SEC Filing | Evergy, Inc.

evrg-20210331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from _______to_______

https://cdn.kscope.io/184dd9fc8abac9e5fb949b4d0d0822a4-evrg-20210331_g1.jpg

Exact name of registrant as specified in its charter,

Commission

state of incorporation, address of principal

I.R.S. Employer

File Number

executive offices and telephone number

Identification Number

001-38515

EVERGY, INC.

82-2733395

(a Missouri corporation)

1200 Main Street

Kansas City, Missouri 64105

(816) 556-2200

001-03523

EVERGY KANSAS CENTRAL, INC.

48-0290150

(a Kansas corporation)

818 South Kansas Avenue

Topeka, Kansas 66612

(785) 575-6300

000-51873

EVERGY METRO, INC.

44-0308720

(a Missouri corporation)

1200 Main Street

Kansas City, Missouri 64105

(816) 556-2200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Evergy, Inc. common stock

EVRG

New York Stock Exchange

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Evergy, Inc.

Yes

☐

Evergy Kansas Central, Inc.

Yes

☐

Evergy Metro, Inc.

Yes

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Evergy, Inc.

Yes

☐

Evergy Kansas Central, Inc.

Yes

☐

Evergy Metro, Inc.

Yes

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Evergy, Inc.

Large Accelerated Filer

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

Evergy Kansas Central, Inc.

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-accelerated Filer

Smaller Reporting Company

☐

Emerging Growth Company

☐

Evergy Metro, Inc.

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-accelerated Filer

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.

Evergy, Inc.

☐

Evergy Kansas Central, Inc.

☐

Evergy Metro, Inc.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Evergy, Inc.

Yes

☐

Evergy Kansas Central, Inc.

Yes

☐

Evergy Metro, Inc.

Yes

☐

On April 30, 2021, Evergy, Inc. had 229,267,502 shares of common stock outstanding. On April 30, 2021, Evergy Metro, Inc. and Evergy Kansas Central, Inc. each had one share of common stock outstanding and held by Evergy, Inc.

Evergy Kansas Central, Inc. and Evergy Metro, Inc. meet the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format.

This combined Quarterly Report on Form 10-Q is provided by the following registrants: Evergy, Inc. (Evergy), Evergy Kansas Central, Inc. (Evergy Kansas Central) and Evergy Metro, Inc. (Evergy Metro) (collectively, the Evergy Companies). Information relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.

This report should be read in its entirety. No one section of the report deals with all aspects of the subject matter. It should be read in conjunction with the consolidated financial statements and related notes and with the management's discussion and analysis of financial condition and results of operations included in the 2020 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro.

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TABLE OF CONTENTS
			Page Number
Cautionary Statements Regarding Certain Forward-Looking Information			4
Glossary of Terms			6

Part I - Financial Information

Item 1.	Financial Statements
	Evergy, Inc.
	Unaudited Consolidated Balance Sheets		8
	Unaudited Consolidated Statements of Comprehensive Income		10
	Unaudited Consolidated Statements of Cash Flows		2
	Unaudited Consolidated Statements of Changes in Equity		3
	Evergy Kansas Central, Inc.
	Unaudited Consolidated Balance Sheets		4
	Unaudited Consolidated Statements of Income		6
	Unaudited Consolidated Statements of Cash Flows		7
	Unaudited Consolidated Statements of Changes in Equity		8
	Evergy Metro, Inc.
	Unaudited Consolidated Balance Sheets		9
	Unaudited Consolidated Statements of Comprehensive Income		11
	Unaudited Consolidated Statements of Cash Flows		12
	Unaudited Consolidated Statements of Changes in Equity		13

	Combined Notes to Unaudited Consolidated Financial Statements for Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc.		14
	Note 1:	Organization and Basis of Presentation	14
	Note 2:	Revenue	19
	Note 3:	Receivables	20
	Note 4:	Rate Matters and Regulation	21


	Note 5:	Pension Plans and Post-Retirement Benefits	23
	Note 6:	Short-Term Borrowings and Short-Term Bank Lines of Credit	25
	Note 7:	Long-Term Debt	25
	Note 8:	Fair Value Measurements	26
	Note 9:	Commitments and Contingencies	30
	Note 10:	Related Party Transactions and Relationships	32
	Note 11:	Shareholders' Equity	34
	Note 12:	Taxes	34
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		48
Item 4.	Controls and Procedures		48

Part II - Other Information

Item 1.	Legal Proceedings		50
Item 1A.	Risk Factors		50
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		50
Item 3.	Defaults Upon Senior Securities		50
Item 4.	Mine Safety Disclosures		50
Item 5.	Other Information		51
Item 6.	Exhibits		53

Signatures			56

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CAUTIONARY STATEMENTS REGARDING CERTAIN FORWARD-LOOKING INFORMATION

Statements made in this report that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," "should," "could," "may," "seeks," "intends," "proposed," "projects," "planned," "target," "outlook," "remain confident," "goal," "will" or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; changes in business strategy or operations; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of the Coronavirus (COVID-19) pandemic on, among other things, sales, results of operations, financial condition, liquidity and cash flows, and also on operational issues, such as the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, including changes in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; the transition to a replacement for the London Interbank Offered Rate (LIBOR) benchmark interest rate; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies' ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the Securities and Exchange Commission (SEC). Reports filed by the Evergy Companies with the SEC should also be read for more information regarding risk factors. Each forward-looking statement speaks only as of the date

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of the particular statement. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

AVAILABLE INFORMATION

The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at sec.gov. Additionally, information about the Evergy Companies, including their combined annual reports on Form 10-K, combined quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with the SEC, is also available through the Evergy Companies' website, www.evergy.com. Such reports are accessible at no charge and are made available as soon as reasonably practical after such material is filed with or furnished to the SEC.

Investors should note that the Evergy Companies announce material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, the Evergy Companies also use the Investor Relations section of their website, www.evergy.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on Evergy's website is not part of this document.

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GLOSSARY OF TERMS

The following is a glossary of frequently used abbreviations or acronyms that are found throughout this report.


Abbreviation or Acronym						Definition

AAO						Accounting authority order
ACE						Affordable Clean Energy
AEP						American Electric Power Company, Inc.
AFUDC						Allowance for funds used during construction
AROs						Asset retirement obligations



Bluescape						Bluescape Energy Partners, LLC
BSER						Best system of emission reduction
CAA						Clean Air Act Amendments of 1990
CCRs						Coal combustion residuals
CO2						Carbon dioxide
COLI						Corporate-owned life insurance
COVID-19						Coronavirus
CPP						Clean Power Plan

DOE						Department of Energy

ELG						Effluent limitations guidelines
EPA						Environmental Protection Agency
EPS						Earnings per common share
ERISA						Employee Retirement Income Security Act of 1974, as amended
ERSP						Earnings Review and Sharing Plan
Evergy						Evergy, Inc. and its consolidated subsidiaries
Evergy Board						Evergy Board of Directors
Evergy Companies						Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group
Evergy Kansas Central						Evergy Kansas Central, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
Evergy Kansas South						Evergy Kansas South, Inc., a wholly-owned subsidiary of Evergy Kansas Central
Evergy Metro						Evergy Metro, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries

Evergy Missouri West						Evergy Missouri West, Inc., a wholly-owned subsidiary of Evergy
Evergy Transmission Company						Evergy Transmission Company, LLC
Exchange Act						The Securities Exchange Act of 1934, as amended

FERC						Federal Energy Regulatory Commission

GAAP						Generally Accepted Accounting Principles
GHG						Greenhouse gas
Great Plains Energy						Great Plains Energy Incorporated
JEC						Jeffrey Energy Center
KCC						State Corporation Commission of the State of Kansas

kV						Kilovolt
kWh						Kilowatt hour


MECG						Midwest Energy Consumers Group

MPSC						Public Service Commission of the State of Missouri

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Abbreviation or Acronym						Definition
MW						Megawatt
MWh						Megawatt hour
NAAQS						National Ambient Air Quality Standards
NAV						Net asset value


OCI						Other comprehensive income
OPC						Office of the Public Counsel

Prairie Wind						Prairie Wind Transmission, LLC, 50% owned by Evergy Kansas Central
RSU						Restricted share unit
RTO						Regional transmission organization
SEC						Securities and Exchange Commission
SPP						Southwest Power Pool, Inc.


TDC						Transmission delivery charge
TFR						Transmission formula rate
Transource						Transource Energy, LLC and its subsidiaries, 13.5% owned by Evergy Transmission Company
VIE						Variable interest entity
Wolf Creek						Wolf Creek Generating Station

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


EVERGY, INC.
Consolidated Balance Sheets
(Unaudited)


	March 31 2021			December 31 2020
ASSETS	(millions, except share amounts)
CURRENT ASSETS:
Cash and cash equivalents		$	482.0		$	144.9

Receivables, net of allowance for credit losses of $23.6 and $19.3, respectively		247.5			273.9
Accounts receivable pledged as collateral		365.0			360.0
Fuel inventory and supplies		492.3			504.5
Income taxes receivable		59.9			62.9
Regulatory assets		255.9			206.2
Prepaid expenses and other assets		99.3			71.9
Total Current Assets		2,001.9			1,624.3
PROPERTY, PLANT AND EQUIPMENT, NET		20,102.2			19,951.0
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET		153.2			154.9
OTHER ASSETS:
Regulatory assets		2,192.0			1,868.2
Nuclear decommissioning trust fund		686.5			652.1
Goodwill		2,336.6			2,336.6
Other		547.7			527.7
Total Other Assets		5,762.8			5,384.6
TOTAL ASSETS		$	28,020.1		$	27,114.8

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

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EVERGY, INC.
Consolidated Balance Sheets
(Unaudited)


	March 31 2021			December 31 2020
LIABILITIES AND EQUITY	(millions, except share amounts)
CURRENT LIABILITIES:
Current maturities of long-term debt		$	533.5		$	436.4
Current maturities of long-term debt of variable interest entities		—			18.8
Notes payable and commercial paper		1,295.0			315.0
Collateralized note payable		365.0			360.0
Accounts payable		345.3			654.0

Accrued taxes		231.2			143.8
Accrued interest		148.2			123.4
Regulatory liabilities		92.8			26.1
Asset retirement obligations		31.3			40.2
Accrued compensation and benefits		57.3			55.5
Other		144.8			182.6
Total Current Liabilities		3,244.4			2,355.8
LONG-TERM LIABILITIES:
Long-term debt, net		9,090.6			9,190.9
Deferred income taxes		1,707.6			1,664.8
Unamortized investment tax credits		185.2			186.7
Regulatory liabilities		2,647.0			2,638.8
Pension and post-retirement liability		1,136.3			1,149.4
Asset retirement obligations		914.0			901.7
Other		300.6			308.2
Total Long-Term Liabilities		15,981.3			16,040.5
Commitments and Contingencies (Note 9)
EQUITY:
Evergy, Inc. Shareholders' Equity:
Common stock - 600,000,000 shares authorized, without par value 226,995,620 and 226,836,670 shares issued, stated value		7,081.5			7,080.0
Retained earnings		1,772.8			1,702.8
Accumulated other comprehensive loss		(48.0)			(49.4)
Total Evergy, Inc. Shareholders' Equity		8,806.3			8,733.4
Noncontrolling Interests		(11.9)			(14.9)
Total Equity		8,794.4			8,718.5
TOTAL LIABILITIES AND EQUITY		$	28,020.1		$	27,114.8

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

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


Three Months Ended March 31		2021		2020
	(millions, except per share amounts)
OPERATING REVENUES		$	1,611.9	$	1,116.7
OPERATING EXPENSES:
Fuel and purchased power		635.1		258.2
SPP network transmission costs		69.4		62.0
Operating and maintenance		275.5		288.2
Depreciation and amortization		219.3		218.5
Taxes other than income tax		94.9		92.3
Total Operating Expenses		1,294.2		919.2
INCOME FROM OPERATIONS		317.7		197.5
OTHER INCOME (EXPENSE):
Investment earnings (loss)		1.6		(0.8)
Other income		11.2		2.3
Other expense		(20.9)		(22.7)
Total Other Expense, Net		(8.1)		(21.2)
Interest expense		94.0		96.2
INCOME BEFORE INCOME TAXES		215.6		80.1
Income tax expense		23.0		10.1
Equity in earnings of equity method investees, net of income taxes		2.0		2.2
NET INCOME		194.6		72.2
Less: Net income attributable to noncontrolling interests		3.0		2.8
NET INCOME ATTRIBUTABLE TO EVERGY, INC.		$	191.6	$	69.4
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY, INC. (see Note 1)
Basic earnings per common share		$	0.84	$	0.31
Diluted earnings per common share		$	0.84	$	0.31
AVERAGE COMMON SHARES OUTSTANDING
Basic		227.3		227.1
Diluted		227.6		227.5
COMPREHENSIVE INCOME
NET INCOME		$	194.6	$	72.2
Derivative hedging activity



Reclassification to expenses, net of tax		1.4		1.3
Derivative hedging activity, net of tax		1.4		1.3






Total other comprehensive income		1.4		1.3
COMPREHENSIVE INCOME		196.0		73.5
Less: comprehensive income attributable to noncontrolling interest		3.0		2.8
COMPREHENSIVE INCOME ATTRIBUTABLE TO EVERGY, INC.		$	193.0	$	70.7

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

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

Three Months Ended March 31	2021		2020
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:	(millions)
Net income	$	194.6	$	72.2
Adjustments to reconcile income to net cash from operating activities:
Depreciation and amortization	219.3		218.5
Amortization of nuclear fuel	13.3		14.4
Amortization of deferred refueling outage	5.8		6.3
Amortization of corporate-owned life insurance	6.7		6.5
Non-cash compensation	3.1		4.6
Net deferred income taxes and credits	20.0		8.1
Allowance for equity funds used during construction	(7.5)		(1.8)
Payments for asset retirement obligations	(0.8)		(3.1)
Equity in earnings of equity method investees, net of income taxes	(2.0)		(2.2)
Income from corporate-owned life insurance	(0.6)		(1.9)
Other	0.2		0.3
Changes in working capital items:
Accounts receivable	26.3		42.6
Accounts receivable pledged as collateral	(5.0)		17.0
Fuel inventory and supplies	12.4		(17.1)
Prepaid expenses and other current assets	(82.6)		0.4
Accounts payable	(242.4)		(153.4)
Accrued taxes	90.4		83.0
Other current liabilities	50.6		(9.4)
Changes in other assets	(324.6)		39.4
Changes in other liabilities	(5.8)		(3.8)
Cash Flows from (used in) Operating Activities	(28.6)		320.6
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Additions to property, plant and equipment	(467.7)		(354.4)
Purchase of securities - trusts	(44.6)		(18.8)
Sale of securities - trusts	40.9		15.0
Investment in corporate-owned life insurance	(1.0)		(2.0)
Proceeds from investment in corporate-owned life insurance	0.8		30.8

Other investing activities	(3.6)		(4.0)
Cash Flows used in Investing Activities	(475.2)		(333.4)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Short-term debt, net	980.0		493.1


Collateralized short-term borrowings, net	5.0		(17.0)


Retirements of long-term debt	(1.1)		(1.1)
Retirements of long-term debt of variable interest entities	(18.8)		(32.3)

Borrowings against cash surrender value of corporate-owned life insurance	0.4		—
Repayment of borrowings against cash surrender value of corporate-owned life insurance	(0.1)		(27.8)
Cash dividends paid	(121.4)		(114.5)


Other financing activities	(3.1)		(6.4)
Cash Flows from Financing Activities	840.9		294.0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	337.1		281.2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	144.9		23.2
End of period	$	482.0	$	304.4

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

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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, 2019	226,641,443	$	7,070.4	$	1,551.5	$	(50.0)	$	(26.6)	$	8,545.3
Net income	—	—		69.4		—		2.8		72.2

Issuance of stock compensation and reinvested dividends, net of tax withholding	97,305	(3.0)		—		—		—		(3.0)
Dividends declared on common stock ($0.505 per share)	—	—		(114.5)		—		—		(114.5)
Dividend equivalents declared	—	—		(0.7)		—		—		(0.7)
Stock compensation expense	—	4.6		—		—		—		4.6



Derivative hedging activity, net of tax	—	—		—		1.3		—		1.3
Other	—	0.2		—		—		—		0.2
Balance as of March 31, 2020	226,738,748	$	7,072.2	$	1,505.7	$	(48.7)	$	(23.8)	$	8,505.4









Balance as of December 31, 2020	226,836,670	$	7,080.0	$	1,702.8	$	(49.4)	$	(14.9)	$	8,718.5
Net income	—	—		191.6		—		3.0		194.6

Issuance of stock compensation and reinvested dividends, net of tax withholding	104,896	(1.1)		—		—		—		(1.1)
Issuance of restricted common stock	54,054	2.9		—		—		—		2.9
Dividends declared on common stock ($0.535 per share)	—	—		(121.4)		—		—		(121.4)
Dividend equivalents declared	—