Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS


EVERGY, INC.
Consolidated Balance Sheets
(Unaudited)

	September 30			December 31
	2024			2023
ASSETS	(millions, except share amounts)
CURRENT ASSETS:
Cash and cash equivalents		$	34.6		$	27.7

Receivables, net of allowance for credit losses of $13.9 and $24.2, respectively		386.8			256.9
Accounts receivable pledged as collateral		425.0			342.0
Fuel inventory and supplies		818.9			776.2
Income taxes receivable		19.1			11.5
Regulatory assets, includes $15.6 and $— related to variable interest entity, respectively		182.2			292.1
Prepaid expenses		63.2			51.3
Other		60.4			31.4
Total Current Assets		1,990.2			1,789.1
PROPERTY, PLANT AND EQUIPMENT, NET, includes $128.3 and $133.6 related to variable interest entity, respectively		24,613.4			23,728.7

OTHER ASSETS:
Regulatory assets, includes $298.6 and $— related to variable interest entity, respectively		1,769.8			1,795.3
Nuclear decommissioning trust		877.4			766.4
Goodwill		2,336.6			2,336.6
Other		558.7			560.0
Total Other Assets		5,542.5			5,458.3
TOTAL ASSETS		$	32,146.1		$	30,976.1

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY, INC.
Consolidated Balance Sheets
(Unaudited)

	September 30			December 31
	2024			2023
LIABILITIES AND EQUITY	(millions, except share amounts)
CURRENT LIABILITIES:
Current maturities of long-term debt, includes $19.5 and $— related to variable interest entity, respectively		$	404.8		$	800.0

Commercial paper		1,422.8			951.8
Collateralized note payable		425.0			342.0
Accounts payable		366.3			616.9

Accrued taxes		338.6			156.7
Accrued interest, includes $10.2 and $— related to variable interest entity, respectively		169.8			134.2
Regulatory liabilities		149.4			183.0
Asset retirement obligations		46.4			40.3
Accrued compensation and benefits		73.9			74.5
Other		210.1			213.2
Total Current Liabilities		3,607.1			3,512.6
LONG-TERM LIABILITIES:
Long-term debt, net, includes $303.8 and $— related to variable interest entity, respectively		11,571.1			11,053.3
Deferred income taxes		2,214.2			2,097.9
Unamortized investment tax credits		164.6			170.0
Regulatory liabilities		2,478.0			2,542.5
Pension and post-retirement liability		498.1			464.1
Asset retirement obligations		1,263.9			1,162.8
Other		292.9			287.9
Total Long-Term Liabilities		18,482.8			17,778.5
Commitments and Contingencies (Note 12)
EQUITY:
Evergy, Inc. Shareholders' Equity:
Common stock - 600,000,000 shares authorized, without par value 229,972,832 and 229,729,296 shares issued, stated value		7,242.4			7,234.9
Retained earnings		2,808.3			2,457.8
Accumulated other comprehensive loss		(25.6)			(29.6)
Total Evergy, Inc. Shareholders' Equity		10,025.1			9,663.1
Noncontrolling Interests		31.1			21.9
Total Equity		10,056.2			9,685.0
TOTAL LIABILITIES AND EQUITY		$	32,146.1		$	30,976.1

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)

	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
	(millions, except per share amounts)
OPERATING REVENUES	$	1,811.4	$	1,669.3	$	4,589.9	$	4,320.3
OPERATING EXPENSES:
Fuel and purchased power	433.7		478.4		1,169.1		1,177.4
SPP network transmission costs	99.7		75.4		272.4		232.0
Operating and maintenance	251.6		253.2		720.8		697.1
Depreciation and amortization	282.3		273.3		838.5		806.1
Taxes other than income tax	116.6		103.1		343.3		305.9

Total Operating Expenses	1,183.9		1,183.4		3,344.1		3,218.5
INCOME FROM OPERATIONS	627.5		485.9		1,245.8		1,101.8
OTHER INCOME (EXPENSE):
Investment earnings (loss)	(0.1)		6.2		7.8		22.0
Other income	12.9		19.3		31.2		34.1
Other expense	(9.8)		(12.8)		(30.7)		(55.1)
Total Other Income, Net	3.0		12.7		8.3		1.0
Interest expense	143.9		136.8		420.7		393.6
INCOME BEFORE INCOME TAXES	486.6		361.8		833.4		709.2
Income tax expense	20.0		8.8		34.7		32.0
Equity in earnings of equity method investees, net of income taxes	2.0		1.6		5.8		5.3
NET INCOME	468.6		354.6		804.5		682.5
Less: Net income attributable to noncontrolling interests	3.0		3.0		9.2		9.2
NET INCOME ATTRIBUTABLE TO EVERGY, INC.	$	465.6	$	351.6	$	795.3	$	673.3
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY, INC. (see Note 1)
Basic earnings per common share	$	2.02	$	1.53	$	3.45	$	2.93
Diluted earnings per common share	$	2.02	$	1.53	$	3.45	$	2.92
AVERAGE COMMON SHARES OUTSTANDING
Basic	230.3		230.1		230.3		230.0
Diluted	230.6		230.5		230.5		230.5
COMPREHENSIVE INCOME
NET INCOME	$	468.6	$	354.6	$	804.5	$	682.5
Derivative hedging activity



Reclassification to expenses, net of tax	1.4		1.5		4.1		4.1
Derivative hedging activity, net of tax	1.4		1.5		4.1		4.1
Defined benefit pension plans



Amortization of net gains included in net periodic benefit costs, net of tax	(0.1)		(0.1)		(0.1)		(0.1)
Change in unrecognized pension expense, net of tax	(0.1)		(0.1)		(0.1)		(0.1)
Total other comprehensive income	1.3		1.4		4.0		4.0
COMPREHENSIVE INCOME	469.9		356.0		808.5		686.5
Less: Comprehensive income attributable to noncontrolling interest	3.0		3.0		9.2		9.2
COMPREHENSIVE INCOME ATTRIBUTABLE TO EVERGY, INC.	$	466.9	$	353.0	$	799.3	$	677.3

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY, INC.
Consolidated Statements of Cash Flows
(Unaudited)

Year to Date September 30	2024		2023
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:	(millions)
Net income	$	804.5	$	682.5
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization	838.5		806.1
Amortization of nuclear fuel	40.1		46.8
Amortization of deferred refueling outage	13.3		13.7
Amortization of corporate-owned life insurance	18.7		19.4
Stock compensation	11.5		14.0
Net deferred income taxes and credits	24.2		18.6
Allowance for equity funds used during construction	(13.4)		(6.6)
Payments for asset retirement obligations	(8.9)		(9.4)
Equity in earnings of equity method investees, net of income taxes	(5.8)		(5.3)
Income from corporate-owned life insurance	(18.0)		(26.2)

Other	(0.4)		1.0
Changes in working capital items:
Accounts receivable	(94.3)		(7.2)
Accounts receivable pledged as collateral	(83.0)		(36.0)
Fuel inventory and supplies	(40.8)		(66.3)
Prepaid expenses and other current assets	146.1		105.9
Accounts payable	(124.0)		(194.2)
Accrued taxes	174.3		171.3
Other current liabilities	(69.7)		(68.2)
Changes in other assets	(0.2)		16.5
Changes in other liabilities	(24.6)		75.3
Cash Flows from Operating Activities	1,588.1		1,551.7
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Additions to property, plant and equipment	(1,822.4)		(1,657.9)
Acquisition of Persimmon Creek, net of cash acquired	—		(217.9)
Purchase of securities - trusts	(78.7)		(30.7)
Sale of securities - trusts	74.6		22.8
Investment in corporate-owned life insurance	(15.0)		(15.4)
Proceeds from investment in corporate-owned life insurance	54.0		118.2

Other investing activities	(2.8)		(11.0)
Cash Flows used in Investing Activities	(1,790.3)		(1,791.9)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short-term debt, net	471.0		344.7


Collateralized short-term borrowings, net	83.0		36.0

Proceeds from long-term debt	919.6		690.3

Retirements of long-term debt	(800.0)		(350.0)


Borrowings against cash surrender value of corporate-owned life insurance	50.1		52.1
Repayment of borrowings against cash surrender value of corporate-owned life insurance	(36.6)		(89.8)
Cash dividends paid	(443.2)		(422.0)


Other financing activities	(12.7)		(5.3)
Cash Flows from Financing Activities	231.2		256.0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	29.0		15.8
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	27.7		25.2
End of period	$	56.7	$	41.0

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY, INC.
Consolidated Statements of Changes in Equity
(Unaudited)

	Evergy, Inc. Shareholders
	Common stock shares	Common stock		Retained earnings		AOCI		Non-controlling interests		Total equity
	(millions, except share amounts)
Balance as of December 31, 2022	229,546,105	$	7,219.7	$	2,298.5	$	(34.5)	$	9.6	$	9,493.3
Net income	—	—		142.6		—		3.1		145.7

Issuance of stock compensation and reinvested dividends, net of tax withholding	130,594	(2.4)		—		—		—		(2.4)

Dividends declared on common stock ($0.6125 per share)	—	—		(140.7)		—		—		(140.7)
Dividend equivalents declared	—	—		(0.4)		—		—		(0.4)
Stock compensation expense	—	4.7		—		—		—		4.7
Unearned compensation

Compensation expense recognized	—	0.1		—		—		—		0.1



Derivative hedging activity, net of tax	—	—		—		1.3		—		1.3
Other	—	0.1		—		—		—		0.1
Balance as of March 31, 2023	229,676,699	7,222.2		2,300.0		(33.2)		12.7		9,501.7
Net income	—	—		179.1		—		3.1		182.2

Issuance of stock compensation and reinvested dividends, net of tax withholding	25,010	—		—		—		—		—
Dividends declared on common stock ($0.6125 per share)	—	—		(140.7)		—		—		(140.7)
Dividend equivalents declared	—	—		(0.6)		—		—		(0.6)
Stock compensation expense	—	6.6		—		—		—		6.6
Unearned compensation

Compensation expense recognized	—	0.1		—		—		—		0.1


Derivative hedging activity, net of tax	—	—		—		1.3		—		1.3

Other	—	0.1		—		—		—		0.1
Balance as of June 30, 2023	229,701,709	7,229.0		2,337.8		(31.9)		15.8		9,550.7
Net income	—	—		351.6		—		3.0		354.6


Issuance of stock compensation and reinvested dividends, net of tax withholding	14,801	(0.1)		—		—		—		(0.1)

Dividends declared on common stock ($0.6125 per share)	—	—		(140.6)		—		—		(140.6)
Dividend equivalents declared		—		(0.8)		—		—		(0.8)
Stock compensation expense	—	2.5		—		—		—		2.5





Derivative hedging activity, net of tax	—	—		—		1.5		—		1.5
Change in unrecognized pension expense, net of tax	—	—		—		(0.1)		—		(0.1)
Other	—	0.1		—		—		—		0.1
Balance as of September 30, 2023	229,716,510	$	7,231.5	$	2,548.0	$	(30.5)	$	18.8	$	9,767.8


EVERGY, INC.
Consolidated Statements of Changes in Equity
(Unaudited)

	Evergy, Inc. Shareholders
	Common stock shares	Common stock		Retained earnings		AOCI		Non-controlling interests		Total equity
	(millions, except share amounts)

Balance as of December 31, 2023	229,729,296	$	7,234.9	$	2,457.8	$	(29.6)	$	21.9	$	9,685.0
Net income	—	—		122.7		—		3.1		125.8

Issuance of stock compensation and reinvested dividends, net of tax withholding	193,042	(4.0)		—		—		—		(4.0)

Dividends declared on common stock ($0.6425 per share)	—	—		(147.7)		—		—		(147.7)
Dividend equivalents declared	—	—		(0.4)		—		—		(0.4)
Stock compensation expense	—	3.9		—		—		—		3.9



Derivative hedging activity, net of tax	—	—		—		1.3		—		1.3
Other	—	0.2		—		—		—		0.2
Balance as of March 31, 2024	229,922,338	7,235.0		2,432.4		(28.3)		25.0		9,664.1
Net income	—	—		207.0		—		3.1		210.1

Issuance of stock compensation and reinvested dividends, net of tax withholding	32,186	(0.1)		—		—		—		(0.1)
Dividends declared on common stock ($0.6425 per share)	—	—		(147.7)		—		—		(147.7)
Dividend equivalents declared	—	—		(0.4)		—		—		(0.4)
Stock compensation expense	—	4.2		—		—		—		4.2


Derivative hedging activity, net of tax	—	—		—		1.4		—		1.4

Other	—	0.1		—		—		—		0.1
Balance as of June 30, 2024	229,954,524	7,239.2		2,491.3		(26.9)		28.1		9,731.7
Net income	—	—		465.6		—		3.0		468.6

Issuance of stock compensation and reinvested dividends, net of tax withholding	18,308	(0.4)		—		—		—		(0.4)
Dividends declared on common stock ($0.6425 per share)	—	—		(147.8)		—		—		(147.8)
Dividend equivalents declared	—	—		(0.8)		—		—		(0.8)
Stock compensation expense	—	3.4		—		—		—		3.4


Derivative hedging activity, net of tax	—	—		—		1.4		—		1.4
Change in unrecognized pension expense, net of tax	—	—		—		(0.1)		—		(0.1)
Other	—	0.2		—		—		—		0.2
Balance as of September 30, 2024	229,972,832	$	7,242.4	$	2,808.3	$	(25.6)	$	31.1	$	10,056.2

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY KANSAS CENTRAL, INC.
Consolidated Balance Sheets
(Unaudited)

	September 30			December 31
	2024			2023
ASSETS	(millions, except share amounts)
CURRENT ASSETS:
Cash and cash equivalents		$	12.0		$	9.2
Receivables, net of allowance for credit losses of $6.2 and $11.6, respectively		214.7			171.8
Related party receivables		11.6			11.6
Accounts receivable pledged as collateral		215.0			166.0
Fuel inventory and supplies		449.5			411.9
Income taxes receivable		32.1			11.5
Regulatory assets		81.3			127.7
Prepaid expenses		29.8			22.9
Other		10.9			13.2
Total Current Assets		1,056.9			945.8
PROPERTY, PLANT AND EQUIPMENT, NET, includes $128.3 and $133.6 related to variable interest entity, respectively		12,654.8			12,121.9

OTHER ASSETS:
Regulatory assets		493.9			505.2
Nuclear decommissioning trust		410.7			365.1
Other		275.6			288.6
Total Other Assets		1,180.2			1,158.9
TOTAL ASSETS		$	14,891.9		$	14,226.6

The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY KANSAS CENTRAL, INC.
Consolidated Balance Sheets
(Unaudited)

	September 30			December 31
	2024			2023
LIABILITIES AND EQUITY	(millions, except share amounts)
CURRENT LIABILITIES:


Commercial paper		$	691.7		$	230.4
Collateralized note payable		215.0			166.0
Accounts payable		184.5			244.7
Related party payables		31.7			294.4

Accrued taxes		167.8			111.1
Accrued interest		71.0			79.7
Regulatory liabilities		76.5			104.1
Asset retirement obligations		27.5			22.2
Accrued compensation and benefits		39.6			37.6
Other		136.5			142.4
Total Current Liabilities		1,641.8			1,432.6
LONG-TERM LIABILITIES:
Long-term debt, net		4,582.7			4,580.4
Deferred income taxes		906.1			844.2
Unamortized investment tax credits		53.3			56.2
Regulatory liabilities		1,397.6			1,432.4
Pension and post-retirement liability		270.7			256.3
Asset retirement obligations		636.1			577.1
Other		157.4			155.5
Total Long-Term Liabilities		8,003.9			7,902.1
Commitments and Contingencies (Note 12)
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 earnings		2,477.5			2,132.4
Total Evergy Kansas Central, Inc. Shareholder's Equity		5,215.1			4,870.0
Noncontrolling Interests		31.1			21.9
Total Equity		5,246.2			4,891.9
TOTAL LIABILITIES AND EQUITY		$	14,891.9		$	14,226.6

The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Income
(Unaudited)

	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
	(millions)
OPERATING REVENUES	$	917.5	$	773.3	$	2,338.0	$	2,091.5
OPERATING EXPENSES:
Fuel and purchased power	183.1		212.3		445.7		470.5
SPP network transmission costs	99.7		75.4		272.4		232.0
Operating and maintenance	122.3		123.9		355.9		347.1
Depreciation and amortization	142.6		133.2		422.3		386.0
Taxes other than income tax	64.5		54.9		190.4		165.1
Total Operating Expenses	612.2		599.7		1,686.7		1,600.7
INCOME FROM OPERATIONS	305.3		173.6		651.3		490.8
OTHER INCOME (EXPENSE):
Investment earnings (loss)	1.7		(0.4)		3.0		1.3
Other income	9.8		18.3		25.5		28.6
Other expense	(5.2)		(10.2)		(14.7)		(28.8)
Total Other Income, Net	6.3		7.7		13.8		1.1
Interest expense	59.2		56.5		173.2		163.3
INCOME BEFORE INCOME TAXES	252.4		124.8		491.9		328.6
Income tax expense (benefit)	8.0		(7.9)		13.0		3.6
Equity in earnings of equity method investees, net of income taxes	0.8		0.6		2.4		2.6
NET INCOME	245.2		133.3		481.3		327.6
Less: Net income attributable to noncontrolling interests	3.0		3.0		9.2		9.2
NET INCOME ATTRIBUTABLE TO EVERGY KANSAS CENTRAL, INC.	$	242.2	$	130.3	$	472.1	$	318.4

The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Cash Flows
(Unaudited)

Year to Date September 30	2024		2023
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:	(millions)
Net income	$	481.3	$	327.6
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization	422.3		386.0
Amortization of nuclear fuel	19.9		23.2
Amortization of deferred refueling outage	6.6		6.8
Amortization of corporate-owned life insurance	18.7		19.4
Net deferred income taxes and credits	25.3		(18.8)
Allowance for equity funds used during construction	(9.7)		(2.5)
Payments for asset retirement obligations	(5.6)		(6.3)
Equity in earnings of equity method investees, net of income taxes	(2.4)		(2.6)
Income from corporate-owned life insurance	(18.0)		(26.2)
Other	(4.1)		(4.1)
Changes in working capital items:
Accounts receivable	(17.6)		49.6
Accounts receivable pledged as collateral	(49.0)		(15.0)
Fuel inventory and supplies	(37.3)		(45.7)
Prepaid expenses and other current assets	67.8		41.6
Accounts payable	(8.3)		(52.2)
Accrued taxes	36.1		25.5
Other current liabilities	(102.5)		(30.6)
Changes in other assets	(10.6)		3.7
Changes in other liabilities	(11.3)		100.9
Cash Flows from Operating Activities	801.6		780.3
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Additions to property, plant and equipment	(962.1)		(855.8)
Acquisition of Persimmon Creek, net of cash acquired	—		(217.9)
Purchase of securities - trusts	(11.6)		(9.9)
Sale of securities - trusts	8.2		5.7
Investment in corporate-owned life insurance	(15.0)		(15.5)
Proceeds from investment in corporate-owned life insurance	51.3		117.0
Other investing activities	0.6		1.9
Cash Flows used in Investing Activities	(928.6)		(974.5)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short-term debt, net	461.3		(112.6)
Collateralized short-term debt, net	49.0		15.0
Proceeds from long-term debt	—		393.3
Retirements of long-term debt	—		(50.0)

Net money pool borrowings	(261.4)		—

Borrowings against cash surrender value of corporate-owned life insurance	47.0		49.0
Repayment of borrowings against cash surrender value of corporate-owned life insurance	(34.0)		(88.6)
Cash dividends paid	(127.0)		—

Other financing activities	(5.1)		(1.6)
Cash Flows from Financing Activities	129.8		204.5
NET CHANGE IN CASH AND CASH EQUIVALENTS	2.8		10.3
CASH AND CASH EQUIVALENTS:
Beginning of period	9.2		8.7
End of period	$	12.0	$	19.0

The disclosures regarding Evergy Kansas Central included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY KANSAS CENTRAL, INC.
Consolidated Statements of Changes in Equity
(Unaudited)

	Evergy Kansas Central, Inc. Shareholder
	Common stock shares	Common stock		Retained earnings		Non-controlling interests		Total equity
	(millions, except share amounts)
Balance as of December 31, 2022	1	$	2,737.6	$	1,760.2	$	9.6	$	4,507.4
Net income	—	—		103.3		3.1		106.4



Balance as of March 31, 2023	1	2,737.6		1,863.5		12.7		4,613.8
Net income	—	—		84.8		3.1		87.9

Balance as of June 30, 2023	1	2,737.6		1,948.3		15.8		4,701.7
Net income	—	—		130.3		3.0		133.3

Balance as of September 30, 2023	1	$	2,737.6	$	2,078.6	$	18.8	$	4,835.0

Balance as of December 31, 2023	1	$	2,737.6	$	2,132.4	$	21.9	$	4,891.9
Net income	—	—		108.5		3.1		111.6

Balance as of March 31, 2024	1	2,737.6		2,240.9		25.0		5,003.5
Net income	—	—		121.4		3.1		124.5

Balance as of June 30, 2024	1	2,737.6		2,362.3		28.1		5,128.0
Net income	—	—		242.2		3.0		245.2
Dividends declared on common stock	—	—		(127.0)		—		(127.0)
Balance as of September 30, 2024	1	$	2,737.6	$	2,477.5	$	31.1	$	5,246.2

The disclosures regarding Evergy Kansas Central included in the accompanying Unaudited Notes to Consolidated Financial Statements are an integral part of these statements.


EVERGY METRO, INC.
Consolidated Balance Sheets
(Unaudited)

	September 30			December 31
	2024			2023
ASSETS	(millions, except share amounts)
CURRENT ASSETS:
Cash and cash equivalents		$	7.1		$	3.3
Receivables, net of allowance for credit losses of $5.1 and $7.9, respectively		116.7			55.0
Related party receivables		116.2			128.5
Accounts receivable pledged as collateral		160.0			126.0
Fuel inventory and supplies		263.2			264.6

Regulatory assets		49.4			53.2
Prepaid expenses		23.5			20.9
Other		23.7			14.7
Total Current Assets		759.8			666.2
PROPERTY, PLANT AND EQUIPMENT, NET		8,243.2			8,131.2
OTHER ASSETS:
Regulatory assets		415.9			380.8
Nuclear decommissioning trust		466.7			401.3
Other		78.3			77.0
Total Other Assets		960.9			859.1
TOTAL ASSETS		$	9,963.9		$	9,656.5

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY METRO, INC.
Consolidated Balance Sheets
(Unaudited)

	September 30			December 31
	2024			2023
LIABILITIES AND EQUITY	(millions, except share amounts)
CURRENT LIABILITIES:
Current maturities of long-term debt		$	350.0		$	—
Commercial paper		71.9			423.3
Collateralized note payable		160.0			126.0
Accounts payable		160.8			272.5
Related party payables		—			1.1
Accrued taxes		143.8			45.7
Accrued interest		50.5			27.4
Regulatory liabilities		35.8			43.0
Asset retirement obligations		16.4			16.0
Accrued compensation and benefits		34.3			36.9
Other		59.8			58.3
Total Current Liabilities		1,083.3			1,050.2
LONG-TERM LIABILITIES:
Long-term debt, net		2,872.8			2,924.4
Deferred income taxes		838.3			797.2
Unamortized investment tax credits		108.9			111.3
Regulatory liabilities		876.7			860.2
Pension and post-retirement liability		209.7			190.8
Asset retirement obligations		481.0			444.4
Other		85.1			85.0
Total Long-Term Liabilities		5,472.5			5,413.3
Commitments and Contingencies (Note 12)
EQUITY:
Common stock - 1,000 shares authorized, without par value, 1 share issued, stated value		1,563.1			1,563.1
Retained earnings		1,841.5			1,626.2
Accumulated other comprehensive income		3.5			3.7
Total Equity		3,408.1			3,193.0
TOTAL LIABILITIES AND EQUITY		$	9,963.9		$	9,656.5

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY METRO, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)

	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
	(millions)
OPERATING REVENUES	$	608.3	$	608.2	$	1,503.2	$	1,499.9
OPERATING EXPENSES:
Fuel and purchased power	149.1		160.4		431.2		417.8
Operating and maintenance	74.8		81.5		210.3		213.6
Depreciation and amortization	100.8		104.1		303.2		311.9
Taxes other than income tax	38.4		34.7		111.9		100.4

Total Operating Expenses	363.1		380.7		1,056.6		1,043.7
INCOME FROM OPERATIONS	245.2		227.5		446.6		456.2
OTHER INCOME (EXPENSE):
Investment earnings	1.1		0.9		3.9		2.6
Other income	2.9		0.9		5.3		5.1
Other expense	(2.8)		(0.5)		(10.0)		(19.3)
Total Other Income (Expense), Net	1.2		1.3		(0.8)		(11.6)
Interest expense	36.0		35.0		112.0		100.6
INCOME BEFORE INCOME TAXES	210.4		193.8		333.8		344.0
Income tax expense	26.4		23.7		42.5		42.3
NET INCOME	$	184.0	$	170.1	$	291.3	$	301.7
COMPREHENSIVE INCOME
NET INCOME	$	184.0	$	170.1	$	291.3	$	301.7
OTHER COMPREHENSIVE INCOME:
Derivative hedging activity
Reclassification to expenses, net of tax	—		(0.1)		(0.2)		(0.2)
Derivative hedging activity, net of tax	—		(0.1)		(0.2)		(0.2)
Total other comprehensive loss	—		(0.1)		(0.2)		(0.2)
COMPREHENSIVE INCOME	$	184.0	$	170.0	$	291.1	$	301.5

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


EVERGY METRO, INC.
Consolidated Statements of Cash Flows
(Unaudited)

Year to Date September 30	2024		2023
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:	(millions)
Net income	$	291.3	$	301.7
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization	303.2		311.9
Amortization of nuclear fuel	20.2		23.6
Amortization of deferred refueling outage	6.6		6.8
Net deferred income taxes and credits	6.2		35.1
Allowance for equity funds used during construction	(3.7)		(4.1)
Payments for asset retirement obligations	(3.0)		(2.1)

Other	(0.3)		(0.3)
Changes in working capital items:
Accounts receivable	(36.4)		(28.1)
Accounts receivable pledged as collateral	(34.0)		(6.0)
Fuel inventory and supplies	1.4		(5.8)
Prepaid expenses and other current assets	(4.3)		0.5
Accounts payable	(66.1)		(84.0)
Accrued taxes	98.1		86.8
Other current liabilities	10.8		(27.5)
Changes in other assets	(11.7)		13.3
Changes in other liabilities	11.9		(4.9)
Cash Flows from Operating Activities	590.2		616.9
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Additions to property, plant and equipment	(488.0)		(542.1)
Purchase of securities - trusts	(67.1)		(20.8)
Sale of securities - trusts	66.4		17.1
Net money pool lending	—		31.0
Other investing activities	0.2		1.8
Cash Flows used in Investing Activities	(488.5)		(513.0)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short-term debt, net	(351.4)		220.8
Collateralized short-term debt, net	34.0		6.0
Proceeds from long-term debt	296.8		297.0
Retirements of long-term debt	—		(300.0)

Cash dividends paid	(76.0)		(325.0)
Other financing activities	(1.3)		1.3
Cash Flows used in Financing Activities	(97.9)		(99.9)
NET CHANGE IN CASH AND CASH EQUIVALENTS	3.8		4.0
CASH AND CASH EQUIVALENTS:
Beginning of period	3.3		3.1
End of period	$	7.1	$	7.1

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.


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, 2022	1	$	1,563.1	$	1,619.2	$	4.0	$	3,186.3
Net income	—	—		46.8		—		46.8

Derivative hedging activity, net of tax	—	—		—		(0.1)		(0.1)
Balance as of March 31, 2023	1	1,563.1		1,666.0		3.9		3,233.0
Net income	—	—		84.8		—		84.8
Dividends declared on common stock	—	—		(150.0)		—		(150.0)

Balance as of June 30, 2023	1	1,563.1		1,600.8		3.9		3,167.8
Net income	—	—		170.1		—		170.1
Dividends declared on common stock	—	—		(175.0)		—		(175.0)
Derivative hedging activity, net of tax	—	—		—		(0.1)		(0.1)
Balance as of September 30, 2023	1	$	1,563.1	$	1,595.9	$	3.8	$	3,162.8

Balance as of December 31, 2023	1	$	1,563.1	$	1,626.2	$	3.7	$	3,193.0
Net income	—	—		32.7		—		32.7

Derivative hedging activity, net of tax	—	—		—		(0.1)		(0.1)
Balance as of March 31, 2024	1	1,563.1		1,658.9		3.6		3,225.6
Net income	—	—		74.6		—		74.6

Derivative hedging activity, net of tax	—	—		—		(0.1)		(0.1)
Balance as of June 30, 2024	1	1,563.1		1,733.5		3.5		3,300.1
Net income	—	—		184.0		—		184.0
Dividends declared on common stock	—	—		(76.0)		—		(76.0)

Balance as of September 30, 2024	1	$	1,563.1	$	1,841.5	$	3.5	$	3,408.1

The disclosures regarding Evergy Metro included in the accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these statements.

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 kilovolt (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 15,800 megawatts (MWs) of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 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 2023 Form 10-K.

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 the variable interest entities (VIE) of which Evergy and Evergy Kansas Central are the primary beneficiaries. 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).

Cash, Cash Equivalents and Restricted Cash

Cash equivalents consist of highly liquid investments with original maturities of three months or less at acquisition. Evergy has restricted cash included in Other Current Assets and Other Non-current Assets on Evergy's consolidated balance sheet to facilitate the servicing of Evergy Missouri West Storm Funding I, LLC's (Evergy Missouri West Storm Funding) debt and the funding requirements for a jointly-owned generation facility. See Note 15 for additional information on the VIE. The following table summarizes the cash, cash equivalents and restricted cash included on Evergy's consolidated balance sheet.


	September 30 2024		December 31 2023
Evergy	(millions)
Current assets
Cash and cash equivalents	$	34.6	$	27.7
Other	20.4		—
Other assets
Other	1.7		—
Total cash, cash equivalents and restricted cash	$	56.7	$	27.7

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.


	September 30 2024		December 31 2023
Evergy	(millions)
Fuel inventory	$	232.6	$	257.3
Supplies	586.3		518.9
Fuel inventory and supplies	$	818.9	$	776.2
Evergy Kansas Central
Fuel inventory	$	136.0	$	138.6
Supplies	313.5		273.3
Fuel inventory and supplies	$	449.5	$	411.9
Evergy Metro
Fuel inventory	$	60.6	$	81.5
Supplies	202.6		183.1
Fuel inventory and supplies	$	263.2	$	264.6

Property, Plant and Equipment

The following tables summarize the property, plant and equipment of Evergy, Evergy Kansas Central and Evergy Metro.


September 30, 2024	Evergy			Evergy Kansas Central			Evergy Metro
		(millions)
Electric plant in service		$	35,925.4		$	17,578.2		$	13,318.7
Electric plant acquisition adjustment		742.9			724.9			—
Accumulated depreciation		(13,948.5)			(6,792.6)			(5,666.2)
Plant in service, net		22,719.8			11,510.5			7,652.5
Construction work in progress		1,725.9			1,060.4			506.9
Nuclear fuel, net		167.0			83.2			83.8
Plant to be retired, net(b)		0.7			0.7			—
Property, plant and equipment, net		$	24,613.4		$	12,654.8		$	8,243.2

December 31, 2023	Evergy			Evergy Kansas Central			Evergy Metro
		(millions)
Electric plant in service(a)		$	34,558.1		$	16,858.7		$	13,005.5
Electric plant acquisition adjustment		724.9			724.9			—
Accumulated depreciation(a)		(13,301.6)			(6,502.7)			(5,404.9)
Plant in service, net(a)		21,981.4			11,080.9			7,600.6
Construction work in progress		1,543.5			939.1			428.7
Nuclear fuel, net		203.0			101.1			101.9
Plant to be retired, net(b)		0.8			0.8			—
Property, plant and equipment, net(a)		$	23,728.7		$	12,121.9		$	8,131.2

(a) As of September 30, 2024, Evergy and Evergy Kansas Central classified Property, Plant and Equipment of VIE, net as Property, Plant and Equipment, net. To conform with the current period presentation, amounts previously reported as Property, Plant and Equipment of VIE, net as of December 31, 2023, have been reclassified to Property, Plant and Equipment, net.

(b) As of September 30, 2024 and December 31, 2023, represents the planned retirement of Evergy Kansas Central analog meters prior to the end of their remaining useful lives.

Other Expense

The table below shows the detail of other expense for each of the Evergy Companies.


	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Evergy	(millions)
Non-service cost component of net benefit cost	$	(3.6)	$	(6.4)	$	(12.8)	$	(37.2)
Corporate-owned life insurance	(5.9)		(5.9)		(16.7)		(16.6)
Other	(0.3)		(0.5)		(1.2)		(1.3)
Other expense	$	(9.8)	$	(12.8)	$	(30.7)	$	(55.1)
Evergy Kansas Central
Non-service cost component of net benefit cost	$	0.5	$	(4.5)	$	1.6	$	(12.7)
Corporate-owned life insurance	(5.6)		(5.6)		(16.0)		(15.9)
Other	(0.1)		(0.1)		(0.3)		(0.2)
Other expense	$	(5.2)	$	(10.2)	$	(14.7)	$	(28.8)
Evergy Metro
Non-service cost component of net benefit cost	$	(2.5)	$	(0.1)	$	(8.6)	$	(18.0)
Corporate-owned life insurance	(0.3)		(0.4)		(0.7)		(0.8)
Other	—		—		(0.7)		(0.5)
Other expense	$	(2.8)	$	(0.5)	$	(10.0)	$	(19.3)

Earnings Per Share

To compute basic earnings per common 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, convertible notes and a warrant. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method, the contingently issuable share method or the if-converted method, as applicable.

The following table reconciles Evergy's basic and diluted EPS.


	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Income	(millions, except per share amounts)
Net income	$	468.6	$	354.6	$	804.5	$	682.5
Less: net income attributable to noncontrolling interests	3.0		3.0		9.2		9.2
Net income attributable to Evergy, Inc.	$	465.6	$	351.6	$	795.3	$	673.3
Common Shares Outstanding
Weighted average number of common shares outstanding - basic	230.3		230.1		230.3		230.0
Add: effect of dilutive securities	0.3		0.4		0.2		0.5
Diluted average number of common shares outstanding	230.6		230.5		230.5		230.5
Basic EPS	$	2.02	$	1.53	$	3.45	$	2.93
Diluted EPS	$	2.02	$	1.53	$	3.45	$	2.92

There were no anti-dilutive shares excluded from the computation of diluted EPS for the three months ended and year to date September 30, 2024. Anti-dilutive securities excluded from the computation of diluted EPS for the three months ended and year to date September 30, 2023 were 3,950,000 common shares issuable pursuant to a warrant. Also, there was no dilution resulting from Evergy's convertible notes for the three months ended and year to date September 30, 2024 and 2023.

Dividends Declared

In November 2024, Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $0.6675 per share on Evergy's common stock. The common dividend is payable on December 20, 2024, to shareholders of record as of November 21, 2024.

In November 2024, Evergy Kansas Central's Board of Directors declared a cash dividend to Evergy of up to $110.0 million, payable on or before December 19, 2024.

In November 2024, Evergy Metro's Board of Directors declared a cash dividend to Evergy of up to $110.0 million, payable on or before December 19, 2024.

Supplemental Cash Flow Information


Evergy
Year to Date September 30	2024		2023
Cash paid for (received from):	(millions)
Interest, net of amount capitalized	$	361.6	$	370.3

Income taxes, net of refunds	18.1		19.0
Right-of-use assets obtained in exchange for new operating lease liabilities	4.1		12.1
Right-of-use assets obtained in exchange for new finance lease liabilities	12.4		3.7
Non-cash investing transactions:
Property, plant and equipment additions	178.7		171.4


Evergy Kansas Central
Year to Date September 30	2024		2023
Cash paid for (received from):	(millions)
Interest, net of amount capitalized	$	160.6	$	149.4

Income taxes, net of refunds	8.3		53.0
Right-of-use assets obtained in exchange for new operating lease liabilities	2.4		6.4
Right-of-use assets obtained in exchange for new finance lease liabilities	7.9		3.7
Non-cash investing transactions:
Property, plant and equipment additions	116.6		85.1


Evergy Metro
Year to Date September 30	2024		2023
Cash paid for (received from):	(millions)
Interest, net of amount capitalized	$	90.0	$	82.2
Income taxes, net of refunds	21.3		(0.4)
Right-of-use assets obtained in exchange for new operating lease liabilities	1.7		5.1
Right-of-use assets obtained in exchange for new finance lease liabilities	3.0		—
Non-cash investing transactions:
Property, plant and equipment additions	47.7		65.4

Renewable Plant Investments

Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas and called Kansas Sky. The solar generation facility is expected to begin operations by summer of 2027. The construction of Kansas Sky is subject to the granting by the Kansas Corporation Commission (KCC) of predetermination with reasonably acceptable terms and other closing conditions. In November 2024, Evergy Kansas Central requested predetermination from the KCC.

In the third quarter of 2024, Evergy Missouri West entered into agreements to own two solar generation facilities

currently under development. The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 MW. The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 MW. The solar generation facilities are expected to begin operations by summer of 2027. The agreements are subject to regulatory approvals and closing conditions, including the granting by the Public Service Commission of the State of Missouri (MPSC) of a Certificate of Convenience and Necessity (CCN) with reasonably acceptable terms. In October 2024, Evergy Missouri West filed an application for a CCN. Evergy Missouri West requested a response from the MPSC by May 2025.

Natural Gas Plant Investments

In October 2024, Evergy announced its plan to construct two combined-cycle natural gas plants located in Kansas. Evergy Kansas Central and Evergy Missouri West will jointly-own the first site and expect it to have an initial generating capacity of approximately 705 MW. The plant is expected to begin operations by summer of 2029. In November 2024, Evergy Kansas Central requested predetermination from the KCC. In the fourth quarter of 2024, Evergy Missouri West plans to request a CCN from the MPSC.

The second site is expected to be jointly-owned by Evergy Kansas Central and another Evergy utility still to be determined. The Evergy Companies expect the second site to also have an initial generating capacity of approximately 705 MW. The plant is expected to begin operations by summer of 2030. In November 2024, Evergy Kansas Central requested predetermination from the KCC with a request to potentially reassign a portion to another Evergy utility. A request for a CCN with the MPSC is expected in the fourth quarter of 2024.

In April 2024, Evergy Missouri West purchased a 22% ownership interest representing approximately 145 MW in Dogwood Energy Center (Dogwood), an operational combined-cycle natural gas facility located in Missouri, for approximately $60 million. The purchase was recorded as an asset acquisition to property, plant and equipment, net, on Evergy's consolidated balance sheet. The purchase was subject to terms and conditions listed in a stipulation and agreement approved by the MPSC allowing Evergy Missouri West to recover in rates a return of and return on the original cost, net of accumulated depreciation, of Dogwood. Evergy Missouri West shall also be allowed to recover in rates over two years a return of, but not a return on, the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood. In addition, net revenues generated from Evergy Missouri West's ownership of Dogwood from the date of closing to the date new rates become effective in Evergy Missouri West's current rate case shall not impact rates and shall be retained by Evergy Missouri West and reduce the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood to be recovered from customers.

2. REVENUE

Evergy's, Evergy Kansas Central's and Evergy Metro's revenues disaggregated by customer class are summarized in the following tables.


Evergy
	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Revenues	(millions)
Residential	$	730.8	$	675.1	$	1,746.5	$	1,626.4
Commercial	615.2		528.6		1,533.7		1,419.3
Industrial	188.9		158.9		524.0		475.3
Other retail	10.9		11.6		33.0		31.8
Total electric retail	$	1,545.8	$	1,374.2	$	3,837.2	$	3,552.8
Wholesale	114.7		148.3		259.0		301.8
Transmission	123.1		101.9		360.9		308.2
Industrial steam and other	6.5		7.1		20.7		24.6
Total revenue from contracts with customers	$	1,790.1	$	1,631.5	$	4,477.8	$	4,187.4
Other	21.3		37.8		112.1		132.9
Operating revenues	$	1,811.4	$	1,669.3	$	4,589.9	$	4,320.3


Evergy Kansas Central
	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Revenues	(millions)
Residential	$	331.8	$	262.9	$	779.8	$	647.3
Commercial	261.0		196.5		652.9		555.3
Industrial	122.2		93.4		342.4		300.1
Other retail	6.8		5.7		18.9		12.5
Total electric retail	$	721.8	$	558.5	$	1,794.0	$	1,515.2
Wholesale	79.1		106.3		194.9		232.7
Transmission	115.8		97.6		340.1		294.8
Other	0.9		0.4		2.7		2.1
Total revenue from contracts with customers	$	917.6	$	762.8	$	2,331.7	$	2,044.8
Other	(0.1)		10.5		6.3		46.7
Operating revenues	$	917.5	$	773.3	$	2,338.0	$	2,091.5


Evergy Metro
	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Revenues	(millions)
Residential	$	252.0	$	259.9	$	592.9	$	603.9
Commercial	254.1		232.9		610.3		606.1
Industrial	39.1		37.2		103.8		100.6
Other retail	2.4		3.4		7.9		9.5
Total electric retail	$	547.6	$	533.4	$	1,314.9	$	1,320.1
Wholesale	33.0		43.4		64.8		80.7
Transmission	5.2		3.7		15.0		10.8
Other	1.3		0.9		3.8		3.3
Total revenue from contracts with customers	$	587.1	$	581.4	$	1,398.5	$	1,414.9
Other	21.2		26.8		104.7		85.0
Operating revenues	$	608.3	$	608.2	$	1,503.2	$	1,499.9

3. RECEIVABLES

The Evergy Companies' receivables are detailed in the following table.



	September 30		December 31
	2024		2023
Evergy	(millions)
Customer accounts receivable - billed	$	22.2	$	2.6
Customer accounts receivable - unbilled	199.1		109.1
Other receivables	179.4		169.4
Allowance for credit losses	(13.9)		(24.2)
Total	$	386.8	$	256.9
Evergy Kansas Central
Customer accounts receivable - billed	$	—	$	—
Customer accounts receivable - unbilled	86.0		39.9
Other receivables	134.9		143.5
Allowance for credit losses	(6.2)		(11.6)
Total	$	214.7	$	171.8
Evergy Metro
Customer accounts receivable - billed	$	—	$	—
Customer accounts receivable - unbilled	63.6		27.2
Other receivables	58.2		35.7
Allowance for credit losses	(5.1)		(7.9)
Total	$	116.7	$	55.0

The Evergy Companies' other receivables as of September 30, 2024 and December 31, 2023, consisted primarily of receivables from partners in jointly-owned electric utility plants, wholesale sales receivables and receivables related to alternative revenue programs. The Evergy Companies' other receivables also included receivables from contracts with customers as summarized in the following table.


	September 30		December 31

	2024		2023
	(millions)
Evergy	$	87.6	$	61.5
Evergy Kansas Central	81.4		59.9
Evergy Metro	4.9		0.8

The change in the Evergy Companies' allowance for credit losses is summarized in the following table.


	2024		2023
Evergy	(millions)
Beginning balance January 1	$	24.2	$	31.4
Credit loss expense	4.9		7.4
Write-offs	(24.1)		(25.2)
Recoveries of prior write-offs	8.9		7.9
Ending balance September 30	$	13.9	$	21.5
Evergy Kansas Central
Beginning balance January 1	$	11.6	$	16.9
Credit loss expense	2.2		3.1
Write-offs	(11.6)		(13.6)
Recoveries of prior write-offs	4.0		3.5
Ending balance September 30	$	6.2	$	9.9
Evergy Metro
Beginning balance January 1	$	7.9	$	9.3
Credit loss expense	2.5		2.7
Write-offs	(8.6)		(7.8)
Recoveries of prior write-offs	3.3		3.0
Ending balance September 30	$	5.1	$	7.2

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.


	September 30		December 31

	2024		2023
	(millions)
Evergy	$	425.0	$	342.0
Evergy Kansas Central	215.0		166.0
Evergy Metro	160.0		126.0

In February 2024, Evergy Kansas Central, Evergy Metro and Evergy Missouri West amended the terms of their receivable sale facilities, including extending the expiration of each receivable sale facility to November 2025.

Prior to the amendment to Evergy Kansas Central's facility, it allowed for $185.0 million in aggregate outstanding principal amount of borrowings from mid-November through mid-July and then $200.0 million from mid-July through mid-November. Prior to the amendment to Evergy Metro's facility, it allowed for $130.0 million in aggregate outstanding principal amount of borrowings at any time. Prior to the amendment to Evergy Missouri West's facility, it allowed for $50.0 million in aggregate outstanding principal amount of borrowings from mid-November through mid-July and then $65.0 million from mid-July through mid-November.

Under the amended terms, effective in the first quarter of 2024, Evergy Kansas Central's facility allows up to $185.0 million in aggregate outstanding principal amount to be borrowed at any time. To the extent Evergy Kansas Central has qualifying accounts receivable and subject to the lender's discretion, Evergy Kansas Central's facility allows for an additional $65.0 million in aggregate outstanding principal amount to be borrowed at any time. Evergy Metro's facility allows up to $130.0 million in aggregate outstanding principal amount to be borrowed at any time. To the extent Evergy Metro has qualifying accounts receivable and subject to the lender's discretion, Evergy Metro's facility allows for an additional $70.0 million in aggregate outstanding principal amount to be borrowed at any time. Evergy Missouri West's facility allows up to $50.0 million in aggregate outstanding principal amount to be borrowed at any time. To the extent Evergy Missouri West has qualifying accounts receivable and subject to the lender's discretion, Evergy Missouri West's facility allows for an additional $65.0 million in aggregate outstanding principal amount to be borrowed at any time.

4. RATE MATTERS AND REGULATION

KCC Proceedings

Evergy Kansas Central 2024 Transmission Delivery Charge (TDC)

In April 2024, 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 May 2024 and are expected to increase Evergy Kansas Central's annual retail revenues by $80.1 million when compared to 2023.

Evergy Metro 2024 TDC

In April 2024, 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 2024 and are expected to increase Evergy Metro's annual retail revenues by $7.1 million when compared to 2023.

MPSC Proceedings****Evergy Missouri West's 2024 Rate Case Proceeding

In February 2024, Evergy Missouri West filed an application with the MPSC to request an increase to its retail revenues of approximately $104 million. Evergy Missouri West's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the inclusion of certain costs related to Dogwood and Crossroads Energy Center (Crossroads), two natural gas plants.

In October 2024, Evergy Missouri West, MPSC staff and other intervenors in the case reached a unanimous partial stipulation and agreement to settle certain issues in the case. The partial stipulation and agreement provided for an increase to Evergy Missouri West's retail revenues of approximately $55 million after lowering base rates for fuel and purchased power expense of approximately $49 million and rebasing property tax expense. The partial stipulation and agreement excludes one prospective issue related to the proportion of fuel and purchased power costs that are shared with shareholders in Evergy Missouri West's fuel adjustment clause which will be resolved by the MPSC in its final order. The unanimous partial stipulation and agreement is subject to the approval of the MPSC expected in December 2024. If approved, new rates are expected to be effective in January 2025.

Evergy Missouri West February 2021 Winter Weather Event SecuritizationIn 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).

In November 2022, the MPSC issued a revised financing order authorizing Evergy Missouri West to issue securitized bonds to recover its extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event. As part of the order, the MPSC found that Evergy Missouri West's costs were prudently incurred, that it should only be allowed to recover 95% of its extraordinary fuel and purchased power costs consistent with the 5% sharing provision of its fuel recovery mechanism, that it should be allowed to recover carrying costs incurred since February 2021 at Evergy Missouri West's long-term debt rate of 5.06% and approved a 15 year repayment period for the bonds with a 17 year legal maturity. Evergy Missouri West continued to record carrying charges on its February 2021 winter weather event regulatory asset until it issued the securitized bonds in February 2024. See Note 9 for additional information regarding the issuance of the securitized bonds.

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 Annual Update

Most recently, the updated TFR was expected to adjust Evergy Kansas Central's annual transmission revenues by approximately:

$19.1 million increase effective in January 2025;
$115.8 million increase effective in January 2024; and
$21.7 million decrease effective in March 2023.

See "Evergy Kansas Central TFR Formal Challenge" within this Note 4 for additional information regarding the March 2023 adjustment.

Evergy Kansas Central TFR Formal Challenge

In March 2022, certain Evergy Kansas Central TFR customers submitted a formal challenge regarding the implementation of Evergy Kansas Central's TFR, specifically how Evergy Kansas Central's capital structure was calculated as part of determining the Annual Transmission Revenue Requirement. As part of this challenge, the customers requested that Evergy Kansas Central make refunds for over-collections in rate years 2018 through 2022 as a result of the calculation of its capital structure included in the TFR. Evergy Kansas Central disputed that any refunds for 2018 through 2022 were required because Evergy Kansas Central was following its approved TFR formula.

In December 2022, FERC issued an order addressing the challenge to the 2020 through 2022 over-collections which were refunded to customers as part of Evergy Kansas Central's 2023 TFR effective in March 2023. In February 2023, certain Evergy Kansas Central TFR customers submitted a formal complaint with FERC requesting the refund of over-collections related to the 2018 and 2019 rate years. As of September 30, 2024 and December 31, 2023, Evergy and Evergy Kansas Central had recorded a $7.1 million regulatory liability related to the 2018 and 2019 rate year refund request. Evergy is awaiting a response from FERC.

Evergy Metro TFR Annual Update

Most recently, the updated TFR was expected to adjust Evergy Metro's annual transmission revenues by approximately:

$1.0 million increase effective in January 2025;
$23.7 million increase effective in January 2024; and
$8.6 million increase effective in January 2023.

5. GOODWILL

GAAP requires goodwill to be tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. Evergy's impairment test for the $2,336.6 million of goodwill that was recorded as a result of the Great Plains Energy, Inc. (Great Plains Energy) and Evergy Kansas Central merger was conducted as of May 1, 2024. The goodwill impairment test consists of comparing the fair value of a reporting unit to its carrying amount, including goodwill, to identify potential impairment. In the event that the carrying amount exceeds the fair value of the reporting unit, an impairment loss is recognized for the difference between the carrying amount of the reporting unit and its fair value. Evergy's consolidated operations are considered one reporting unit for assessment of impairment, as management assesses financial performance and allocates resources on a consolidated basis. The determination of fair value of the reporting unit consisted of two valuation techniques: an income approach consisting of a discounted cash flow analysis and a market approach consisting of a determination of reporting unit invested capital using a market multiple derived from the historical earnings before interest, income taxes, depreciation and amortization and market prices of the stock of peer companies. The results of the two techniques were evaluated and weighted to determine a point within the range that management considered representative of fair value for the reporting unit. The fair value of the reporting unit exceeded the carrying amount, including goodwill. As a result, there was no impairment of goodwill in 2024 or 2023.

6. ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations (AROs) associated with tangible long-lived assets are legal obligations that exist under enacted laws, statutes and written or oral contracts, including obligations arising under the doctrine of promissory estoppel. These liabilities are recognized at estimated fair value as incurred with a corresponding amount capitalized as part of the cost of the related long-lived assets and depreciated over their useful lives. Accretion of the liabilities due to the passage of time is recorded to a regulatory asset and/or liability. Changes in the estimated fair values of the liabilities are recognized when known.

Evergy Kansas Central, Evergy Metro and Evergy Missouri West have AROs related to asbestos abatement and the closure and post-closure care of ponds and landfills containing coal combustion residuals (CCRs). In addition, Evergy Kansas Central and Evergy Metro have AROs related to decommissioning Wolf Creek Generating Station (Wolf Creek) and the retirement of wind generation facilities.

The following table summarizes the change in the Evergy Companies' AROs for the periods ending September 30, 2024 and December 31, 2023.


	Evergy				Evergy Kansas Central				Evergy Metro
	2024		2023		2024		2023		2024		2023
	(millions)
Beginning balance January 1	$	1,203.1	$	1,153.2	$	599.3	$	565.1	$	460.4	$	444.2

Additions	72.8		9.7		44.8		9.7		24.1		—
Revision in timing and/or estimates	—		3.2		—		1.6		—		1.6
Settlements	(8.9)		(21.8)		(5.6)		(9.8)		(3.0)		(8.6)
Accretion	43.3		58.8		25.1		32.7		15.9		23.2
Ending balance	$	1,310.3	$	1,203.1	$	663.6	$	599.3	$	497.4	$	460.4
Less: current portion	(46.4)		(40.3)		(27.5)		(22.2)		(16.4)		(16.0)
Total noncurrent asset retirement obligation	$	1,263.9	$	1,162.8	$	636.1	$	577.1	$	481.0	$	444.4

In the second quarter of 2024, Evergy, Evergy Kansas Central and Evergy Metro recorded $72.8 million, $44.8 million and $24.1 million of ARO liabilities, respectively, related to the new Environmental Protection Agency (EPA) CCR regulation focused on legacy surface impoundments and historic placements of CCR. This regulation expands applicability of the 2015 CCR regulation to inactive landfills and beneficial use sites not previously regulated. Evergy recorded an offsetting balance to property, plant and equipment, net, or a regulatory asset for each ARO liability. See Note 12 for additional information regarding the regulation of CCRs.

In the second quarter of 2023, Evergy and Evergy Kansas Central became contractually obligated to retire the wind facilities and remove the foundations at Persimmon Creek Wind Farm 1, LLC (Persimmon Creek) as part of the acquisition, resulting in a $9.7 million increase to their ARO liabilities.

7. 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 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.

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.

For the three months ended and year to date September 30, 2024, Evergy, Evergy Kansas Central and Evergy Metro recorded no pension settlement gains or losses. For the three months ended September 30, 2023, Evergy, Evergy Kansas Central and Evergy Metro recorded pension settlement (gains) losses of ($1.7) million, $0.4 million and ($2.1) million, respectively. Year to date September 30, 2023, Evergy, Evergy Kansas Central and Evergy Metro recorded pension settlement (gains) losses of ($19.6) million, $1.0 million and ($20.6) million, respectively. These settlement gains and losses were the result of accelerated distributions as a result of employee retirements for certain plan participants. Evergy, Evergy Kansas Central and Evergy Metro deferred substantially all of the gains and losses to regulatory assets or regulatory liabilities and expect to recover these amounts over future periods pursuant to regulatory agreements.

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 Benefits						Post-Retirement Benefits
Three Months Ended September 30, 2024	Evergy		Evergy Kansas Central		Evergy Metro		Evergy		Evergy Kansas Central		Evergy Metro
Components of net periodic benefit costs	(millions)
Service cost	$	11.6	$	4.8	$	6.8	$	0.5	$	0.3	$	0.2
Interest cost	22.4		11.4		10.7		2.6		1.2		1.2
Expected return on plan assets	(21.7)		(10.8)		(10.9)		(2.9)		(1.4)		(1.4)
Prior service cost	0.5		0.5		—		—		—		(0.1)
Recognized net actuarial (gain) loss	(4.3)		0.2		(4.4)		(0.9)		(0.5)		(0.5)

Net periodic benefit costs before regulatory adjustment and intercompany allocations	8.5		6.1		2.2		(0.7)		(0.4)		(0.6)
Regulatory adjustment	5.3		(1.8)		6.9		—		0.2		(0.1)
Intercompany allocations	—		(0.4)		(0.5)		—		(0.1)		0.1
Net periodic benefit costs (income)	$	13.8	$	3.9	$	8.6	$	(0.7)	$	(0.3)	$	(0.6)


	Pension Benefits						Post-Retirement Benefits
Year to Date September 30, 2024	Evergy		Evergy Kansas Central		Evergy Metro		Evergy		Evergy Kansas Central		Evergy Metro
Components of net periodic benefit costs	(millions)
Service cost	$	34.6	$	14.3	$	20.3	$	1.3	$	0.7	$	0.6
Interest cost	67.2		34.2		32.2		7.6		3.8		3.7
Expected return on plan assets	(65.1)		(32.3)		(32.8)		(8.6)		(4.4)		(4.1)
Prior service cost	1.5		1.5		—		—		—		(0.3)
Recognized net actuarial (gain) loss	(13.0)		0.6		(13.1)		(2.9)		(1.5)		(1.4)

Net periodic benefit costs before regulatory adjustment and intercompany allocations	25.2		18.3		6.6		(2.6)		(1.4)		(1.5)
Regulatory adjustment	17.9		(5.0)		22.4		—		0.6		(0.3)
Intercompany allocations	—		(1.4)		(1.6)		—		(0.1)		0.4
Net periodic benefit costs (income)	$	43.1	$	11.9	$	27.4	$	(2.6)	$	(0.9)	$	(1.4)


	Pension Benefits						Post-Retirement Benefits
Three Months Ended September 30, 2023	Evergy		Evergy Kansas Central		Evergy Metro		Evergy		Evergy Kansas Central		Evergy Metro
Components of net periodic benefit costs	(millions)
Service cost	$	11.4	$	4.7	$	6.7	$	0.5	$	0.2	$	0.3
Interest cost	22.9		11.6		11.0		2.7		1.6		1.4
Expected return on plan assets	(21.9)		(11.0)		(10.9)		(2.9)		(1.7)		(1.4)
Prior service cost	0.4		0.5		—		—		—		(0.1)
Recognized net actuarial gain	(4.8)		(0.3)		(4.3)		(1.1)		(0.5)		(0.6)
Settlement (gain) loss	(1.7)		0.4		(2.1)		—		—		—
Net periodic benefit costs before regulatory adjustment and intercompany allocations	6.3		5.9		0.4		(0.8)		(0.4)		(0.4)
Regulatory adjustment	14.4		6.8		7.3		(0.2)		(0.6)		0.5
Intercompany allocations	—		(0.5)		(0.3)		—		0.1		—
Net periodic benefit costs (income)	$	20.7	$	12.2	$	7.4	$	(1.0)	$	(0.9)	$	0.1


	Pension Benefits						Post-Retirement Benefits
Year to Date September 30, 2023	Evergy		Evergy Kansas Central		Evergy Metro		Evergy		Evergy Kansas Central		Evergy Metro
Components of net periodic benefit costs	(millions)
Service cost	$	34.6	$	14.3	$	20.3	$	1.4	$	0.7	$	0.7
Interest cost	68.3		34.8		32.7		8.3		4.3		4.1
Expected return on plan assets	(65.8)		(33.2)		(32.6)		(8.9)		(4.7)		(4.2)
Prior service cost	1.4		1.5		—		—		—		(0.3)
Recognized net actuarial gain	(14.3)		(1.0)		(12.7)		(3.2)		(1.5)		(1.6)
Settlement (gain) loss	(19.6)		1.0		(20.6)		—		—		—
Net periodic benefit costs before regulatory adjustment and intercompany allocations	4.6		17.4		(12.9)		(2.4)		(1.2)		(1.3)
Regulatory adjustment	69.9		21.1		48.3		(0.5)		(1.8)		1.5
Intercompany allocations	—		(1.6)		(0.8)		—		0.2		—
Net periodic benefit costs (income)	$	74.5	$	36.9	$	34.6	$	(2.9)	$	(2.8)	$	0.2

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.

Year to date September 30, 2024, Evergy, Evergy Kansas Central and Evergy Metro made no cash pension contributions. Evergy expects to make cash pension contributions of $36.8 million in 2024 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and KCC and MPSC rate orders, of which $12.3 million is expected to be paid by Evergy Kansas Central and $24.5 million is expected to be paid by Evergy Metro.

Year to date September 30, 2024, Evergy, Evergy Kansas Central and Evergy Metro made post-retirement benefit contributions of $0.8 million, $0.4 million and $0.4 million, respectively. Evergy, Evergy Kansas Central and Evergy Metro expect to make no additional contributions in 2024 to the post-retirement benefit plans.

8. SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT

In August 2024, the Evergy Companies extended the expiration date of their $2.5 billion master credit facility from 2027 to 2028. 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). The applicable interest rates and commitment fees of the facility are also subject to changes in ratings by the credit rating agencies.

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. As of September 30, 2024, 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 September 30, 2024 and December 31, 2023.


			Amounts Drawn
	Master Credit Facility		Commercial Paper		Letters of Credit		Cash Borrowings		Available Borrowings		Weighted Average Interest Rate on Short-Term Borrowings
September 30, 2024	(millions)
Evergy, Inc.	$	700.0	$	483.2	$	0.7	$	—	$	216.1	4.95%
Evergy Kansas Central	950.0		691.7		1.0		—		257.3		5.08%
Evergy Metro	450.0		71.9		1.0		—		377.1		4.94%
Evergy Missouri West	400.0		176.0		—		—		224.0		4.94%
Evergy	$	2,500.0	$	1,422.8	$	2.7	$	—	$	1,074.5

December 31, 2023
Evergy, Inc.	$	300.0	$	—	$	0.7	$	—	$	299.3	—%
Evergy Kansas Central	750.0		230.4		1.0		—		518.6		5.56%
Evergy Metro	750.0		423.3		—		—		326.7		5.58%
Evergy Missouri West	700.0		298.1		—		—		401.9		5.66%
Evergy	$	2,500.0	$	951.8	$	1.7	$	—	$	1,546.5

9. LONG-TERM DEBT

Mortgage Bonds

In April 2024, Evergy Metro issued, at a discount, $300.0 million of 5.40% Mortgage Bonds, maturing in 2034. Proceeds were used to pay down commercial paper and for general corporate purposes.

In May 2024, Evergy Missouri West issued, at a discount, $300.0 million of 5.65% First Mortgage Bonds (FMBs), maturing in 2034. Proceeds were used to pay down commercial paper and for general corporate purposes.

Senior Notes

In September 2024, Evergy repaid its $800.0 million of 2.45% Senior Notes at maturity.

Securitized Bonds

In 2022, Evergy Missouri West created a special purpose subsidiary, Evergy Missouri West Storm Funding, a wholly-owned, bankruptcy remote entity solely for the purpose of recovering extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event. In February 2024, Evergy Missouri West Storm Funding issued, at a discount, $331.1 million of 5.10% Securitized Utility Tariff Bonds (Securitized Bonds) with a final payment scheduled for 2038, maturing in 2040. The obligations of Evergy Missouri West Storm Funding's Securitized Bonds are repaid through charges imposed on customers in Evergy Missouri West's service territory. Creditors of Evergy Missouri West have no recourse to any assets or revenues of Evergy Missouri West Storm Funding, and the bondholders have no recourse to the general credit of Evergy Missouri West. See Note 4 for additional information regarding the February 2021 winter weather event securitization.

10. DERIVATIVE INSTRUMENTS

The Evergy Companies engage in the wholesale and retail sale of electricity as part of their regulated electric operations, in addition to limited non-regulated energy marketing activities. These activities expose the Evergy Companies to market risks associated with the price of electricity, natural gas and other energy-related products. Management has established risk management policies and strategies to reduce the potentially adverse effects that the volatility of the markets may have on the Evergy Companies' operating results. The Evergy Companies' commodity risk management activities, which are subject to the management, direction and control of an internal risk management committee, utilize derivative instruments to reduce the effects of fluctuations in wholesale sales and fuel and purchased power expense caused by commodity price volatility.

The Evergy Companies are also exposed to market risks arising from changes in interest rates and may use derivative instruments to manage these risks. The Evergy Companies' interest rate risk management activities have included using derivative instruments to hedge against future interest rate fluctuations on anticipated debt issuances.

The Evergy Companies also engage in non-regulated energy marketing activity for trading purposes, primarily at Evergy Kansas Central, which focuses on seizing market opportunities to create value driven by expected changes in the market prices of commodities, primarily electricity and natural gas.

The Evergy Companies consider various qualitative factors, such as contract and marketplace attributes, in designating derivative instruments at inception. The Evergy Companies may elect the normal purchases and normal sales (NPNS) exception, which requires the effects of the derivative to be recorded when the underlying contract settles under accrual accounting. The Evergy Companies account for derivative instruments that are not designated as NPNS primarily as either economic hedges or trading contracts (non-hedging derivatives) which are recorded as assets or liabilities on the consolidated balance sheets at fair value. See Note 11 for additional information on the Evergy Companies' methods for assessing the fair value of derivative instruments. Changes in the fair value of non-hedging derivatives that are related to the Evergy Companies' regulated operations are deferred to a regulatory asset or regulatory liability when determined to be probable of future recovery or refund from/to customers. Recovery of the actual costs incurred by regulated activities will not impact earnings but will impact cash flows due to the timing of the recovery mechanism. Cash flows for all derivative instruments are classified as operating activities on the Evergy Companies' statements of cash flows, with the exception of cash flows for interest rate swap agreements accounted for as cash flows hedges of forecasted debt transactions, which are recorded as financing activities. Changes in the fair value of non-hedging derivatives that are not related to the Evergy Companies' regulated operations are recorded in operating revenues on the Evergy Companies' statements of income and comprehensive income.

The Evergy Companies offset fair value amounts recognized for derivative instruments under master netting arrangements, which include rights to reclaim cash collateral (a receivable), or the obligation to return cash collateral (a payable).

The gross notional contract amount by commodity type for derivative instruments is summarized in the following table.



		September 30	December 31
Non-hedging derivatives	Notional volume unit of measure	2024	2023
Evergy		(millions)
Commodity contracts
Power	MWhs	77.3	52.9
Natural gas	MMBtu	855.9	559.9
Evergy Kansas Central
Commodity contracts
Power	MWhs	45.8	32.1
Natural gas	MMBtu	855.9	558.7
Evergy Metro
Commodity contracts
Power	MWhs	23.9	15.1

The fair values of Evergy's open derivative positions and balance sheet classifications are summarized in the following tables. The fair values below are gross values before netting agreements and netting of cash collateral.



		September 30		December 31
Evergy		2024		2023
Non-hedging derivatives	Balance sheet location
Commodity contracts		(millions)
Power	Other assets - current	$	22.0	$	23.2
	Other assets - long-term	36.6		35.7
Natural gas	Other assets - current	38.1		68.1
	Other assets - long-term	3.7		6.0
Total derivative assets		$	100.4	$	133.0
Commodity contracts
Power	Other liabilities - current	$	11.4	$	21.0
	Other liabilities - long-term	34.5		32.9
Natural gas	Other liabilities - current	38.4		68.1
	Other liabilities - long-term	3.9		6.8
Total derivative liabilities		$	88.2	$	128.8



		September 30		December 31
Evergy Kansas Central		2024		2023
Non-hedging derivatives	Balance sheet location
Commodity contracts		(millions)
Power	Other assets - current	$	9.9	$	18.3
	Other assets - long-term	36.6		35.7
Natural gas	Other assets - current	38.1		68.1
	Other assets - long-term	3.7		6.0
Total derivative assets		$	88.3	$	128.1
Commodity contracts
Power	Other liabilities - current	$	9.2	$	14.3
	Other liabilities - long-term	34.5		32.9
Natural gas	Other liabilities - current	38.4		67.0
	Other liabilities - long-term	3.9		6.8
Total derivative liabilities		$	86.0	$	121.0



		September 30		December 31
Evergy Metro		2024		2023
Non-hedging derivatives	Balance sheet location
Commodity contracts		(millions)
Power	Other assets - current	$	8.5	$	2.1



Total derivative assets		$	8.5	$	2.1
Commodity contracts
Power	Other liabilities - current	$	1.5	$	5.7



Total derivative liabilities		$	1.5	$	5.7

The following tables present the line items on the Evergy Companies' consolidated balance sheets where derivative assets and liabilities are reported. The gross amounts offset in the tables below show the effect of master netting arrangements and include collateral posted to offset the net position.


September 30, 2024	Evergy		Evergy Kansas Central		Evergy Metro
Derivative Assets	(millions)
Current
Gross amounts recognized	$	60.1	$	48.0	$	8.5
Gross amounts offset	(45.1)		(42.9)		(1.5)
Net amounts presented in other assets - current	$	15.0	$	5.1	$	7.0
Long-Term
Gross amounts recognized	$	40.3	$	40.3	$	—
Gross amounts offset	(11.7)		(11.7)		—
Net amounts presented in other assets - long-term	$	28.6	$	28.6	$	—
Derivative Liabilities
Current
Gross amounts recognized	$	49.8	$	47.6	$	1.5
Gross amounts offset	(46.0)		(43.8)		(1.5)
Net amounts presented in other liabilities - current	$	3.8	$	3.8	$	—
Long-Term
Gross amounts recognized	$	38.4	$	38.4	$	—
Gross amounts offset	(3.7)		(3.7)		—
Net amounts presented in other liabilities - long-term	$	34.7	$	34.7	$	—


December 31, 2023	Evergy		Evergy Kansas Central		Evergy Metro

Derivative Assets	(millions)
Current
Gross amounts recognized	$	91.3	$	86.4	$	2.1
Gross amounts offset	(78.4)		(75.3)		(2.1)
Net amounts presented in other assets - current	$	12.9	$	11.1	$	—
Long-Term
Gross amounts recognized	$	41.7	$	41.7	$	—
Gross amounts offset	(11.9)		(11.9)		—
Net amounts presented in other assets - long-term	$	29.8	$	29.8	$	—
Derivative Liabilities
Current
Gross amounts recognized	$	89.1	$	81.3	$	5.7
Gross amounts offset	(77.5)		(74.4)		(2.1)
Net amounts presented in other liabilities - current	$	11.6	$	6.9	$	3.6
Long-Term
Gross amounts recognized	$	39.7	$	39.7	$	—
Gross amounts offset	(5.9)		(5.9)		—
Net amounts presented in other liabilities - long-term	$	33.8	$	33.8	$	—

The following table summarizes the amounts of gain (loss) recognized in income for the change in fair value of derivatives not designated as hedging instruments for the Evergy Companies.


		Three Months Ended September 30				Year to Date September 30

Location of gain (loss)	Contract type	2024		2023		2024		2023
Evergy		(millions)
Operating revenues	Commodity	$	(10.8)	$	2.7	$	(20.7)	$	20.3
Total		$	(10.8)	$	2.7	$	(20.7)	$	20.3
Evergy Kansas Central
Operating revenues	Commodity	$	(10.8)	$	2.7	$	(20.7)	$	20.3
Total		$	(10.8)	$	2.7	$	(20.7)	$	20.3

Credit risk of the Evergy Companies' derivative instruments relates to the potential adverse financial impact resulting from non-performance by a counterparty of its contractual obligations. The Evergy Companies maintain credit policies and employ credit risk mitigation, such as collateral requirements or letters of credit, when necessary to minimize their overall credit risk and monitor exposure. Substantially all of the Evergy Companies' counterparty credit risk associated with derivative instruments relates to Evergy Kansas Central's non-regulated energy marketing activities. As of September 30, 2024, if counterparty groups completely failed to perform on contracts, Evergy's and Evergy Kansas Central's maximum exposure related to derivative assets was $32.9 million. As of September 30, 2024, the potential loss after the consideration of applicable master netting arrangements and collateral received for Evergy and Evergy Kansas Central was $22.7 million.

Certain of the Evergy Companies' derivative instruments contain collateral provisions that are tied to the Evergy Companies' credit ratings and may require the posting of collateral for various reasons, including if the Evergy Companies' credit ratings were to fall below investment grade. Substantially all of these derivative instruments relate to Evergy Kansas Central's non-regulated energy marketing activities. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of September 30, 2024, was $36.8 million for which Evergy and Evergy Kansas Central have posted $2.5 million collateral in the normal course of business. If the credit-risk-related contingent features underlying these

agreements were triggered as of September 30, 2024, Evergy and Evergy Kansas Central could be required to post an additional $33.7 million of collateral to their counterparties.

11. 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 or exchange-traded derivative instruments.

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, non-exchange traded derivative instruments with observable forward curves and options contracts.

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. The types of assets and liabilities included in Level 3 are non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and transmission congestion rights (TCRs) in the SPP Integrated Marketplace.

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 are summarized in the following table.



	September 30, 2024				December 31, 2023
	Book Value		Fair Value		Book Value		Fair Value
Long-term debt(a)	(millions)
Evergy(b)	$	11,975.9	$	11,529.8	$	11,853.3	$	11,044.9
Evergy Kansas Central	4,582.7		4,262.0		4,580.4		4,176.6
Evergy Metro	3,222.8		3,108.0		2,924.4		2,738.8

(a) Includes current maturities.

(b) Book value as of September 30, 2024 and December 31, 2023, includes $82.9 million and $87.0 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.

Recurring Fair Value Measurements

The following tables include balances of financial assets and liabilities measured at fair value on a recurring basis.


Description	September 30, 2024			Netting		Level 1		Level 2			Level 3			NAV
Evergy Kansas Central		(millions)
Assets




Nuclear decommissioning trust(a)
Domestic equity funds		$	151.3	$	—	$	142.2		$	—		$	—		$	9.1
International equity funds		84.1		—		84.1			—			—			—
Core bond fund		62.3		—		62.3			—			—			—
High-yield bond fund		32.1		—		32.1			—			—			—
Emerging markets bond fund		20.2		—		20.2			—			—			—

Alternative investments fund		43.9		—		—			—			—			43.9
Real estate securities fund		16.2		—		—			—			—			16.2
Cash equivalents		0.6		—		0.6			—			—			—

Total nuclear decommissioning trust		410.7		—		341.5			—			—			69.2
Rabbi trust
Fixed income funds		15.1		—		15.1			—			—			—
Equity funds		7.4		—		7.4			—			—			—
Combination debt/equity/other fund		1.7		—		1.7			—			—			—
Cash equivalents		0.2		—		0.2			—			—			—
Total rabbi trust		24.4		—		24.4			—			—			—
Derivative instruments - commodity contracts(b)
Power		32.1		(14.4)		10.4			32.8			3.3			—
Natural gas		1.6		(40.2)		38.3			3.5			—			—
Total derivative assets		33.7		(54.6)		48.7			36.3			3.3			—
Total assets		468.8		(54.6)		414.6			36.3			3.3			69.2
Liabilities
Derivative instruments - commodity contracts(b)
Power		36.4		(7.3)		4.0			36.7			3.0			—
Natural gas		2.1		(40.2)		38.1			4.2			—			—
Total derivative liabilities		38.5		(47.5)		42.1			40.9			3.0			—
Total liabilities		$	38.5	$	(47.5)	$	42.1		$	40.9		$	3.0		$	—
Evergy Metro
Assets
Nuclear decommissioning trust(a)
Equity securities		$	361.2	$	—	$	361.2		$	—		$	—		$	—
Debt securities
U.S. Treasury		55.4		—		55.4			—			—			—

State and local obligations		2.2		—		—			2.2			—			—
Corporate bonds		44.7		—		—			44.7			—			—

Cash equivalents		3.2		—		3.2			—			—			—

Total nuclear decommissioning trust		466.7		—		419.8			46.9			—			—
Self-insured health plan trust(c)
Equity securities		1.7		—		1.7			—			—			—
Debt securities		8.3		—		2.1			6.2			—			—
Cash and cash equivalents		3.9		—		3.9			—			—			—
Total self-insured health plan trust		13.9		—		7.7			6.2			—			—
Derivative instruments - commodity contracts(b)
Power		7.0		(1.5)		—			—			8.5			—

Total derivative assets		7.0		(1.5)		—			—			8.5			—
Total assets		487.6		(1.5)		427.5			53.1			8.5			—
Liabilities
Derivative instruments - commodity contracts(b)
Power		—		(1.5)		—			—			1.5			—

Total derivative liabilities		—		(1.5)		—			—			1.5			—
Total liabilities		$	—	$	(1.5)	$	—		$	—		$	1.5		$	—


Description	September 30, 2024			Netting		Level 1		Level 2			Level 3			NAV
Other Evergy		(millions)
Assets

Rabbi trusts
Core bond fund		$	8.5	$	—	$	8.5		$	—		$	—		$	—

Total rabbi trusts		8.5		—		8.5			—			—			—
Derivative instruments - commodity contracts(b)
Power		2.9		(0.7)		—			—			3.6			—

Total derivative assets		2.9		(0.7)		—			—			3.6			—
Total assets		11.4		(0.7)		8.5			—			3.6			—
Liabilities
Derivative instruments - commodity contracts(b)
Power		—		(0.7)		—			—			0.7			—

Total derivative liabilities		—		(0.7)		—			—			0.7			—
Total liabilities		$	—	$	(0.7)	$	—		$	—		$	0.7		$	—
Evergy
Assets
Nuclear decommissioning trust(a)		$	877.4	$	—	$	761.3		$	46.9		$	—		$	69.2
Rabbi trusts		32.9		—		32.9			—			—			—
Self-insured health plan trust(c)		13.9		—		7.7			6.2			—			—

Derivative instruments - commodity contracts(b)
Power		42.0		(16.6)		10.4			32.8			15.4			—
Natural gas		1.6		(40.2)		38.3			3.5			—			—
Total derivative assets		43.6		(56.8)		48.7			36.3			15.4			—
Total assets		967.8		(56.8)		850.6			89.4			15.4			69.2
Liabilities
Derivative instruments - commodity contracts(b)
Power		36.4		(9.5)		4.0			36.7			5.2			—
Natural gas		2.1		(40.2)		38.1			4.2			—			—
Total derivative liabilities		38.5		(49.7)		42.1			40.9			5.2			—
Total liabilities		$	38.5	$	(49.7)	$	42.1		$	40.9		$	5.2		$	—


Description	December 31, 2023			Netting		Level 1			Level 2			Level 3			NAV
Evergy Kansas Central		(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds		$	133.1	$	—		$	123.3		$	—		$	—		$	9.8
International equity funds		72.6		—			72.6			—			—			—
Core bond fund		56.2		—			56.2			—			—			—
High-yield bond fund		29.1		—			29.1			—			—			—
Emerging markets bond fund		18.3		—			18.3			—			—			—

Alternative investments fund		37.9		—			—			—			—			37.9
Real estate securities fund		17.2		—			—			—			—			17.2
Cash equivalents		0.7		—			0.7			—			—			—
Total nuclear decommissioning trust		365.1		—			300.2			—			—			64.9
Rabbi trust
Fixed income funds		15.2		—			15.2			—			—			—
Equity funds		7.4		—			7.4			—			—			—
Combination debt/equity/other fund		1.7		—			1.7			—			—			—
Cash equivalents		0.2		—			0.2			—			—			—
Total rabbi trust		24.5		—			24.5			—			—			—
Derivative instruments - commodity contracts(b)
Power		40.2		(13.8)			16.3			32.2			5.5			—
Natural gas		0.7		(73.4)			72.7			1.4			—			—
Total derivative assets		40.9		(87.2)			89.0			33.6			5.5			—
Total assets		430.5		(87.2)			413.7			33.6			5.5			64.9
Liabilities
Derivative instruments - commodity contracts(b)
Power		40.3		(6.9)			9.4			34.6			3.2			—
Natural gas		0.4		(73.4)			72.6			1.2			—			—
Total derivative liabilities		40.7		(80.3)			82.0			35.8			3.2			—
Total liabilities		$	40.7	$	(80.3)		$	82.0		$	35.8		$	3.2		$	—
Evergy Metro
Assets
Nuclear decommissioning trust(a)
Equity securities		$	302.4	$	—		$	302.4		$	—		$	—		$	—
Debt securities
U.S. Treasury		47.9		—			47.9			—			—			—

State and local obligations		3.8		—			—			3.8			—			—
Corporate bonds		43.9		—			—			43.9			—			—
Foreign governments		0.1		—			—			0.1			—			—
Cash equivalents		3.2		—			3.2			—			—			—

Total nuclear decommissioning trust		401.3		—			353.5			47.8			—			—
Self-insured health plan trust(c)
Equity securities		2.0		—			2.0			—			—			—
Debt securities		9.4		—			2.5			6.9			—			—
Cash and cash equivalents		4.3		—			4.3			—			—			—
Total self-insured health plan trust		15.7		—			8.8			6.9			—			—
Derivative instruments - commodity contracts(b)
Power		—		(2.1)			—			—			2.1			—

Total derivative assets		—		(2.1)			—			—			2.1			—
Total assets		417.0		(2.1)			362.3			54.7			2.1			—
Liabilities
Derivative instruments - commodity contracts(b)
Power		3.6		(2.1)			—			—			5.7			—

Total derivative liabilities		3.6		(2.1)			—			—			5.7			—
Total liabilities		$	3.6	$	(2.1)		$	—		$	—		$	5.7		$	—


Description	December 31, 2023			Netting		Level 1			Level 2			Level 3			NAV
Other Evergy		(millions)
Assets



Rabbi trusts
Core bond fund		$	8.8	$	—		$	8.8		$	—		$	—		$	—
Total rabbi trusts		8.8		—			8.8			—			—			—
Derivative instruments - commodity contracts(b)
Power		1.8		(1.0)			—			—			2.8			—

Total derivative assets		1.8		(1.0)			—			—			2.8			—
Total assets		10.6		(1.0)			8.8			—			2.8			—
Liabilities
Derivative instruments - commodity contracts(b)
Power		—		(1.0)			—			—			1.0			—
Natural gas		1.1		—			—			1.1			—			—
Total derivative liabilities		1.1		(1.0)			—			1.1			1.0			—
Total liabilities		$	1.1	$	(1.0)		$	—		$	1.1		$	1.0		$	—
Evergy
Assets
Nuclear decommissioning trust(a)		$	766.4	$	—		$	653.7		$	47.8		$	—		$	64.9
Rabbi trusts		33.3		—			33.3			—			—			—
Self-insured health plan trust(c)		15.7		—			8.8			6.9			—			—

Derivative instruments - commodity contracts(b)
Power		42.0		(16.9)			16.3			32.2			10.4			—
Natural gas		0.7		(73.4)			72.7			1.4			—			—
Total derivative assets		42.7		(90.3)			89.0			33.6			10.4			—
Total assets		858.1		(90.3)			784.8			88.3			10.4			64.9
Liabilities
Derivative instruments - commodity contracts(b)
Power		43.9		(10.0)			9.4			34.6			9.9			—
Natural gas		1.5		(73.4)			72.6			2.3			—			—
Total derivative liabilities		45.4		(83.4)			82.0			36.9			9.9			—
Total liabilities		$	45.4	$	(83.4)		$	82.0		$	36.9		$	9.9		$	—

(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)Derivative instruments classified as Level 1 consist of exchange-traded derivative instruments with fair value based on quoted market prices. Derivative instruments classified as Level 2 consist of non-exchange traded derivative instruments with observable forward curves and option contracts priced with models using observable inputs. Derivative instruments classified as Level 3 consist of non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and TCRs valued at the most recent auction price in the SPP Integrated Marketplace.

(c)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.

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.


	September 30, 2024				December 31, 2023				September 30, 2024
	Fair		Unfunded		Fair		Unfunded		Redemption	Length of
	Value		Commitments		Value		Commitments		Frequency	Settlement
Evergy Kansas Central	(millions)
Nuclear decommissioning trust:
Domestic equity funds	$	9.1	$	1.4	$	9.8	$	1.4	(a)	(a)
Alternative investments fund(b)	43.9		—		37.9		—		Quarterly	65 days
Real estate securities fund(b)	16.2		—		17.2		—		Quarterly	65 days








Total Evergy investments at NAV	$	69.2	$	1.4	$	64.9	$	1.4

(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. All funds have begun to make distributions.

(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 September 30				Year to Date September 30
	2024		2023		2024		2023
Evergy	(millions)
Nuclear decommissioning trust - equity securities	$	39.9	$	(8.3)	$	92.2	$	46.4
Nuclear decommissioning trust - debt securities	4.1		(3.4)		2.4		(2.6)
Rabbi trusts - equity securities	1.8		(1.1)		2.1		0.6
Total	$	45.8	$	(12.8)	$	96.7	$	44.4
Evergy Kansas Central
Nuclear decommissioning trust - equity securities	$	19.9	$	1.4	$	40.4	$	23.4
Rabbi trust - equity securities	1.3		(0.7)		1.8		0.8
Total	$	21.2	$	0.7	$	42.2	$	24.2
Evergy Metro
Nuclear decommissioning trust - equity securities	$	20.0	$	(9.7)	$	51.8	$	23.0
Nuclear decommissioning trust - debt securities	4.1		(3.4)		2.4		(2.6)
Total	$	24.1	$	(13.1)	$	54.2	$	20.4

12. 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 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.

Mercury and Air Toxics Standards (MATS)

In April 2024, the EPA finalized a rule to tighten certain aspects of the MATS rule. The EPA is lowering the emission limit for particulate matter (PM), requiring the use of PM continuous emissions monitors (CEMS) and lowering the mercury emission limit for lignite coal-fired electric generating units (EGUs). The Evergy Companies' cost to comply is not expected to be material.

Ozone Interstate Transport State Implementation Plans (ITSIP)

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 ITSIPs in 2018 to comply with the "Good Neighbor Provision" of the Clean Air Act (CAA). The EPA did not act on these ITSIP submissions by the deadline established in the CAA and entered consent decrees establishing deadlines to take final action on various ITSIPs. In February 2022, the EPA published a proposed rule to disapprove the ITSIPs submitted by nineteen states including Missouri and Oklahoma. In April 2022, the EPA published an approval of the Kansas ITSIP in the Federal Register. The Missouri Department of Natural Resources (MDNR) submitted a supplemental ITSIP to the EPA in November 2022. In February 2023, the EPA published a final rule disapproving the ITSIPs submitted by nineteen states, including the final disapproval of the Missouri and Oklahoma ITSIPs. In April 2023, the Attorneys General of Missouri and Oklahoma filed Petitions for Review in the U.S. Court of Appeals for the Eighth Circuit (Eighth Circuit) and the U.S. Court of Appeals for the Tenth Circuit (Tenth Circuit), respectively, challenging the EPA's disapproval. In May 2023, the Eighth Circuit granted a stay of the EPA's disapproval of the Missouri ITSIP. Similarly, in July 2023, the Tenth Circuit granted a stay of the EPA's disapproval of the Oklahoma ITSIP. In August 2024, the EPA published in the Federal Register a proposed rule to disapprove the supplemental ITSIP that Missouri submitted in November 2022. Due to uncertainty regarding the stays of the EPA's disapprovals of the Missouri and Oklahoma ITSIPs, the Evergy Companies are unable to accurately assess the impact on their operations or consolidated financial results, but the cost to comply could be material. In January 2024, the EPA proposed to disapprove the ITSIP for Kansas and four other states. The Kansas ITSIP was previously approved in April 2022. The impact of the EPA's disapproval of the Kansas ITSIP could have a material impact on the Evergy Companies' operations.

Ozone Interstate Transport Federal Implementation Plans (ITFIP)

In April 2022, the EPA published in the Federal Register the proposed ITFIP to resolve outstanding "Good Neighbor" obligations with respect to the 2015 Ozone NAAQS for twenty-six states including Missouri and Oklahoma. This ITFIP would establish a revised Cross-State Air Pollution Rule (CSAPR) ozone season nitrogen oxide (NOx) emissions trading program for EGUs beginning in 2023 and would limit ozone season NOx emissions from certain industrial stationary sources beginning in 2026. The proposed rule would also establish a new daily backstop NOx emissions rate limit for applicable coal-fired units larger than 100 MW, as well as unit-specific NOx emission rate limits for certain industrial emission units and would feature "dynamic" adjustments of emission budgets for EGUs beginning with ozone season 2025. The proposed ITFIP included reductions to the state ozone season NOx budgets for Missouri and Oklahoma beginning in 2023 with additional reductions in future years. The Evergy Companies provided formal comments as part of the rulemaking process. In March 2023, the EPA issued the final ITFIPs for twenty-three states, including Missouri and Oklahoma, which included reduced ozone season NOx budgets for EGUs in Missouri, Oklahoma and other states, and included other features and requirements that were in the proposed version of the rule. Because the EPA's authority to impose an ITFIP for a state is triggered by the state's failure to submit an ITSIP addressing NAAQS by the statutory deadline or disapproval of an ITSIP, the EPA lacks authority under the Clean Air Act to impose an ITFIP on a state for which state implementation plan (SIP) disapprovals have been stayed by the courts. Accordingly, the EPA issued interim final rules staying the

effectiveness of the ITFIP in both Missouri and Oklahoma while the stays issued by the Eighth and Tenth Circuits in the ITSIP disapproval cases remain in place. During this time, both states will continue to operate under the existing CSAPR program. While Kansas was not originally included in the ITFIP, in January 2024, the EPA issued a proposal to include Kansas in the ITFIP. If finalized, the ITFIP for Kansas would become effective for the 2025 ozone season beginning in May 2025. In June 2024, the U.S. Supreme Court issued an order granting emergency motions for stay filed by state and industry petitioners of the final ITFIP pending further review of the ITFIP by the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit). If the ITFIP ultimately takes effect for Missouri, Kansas and Oklahoma following the pending litigation, the impact on the Evergy Companies' operations and the cost to comply could be material.

Particulate Matter National Ambient Air Quality Standards

In March 2024, the EPA published in the Federal Register the final rule which strengthens the primary annual PM2.5 (particulate matter less than 2.5 microns in diameter) NAAQS. The EPA is lowering the primary annual PM2.5 NAAQS from 12.0 µg/m3 (micrograms per cubic meter) to 9.0 µg/m3. The final rule took effect in May 2024. In August 2024, the EPA released the PM2.5 ambient monitor design values for calendar years 2021 through 2023. These design values will be used by each state governor for recommending to the EPA attainment designations for their states. The design values for several monitors in Kansas are currently above the PM2.5 NAAQS which could result in areas of Kansas and adjacent portions of Missouri being designated nonattainment. The Evergy Companies are in the process of reviewing these design values; however, due to the uncertainty of the attainment status of portions of the service territory, the Evergy Companies are unable to accurately assess the impacts on their operations or consolidated financial results, but the cost to comply with lower PM2.5 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 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 2021.

The Missouri SIP revision does not require any additional reductions from the Evergy Companies' generating units in the state. MDNR submitted the Missouri SIP revision to the EPA in August 2022, however, they failed to do so by the EPA's revised submittal deadline in August 2022. As a result, in August 2022, the EPA published "finding of failure" with respect to Missouri and fourteen other states for failing to submit their Regional Haze SIP revisions by the applicable deadline. This finding of failure established a two-year deadline for the EPA to issue a Regional Haze federal implementation plan (FIP) for each state unless the state submits and the EPA approves a revised SIP that meets all applicable requirements before the EPA issues the FIP. In July 2024, the EPA published in the Federal Register a proposal to partially approve and partially disapprove Missouri's Regional Haze SIP revision.

The Kansas SIP revision requested no additional emission reductions by electric utilities based on the significant reductions that were achieved during the first implementation period. The Kansas Department of Health and Environment (KDHE) submitted the Kansas SIP revision in July 2021. In August 2024, the EPA issued the final disapproval of the Kansas SIP revision for failing to conduct a four-factor analysis for at least two emission sources in Kansas. If a Kansas generating unit of the Evergy Companies is selected for analysis, the possibility exists that the state or the EPA, through a revised SIP or a FIP, could determine that additional operational or physical modifications are required on the generating unit to further reduce emissions.

If a Kansas or Missouri revised SIP or FIP is finalized, the overall costs of implementing the proposed rules 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 April 2024, the EPA finalized the GHG regulations and GHG guidelines that apply to new and existing fossil fuel fired EGUs. The final GHG regulation establishes CO2 limitations on emissions from new and reconstructed stationary combustion turbines. The GHG guidelines set CO2 emission limitations for existing coal, oil and gas-fired steam generating units. For new and reconstructed stationary combustion turbines, the emission limitations were developed by applying the Best System of Emission Reduction (BSER) to three distinct subcategories (low load, intermediate load and base load) taking into consideration the annual capacity factor of the stationary combustion turbine. For intermediate and base load stationary combustion turbines, BSER is assumed to be the utilization of highly efficient combustion turbine technology. Base load stationary combustion turbines are also required to consider the emissions reduction associated with the application of carbon capture and sequestration (CCS) beginning in 2032. For existing coal-fired EGUs, the emission limitations were established by applying the BSER to two subcategories (medium and long-term). For medium-term existing coal-fired units, which are units retiring between 2032 and 2038, the BSER established emission limitation is based on co-firing natural gas beginning in 2030. For units operating in 2039 and after, BSER is the application of CCS starting in 2032. In July 2024, the D.C. Circuit denied motions of stay filed by various states, industry and trade organizations; however, the D.C. Circuit has ordered expedited review of the challenges to the final regulations and guidelines. Also, in July 2024, various states, industry and trade organizations filed an application for emergency stay with the U.S. Supreme Court. The U.S. Supreme Court issued an order in October 2024 denying the applications and leaving the rule in place while challenges to the merits of the rule proceed in the D.C. Circuit.

Due to uncertainty regarding the implementation of these final rules and ongoing judicial review, the Evergy Companies are unable to accurately assess the impacts on their operations or consolidated financial results, but the cost to comply could be material.

Water

The Evergy Companies discharge some of the water used in generation and other operations containing substances deemed to be pollutants. In April 2024, the EPA finalized an update to the Effluent Limitation Guidelines (ELG) for steam electric power generating facilities to address the vacated limitations and prior reviews of the existing rule by the current administration. Flue Gas Desulfurization (FGD) wastewater, bottom ash transport wastewater (BATW), coal residual leachate (CRL), and legacy wastewater are addressed in the rulemaking. FGD, BATW and CRL at operating facilities are required to achieve zero liquid discharge as soon as feasible and no later than December 2029. The Evergy Companies have reviewed the modifications to limitations on FGD wastewater and bottom ash transport water and the Evergy Companies do not believe the impact to be material. The Evergy Companies are reviewing the limitations on CRL, its impact on their operations and financial results and believe the cost to comply will not be material. In June 2024, multiple legal challenges to the ELG were consolidated in the Eighth Circuit that could impact the timing or cost to comply.

Regulation of CCRs

In the course of operating their coal generation plants, the Evergy Companies produce 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. In April 2022, the Utility Solid Waste Activities Group (USWAG) and other interested parties filed similar petitions in the D.C. Circuit challenging the EPA's legal positions regarding the CCR rule determinations proposed in January 2022. In June 2024, the D.C. Circuit dismissed these cases for lack of jurisdiction. Additional legal challenges on issues associated with the January 2022 determinations are expected. The cost to comply with these proposed determinations by the EPA could be material.

In April 2024, the EPA finalized an expansion to the CCR regulations focused on legacy surface impoundments and historic placements of CCR. This regulation expands applicability of the 2015 CCR regulation to inactive landfills and beneficial use sites not previously regulated.

The Evergy Companies have recorded AROs for their current estimates for the closure of ash disposal ponds and landfills and recorded additional ARO liabilities in the second quarter of 2024 related to the April 2024 CCR regulation. See Note 6 for additional information on AROs. The revision of these AROs may be required in the future due to information collected in the April 2024 CCR regulation's Facility Evaluation Reports (FERs), 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. The revision of AROs for regulated operations has no income statement impact due to the deferral of the adjustments through a regulatory asset. If revisions to these AROs are necessary, the impact on the Evergy Companies' operations or consolidated financial results could be material.

13. 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. In addition, Evergy Kansas Central, Evergy Metro and Evergy Missouri West plan to engage in the construction of additional jointly-owned generation facilities. See Note 1 for a discussion of future planned investments. A summary of these related party 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.

The operating expenses and capital costs billed for jointly-owned plants and shared services are detailed in the following table.


	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
	(millions)
Evergy Kansas Central billings to Evergy Missouri West	$	7.0	$	8.0	$	24.5	$	24.1
Evergy Metro billings to Evergy Missouri West	24.9		29.7		84.4		86.9
Evergy Kansas Central billings to Evergy Metro	11.2		10.8		34.8		33.7
Evergy Metro billings to Evergy Kansas Central	33.9		32.6		99.1		93.2

Related Party Net Receivables and Payables

The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables.



	September 30		December 31
	2024		2023
Evergy Kansas Central	(millions)
Net payable to Evergy	$	(13.2)	$	(274.5)
Net payable to Evergy Metro	(18.5)		(19.6)
Net receivable from Evergy Missouri West	11.6		11.3

Evergy Metro
Net receivable from Evergy	$	16.0	$	15.9
Net receivable from Evergy Kansas Central	18.5		19.6
Net receivable from Evergy Missouri West	81.7		91.9

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.

As of September 30, 2024, Evergy Kansas Central and Evergy Metro had no outstanding receivables or payables under the money pool. As of December 31, 2023, Evergy Kansas Central had a $261.4 million outstanding payable to Evergy, Inc. under the money pool. As of December 31, 2023, Evergy Metro had no outstanding receivables or payables under the money pool.

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.



	September 30		December 31
	2024		2023
Evergy Kansas Central	(millions)
Income taxes receivable from Evergy	$	32.1	$	11.5

Evergy Metro
Income taxes payable to Evergy	$	(22.3)	$	(6.8)

14. SHAREHOLDERS' EQUITY

Evergy Registration Statements

In August 2024, Evergy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, Evergy may issue debt and other securities, including common stock, in the future with the amounts, prices and terms to be determined at the time of future offerings. The registration statement was filed to replace a similar Form S-3 upon expiration of its three-year term. The shelf registration statement expires in August 2027.

15. VARIABLE INTEREST ENTITIES

In determining the primary beneficiary of a VIE, the Evergy Companies assess the entity's purpose and design, including the nature of the entity's activities and the risks that the entity was designed to create and pass through to

its variable interest holders. A reporting enterprise is deemed to be the primary beneficiary of a VIE if it has (a) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The primary beneficiary of a VIE is required to consolidate the VIE.

All involvement with entities by the Evergy Companies is assessed to determine whether such entities are VIEs and, if so, whether or not the Evergy Companies are the primary beneficiaries of the entities. The Evergy Companies also continuously assess whether they are the primary beneficiary of the VIE with which they are involved. Prospective changes in facts and circumstances may cause identification of the primary beneficiary to be reconsidered.

Evergy Missouri West Storm Funding

In 2022, Evergy Missouri West created Evergy Missouri West Storm Funding solely for the purpose of recovering extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event. In February 2024, Evergy Missouri West Storm Funding issued, at a discount, $331.1 million of 5.10% Securitized Bonds with a final payment scheduled for 2038, maturing in 2040. The obligations of Evergy Missouri West Storm Funding's Securitized Bonds are repaid through charges imposed on customers in Evergy Missouri West's service territory and collected by Evergy Missouri West on behalf of Evergy Missouri West Storm Funding. Creditors of Evergy Missouri West have no recourse to any assets or revenues of Evergy Missouri West Storm Funding, and the bondholders have no recourse to the general credit of Evergy Missouri West. See Note 4 for additional information regarding the February 2021 winter weather event securitization.

Evergy Missouri West Storm Funding is considered a VIE. Evergy Missouri West is the primary beneficiary of the VIE primarily because, as described above, Evergy Missouri West has the power to direct the activities of Evergy Missouri West Storm Funding that most significantly impact economic performance and Evergy Missouri West has the obligation to absorb losses or the right to receive benefits from Evergy Missouri West Storm Funding that could potentially be significant. Therefore, Evergy Missouri West consolidates Evergy Missouri West Storm Funding.

The following table summarizes the impact of Evergy Missouri West Storm Funding on Evergy's consolidated balance sheet as of September 30, 2024. There was no impact on Evergy's consolidated balance sheet as of December 31, 2023.


	September 30
	2024
Evergy	(millions)
Current assets
Regulatory assets	$	15.6
Other	19.7
Other assets
Regulatory assets	298.6
Other	1.7
Current liabilities
Current maturities of long-term debt	19.5

Accrued interest	10.2
Long-term liabilities
Long-term debt, net	303.8

16. TAXES

Components of income tax expense are detailed in the following tables.


Evergy

	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Current income taxes	(millions)
Federal	$	(3.8)	$	(17.3)	$	7.1	$	(6.7)
State	(13.9)		8.2		3.4		20.1
Total	(17.7)		(9.1)		10.5		13.4
Deferred income taxes
Federal	47.8		25.7		52.0		38.9
State	(8.3)		(5.9)		(22.4)		(14.8)
Total	39.5		19.8		29.6		24.1





Investment tax credit
Deferral	—		2.8		—		2.8
Amortization	(1.8)		(4.7)		(5.4)		(8.3)
Total	(1.8)		(1.9)		(5.4)		(5.5)
Income tax expense	$	20.0	$	8.8	$	34.7	$	32.0


Evergy Kansas Central

	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Current income taxes	(millions)
Federal	$	(30.5)	$	(7.0)	$	(16.0)	$	14.5
State	(3.6)		3.0		3.7		7.9
Total	(34.1)		(4.0)		(12.3)		22.4
Deferred income taxes
Federal	45.9		(1.1)		35.7		(11.8)
State	(2.8)		(1.8)		(7.5)		(4.1)
Total	43.1		(2.9)		28.2		(15.9)




Investment tax credit
Deferral	—		2.9		—		2.9
Amortization	(1.0)		(3.9)		(2.9)		(5.8)
Total	(1.0)		(1.0)		(2.9)		(2.9)
Income tax expense (benefit)	$	8.0	$	(7.9)	$	13.0	$	3.6


Evergy Metro

	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Current income taxes	(millions)
Federal	$	28.5	$	0.1	$	34.4	$	(1.7)
State	(5.3)		3.7		1.9		8.9
Total	23.2		3.8		36.3		7.2
Deferred income taxes
Federal	7.4		23.0		18.2		43.5
State	(3.4)		(2.2)		(9.6)		(5.8)
Total	4.0		20.8		8.6		37.7






Investment tax credit amortization	(0.8)		(0.9)		(2.4)		(2.6)

Income tax expense	$	26.4	$	23.7	$	42.5	$	42.3

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 September 30				Year to Date September 30
	2024		2023		2024		2023
Federal statutory income tax	21.0	%	21.0	%	21.0	%	21.0	%
COLI policies	(1.2)		(1.8)		(1.2)		(1.6)
State income taxes	(3.7)		(0.5)		(1.9)		(0.2)
Flow through depreciation for plant-related differences	(4.3)		(9.9)		(6.1)		(8.7)
Federal tax credits	(6.8)		(6.7)		(6.7)		(5.9)
Non-controlling interest	(0.3)		(0.4)		(0.3)		(0.3)
AFUDC equity	(0.4)		0.2		(0.4)		(0.2)
Amortization of federal investment tax credits	(0.6)		(0.8)		(0.6)		(0.7)


Valuation allowance	—		1.0		—		0.6

Officer compensation limitation	0.1		0.3		0.1		0.3
Other	0.3		—		0.3		0.2
Effective income tax rate	4.1	%	2.4	%	4.2	%	4.5	%


Evergy Kansas Central

	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Federal statutory income tax	21.0	%	21.0	%	21.0	%	21.0	%
COLI policies	(1.9)		(4.3)		(1.9)		(3.1)
State income taxes	(2.1)		(2.3)		(0.8)		(0.5)
Flow through depreciation for plant-related differences	(2.5)		(6.2)		(4.0)		(4.5)
Federal tax credits	(10.2)		(16.3)		(10.4)		(11.7)
Non-controlling interest	(0.4)		(0.9)		(0.4)		(0.7)
AFUDC equity	(0.5)		0.3		(0.5)		(0.2)
Amortization of federal investment tax credits	(0.4)		(0.8)		(0.4)		(0.6)


Valuation allowance	—		2.8		—		1.1


Other	0.1		0.4		—		0.3
Effective income tax rate	3.1	%	(6.3)	%	2.6	%	1.1	%


Evergy Metro

	Three Months Ended September 30				Year to Date September 30
	2024		2023		2024		2023
Federal statutory income tax	21.0	%	21.0	%	21.0	%	21.0	%
COLI policies	(0.1)		(0.1)		(0.1)		(0.1)
State income taxes	(3.3)		0.6		(1.8)		0.7
Flow through depreciation for plant-related differences	(3.6)		(8.7)		(5.2)		(8.5)
Federal tax credits	(0.7)		(0.3)		(0.7)		(0.2)
AFUDC equity	(0.3)		0.2		(0.2)		(0.3)
Amortization of federal investment tax credits	(0.8)		(0.9)		(0.8)		(0.9)



Stock compensation	—		—		0.2		0.2
Officer compensation limitation	0.3		0.5		0.3		0.5
Other	—		(0.1)		—		(0.1)
Effective income tax rate	12.5	%	12.2	%	12.7	%	12.3	%

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