will be decided by the KCC and could vary from the current estimates.
Evergy Kansas Central and Evergy Metro February 2021 Winter Weather Event AAO
In February 2021, the KCC issued an emergency accounting authority order (AAO) directing all Kansas-jurisdictional natural gas and electric utilities, including Evergy Kansas Central and Evergy Metro, to defer to a regulatory asset or regulatory liability any extraordinary costs or revenues, including carrying costs, to provide electric service during the February 2021 winter weather event for consideration in future rate proceedings.
As of March 31, 2022 and December 31, 2021, Evergy Kansas Central had recognized a regulatory asset pursuant to the AAO of $122.7 million and $121.5 million, respectively, related to its costs incurred during the February 2021 winter weather event, primarily consisting of increased fuel, purchased power, and associated carrying costs. As of March 31, 2022 and December 31, 2021, Evergy Metro's Kansas jurisdiction had recognized a regulatory liability of $38.1 million and $39.5 million, respectively, related to its increased wholesale revenues during the February 2021 winter weather event and associated carrying costs.
In July 2021, Evergy Kansas Central and Evergy Metro made a joint filing with the KCC regarding the timing and method of recovery or refund for costs and revenues deferred pursuant to the February 2021 winter weather event AAO. In the filing, Evergy Kansas Central and Evergy Metro requested to recover or refund, as appropriate, their deferred February 2021 winter weather event amounts to customers through their fuel recovery mechanisms over two years and one year, respectively, beginning in April 2023. As part of the filing, Evergy Metro also requested a decrease to its February 2021 winter weather event refund to Kansas customers, not currently reflected in its regulatory liability for the February 2021 winter weather event, for jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms.
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In April 2022, Evergy Kansas Central, Evergy Metro, KCC staff and other intervenors filed a non-unanimous stipulation and agreement with the KCC that resolved all issues regarding the timing and method of recovery for costs and revenues deferred pursuant to the February 2021 winter weather event AAO. As part of the non-unanimous stipulation and agreement, Evergy Kansas Central and Evergy Metro agreed to recover or refund, as appropriate, their deferred February 2021 winter weather amounts to customers through their fuel recovery mechanisms over two years and one year, respectively, beginning in April 2023, and to use the rate of 1.00% to apply carrying charges to these deferred amounts. The non-unanimous stipulation and agreement also permitted Evergy Metro to request the future recovery in its next Kansas rate case of an approximately $5 million under-recovery related to its February 2021 winter weather event refund to Kansas customers for jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms.
An order from the KCC on the non-unanimous stipulation and agreement is expected in the second quarter of 2022.
Missouri Public Service Commission (MPSC) Proceedings
Evergy Metro 2022 Rate Case Proceeding
In January 2022, Evergy Metro filed an application with the MPSC to request an increase to its retail revenues of $43.9 million before rebasing fuel and purchased power expense, with a return on equity of 10% and a rate-making equity ratio of 51.19%. The request reflects increases related to higher property taxes and the recovery of infrastructure investments made to improve reliability and enhance customer service and were also partially offset by significant customer savings and cost reductions created since the Great Plains Energy and Evergy Kansas Central merger in 2018. Evergy Metro also requested an additional $3.8 million increase associated with rebasing fuel and purchased power expense as well as the implementation of tracking mechanisms for both property tax expense and credit loss expense and the creation of a storm reserve as part of its application with the MPSC.
An evidentiary hearing in the case is scheduled to occur beginning in late August 2022 and new rates are expected to be effective in December 2022.
Evergy Missouri West 2022 Rate Case Proceeding
In January 2022, Evergy Missouri West filed an application with the MPSC to request an increase to its retail revenues of $27.7 million before rebasing fuel and purchased power expense, with a return on equity of 10% and a rate-making equity ratio of 51.81%. The request reflects increases related to higher property taxes and the recovery of infrastructure investments made to improve reliability and enhance customer service and were also partially offset by significant customer savings and cost reductions created since the Great Plains Energy and Evergy Kansas Central merger in 2018. Evergy Missouri West also requested an additional $32.1 million increase associated with rebasing fuel and purchased power expense, the implementation of tracking mechanisms for both property tax expense and credit loss expense, the creation of a storm reserve, and the full return of and return on its unrecovered investment related to the 2018 retirement of Sibley Station as part of its application with the MPSC.
An evidentiary hearing in the case is scheduled to occur beginning in late August 2022 and new rates are expected to be effective in December 2022.
Evergy Missouri West Other Proceedings
In December 2018, the Office of the Public Counsel (OPC) and the Midwest Energy Consumers Group (MECG) filed a petition with the MPSC requesting an AAO that would require Evergy Missouri West to record a regulatory liability for all revenues collected from customers for return on investment, non-fuel operations and maintenance costs, taxes including accumulated deferred income taxes, and all other costs associated with Sibley Station following the station’s retirement in November 2018.
In October 2019, the MPSC granted OPC's and MECG's request for an AAO and required Evergy Missouri West to record a regulatory liability for the revenues discussed above for consideration in Evergy Missouri West's current rate case. Depending on the MPSC's decision in the current rate case, Evergy Missouri West could be required to refund to customers all or a portion of amounts collected in revenue for Sibley Station since December 2018 or, alternatively, could be required to make no refunds. As part of its current rate case, Evergy Missouri West is proposing to refund to customers the revenues collected from customers for non-fuel operations and maintenance
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costs and other costs associated with Sibley Station following the station's retirement but not the related return on investment.
As a result of the MPSC order, Evergy has recorded a regulatory liability of $32.0 million and $29.3 million as of March 31, 2022 and December 31, 2021, respectively, for the estimated amount of revenues that Evergy Missouri West has collected from customers for Sibley Station since December 2018 that Evergy has determined is probable of refund. Evergy expects that it will continue to defer such amounts as collected from customers until new rates become effective in Evergy Missouri West's current rate case.
The accrual for this estimated amount does not include certain revenues collected related to Sibley Station that Evergy has determined to not be probable of refund in the current rate case based on the relevant facts and circumstances. Although Evergy has determined these additional revenues to not be probable of refund, the ultimate resolution of this matter in Evergy Missouri West's current rate case is uncertain and could result in an estimated loss of approximately $50 million when new rates are expected to become effective in December 2022. Evergy's regulatory liability for probable refunds as of March 31, 2022 and estimated loss in excess of the amount accrued represent estimates that could change significantly based on ongoing developments including decisions in other regulatory proceedings that establish precedent applicable to this matter and positions of parties on this issue in Evergy Missouri West's 2022 rate case.
Evergy Metro and Evergy Missouri West February 2021 Winter Weather Event AAO
In June 2021, Evergy Metro and Evergy Missouri West filed a joint request for an AAO with the MPSC that would allow Evergy Metro and Evergy Missouri West to defer to a regulatory asset or regulatory liability any extraordinary costs or revenues, including carrying costs, to provide electric service during the February 2021 winter weather event for consideration in future proceedings.
Evergy Metro and Evergy Missouri West have currently deferred substantially all of their fuel and purchased power costs, net of wholesale revenues, related to the February 2021 winter weather event to a regulatory asset or liability pursuant to their ability to recover or refund these amounts through their fuel recovery mechanisms, which allow for the recovery or refund of 95% of increases in fuel and purchased power costs, net of wholesale revenues, above the amount included in base rates to customers. This AAO request is intended to address the recovery or refund of the February 2021 winter weather event amounts separate from the normal fuel recovery mechanism process given the extraordinary nature of the February 2021 winter weather event and to help moderate customer bill impacts. As of March 31, 2022 and December 31, 2021, Evergy Metro's Missouri jurisdiction had recognized a regulatory liability of $25.4 million and $25.6 million, respectively, related to its increased wholesale revenues during the February 2021 winter weather event. As of March 31, 2022 and December 31, 2021, Evergy Missouri West had recognized a regulatory asset of $281.8 million and $281.6 million, respectively, related to its costs incurred during the February 2021 winter weather event, primarily consisting of increased fuel and purchased power costs.
In the AAO filing, Evergy Metro requested to refund its deferred February 2021 winter weather event amounts to customers through its fuel recovery mechanism over one year, beginning in April 2022. In the same AAO filing, Evergy Missouri West requested to exclude its deferred February 2021 winter weather event amounts from recovery through its fuel recovery mechanism and indicated its intent to recover them through issuing securitized bonds pursuant to the securitization legislation signed into law in Missouri in July 2021. As part of the filing, Evergy Metro also requested an approximately $5 million decrease to its February 2021 winter weather refund to Missouri customers, which is not currently reflected in its regulatory liability for the February 2021 winter weather event, for jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms and for the portion of net wholesale revenues not traditionally refundable because of the 5% sharing provision of its fuel recovery mechanism. Evergy Missouri West requested an approximately $15 million increase to its February 2021 winter weather event recovery from Missouri customers, which is not currently reflected in its regulatory asset for the February 2021 winter weather event, for the portion of net fuel and purchased power costs not traditionally recoverable because of the 5% sharing provision of its fuel recovery mechanism.
In March 2022, the MPSC ordered Evergy Metro in a separate regulatory proceeding to file an adjustment to its fuel recovery mechanism in order to allow its wholesale revenues from the February 2021 winter weather event to be
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refunded to customers beginning in April 2022. The approximately $5 million decrease to the refund of February 2021 winter weather amounts requested by Evergy Metro due to jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms was not included in the adjustment and will be addressed in Evergy Metro's current rate case.
In April 2022, the MPSC staff filed a motion to suspend the February 2021 winter weather event AAO procedural schedule for Evergy Metro and Evergy Missouri West pending the resolution of Evergy Missouri West's petition for a securitization financing order discussed below. The MPSC granted the motion to suspend the AAO procedural schedule in April 2022.
Evergy Missouri West February 2021 Winter Weather Event Securitization
In March 2022, Evergy Missouri West filed a petition for financing order with the MPSC requesting authorization to finance its extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event, including carrying costs, through the issuance of securitized bonds. Evergy Missouri West has requested to repay the securitized bonds and collect the related amounts from customers over a period of approximately 15 years from the date of issuance of the securitized bonds. An order from the MPSC regarding Evergy Missouri West's petition is expected no later than October 2022.

FERC Proceedings
In October of each year, Evergy Kansas Central and Evergy Metro post an updated TFR that includes projected transmission capital expenditures and operating costs for the following year. This rate is the most significant component in the retail rate calculation for Evergy Kansas Central's and Evergy Metro's annual request with the KCC to adjust retail prices to include updated transmission costs through the TDC.
Evergy Kansas Central TFR
In the most recent two years, the updated TFR was expected to adjust Evergy Kansas Central's annual transmission revenues by approximately:
•$33.2 million increase effective in January 2022; and
•$32.4 million increase effective in January 2021.
Evergy Metro TFR
In the most recent two years, the updated TFR was expected to adjust Evergy Metro's annual transmission revenues by approximately:
•$18.1 million increase effective in January 2022; and
•$3.9 million decrease effective in January 2021.
5. 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.
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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.
The following tables provide the components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants.
Pension BenefitsPost-Retirement Benefits
Three Months Ended March 31, 2022EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$19.9 $7.7 $12.2 $0.8 $0.4 $0.4 
Interest cost19.8 9.7 9.9 2.0 1.0 1.0 
Expected return on plan assets(26.0)(12.8)(14.1)(2.5)(1.6)(0.9)
Prior service cost0.5 0.5 — 0.1 0.1 (0.4)
Recognized net actuarial (gain)/loss8.7 6.4 9.7 (0.1)(0.1)(0.2)
Net periodic benefit costs before regulatory adjustment and intercompany allocations
22.9 11.5 17.7 0.3 (0.2)(0.1)
Regulatory adjustment15.9 2.9 6.5 (0.6)(0.7)0.6 
Intercompany allocations— 0.5 (4.5)— 0.1 (0.1)
Net periodic benefit costs (income)$38.8 $14.9 $19.7 $(0.3)$(0.8)$0.4 
Pension BenefitsPost-Retirement Benefits
Three Months Ended March 31, 2021EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$21.1 $7.4 $13.7 $0.8 $0.4 $0.4 
Interest cost21.3 10.3 10.8 2.0 1.0 1.0 
Expected return on plan assets(26.8)(13.6)(14.5)(2.2)(1.6)(0.7)
Prior service cost0.5 0.5 — 0.1 0.1 (0.3)
Recognized net actuarial loss14.8 9.8 11.2 0.3 0.2 — 
Net periodic benefit costs before regulatory adjustment and intercompany allocations
30.9 14.4 21.2 1.0 0.1 0.4 
Regulatory adjustment7.1 (0.9)3.0 (1.2)(0.8)0.1 
Intercompany allocations— 0.4 (5.9)— — (0.1)
Net periodic benefit costs (income)$38.0 $13.9 $18.3 $(0.2)$(0.7)$0.4 
The components of net periodic benefit costs other than the service cost component are included in other expense on the Evergy Companies' consolidated statements of income and comprehensive income.
For the three months ended March 31, 2022, Evergy, Evergy Kansas Central and Evergy Metro made pension contributions of $10.0 million, $5.9 million and $4.1 million, respectively. Evergy expects to make additional pension contributions of $88.8 million in 2022 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and KCC and MPSC rate orders, of which $20.3 million is expected to be paid by Evergy Kansas Central and $68.5 million is expected to be paid by Evergy Metro.
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Also in 2022, Evergy, Evergy Kansas Central and Evergy Metro expect to make post-retirement benefit contributions of $2.2 million, $0.5 million and $1.7 million, respectively.
6. SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
Evergy's $2.5 billion master credit facility expires in 2026. Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. These sublimits can be unilaterally adjusted by Evergy for each borrower provided the sublimits remain within minimum and maximum sublimits as specified in the facility. The applicable interest rates and commitment fees of the facility are subject to upward or downward adjustments, within certain limitations, if Evergy achieves, or fails to achieve, certain sustainability-linked targets based on two key performance indicator metrics: (i) Non-Emitting Generation Capacity and (ii) Diverse Supplier Spend (as defined in the facility).
A default by any borrower under the facility or one of its significant subsidiaries on other indebtedness totaling more than $100.0 million constitutes a default by that borrower under the facility. Under the terms of this facility, each of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West is required to maintain a total indebtedness to total capitalization ratio, as defined in the facility, of not greater than 0.65 to 1.00 at all times. As of March 31, 2022, Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were in compliance with this covenant.
The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 3) available to the Evergy Companies as of March 31, 2022 and December 31, 2021.
Amounts Drawn
Master Credit FacilityCommercial PaperLetters of CreditCash BorrowingsAvailable BorrowingsWeighted Average Interest Rate on Short-Term Borrowings
March 31, 2022(millions)
Evergy, Inc.$700.0 $187.0 $0.7 $— $512.3 0.94%
Evergy Kansas Central750.0 461.2 0.1 — 288.7 0.99%
Evergy Metro350.0 — — — 350.0 —%
Evergy Missouri West700.0 244.0 — — 456.0 0.67%
Evergy$2,500.0 $892.2 $0.8 $— $1,607.0 
December 31, 2021
Evergy, Inc.$700.0 $358.0 $0.7 $— $341.3 0.34%
Evergy Kansas Central750.0 406.0 0.1 — 343.9 0.41%
Evergy Metro350.0 — — — 350.0 —%
Evergy Missouri West700.0 395.3 — — 304.7 0.40%
Evergy$2,500.0 $1,159.3 $0.8 $— $1,339.9 
In February 2022, Evergy, Inc. entered into a $500.0 million unsecured Term Loan Credit Agreement (Term Loan Facility) that expires in February 2023. As of March 31, 2022, Evergy had borrowed $500.0 million under the Term Loan Facility. The weighted average interest rate for borrowings under the Term Loan Facility as of March 31, 2022, was 1.13%. Evergy's borrowings under the Term Loan Facility were used for, among other things, working capital, capital expenditures and general corporate purposes. The Term Loan Facility contains customary covenants, including one that sets the ratio of maximum allowed total indebtedness to total capitalization of not greater than 0.65 to 1.00, for Evergy and its subsidiaries on a consolidated basis. As of March 31, 2022, Evergy was in compliance with this covenant.
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7. LONG-TERM DEBT
Mortgage Bonds
In March 2022, Evergy Missouri West entered into a First Mortgage Indenture and Deed of Trust, dated as of March 1, 2022 (Evergy Missouri West Mortgage Indenture), establishing a first mortgage lien on substantially all of its present properties and certain after-acquired properties, subject to certain exceptions. In connection with the establishment of the Evergy Missouri West Mortgage Indenture, Evergy Missouri West issued collateral mortgage bonds secured by the Evergy Missouri West Mortgage Indenture to serve as collateral for Evergy Missouri West's obligations under the following outstanding unsecured senior notes:
•$36.0 million of 3.49% Series A, maturing in 2025;
•$60.0 million of 4.06% Series B, maturing in 2033;
•$150.0 million of 4.74% Series C, maturing in 2043;
•$350.0 million of 2.86% Series A, maturing in 2031;
•$75.0 million of 3.01% Series B, maturing in 2033; and
•$75.0 million of 3.21% Series C, maturing in 2036.
The collateral mortgage bonds were issued to the holders of the unsecured senior notes, are only payable if Evergy Missouri West defaults on the underlying unsecured senior notes and do not increase the amount of outstanding debt for Evergy Missouri West.
As a result of the above transactions, Evergy Missouri West's outstanding senior notes have effectively become secured by the mortgage lien of the Evergy Missouri West Mortgage Indenture and rank equally and ratably with all of Evergy Missouri West's mortgage bonds, regardless of series, from time to time issued and outstanding under the Evergy Missouri West Mortgage Indenture.
Also in March 2022, Evergy Missouri West issued, at a discount, $250.0 million of 3.75% First Mortgage Bonds, maturing in 2032.
Senior Notes
In March 2022, Evergy Missouri West repaid its $100.0 million of 3.74% Senior Notes at maturity.
8. FAIR VALUE MEASUREMENTS
Values of Financial Instruments
GAAP establishes a hierarchical framework for disclosing the transparency of the inputs utilized in measuring assets and liabilities at fair value. Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy levels. In addition, the Evergy Companies measure certain investments that do not have a readily determinable fair value at net asset value (NAV), which are not included in the fair value hierarchy. Further explanation of these levels and NAV is summarized below.
Level 1 – Quoted prices are available in active markets for identical assets or liabilities. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on public exchanges.
Level 2 –  Pricing inputs are not quoted prices in active markets but are either directly or indirectly observable. The types of assets and liabilities included in Level 2 are certain marketable debt securities, financial instruments traded in less than active markets or other financial instruments priced with models using highly observable inputs.
Level 3 – Significant inputs to pricing have little or no transparency. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation.
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NAV - Investments that do not have a readily determinable fair value are measured at NAV. These investments do not consider the observability of inputs and, therefore, they are not included within the fair value hierarchy. The Evergy Companies include in this category investments in private equity, real estate and alternative investment funds that do not have a readily determinable fair value. The underlying alternative investments include collateralized debt obligations, mezzanine debt and a variety of other investments.
The Evergy Companies record cash and cash equivalents, accounts receivable and short-term borrowings on their consolidated balance sheets at cost, which approximates fair value due to the short-term nature of these instruments.
Fair Value of Long-Term Debt
The Evergy Companies measure the fair value of long-term debt using Level 2 measurements available as of the measurement date. The book value and fair value of the Evergy Companies' long-term debt and long-term debt of variable interest entities is summarized in the following table.
March 31, 2022December 31, 2021
Book ValueFair ValueBook ValueFair Value
Long-term debt(a)
(millions)
Evergy(b)
$9,834.4 $9,712.4 $9,687.2 $10,758.5 
Evergy Kansas Central3,934.9 4,039.2 3,934.2 4,522.5 
Evergy Metro2,925.5 3,096.6 2,925.0 3,400.8 
(a) Includes current maturities.
(b) Book value as of March 31, 2022 and December 31, 2021, includes $96.0 million and $97.9 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the Great Plains Energy and Evergy Kansas Central merger, which are not part of future principal payments and will amortize over the remaining life of the associated debt instrument.
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Recurring Fair Value Measurements
The following tables include the Evergy Companies' balances of financial assets and liabilities measured at fair value on a recurring basis.
DescriptionMarch 31, 2022Level 1Level 2Level 3NAV
Evergy Kansas Central(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds$133.8 $120.2 $— $— $13.6 
International equity funds69.9 69.9 — — — 
Core bond fund55.1 55.1 — — — 
High-yield bond fund28.8 28.8 — — — 
Emerging markets bond fund16.8 16.8 — — — 
Alternative investments fund32.6 — — — 32.6 
Real estate securities fund16.5 — — — 16.5 
Cash equivalents0.6 0.6 — — — 
Total nuclear decommissioning trust354.1 291.4 — — 62.7 
Rabbi trust
Fixed income funds18.1 18.1 — — — 
Equity funds8.6 8.6 — — — 
Combination debt/equity/other fund2.2 2.2 — — — 
Cash equivalents0.1 0.1 — — — 
Total rabbi trust29.0 29.0 — — — 
Total$383.1 $320.4 $— $— $62.7 
Evergy Metro
Assets    
Nuclear decommissioning trust(a)
    
Equity securities$283.4 $283.4 $— $— $— 
Debt securities
U.S. Treasury46.1 46.1 — — — 
U.S. Agency0.4 — 0.4 — — 
State and local obligations3.9 — 3.9 — — 
Corporate bonds41.8 — 41.8 — — 
Foreign governments0.1 — 0.1 — — 
Cash equivalents3.4 3.4 — — — 
Total nuclear decommissioning trust379.1 332.9 46.2 — — 
Self-insured health plan trust(b)
Equity securities1.9 1.9 — — — 
Debt securities8.2 2.5 5.7 — — 
Cash and cash equivalents2.5 2.5 — — — 
Total self-insured health plan trust12.6 6.9 5.7 — — 
Total$391.7 $339.8 $51.9 $— $— 
Other Evergy
Other Evergy investments
Rabbi trusts
Core bond fund11.7 11.7 — — — 
Total rabbi trusts$11.7 $11.7 $— $— $— 
Evergy    
Assets    
Nuclear decommissioning trust(a)
$733.2 $624.3 $46.2 $— $62.7 
Rabbi trusts40.7 40.7 — — — 
Self-insured health plan trust(b)
12.6 6.9 5.7 — — 
Total$786.5 $671.9 $51.9 $— $62.7 
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DescriptionDecember 31, 2021Level 1Level 2Level 3NAV
Evergy Kansas Central(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds$140.4 $126.5 $— $— $13.9 
International equity funds74.0 74.0 — — — 
Core bond fund58.1 58.1 — — — 
High-yield bond fund29.6 29.6 — — — 
Emerging markets bond fund18.0 18.0 — — — 
Alternative investments fund32.7 — — — 32.7 
Real estate securities fund15.2 — — — 15.2 
Cash equivalents0.4 0.4 — — — 
Total nuclear decommissioning trust368.4 306.6 — — 61.8 
Rabbi trust
Fixed income funds19.6 19.6 — — — 
Equity funds9.5 9.5 — — — 
Combination debt/equity/other fund2.4 2.4 — — — 
Cash equivalents0.2 0.2 — — — 
Total rabbi trust31.7 31.7 — — — 
Total$400.1 $338.3 $— $— $61.8 
Evergy Metro
Assets    
Nuclear decommissioning trust(a)
   
Equity securities$299.2 $299.2 $— $— $— 
Debt securities     
U.S. Treasury46.1 46.1 — — — 
U.S. Agency0.4 — 0.4 — — 
State and local obligations4.0 — 4.0 — — 
Corporate bonds43.7 — 43.7 — — 
Foreign governments0.1 — 0.1 — — 
Cash equivalents6.8 6.8 — — — 
Total nuclear decommissioning trust400.3 352.1 48.2 — — 
Self-insured health plan trust(b)
Equity securities2.0 2.0 — — — 
Debt securities8.7 2.7 6.0 — — 
Cash and cash equivalents1.8 1.8 — — — 
Total self-insured health plan trust12.5 6.5 6.0 — — 
Total$412.8 $358.6 $54.2 $— $— 
Other Evergy
Other Evergy investments
Equity securities(c)
$31.4 $— $31.4 $— $— 
Total other Evergy investments31.4 — 31.4 — — 
Rabbi trusts
Core bond fund12.5 12.5 — — — 
Total rabbi trusts12.5 12.5 — — — 
Total$43.9 $12.5 $31.4 $— $— 
Evergy    
Assets    
Nuclear decommissioning trust(a)
$768.7 $658.7 $48.2 $— $61.8 
Rabbi trust44.2 44.2 — — — 
Self-insured health plan trust(b)
12.5 6.5 6.0 — — 
Other Evergy investments(c)
31.4 — 31.4 — — 
Total$856.8 $709.4 $85.6 $— $61.8 
(a)With the exception of investments measured at NAV, fair value is based on quoted market prices of the investments held by the trust and/or valuation models.  
(b)Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.
(c)Fair value was based on quoted market prices adjusted for a discount for lack of marketability based on a valuation model due to a restriction on the sale of the stock.
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Certain Evergy and Evergy Kansas Central investments included in the table above are measured at NAV as they do not have readily determinable fair values. In certain situations, these investments may have redemption restrictions.
The following table provides additional information on these Evergy and Evergy Kansas Central investments.
March 31, 2022December 31, 2021March 31, 2022
FairUnfundedFairUnfundedRedemptionLength of
ValueCommitmentsValueCommitmentsFrequencySettlement
Evergy Kansas Central(millions)
Nuclear decommissioning trust:
Domestic equity funds$13.6 $1.7 $13.9 $1.7 (a)(a)
Alternative investments fund(b)
32.6 — 32.7 — Quarterly
65 days
Real estate securities fund(b)
16.5 — 15.2 — Quarterly
65 days
Total Evergy investments at NAV$62.7 $1.7 $61.8 $1.7 
(a)This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth funds occurred in 2016 and 2018, respectively. The fourth fund's term is 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. The fifth fund's term is 15 years, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund.
(b)There is a holdback on final redemptions.
The Evergy Companies hold equity and debt investments classified as securities in various trusts including for the purposes of funding the decommissioning of Wolf Creek and for the benefit of certain retired executive officers of Evergy Kansas Central. The Evergy Companies record net realized and unrealized gains and losses on the nuclear decommissioning trusts in regulatory liabilities on their consolidated balance sheets and record net realized and unrealized gains and losses on the Evergy Companies' rabbi trusts in the consolidated statements of income and comprehensive income.
The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts.
Three Months Ended March 3120222021
Evergy(millions)
Nuclear decommissioning trust - equity securities$(34.8)$33.1 
Nuclear decommissioning trust - debt securities(6.5)(5.1)
Rabbi trusts - equity securities(2.4)(1.3)
Total$(43.7)$26.7 
Evergy Kansas Central
Nuclear decommissioning trust - equity securities$(16.7)$14.3 
Rabbi trust - equity securities(1.6)(0.8)
Total$(18.3)$13.5 
Evergy Metro
Nuclear decommissioning trust - equity securities$(18.1)$18.8 
Nuclear decommissioning trust - debt securities(6.5)(5.1)
Total$(24.6)$13.7 
9. COMMITMENTS AND CONTINGENCIES
Environmental Matters
Set forth below are descriptions of contingencies related to environmental matters that may impact the Evergy Companies' operations or their financial results. Management's assessment of these contingencies, which are based on federal and state statutes and regulations, and regulatory agency and judicial interpretations and actions, has
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evolved over time. These laws, regulations, interpretations and actions can also change, restrict or otherwise impact the Evergy Companies' operations or financial results. The failure to comply with these laws, regulations, interpretations and actions could result in the assessment of administrative, civil and criminal penalties and the imposition of remedial requirements. The Evergy Companies believe that all their operations are in substantial compliance with current federal, state and local environmental standards.
There are a variety of final and proposed laws and regulations that could have a material adverse effect on the Evergy Companies' operations and consolidated financial results. Due in part to the complex nature of environmental laws and regulations, the Evergy Companies are unable to assess the impact of potential changes that may develop with respect to the environmental contingencies described below.
Clean Air Act - Startup, Shutdown and Malfunction (SSM) Regulation
In 2015, the Environmental Protection Agency (EPA) issued a final rule addressing how state implementation plans (SIPs) can treat excess emissions during SSM events. This rule was referred to as the 2015 SIP Call Rule. The rule required 36 states to submit SIP revisions by November 2016 to remove certain exemptions and other discretionary enforcement provisions that apply to excess emissions during SSM events. Legal challenges ensued and the case was eventually placed in abeyance. In December 2021, the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit) restarted the litigation. On April 11, 2022, the EPA published a proposed consent decree that establishes dates for the EPA to take action on SIP revisions that were submitted in response to the 2015 SIP Call Rule. Deadlines for 26 states, including Kansas, Missouri and Oklahoma, are listed in the proposed consent decree. Final action from the EPA could result in required SIP revisions in Oklahoma, Kansas and Missouri which could have a material impact on the Evergy Companies.
Ozone Interstate Transport State Implementation Plans
In 2015, the EPA lowered the Ozone National Ambient Air Quality Standards (NAAQS) from 75 ppb to 70 ppb. Impacted states were required to submit Interstate Transport State Implementation Plans (ITSIPs) in 2018 to comply with the "Good Neighbor Provisions" of the Clean Air Act (CAA). The EPA did not act on these ITSIP submissions and was challenged in a court filing in May 2021 to address them. On February 22, 2022, the EPA published proposed disapprovals of ITSIPs for nineteen states including Missouri and Oklahoma. On April 4, 2022, the EPA published a final approval of the Kansas ITSIP in the Federal Register.
On April 6, 2022, the EPA published in the Federal Register the proposed federal implementation plan (FIP) to resolve outstanding "Good Neighbor" obligations with respect to the 2015 Ozone NAAQS for 26 states including Missouri and Oklahoma. This FIP would establish a revised Cross-State Air Pollution Rule (CSAPR) ozone season nitrogen oxide (NOx) emissions trading program for electric generating units (EGUs), and limit ozone season NOx emissions from certain industrial stationary sources. The proposed rule would also establish a new daily backstop NOx emissions rate limit for applicable coal-fired units larger than 100MW, as well as unit-specific NOx emission rate limits for certain industrial emissions units, and would feature "dynamic" adjustments of emission budgets for EGUs beginning with ozone season 2025. The proposed FIP includes reductions to the state ozone season NOx budgets for Missouri and Oklahoma beginning in 2023 with additional reductions in future years. The Evergy Companies are in the process of reviewing this proposed FIP. The EPA is also in the process of reconsidering its December 2020 decisions to retain the Ozone NAAQS at the level set in 2015 and the annual and 24-hour PM2.5 NAAQS at the levels set in 2012. Due to uncertainty regarding the proposed FIP and potential lowering of the 2020 NAAQS, the Evergy Companies cannot determine the impacts on their operations or consolidated financial results, but the cost to comply with the FIP and/or a lower future NAAQS could be material.
Regional Haze Rule
In 1999, the EPA finalized the Regional Haze Rule which aims to restore national parks and wilderness areas to pristine conditions. The rule requires states in coordination with the EPA, the National Park Service, the U.S. Fish and Wildlife Service, the U.S. Forest Service, and other interested parties to develop and implement air quality protection plans to reduce the pollution that causes visibility impairment. There are 156 "Class I" areas across the U.S. that must be restored to pristine conditions by the year 2064. There are no Class I areas in Kansas, whereas Missouri has two: the Hercules-Glades Wilderness Area and the Mingo Wilderness Area. States must submit
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revisions to their Regional Haze Rule SIPs every ten years and the first round was due in 2007. For the second ten-year implementation period, the EPA issued a final rule revision in 2017 that allowed states to submit their SIP revisions by July 31, 2021. The Evergy Companies have been in contact with the Kansas Department of Health and Environmental (KDHE) and the Missouri Department of Natural Resources (MDNR) as they worked to draft their SIP revisions. The Missouri SIP revision has been drafted and is currently on public notice through May 5, 2022. The SIP revision does not require any additional reductions from the Evergy Companies' generating units in the state. MDNR has indicated it intends to submit the Missouri SIP revision to the EPA by the end of July 2022. The Kansas SIP revision was placed on public notice in June 2021 and requested no additional emission reductions by electric utilities based on the significant reductions that were achieved during the first implementation period. The EPA provided comments on the Kansas SIP revision in June 2021 that each state is statutorily required to conduct a "four-factor analysis" on at least two sources within the state to help determine if further emission reductions are necessary. The EPA also stated it would be difficult to approve the Kansas SIP revision if at least two four-factor analyses are not conducted on Kansas emission sources. KDHE submitted the Kansas SIP revision in July 2021. If a Kansas generating unit of the Evergy Companies is selected for analysis, the possibility exists that the state or EPA, through a FIP, could determine that additional operational or physical modifications are required on the generating unit to further reduce emissions. The overall cost of those modifications could be material to the Evergy Companies.
Greenhouse Gases
Burning coal and other fossil fuels releases carbon dioxide (CO2) and other gases referred to as greenhouse gases (GHG). Various regulations under the CAA limit CO2 and other GHG emissions, and in addition, other measures are being imposed or offered by individual states, municipalities and regional agreements with the goal of reducing GHG emissions.
In July 2019, the EPA published the final Affordable Clean Energy (ACE) rule in the Federal Register. This rule contained emission guidelines for GHG emissions from existing electric utility generating units (EGUs) and revisions to emission guideline implementing regulations. The rule defined the "best system of emission reduction" (BSER) for GHG emissions from existing coal-fired EGUs as on-site, heat-rate efficiency improvements. In conjunction with the finalization of the ACE rule, the EPA repealed its previously adopted Clean Power Plan (CPP). In January 2021, the D.C. Circuit vacated and remanded the ACE rule back to the EPA. In October 2021, the Supreme Court granted petitions for certiorari to review the D.C. Circuit decision to vacate and remand the ACE rule. A ruling from the Supreme Court is expected in mid-2022.
Due to uncertainty regarding the future of the ACE rule or other potential GHG regulations, the Evergy Companies cannot determine the impacts on their operations or consolidated financial results, but the cost to comply with the ACE rule or other potential GHG rules could be material.
Water
The Evergy Companies discharge some of the water used in generation and other operations containing substances deemed to be pollutants. A November 2015 EPA rule applicable to steam-electric power generating plants establishes effluent limitations guidelines (ELG) and standards for wastewater discharges, including limits on the amount of toxic metals and other pollutants that can be discharged. Implementation timelines for this 2015 rule vary from 2018 to 2023. In April 2019, the U.S. Court of Appeals for the 5th Circuit (5th Circuit) issued a ruling that vacated and remanded portions of the original ELG rule. Due to this ruling, the EPA announced a plan in July 2021 to release a proposed rulemaking in September 2022 to address the vacated limitations for legacy wastewater and landfill leachate. Future ELG modifications for the best available technology economically achievable for the discharge of legacy wastewater and landfill leachate are likely and could be material to the Evergy Companies.
In October 2020, the EPA published the final ELG reconsideration rule. This rule adjusts numeric limits for flue gas desulfurization (FGD) wastewater and adds a 10% volumetric purge limit for bottom ash transport water. The timeline for final FGD wastewater compliance is as soon as possible on or after one year following publication of the final rule in the Federal Register but no later than December 31, 2025. In August 2021, the EPA published
43
notice in the Federal Register that it is initiating a supplemental rulemaking to revise the ELG regulations after completing review of the reconsideration rule as a result of an executive order from President Biden. As part of the rulemaking process, the EPA will determine if more stringent limitations and standards are appropriate. The 2020 ELG reconsideration rule will remain in effect while the EPA undertakes this new rulemaking.
The Evergy Companies have reviewed the 2020 ELG reconsideration regulation, and the costs to comply with these changes are not expected to be material. However, the Evergy Companies cannot predict what revisions the EPA may make under its supplemental rulemaking to revise the ELG regulations, and compliance costs associated with any revisions could be material.
After reviewing the Navigable Waters Protection Rule as directed by President Biden's administration, the EPA and Department of the Army determined a need to revise the definition to prevent environmental degradation. In December 2021, the EPA and the Department of the Army published a proposed rule that repeals the Navigable Waters Protection Rule and revises the definition of “Waters of the United States.” This proposed rule restores definitions of Waters of the United States that were in place prior to 2015. The Evergy Companies are reviewing the proposed rule and the impact on their operations or consolidated financial results are not expected to be material. A second rulemaking is expected in the future which will replace the Navigable Waters Protection Rule. The cost to comply with any future rulemaking that replaces the Navigable Waters Protection Rule could be material to the Evergy Companies.
Regulation of Coal Combustion Residuals
In the course of operating their coal generation plants, the Evergy Companies produce coal combustion residuals (CCRs), including fly ash, gypsum and bottom ash. The EPA published a rule to regulate CCRs in April 2015 that requires additional CCR handling, processing and storage equipment and closure of certain ash disposal units. In January 2022, the EPA published proposed determinations for facilities that filed closure extensions for unlined or clay-lined CCR units. These proposed determinations include various interpretations of the CCR regulations and compliance expectations that may impact all owners of CCR units. These interpretations could require modified compliance plans such as different methods of CCR unit closure. Additionally, more stringent remediation requirements for units that are in corrective action or forced to go into corrective action are possible. CCR units at Lawrence Energy Center and Sibley Generating Station have moved into corrective action. The cost to comply with these proposed determinations by the EPA could be material.
The Evergy Companies have recorded AROs for their current estimates for the closure of ash disposal ponds and landfills, but the revision of these AROs may be required in the future due to changes in existing CCR regulations, the results of groundwater monitoring of CCR units or changes in interpretation of existing CCR regulations or changes in the timing or cost to close ash disposal ponds and landfills. If revisions to these AROs are necessary, the impact on the Evergy Companies' operations or consolidated financial results could be material.
10. RELATED PARTY TRANSACTIONS AND RELATIONSHIPS
In the normal course of business, Evergy Kansas Central, Evergy Metro and Evergy Missouri West engage in related party transactions with one another. A summary of these transactions and the amounts associated with them is provided below.
Jointly-Owned Plants and Shared Services
Employees of Evergy Kansas Central and Evergy Metro manage Evergy Missouri West's business and operate its facilities at cost, including Evergy Missouri West's 18% ownership interest in Evergy Metro's Iatan Nos. 1 and 2.  Employees of Evergy Kansas Central manage Jeffrey Energy Center (JEC) and operate its facilities at cost, including Evergy Missouri West's 8% ownership interest in JEC. Employees of Evergy Metro manage La Cygne Station and operate its facilities at cost, including Evergy Kansas Central's 50% interest in La Cygne Station. Employees of Evergy Metro and Evergy Kansas Central also provide one another with shared service support, including costs related to human resources, information technology, accounting and legal services.
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The operating expenses and capital costs billed for jointly-owned plants and shared services are detailed in the following table.
Three Months Ended March 3120222021
(millions)
Evergy Kansas Central billings to Evergy Missouri West$7.4 $9.5 
Evergy Metro billings to Evergy Missouri West32.7 34.7 
Evergy Kansas Central billings to Evergy Metro6.6 9.9 
Evergy Metro billings to Evergy Kansas Central33.4 25.7 
Money Pool
Evergy Kansas Central, Evergy Metro and Evergy Missouri West are authorized to participate in the Evergy, Inc. money pool, which is an internal financing arrangement in which funds may be lent on a short-term basis between Evergy Kansas Central, Evergy Metro, Evergy Missouri West and Evergy, Inc. Evergy, Inc. can lend but not borrow under the money pool.
At March 31, 2022, Evergy Metro had a $98.0 million outstanding receivable from Evergy Missouri West under the money pool. At December 31, 2021, Evergy Metro had a $155.0 million outstanding receivable from Evergy Missouri West under the money pool.
Related Party Net Receivables and Payables
The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables.
March 31December 31
20222021
Evergy Kansas Central(millions)
Net payable to Evergy$(11.8)$(2.2)
Net payable to Evergy Metro(16.4)(14.5)
Net receivable from Evergy Missouri West4.5 10.4 
Evergy Metro
Net receivable from Evergy$20.2 $8.7 
Net receivable from Evergy Kansas Central16.4 14.5 
Net receivable from Evergy Missouri West187.9 254.5 
Tax Allocation Agreement
Evergy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. The following table summarizes Evergy Kansas Central's and Evergy Metro's income taxes receivable from (payable to) Evergy.
March 31December 31
20222021
Evergy Kansas Central(millions)
Income taxes receivable from Evergy$1.5 $9.6 
Evergy Metro
Income taxes payable to Evergy$(12.0)$(2.5)
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11. TAXES
Components of income tax expense are detailed in the following tables.
Evergy
Three Months Ended March 3120222021
Current income taxes(millions)
Federal$11.5 $1.1 
State(0.4)1.9 
Total11.1 3.0 
Deferred income taxes
Federal(3.9)17.7 
State3.2 3.8 
Total(0.7)21.5 
Investment tax credit
Deferral2.7 — 
Amortization (1.6)(1.5)
Total1.1 (1.5)
Income tax expense$11.5 $23.0 
Evergy Kansas Central
Three Months Ended March 3120222021
Current income taxes(millions)
Federal$7.9 $7.5 
State0.2 1.2 
Total8.1 8.7 
Deferred income taxes
Federal(8.5)6.7 
State2.3 2.3 
Total(6.2)9.0 
Investment tax credit
Deferral2.7 — 
Amortization (1.0)(1.1)
Total1.7 (1.1)
Income tax expense$3.6 $16.6 
Evergy Metro
Three Months Ended March 3120222021
Current income taxes(millions)
Federal$9.4 $27.1 
State0.1 1.2 
Total9.5 28.3 
Deferred income taxes  
Federal(1.6)(22.0)
State0.4 (0.8)
Total(1.2)(22.8)
Investment tax credit amortization(0.6)(0.4)
Income tax expense$7.7 $5.1 
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Effective Income Tax Rates
Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables.
Evergy
Three Months Ended March 3120222021
Federal statutory income tax rate21.0 %21.0 %
Effect of:
COLI policies(0.5)(1.0)
State income taxes1.4 1.9 
Flow through depreciation for plant-related differences(6.3)(5.8)
Federal tax credits(3.7)(3.1)
Non-controlling interest(0.3)(0.3)
AFUDC equity(0.5)(0.7)
Amortization of federal investment tax credits(0.2)(0.4)
Stock compensation(0.9)0.2 
Officer compensation limitation0.3 0.4 
Other(1.9)(1.6)
Effective income tax rate8.4 %10.6 %
Evergy Kansas Central
Three Months Ended March 3120222021
Federal statutory income tax rate21.0 %21.0 %
Effect of:
COLI policies(1.0)(1.8)
State income taxes2.0 1.2 
Flow through depreciation for plant-related differences(5.0)(3.3)
Federal tax credits(7.7)(5.2)
Non-controlling interest(0.6)(0.5)
AFUDC equity(0.7)(0.8)
Amortization of federal investment tax credits0.1 (0.5)
Stock compensation(0.6)(0.1)
Officer compensation limitation— 0.2 
Other(2.9)(1.8)
Effective income tax rate4.6 %8.4 %
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Evergy Metro
Three Months Ended March 3120222021
Federal statutory income tax rate21.0 %21.0 %
Effect of:
COLI policies(0.2)(0.2)
State income taxes0.6 0.6 
Flow through depreciation for plant-related differences(7.0)(7.8)
Federal tax credits(0.2)(0.6)
AFUDC equity(0.4)(0.7)
Amortization of federal investment tax credits(0.6)(0.4)
Stock compensation(1.3)0.4 
Officer compensation limitation0.5 0.9 
Other— 0.1 
Effective income tax rate12.4 %13.3 %
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following combined Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated financial statements and accompanying notes in this combined Quarterly Report on Form 10-Q and the Evergy Companies' combined 2021 Form 10-K. None of the registrants make any representation as to information related solely to Evergy, Evergy Kansas Central or Evergy Metro other than itself.
EVERGY, INC.
EXECUTIVE SUMMARY
Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below.
•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.
•Evergy Metro is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
•Evergy Missouri West is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
•Evergy Transmission Company owns 13.5% of Transource with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of AEP. Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
Evergy Kansas Central also owns a 50% interest in Prairie Wind, which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the SPP. Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.
Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,400 MWs of owned generating capacity and renewable power purchase agreements and engage in the
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generation, transmission, distribution and sale of electricity to approximately 1.6 million customers in the states of Kansas and Missouri. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).
Evergy Equity Investment
From time to time, Evergy makes limited equity investments in early-stage energy solution companies. These investments have historically not had a significant impact on Evergy's results of operations. In October 2021, an equity investment in which Evergy held a minority stake through an initial investment of $3.7 million was acquired through a transaction involving a special purpose acquisition company (SPAC). As a result of its equity investment in the company that was acquired in the SPAC transaction, Evergy received shares of the resulting public company upon the closing of the transaction, which were subject to a restriction on sale for 150 days. The equity investment had a fair value of $31.4 million as of December 31, 2021.
In March 2022, Evergy sold its shares in the equity investment to a financial institution through a share forward agreement following the expiration of the restriction on sale. As part of the share forward agreement, Evergy delivered its shares to the financial institution in exchange for a series of future cash settlements based primarily on the volume-weighted average price (VWAP) of the shares over the term of the agreement, which ends in June 2022 but could be ended earlier at the option of the financial institution. The share forward agreement is included in other current assets on Evergy's consolidated balance sheets as of March 31, 2022, at its fair value of $14.5 million.
In the first quarter of 2022, Evergy recorded a pre-tax loss of $14.2 million in investment earnings (loss) on its consolidated statements of comprehensive income related to the decrease in market value of its equity investment prior to sale and the recording of the share forward agreement at fair value. Evergy also received cash settlements of $2.7 million under the share forward agreement in the first quarter of 2022. Evergy uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without the gains or losses related to equity investments subject to a restriction on sale that can create period to period volatility, among other items. See "Non-GAAP Measures" within this Executive Summary for additional information.
Regulatory Proceedings
See Note 4 to the consolidated financial statements for information regarding regulatory proceedings.
Earnings Overview
The following table summarizes Evergy's net income and diluted EPS.
Three Months Ended March 312022Change2021
(millions, except per share amounts)
Net income attributable to Evergy, Inc.$122.5 $(69.1)$191.6 
Earnings per common share, diluted0.53 (0.31)0.84 
Net income attributable to Evergy, Inc. decreased for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to non-regulated energy marketing margins recognized in 2021 related to the February 2021 winter weather event, higher investment losses, higher depreciation expense and higher property taxes; partially offset by lower operating and maintenance expenses and lower income tax expense.
Diluted EPS decreased for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.
For additional information regarding the change in net income, refer to the Evergy Results of Operations section within this MD&A.
Non-GAAP Measures
Adjusted Earnings (non-GAAP) and Adjusted EPS (non-GAAP)
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended March 31, 2022, were $133.8 million or $0.58 per share, respectively. For the three months ended March 31, 2021, Evergy's
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adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $125.4 million or $0.55 per share, respectively. In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without the income or costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event and gains or losses related to equity investments subject to a restriction on sale that can create period to period volatility, as well as costs resulting from executive transition, severance and advisor expenses.
Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to enhance an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing performance.
Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.
The following table provides a reconciliation between net income attributable to Evergy, Inc. and diluted EPS as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP).
Earnings (Loss)Earnings (Loss) per Diluted ShareEarnings (Loss)Earnings (Loss) per Diluted Share
Three Months Ended March 3120222021
(millions, except per share amounts)
Net income attributable to Evergy, Inc.$122.5 $0.53 $191.6 $0.84 
Non-GAAP reconciling items:
Non-regulated energy marketing margin related to February 2021
   winter weather event, pre-tax(a)
— — (96.5)(0.42)
Non-regulated energy marketing costs related to February 2021
   winter weather event, pre-tax(b)
0.3 — 2.0 0.01 
Executive transition costs, pre-tax(c)
— — 5.5 0.02 
Severance costs, pre-tax(d)
— — 1.6 0.01 
Advisor expenses, pre-tax(e)
— — 1.5 0.01 
Restricted equity investment losses, pre-tax(f)
14.2 0.06 — — 
Income tax expense (benefit)(g)
(3.2)(0.01)19.7 0.08 
Adjusted earnings (non-GAAP)$133.8 $0.58 $125.4 $0.55 
(a)Reflects non-regulated energy marketing margins related to the February 2021 winter weather event and are included in operating revenues on the consolidated statements of comprehensive income.
(b)Reflects non-regulated energy marketing incentive compensation costs related to the February 2021 winter weather event and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
(c)Reflects costs associated with executive transition including inducement bonuses, severance agreements and other transition expenses and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
(d)Reflects severance costs incurred associated with certain voluntary severance programs at the Evergy Companies and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
(e)Reflects advisor expenses incurred associated with strategic planning and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
(f)Reflects losses related to equity investments which were subject to a restriction on sale, including gains or losses related to the fair value of associated share forward agreements, and are included in investment earnings (loss) on the consolidated statements of comprehensive income.
(g)Reflects an income tax effect calculated at a statutory rate of approximately 22%, with the exception of certain non-deductible items.
Wolf Creek Refueling Outage
Wolf Creek's most recent refueling outage began in March 2021 and the unit returned to service in May 2021. Wolf Creek's next refueling outage is planned to begin in the fourth quarter of 2022.
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ENVIRONMENTAL MATTERS
See Note 9 to the consolidated financial statements for information regarding environmental matters.
RELATED PARTY TRANSACTIONS
See Note 10 to the consolidated financial statements for information regarding related party transactions.
EVERGY RESULTS OF OPERATIONS 
The following table summarizes Evergy's comparative results of operations.
Three Months Ended March 312022Change2021
 (millions)
Operating revenues$1,223.9 $(388.0)$1,611.9 
Fuel and purchased power309.0 (326.1)635.1 
SPP network transmission costs78.7 9.3 69.4 
Operating and maintenance252.2 (23.3)275.5 
Depreciation and amortization229.0 9.7 219.3 
Taxes other than income tax101.9 7.0 94.9 
Income from operations253.1 (64.6)317.7 
Other expense, net(26.3)(18.2)(8.1)
Interest expense91.8 (2.2)94.0 
Income tax expense11.5 (11.5)23.0 
Equity in earnings of equity method investees, net of income taxes
2.1 0.1 2.0 
Net income125.6 (69.0)194.6 
Less: Net income attributable to noncontrolling interests
3.1 0.1 3.0 
Net income attributable to Evergy, Inc.$122.5 $(69.1)$191.6 
Evergy Utility Gross Margin and MWh Sales
Utility gross margin is a financial measure that is not calculated in accordance with GAAP.  Utility gross margin, as used by the Evergy Companies, is defined as operating revenues less fuel and purchased power costs and amounts billed by the SPP for network transmission costs. Expenses for fuel and purchased power costs, offset by wholesale sales margin, are subject to recovery through cost adjustment mechanisms.  As a result, changes in fuel and purchased power costs are offset in operating revenues with minimal impact on net income. In addition, SPP network transmission costs fluctuate primarily due to investments by SPP members for upgrades to the transmission grid within the SPP RTO.  As with fuel and purchased power costs, changes in SPP network transmission costs are mostly reflected in the prices charged to customers with minimal impact on net income.
Management believes that utility gross margin provides a meaningful basis for evaluating the Evergy Companies' operations across periods because utility gross margin excludes the revenue effect of fluctuations in these expenses.  Utility gross margin is used internally to measure performance against budget and in reports for management and the Evergy Board.  Utility gross margin should be viewed as a supplement to, and not a substitute for, income from operations, which is the most directly comparable financial measure prepared in accordance with GAAP. The Evergy Companies' definition of utility gross margin may differ from similar terms used by other companies.
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Table of Contents
The following table summarizes Evergy's utility gross margin and MWhs sold and provides a reconciliation of utility gross margin to income from operations.
 Revenues and ExpensesMWhs Sold
Three Months Ended March 312022Change20212022Change2021
Retail revenues(millions)(thousands)
Residential$451.8 $55.1 $396.7 3,935 (27)3,962 
Commercial403.1 57.1 346.0 4,256 34 4,222 
Industrial150.3 16.7 133.6 2,113 55 2,058 
Other retail revenues9.0 1.6 7.4 32 1 31 
Total electric retail1,014.2 130.5 883.7 10,336 63 10,273 
Wholesale revenues51.9 (435.6)487.5 3,900 (866)4,766 
Transmission revenues98.0 12.0 86.0 N/AN/AN/A
Other revenues59.8 (94.9)154.7 N/AN/AN/A
Operating revenues1,223.9 (388.0)1,611.9 14,236 (803)15,039 
Fuel and purchased power(309.0)326.1 (635.1)
SPP network transmission costs(78.7)(9.3)(69.4)
Utility gross margin (a)
836.2 (71.2)907.4 
Operating and maintenance (252.2)23.3 (275.5)
Depreciation and amortization(229.0)(9.7)(219.3)
Taxes other than income tax(101.9)(7.0)(94.9)
Income from operations$253.1 $(64.6)$317.7 
(a) Utility gross margin is a non-GAAP financial measure.  See explanation of utility gross margin above.
Evergy's utility gross margin decreased $71.2 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $104.9 million decrease in non-regulated energy marketing margins recognized at Evergy Kansas Central, primarily due to $96.5 million of margins recognized in 2021 related to the February 2021 winter weather event; partially offset by
•a $17.6 million increase due to favorable average retail pricing, colder winter weather in 2022 (heating degree days increased by 2%), and higher weather-normalized commercial and industrial demand;
•a $12.0 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2022; and
•a $0.4 million net increase due to other impacts from the February 2021 winter weather event driven by:
◦a $21.1 million increase at Evergy Missouri West driven by $14.9 million of increased fuel and purchased power costs in February 2021 that are not currently recoverable from customers through its fuel recovery mechanism and $6.2 million related to a special requirements contract with an industrial customer; and
◦a $12.5 million increase at Evergy Metro primarily driven by jurisdictional allocation differences currently present between its fuel recovery mechanisms in Missouri and Kansas regarding its refund to customers for the net increase in wholesale revenues in February 2021; partially offset by
◦a $34.0 million decrease at Evergy Kansas Central driven by higher utility gross margin at its non-regulated 8% ownership share of JEC due to higher wholesale sale prices and MWhs sold in February 2021.
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Operating and Maintenance
Evergy's operating and maintenance expense decreased $23.3 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•an $8.9 million decrease in credit loss expense at Evergy Kansas Central, Evergy Metro and Evergy Missouri West primarily due to a reduction in the allowance for credit losses recorded in 2022 as a result of improvements in the aging of accounts receivable for certain customers;
•$5.5 million of costs recorded in 2021 associated with executive transition, including inducement bonuses, severance agreements and other transition expenses;
•a $3.6 million decrease in transmission and distribution operating and maintenance expenses primarily at Evergy Kansas Central driven by lower labor and contractor costs primarily due to an increase in transmission and distribution capital projects and lower employee headcount and a $0.5 million decrease in vegetation management costs in 2022;
•a $1.7 million decrease in costs at Evergy Kansas Central related to non-regulated energy marketing margins recognized during the February 2021 winter weather event; and
•a $1.5 million decrease in advisor expenses incurred in 2022 associated with strategic planning.
Depreciation and Amortization
Evergy's depreciation and amortization expense increased $9.7 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by higher capital additions at Evergy Kansas Central and Evergy Metro in 2022.
Taxes Other Than Income Tax
Evergy's taxes other than income tax increased $7.0 million for the three months ended March 31, 2022, compared to the same period in 2021, driven by an increase in property taxes in Missouri and Kansas primarily due to higher assessed property tax values.
Other Expense, Net
Evergy's other expense, net increased $18.2 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•an $11.2 million decrease in investment earnings primarily driven by a $14.2 million loss from the sale of Evergy's equity investment in an early-stage energy solutions company in 2022; partially offset by a $3.3 million increase in unrealized gains due to the change in fair value related to other equity investments;
•a $3.6 million increase due to higher pension non-service costs at Evergy Kansas Central and Evergy Metro in 2022; and
•$3.1 million of other income recorded in 2021 related to contract termination fees.
Income Tax Expense
Evergy's income tax expense decreased $11.5 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $17.1 million decrease primarily due to lower Evergy Kansas Central pre-tax income in 2022; partially offset by
•a $3.9 million increase due to a decrease in the amortization of flow-through items driven by a decrease in pre-tax income in the first quarter of 2022 at Evergy Kansas Central; and
•a $2.6 million increase due to lower wind and other income tax credits in 2022.
LIQUIDITY AND CAPITAL RESOURCES
Evergy relies primarily upon cash from operations, short-term borrowings, debt and equity issuances and its existing cash and cash equivalents to fund its capital requirements. Evergy's capital requirements primarily consist of capital
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expenditures, payment of contractual obligations and other commitments, and the payment of dividends to shareholders. See the Evergy Companies' combined 2021 Form 10-K for more information on Evergy's sources and uses of cash.
Short-Term Borrowings
As of March 31, 2022, Evergy had $1.6 billion of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $512.3 million for Evergy, Inc., $288.7 million for Evergy Kansas Central, $350.0 million for Evergy Metro and $456.0 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 6 to the consolidated financial statements for more information regarding the master credit facility. Along with cash flows from operations and receivable sales facilities, Evergy generally uses borrowings under its master credit facility and the issuance of commercial paper to meet its day-to-day cash flow requirements. Evergy believes that its existing cash on hand and available borrowing capacity under its master credit facility provide sufficient liquidity for its existing capital requirements.
In February 2022, Evergy, Inc. entered into a $500.0 million unsecured Term Loan Facility that expires in February 2023. As of March 31, 2022, Evergy had borrowed $500.0 million under the Term Loan Facility. Evergy's borrowings under the Term Loan Facility were used for, among other things, working capital, capital expenditures and general corporate purposes.
Significant Debt Issuances
See Note 7 to the consolidated financial statements for information regarding significant debt issuances.
Pensions
For the three months ended March 31, 2022, Evergy made pension contributions of $10.0 million. Evergy expects to make additional pension contributions of $88.8 million in 2022 to satisfy ERISA funding requirements and KCC and MPSC rate orders, of which $20.3 million is expected to be paid by Evergy Kansas Central and $68.5 million is expected to be paid by Evergy Metro. Also in 2022, Evergy expects to make post-retirement benefit contributions of $2.2 million.
Debt Covenants
As of March 31, 2022, Evergy was in compliance with all debt covenants under the master credit facility, the Term Loan Facility and certain debt instruments that contain restrictions that require the maintenance of certain capitalization and leverage ratios. See Note 6 to the consolidated financial statements for more information.
Cash Flows
The following table presents Evergy's cash flows from operating, investing and financing activities.
Three Months Ended March 3120222021
(millions)
Cash Flows from (used in) Operating Activities$265.1 $(28.6)
Cash Flows used in Investing Activities(531.3)(475.2)
Cash Flows from Financing Activities262.2 840.9 
Cash Flows from (used in) Operating Activities
Evergy's cash flows from operating activities increased $293.7 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•$363.7 million of cash payments for net fuel and purchased power costs during the February 2021 winter weather event; partially offset by
•$90.6 million of cash receipts related to non-regulated energy marketing margins earned during the February 2021 winter weather event.
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Cash Flows used in Investing Activities
Evergy's cash flows used in investing activities increased $56.1 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $57.0 million increase in additions to property, plant and equipment due to increases at Evergy Kansas Central, Evergy Metro and Evergy Missouri West of $11.0 million, $12.2 million and $37.0 million, respectively, primarily due to increased spending for a variety of capital projects including transmission and distribution projects related to grid resiliency and other infrastructure improvements.
Cash Flows from Financing Activities
Evergy's cash flows from financing activities decreased $578.7 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $747.1 million decrease in short-term debt borrowings primarily driven by higher commercial paper borrowings in 2021, primarily at Evergy Missouri West and Evergy Kansas Central, to support the payment of costs related to the February 2021 winter weather event and for the repayment of Evergy Missouri West's $347.4 million affiliated note payable to Evergy prior to the issuance of Evergy Missouri West's $500.0 million of Series A, B and C Senior Notes in April 2021; and
•a $98.9 million increase in retirements of long-term debt, net primarily due to Evergy Missouri West's repayment of $100.0 million of 3.74% Senior Notes in March 2022; partially offset by
•a $247.4 million increase in proceeds from long-term debt, net due to Evergy Missouri West's issuance of $250.0 million of 3.75% First Mortgage Bonds in March 2022.
EVERGY KANSAS CENTRAL, INC.
MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS
The below results of operations and related discussion for Evergy Kansas Central is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.
The following table summarizes Evergy Kansas Central's comparative results of operations.
Three Months Ended March 312022Change2021
 (millions)
Operating revenues$613.9 $(287.2)$901.1 
Fuel and purchased power108.1 (186.7)294.8 
SPP network transmission costs78.7 9.3 69.4 
Operating and maintenance125.7 (5.1)130.8 
Depreciation and amortization119.7 4.2 115.5 
Taxes other than income tax54.5 4.2 50.3 
Income from operations127.2 (113.1)240.3 
Other expense, net(8.6)(5.4)(3.2)
Interest expense40.9 0.6 40.3 
Income tax expense3.6 (13.0)16.6 
Equity in earnings of equity method investees, net of income taxes1.0 0.1 0.9 
Net income75.1 (106.0)181.1 
Less: Net income attributable to noncontrolling interests3.1 0.1 3.0 
Net income attributable to Evergy Kansas Central, Inc.$72.0 $(106.1)$178.1 
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Evergy Kansas Central Utility Gross Margin and MWh Sales
The following table summarizes Evergy Kansas Central's utility gross margin and MWhs sold and provides a reconciliation of utility gross margin to income from operations.
 Revenues and ExpensesMWhs Sold
Three Months Ended March 312022Change20212022Change2021
Retail revenues(millions)(thousands)
Residential$196.1 $12.7 $183.4 1,549 11 1,538 
Commercial165.2 11.5 153.7 1,637 2 1,635 
Industrial100.8 7.8 93.0 1,370 44 1,326 
Other retail revenues4.1 0.9 3.2 10 2 8 
Total electric retail466.2 32.9 433.3 4,566 59 4,507 
Wholesale revenues50.1 (222.3)272.4 2,361 (888)3,249 
Transmission revenues87.5 9.6 77.9 N/AN/AN/A
Other revenues10.1 (107.4)117.5 N/AN/AN/A
Operating revenues613.9 (287.2)901.1 6,927 (829)7,756 
Fuel and purchased power(108.1)186.7 (294.8)
SPP network transmission costs(78.7)(9.3)(69.4)
Utility gross margin (a)
427.1 (109.8)536.9 
Operating and maintenance(125.7)5.1 (130.8)
Depreciation and amortization(119.7)(4.2)(115.5)
Taxes other than income tax(54.5)(4.2)(50.3)
Income from operations$127.2 $(113.1)$240.3 
(a)Utility gross margin is a non-GAAP financial measure.  See explanation of utility gross margin under Evergy's Results of Operations.
Evergy Kansas Central's utility gross margin decreased $109.8 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $104.9 million decrease in non-regulated energy marketing margins, primarily due to $96.5 million of margins recognized in 2021 related to the February 2021 winter weather event; and
•a $34.0 million decrease related to other impacts from the February 2021 winter weather event driven by higher utility gross margin at Evergy Kansas Central's non-regulated 8% ownership share of JEC due to higher wholesale sales prices and MWhs sold in February 2021; partially offset by
•a $12.2 million increase due to favorable average retail pricing and higher weather-normalized residential, commercial and industrial demand in 2022; and
•a $9.7 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2022.
Evergy Kansas Central Operating and Maintenance
Evergy Kansas Central's operating and maintenance expense decreased $5.1 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $3.4 million decrease in transmission and distribution operating and maintenance expenses driven by lower employee labor and contractor costs primarily due to an increase in transmission and distribution capital projects and a $1.3 million decrease in vegetation management costs in 2022;
•$2.7 million of costs recorded in 2021 associated with executive transition, including inducement bonuses, severance agreements and other transition expenses; and
•a $1.7 million decrease in costs related to non-regulated energy marketing margins recognized during the February 2021 winter weather event; partially offset by
•a $2.2 million increase in certain labor and employee benefits expenses.
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Evergy Kansas Central Depreciation and Amortization
Evergy Kansas Central's depreciation and amortization expense increased $4.2 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by higher capital additions in 2022.
Evergy Kansas Central Taxes Other Than Income Tax
Evergy Kansas Central's taxes other than income tax increased $4.2 million for the three months ended March 31, 2022, compared to the same period in 2021, driven by an increase in property taxes in Kansas primarily due to higher assessed property tax values.
Evergy Kansas Central Other Expense, Net
Evergy Kansas Central's other expense, net increased $5.4 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $2.0 million increase due to lower equity AFUDC primarily driven by higher short-term debt balances in 2022;
•$1.4 million of other income recorded in 2021 related to contract termination fees; and
•a $1.0 million increase due to higher pension non-service costs.
Evergy Kansas Central Income Tax Expense
Evergy Kansas Central's income tax expense decreased $13.0 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $24.2 million decrease due to lower pre-tax income in 2022; partially offset by
•a $5.8 million increase due to lower wind and other income tax credits in 2022; and
•a $2.4 million increase due to a decrease in the amortization of flow-through items driven by a decrease in pre-tax income in the first quarter of 2022.
EVERGY METRO, INC.
MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS
The below results of operations and related discussion for Evergy Metro is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.
The following table summarizes Evergy Metro's comparative results of operations.
Three Months Ended March 312022Change2021
 (millions)
Operating revenues$422.5 $(93.7)$516.2 
Fuel and purchased power132.5 (108.7)241.2 
Operating and maintenance78.1 (15.3)93.4 
Depreciation and amortization82.9 4.5 78.4 
Taxes other than income tax33.4 1.4 32.0 
Income from operations95.6 24.4 71.2 
Other expense, net(6.3)(2.0)(4.3)
Interest expense27.0 (1.3)28.3 
Income tax expense7.7 2.6 5.1 
Net income$54.6 $21.1 $33.5 
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Evergy Metro Utility Gross Margin and MWh Sales
The following table summarizes Evergy Metro's utility gross margin and MWhs sold and provides a reconciliation of utility gross margin to income from operations.
 Revenues and ExpensesMWhs Sold
Three Months Ended March 312022Change20212022Change2021
Retail revenues(millions)(thousands)
Residential$159.9 37.7 $122.2 1,383 (28)1,411 
Commercial173.6 41.1 132.5 1,809 11 1,798 
Industrial28.8 6.5 22.3 399 3 396 
Other retail revenues2.6 0.5 2.1 17 — 17 
Total electric retail364.9 85.8 279.1 3,608 (14)3,622 
Wholesale revenues7.7 (192.8)200.5 1,448 245 1,203 
Transmission revenues5.4 1.4 4.0 N/AN/AN/A
Other revenues44.5 11.9 32.6 N/AN/AN/A
Operating revenues422.5 (93.7)516.2 5,056 231 4,825 
Fuel and purchased power(132.5)108.7 (241.2)
Utility gross margin (a)
290.0 15.0 275.0 
Operating and maintenance(78.1)15.3 (93.4)
Depreciation and amortization(82.9)(4.5)(78.4)
Taxes other than income tax (33.4)(1.4)(32.0)
Income from operations$95.6 $24.4 $71.2 
(a) Utility gross margin is a non-GAAP financial measure.  See explanation of utility gross margin under Evergy's Results of Operations.
Evergy Metro's utility gross margin increased $15.0 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by $12.5 million of impacts from the February 2021 winter weather event primarily due to jurisdictional allocation differences currently present between Evergy Metro's fuel recovery mechanisms in Missouri and Kansas regarding its refund to customers for the net increase in wholesale revenues in February 2021.
Evergy Metro Operating and Maintenance
Evergy Metro's operating and maintenance expense decreased $15.3 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $4.9 million decrease in credit loss expense primarily due to a reduction in the allowance for credit losses recorded in 2022 as result of improvements in the aging of accounts receivable for certain customers;
•a $4.4 million decrease in certain labor and employee benefits expenses; and
•$1.8 million of costs recorded in 2021 associated with executive transition, including inducement bonuses, severance agreements and other transition expenses.
Evergy Metro Depreciation Expense
Evergy Metro's depreciation and amortization expense increased $4.5 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by higher capital additions in 2022.
Evergy Metro Other Expense, Net
Evergy Metro's other expense, net increased $2.0 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $2.1 million increase due to higher pension non-service costs; and
•$1.2 million of other income recorded in 2021 related to contract termination fees; partially offset by
•a $1.3 million decrease due to higher equity AFUDC primarily driven by lower short-term debt and higher construction work in progress balances in 2022.
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Evergy Metro Income Tax Expense
Evergy Metro's income tax expense increased $2.6 million for the three months ended March 31, 2022, compared to the same period in 2021, primarily driven by:
•a $5.2 million increase due to higher pre-tax income in 2022; partially offset by
•a $1.4 million decrease due to an increase in the amortization of flow-through items driven by an increase in pre-tax income in the first quarter of 2022; and
•a $1.1 million decrease due to higher deductions for stock compensation in 2022.
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 
In the ordinary course of business, Evergy faces risks that are either non-financial or non-quantifiable. Such risks principally include business, legal, operational and credit risks and are discussed elsewhere in this report as well as in the Evergy Companies' combined 2021 Form 10-K and therefore are not represented here.
Evergy's interim period disclosures about market risk included in quarterly reports on Form 10-Q address material changes, if any, from the most recently filed annual report on Form 10-K. Therefore, these interim period disclosures should be read in conjunction with Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk included in the Evergy Companies' combined 2021 Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
EVERGY
Disclosure Controls and Procedures
Evergy carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy's management, including the chief executive officer and chief financial officer, and Evergy's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy were effective at a reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There has been no change in Evergy’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended March 31, 2022, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

EVERGY KANSAS CENTRAL
Disclosure Controls and Procedures
Evergy Kansas Central carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy Kansas Central's management, including the chief executive officer and chief financial officer, and Evergy Kansas Central's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy Kansas Central have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy Kansas Central were effective at a reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There has been no change in Evergy Kansas Central’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended March 31, 2022, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

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EVERGY METRO
Disclosure Controls and Procedures
Evergy Metro carried out an evaluation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).  This evaluation was conducted under the supervision, and with the participation, of Evergy Metro's management, including the chief executive officer and chief financial officer, and Evergy Metro's disclosure committee.  Based upon this evaluation, the chief executive officer and chief financial officer of Evergy Metro have concluded as of the end of the period covered by this report that the disclosure controls and procedures of Evergy Metro were effective at a reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There has been no change in Evergy Metro’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended March 31, 2022, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

PART II - OTHER INFORMATION
ITEM 1.  LEGAL PROCEEDINGS
Other Proceedings
The Evergy Companies are parties to various lawsuits and regulatory proceedings in the ordinary course of their respective businesses.  For information regarding material lawsuits and proceedings, see Notes 4 and 9 to the consolidated financial statements.  Such information is incorporated herein by reference.
ITEM 1A. RISK FACTORS
Actual results in future periods for the Evergy Companies could differ materially from historical results and the forward-looking statements contained in this report. The business of the Evergy Companies is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond their control. Additional risks and uncertainties not presently known or that management currently believes to be immaterial may also adversely affect the Evergy Companies. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item 1A, Risk Factors included in the 2021 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro, as well as Quarterly Reports on Form 10-Q and from time to time in Current Reports on Form 8-K filed by Evergy, Evergy Kansas Central and Evergy Metro. There have been no material changes with regards to those risk factors. This information, as well as the other information included in this report and in the other documents filed with the SEC, should be carefully considered before making an investment in the securities of the Evergy Companies. Risk factors of Evergy Kansas Central and Evergy Metro are also risk factors of Evergy.
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ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchases of Equity Securities
The following table provides information regarding purchases by Evergy of its equity securities that are registered pursuant to Section 12 of the Exchange Act during the three months ended March 31, 2022.
Issuer Purchases of Equity Securities
Month
Total Number of
Shares (or Units)
Purchased(a)
Average Price
Paid per Share
(or Unit)		Total Number of
Shares (or Units)
Purchased as
Part of Publicly
Announced Plans
or Programs		Maximum
Number of
Shares (or Units)
that May Yet Be
Purchased Under the Plans or Programs
January 1 - 3195 $66.80— — 
February 1 - 286,173 60.99— — 
March 1 - 3162,27660.88— — 
Total68,544$60.90— — 
(a) Represents shares Evergy purchased for withholding taxes related to the vesting of performance shares and restricted stock units.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.  MINE SAFETY DISCLOSURES
Not applicable.
61
ITEM 5.  OTHER INFORMATION
Annual Shareholder Meeting Results
Evergy's annual meeting of shareholders was held on May 3, 2022. In accordance with the recommendations of the Board, the shareholders (i) elected twelve directors; (ii) approved, on an advisory and non-binding basis, the 2021 compensation of Evergy's named executive officers; (iii) approved the Evergy, Inc. Amended and Restated Long-Term Incentive Plan; and (iv) ratified the appointment of Deloitte & Touche LLP as independent registered public accountants for 2022. The proposals voted upon at the annual meeting, as well as the voting results for each proposal are set forth below.
Item 1 on the Proxy Card. The twelve persons named below were elected, as proposed in the proxy statement, to serve as directors until Evergy's annual meeting in 2023, and until their successors are elected and qualified. The voting regarding the election was as follows:
Number of Votes
ForAgainstAbstainBroker Non-Votes
David A. Campbell176,241,0762,958,681403,02621,311,444
Thomas D. Hyde174,951,6924,320,010331,08121,311,444
B. Anthony Isaac166,729,40312,551,225322,15521,311,444
Paul M. Keglevic177,543,5881,730,931328,26421,311,444
Mary L. Landrieu177,465,9141,799,981336,88821,311,444
Sandra A.J. Lawrence171,142,2708,153,703306,81021,311,444
Ann D. Murtlow177,735,5301,553,398313,85521,311,444
Sandra J. Price176,741,3612,545,096316,32621,311,444
Mark A. Ruelle172,531,1346,715,067356,58221,311,444
James Scarola178,495,238701,094406,45121,311,444
S. Carl Soderstrom Jr.175,115,7324,157,286329,76521,311,444
C. John Wilder162,274,73716,995,693332,35321,311,444
Item 2 on the Proxy Card. In an advisory and non-binding "say on pay" vote, shareholders approved the 2021 compensation of Evergy's named executive officers, with the following vote:
Number of Votes
ForAgainstAbstainBroker Non-Votes
168,240,09810,513,394849,29121,311,444
Item 3 on the Proxy Card. Shareholders voted for the approval of the Evergy, Inc. Amended and Restated Long-Term Incentive Plan with the following vote:
Number of Votes
ForAgainstAbstainBroker Non-Votes
168,294,35610,609,911698,51621,311,444
The material terms of the Evergy, Inc. Amended and Restated Long-Term Incentive Plan are described under "Proposal 3 - Approval of the Evergy, Inc. Amended and Restated Long-Term Incentive Plan" in Evergy's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 23, 2022, and are incorporated herein by reference. This description of the Evergy, Inc. Amended and Restated Long-Term Incentive Plan is qualified in its entirety by the full text of the Evergy, Inc. Amended and Restated Long-Term Incentive Plan, incorporated herein by reference as Exhibit 10.5.
62
Item 4 on the Proxy Card. Shareholders voted for the ratification and confirmation of the appointment of Deloitte & Touche LLP as Evergy's independent registered public accounting firm for 2022, with the following vote:
Number of Votes
ForAgainstAbstainBroker Non-Votes
195,673,0964,851,882389,2490
Available Information
The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at sec.gov. Additionally, information about the Evergy Companies, including their combined annual reports on Form 10-K, combined quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with the SEC, is also available through the Evergy Companies' website, http://investors.evergy.com. Such reports are accessible at no charge and are made available as soon as reasonably practical after such material is filed with or furnished to the SEC.
Investors should note that the Evergy Companies announce material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, the Evergy Companies also use the Investor Relations section of their website, http://investors.evergy.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Evergy Companies' website is not part of this document.
63
Table of Contents
ITEM 6. EXHIBITS
Exhibit
Number 
 Description of Document
 
Registrant
    
4.1*Evergy
4.2*Evergy
10.1*Evergy
10.2*+Evergy
Evergy Kansas Central
Evergy Metro
10.3*+Evergy
Evergy Kansas Central
Evergy Metro
10.4*+Evergy
Evergy Kansas Central
Evergy Metro
10.5*+Evergy
31.1Evergy
31.2Evergy
31.3Evergy Metro
31.4Evergy Metro
31.5Evergy Kansas Central
31.6Evergy Kansas Central
32.1**Evergy
32.2**Evergy Metro
32.3**Evergy Kansas Central
101.INS***XBRL Instance Document.n/a
101.SCHInline XBRL Taxonomy Extension Schema Document.Evergy
Evergy Kansas Central
Evergy Metro
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.Evergy
Evergy Kansas Central
Evergy Metro
64
Table of Contents
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.Evergy
Evergy Kansas Central
Evergy Metro
101.LABInline XBRL Taxonomy Extension Labels Linkbase Document.Evergy
Evergy Kansas Central
Evergy Metro
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document. Evergy
Evergy Kansas Central
Evergy Metro
104Cover Page Interactive Data File (embedded within the Inline XBRL document).Evergy
Evergy Kansas Central
Evergy Metro
* Filed with the SEC as exhibits to prior SEC filings and are incorporated herein by reference and made a part hereof. The SEC filings and the exhibit number of the documents so filed, and incorporated herein by reference, are stated in parenthesis in the description of such exhibit.
** Furnished and shall not be deemed filed for the purpose of Section 18 of the Exchange Act. Such document shall not be incorporated by reference into any registration statement or other document pursuant to the Exchange Act or the Securities Act of 1933, as amended, unless otherwise indicated in such registration statement or other document.
*** The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
+ Indicates management contract or compensatory plan or arrangement.
Copies of any of the exhibits filed with the SEC in connection with this document may be obtained from Evergy, Evergy Kansas Central or Evergy Metro, as applicable, upon written request.
The registrants agree to furnish to the SEC upon request any instrument with respect to long-term debt as to which the total amount of securities authorized does not exceed 10% of total assets of such registrant and its subsidiaries on a consolidated basis.
65
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
 EVERGY, INC.
  
Dated:May 4, 2022
By:  /s/ Kirkland B. Andrews
 (Kirkland B. Andrews)
 (Executive Vice President and Chief Financial Officer)
 EVERGY KANSAS CENTRAL, INC.
  
Dated:May 4, 2022
By:  /s/ Kirkland B. Andrews
 (Kirkland B. Andrews)
 (Executive Vice President and Chief Financial Officer)

 EVERGY METRO, INC.
  
Dated:May 4, 2022
By:  /s/ Kirkland B. Andrews
 (Kirkland B. Andrews)
 (Executive Vice President and Chief Financial Officer)

66

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