Defined benefit plan basis point change in discount rate

[Table of Contents](#i9e3d7fad53bb42b083be8286e4319cd4_10) 

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|  |  | Pension Benefits |  | Post-Retirement Benefits |
|  |  | Evergy |  | Evergy Kansas Central |  | Evergy Metro |  | Evergy |  | Evergy Kansas Central |  | Evergy Metro |
| Change in projected benefit obligation (PBO) |  | (millions) |
| PBO at January 1, 2020 |  | $ | 2,718.2  |  |  | $ | 1,323.4  |  |  | $ | 1,371.4  |  |  | $ | 264.3  |  |  | $ | 138.7  |  |  | $ | 125.6  |  |
| Service cost |  | 78.9  |  |  | 27.1  |  |  | 51.8  |  |  | 2.7  |  |  | 1.1  |  |  | 1.6  |  |
| Interest cost |  | 96.8  |  |  | 47.0  |  |  | 49.1  |  |  | 9.2  |  |  | 4.8  |  |  | 4.4  |  |
| Contribution by participants |  | —  |  |  | —  |  |  | —  |  |  | 9.3  |  |  | 1.8  |  |  | 7.5  |  |
| Plan amendments |  | 4.2  |  |  | 8.1  |  |  | (3.9) |  |  | 1.0  |  |  | 0.5  |  |  | 0.5  |  |
| Actuarial loss |  | 273.9  |  |  | 127.0  |  |  | 144.8  |  |  | 19.6  |  |  | 11.0  |  |  | 8.6  |  |
| Benefits paid |  | (202.5) |  |  | (102.3) |  |  | (99.0) |  |  | (25.7) |  |  | (11.1) |  |  | (14.6) |  |
| Settlements |  | (62.9) |  |  | —  |  |  | (62.9) |  |  | —  |  |  | —  |  |  | —  |  |
| Other |  | (5.5) |  |  | (0.7) |  |  | (4.8) |  |  | —  |  |  | —  |  |  | —  |  |
| PBO at December 31, 2020 |  | $ | 2,901.1  |  |  | $ | 1,429.6  |  |  | $ | 1,446.5  |  |  | $ | 280.4  |  |  | $ | 146.8  |  |  | $ | 133.6  |  |
| Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair value of plan assets at January 1, 2020 |  | $ | 1,732.8  |  |  | $ | 842.1  |  |  | $ | 890.7  |  |  | $ | 239.9  |  |  | $ | 120.5  |  |  | $ | 119.4  |  |
| Actual return on plan assets |  | 209.9  |  |  | 99.7  |  |  | 110.2  |  |  | 20.7  |  |  | 13.7  |  |  | 7.0  |  |
| Contributions by employer and participants |  | 123.4  |  |  | 45.8  |  |  | 77.6  |  |  | 11.7  |  |  | 2.1  |  |  | 9.6  |  |
| Benefits paid |  | (198.6) |  |  | (99.9) |  |  | (98.7) |  |  | (24.0) |  |  | (10.5) |  |  | (13.5) |  |
| Settlements |  | (62.9) |  |  | —  |  |  | (62.9) |  |  | —  |  |  | —  |  |  | —  |  |
| Other |  | (5.5) |  |  | (0.7) |  |  | (4.8) |  |  | —  |  |  | —  |  |  | —  |  |
| Fair value of plan assets at December 31, 2020 |  | $ | 1,799.1  |  |  | $ | 887.0  |  |  | $ | 912.1  |  |  | $ | 248.3  |  |  | $ | 125.8  |  |  | $ | 122.5  |  |
| Funded status at December 31, 2020 |  | $ | (1,102.0) |  |  | $ | (542.6) |  |  | $ | (534.4) |  |  | $ | (32.1) |  |  | $ | (21.0) |  |  | $ | (11.1) |  |



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|  |  | Pension Benefits |  | Post-Retirement Benefits |
|  |  | Evergy |  | Evergy Kansas Central |  | Evergy Metro |  | Evergy |  | Evergy Kansas Central |  | Evergy Metro |
| Amounts recognized in the consolidated balance sheets |  |  |  | (millions) |  |  |  |  |
| Non-current asset |  | $ | —  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 21.3  |  |  | $ | —  |  |  | $ | 21.3  |  |
| Current pension and other post-retirement liability |  | (4.4) |  |  | (2.5) |  |  | (0.8) |  |  | (1.6) |  |  | (0.8) |  |  | (0.9) |  |
| Noncurrent pension liability and other post-   retirement liability |  | (1,097.6) |  |  | (540.1) |  |  | (533.6) |  |  | (51.8) |  |  | (20.2) |  |  | (31.5) |  |
| Net amount recognized before regulatory treatment |  | (1,102.0) |  |  | (542.6) |  |  | (534.4) |  |  | (32.1) |  |  | (21.0) |  |  | (11.1) |  |
| Accumulated OCI or regulatory asset/liability |  | 566.9  |  |  | 408.0  |  |  | 216.9  |  |  | 4.0  |  |  | 1.0  |  |  | (7.7) |  |
| Net amount recognized at December 31, 2020 |  | $ | (535.1) |  |  | $ | (134.6) |  |  | $ | (317.5) |  |  | $ | (28.1) |  |  | $ | (20.0) |  |  | $ | (18.8) |  |
| Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |
| Actuarial (gain) loss |  | $ | 551.8  |  |  | $ | 388.9  |  |  | $ | 218.6  |  |  | $ | 2.2  |  |  | $ | (0.3) |  |  | $ | —  |  |
| Prior service cost |  | 15.1  |  |  | 19.1  |  |  | (1.7) |  |  | 1.8  |  |  | 1.3  |  |  | (7.7) |  |
| Net amount recognized at December 31, 2020 |  | $ | 566.9  |  |  | $ | 408.0  |  |  | $ | 216.9  |  |  | $ | 4.0  |  |  | $ | 1.0  |  |  | $ | (7.7) |  |

Actuarial gains for the Evergy Companies' pension benefit plans for 2021 were primarily driven by an increase in the discount rate used to measure the benefit obligation as a result of higher market interest rates. See the weighted average assumptions used to determine the benefit obligations in this Note 9 for further information. Actuarial losses for the Evergy Companies' pension benefit plans for 2020 were primarily driven by a decrease in the discount rate used to measure the benefit obligation of approximately 70 basis points as a result of lower market interest rates.114
