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PENSION PLANS AND POST-RETIREMENT BENEFITS
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
PENSION PLANS AND POST-RETIREMENT BENEFITS 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 Generating Station's (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.
There have been no pension settlement charges for the three months ended and year to date September 30, 2022. For the three months ended and year to date September 30, 2021, Evergy, Evergy Kansas Central and Evergy Metro recorded pension settlement charges of $30.4 million, $22.5 million and $12.5 million, respectively. These settlement charges were the result of accelerated distributions as a result of employee retirements and annuity purchases for certain plan participants. Evergy, Evergy Kansas Central and Evergy Metro deferred substantially all of the charges to a regulatory asset 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 BenefitsPost-Retirement Benefits
Three Months Ended September 30, 2022EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$19.9 $7.7 $12.2 $0.8 $0.4 $0.4 
Interest cost19.9 9.6 9.9 1.9 1.0 1.0 
Expected return on plan assets(26.0)(12.8)(14.1)(2.5)(1.7)(0.9)
Prior service cost0.5 0.5 — 0.2 0.1 (0.4)
Recognized net actuarial (gain)/loss8.6 6.4 9.7 (0.2)— (0.3)
Net periodic benefit costs before regulatory adjustment and intercompany allocations
22.9 11.4 17.7 0.2 (0.2)(0.2)
Regulatory adjustment8.1 2.2 (0.6)(0.7)(0.7)0.5 
Intercompany allocations— 1.7 (5.1)— 0.1 (0.2)
Net periodic benefit costs (income)$31.0 $15.3 $12.0 $(0.5)$(0.8)$0.1 
Pension BenefitsPost-Retirement Benefits
Year to Date September 30, 2022EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$59.8 $23.1 $36.7 $2.3 $1.2 $1.1 
Interest cost59.5 29.0 29.8 5.9 3.0 2.9 
Expected return on plan assets(78.0)(38.4)(42.3)(7.6)(4.9)(2.8)
Prior service cost1.4 1.5 — 0.4 0.3 (1.1)
Recognized net actuarial (gain)/loss26.1 19.2 29.0 (0.3)(0.1)(0.5)
Net periodic benefit costs before regulatory adjustment and intercompany allocations
68.8 34.4 53.2 0.7 (0.5)(0.4)
Regulatory adjustment39.0 7.9 11.6 (1.9)(2.1)1.8 
Intercompany allocations— 2.1 (13.5)— 0.2 (0.5)
Net periodic benefit costs (income)$107.8 $44.4 $51.3 $(1.2)$(2.4)$0.9 
Pension BenefitsPost-Retirement Benefits
Three Months Ended September 30, 2021EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$21.0 $7.4 $13.6 $0.8 $0.4 $0.4 
Interest cost21.2 10.3 10.7 2.0 1.0 1.0 
Expected return on plan assets(26.5)(13.6)(14.2)(2.3)(1.6)(0.7)
Prior service cost0.5 0.5 — 0.1 0.2 (0.3)
Recognized net actuarial loss14.7 9.8 11.1 0.4 0.1 — 
Settlement and special termination benefits30.4 22.5 12.5 — — — 
Net periodic benefit costs before regulatory adjustment and intercompany allocations
61.3 36.9 33.7 1.0 0.1 0.4 
Regulatory adjustment(20.1)(22.6)(7.1)(1.2)(0.9)0.1 
Intercompany allocations— 1.0 (6.8)— 0.1 (0.1)
Net periodic benefit costs (income)$41.2 $15.3 $19.8 $(0.2)$(0.7)$0.4 
Pension BenefitsPost-Retirement Benefits
Year to Date September 30, 2021EvergyEvergy Kansas CentralEvergy MetroEvergyEvergy Kansas CentralEvergy Metro
Components of net periodic benefit costs(millions)
Service cost$63.3 $22.3 $41.0 $2.5 $1.2 $1.3 
Interest cost63.8 31.0 32.3 5.9 3.0 2.9 
Expected return on plan assets(80.1)(40.7)(43.1)(6.7)(4.7)(2.0)
Prior service cost1.5 1.5 — 0.4 0.4 (0.8)
Recognized net actuarial (gain)/loss44.2 29.1 33.4 1.0 0.4 (0.1)
Settlement and special termination benefits30.4 22.5 12.5 — — — 
Net periodic benefit costs before regulatory adjustment and intercompany allocations
123.1 65.7 76.1 3.1 0.3 1.3 
Regulatory adjustment(6.4)(23.4)(2.5)(3.7)(2.5)0.2 
Intercompany allocations— 2.2 (19.0)— 0.1 (0.3)
Net periodic benefit costs (income)$116.7 $44.5 $54.6 $(0.6)$(2.1)$1.2 
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, 2022, Evergy, Evergy Kansas Central and Evergy Metro made pension contributions of $29.9 million, $17.7 million and $12.2 million, respectively. Evergy expects to make additional pension contributions of $53.9 million in 2022 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and KCC and MPSC rate orders, of which $8.5 million is expected to be paid by Evergy Kansas Central and $45.4 million is expected to be paid by Evergy Metro.
Year to date September 30, 2022, Evergy, Evergy Kansas Central and Evergy Metro made post-retirement benefit contributions of $0.6 million, $0.3 million and $0.3 million, respectively. Evergy, Evergy Kansas Central and Evergy Metro expect to make additional contributions in 2022 of $1.6 million, $0.2 million and $1.4 million, respectively, to the post-retirement benefit plans.