UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |||||
FORM 10-K | |||||
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, | ||||
OR | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from _________ to ___________ |
Commission File Number | Registrant; State of Incorporation; Address and Telephone Number | IRS Employer Identification No. | ||||||
1-11459 | PPL Corporation (Exact name of Registrant as specified in its charter) Two North Ninth Street Allentown, PA 18101-1179 (610) 774-5151 | 23-2758192 | ||||||
1-905 | PPL Electric Utilities Corporation (Exact name of Registrant as specified in its charter) Two North Ninth Street Allentown, PA 18101-1179 (610) 774-5151 | 23-0959590 | ||||||
1-2893 | Louisville Gas and Electric Company (Exact name of Registrant as specified in its charter) 220 West Main Street Louisville, (502) 627-2000 | 61-0264150 | ||||||
1-3464 | Kentucky Utilities Company (Exact name of Registrant as specified in its charter) One Quality Street Lexington, (502) 627-2000 | 61-0247570 |
Title of each class | Trading Symbol(s): | Name of each exchange on which registered | ||||||
Common Stock of PPL Corporation | PPL | New York Stock Exchange | ||||||
Junior Subordinated Notes of PPL Capital Funding, Inc. | ||||||||
2007 Series A due 2067 | PPL/67 | New York Stock Exchange | ||||||
Common Stock of PPL Electric Utilities Corporation |
PPL Corporation | Yes | ☒ | No | ☐ | |||||||||||||
PPL Electric Utilities Corporation | Yes | ☒ | No | ☐ | |||||||||||||
Louisville Gas and Electric Company | Yes | ☐ | No | ☒ | |||||||||||||
Kentucky Utilities Company | Yes | ☐ | No | ☒ |
PPL Corporation | Yes | ☐ | No | ☒ | |||||||||||||
PPL Electric Utilities Corporation | Yes | ☐ | No | ☒ | |||||||||||||
Louisville Gas and Electric Company | Yes | ☐ | No | ☒ | |||||||||||||
Kentucky Utilities Company | Yes | ☐ | No | ☒ |
PPL Corporation | Yes | ☒ | No | ☐ | |||||||||||||
PPL Electric Utilities Corporation | Yes | ☒ | No | ☐ | |||||||||||||
Louisville Gas and Electric Company | Yes | ☒ | No | ☐ | |||||||||||||
Kentucky Utilities Company | Yes | ☒ | No | ☐ |
PPL Corporation | Yes | ☒ | No | ☐ | |||||||||||||
PPL Electric Utilities Corporation | Yes | ☒ | No | ☐ | |||||||||||||
Louisville Gas and Electric Company | Yes | ☒ | No | ☐ | |||||||||||||
Kentucky Utilities Company | Yes | ☒ | No | ☐ |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||
PPL Corporation | |||||||||||||||||
PPL Electric Utilities Corporation | |||||||||||||||||
Louisville Gas and Electric Company | |||||||||||||||||
Kentucky Utilities Company |
PPL Corporation | ☐ | ||||||||||||||||
PPL Electric Utilities Corporation | |||||||||||||||||
Louisville Gas and Electric Company | |||||||||||||||||
Kentucky Utilities Company |
PPL Corporation | ☒ | ||||||||||||||||
PPL Electric Utilities Corporation | ☐ | ||||||||||||||||
Louisville Gas and Electric Company | ☐ | ||||||||||||||||
Kentucky Utilities Company | ☐ |
PPL Corporation | ☐ | ||||||||||||||||
PPL Electric Utilities Corporation | ☐ | ||||||||||||||||
Louisville Gas and Electric Company | ☐ | ||||||||||||||||
Kentucky Utilities Company | ☐ |
PPL Corporation | ☐ | ||||||||||||||||
PPL Electric Utilities Corporation | ☐ | ||||||||||||||||
Louisville Gas and Electric Company | ☐ | ||||||||||||||||
Kentucky Utilities Company | ☐ |
PPL Corporation | Yes | ☐ | No | ☒ | |||||||||||||
PPL Electric Utilities Corporation | Yes | ☐ | No | ☒ | |||||||||||||
Louisville Gas and Electric Company | Yes | ☐ | No | ☒ | |||||||||||||
Kentucky Utilities Company | Yes | ☐ | No | ☒ |
Item | Page | ||||||||||
PART I | |||||||||||
1. | |||||||||||
1A. | |||||||||||
1B. | |||||||||||
1C. | |||||||||||
2. | |||||||||||
3. | |||||||||||
4. | |||||||||||
PART II | |||||||||||
5. | |||||||||||
6. | |||||||||||
7. | |||||||||||
Item | Page | ||
PART I | |||
1. | |||
1A. | |||
1B. | |||
2. | |||
3. | |||
4. | |||
PART II | |||
5. | |||
6. | |||
7. | |||
Item | Page | ||||||||||
7A. | |||||||||||
8. | Financial Statements and Supplementary Data | ||||||||||
FINANCIAL STATEMENTS | |||||||||||
PPL Corporation and Subsidiaries | |||||||||||
PPL Electric Utilities Corporation and Subsidiaries | |||||||||||
Louisville Gas and Electric Company | |||||||||||
Kentucky Utilities Company | |||||||||||
Item | Page | ||||||||||
COMBINED NOTES TO FINANCIAL STATEMENTS | |||||||||||
9. | |||||||||||
9A. | |||||||||||
9B. | |||||||||||
9C. | |||||||||||
PART III | |||||||||||
10. | |||||||||||
11. | |||||||||||
12. | |||||||||||
13. | |||||||||||
14. | |||||||||||
PART IV | |||||||||||
15. | |||||||||||
Item | Page | ||
COMBINED NOTES TO FINANCIAL STATEMENTS | |||
SUPPLEMENTARY DATA | |||
Schedule I - Condensed Unconsolidated Financial Statements | |||
9. | |||
9A. | |||
9B. | |||
PART III | |||
10. | |||
11. | |||
12. | |||
13. | |||
14. | |||
PART IV | |||
15. | |||
PPL Corporation* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Capital Funding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric* | LKE A holding company that owns regulated utility operations through its subsidiaries, LG&E and KU | RIE Engages in the regulated transmission, distribution and sale of electricity and regulated distribution and sale of natural gas in Rhode Island | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E* | KU* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania Regulated Segment | Kentucky Regulated Segment | Rhode Island Regulated Segment |
Kentucky | Pennsylvania | Rhode Island | |||||||||||||||
Regulated | Regulated | Regulated | |||||||||||||||
For the year ended December 31, 2023: | |||||||||||||||||
Operating Revenues (in billions) | $ | 3.5 | $ | 3.0 | $ | 1.9 | |||||||||||
Net Income (in millions) | $ | 552 | $ | 519 | $ | 96 | |||||||||||
Electricity delivered (GWh) | 28,809 | 35,704 | 7,174 | ||||||||||||||
Natural gas delivered (Bcf) | 41 | — | 38 | ||||||||||||||
At December 31, 2023: | |||||||||||||||||
Regulatory Asset Base (in billions) (a) | $ | 12.0 | $ | 9.8 | $ | 3.2 | |||||||||||
Service area (in square miles) | 8,000 | 10,000 | 1,200 | ||||||||||||||
Customers (in millions) | 1.3 | 1.5 | 0.8 |
Kentucky | Pennsylvania | ||||||||||
U.K. Regulated | Regulated | Regulated | |||||||||
For the year ended December 31, 2017: | |||||||||||
Operating Revenues (in billions) | $ | 2.1 | $ | 3.2 | $ | 2.2 | |||||
Net Income (in millions) | $ | 652 | $ | 286 | $ | 359 | |||||
Electricity delivered (GWh) | 74,317 | 31,839 | 35,996 | ||||||||
At December 31, 2017: | |||||||||||
Regulatory Asset Base (in billions) (a) | $ | 9.8 | $ | 9.2 | $ | 6.9 | |||||
Service area (in square miles) | 21,600 | 9,400 | 10,000 | ||||||||
End-users (in millions) | 7.9 | 1.3 | 1.4 |
2017 | 2016 | 2015 | |||||||||
Operating Revenues (a) | $ | 2,091 | $ | 2,207 | $ | 2,410 |
2017 | 2016 | |||||||
Taxes collected in revenues | £ | 57 | £ | 53 | ||||
Taxes recorded under GAAP | 139 | 119 |
Incentive Received | Calendar Year Ended Incentive | |||||
Calendar Year Ended Incentive Earned | (in millions) | Included in Revenue | ||||
2014 | £ | 83 | 2016 | |||
2015 | 79 | 2017 | ||||
2016 | 76 | 2018 | ||||
2017 (a) | 65-80 | 2019 | ||||
2018 (a) | 70-85 | 2020 |
2017 | 2016 | 2015 | ||||||||||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | Revenue | % of Revenue | |||||||||||||||
LKE | ||||||||||||||||||||
Commercial | $ | 854 | 27 | $ | 834 | 27 | $ | 816 | 26 | |||||||||||
Industrial | 603 | 19 | 601 | 19 | 628 | 20 | ||||||||||||||
Residential | 1,259 | 40 | 1,261 | 40 | 1,245 | 40 | ||||||||||||||
Other (a) | 280 | 9 | 288 | 9 | 267 | 9 | ||||||||||||||
Wholesale - municipal | 112 | 4 | 116 | 4 | 114 | 4 | ||||||||||||||
Wholesale - other (b) | 48 | 1 | 41 | 1 | 45 | 1 | ||||||||||||||
Total | $ | 3,156 | 100 | $ | 3,141 | 100 | $ | 3,115 | 100 |
2017 | 2016 | 2015 | ||||||||||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | Revenue | % of Revenue | |||||||||||||||
LG&E | ||||||||||||||||||||
Commercial | $ | 453 | 31 | $ | 442 | 31 | $ | 436 | 30 | |||||||||||
Industrial | 187 | 13 | 185 | 13 | 199 | 14 | ||||||||||||||
Residential | 637 | 44 | 627 | 44 | 633 | 44 | ||||||||||||||
Other (a) | 123 | 8 | 135 | 9 | 117 | 8 | ||||||||||||||
Wholesale - other (b) | 53 | 4 | 41 | 3 | 59 | 4 | ||||||||||||||
Total | $ | 1,453 | 100 | $ | 1,430 | 100 | $ | 1,444 | 100 |
2017 | 2016 | 2015 | ||||||||||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | Revenue | % of Revenue | |||||||||||||||
KU | ||||||||||||||||||||
Commercial | $ | 401 | 23 | $ | 392 | 22 | $ | 380 | 22 | |||||||||||
Industrial | 416 | 24 | 416 | 24 | 429 | 25 | ||||||||||||||
Residential | 622 | 36 | 634 | 36 | 612 | 35 | ||||||||||||||
Other (a) | 157 | 9 | 153 | 9 | 150 | 9 | ||||||||||||||
Wholesale - municipal | 112 | 6 | 116 | 7 | 114 | 7 | ||||||||||||||
Wholesale - other (b) | 36 | 2 | 38 | 2 | 43 | 2 | ||||||||||||||
Total | $ | 1,744 | 100 | $ | 1,749 | 100 | $ | 1,728 | 100 |
GWh | |||||||||||
Fuel Source | LG&E | KU | |||||||||
Coal | 10,509 | 13,219 | |||||||||
Gas | 1,241 | 4,120 | |||||||||
Hydro | 272 | 44 | |||||||||
Solar | 8 | 12 | |||||||||
Total (a) | 12,030 | 17,395 |
GWh | ||||||||
Fuel Source | LKE | LG&E | KU | |||||
Coal (a) | 28,519 | 12,161 | 16,358 | |||||
Gas | 4,625 | 1,105 | 3,520 | |||||
Hydro | 337 | 278 | 59 | |||||
Solar | 18 | 7 | 11 | |||||
Total (b) | 33,499 | 13,551 | 19,948 |
2017 | 2016 | 2015 | ||||||||||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | Revenue | % of Revenue | |||||||||||||||
Distribution | ||||||||||||||||||||
Residential | $ | 1,351 | 62 | $ | 1,327 | 61 | $ | 1,338 | 63 | |||||||||||
Industrial | 44 | 2 | 42 | 2 | 58 | 3 | ||||||||||||||
Commercial | 349 | 16 | 338 | 16 | 377 | 18 | ||||||||||||||
Other (a) | (36 | ) | (2 | ) | (4 | ) | — | (44 | ) | (2 | ) | |||||||||
Transmission | 487 | 22 | 453 | 21 | 395 | 18 | ||||||||||||||
Total | $ | 2,195 | 100 | $ | 2,156 | 100 | $ | 2,124 | 100 |
Total Full-Time Employees | Number of Union Employees | Percentage of Total Workforce | |||||||||||||||
PPL | 6,629 | 2,450 | 37 | % | |||||||||||||
PPL Electric | 1,438 | 960 | 67 | % | |||||||||||||
LG&E | 927 | 592 | 64 | % | |||||||||||||
KU | 759 | 111 | 15 | % |
Total Full-Time Employees | Number of Union Employees | Percentage of Total Workforce | ||||||
PPL | 12,512 | 6,113 | 49 | % | ||||
PPL Electric | 1,755 | 1,084 | 62 | % | ||||
LKE | 3,470 | 782 | 23 | % | ||||
LG&E | 986 | 660 | 67 | % | ||||
KU | 910 | 122 | 13 | % |
LKE | LG&E | KU | LG&E | KU | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Primary Fuel/Plant | Total MW Capacity Summer | Ownership or Other Interest in MW | % Ownership or Other Interest | Ownership or Other Interest in MW | % Ownership or Other Interest | Ownership or Other Interest in MW | Primary Fuel/Plant | Total MW Capacity Summer | % Ownership or Other Interest | Ownership or Other Interest in MW | % Ownership or Other Interest | Ownership or Other Interest in MW | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coal | Coal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ghent - Units 1- 4 | 1,919 | 1,919 | 100.00 | 1,919 | Ghent - Units 1- 4 | 1,919 | 100.00 | 1,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mill Creek - Units 1- 4 | 1,465 | 1,465 | 100.00 | 1,465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown - Units 1-3 | 681 | 681 | 100.00 | 681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown - Unit 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown - Unit 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown - Unit 3 | 412 | 100.00 | 412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trimble County - Unit 1 (a) | 493 | 370 | 75.00 | 370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trimble County - Unit 2 (a) | 732 | 549 | 14.25 | 104 | 60.75 | 445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OVEC - Clifty Creek (b) | 1,164 | 95 | 5.63 | 66 | 2.50 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OVEC - Kyger Creek (b) | 956 | 78 | 5.63 | 54 | 2.50 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trimble County - Unit 2 (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trimble County - Unit 2 (a) | 732 | 14.25 | 104 | 60.75 | 445 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7,410 | 5,157 | 2,059 | 3,098 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5,021 | 1,939 | 2,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas/Oil | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Unit 5 (c) | 130 | 130 | 53.00 | 69 | 47.00 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Unit 5 (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Unit 5 (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Unit 5 (b) | 130 | 53.00 | 69 | 47.00 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Units 6 - 7 | 292 | 292 | 38.00 | 111 | 62.00 | 181 | E.W. Brown Units 6 - 7 | 292 | 38.00 | 111 | 62.00 | 181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Units 8 - 11 (c) | 484 | 484 | 100.00 | 484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Units 8 - 11 (b) | E.W. Brown Units 8 - 11 (b) | 484 | 100.00 | 484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trimble County Units 5 - 6 | 318 | 318 | 29.00 | 92 | 71.00 | 226 | Trimble County Units 5 - 6 | 318 | 29.00 | 92 | 71.00 | 226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trimble County Units 7 - 10 | 636 | 636 | 37.00 | 235 | 63.00 | 401 | Trimble County Units 7 - 10 | 636 | 37.00 | 235 | 63.00 | 401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paddy's Run Units 11 - 12 | 35 | 35 | 100.00 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paddy's Run Unit 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paddy's Run Unit 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paddy's Run Unit 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paddy's Run Unit 13 | 147 | 147 | 53.00 | 78 | 47.00 | 69 | 147 | 53.00 | 78 | 47.00 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Haefling - Units 1 - 2 | 24 | 24 | 100.00 | 24 | Haefling - Units 1 - 2 | 24 | 100.00 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zorn Unit | 14 | 14 | 100.00 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cane Run Unit 7 | 662 | 662 | 22.00 | 146 | 78.00 | 516 | Cane Run Unit 7 | 662 | 22.00 | 146 | 78.00 | 516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cane Run Unit 11 | 14 | 14 | 100.00 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,756 | 2,756 | 794 | 1,962 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,716 | 2,716 | 754 | 1,962 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hydro | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ohio Falls - Units 1-8 | 64 | 64 | 100.00 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ohio Falls - Units 1-8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ohio Falls - Units 1-8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dix Dam - Units 1-3 | 32 | 32 | 100.00 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
96 | 96 | 64 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dix Dam - Units 1-3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dix Dam - Units 1-3 | 32 | 100.00 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
96 | 96 | 64 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Solar (d) | 8 | 8 | 39.00 | 3 | 61.00 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Solar (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Solar (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Solar (c) | 8 | 39.00 | 3 | 61.00 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 10,270 | 8,017 | 2,920 | 5,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 7,841 | 2,760 | 4,775 |
LG&E | KU | |||||||||||||||||||||||||
Distribution | Transmission | Distribution | Transmission | |||||||||||||||||||||||
Electricity System | ||||||||||||||||||||||||||
Substations (a) | 96 | 78 | 462 | 212 | ||||||||||||||||||||||
Capacity (in millions of kVA) | 5 | 8 | 8 | 15 | ||||||||||||||||||||||
Overhead lines (circuit miles) | 3,880 | 663 | 14,086 | 4,064 | ||||||||||||||||||||||
Underground lines (circuit miles) | 2,824 | 6 | 2,789 | 4 | ||||||||||||||||||||||
Natural Gas System | ||||||||||||||||||||||||||
Distribution mains (miles) | 4,447 | — | — | — | ||||||||||||||||||||||
Transmission pipeline (miles) | — | 234 | — | — | ||||||||||||||||||||||
Transmission storage lines (miles) | — | 95 | — | — | ||||||||||||||||||||||
Combustion turbine lines (miles) | — | 19 | — | 11 | ||||||||||||||||||||||
Storage fields | — | 4 | — | — | ||||||||||||||||||||||
Storage field capacity (Bcf) | — | 11 | — | — |
Period | Total Number of Shares (or Units) Purchased (1) | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans of Programs | Maximum Number (or Approximate Dollar Value) of Shares(or Units) that May Yet Be Purchased Under the Plans or Programs (1) | |||
October 1 to October 31, 2017 | |||||||
November 1 to November 30, 2017 | |||||||
December 1 to December 31, 2017 | 6,956 | $ | 36.27 | ||||
Total | 6,956 | $ | 36.27 |
PPL Corporation (a) (b) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Income Items (in millions) | ||||||||||||||||||||
Operating revenues | $ | 7,447 | $ | 7,517 | $ | 7,669 | $ | 7,852 | $ | 7,263 | ||||||||||
Operating income | 3,068 | 3,048 | 2,831 | 2,867 | 2,561 | |||||||||||||||
Income from continuing operations after income taxes attributable to PPL shareowners | 1,128 | 1,902 | 1,603 | 1,437 | 1,368 | |||||||||||||||
Income (loss) from discontinued operations (net of income taxes) (f) | — | — | (921 | ) | 300 | (238 | ) | |||||||||||||
Net income attributable to PPL shareowners (f) | 1,128 | 1,902 | 682 | 1,737 | 1,130 | |||||||||||||||
Balance Sheet Items (in millions) | ||||||||||||||||||||
Total assets (d) | 41,479 | 38,315 | 39,301 | 48,606 | 45,889 | |||||||||||||||
Short-term debt (d) | 1,080 | 923 | 916 | 836 | 701 | |||||||||||||||
Long-term debt (d) | 20,195 | 18,326 | 19,048 | 18,054 | 18,269 | |||||||||||||||
Common equity (d) | 10,761 | 9,899 | 9,919 | 13,628 | 12,466 | |||||||||||||||
Total capitalization (d) | 32,036 | 29,148 | 29,883 | 32,518 | 31,436 | |||||||||||||||
Financial Ratios | ||||||||||||||||||||
Return on common equity - % (d)(f) | 10.9 | 19.2 | 5.8 | 13.0 | 9.8 | |||||||||||||||
Ratio of earnings to fixed charges (c) | 3.1 | 3.8 | 2.8 | 2.8 | 2.4 | |||||||||||||||
Common Stock Data | ||||||||||||||||||||
Number of shares outstanding - Basic (in thousands) | ||||||||||||||||||||
Year-end | 693,398 | 679,731 | 673,857 | 665,849 | 630,321 | |||||||||||||||
Weighted-average | 685,240 | 677,592 | 669,814 | 653,504 | 608,983 | |||||||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic EPS | $ | 1.64 | $ | 2.80 | $ | 2.38 | $ | 2.19 | $ | 2.24 | ||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Diluted EPS | $ | 1.64 | $ | 2.79 | $ | 2.37 | $ | 2.16 | $ | 2.12 | ||||||||||
Net income available to PPL common shareowners - Basic EPS | $ | 1.64 | $ | 2.80 | $ | 1.01 | $ | 2.64 | $ | 1.85 | ||||||||||
Net income available to PPL common shareowners - Diluted EPS | $ | 1.64 | $ | 2.79 | $ | 1.01 | $ | 2.61 | $ | 1.76 | ||||||||||
Dividends declared per share of common stock | $ | 1.58 | $ | 1.52 | $ | 1.50 | $ | 1.49 | $ | 1.47 | ||||||||||
Book value per share (d) | $ | 15.52 | $ | 14.56 | $ | 14.72 | $ | 20.47 | $ | 19.78 | ||||||||||
Market price per share | $ | 30.95 | $ | 34.05 | $ | 34.13 | $ | 36.33 | $ | 30.09 | ||||||||||
Dividend payout ratio - % (e)(f) | 96 | 55 | 149 | 57 | 84 | |||||||||||||||
Dividend yield - % (g) | 5.1 | 4.5 | 4.4 | 4.1 | 4.9 | |||||||||||||||
Price earnings ratio (e)(f)(g) | 18.9 | 12.2 | 33.8 | 13.9 | 17.1 | |||||||||||||||
Sales Data - GWh | ||||||||||||||||||||
Domestic - Electric energy supplied - wholesale | 2,084 | 2,177 | 2,241 | 2,365 | 2,383 | |||||||||||||||
Domestic - Electric energy delivered - retail | 65,751 | 67,474 | 67,798 | 68,569 | 67,848 | |||||||||||||||
U.K. - Electric energy delivered | 74,317 | 74,728 | 75,907 | 75,813 | 78,219 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Income tax expense (benefit) | $ | 321 | $ | (13 | ) | $ | 112 | $ | — | $ | — |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Income tax expense (benefit) | $ | 220 | $ | (13 | ) | $ | 112 | $ | — | $ | — |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Net Increase in Regulatory Liabilities | $ | 2,185 | $ | 1,019 | $ | 1,166 | $ | 532 | $ | 634 |
Change | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
Operating Revenues | $ | 8,312 | $ | 7,902 | $ | 410 | |||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 733 | 931 | (198) | ||||||||||||||
Energy purchases | 1,841 | 1,686 | 155 | ||||||||||||||
Other operation and maintenance | 2,462 | 2,398 | 64 | ||||||||||||||
Depreciation | 1,254 | 1,181 | 73 | ||||||||||||||
Taxes, other than income | 392 | 332 | 60 | ||||||||||||||
Total Operating Expenses | 6,682 | 6,528 | 154 | ||||||||||||||
Other Income (Expense) - net | (40) | 54 | (94) | ||||||||||||||
Interest Expense | 666 | 513 | 153 | ||||||||||||||
Income from Continuing Operations Before Income Taxes | 924 | 915 | 9 | ||||||||||||||
Income Taxes | 184 | 201 | (17) | ||||||||||||||
Income from Continuing Operations After Income Taxes | 740 | 714 | 26 | ||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) (Note 9) | — | 42 | (42) | ||||||||||||||
Net Income (Loss) | $ | 740 | $ | 756 | $ | (16) |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
Operating Revenues | $ | 7,447 | $ | 7,517 | $ | 7,669 | $ | (70 | ) | $ | (152 | ) | |||||||
Operating Expenses | |||||||||||||||||||
Operation | |||||||||||||||||||
Fuel | 759 | 791 | 863 | (32 | ) | (72 | ) | ||||||||||||
Energy purchases | 685 | 706 | 855 | (21 | ) | (149 | ) | ||||||||||||
Other operation and maintenance | 1,635 | 1,745 | 1,938 | (110 | ) | (193 | ) | ||||||||||||
Depreciation | 1,008 | 926 | 883 | 82 | 43 | ||||||||||||||
Taxes, other than income | 292 | 301 | 299 | (9 | ) | 2 | |||||||||||||
Total Operating Expenses | 4,379 | 4,469 | 4,838 | (90 | ) | (369 | ) | ||||||||||||
Other Income (Expense) - net | (255 | ) | 390 | 108 | (645 | ) | 282 | ||||||||||||
Interest Expense | 901 | 888 | 871 | 13 | 17 | ||||||||||||||
Income Taxes | 784 | 648 | 465 | 136 | 183 | ||||||||||||||
Income from Continuing Operations After Income Taxes | 1,128 | 1,902 | 1,603 | (774 | ) | 299 | |||||||||||||
Loss from Discontinued Operations (net of income taxes) | — | — | (921 | ) | — | 921 | |||||||||||||
Net Income | $ | 1,128 | $ | 1,902 | $ | 682 | $ | (774 | ) | $ | 1,220 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Domestic: | |||||||
PPL Electric Distribution price (a) | $ | 53 | $ | 126 | |||
PPL Electric Distribution volume | (21 | ) | (9 | ) | |||
PPL Electric PLR Revenue (b) | (16 | ) | (135 | ) | |||
PPL Electric Transmission Formula Rate | 34 | 59 | |||||
LKE Base rates | 58 | 68 | |||||
LKE Volumes (c) | (73 | ) | 1 | ||||
LKE Fuel and other energy prices (d) | 10 | (81 | ) | ||||
LKE ECR | 10 | 39 | |||||
Other | (9 | ) | (17 | ) | |||
Total Domestic | 46 | 51 | |||||
U.K.: | |||||||
Price | 60 | 98 | |||||
Volume | (30 | ) | (36 | ) | |||
Foreign currency exchange rates | (154 | ) | (255 | ) | |||
Other | 8 | (10 | ) | ||||
Total U.K. | (116 | ) | (203 | ) | |||
Total | $ | (70 | ) | $ | (152 | ) |
2023 vs. 2022 | |||||
PPL Electric distribution price (a) |
$ | 58 | |||
PPL Electric distribution volume (b) |
(68) | ||||
PPL Electric PLR (c) |
(61) | |||||
PPL Electric transmission formula rate (d) | |||||
LG&E volumes (b) | (37) | ||||
LG&E fuel and other energy purchases | (157) | ||||
LG&E economic relief billing credit, net of amortization of $0 | 12 | ||||
KU volumes (b) | (60) | ||||
KU fuel and other energy purchases (e) | (132) | ||||
KU economic relief billing credit, net of amortization of $0 | 5 | ||||
Acquisition of RIE (f) | 796 | ||||
RIE energy purchases and other recoveries | (63) | ||||
RIE capital investment | 23 | ||||
RIE customer bill credits (g) | 50 | ||||
Other | (7) | ||||
Total | $ | 410 |
2023 vs. 2022 | |||||
PPL Electric PLR volumes | $ | (169) | |||
PPL Electric PLR prices | 92 | ||||
PPL Electric alternative energy credits volumes | (12) | ||||
PPL Electric alternative energy credits prices | 29 | ||||
LG&E commodity costs | (52) | ||||
LG&E volumes (a) | (24) | ||||
RIE commodity costs | (62) | ||||
Acquisition of RIE (b) | 354 | ||||
Other | (1) | ||||
Total | $ | 155 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Domestic: | |||||||
LKE plant operations and maintenance (a) | $ | (2 | ) | $ | (19 | ) | |
LKE pension expense | 1 | (12 | ) | ||||
PPL Electric payroll-related costs | (12 | ) | (26 | ) | |||
PPL Electric Act 129 | 9 | (15 | ) | ||||
PPL Electric contractor related expenses | (4 | ) | 7 | ||||
PPL Electric vegetation management | (17 | ) | 4 | ||||
PPL Electric universal service programs | (3 | ) | 3 | ||||
Storm costs | 4 | 6 | |||||
Bad debts | (17 | ) | (5 | ) | |||
Stock compensation expense | 5 | (6 | ) | ||||
Third-party costs related to the spinoff of PPL Energy Supply (Note 8) | — | (13 | ) | ||||
Separation benefits related to the spinoff of PPL Energy Supply (Note 8) | — | (8 | ) | ||||
Corporate costs previously included in discontinued operations | — | 8 | |||||
Other | (1 | ) | 18 | ||||
U.K.: | |||||||
Pension expense (b) | (67 | ) | (86 | ) | |||
Foreign currency exchange rates | (15 | ) | (33 | ) | |||
Third-party engineering | 6 | (8 | ) | ||||
Other | 3 | (8 | ) | ||||
Total | $ | (110 | ) | $ | (193 | ) |
2023 vs. 2022 | |||||
LG&E plant operations and maintenance expenses | (13) | ||||
LG&E generation outage expenses | (12) | ||||
LG&E gas maintenance and | (11) | ||||
KU plant operations and maintenance | (18) | ||||
KU generation outage expenses | (15) | ||||
KU vegetation management expenses | (19) | ||||
Acquisition of RIE (a) | 217 | ||||
Sale of Safari Holdings (b) | (54) | ||||
Transition costs associated with RIE | 81 | ||||
Transaction costs associated with RIE | (18) | ||||
Commitments made during RIE acquisition process (b) | (43) | ||||
Other | (31) | ||||
Total | $ | 64 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Additions to PP&E, net | $ | 93 | $ | 76 | |||
Foreign currency exchange rates | (16 | ) | (27 | ) | |||
Depreciation rates (a) | 15 | — | |||||
Other | (10 | ) | (6 | ) | |||
Total | $ | 82 | $ | 43 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
State gross receipts tax (a) | $ | 3 | $ | 11 | |||
Domestic property tax expense | 4 | 4 | |||||
Domestic capital stock tax | (6 | ) | — | ||||
Foreign currency exchange rates | (8 | ) | (15 | ) | |||
Other | (2 | ) | 2 | ||||
Total | $ | (9 | ) | $ | 2 |
2023 vs. 2022 | ||||||
$ | 20 | |||||
Property tax expense (a) | 42 | |||||
Other | (2) | |||||
Total | $ | 60 |
2023 vs. 2022 | |||||
Defined benefit plans - non-service credits (Note 11) | $ | (7) | |||
Interest income | 28 | ||||
AFUDC - equity component | 8 | ||||
Talen litigation (a) | (125) | ||||
Other | 2 | ||||
Total | $ | (94) |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Long-term debt interest expense (a) | $ | 34 | $ | 63 | |||
Short-term debt interest | 7 | 2 | |||||
Hedging activities and ineffectiveness | 1 | (4 | ) | ||||
Foreign currency exchange rates | (26 | ) | (43 | ) | |||
Other | (3 | ) | (1 | ) | |||
Total | $ | 13 | $ | 17 |
2023 vs. 2022 | |||||
Long-term debt (a) | 144 | ||||
Short-term debt | 6 | ||||
Other | 3 | ||||
Total | $ | 153 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Change in pre-tax income at current period tax rates | $ | (223 | ) | $ | 184 | ||
Valuation allowance adjustments (a) | 20 | (8 | ) | ||||
Federal and state tax reserve adjustments (b) | — | 22 | |||||
Foreign income tax return adjustments | (10 | ) | 2 | ||||
U.S. income tax on foreign earnings net of foreign tax credit (c) | 89 | (50 | ) | ||||
Impact of U.K. Finance Acts (d) | 33 | 42 | |||||
Deferred tax impact of U.S. tax reform (e) | 220 | — | |||||
Stock-based compensation (f) | 7 | (10 | ) | ||||
Other | — | 1 | |||||
Total | $ | 136 | $ | 183 |
2023 vs. 2022 | |||||
(8) | |||||
Income tax credits | (19) | ||||
Amortization of | 6 | ||||
Other | 4 | ||||
Total | $ | (17) |
Change | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
Kentucky Regulated (a) | $ | 552 | $ | 549 | $ | 3 | |||||||||||
Pennsylvania Regulated | 519 | 525 | (6) | ||||||||||||||
Rhode Island Regulated | 96 | (44) | 140 | ||||||||||||||
Corporate and Other (a)(b) | (427) | (316) | (111) | ||||||||||||||
Discontinued Operations (c) | — | 42 | (42) | ||||||||||||||
Net Income (Loss) | $ | 740 | $ | 756 | $ | (16) |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
U.K. Regulated | $ | 652 | $ | 1,246 | $ | 1,121 | $ | (594 | ) | $ | 125 | ||||||||
Kentucky Regulated | 286 | 398 | 326 | (112 | ) | 72 | |||||||||||||
Pennsylvania Regulated | 359 | 338 | 252 | 21 | 86 | ||||||||||||||
Corporate and Other (a) | (169 | ) | (80 | ) | (96 | ) | (89 | ) | 16 | ||||||||||
Discontinued Operations (b) | — | — | (921 | ) | — | 921 | |||||||||||||
Net Income | $ | 1,128 | $ | 1,902 | $ | 682 | $ | (774 | ) | $ | 1,220 |
Change | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
Kentucky Regulated (a) | $ | 564 | $ | 557 | $ | 7 | |||||||||||
Pennsylvania Regulated | 548 | 516 | 32 | ||||||||||||||
Rhode Island Regulated | 152 | 65 | 87 | ||||||||||||||
Corporate and Other (a) | (81) | (97) | 16 | ||||||||||||||
Earnings from Ongoing Operations | $ | 1,183 | $ | 1,041 | $ | 142 |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
U.K. Regulated | $ | 885 | $ | 1,015 | $ | 968 | $ | (130 | ) | $ | 47 | ||||||||
Kentucky Regulated | 395 | 398 | 343 | (3 | ) | 55 | |||||||||||||
Pennsylvania Regulated | 349 | 338 | 252 | 11 | 86 | ||||||||||||||
Corporate and Other | (76 | ) | (77 | ) | (74 | ) | 1 | (3 | ) | ||||||||||
Earnings from Ongoing Operations | $ | 1,553 | $ | 1,674 | $ | 1,489 | $ | (121 | ) | $ | 185 |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
Operating revenues | $ | 2,091 | $ | 2,207 | $ | 2,410 | $ | (116 | ) | $ | (203 | ) | |||||||
Other operation and maintenance | 272 | 344 | 477 | (72 | ) | (133 | ) | ||||||||||||
Depreciation | 230 | 233 | 242 | (3 | ) | (9 | ) | ||||||||||||
Taxes, other than income | 127 | 135 | 148 | (8 | ) | (13 | ) | ||||||||||||
Total operating expenses | 629 | 712 | 867 | (83 | ) | (155 | ) | ||||||||||||
Other Income (Expense) - net | (261 | ) | 386 | 123 | (647 | ) | 263 | ||||||||||||
Interest Expense | 397 | 402 | 417 | (5 | ) | (15 | ) | ||||||||||||
Income Taxes | 152 | 233 | 128 | (81 | ) | 105 | |||||||||||||
Net Income | 652 | 1,246 | 1,121 | (594 | ) | 125 | |||||||||||||
Less: Special Items | (233 | ) | 231 | 153 | (464 | ) | 78 | ||||||||||||
Earnings from Ongoing Operations | $ | 885 | $ | 1,015 | $ | 968 | $ | (130 | ) | $ | 47 |
Income Statement Line Item | 2017 | 2016 | 2015 | ||||||||||
Foreign currency economic hedges, net of tax of $59, $4, ($30) (a) | Other Income (Expense) - net | $ | (111 | ) | $ | (8 | ) | $ | 55 | ||||
U.S. tax reform (b) | Income Taxes | (122 | ) | — | — | ||||||||
Settlement of foreign currency contracts, net of tax of $0, ($108), $0 (c) | Other Income (Expense) - net | — | 202 | — | |||||||||
Change in U.K. tax rate (d) | Income Taxes | — | 37 | 78 | |||||||||
WPD Midlands acquisition-related adjustment, net of tax of $0, $0, ($1) | Other operation and maintenance | — | — | 2 | |||||||||
Settlement of certain income tax positions (e) | Income Taxes | — | — | 18 | |||||||||
Total | $ | (233 | ) | $ | 231 | $ | 153 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
U.K. | |||||||
Gross margins | $ | 30 | $ | 62 | |||
Other operation and maintenance | 64 | 94 | |||||
Depreciation | (14 | ) | (18 | ) | |||
Interest expense | (21 | ) | (28 | ) | |||
Other | (6 | ) | (3 | ) | |||
Income taxes | 11 | (18 | ) | ||||
U.S. | |||||||
Interest expense and other | 1 | (2 | ) | ||||
Income taxes | (10 | ) | 41 | ||||
Foreign currency exchange, after-tax | (185 | ) | (81 | ) | |||
Earnings from Ongoing Operations | (130 | ) | 47 | ||||
Special items, after-tax | (464 | ) | 78 | ||||
Net Income | $ | (594 | ) | $ | 125 |
Change | ||||||||||||||||||||||||||||||||||||||||||
Change | 2023 | 2022 (a) | 2023 vs. 2022 | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | ||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 3,156 | $ | 3,141 | $ | 3,115 | $ | 15 | $ | 26 | ||||||||||||||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||||||||||||||||||||
Fuel | 759 | 791 | 863 | (32 | ) | (72 | ) | |||||||||||||||||||||||||||||||||||
Energy purchases | 178 | 171 | 184 | 7 | (13 | ) | ||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 806 | 804 | 837 | 2 | (33 | ) | ||||||||||||||||||||||||||||||||||||
Depreciation | 439 | 404 | 382 | 35 | 22 | |||||||||||||||||||||||||||||||||||||
Taxes, other than income | 65 | 62 | 57 | 3 | 5 | |||||||||||||||||||||||||||||||||||||
Total operating expenses | 2,247 | 2,232 | 2,323 | 15 | (91 | ) | ||||||||||||||||||||||||||||||||||||
Other Income (Expense) - net | (3 | ) | (9 | ) | (13 | ) | 6 | 4 | ||||||||||||||||||||||||||||||||||
Interest Expense | 261 | 260 | 232 | 1 | 28 | |||||||||||||||||||||||||||||||||||||
Income Taxes | 359 | 242 | 221 | 117 | 21 | |||||||||||||||||||||||||||||||||||||
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Net Income | 286 | 398 | 326 | (112 | ) | 72 | ||||||||||||||||||||||||||||||||||||
Less: Special Items | (109 | ) | — | (17 | ) | (109 | ) | 17 | ||||||||||||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 395 | $ | 398 | $ | 343 | $ | (3 | ) | $ | 55 |
Income Statement Line Item | 2023 | 2022 | |||||||||||||||
Strategic corporate initiatives, net of tax of $0, $3 (a) | Other operation and maintenance | $ | (1) | $ | (8) | ||||||||||||
FERC transmission credit refund, net of tax of $2 (b) | Other operation and maintenance | (6) | — | ||||||||||||||
Unbilled revenue estimate adjustment, net of tax of $2 (c) | Operating Revenues | (5) | — | ||||||||||||||
Total | $ | (12) | $ | (8) |
Income Statement Line Item | 2017 | 2016 | 2015 | ||||||||||
U.S. tax reform (a) | Income Taxes | $ | (112 | ) | $ | — | $ | — | |||||
Adjustment to investment, net of tax of $0, $0, $0 (b) | Other Income (Expense) - net | (1 | ) | — | — | ||||||||
Settlement of indemnification agreement, net of tax of ($2), $0, $0 (c) | Other Income (Expense) - net | 4 | — | — | |||||||||
Certain income tax valuation allowances (d) | Income Taxes | — | — | (12 | ) | ||||||||
LKE acquisition - related adjustment, net of tax of $0, $0, $0 (e) | Other Income (Expense) - net | �� | — | (5 | ) | ||||||||
Total | $ | (109 | ) | $ | — | $ | (17 | ) |
2023 vs. 2022 | |||||
Operating Revenues | $ | (352) | |||
Fuel | 198 | ||||
Energy purchases | 81 | ||||
Other operation and maintenance | 131 | ||||
Depreciation | (11) | ||||
Taxes, other than income | (1) | ||||
Other Income (Expense) - net | — | ||||
Interest Expense | (30) | ||||
Income Taxes | (9) | ||||
Earnings from Ongoing Operations | 7 | ||||
Special Items, after-tax | (4) | ||||
Net Income | $ | 3 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Kentucky Gross Margins | $ | 29 | $ | 83 | |||
Other operation and maintenance | — | 42 | |||||
Depreciation | (27 | ) | (4 | ) | |||
Taxes, other than income | (2 | ) | (4 | ) | |||
Other Income (Expense) - net | 1 | (1 | ) | ||||
Interest Expense | (1 | ) | (28 | ) | |||
Income Taxes | (3 | ) | (33 | ) | |||
Earnings from Ongoing Operations | (3 | ) | 55 | ||||
Special Items, after-tax | (109 | ) | 17 | ||||
Net Income | $ | (112 | ) | $ | 72 |
Change | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
Operating Revenues | $ | 3,008 | $ | 3,030 | $ | (22) | |||||||||||
Energy purchases | 992 | 1,048 | (56) | ||||||||||||||
Other operation and maintenance | 605 | 605 | — | ||||||||||||||
Depreciation | 397 | 393 | 4 | ||||||||||||||
Taxes, other than income | 143 | 149 | (6) | ||||||||||||||
Total operating expenses | 2,137 | 2,195 | (58) | ||||||||||||||
Other Income (Expense) - net | 39 | 35 | 4 | ||||||||||||||
Interest Expense | 223 | 171 | 52 | ||||||||||||||
Income Taxes | 168 | 174 | (6) | ||||||||||||||
Net Income | 519 | 525 | (6) | ||||||||||||||
Less: Special Items | (29) | 9 | (38) | ||||||||||||||
Earnings from Ongoing Operations | $ | 548 | $ | 516 | $ | 32 |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
Operating revenues | $ | 2,195 | $ | 2,156 | $ | 2,124 | $ | 39 | $ | 32 | |||||||||
Energy purchases | |||||||||||||||||||
External | 507 | 535 | 657 | (28 | ) | (122 | ) | ||||||||||||
Intersegment | — | — | 14 | — | (14 | ) | |||||||||||||
Other operation and maintenance | 571 | 601 | 607 | (30 | ) | (6 | ) | ||||||||||||
Depreciation | 309 | 253 | 214 | 56 | 39 | ||||||||||||||
Taxes, other than income | 107 | 105 | 94 | 2 | 11 | ||||||||||||||
Total operating expenses | 1,494 | 1,494 | 1,586 | — | (92 | ) | |||||||||||||
Other Income (Expense) - net | 16 | 17 | 8 | (1 | ) | 9 | |||||||||||||
Interest Expense | 142 | 129 | 130 | 13 | (1 | ) | |||||||||||||
Income Taxes | 216 | 212 | 164 | 4 | 48 | ||||||||||||||
Net Income | 359 | 338 | 252 | 21 | 86 | ||||||||||||||
Less: Special Items | 10 | — | — | 10 | — | ||||||||||||||
Earnings from Ongoing Operations | $ | 349 | $ | 338 | $ | 252 | $ | 11 | $ | 86 |
Income Statement Line Item | Income Statement Line Item | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
PA tax rate change (a) | |||||||||||||||||||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $10 (b) | |||||||||||||||||||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $0 (b) | |||||||||||||||||||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $1 (c) | |||||||||||||||||||||||||||||||||||||||||
Other non-recurring charges, net of tax of $1 (d) | |||||||||||||||||||||||||||||||||||||||||
Income Statement Line Item | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||
U.S. tax reform (a) | Income Taxes | $ | 10 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Total | $ | 10 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Total |
2023 vs. 2022 | |||||
Operating Revenues | $ | (22) | |||
Energy purchases | 56 | ||||
Other operation and maintenance | 40 | ||||
Depreciation | (4) | ||||
Taxes, other than income | 6 | ||||
Other Income (Expense) - net | 5 | ||||
Interest Expense | (52) | ||||
Income Taxes | 3 | ||||
Earnings from Ongoing Operations | 32 | ||||
Special Items, after-tax | (38) | ||||
Net Income | $ | (6) |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Pennsylvania Gross Margins | $ | 31 | $ | 177 | |||
Other operation and maintenance | 42 | — | |||||
Depreciation | (35 | ) | (39 | ) | |||
Taxes, other than income | 1 | (14 | ) | ||||
Other Income (Expense) - net | (1 | ) | 9 | ||||
Interest Expense | (13 | ) | 1 | ||||
Income Taxes | (14 | ) | (48 | ) | |||
Earnings from Ongoing Operations | 11 | 86 | |||||
Special Item, after-tax | 10 | — | |||||
Net Income | $ | 21 | $ | 86 |
Change | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
Operating Revenues | $ | 1,851 | $ | 1,038 | $ | 813 | |||||||||||
Energy purchases | 658 | 365 | 293 | ||||||||||||||
Other operation and maintenance | 705 | 531 | 174 | ||||||||||||||
Depreciation | 156 | 92 | 64 | ||||||||||||||
Taxes, other than income | 156 | 92 | 64 | ||||||||||||||
Total operating expenses | 1,675 | 1,080 | 595 | ||||||||||||||
Other Income (Expense) - net | 19 | 23 | (4) | ||||||||||||||
Interest Expense | 83 | 39 | 44 | ||||||||||||||
Income Taxes | 16 | (14) | 30 | ||||||||||||||
Net Income (Loss) | 96 | (44) | 140 | ||||||||||||||
Less: Special Items | (56) | (109) | 53 | ||||||||||||||
Earnings from Ongoing Operations | $ | 152 | $ | 65 | $ | 87 |
Income Statement Line Item | 2023 | 2022 | |||||||||||||||||||||||||||
Acquisition integration, net of tax of $17, $18 (a) | Other operation and maintenance | $ | (65) | $ | (70) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $0 | Other Income (Expense) - net | — | 1 | ||||||||||||||||||||||||||
Acquisition integration, net of tax of ($2), $10 (b) | Operating Revenues | 8 | (40) | ||||||||||||||||||||||||||
Acquisition integration, net of tax of ($1) | Depreciation | 2 | — | ||||||||||||||||||||||||||
Acquisition integration, net of tax of $0 | Interest Expense | (1) | — | ||||||||||||||||||||||||||
Total Special Items | $ | (56) | $ | (109) |
2023 vs. 2022 | |||||
Operating Revenues | $ | 753 | |||
Energy purchases | (293) | ||||
Other operation and maintenance | (180) | ||||
Depreciation | (67) | ||||
Taxes, other than income | (64) | ||||
Other Income (Expense) - net | (3) | ||||
Interest Expense | (43) | ||||
Income Taxes | (16) | ||||
Earnings from Ongoing Operations | 87 | ||||
Special Items, after-tax | 53 | ||||
Net Income | $ | 140 |
2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KY Regulated | PA Regulated | RI Regulated | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 552 | $ | 519 | $ | 96 | $ | (427) | $ | 740 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $26 (a) | — | — | — | (99) | (99) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $0, $1, $3 (b) | (1) | (2) | — | (10) | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition integration, net of tax of $14, $58 (c) | — | — | (56) | (218) | (274) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of Safari Holdings, net of tax of $0 (d) | — | — | — | (4) | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $10 (e) | — | (24) | — | — | (24) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FERC transmission credit refund, net of tax of $2 (f) | (6) | — | — | — | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unbilled revenue estimate adjustment, net of tax of $2 (g) | (5) | — | — | — | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-recurring charges, net of tax of $1, $0 (h) | — | (3) | — | (15) | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Special Items | (12) | (29) | (56) | (346) | (443) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 564 | $ | 548 | $ | 152 | $ | (81) | $ | 1,183 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||
U.K. Regulated | KY Regulated | PA Regulated | Corporate and Other | Total | |||||||||||||||
Net Income | $ | 652 | $ | 286 | $ | 359 | $ | (169 | ) | $ | 1,128 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges, net of tax of $59 | (111 | ) | — | — | — | (111 | ) | ||||||||||||
Spinoff of the Supply segment, net of tax of ($1) | — | — | — | 4 | 4 | ||||||||||||||
Other: | |||||||||||||||||||
U.S. tax reform (a) | (122 | ) | (112 | ) | 10 | (97 | ) | (321 | ) | ||||||||||
Adjustment to investment, net of tax of $0 | — | (1 | ) | — | — | (1 | ) | ||||||||||||
Settlement of indemnification agreement, net of tax of ($2) | — | 4 | — | — | 4 | ||||||||||||||
Total Special Items | (233 | ) | (109 | ) | 10 | (93 | ) | (425 | ) | ||||||||||
Earnings from Ongoing Operations | $ | 885 | $ | 395 | $ | 349 | $ | (76 | ) | $ | 1,553 |
2016 | |||||||||||||||||||
U.K. Regulated | KY Regulated | PA Regulated | Corporate and Other | Total | |||||||||||||||
Net Income | $ | 1,246 | $ | 398 | $ | 338 | $ | (80 | ) | $ | 1,902 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges, net of tax of $4 | (8 | ) | — | — | — | (8 | ) | ||||||||||||
Spinoff of the Supply segment, net of tax of $2 | — | — | — | (3 | ) | (3 | ) | ||||||||||||
Other: | |||||||||||||||||||
Settlement of foreign currency contracts, net of tax of ($108) | 202 | — | — | — | 202 | ||||||||||||||
Change in U.K. tax rate | 37 | — | — | — | 37 | ||||||||||||||
Total Special Items | 231 | — | — | (3 | ) | 228 | |||||||||||||
Earnings from Ongoing Operations | $ | 1,015 | $ | 398 | $ | 338 | $ | (77 | ) | $ | 1,674 |
2015 | |||||||||||||||||||||||
U.K. Regulated | KY Regulated | PA Regulated | Corporate and Other | Discontinued Operations | Total | ||||||||||||||||||
Net Income | $ | 1,121 | $ | 326 | $ | 252 | $ | (96 | ) | $ | (921 | ) | $ | 682 | |||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||
Foreign currency economic hedges, net of tax of ($30) | 55 | — | — | — | — | 55 | |||||||||||||||||
Spinoff of the Supply segment: | |||||||||||||||||||||||
Discontinued operations, net of tax of $30 | — | — | — | — | (921 | ) | (921 | ) | |||||||||||||||
Transition and transaction costs, net of tax of $6 | — | — | — | (12 | ) | — | (12 | ) | |||||||||||||||
Employee transitional services, net of tax of $2 | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||
Separation benefits, net of tax of $3 | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||
Other | |||||||||||||||||||||||
Change in U.K. tax rate | 78 | — | — | — | — | 78 | |||||||||||||||||
Settlement of certain income tax positions | 18 | — | — | — | — | 18 | |||||||||||||||||
WPD Midlands acquisition-related adjustment, net of tax of ($1) | 2 | — | — | — | — | 2 | |||||||||||||||||
Certain income tax valuation allowances | — | (12 | ) | — | — | — | (12 | ) | |||||||||||||||
LKE acquisition-related adjustment, net of tax of $0 | — | (5 | ) | — | — | — | (5 | ) | |||||||||||||||
Total Special Items | 153 | (17 | ) | — | (22 | ) | (921 | ) | (807 | ) | |||||||||||||
Earnings from Ongoing Operations | $ | 968 | $ | 343 | $ | 252 | $ | (74 | ) | $ | — | $ | 1,489 |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
U.K. Regulated | |||||||||||||||||||
U.K. Gross Margins | $ | 1,952 | $ | 2,067 | $ | 2,243 | $ | (115 | ) | $ | (176 | ) | |||||||
Impact of changes in foreign currency exchange rates | (145 | ) | (238 | ) | |||||||||||||||
U.K. Gross Margins excluding impact of foreign currency exchange rates | $ | 30 | $ | 62 | |||||||||||||||
Kentucky Regulated | |||||||||||||||||||
Kentucky Gross Margins | |||||||||||||||||||
LG&E | $ | 910 | $ | 887 | $ | 867 | $ | 23 | $ | 20 | |||||||||
KU | 1,128 | 1,122 | 1,059 | 6 | 63 | ||||||||||||||
Total Kentucky Gross Margins | $ | 2,038 | $ | 2,009 | $ | 1,926 | $ | 29 | $ | 83 | |||||||||
Pennsylvania Regulated | |||||||||||||||||||
Pennsylvania Gross Margins | |||||||||||||||||||
Distribution | $ | 958 | $ | 960 | $ | 842 | $ | (2 | ) | $ | 118 | ||||||||
Transmission | 487 | 454 | 395 | 33 | 59 | ||||||||||||||
Total Pennsylvania Gross Margins | $ | 1,445 | $ | 1,414 | $ | 1,237 | $ | 31 | $ | 177 |
2017 | |||||||||||||||||||
U.K. Gross Margins | Kentucky Gross Margins | PA Gross Margins | Other (a) | Operating Income (b) | |||||||||||||||
Operating Revenues | $ | 2,050 | (c) | $ | 3,156 | $ | 2,195 | $ | 46 | $ | 7,447 | ||||||||
Operating Expenses | |||||||||||||||||||
Fuel | — | 759 | — | — | 759 | ||||||||||||||
Energy purchases | — | 178 | 507 | — | 685 | ||||||||||||||
Other operation and maintenance | 98 | 111 | 120 | 1,306 | 1,635 | ||||||||||||||
Depreciation | — | 64 | 21 | 923 | 1,008 | ||||||||||||||
Taxes, other than income | — | 6 | 102 | 184 | 292 | ||||||||||||||
Total Operating Expenses | 98 | 1,118 | 750 | 2,413 | 4,379 | ||||||||||||||
Total | $ | 1,952 | $ | 2,038 | $ | 1,445 | $ | (2,367 | ) | $ | 3,068 |
2016 | |||||||||||||||||||
U.K. Gross Margins | Kentucky Gross Margins | PA Gross Margins | Other (a) | Operating Income (b) | |||||||||||||||
Operating Revenues | $ | 2,165 | (c) | $ | 3,141 | $ | 2,156 | $ | 55 | $ | 7,517 | ||||||||
Operating Expenses | |||||||||||||||||||
Fuel | — | 791 | — | — | 791 | ||||||||||||||
Energy purchases | — | 171 | 535 | — | 706 | ||||||||||||||
Other operation and maintenance | 98 | 109 | 108 | 1,430 | 1,745 | ||||||||||||||
Depreciation | — | 56 | — | 870 | 926 | ||||||||||||||
Taxes, other than income | — | 5 | 99 | 197 | 301 | ||||||||||||||
Total Operating Expenses | 98 | 1,132 | 742 | 2,497 | 4,469 | ||||||||||||||
Total | $ | 2,067 | $ | 2,009 | $ | 1,414 | $ | (2,442 | ) | $ | 3,048 |
2015 | |||||||||||||||||||
U.K. Gross Margins | Kentucky Gross Margins | PA Gross Margins | Other (a) | Operating Income (b) | |||||||||||||||
Operating Revenues | $ | 2,364 | (c) | $ | 3,115 | $ | 2,124 | $ | 66 | $ | 7,669 | ||||||||
Operating Expenses | |||||||||||||||||||
Fuel | — | 863 | — | — | 863 | ||||||||||||||
Energy purchases | — | 184 | 657 | 14 | 855 | ||||||||||||||
Energy purchases from affiliate | — | — | 14 | (14 | ) | — | |||||||||||||
Other operation and maintenance | 121 | 100 | 114 | 1,603 | 1,938 | ||||||||||||||
Depreciation | — | 38 | — | 845 | 883 | ||||||||||||||
Taxes, other than income | — | 4 | 102 | 193 | 299 | ||||||||||||||
Total Operating Expenses | 121 | 1,189 | 887 | 2,641 | 4,838 | ||||||||||||||
Total | $ | 2,243 | $ | 1,926 | $ | 1,237 | $ | (2,575 | ) | $ | 2,831 |
2022 | |||||||||||||||||||||||||||||||||||||||||
KY Regulated (g) | PA Regulated | RI Regulated | Corporate and Other (g) | Discontinued Operations (a) | Total | ||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 549 | $ | 525 | $ | (44) | $ | (316) | $ | 42 | $ | 756 | |||||||||||||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from Discontinued Operations (a) | — | — | — | — | 42 | 42 | |||||||||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $0 (b) | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $3, $4 (c) | (8) | — | — | (15) | — | (23) | |||||||||||||||||||||||||||||||||||
Acquisition integration, net of tax of $28, $39 (d) | — | — | (109) | (148) | — | (257) | |||||||||||||||||||||||||||||||||||
PA tax rate change (e) | — | 9 | — | (4) | — | 5 | |||||||||||||||||||||||||||||||||||
Sale of Safari Holdings, net of tax of $16 (f) | — | — | — | (53) | — | (53) | |||||||||||||||||||||||||||||||||||
Total Special Items | (8) | 9 | (109) | (219) | 42 | (285) | |||||||||||||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 557 | $ | 516 | $ | 65 | $ | (97) | $ | — | $ | 1,041 |
Change | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
Operating Revenues | $ | 3,008 | $ | 3,030 | $ | (22) | |||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Energy purchases | 992 | 1,048 | (56) | ||||||||||||||
Other operation and maintenance | 605 | 605 | — | ||||||||||||||
Depreciation | 397 | 393 | 4 | ||||||||||||||
Taxes, other than income | 143 | 149 | (6) | ||||||||||||||
Total Operating Expenses | 2,137 | 2,195 | (58) | ||||||||||||||
Other Income (Expense) - net | 39 | 30 | 9 | ||||||||||||||
Interest Income from Affiliate | — | 5 | (5) | ||||||||||||||
Interest Expense | 223 | 171 | 52 | ||||||||||||||
Income Taxes | 168 | 174 | (6) | ||||||||||||||
Net Income | $ | 519 | $ | 525 | $ | (6) |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
Operating Revenues | $ | 2,195 | $ | 2,156 | $ | 2,124 | $ | 39 | $ | 32 | |||||||||
Operating Expenses | |||||||||||||||||||
Operation | |||||||||||||||||||
Energy purchases | 507 | 535 | 657 | (28 | ) | (122 | ) | ||||||||||||
Energy purchases from affiliate | — | — | 14 | — | (14 | ) | |||||||||||||
Other operation and maintenance | 571 | 599 | 607 | (28 | ) | (8 | ) | ||||||||||||
Depreciation | 309 | 253 | 214 | 56 | 39 | ||||||||||||||
Taxes, other than income | 107 | 105 | 94 | 2 | 11 | ||||||||||||||
Total Operating Expenses | 1,494 | 1,492 | 1,586 | 2 | (94 | ) | |||||||||||||
Other Income (Expense) - net | 11 | 17 | 8 | (6 | ) | 9 | |||||||||||||
Interest Income from Affiliate | 5 | — | — | 5 | — | ||||||||||||||
Interest Expense | 142 | 129 | 130 | 13 | (1 | ) | |||||||||||||
Income Taxes | 213 | 212 | 164 | 1 | 48 | ||||||||||||||
Net Income | $ | 362 | $ | 340 | $ | 252 | $ | 22 | $ | 88 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Distribution Price (a) | $ | 53 | $ | 126 | |||
Distribution volume | (21 | ) | (9 | ) | |||
PLR (b) | (16 | ) | (135 | ) | |||
Transmission Formula Rate | 34 | 59 | |||||
Other | (11 | ) | (9 | ) | |||
Total | $ | 39 | $ | 32 |
2023 vs. 2022 | |||||
Distribution Price (a) |
$ | 58 | ||||
Distribution volume (b) | |||||
PLR (c) | (61) | ||||
Transmission Formula Rate (d) | 51 | ||||
Other | (2) | ||||
Total | $ | (22) |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Act 129 | $ | 9 | $ | (15 | ) | ||
Universal service programs | (3 | ) | 3 | ||||
Contractor-related expenses | (4 | ) | 7 | ||||
Vegetation management | (17 | ) | 4 | ||||
Payroll-related costs | (12 | ) | (26 | ) | |||
Corporate service costs | 19 | 8 | |||||
Storm costs | 5 | 9 | |||||
Bad debts | (17 | ) | (4 | ) | |||
Environmental costs | — | (6 | ) | ||||
Other | (8 | ) | 12 | ||||
Total | $ | (28 | ) | $ | (8 | ) |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Change in pre-tax income at current period tax rates | $ | 10 | $ | 58 | |||
Depreciation not normalized | — | (5 | ) | ||||
Deferred tax impact of U.S. tax reform (a) | (13 | ) | — | ||||
Stock-based compensation (b) | 4 | (6 | ) | ||||
Other | — | 1 | |||||
Total | $ | 1 | $ | 48 |
2017 | 2016 | 2015 | |||||||||
Net Income | $ | 362 | $ | 340 | $ | 252 | |||||
Special item, gain (loss), after-tax | 10 | — | — |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Pennsylvania Gross Margins | $ | 31 | $ | 177 | |||
Other operation and maintenance | 40 | 2 | |||||
Depreciation | (35 | ) | (39 | ) | |||
Taxes, other than income | 1 | (14 | ) | ||||
Other Income (Expense) - net | (1 | ) | 9 | ||||
Interest Expense | (13 | ) | 1 | ||||
Income Taxes | (11 | ) | (48 | ) | |||
Special Item, after-tax | 10 | — | |||||
Net Income | $ | 22 | $ | 88 |
2017 | 2016 | ||||||||||||||||||||||
PA Gross Margins | Other (a) | Operating Income (b) | PA Gross Margins | Other (a) | Operating Income (b) | ||||||||||||||||||
Operating Revenues | $ | 2,195 | $ | — | $ | 2,195 | $ | 2,156 | $ | — | $ | 2,156 | |||||||||||
Operating Expenses | |||||||||||||||||||||||
Energy purchases | 507 | — | 507 | 535 | — | 535 | |||||||||||||||||
Other operation and maintenance | 120 | 451 | 571 | 108 | 491 | 599 | |||||||||||||||||
Depreciation | 21 | 288 | 309 | — | 253 | 253 | |||||||||||||||||
Taxes, other than income | 102 | 5 | 107 | 99 | 6 | 105 | |||||||||||||||||
Total Operating Expenses | 750 | 744 | 1,494 | 742 | 750 | 1,492 | |||||||||||||||||
Total | $ | 1,445 | $ | (744 | ) | $ | 701 | $ | 1,414 | $ | (750 | ) | $ | 664 |
2015 | |||||||||||
PA Gross Margins | Other (a) | Operating Income (b) | |||||||||
Operating Revenues | $ | 2,124 | $ | — | $ | 2,124 | |||||
Operating Expenses | |||||||||||
Energy purchases | 657 | — | 657 | ||||||||
Energy purchases from affiliate | 14 | — | 14 | ||||||||
Other operation and maintenance | 114 | 493 | 607 | ||||||||
Depreciation | — | 214 | 214 | ||||||||
Taxes, other than income | 102 | (8 | ) | 94 | |||||||
Total Operating Expenses | 887 | 699 | 1,586 | ||||||||
Total | $ | 1,237 | $ | (699 | ) | $ | 538 |
Change | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
Operating Revenues | |||||||||||||||||
Retail and wholesale | $ | 1,580 | $ | 1,762 | $ | (182) | |||||||||||
Electric revenue from affiliate | 33 | 36 | (3) | ||||||||||||||
Total Operating Revenues | 1,613 | 1,798 | (185) | ||||||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 286 | 346 | (60) | ||||||||||||||
Energy purchases | 168 | 245 | (77) | ||||||||||||||
Energy purchases from affiliates | 12 | 25 | (13) | ||||||||||||||
Other operation and maintenance | 364 | 416 | (52) | ||||||||||||||
Depreciation | 302 | 298 | 4 | ||||||||||||||
Taxes, other than income | 48 | 48 | — | ||||||||||||||
Total Operating Expenses | 1,180 | 1,378 | (198) | ||||||||||||||
Other Income (Expense) - net | 3 | 4 | (1) | ||||||||||||||
Interest Income from Affiliates | 1 | — | 1 | ||||||||||||||
Interest Expense | 102 | 89 | 13 | ||||||||||||||
Income Taxes | 69 | 63 | 6 | ||||||||||||||
Net Income | $ | 266 | $ | 272 | $ | (6) |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
Operating Revenues | $ | 3,156 | $ | 3,141 | $ | 3,115 | $ | 15 | $ | 26 | |||||||||
Operating Expenses | |||||||||||||||||||
Operation | |||||||||||||||||||
Fuel | 759 | 791 | 863 | (32 | ) | (72 | ) | ||||||||||||
Energy purchases | 178 | 171 | 184 | 7 | (13 | ) | |||||||||||||
Other operation and maintenance | 806 | 804 | 837 | 2 | (33 | ) | |||||||||||||
Depreciation | 439 | 404 | 382 | 35 | 22 | ||||||||||||||
Taxes, other than income | 65 | 62 | 57 | 3 | 5 | ||||||||||||||
Total Operating Expenses | 2,247 | 2,232 | 2,323 | 15 | (91 | ) | |||||||||||||
Other Income (Expense) - net | (3 | ) | (9 | ) | (8 | ) | 6 | (1 | ) | ||||||||||
Interest Expense | 197 | 197 | 178 | — | 19 | ||||||||||||||
Interest Expense with Affiliate | 18 | 17 | 3 | 1 | 14 | ||||||||||||||
Income Taxes | 375 | 257 | 239 | 118 | 18 | ||||||||||||||
Net Income | $ | 316 | $ | 429 | $ | 364 | $ | (113 | ) | $ | 65 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Base rates | $ | 58 | $ | 68 | |||
Volumes (a) | (73 | ) | 1 | ||||
Fuel and other energy prices (b) | 10 | (81 | ) | ||||
ECR | 10 | 39 | |||||
Other | 10 | (1 | ) | ||||
Total | $ | 15 | $ | 26 |
2023 vs. 2022 | |||||
Fuel and other energy purchases (a) |
$ | (160) | ||||
Volumes (b) | |||||
Economic relief billing credit, net of | 12 | ||||
Total | $ | (185) |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Plant operations and maintenance (a) | $ | (2 | ) | $ | (19 | ) | |
Pension expense | 1 | (12 | ) | ||||
Timing and scope of scheduled generation maintenance outages | (1 | ) | (5 | ) | |||
Storm costs | (1 | ) | (3 | ) | |||
Bad debts | — | (1 | ) | ||||
Energy efficiency programs | — | 5 | |||||
Other | 5 | 2 | |||||
Total | $ | 2 | $ | (33 | ) |
2023 vs. 2022 | ||||||||
Plant operation and | $ | (13) | ||||||
Transmission credits | 3 | |||||||
Generation outage expenses | (12) | |||||||
Vegetation management expenses | (2) | |||||||
Gas maintenance and losses expenses | (11) | |||||||
Bad debt expense | (3) | |||||||
Other | (14) | |||||||
Total | $ | (52) |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Change in pre-tax income at current period tax rates | $ | 2 | $ | 32 | |||
Certain income tax valuation allowances | — | (12 | ) | ||||
U.S. tax reform (a) | 112 | — | |||||
Other | 4 | (2 | ) | ||||
Total | $ | 118 | $ | 18 |
2017 | 2016 | 2015 | |||||||||
Net Income | $ | 316 | $ | 429 | $ | 364 | |||||
Special items, gains (losses), after-tax | (109 | ) | — | (12 | ) |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Margins | $ | 29 | $ | 83 | |||
Other operation and maintenance | — | 42 | |||||
Depreciation | (27 | ) | (4 | ) | |||
Taxes, Other than income | (2 | ) | (4 | ) | |||
Other Income (Expense) - net | 1 | (1 | ) | ||||
Interest Expense | (1 | ) | (33 | ) | |||
Income Taxes | (4 | ) | (30 | ) | |||
Special items, gains (losses), after-tax (a) | (109 | ) | 12 | ||||
Net Income | $ | (113 | ) | $ | 65 |
2017 | 2016 | ||||||||||||||||||||||
Margins | Other (a) | Operating Income (b) | Margins | Other (a) | Operating Income (b) | ||||||||||||||||||
Operating Revenues | $ | 3,156 | $ | — | $ | 3,156 | $ | 3,141 | $ | — | $ | 3,141 | |||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel | 759 | — | 759 | 791 | — | 791 | |||||||||||||||||
Energy purchases | 178 | — | 178 | 171 | — | 171 | |||||||||||||||||
Other operation and maintenance | 111 | 695 | 806 | 109 | 695 | 804 | |||||||||||||||||
Depreciation | 64 | 375 | 439 | 56 | 348 | 404 | |||||||||||||||||
Taxes, other than income | 6 | 59 | 65 | 5 | 57 | 62 | |||||||||||||||||
Total Operating Expenses | 1,118 | 1,129 | 2,247 | 1,132 | 1,100 | 2,232 | |||||||||||||||||
Total | $ | 2,038 | $ | (1,129 | ) | $ | 909 | $ | 2,009 | $ | (1,100 | ) | $ | 909 |
2015 | |||||||||||
Margins | Other (a) | Operating Income (b) | |||||||||
Operating Revenues | $ | 3,115 | $ | — | $ | 3,115 | |||||
Operating Expenses | |||||||||||
Fuel | 863 | — | 863 | ||||||||
Energy purchases | 184 | — | 184 | ||||||||
Other operation and maintenance | 100 | 737 | 837 | ||||||||
Depreciation | 38 | 344 | 382 | ||||||||
Taxes, other than income | 4 | 53 | 57 | ||||||||
Total Operating Expenses | 1,189 | 1,134 | 2,323 | ||||||||
Total | $ | 1,926 | $ | (1,134 | ) | $ | 792 |
Change | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
Operating Revenues | |||||||||||||||||
Retail and wholesale | $ | 1,872 | $ | 2,049 | $ | (177) | |||||||||||
Electric revenue from affiliate | 12 | 25 | (13) | ||||||||||||||
Total Operating Revenues | 1,884 | 2,074 | (190) | ||||||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 447 | 585 | (138) | ||||||||||||||
Energy purchases | 24 | 28 | (4) | ||||||||||||||
Energy purchases from affiliates | 33 | 36 | (3) | ||||||||||||||
Other operation and maintenance | 427 | 487 | (60) | ||||||||||||||
Depreciation | 392 | 386 | 6 | ||||||||||||||
Taxes, other than income | 45 | 45 | — | ||||||||||||||
Total Operating Expenses | 1,368 | 1,567 | (199) | ||||||||||||||
Other Income (Expense) - net | 8 | 8 | — | ||||||||||||||
Interest Expense | 134 | 117 | 17 | ||||||||||||||
Interest Expense from Affiliate | 1 | — | 1 | ||||||||||||||
Income Taxes | 77 | 76 | 1 | ||||||||||||||
Net Income | $ | 312 | $ | 322 | $ | (10) |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
Operating Revenues | |||||||||||||||||||
Retail and wholesale | $ | 1,422 | $ | 1,406 | $ | 1,407 | $ | 16 | $ | (1 | ) | ||||||||
Electric revenue from affiliate | 31 | 24 | 37 | 7 | (13 | ) | |||||||||||||
Total Operating Revenues | 1,453 | 1,430 | 1,444 | 23 | (14 | ) | |||||||||||||
Operating Expenses | |||||||||||||||||||
Operation | |||||||||||||||||||
Fuel | 292 | 301 | 329 | (9 | ) | (28 | ) | ||||||||||||
Energy purchases | 160 | 153 | 166 | 7 | (13 | ) | |||||||||||||
Energy purchases from affiliates | 10 | 14 | 20 | (4 | ) | (6 | ) | ||||||||||||
Other operation and maintenance | 355 | 355 | 377 | — | (22 | ) | |||||||||||||
Depreciation | 183 | 170 | 162 | 13 | 8 | ||||||||||||||
Taxes, other than income | 33 | 32 | 28 | 1 | 4 | ||||||||||||||
Total Operating Expenses | 1,033 | 1,025 | 1,082 | 8 | (57 | ) | |||||||||||||
Other Income (Expense) - net | (5 | ) | (5 | ) | (6 | ) | — | 1 | |||||||||||
Interest Expense | 71 | 71 | 57 | — | 14 | ||||||||||||||
Income Taxes | 131 | 126 | 114 | 5 | 12 | ||||||||||||||
Net Income | $ | 213 | $ | 203 | $ | 185 | $ | 10 | $ | 18 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Base rates | $ | 32 | $ | 4 | |||
Volumes (a) | (20 | ) | (8 | ) | |||
Fuel and other energy prices (b) | — | (36 | ) | ||||
ECR | 5 | 26 | |||||
Other | 6 | — | |||||
Total | $ | 23 | $ | (14 | ) |
2023 vs. 2022 | |||||
Fuel and other energy purchases (a) | $ | (144) | |||
Volumes (b) | (60) | ||||
Economic relief billing credit, net of amortization $0 | 5 | ||||
Other | 9 | ||||
Total | $ | (190) |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Plant operations and maintenance (a) | $ | (1 | ) | $ | (21 | ) | |
Pension expense | 1 | (6 | ) | ||||
Timing and scope of scheduled generation maintenance outages | — | 3 | |||||
Storm costs | (1 | ) | (2 | ) | |||
Energy efficiency programs | — | 2 | |||||
Other | 1 | 2 | |||||
Total | $ | — | $ | (22 | ) |
2023 vs. 2022 | |||||
(18) | |||||
Transmission credits | 10 | ||||
Generation outage expenses | (15) | ||||
Vegetation management expenses | (19) | ||||
Bad debt expense | (3) | ||||
Other | (15) | ||||
Total | $ | (60) |
2017 | 2016 | 2015 | |||||||||
Net Income | $ | 213 | $ | 203 | $ | 185 | |||||
Special items, gains (losses), after-tax (a) | — | — | — |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Margins | $ | 23 | $ | 20 | |||
Other operation and maintenance | 2 | 23 | |||||
Depreciation | (10 | ) | 3 | ||||
Taxes, other than income | — | (3 | ) | ||||
Other Income (Expense) - net | — | 1 | |||||
Interest Expense | — | (14 | ) | ||||
Income Taxes | (5 | ) | (12 | ) | |||
Net Income | $ | 10 | $ | 18 |
2017 | 2016 | ||||||||||||||||||||||
Margins | Other (a) | Operating Income (b) | Margins | Other (a) | Operating Income (b) | ||||||||||||||||||
Operating Revenues | $ | 1,453 | $ | — | $ | 1,453 | $ | 1,430 | $ | — | $ | 1,430 | |||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel | 292 | — | 292 | 301 | — | 301 | |||||||||||||||||
Energy purchases | 170 | — | 170 | 167 | — | 167 | |||||||||||||||||
Other operation and maintenance | 45 | 310 | 355 | 43 | 312 | 355 | |||||||||||||||||
Depreciation | 32 | 151 | 183 | 29 | 141 | 170 | |||||||||||||||||
Taxes, other than income | 4 | 29 | 33 | 3 | 29 | 32 | |||||||||||||||||
Total Operating Expenses | 543 | 490 | 1,033 | 543 | 482 | 1,025 | |||||||||||||||||
Total | $ | 910 | $ | (490 | ) | $ | 420 | $ | 887 | $ | (482 | ) | $ | 405 |
2015 | |||||||||||
Margins | Other (a) | Operating Income (b) | |||||||||
Operating Revenues | $ | 1,444 | $ | — | $ | 1,444 | |||||
Operating Expenses | |||||||||||
Fuel | 329 | — | 329 | ||||||||
Energy purchases | 186 | — | 186 | ||||||||
Other operation and maintenance | 42 | 335 | 377 | ||||||||
Depreciation | 18 | 144 | 162 | ||||||||
Taxes, other than income | 2 | 26 | 28 | ||||||||
Total Operating Expenses | 577 | 505 | 1,082 | ||||||||
Total | $ | 867 | $ | (505 | ) | $ | 362 |
Change | |||||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||
Operating Revenues | |||||||||||||||||||
Retail and wholesale | $ | 1,734 | $ | 1,735 | $ | 1,708 | $ | (1 | ) | $ | 27 | ||||||||
Electric revenue from affiliate | 10 | 14 | 20 | (4 | ) | (6 | ) | ||||||||||||
Total Operating Revenues | 1,744 | 1,749 | 1,728 | (5 | ) | 21 | |||||||||||||
Operating Expenses | |||||||||||||||||||
Operation | |||||||||||||||||||
Fuel | 467 | 490 | 534 | (23 | ) | (44 | ) | ||||||||||||
Energy purchases | 18 | 18 | 18 | — | — | ||||||||||||||
Energy purchases from affiliates | 31 | 24 | 37 | 7 | (13 | ) | |||||||||||||
Other operation and maintenance | 424 | 424 | 435 | — | (11 | ) | |||||||||||||
Depreciation | 255 | 234 | 220 | 21 | 14 | ||||||||||||||
Taxes, other than income | 32 | 30 | 29 | 2 | 1 | ||||||||||||||
Total Operating Expenses | 1,227 | 1,220 | 1,273 | 7 | (53 | ) | |||||||||||||
Other Income (Expense) - net | (3 | ) | (5 | ) | 1 | 2 | (6 | ) | |||||||||||
Interest Expense | 96 | 96 | 82 | — | 14 | ||||||||||||||
Income Taxes | 159 | 163 | 140 | (4 | ) | 23 | |||||||||||||
Net Income | $ | 259 | $ | 265 | $ | 234 | $ | (6 | ) | $ | 31 |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Base rates | $ | 26 | $ | 64 | |||
Volumes (a) | (48 | ) | (8 | ) | |||
Fuel and other energy prices (b) | 8 | (47 | ) | ||||
ECR | 5 | 13 | |||||
Other | 4 | (1 | ) | ||||
Total | $ | (5 | ) | $ | 21 |
2017 | 2016 | 2015 | |||||||||
Net Income | $ | 259 | $ | 265 | $ | 234 | |||||
Special items, gains (losses), after tax | (1 | ) | — | — |
2017 vs. 2016 | 2016 vs. 2015 | ||||||
Margins | $ | 6 | $ | 63 | |||
Other operation and maintenance | — | 19 | |||||
Depreciation | (16 | ) | (7 | ) | |||
Taxes, Other than income | (2 | ) | (1 | ) | |||
Other Income (Expense) - net | 3 | (6 | ) | ||||
Interest Expense | — | (14 | ) | ||||
Income Taxes | 4 | (23 | ) | ||||
Special items, gains (losses), after-tax (a) | (1 | ) | — | ||||
Net Income | $ | (6 | ) | $ | 31 |
2017 | 2016 | ||||||||||||||||||||||
Margins | Other (a) | Operating Income (b) | Margins | Other (a) | Operating Income (b) | ||||||||||||||||||
Operating Revenues | $ | 1,744 | $ | — | $ | 1,744 | $ | 1,749 | $ | — | $ | 1,749 | |||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel | 467 | — | 467 | 490 | — | 490 | |||||||||||||||||
Energy purchases | 49 | — | 49 | 42 | — | 42 | |||||||||||||||||
Other operation and maintenance | 66 | 358 | 424 | 66 | 358 | 424 | |||||||||||||||||
Depreciation | 32 | 223 | 255 | 27 | 207 | 234 | |||||||||||||||||
Taxes, other than income | 2 | 30 | 32 | 2 | 28 | 30 | |||||||||||||||||
Total Operating Expenses | 616 | 611 | 1,227 | 627 | 593 | 1,220 | |||||||||||||||||
Total | $ | 1,128 | $ | (611 | ) | $ | 517 | $ | 1,122 | $ | (593 | ) | $ | 529 |
2015 | |||||||||||
Margins | Other (a) | Operating Income (b) | |||||||||
Operating Revenues | $ | 1,728 | $ | — | $ | 1,728 | |||||
Operating Expenses | |||||||||||
Fuel | 534 | — | 534 | ||||||||
Energy purchases | 55 | — | 55 | ||||||||
Other operation and maintenance | 58 | 377 | 435 | ||||||||
Depreciation | 20 | 200 | 220 | ||||||||
Taxes, other than income | 2 | 27 | 29 | ||||||||
Total Operating Expenses | 669 | 604 | 1,273 | ||||||||
Total | $ | 1,059 | $ | (604 | ) | $ | 455 |
PPL | PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt due within one year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable with affiliates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL (a) | PPL Electric | LKE | LG&E | KU | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 485 | $ | 49 | $ | 30 | $ | 15 | $ | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | 1,080 | — | 244 | 199 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt due within one year | 348 | — | 98 | 98 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable with affiliates | — | 225 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 341 | $ | 13 | $ | 13 | $ | 5 | $ | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | 923 | 295 | 185 | 169 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt due within one year | 518 | 224 | 194 | 194 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable with affiliates | — | 163 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 836 | $ | 47 | $ | 30 | $ | 19 | $ | 11 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | 916 | — | 265 | 142 | 48 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt due within one year | 485 | — | 25 | 25 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payables with affiliates | — | 54 | — | — |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2023 | |||||||||||||||||||||||
Operating activities | $ | 1,758 | $ | 912 | $ | 609 | $ | 647 | |||||||||||||||
Investing activities | (2,383) | (958) | (378) | (566) | |||||||||||||||||||
Financing activities | 650 | 72 | (280) | (64) | |||||||||||||||||||
2022 | |||||||||||||||||||||||
Operating activities | $ | 1,730 | $ | 757 | $ | 543 | $ | 661 | |||||||||||||||
Investing activities | (5,654) | (387) | (360) | (547) | |||||||||||||||||||
Financing activities | 709 | (366) | (99) | (106) | |||||||||||||||||||
2023 vs. 2022 Change | |||||||||||||||||||||||
Operating activities | $ | 28 | $ | 155 | $ | 66 | $ | (14) | |||||||||||||||
Investing activities | 3,271 | (571) | (18) | (19) | |||||||||||||||||||
Financing activities | (59) | 438 | (181) | 42 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2017 | |||||||||||||||||||
Operating activities | $ | 2,461 | $ | 880 | $ | 1,099 | $ | 512 | $ | 634 | |||||||||
Investing activities | (3,156 | ) | (1,252 | ) | (888 | ) | (458 | ) | (428 | ) | |||||||||
Financing activities | 824 | 408 | (194 | ) | (44 | ) | (198 | ) | |||||||||||
2016 | |||||||||||||||||||
Operating activities | $ | 2,890 | $ | 872 | $ | 1,027 | $ | 482 | $ | 606 | |||||||||
Investing activities | (2,918 | ) | (1,130 | ) | (790 | ) | (439 | ) | (349 | ) | |||||||||
Financing activities | (439 | ) | 224 | (254 | ) | (57 | ) | (261 | ) | ||||||||||
2015 | |||||||||||||||||||
Operating activities | $ | 2,272 | $ | 602 | $ | 1,063 | $ | 554 | $ | 608 | |||||||||
Investing activities | (3,439 | ) | (1,108 | ) | (1,203 | ) | (689 | ) | (512 | ) | |||||||||
Financing activities | 482 | 339 | 149 | 144 | (96 | ) | |||||||||||||
2017 vs. 2016 Change | |||||||||||||||||||
Operating activities | $ | (429 | ) | $ | 8 | $ | 72 | $ | 30 | $ | 28 | ||||||||
Investing activities | (238 | ) | (122 | ) | (98 | ) | (19 | ) | (79 | ) | |||||||||
Financing activities | 1,263 | 184 | 60 | 13 | 63 | ||||||||||||||
2016 vs. 2015 Change | |||||||||||||||||||
Operating activities | $ | 618 | $ | 270 | $ | (36 | ) | $ | (72 | ) | $ | (2 | ) | ||||||
Investing activities | 521 | (22 | ) | 413 | 250 | 163 | |||||||||||||
Financing activities | (921 | ) | (115 | ) | (403 | ) | (201 | ) | (165 | ) |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2023 vs. 2022 | |||||||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||||||
Net income | $ | 26 | $ | (6) | $ | (6) | $ | (10) | |||||||||||||||
Non-cash components | 81 | (54) | (6) | (10) | |||||||||||||||||||
Working capital | 253 | 158 | 81 | 28 | |||||||||||||||||||
Defined benefit plan funding | (1) | (5) | 3 | 1 | |||||||||||||||||||
Other operating activities | (331) | 62 | (6) | (23) | |||||||||||||||||||
Total | $ | 28 | $ | 155 | $ | 66 | $ | (14) |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2017 vs. 2016 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Net income | $ | (774 | ) | $ | 22 | $ | (113 | ) | $ | 10 | $ | (6 | ) | ||||||
Non-cash components | 363 | 100 | 31 | (8 | ) | 42 | |||||||||||||
Working capital | 38 | (87 | ) | 93 | (33 | ) | (14 | ) | |||||||||||
Defined benefit plan funding | (138 | ) | (24 | ) | 50 | 42 | (3 | ) | |||||||||||
Other operating activities | 82 | (3 | ) | 11 | 19 | 9 | |||||||||||||
Total | $ | (429 | ) | $ | 8 | $ | 72 | $ | 30 | $ | 28 | ||||||||
2016 vs. 2015 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Net income | $ | 299 | $ | 88 | $ | 65 | $ | 18 | $ | 31 | |||||||||
Non-cash components | 195 | 40 | 66 | 20 | (20 | ) | |||||||||||||
Working capital | 47 | 101 | (206 | ) | (100 | ) | (51 | ) | |||||||||||
Defined benefit plan funding | 72 | 33 | (15 | ) | (20 | ) | 1 | ||||||||||||
Other operating activities | 5 | 8 | 54 | 10 | 37 | ||||||||||||||
Total | $ | 618 | $ | 270 | $ | (36 | ) | $ | (72 | ) | $ | (2 | ) |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2023 vs. 2022 | |||||||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||||||
Expenditures for PP&E | $ | (235) | $ | (70) | $ | (7) | $ | (25) | |||||||||||||||
Proceeds from sale of Safari Holdings, net of cash divested | (146) | — | — | — | |||||||||||||||||||
Acquisition of Narragansett Electric, net of cash acquired | 3,660 | — | — | — | |||||||||||||||||||
Notes receivable from affiliate | — | (499) | — | — | |||||||||||||||||||
Other investing activities | (8) | (2) | (11) | 6 | |||||||||||||||||||
Total | $ | 3,271 | $ | (571) | $ | (18) | $ | (19) |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2017 vs. 2016 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Expenditures for PP&E | $ | (213 | ) | $ | (119 | ) | $ | (101 | ) | $ | (19 | ) | $ | (82 | ) | ||||
Investment activity, net | (2 | ) | — | — | — | — | |||||||||||||
Other investing activities | (23 | ) | (3 | ) | 3 | — | 3 | ||||||||||||
Total | $ | (238 | ) | $ | (122 | ) | $ | (98 | ) | $ | (19 | ) | $ | (79 | ) | ||||
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2016 vs. 2015 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Expenditures for PP&E | $ | 613 | $ | (28 | ) | $ | 419 | $ | 250 | $ | 169 | ||||||||
Investment activity, net | (134 | ) | — | — | — | — | |||||||||||||
Other investing activities | 42 | 6 | (6 | ) | — | (6 | ) | ||||||||||||
Total | $ | 521 | $ | (22 | ) | $ | 413 | $ | 250 | $ | 163 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2023 vs. 2022 | |||||||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||||||
Long-term debt issuance/retirement, net | $ | 812 | $ | 89 | $ | (136) | $ | (154) | |||||||||||||||
Dividends | 83 | 17 | 109 | 106 | |||||||||||||||||||
Capital contributions/distributions, net | — | 126 | (184) | (92) | |||||||||||||||||||
Changes in net short-term debt | (909) | 219 | (289) | (109) | |||||||||||||||||||
Note payable with affiliate | — | — | 324 | 294 | |||||||||||||||||||
Other financing activities | (45) | (13) | (5) | (3) | |||||||||||||||||||
Total | $ | (59) | $ | 438 | $ | (181) | $ | 42 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2017 vs. 2016 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Debt issuance/retirement, net | $ | 935 | $ | 470 | $ | 115 | $ | 115 | $ | — | |||||||||
Stock issuances/redemptions, net | 309 | — | — | — | — | ||||||||||||||
Dividends | (42 | ) | (48 | ) | — | (64 | ) | 22 | |||||||||||
Capital contributions/distributions, net | 355 | (147 | ) | (41 | ) | (20 | ) | ||||||||||||
Changes in net short-term debt (a) | 86 | (590 | ) | 92 | 3 | 61 | |||||||||||||
Other financing activities | (25 | ) | (3 | ) | — | — | — | ||||||||||||
Total | $ | 1,263 | $ | 184 | $ | 60 | $ | 13 | $ | 63 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2016 vs. 2015 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Debt issuance/retirement, net | $ | (824 | ) | $ | (248 | ) | $ | (175 | ) | $ | (325 | ) | $ | (250 | ) | ||||
Debt issuance/retirement, affiliate | — | (400 | ) | — | — | ||||||||||||||
Stock issuances/redemptions, net | (59 | ) | — | — | — | — | |||||||||||||
Dividends | (26 | ) | (107 | ) | — | (9 | ) | (95 | ) | ||||||||||
Capital contributions/distributions, net | (55 | ) | (161 | ) | (19 | ) | 20 | ||||||||||||
Changes in net short-term debt (a) | (65 | ) | 295 | 326 | 149 | 156 | |||||||||||||
Other financing activities | 53 | — | 7 | 3 | 4 | ||||||||||||||
Total | $ | (921 | ) | $ | (115 | ) | $ | (403 | ) | $ | (201 | ) | $ | (165 | ) |
Debt | Stock | ||||||||||||||||||||||
Issuances (a) | Retirements | Issuances (b) | Repurchases | ||||||||||||||||||||
Cash Flow Impact: | |||||||||||||||||||||||
PPL | $ | 3,252 | $ | 1,854 | $ | 5 | $ | — | |||||||||||||||
PPL Electric | 1,329 | 1,240 | — | — | |||||||||||||||||||
LG&E | 464 | 300 | — | — | |||||||||||||||||||
KU | 459 | 313 | — | — |
Debt | Net Stock | ||||||||||
Issuances (a) | Retirements | Issuances | |||||||||
Cash Flow Impact: | |||||||||||
PPL | $ | 1,515 | $ | 168 | $ | 453 | |||||
PPL Electric | 470 | — | |||||||||
LKE | 160 | 70 | |||||||||
LG&E | 160 | 70 | |||||||||
KU | — | — |
Committed Capacity | Borrowed | Letters of Credit and Commercial Paper Issued (d) | Unused Capacity | ||||||||||||||||||||
PPL Capital Funding Credit Facilities (a) | $ | 1,350 | $ | — | $ | 390 | $ | 960 | |||||||||||||||
PPL Electric Credit Facilities | 650 | — | 511 | 139 | |||||||||||||||||||
LG&E Credit Facilities | 500 | — | — | 500 | |||||||||||||||||||
KU Credit Facilities | 400 | — | 93 | 307 | |||||||||||||||||||
Total Credit Facilities (b) (c) | $ | 2,900 | $ | — | $ | 994 | $ | 1,906 |
Committed Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | Unused Capacity | ||||||||||||
PPL Capital Funding Credit Facilities | $ | 1,400 | $ | — | $ | 248 | $ | 1,152 | |||||||
PPL Electric Credit Facility | 650 | — | 1 | 649 | |||||||||||
LKE Credit Facility | 75 | — | — | 75 | |||||||||||
LG&E Credit Facilities | 700 | 100 | 199 | 401 | |||||||||||
KU Credit Facilities | 598 | — | 243 | 355 | |||||||||||
Total LKE Consolidated | 1,373 | 100 | 442 | 831 | |||||||||||
Total U.S. Credit Facilities (a) (b) | $ | 3,423 | $ | 100 | $ | 691 | $ | 2,632 | |||||||
Total U.K. Credit Facilities (b) (c) | £ | 1,055 | £ | 448 | £ | — | £ | 605 |
Committed Capacity | Borrowed | Commercial Paper Issued | Unused Capacity | ||||||||||||||||||||
LG&E Money Pool (a) | $ | 750 | $ | — | $ | — | $ | 750 | |||||||||||||||
KU Money Pool (a) | 650 | — | 93 | 557 |
Committed Capacity | Borrowed | Non-affiliate Used Capacity | Unused Capacity | ||||||||||||
LKE Credit Facility | $ | 275 | $ | 225 | $ | — | $ | 50 | |||||||
LG&E Money Pool (a) | 500 | — | 199 | 301 | |||||||||||
KU Money Pool (a) | 500 | — | 45 | 455 |
December 31, 2023 | |||||||||||||||||
Capacity | Commercial Paper Issuances (b) | Unused Capacity | |||||||||||||||
PPL Capital Funding (a) | $ | 1,350 | $ | 365 | $ | 985 | |||||||||||
Rhode Island Energy (a) | 400 | 25 | 375 | ||||||||||||||
PPL Electric | 650 | 510 | 140 | ||||||||||||||
LG&E | 500 | — | 500 | ||||||||||||||
KU | 400 | 93 | 307 | ||||||||||||||
Total PPL | $ | 3,300 | $ | 993 | $ | 2,307 |
December 31, 2017 | |||||||||||
Capacity | Commercial Paper Issuances | Unused Capacity | |||||||||
PPL Capital Funding | $ | 1,000 | $ | 230 | $ | 770 | |||||
PPL Electric | 650 | — | 650 | ||||||||
LG&E | 350 | 199 | 151 | ||||||||
KU | 350 | 45 | 305 | ||||||||
Total LKE | 700 | 244 | 456 | ||||||||
Total PPL | $ | 2,350 | $ | 474 | $ | 1,876 |
Projected | ||||||||||||||||||||||||||||||||
Total | 2024 (a) | 2025 | 2026 | |||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
Generating facilities | $ | 2,200 | $ | 625 | $ | 850 | $ | 725 | ||||||||||||||||||||||||
Electric distribution facilities | 3,275 | 1,075 | 1,125 | 1,075 | ||||||||||||||||||||||||||||
Gas distribution facilities | 1,050 | 300 | 375 | 375 | ||||||||||||||||||||||||||||
Transmission facilities | 3,700 | 1,000 | 1,275 | 1,425 | ||||||||||||||||||||||||||||
Other | 350 | 125 | 125 | 100 | ||||||||||||||||||||||||||||
Total Capital Expenditures | $ | 10,575 | $ | 3,125 | $ | 3,750 | $ | 3,700 | ||||||||||||||||||||||||
Projected | |||||||||||||||||||||||
Total | 2018 (b) | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||
PPL | |||||||||||||||||||||||
Construction expenditures (a) | |||||||||||||||||||||||
Generating facilities | $ | 892 | $ | 238 | $ | 253 | $ | 124 | $ | 204 | $ | 73 | |||||||||||
Distribution facilities | 9,244 | 1,875 | 1,819 | 1,851 | 1,863 | 1,836 | |||||||||||||||||
Transmission facilities | 3,771 | 902 | 854 | 883 | 628 | 504 | |||||||||||||||||
Environmental | 828 | 429 | 191 | 91 | 62 | 55 | |||||||||||||||||
Other | 685 | 127 | 201 | 193 | 117 | 47 | |||||||||||||||||
Total Capital Expenditures | $ | 15,420 | $ | 3,571 | $ | 3,318 | $ | 3,142 | $ | 2,874 | $ | 2,515 | |||||||||||
PPL Electric (a) | |||||||||||||||||||||||
Distribution facilities | $ | 2,077 | $ | 476 | $ | 404 | $ | 403 | $ | 396 | $ | 398 | |||||||||||
Transmission facilities | 2,901 | 757 | 686 | 692 | 404 | 362 | |||||||||||||||||
Total Capital Expenditures | $ | 4,978 | $ | 1,233 | $ | 1,090 | $ | 1,095 | $ | 800 | $ | 760 | |||||||||||
LKE | |||||||||||||||||||||||
Generating facilities | $ | 892 | $ | 238 | $ | 253 | $ | 124 | $ | 204 | $ | 73 | |||||||||||
Distribution facilities | 1,699 | 347 | 388 | 360 | 338 | 266 | |||||||||||||||||
Transmission facilities | 870 | 144 | 169 | 190 | 225 | 142 | |||||||||||||||||
Environmental | 828 | 429 | 191 | 91 | 62 | 55 | |||||||||||||||||
Other | 663 | 119 | 196 | 189 | 114 | 45 | |||||||||||||||||
Total Capital Expenditures | $ | 4,952 | $ | 1,277 | $ | 1,197 | $ | 954 | $ | 943 | $ | 581 | |||||||||||
LG&E | |||||||||||||||||||||||
Generating facilities | $ | 408 | $ | 127 | $ | 108 | $ | 35 | $ | 94 | $ | 44 | |||||||||||
Distribution facilities | 1,084 | 223 | 265 | 233 | 210 | 153 | |||||||||||||||||
Transmission facilities | 161 | 27 | 36 | 36 | 40 | 22 | |||||||||||||||||
Environmental | 335 | 176 | 83 | 38 | 22 | 16 | |||||||||||||||||
Other | 331 | 58 | 97 | 94 | 58 | 24 | |||||||||||||||||
Total Capital Expenditures | $ | 2,319 | $ | 611 | $ | 589 | $ | 436 | $ | 424 | $ | 259 |
Projected | ||||||||||||||||||||||||||||||||
Total | 2024 (a) | 2025 | 2026 | |||||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||
Electric distribution facilities | $ | 1,325 | $ | 500 | $ | 425 | $ | 400 | ||||||||||||||||||||||||
Transmission facilities | 2,300 | 675 | 800 | 825 | ||||||||||||||||||||||||||||
Total Capital Expenditures | $ | 3,625 | $ | 1,175 | $ | 1,225 | $ | 1,225 | ||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||
Generating facilities | $ | 1,050 | $ | 250 | $ | 450 | $ | 350 | ||||||||||||||||||||||||
Electric distribution facilities | 500 | 150 | 175 | 175 | ||||||||||||||||||||||||||||
Gas distribution facilities | 300 | 75 | 125 | 100 | ||||||||||||||||||||||||||||
Transmission facilities | 150 | 50 | 50 | 50 | ||||||||||||||||||||||||||||
Other | 125 | 50 | 50 | 25 | ||||||||||||||||||||||||||||
Total Capital Expenditures | $ | 2,125 | $ | 575 | $ | 850 | $ | 700 | ||||||||||||||||||||||||
KU | ||||||||||||||||||||||||||||||||
Generating facilities | $ | 1,150 | $ | 375 | $ | 400 | $ | 375 | ||||||||||||||||||||||||
Electric distribution facilities | 625 | 175 | 225 | 225 | ||||||||||||||||||||||||||||
Transmission facilities | 450 | 75 | 125 | 250 | ||||||||||||||||||||||||||||
Other | 225 | 75 | 75 | 75 | ||||||||||||||||||||||||||||
Total Capital Expenditures | $ | 2,450 | $ | 700 | $ | 825 | $ | 925 |
Projected | |||||||||||||||||||||||
Total | 2018 (b) | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||
KU | |||||||||||||||||||||||
Generating facilities | $ | 484 | $ | 111 | $ | 145 | $ | 89 | $ | 110 | $ | 29 | |||||||||||
Distribution facilities | 615 | 124 | 123 | 127 | 128 | 113 | |||||||||||||||||
Transmission facilities | 709 | 117 | 133 | 154 | 185 | 120 | |||||||||||||||||
Environmental | 493 | 253 | 108 | 53 | 40 | 39 | |||||||||||||||||
Other | 332 | 61 | 99 | 95 | 56 | 21 | |||||||||||||||||
Total Capital Expenditures | $ | 2,633 | $ | 666 | $ | 608 | $ | 518 | $ | 519 | $ | 322 |
Total | 2018 | 2019 - 2020 | 2021 - 2022 | After 2022 | Total | 2024 | 2025-2026 | 2027-2028 | After 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
PPL | PPL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt (a) | $ | 20,282 | $ | 348 | $ | 1,708 | $ | 2,424 | $ | 15,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on Long-term Debt (b) | 15,318 | 868 | 1,723 | 1,529 | 11,198 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases (c) | 96 | 28 | 27 | 16 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Obligations (d) | 3,636 | 1,121 | 1,374 | 563 | 578 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term Liabilities Reflected on the Balance Sheet (e) | 565 | 293 | 272 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Contractual Cash Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Contractual Cash Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Contractual Cash Obligations | $ | 39,897 | $ | 2,658 | $ | 5,104 | $ | 4,532 | $ | 27,603 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt (a) | $ | 3,339 | $ | — | $ | 100 | $ | 874 | $ | 2,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on Long-term Debt (b) | 2,894 | 141 | 282 | 260 | 2,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconditional Power Purchase Obligations | 77 | 23 | 45 | 9 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Contractual Cash Obligations | $ | 6,310 | $ | 164 | $ | 427 | $ | 1,143 | $ | 4,576 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on Long-term Debt (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coal and Natural Gas Purchase Obligations (e) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconditional Power Purchase Obligations (f) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Obligations (g) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Contractual Cash Obligations |
Total | 2024 | 2025-2026 | 2027-2028 | After 2028 | |||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||
Long-term Debt (a) | $ | 3,089 | $ | — | $ | 414 | $ | 60 | $ | 2,615 | |||||||||||||||||||
Interest on Long-term Debt (b) | 2,127 | 130 | 251 | 234 | 1,512 | ||||||||||||||||||||||||
Operating Leases (c) | 22 | 9 | 9 | 3 | 1 | ||||||||||||||||||||||||
Coal and Natural Gas Purchase Obligations (e) | 953 | 328 | 460 | 165 | — | ||||||||||||||||||||||||
Unconditional Power Purchase Obligations (f) | 132 | 12 | 22 | 21 | 77 | ||||||||||||||||||||||||
Construction Obligations (g) | 85 | 50 | 31 | 2 | 2 | ||||||||||||||||||||||||
Other Obligations | 108 | 46 | 47 | 11 | 4 | ||||||||||||||||||||||||
Total Contractual Cash Obligations | $ | 6,516 | $ | 575 | $ | 1,234 | $ | 496 | $ | 4,211 |
Total | 2018 | 2019 - 2020 | 2021 - 2022 | After 2022 | |||||||||||||||
LKE | |||||||||||||||||||
Long-term Debt (a) | $ | 5,200 | $ | 98 | $ | 1,405 | $ | 250 | $ | 3,447 | |||||||||
Interest on Long-term Debt (b) | 3,120 | 199 | 388 | 300 | 2,233 | ||||||||||||||
Operating Leases (c) | 82 | 26 | 27 | 14 | 15 | ||||||||||||||
Coal and Natural Gas Purchase Obligations (f) | 1,955 | 582 | 930 | 375 | 68 | ||||||||||||||
Unconditional Power Purchase Obligations (g) | 593 | 29 | 53 | 54 | 457 | ||||||||||||||
Construction Obligations (h) | 500 | 305 | 147 | 48 | — | ||||||||||||||
Pension Benefit Plan Obligations (e) | 105 | 105 | — | — | — | ||||||||||||||
Other Obligations | 417 | 151 | 143 | 70 | 53 | ||||||||||||||
Total Contractual Cash Obligations | $ | 11,972 | $ | 1,495 | $ | 3,093 | $ | 1,111 | $ | 6,273 | |||||||||
LG&E | |||||||||||||||||||
Long-term Debt (a) | $ | 1,724 | $ | 98 | $ | 334 | $ | — | $ | 1,292 | |||||||||
Interest on Long-term Debt (b) | 1,185 | 63 | 117 | 108 | 897 | ||||||||||||||
Operating Leases (c) | 39 | 15 | 13 | 5 | 6 | ||||||||||||||
Coal and Natural Gas Purchase Obligations (f) | 839 | 252 | 403 | 154 | 30 | ||||||||||||||
Unconditional Power Purchase Obligations (g) | 411 | 20 | 37 | 38 | 316 | ||||||||||||||
Construction Obligations (h) | 256 | 185 | 62 | 9 | — | ||||||||||||||
Pension Benefit Plan Obligations (e) | 54 | 54 | — | — | — | ||||||||||||||
Other Obligations | 149 | 47 | 59 | 26 | 17 | ||||||||||||||
Total Contractual Cash Obligations | $ | 4,657 | $ | 734 | $ | 1,025 | $ | 340 | $ | 2,558 | |||||||||
KU | |||||||||||||||||||
Long-term Debt (a) | $ | 2,351 | $ | — | $ | 596 | $ | — | $ | 1,755 | |||||||||
Interest on Long-term Debt (b) | 1,719 | 93 | 186 | 153 | 1,287 | ||||||||||||||
Operating Leases (c) | 41 | 10 | 14 | 9 | 8 | ||||||||||||||
Coal and Natural Gas Purchase Obligations (f) | 1,115 | 330 | 527 | 221 | 37 | ||||||||||||||
Unconditional Power Purchase Obligations (g) | 182 | 9 | 16 | 16 | 141 | ||||||||||||||
Construction Obligations (h) | 218 | 101 | 80 | 37 | — | ||||||||||||||
Pension Benefit Plan Obligations (e) | 46 | 46 | — | — | — | ||||||||||||||
Other Obligations | 187 | 49 | 64 | 38 | 36 | ||||||||||||||
Total Contractual Cash Obligations | $ | 5,859 | $ | 638 | $ | 1,483 | $ | 474 | $ | 3,264 |
Senior Unsecured | Senior Secured | Commercial Paper | |||||||||||||||||||||||||||||||||||||||||||
Issuer | Moody's | S&P | Moody's | S&P | Moody's | S&P | |||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||
PPL Capital Funding | BBB+ | P-2 | A-2 | ||||||||||||||||||||||||||||||||||||||||||
A3 | A- | P-2 | A-2 | ||||||||||||||||||||||||||||||||||||||||||
PPL and PPL Electric | |||||||||||||||||||||||||||||||||||||||||||||
PPL Electric | A1 | P-2 | |||||||||||||||||||||||||||||||||||||||||||
PPL, LG&E and | |||||||||||||||||||||||||||||||||||||||||||||
A1 | A | P-2 | A-2 | ||||||||||||||||||||||||||||||||||||||||||
A1 | A | P-2 | A-2 | ||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Exposure Hedged | Fair Value, Net - Asset (Liability) (a) | Effect of a 10% Adverse Movement in Rates (b) | Maturities Ranging Through | Exposure Hedged | Fair Value, Net - Asset (Liability) (a) | Effect of a 10% Adverse Movement in Rates (b) | |||||||||||||||||||||||||||||||||||
PPL and LG&E | |||||||||||||||||||||||||||||||||||||||||
Economic hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps (c) | $ | 64 | $ | (7) | $ | (1) | 2033 | $ | 64 | $ | (7) | $ | (1) | ||||||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||
Exposure Hedged | Fair Value, Net - Asset (Liability) (a) | Effect of a 10% Adverse Movement in Rates (b) | Maturities Ranging Through | Exposure Hedged | Fair Value, Net - Asset (Liability) (a) | Effect of a 10% Adverse Movement in Rates (b) | |||||||||||||||||||
PPL | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Cross-currency swaps (c) | $ | 702 | $ | 103 | $ | (84 | ) | 2028 | $ | 802 | $ | 191 | $ | (90 | ) | ||||||||||
Economic hedges | |||||||||||||||||||||||||
Interest rate swaps (d) | 147 | (27 | ) | (1 | ) | 2033 | 147 | (32 | ) | (2 | ) | ||||||||||||||
LKE | |||||||||||||||||||||||||
Economic hedges | |||||||||||||||||||||||||
Interest rate swaps (d) | 147 | (27 | ) | (1 | ) | 2033 | 147 | (32 | ) | (2 | ) | ||||||||||||||
LG&E | |||||||||||||||||||||||||
Economic hedges | |||||||||||||||||||||||||
Interest rate swaps (d) | 147 | (27 | ) | (1 | ) | 2033 | 147 | (32 | ) | (2 | ) |
10% Adverse Movement in Rates on Fair Value of Debt | 10% Adverse Movement in Rates on Interest Expense For Floating Exposure | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
PPL | $ | 593 | $ | 495 | $ | 8 | $ | 16 | |||||||||||||||
PPL Electric | 250 | 178 | 3 | 6 | |||||||||||||||||||
LG&E | 95 | 84 | — | 3 | |||||||||||||||||||
KU | 137 | 127 | 1 | 2 |
10% Adverse Movement in Rates | |||||||
2017 | 2016 | ||||||
PPL | $ | 620 | $ | 590 | |||
PPL Electric | 162 | 138 | |||||
LKE | 168 | 182 | |||||
LG&E | 62 | 66 | |||||
KU | 92 | 100 |
2017 | 2016 | ||||||||||||||||||||||||
Exposure Hedged | Fair Value, Net - Asset (Liability) | Effect of a 10% Adverse Movement in Foreign Currency Exchange Rates (a) | Maturities Ranging Through | Exposure Hedged | Fair Value, Net - Asset (Liability) | Effect of a 10% Adverse Movement in Foreign Currency Exchange Rates (a) | |||||||||||||||||||
Economic hedges (b) | £ | 2,563 | $ | 15 | $ | (323 | ) | 2020 | £ | 1,909 | $ | 184 | $ | (215 | ) |
Plan Sponsor | PPL | PPL Electric | LG&E | KU | |||||||||||||||||||||||||||||||
PPL Services | S | P | |||||||||||||||||||||||||||||||||
P | |||||||||||||||||||||||||||||||||||
P | |||||||||||||||||||||||||||||||||||
Assumption / Registrant | 2017 | 2016 | ||||
Discount rate | ||||||
Pension - PPL (U.S.) | 3.70 | % | 4.21 | % | ||
Pension - PPL (U.K.) Obligations | 2.65 | % | 2.87 | % | ||
Pension - PPL (U.K.) Service Cost (a) | 2.73 | % | 2.99 | % | ||
Pension - PPL (U.K.) Interest Cost (a) | 2.31 | % | 2.41 | % | ||
Pension - LKE | 3.69 | % | 4.19 | % | ||
Pension - LG&E | 3.65 | % | 4.13 | % | ||
Other Postretirement - PPL | 3.64 | % | 4.11 | % | ||
Other Postretirement - LKE | 3.65 | % | 4.12 | % | ||
Expected return on plan assets | ||||||
Pension - PPL (U.S.) | 7.25 | % | 7.00 | % | ||
Pension - PPL (U.K.) | 7.23 | % | 7.22 | % | ||
Pension - LKE | 7.25 | % | 7.00 | % | ||
Pension - LG&E | 7.25 | % | 7.00 | % | ||
Other Postretirement - PPL | 6.40 | % | 6.21 | % | ||
Other Postretirement - LKE | 7.15 | % | 6.82 | % | ||
Rate of compensation increase | ||||||
Pension - PPL (U.S.) | 3.78 | % | 3.95 | % | ||
Pension - PPL (U.K.) | 3.50 | % | 3.50 | % | ||
Pension - LKE | 3.50 | % | 3.50 | % | ||
Other Postretirement - PPL | 3.75 | % | 3.92 | % | ||
Other Postretirement - LKE | 3.50 | % | 3.50 | % |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Balance Sheet: | |||||||||||||||||||
Regulatory assets (a) | $ | 880 | $ | 504 | $ | 376 | $ | 234 | $ | 142 | |||||||||
Regulatory liabilities | 27 | 27 | 27 | ||||||||||||||||
Pension assets | 284 | ||||||||||||||||||
Pension liabilities | 813 | 246 | 369 | 45 | 36 | ||||||||||||||
Other postretirement and postemployment benefit liabilities | 184 | 62 | 107 | 74 | 32 | ||||||||||||||
AOCI (pre-tax) | 3,144 | 150 | |||||||||||||||||
Statement of Income: | |||||||||||||||||||
Defined benefits expense | $ | (87 | ) | $ | 12 | $ | 33 | $ | 11 | $ | 5 | ||||||||
Increase (decrease) from prior year | (52 | ) | 1 | 3 | — | (2 | ) |
Increase (Decrease) | ||||||
Actuarial assumption | ||||||
(0.25 | %) | |||||
Expected Return on Plan Assets | (0.25 | %) | ||||
Rate of Compensation Increase | 0.25 | % | ||||
Increase (Decrease) | Increase (Decrease) | (Increase) Decrease | Increase (Decrease) | Increase (Decrease) | |||||||||||||||||||||||||
Actuarial assumption | Defined Benefit Asset | Defined Benefit Liabilities | AOCI (pre-tax) | Net Regulatory Assets | Defined Benefit Costs | ||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||
Discount rates | $ | (21) | $ | (80) | $ | 27 | $ | 74 | $ | — | |||||||||||||||||||
Expected return on plan assets | n/a | n/a | n/a | n/a | 10 | ||||||||||||||||||||||||
Rate of compensation increase | (3) | (7) | 3 | 7 | 1 | ||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||
Discount rates | — | (35) | — | 35 | (1) | ||||||||||||||||||||||||
Expected return on plan assets | n/a | n/a | — | n/a | 4 | ||||||||||||||||||||||||
Rate of compensation increase | — | (3) | — | 3 | — | ||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||
Discount rates | (9) | 1 | n/a | 10 | 1 | ||||||||||||||||||||||||
Expected return on plan assets | n/a | n/a | n/a | n/a | 1 | ||||||||||||||||||||||||
Rate of compensation increase | (1) | — | n/a | 1 | — | ||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||
Discount rates | (7) | 1 | n/a | 8 | — | ||||||||||||||||||||||||
Expected return on plan assets | n/a | n/a | n/a | n/a | 1 | ||||||||||||||||||||||||
Rate of compensation increase | (1) | — | n/a | 1 | — |
Increase (Decrease) | (Increase) Decrease | Increase (Decrease) | Increase (Decrease) | ||||||||||||
Actuarial assumption | Defined Benefit Liabilities | AOCI (pre-tax) | Net Regulatory Assets | Defined Benefit Costs | |||||||||||
PPL | |||||||||||||||
Discount rates | $ | 520 | $ | 416 | $ | 104 | $ | 43 | |||||||
Expected return on plan assets | n/a | n/a | n/a | 27 | |||||||||||
Rate of compensation increase | 72 | 60 | 12 | 9 | |||||||||||
Health care cost trend rate (a) | 4 | — | 4 | — | |||||||||||
PPL Electric | |||||||||||||||
Discount rates | 64 | — | 64 | 4 | |||||||||||
Expected return on plan assets | n/a | — | n/a | 4 | |||||||||||
Rate of compensation increase | 8 | — | 8 | 1 | |||||||||||
Health care cost trend rate (a) | 1 | — | 1 | — | |||||||||||
LKE | |||||||||||||||
Discount rates | 68 | 28 | 40 | 8 | |||||||||||
Expected return on plan assets | n/a | n/a | n/a | 3 | |||||||||||
Rate of compensation increase | 10 | 5 | 5 | 2 | |||||||||||
Health care cost trend rate (a) | 3 | — | 3 | — | |||||||||||
LG&E | |||||||||||||||
Discount rates | 21 | n/a | 21 | 3 | |||||||||||
Expected return on plan assets | n/a | n/a | n/a | 1 | |||||||||||
Rate of compensation increase | 2 | n/a | 2 | — | |||||||||||
Health care cost trend rate (a) | 1 | n/a | 1 | — | |||||||||||
KU | |||||||||||||||
Discount rates | 18 | n/a | 18 | 2 | |||||||||||
Expected return on plan assets | n/a | n/a | n/a | 1 | |||||||||||
Rate of compensation increase | 3 | n/a | 3 | — | |||||||||||
Health care cost trend rate (a) | 2 | n/a | 2 | — |
Most Significant AROs | |||||||||||||||||||||||||||||||||||||||||||||||||
Total ARO Recorded | Total ARO Recorded | Amount Recorded | % of Total | Description | |||||||||||||||||||||||||||||||||||||||||||||
Most Significant AROs | |||||||||||||||||||||||||||||||||||||||||||||||||
Total ARO Recorded | Amount Recorded | % of Total | Description | ||||||||||||||||||||||||||||||||||||||||||||||
PPL | $ | 397 | $ | 284 | 72 | Ponds, landfills and natural gas mains | |||||||||||||||||||||||||||||||||||||||||||
LKE | 356 | 284 | 80 | Ponds, landfills and natural gas mains | |||||||||||||||||||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||||||||||
LG&E | 121 | 89 | 74 | Ponds, landfills and natural gas mains | $ | 85 | $ | $ | 63 | 74 | 74 | Ponds, landfills and natural gas mains | Ponds, landfills and natural gas mains | ||||||||||||||||||||||||||||||||||||
KU | 235 | 195 | 83 | Ponds and landfills | KU | 66 | 37 | 37 | 56 | 56 | Ponds and landfills | Ponds and landfills |
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Operating Revenues | $ | 7,447 | $ | 7,517 | $ | 7,669 | ||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operation | Operation | |||||||||||||||||||||||||||||||||
Fuel | 759 | 791 | 863 | |||||||||||||||||||||||||||||||
Energy purchases | 685 | 706 | 855 | |||||||||||||||||||||||||||||||
Other operation and maintenance | 1,635 | 1,745 | 1,938 | |||||||||||||||||||||||||||||||
Depreciation | 1,008 | 926 | 883 | |||||||||||||||||||||||||||||||
Taxes, other than income | 292 | 301 | 299 | |||||||||||||||||||||||||||||||
Total Operating Expenses | 4,379 | 4,469 | 4,838 | |||||||||||||||||||||||||||||||
Operating Income | 3,068 | 3,048 | 2,831 | |||||||||||||||||||||||||||||||
Operating Income | ||||||||||||||||||||||||||||||||||
Operating Income | ||||||||||||||||||||||||||||||||||
Other Income (Expense) - net | (255 | ) | 390 | 108 | ||||||||||||||||||||||||||||||
Other Income (Expense) - net (Note 15) | ||||||||||||||||||||||||||||||||||
Other Income (Expense) - net (Note 15) | ||||||||||||||||||||||||||||||||||
Other Income (Expense) - net (Note 15) | ||||||||||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||||
Interest Expense | 901 | 888 | 871 | |||||||||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 1,912 | 2,550 | 2,068 | |||||||||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | ||||||||||||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | ||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||
Income Taxes | 784 | 648 | 465 | |||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | 1,128 | 1,902 | 1,603 | |||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | ||||||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | ||||||||||||||||||||||||||||||||||
Loss from Discontinued Operations (net of income taxes) (Note 8) | — | — | (921 | ) | ||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) (Note 9) | ||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) (Note 9) | ||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) (Note 9) | ||||||||||||||||||||||||||||||||||
Net Income | $ | 1,128 | $ | 1,902 | $ | 682 | ||||||||||||||||||||||||||||
Net Income (Loss) | ||||||||||||||||||||||||||||||||||
Net Income (Loss) | ||||||||||||||||||||||||||||||||||
Net Income (Loss) | ||||||||||||||||||||||||||||||||||
Earnings Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes Available to PPL Common Shareowners: | ||||||||||||||||||||||||||||||||||
Earnings Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||
Earnings Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||
Basic | $ | 1.64 | $ | 2.80 | $ | 2.38 | ||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | ||||||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | ||||||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | ||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Available to PPL Common Shareowners | ||||||||||||||||||||||||||||||||||
Diluted | $ | 1.64 | $ | 2.79 | $ | 2.37 | ||||||||||||||||||||||||||||
Net Income Available to PPL Common Shareowners: | ||||||||||||||||||||||||||||||||||
Basic | $ | 1.64 | $ | 2.80 | $ | 1.01 | ||||||||||||||||||||||||||||
Diluted | $ | 1.64 | $ | 2.79 | $ | 1.01 | ||||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | ||||||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | ||||||||||||||||||||||||||||||||||
Income from Continuing Operations After Income Taxes | ||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Available to PPL Common Shareowners | ||||||||||||||||||||||||||||||||||
Dividends Declared Per Share of Common Stock | $ | 1.58 | $ | 1.52 | $ | 1.50 | ||||||||||||||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | ||||||||||||||||||||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | ||||||||||||||||||||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | ||||||||||||||||||||||||||||||||||
Basic | 685,240 | 677,592 | 669,814 | |||||||||||||||||||||||||||||||
Diluted | 687,334 | 680,446 | 672,586 |
2017 | 2016 | 2015 | |||||||||
Net income | $ | 1,128 | $ | 1,902 | $ | 682 | |||||
Other comprehensive income (loss): | |||||||||||
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | |||||||||||
Foreign currency translation adjustments, net of tax of ($1), ($4), $1 | 538 | (1,107 | ) | (234 | ) | ||||||
Available-for-sale securities, net of tax of $0, $0, ($9) | — | — | 8 | ||||||||
Qualifying derivatives, net of tax of $19, ($18), $0 | (79 | ) | 91 | 26 | |||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of $0, $2, $6 | — | (3 | ) | (9 | ) | ||||||
Net actuarial gain (loss), net of tax of $72, $40, $67 | (308 | ) | (61 | ) | (366 | ) | |||||
Reclassifications to net income - (gains) losses, net of tax expense (benefit): | |||||||||||
Available-for-sale securities, net of tax of $0, $0, $2 | — | — | (2 | ) | |||||||
Qualifying derivatives, net of tax of ($18), $21, ($15) | 73 | (91 | ) | 2 | |||||||
Equity investees' other comprehensive (income) loss, net of tax of $0, $0, $0 | 1 | (1 | ) | (1 | ) | ||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of ($1), ($1), $0 | 1 | 1 | — | ||||||||
Net actuarial (gain) loss, net of tax of ($37), ($35), ($46) | 130 | 121 | 146 | ||||||||
Total other comprehensive income (loss) | 356 | (1,050 | ) | (430 | ) | ||||||
Comprehensive income | $ | 1,484 | $ | 852 | $ | 252 |
2023 | 2022 | 2021 | |||||||||||||||
Net income (loss) | $ | 740 | $ | 756 | $ | (1,480) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | |||||||||||||||||
Foreign currency translation adjustments, net of tax of $0, $0, ($123) | — | — | 372 | ||||||||||||||
Qualifying derivatives, net of tax of $0, $0, $11 | — | — | (39) | ||||||||||||||
Equity investees' other comprehensive income (loss), net tax of $0, $0, $0 | 1 | 2 | — | ||||||||||||||
Defined benefit plans: | |||||||||||||||||
Prior service costs, net of tax of $0, $0, $0 | — | (1) | — | ||||||||||||||
Net actuarial gain (loss), net of tax of $15, ($2), $1 | (41) | 11 | (1) | ||||||||||||||
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | |||||||||||||||||
Qualifying derivatives, net of tax of $0, ($1), ($5) | 3 | 2 | 25 | ||||||||||||||
Defined benefit plans: | |||||||||||||||||
Prior service costs, net of tax of ($1), ($1), ($1) | 1 | 2 | 2 | ||||||||||||||
Net actuarial (gain) loss, net of tax of $0, ($7), ($33) | (3) | 17 | 126 | ||||||||||||||
Reclassifications from AOCI due to sale of the U.K. utility business - (gains) losses, net of tax expense (benefit): | |||||||||||||||||
Foreign currency translation adjustments, net of tax of $0, $0, $140 | — | — | 786 | ||||||||||||||
Qualifying derivatives, net of tax of $0, $0, $0 | — | — | 15 | ||||||||||||||
Defined benefit plans: | |||||||||||||||||
Prior service costs, net of tax of $0, $0, ($2) | — | — | 8 | ||||||||||||||
Net actuarial (gain) loss, net of tax of $0, $0, ($798) | — | — | 2,769 | ||||||||||||||
Total other comprehensive income (loss) | (39) | 33 | 4,063 | ||||||||||||||
Comprehensive income | $ | 701 | $ | 789 | $ | 2,583 |
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||||||||
Net income | $ | 1,128 | $ | 1,902 | $ | 682 | ||||||||||||||||||||||||||||
Loss from discontinued operations (net of income taxes) | — | — | 921 | |||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||
Loss (income) from discontinued operations (net of income taxes) | ||||||||||||||||||||||||||||||||||
Income from continuing operations (net of income taxes) | 1,128 | 1,902 | 1,603 | |||||||||||||||||||||||||||||||
Adjustments to reconcile Income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||||||||||||
Depreciation | 1,008 | 926 | 883 | |||||||||||||||||||||||||||||||
Amortization | 97 | 80 | 59 | |||||||||||||||||||||||||||||||
Defined benefit plans - expense (income) | (95 | ) | (40 | ) | 56 | |||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 707 | 560 | 428 | |||||||||||||||||||||||||||||||
Unrealized (gains) losses on derivatives, and other hedging activities | 178 | 19 | (77 | ) | ||||||||||||||||||||||||||||||
Stock compensation expense | 38 | 28 | 31 | |||||||||||||||||||||||||||||||
Stock compensation expense | ||||||||||||||||||||||||||||||||||
Stock compensation expense | ||||||||||||||||||||||||||||||||||
Loss on sale of Safari Holdings | ||||||||||||||||||||||||||||||||||
Impairment of solar panels | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | ||||||||||||||||||||||||||||||||||
Other | (9 | ) | (12 | ) | (14 | ) | ||||||||||||||||||||||||||||
Change in current assets and current liabilities | Change in current assets and current liabilities | |||||||||||||||||||||||||||||||||
Accounts receivable | (33 | ) | (15 | ) | 47 | |||||||||||||||||||||||||||||
Accounts payable | (10 | ) | 57 | (116 | ) | |||||||||||||||||||||||||||||
Unbilled revenues | (48 | ) | (63 | ) | 54 | |||||||||||||||||||||||||||||
Fuel, materials and supplies | 40 | (3 | ) | 24 | ||||||||||||||||||||||||||||||
Taxes payable | 3 | 31 | (175 | ) | ||||||||||||||||||||||||||||||
Taxes payable | ||||||||||||||||||||||||||||||||||
Taxes payable | ||||||||||||||||||||||||||||||||||
Regulatory assets and liabilities, net | (12 | ) | (59 | ) | 42 | |||||||||||||||||||||||||||||
Regulatory assets and liabilities, net | ||||||||||||||||||||||||||||||||||
Regulatory assets and liabilities, net | ||||||||||||||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||||||||||||
Other | 14 | (32 | ) | (7 | ) | |||||||||||||||||||||||||||||
Other operating activities | Other operating activities | |||||||||||||||||||||||||||||||||
Defined benefit plans - funding | (565 | ) | (427 | ) | (499 | ) | ||||||||||||||||||||||||||||
Settlement of interest rate swaps | 2 | (9 | ) | (101 | ) | |||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||
Other assets | 30 | 42 | (19 | ) | ||||||||||||||||||||||||||||||
Other liabilities | (12 | ) | (95 | ) | 53 | |||||||||||||||||||||||||||||
Net cash provided by operating activities - continuing operations | 2,461 | 2,890 | 2,272 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities - discontinued operations | — | — | 343 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | 2,461 | 2,890 | 2,615 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||||||||||||
Expenditures for property, plant and equipment | (3,133 | ) | (2,920 | ) | (3,533 | ) | ||||||||||||||||||||||||||||
Expenditures for intangible assets | (38 | ) | (37 | ) | (37 | ) | ||||||||||||||||||||||||||||
Proceeds from the sale of other investments | — | 2 | 136 | |||||||||||||||||||||||||||||||
Proceeds from sale of Safari Holdings, net of cash divested | ||||||||||||||||||||||||||||||||||
Proceeds from sale of Safari Holdings, net of cash divested | ||||||||||||||||||||||||||||||||||
Proceeds from sale of Safari Holdings, net of cash divested | ||||||||||||||||||||||||||||||||||
Proceeds from sale of U.K. utility business, net of cash divested | ||||||||||||||||||||||||||||||||||
Acquisition of Narragansett Electric, net of cash acquired | ||||||||||||||||||||||||||||||||||
Other investing activities | 15 | 37 | (5 | ) | ||||||||||||||||||||||||||||||
Net cash used in investing activities - continuing operations | (3,156 | ) | (2,918 | ) | (3,439 | ) | ||||||||||||||||||||||||||||
Net cash used in investing activities - discontinued operations | — | — | (149 | ) | ||||||||||||||||||||||||||||||
Net cash used in investing activities | (3,156 | ) | (2,918 | ) | (3,588 | ) | ||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities - continuing operations | ||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities - discontinued operations | ||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | ||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||||||||||||
Issuance of long-term debt | 1,515 | 1,342 | 2,236 | |||||||||||||||||||||||||||||||
Retirement of long-term debt | (168 | ) | (930 | ) | (1,000 | ) | ||||||||||||||||||||||||||||
Issuance of common stock | 453 | 144 | 203 | |||||||||||||||||||||||||||||||
Payment of common stock dividends | (1,072 | ) | (1,030 | ) | (1,004 | ) | ||||||||||||||||||||||||||||
Net increase in short-term debt | 115 | 29 | 94 | |||||||||||||||||||||||||||||||
Payment of common stock dividends | ||||||||||||||||||||||||||||||||||
Payment of common stock dividends | ||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ||||||||||||||||||||||||||||||||||
Retirement of term loan | ||||||||||||||||||||||||||||||||||
Retirement of term loan | ||||||||||||||||||||||||||||||||||
Retirement of term loan | ||||||||||||||||||||||||||||||||||
Retirement of commercial paper | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | ||||||||||||||||||||||||||||||||||
Other financing activities | (19 | ) | 6 | (47 | ) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities - continuing operations | 824 | (439 | ) | 482 | ||||||||||||||||||||||||||||||
Net cash used in financing activities - discontinued operations | — | — | (546 | ) | ||||||||||||||||||||||||||||||
Net cash distributions to parent from discontinued operations | — | — | 132 | |||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities - discontinued operations | ||||||||||||||||||||||||||||||||||
Contributions from discontinued operations | ||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 824 | (439 | ) | 68 | ||||||||||||||||||||||||||||||
Effect of Exchange Rates on Cash and Cash Equivalents | 15 | (28 | ) | (10 | ) | |||||||||||||||||||||||||||||
Net (Increase) Decrease in Cash and Cash Equivalents included in Discontinued Operations | — | — | 352 | |||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 144 | (495 | ) | (563 | ) | |||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 341 | 836 | 1,399 | |||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 485 | $ | 341 | $ | 836 | ||||||||||||||||||||||||||||
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | ||||||||||||||||||||||||||||||||||
Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | ||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | ||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||||||||||||
Interest - net of amount capitalized | $ | 845 | $ | 854 | $ | 822 | ||||||||||||||||||||||||||||
Income taxes - net | $ | 65 | $ | 70 | $ | 179 | ||||||||||||||||||||||||||||
Significant non-cash transactions: | ||||||||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 360 | $ | 281 | $ | 310 | ||||||||||||||||||||||||||||
Accrued expenditures for intangible assets at December 31, | $ | 68 | $ | 117 | $ | 55 | ||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | ||||||||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, |
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Assets | Assets | ||||||||||||||||||||
Current Assets | Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 485 | $ | 341 | |||||||||||||||||
Accounts receivable (less reserve: 2017, $51; 2016, $54) | |||||||||||||||||||||
Accounts receivable (less reserve: 2023, $123; 2022, $87) | Accounts receivable (less reserve: 2023, $123; 2022, $87) | ||||||||||||||||||||
Customer | 681 | 666 | |||||||||||||||||||
Other | 100 | 46 | |||||||||||||||||||
Unbilled revenues | 543 | 480 | |||||||||||||||||||
Unbilled revenues (less reserve: 2023, $4; 2022, $6) | |||||||||||||||||||||
Fuel, materials and supplies | 320 | 356 | |||||||||||||||||||
Prepayments | 66 | 63 | |||||||||||||||||||
Price risk management assets | 49 | 63 | |||||||||||||||||||
Regulatory assets | |||||||||||||||||||||
Other current assets | 50 | 52 | |||||||||||||||||||
Total Current Assets | |||||||||||||||||||||
Total Current Assets | |||||||||||||||||||||
Total Current Assets | 2,294 | 2,067 | |||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Regulated utility plant | 38,228 | 34,674 | |||||||||||||||||||
Less: accumulated depreciation - regulated utility plant | 6,785 | 6,013 | |||||||||||||||||||
Regulated utility plant, net | 31,443 | 28,661 | |||||||||||||||||||
Non-regulated property, plant and equipment | 384 | 413 | |||||||||||||||||||
Less: accumulated depreciation - non-regulated property, plant and equipment | 110 | 134 | |||||||||||||||||||
Non-regulated property, plant and equipment, net | 274 | 279 | |||||||||||||||||||
Construction work in progress | 1,375 | 1,134 | |||||||||||||||||||
Property, Plant and Equipment, net | 33,092 | 30,074 | |||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Regulatory assets | 1,504 | 1,918 | |||||||||||||||||||
Goodwill | 3,258 | 3,060 | |||||||||||||||||||
Other intangibles | 697 | 700 | |||||||||||||||||||
Pension benefit asset | 284 | 9 | |||||||||||||||||||
Price risk management assets | 215 | 336 | |||||||||||||||||||
Other noncurrent assets | 135 | 151 | |||||||||||||||||||
Other noncurrent assets (less reserve for accounts receivable: 2023, $2; 2022, $2) | |||||||||||||||||||||
Total Other Noncurrent Assets | 6,093 | 6,174 | |||||||||||||||||||
Total Assets | $ | 41,479 | $ | 38,315 | |||||||||||||||||
Total Assets | |||||||||||||||||||||
Total Assets |
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Liabilities and Equity | Liabilities and Equity | ||||||||||||||||||||
Current Liabilities | Current Liabilities | ||||||||||||||||||||
Short-term debt | $ | 1,080 | $ | 923 | |||||||||||||||||
Long-term debt due within one year | 348 | 518 | |||||||||||||||||||
Accounts payable | 924 | 820 | |||||||||||||||||||
Taxes | 105 | 101 | |||||||||||||||||||
Interest | 282 | 270 | |||||||||||||||||||
Dividends | 273 | 259 | |||||||||||||||||||
Customer deposits | 292 | 276 | |||||||||||||||||||
Regulatory liabilities | 95 | 101 | |||||||||||||||||||
Other current liabilities | 624 | 569 | |||||||||||||||||||
Total Current Liabilities | |||||||||||||||||||||
Total Current Liabilities | |||||||||||||||||||||
Total Current Liabilities | 4,023 | 3,837 | |||||||||||||||||||
Long-term Debt | 19,847 | 17,808 | |||||||||||||||||||
Long-term Debt | |||||||||||||||||||||
Long-term Debt | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred income taxes | 2,462 | 3,889 | |||||||||||||||||||
Investment tax credits | 129 | 132 | |||||||||||||||||||
Accrued pension obligations | 800 | 1,001 | |||||||||||||||||||
Asset retirement obligations | 312 | 428 | |||||||||||||||||||
Regulatory liabilities | 2,704 | 899 | |||||||||||||||||||
Other deferred credits and noncurrent liabilities | 441 | 422 | |||||||||||||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 6,848 | 6,771 | |||||||||||||||||||
Commitments and Contingent Liabilities (Notes 6 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Common stock - $0.01 par value (a) | 7 | 7 | |||||||||||||||||||
Additional paid-in capital | 10,305 | 9,841 | |||||||||||||||||||
Treasury stock | |||||||||||||||||||||
Earnings reinvested | 3,871 | 3,829 | |||||||||||||||||||
Accumulated other comprehensive loss | (3,422 | ) | (3,778 | ) | |||||||||||||||||
Total Shareowners' Common Equity | |||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | — | 3 | ||||||||||||||||||
Total Equity | 10,761 | 9,899 | |||||||||||||||||||
Total Liabilities and Equity | $ | 41,479 | $ | 38,315 | |||||||||||||||||
Total Liabilities and Equity | |||||||||||||||||||||
Total Liabilities and Equity |
PPL Shareowners | ||||||||||||||||||||||
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Accumulated other comprehensive loss | Total | |||||||||||||||||
December 31, 2014 | 665,849 | $ | 7 | $ | 9,433 | $ | 6,462 | $ | (2,274 | ) | $ | 13,628 | ||||||||||
Common stock issued | 8,008 | 249 | 249 | |||||||||||||||||||
Stock-based compensation | 5 | 5 | ||||||||||||||||||||
Net income | 682 | 682 | ||||||||||||||||||||
Dividends and dividend equivalents | (1,010 | ) | (1,010 | ) | ||||||||||||||||||
Distribution of PPL Energy Supply (Note 8) | (3,181 | ) | (24 | ) | (3,205 | ) | ||||||||||||||||
Other comprehensive income (loss) | (430 | ) | (430 | ) | ||||||||||||||||||
December 31, 2015 | 673,857 | $ | 7 | $ | 9,687 | $ | 2,953 | $ | (2,728 | ) | $ | 9,919 | ||||||||||
Common stock issued | 5,874 | 185 | 185 | |||||||||||||||||||
Stock-based compensation | (31 | ) | (31 | ) | ||||||||||||||||||
Net income | 1,902 | 1,902 | ||||||||||||||||||||
Dividends and dividend equivalents | (1,033 | ) | (1,033 | ) | ||||||||||||||||||
Other comprehensive income (loss) | (1,050 | ) | (1,050 | ) | ||||||||||||||||||
Adoption of stock-based compensation guidance cumulative effect adjustment (Note 1) | 7 | 7 | ||||||||||||||||||||
December 31, 2016 | 679,731 | $ | 7 | $ | 9,841 | $ | 3,829 | $ | (3,778 | ) | $ | 9,899 | ||||||||||
Common stock issued | 13,667 | 482 | 482 | |||||||||||||||||||
Stock-based compensation | (18 | ) | (18 | ) | ||||||||||||||||||
Net income | 1,128 | 1,128 | ||||||||||||||||||||
Dividends and dividend equivalents | (1,086 | ) | (1,086 | ) | ||||||||||||||||||
Other comprehensive income (loss) | 356 | 356 | ||||||||||||||||||||
December 31, 2017 | 693,398 | $ | 7 | $ | 10,305 | $ | 3,871 | $ | (3,422 | ) | $ | 10,761 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Treasury Stock | Earnings reinvested | Accumulated other comprehensive loss | Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 768,907 | $ | 8 | $ | 12,270 | $ | — | $ | 5,315 | $ | (4,220) | $ | — | $ | 13,373 | ||||||||||||||||||||||||||||||||||||||
Common stock issued | 983 | 29 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | (34,778) | (1,003) | (1,003) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (1,480) | (1,480) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents (b) | (1,263) | (1,263) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 4,063 | 4,063 | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | 735,112 | $ | 8 | $ | 12,303 | $ | (1,003) | $ | 2,572 | $ | (157) | $ | — | $ | 13,723 | ||||||||||||||||||||||||||||||||||||||
Common stock issued | 123 | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | 1,252 | 36 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 756 | 756 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents (b) | (647) | (647) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 33 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | 736,487 | $ | 8 | $ | 12,317 | $ | (967) | $ | 2,681 | $ | (124) | $ | 3 | $ | 13,918 | ||||||||||||||||||||||||||||||||||||||
Treasury stock issued | 643 | 4 | 19 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 740 | 740 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents (b) | (711) | (711) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | (3) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (39) | (39) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | 737,130 | $ | 8 | $ | 12,326 | $ | (948) | $ | 2,710 | $ | (163) | $ | — | $ | 13,933 |
2023 | 2022 | 2021 | |||||||||||||||
Operating Revenues | $ | 3,008 | $ | 3,030 | $ | 2,402 | |||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Energy purchases | 992 | 1,048 | 566 | ||||||||||||||
Other operation and maintenance | 605 | 605 | 557 | ||||||||||||||
Depreciation | 397 | 393 | 424 | ||||||||||||||
Taxes, other than income | 143 | 149 | 120 | ||||||||||||||
Total Operating Expenses | 2,137 | 2,195 | 1,667 | ||||||||||||||
Operating Income | 871 | 835 | 735 | ||||||||||||||
Other Income (Expense) - net | 39 | 30 | 21 | ||||||||||||||
Interest Income from Affiliate | — | 5 | 5 | ||||||||||||||
Interest Expense | 223 | 171 | 162 | ||||||||||||||
Income Before Income Taxes | 687 | 699 | 599 | ||||||||||||||
Income Taxes | 168 | 174 | 154 | ||||||||||||||
Net Income (a) | $ | 519 | $ | 525 | $ | 445 |
2017 | 2016 | 2015 | |||||||||
Operating Revenues | $ | 2,195 | $ | 2,156 | $ | 2,124 | |||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Energy purchases | 507 | 535 | 657 | ||||||||
Energy purchases from affiliate | — | — | 14 | ||||||||
Other operation and maintenance | 571 | 599 | 607 | ||||||||
Depreciation | 309 | 253 | 214 | ||||||||
Taxes, other than income | 107 | 105 | 94 | ||||||||
Total Operating Expenses | 1,494 | 1,492 | 1,586 | ||||||||
Operating Income | 701 | 664 | 538 | ||||||||
Other Income (Expense) - net | 11 | 17 | 8 | ||||||||
Interest Income from Affiliate | 5 | — | — | ||||||||
Interest Expense | 142 | 129 | 130 | ||||||||
Income Before Income Taxes | 575 | 552 | 416 | ||||||||
Income Taxes | 213 | 212 | 164 | ||||||||
Net Income (a) | $ | 362 | $ | 340 | $ | 252 |
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||||||||
Net income | $ | 362 | $ | 340 | $ | 252 | ||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||||||||||||||||||||||||
Depreciation | 309 | 253 | 214 | |||||||||||||||||||||||||||||||
Amortization | 33 | 32 | 26 | |||||||||||||||||||||||||||||||
Defined benefit plans - expense | 12 | 11 | 16 | |||||||||||||||||||||||||||||||
Defined benefit plans expense (income) | ||||||||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 258 | 221 | 220 | |||||||||||||||||||||||||||||||
Other | (8 | ) | (13 | ) | (12 | ) | ||||||||||||||||||||||||||||
Change in current assets and current liabilities | Change in current assets and current liabilities | |||||||||||||||||||||||||||||||||
Accounts receivable | (57 | ) | 16 | 50 | ||||||||||||||||||||||||||||||
Accounts payable | 3 | 58 | (107 | ) | ||||||||||||||||||||||||||||||
Unbilled revenues | (13 | ) | (23 | ) | 22 | |||||||||||||||||||||||||||||
Materials and supplies | ||||||||||||||||||||||||||||||||||
Prepayments | 3 | 43 | (1 | ) | ||||||||||||||||||||||||||||||
Regulatory assets and liabilities | (5 | ) | (62 | ) | 35 | |||||||||||||||||||||||||||||
Regulatory assets and liabilities, net | ||||||||||||||||||||||||||||||||||
Taxes payable | (4 | ) | (12 | ) | (108 | ) | ||||||||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||||||||||||
Other | (1 | ) | (7 | ) | 21 | |||||||||||||||||||||||||||||
Other operating activities | Other operating activities | |||||||||||||||||||||||||||||||||
Defined benefit plans - funding | (24 | ) | — | (33 | ) | |||||||||||||||||||||||||||||
Other assets | 15 | 19 | (10 | ) | ||||||||||||||||||||||||||||||
Other liabilities | (3 | ) | (4 | ) | 17 | |||||||||||||||||||||||||||||
Net cash provided by operating activities | 880 | 872 | 602 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||||||||||||||||
Expenditures for property, plant and equipment | (1,244 | ) | (1,125 | ) | (1,097 | ) | ||||||||||||||||||||||||||||
Expenditures for intangible assets | (10 | ) | (9 | ) | (10 | ) | ||||||||||||||||||||||||||||
Net (increase) decrease in notes receivable from affiliate | ||||||||||||||||||||||||||||||||||
Other investing activities | 2 | 4 | (1 | ) | ||||||||||||||||||||||||||||||
Net cash used in investing activities | (1,252 | ) | (1,130 | ) | (1,108 | ) | ||||||||||||||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||||||||||||||||
Issuance of long-term debt | 470 | 224 | 348 | |||||||||||||||||||||||||||||||
Retirement of long-term debt | — | (224 | ) | (100 | ) | |||||||||||||||||||||||||||||
Contributions from PPL | 575 | 220 | 275 | |||||||||||||||||||||||||||||||
Contributions from parent | ||||||||||||||||||||||||||||||||||
Payment of common stock dividends to parent | (336 | ) | (288 | ) | (181 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | (295 | ) | 295 | — | ||||||||||||||||||||||||||||||
Return of capital to parent | ||||||||||||||||||||||||||||||||||
Net increase in short-term debt | ||||||||||||||||||||||||||||||||||
Debt issuance costs | ||||||||||||||||||||||||||||||||||
Other financing activities | (6 | ) | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||
Net cash provided by financing activities | 408 | 224 | 339 | |||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | ||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 36 | (34 | ) | (167 | ) | |||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 13 | 47 | 214 | |||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 49 | $ | 13 | $ | 47 | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | ||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||||||||||||
Interest - net of amount capitalized | $ | 128 | $ | 115 | $ | 117 | ||||||||||||||||||||||||||||
Income taxes - net | $ | 4 | $ | (48 | ) | $ | 38 | |||||||||||||||||||||||||||
Significant non-cash transactions: | ||||||||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 133 | $ | 126 | $ | 98 | ||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | ||||||||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, |
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 51 | $ | 25 | |||||||
Accounts receivable (less reserve: 2023, $46; 2022, $28) | |||||||||||
Customer | 434 | 357 | |||||||||
Other | 8 | 12 | |||||||||
Accounts receivable from affiliates | 10 | 3 | |||||||||
Unbilled revenues (less reserve: 2023, $2; 2022, $2) | 149 | 224 | |||||||||
Materials and supplies | 99 | 69 | |||||||||
Prepayments | 44 | 34 | |||||||||
Regulatory assets | 57 | 13 | |||||||||
Other current assets | 17 | 22 | |||||||||
Total Current Assets | 869 | 759 | |||||||||
Property, Plant and Equipment | |||||||||||
Regulated utility plant | 15,575 | 14,794 | |||||||||
Less: accumulated depreciation - regulated utility plant | 3,822 | 3,544 | |||||||||
Regulated utility plant, net | 11,753 | 11,250 | |||||||||
Construction work in progress | 680 | 593 | |||||||||
Property, Plant and Equipment, net | 12,433 | 11,843 | |||||||||
Other Noncurrent Assets | |||||||||||
Regulatory assets | 598 | 568 | |||||||||
Intangibles | 269 | 269 | |||||||||
Other noncurrent assets (less reserve for accounts receivable: 2023, $2; 2022, $2) | 125 | 126 | |||||||||
Total Other Noncurrent Assets | 992 | 963 | |||||||||
Total Assets | $ | 14,294 | $ | 13,565 |
2017 | 2016 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 49 | $ | 13 | |||
Accounts receivable (less reserve: 2017, $24; 2016, $28) | |||||||
Customer | 279 | 272 | |||||
Other | 71 | 21 | |||||
Unbilled revenues | 127 | 114 | |||||
Materials and supplies | 34 | 32 | |||||
Prepayments | 6 | 9 | |||||
Regulatory assets | 16 | 19 | |||||
Other current assets | 6 | 8 | |||||
Total Current Assets | 588 | 488 | |||||
Property, Plant and Equipment | |||||||
Regulated utility plant | 10,785 | 9,654 | |||||
Less: accumulated depreciation - regulated utility plant | 2,778 | 2,714 | |||||
Regulated utility plant, net | 8,007 | 6,940 | |||||
Construction work in progress | 508 | 641 | |||||
Property, Plant and Equipment, net | 8,515 | 7,581 | |||||
Other Noncurrent Assets | |||||||
Regulatory assets | 709 | 1,094 | |||||
Intangibles | 259 | 251 | |||||
Other noncurrent assets | 11 | 12 | |||||
Total Other Noncurrent Assets | 979 | 1,357 | |||||
Total Assets | $ | 10,082 | $ | 9,426 |
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Liabilities and Equity | Liabilities and Equity | ||||||||||||||||||||
Current Liabilities | Current Liabilities | ||||||||||||||||||||
Short-term debt | $ | — | $ | 295 | |||||||||||||||||
Long-term debt due within one year | — | 224 | |||||||||||||||||||
Accounts payable | 386 | 367 | |||||||||||||||||||
Accounts payable to affiliates | 31 | 42 | |||||||||||||||||||
Taxes | 8 | 12 | |||||||||||||||||||
Interest | 36 | 34 | |||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||
Regulatory liabilities | 86 | 83 | |||||||||||||||||||
Other current liabilities | 98 | 101 | |||||||||||||||||||
Total Current Liabilities | 645 | 1,158 | |||||||||||||||||||
Long-term Debt | 3,298 | 2,607 | |||||||||||||||||||
Long-term Debt | |||||||||||||||||||||
Long-term Debt | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred income taxes | 1,154 | 1,899 | |||||||||||||||||||
Accrued pension obligations | 246 | 281 | |||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||
Regulatory liabilities | 668 | — | |||||||||||||||||||
Other deferred credits and noncurrent liabilities | 79 | 90 | |||||||||||||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 2,147 | 2,270 | |||||||||||||||||||
Commitments and Contingent Liabilities (Notes 6 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Common stock - no par value (a) | 364 | 364 | |||||||||||||||||||
Additional paid-in capital | 2,729 | 2,154 | |||||||||||||||||||
Earnings reinvested | 899 | 873 | |||||||||||||||||||
Total Equity | 3,992 | 3,391 | |||||||||||||||||||
Total Liabilities and Equity | $ | 10,082 | $ | 9,426 | |||||||||||||||||
Total Liabilities and Equity | |||||||||||||||||||||
Total Liabilities and Equity |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | ||||||||||||||
December 31, 2014 | 66,368 | $ | 364 | $ | 1,603 | $ | 750 | $ | 2,717 | |||||||||
Net income | 252 | 252 | ||||||||||||||||
Capital contributions from PPL (b) | 331 | 331 | ||||||||||||||||
Dividends declared on common stock | (181 | ) | (181 | ) | ||||||||||||||
December 31, 2015 | 66,368 | $ | 364 | $ | 1,934 | $ | 821 | $ | 3,119 | |||||||||
Net income | 340 | 340 | ||||||||||||||||
Capital contributions from PPL | 220 | 220 | ||||||||||||||||
Dividends declared on common stock | (288 | ) | (288 | ) | ||||||||||||||
December 31, 2016 | 66,368 | $ | 364 | $ | 2,154 | $ | 873 | $ | 3,391 | |||||||||
Net income | 362 | 362 | ||||||||||||||||
Capital contributions from PPL | 575 | 575 | ||||||||||||||||
Dividends declared on common stock | (336 | ) | (336 | ) | ||||||||||||||
December 31, 2017 | 66,368 | $ | 364 | $ | 2,729 | $ | 899 | $ | 3,992 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||
December 31, 2020 | 66,368 | $ | 364 | $ | 3,753 | $ | 1,007 | $ | 5,124 | ||||||||||||||||||||
Net income | 445 | 445 | |||||||||||||||||||||||||||
Capital contributions from parent | 1,075 | 1,075 | |||||||||||||||||||||||||||
Return of capital to parent | (574) | (574) | |||||||||||||||||||||||||||
Dividends declared on common stock | (334) | (334) | |||||||||||||||||||||||||||
December 31, 2021 | 66,368 | $ | 364 | $ | 4,254 | $ | 1,118 | $ | 5,736 | ||||||||||||||||||||
Net income | 525 | 525 | |||||||||||||||||||||||||||
Return of capital to parent | (170) | (170) | |||||||||||||||||||||||||||
Dividends declared on common stock | (340) | (340) | |||||||||||||||||||||||||||
December 31, 2022 | 66,368 | $ | 364 | $ | 4,084 | $ | 1,303 | $ | 5,751 | ||||||||||||||||||||
Net income | 519 | 519 | |||||||||||||||||||||||||||
Capital contributions from parent | 206 | 206 | |||||||||||||||||||||||||||
Return of capital to parent | (250) | (250) | |||||||||||||||||||||||||||
Dividends declared on common stock | (323) | (323) | |||||||||||||||||||||||||||
December 31, 2023 | 66,368 | $ | 364 | $ | 4,040 | $ | 1,499 | $ | 5,903 |
2017 | 2016 | 2015 | |||||||||
Operating Revenues | $ | 3,156 | $ | 3,141 | $ | 3,115 | |||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 759 | 791 | 863 | ||||||||
Energy purchases | 178 | 171 | 184 | ||||||||
Other operation and maintenance | 806 | 804 | 837 | ||||||||
Depreciation | 439 | 404 | 382 | ||||||||
Taxes, other than income | 65 | 62 | 57 | ||||||||
Total Operating Expenses | 2,247 | 2,232 | 2,323 | ||||||||
Operating Income | 909 | 909 | 792 | ||||||||
Other Income (Expense) - net | (3 | ) | (9 | ) | (8 | ) | |||||
Interest Expense | 197 | 197 | 178 | ||||||||
Interest Expense with Affiliate | 18 | 17 | 3 | ||||||||
Income Before Income Taxes | 691 | 686 | 603 | ||||||||
Income Taxes | 375 | 257 | 239 | ||||||||
Net Income | $ | 316 | $ | 429 | $ | 364 |
2017 | 2016 | 2015 | |||||||||
Net income | $ | 316 | $ | 429 | $ | 364 | |||||
Other comprehensive income (loss): | |||||||||||
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | |||||||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of $1, $0, $2 | (2 | ) | — | (3 | ) | ||||||
Net actuarial gain (loss), net of tax of $13, $18, $2 | (23 | ) | (27 | ) | (4 | ) | |||||
Reclassifications to net income - (gains) losses, net of tax expense (benefit): | |||||||||||
Equity investees' other comprehensive (income) loss, net of tax of $0, $0, $0 | 1 | (1 | ) | — | |||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of ($1), ($1), ($1) | 1 | 2 | 1 | ||||||||
Net actuarial (gain) loss, net of tax of ($2), ($1), ($3) | 5 | 2 | 5 | ||||||||
Total other comprehensive income (loss) | (18 | ) | (24 | ) | (1 | ) | |||||
Comprehensive income | $ | 298 | $ | 405 | $ | 363 |
2017 | 2016 | 2015 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 316 | $ | 429 | $ | 364 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||
Depreciation | 439 | 404 | 382 | ||||||||
Amortization | 24 | 29 | 27 | ||||||||
Defined benefit plans - expense | 25 | 27 | 38 | ||||||||
Deferred income taxes and investment tax credits | 294 | 291 | 236 | ||||||||
Other | — | — | 2 | ||||||||
Change in current assets and current liabilities | |||||||||||
Accounts receivable | (12 | ) | (31 | ) | 24 | ||||||
Accounts payable | (9 | ) | 24 | (58 | ) | ||||||
Accounts payable to affiliates | 2 | 1 | (2 | ) | |||||||
Unbilled revenues | (33 | ) | (23 | ) | 20 | ||||||
Fuel, materials and supplies | 45 | 2 | 6 | ||||||||
Income tax receivable | — | 1 | 135 | ||||||||
Taxes payable | 27 | (7 | ) | 10 | |||||||
Accrued interest | — | — | 9 | ||||||||
Other | 34 | (6 | ) | 23 | |||||||
Other operating activities | |||||||||||
Defined benefit plans - funding | (35 | ) | (85 | ) | (70 | ) | |||||
Settlement of interest rate swaps | — | (9 | ) | (88 | ) | ||||||
Expenditures for asset retirement obligations | (34 | ) | (26 | ) | (7 | ) | |||||
Other assets | 8 | 2 | (7 | ) | |||||||
Other liabilities | 8 | 4 | 19 | ||||||||
Net cash provided by operating activities | 1,099 | 1,027 | 1,063 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Expenditures for property, plant and equipment | (892 | ) | (791 | ) | (1,210 | ) | |||||
Other investing activities | 4 | 1 | 7 | ||||||||
Net cash used in investing activities | (888 | ) | (790 | ) | (1,203 | ) | |||||
Cash Flows from Financing Activities | |||||||||||
Net increase in notes payable with affiliates | 62 | 109 | 13 | ||||||||
Issuance of long-term note with affiliate | — | — | 400 | ||||||||
Issuance of long-term debt | 160 | 221 | 1,050 | ||||||||
Retirement of long-term debt | (70 | ) | (246 | ) | (900 | ) | |||||
Distributions to member | (402 | ) | (316 | ) | (219 | ) | |||||
Contributions from member | — | 61 | 125 | ||||||||
Net increase (decrease) in short-term debt | 59 | (80 | ) | (310 | ) | ||||||
Other financing activities | (3 | ) | (3 | ) | (10 | ) | |||||
Net cash provided by (used in) financing activities | (194 | ) | (254 | ) | 149 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 17 | (17 | ) | 9 | |||||||
Cash and Cash Equivalents at Beginning of Period | 13 | 30 | 21 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 30 | $ | 13 | $ | 30 | |||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Cash paid (received) during the period for: | |||||||||||
Interest - net of amount capitalized | $ | 204 | $ | 198 | $ | 163 | |||||
Income taxes - net | $ | 48 | $ | (24 | ) | $ | (139 | ) | |||
Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 174 | $ | 104 | $ | 150 |
2017 | 2016 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 30 | $ | 13 | |||
Accounts receivable (less reserve: 2017, $25; 2016, $24) | |||||||
Customer | 246 | 235 | |||||
Other | 44 | 17 | |||||
Unbilled revenues | 203 | 170 | |||||
Fuel, materials and supplies | 254 | 297 | |||||
Prepayments | 25 | 24 | |||||
Regulatory assets | 18 | 20 | |||||
Other current assets | 8 | 4 | |||||
Total Current Assets | 828 | 780 | |||||
Property, Plant and Equipment | |||||||
Regulated utility plant | 13,187 | 12,746 | |||||
Less: accumulated depreciation - regulated utility plant | 1,785 | 1,465 | |||||
Regulated utility plant, net | 11,402 | 11,281 | |||||
Construction work in progress | 627 | 317 | |||||
Property, Plant and Equipment, net | 12,029 | 11,598 | |||||
Other Noncurrent Assets | |||||||
Regulatory assets | 795 | 824 | |||||
Goodwill | 996 | 996 | |||||
Other intangibles | 86 | 95 | |||||
Other noncurrent assets | 68 | 78 | |||||
Total Other Noncurrent Assets | 1,945 | 1,993 | |||||
Total Assets | $ | 14,802 | $ | 14,371 |
2017 | 2016 | ||||||
Liabilities and Equity | |||||||
Current Liabilities | |||||||
Short-term debt | $ | 244 | $ | 185 | |||
Long-term debt due within one year | 98 | 194 | |||||
Notes payable with affiliates | 225 | 163 | |||||
Accounts payable | 338 | 251 | |||||
Accounts payable to affiliates | 7 | 6 | |||||
Customer deposits | 58 | 56 | |||||
Taxes | 66 | 39 | |||||
Price risk management liabilities | 4 | 4 | |||||
Regulatory liabilities | 9 | 18 | |||||
Interest | 32 | 32 | |||||
Asset retirement obligations | 85 | 60 | |||||
Other current liabilities | 161 | 119 | |||||
Total Current Liabilities | 1,327 | 1,127 | |||||
Long-term Debt | |||||||
Long-term debt | 4,661 | 4,471 | |||||
Long-term debt to affiliate | 400 | 400 | |||||
Total Long-term Debt | 5,061 | 4,871 | |||||
Deferred Credits and Other Noncurrent Liabilities | |||||||
Deferred income taxes | 866 | 1,735 | |||||
Investment tax credits | 129 | 132 | |||||
Price risk management liabilities | 22 | 27 | |||||
Accrued pension obligations | 365 | 350 | |||||
Asset retirement obligations | 271 | 373 | |||||
Regulatory liabilities | 2,036 | 899 | |||||
Other deferred credits and noncurrent liabilities | 162 | 190 | |||||
Total Deferred Credits and Other Noncurrent Liabilities | 3,851 | 3,706 | |||||
Commitments and Contingent Liabilities (Notes 6 and 13) | |||||||
Member's equity | 4,563 | 4,667 | |||||
Total Liabilities and Equity | $ | 14,802 | $ | 14,371 |
Member's Equity | |||
December 31, 2014 | $ | 4,248 | |
Net income | 364 | ||
Contributions from member | 125 | ||
Distributions to member | (219 | ) | |
Other comprehensive income (loss) | (1 | ) | |
December 31, 2015 | $ | 4,517 | |
Net income | $ | 429 | |
Contributions from member | 61 | ||
Distributions to member | (316 | ) | |
Other comprehensive income (loss) | (24 | ) | |
December 31, 2016 | $ | 4,667 | |
Net income | $ | 316 | |
Distributions to member | (402 | ) | |
Other comprehensive income (loss) | (18 | ) | |
December 31, 2017 | $ | 4,563 |
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Operating Revenues | Operating Revenues | |||||||||||||||||||||||||||||||||
Retail and wholesale | $ | 1,422 | $ | 1,406 | $ | 1,407 | ||||||||||||||||||||||||||||
Electric revenue from affiliate | 31 | 24 | 37 | |||||||||||||||||||||||||||||||
Total Operating Revenues | 1,453 | 1,430 | 1,444 | |||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operation | Operation | |||||||||||||||||||||||||||||||||
Fuel | 292 | 301 | 329 | |||||||||||||||||||||||||||||||
Energy purchases | 160 | 153 | 166 | |||||||||||||||||||||||||||||||
Energy purchases from affiliate | 10 | 14 | 20 | |||||||||||||||||||||||||||||||
Other operation and maintenance | 355 | 355 | 377 | |||||||||||||||||||||||||||||||
Depreciation | 183 | 170 | 162 | |||||||||||||||||||||||||||||||
Taxes, other than income | 33 | 32 | 28 | |||||||||||||||||||||||||||||||
Total Operating Expenses | 1,033 | 1,025 | 1,082 | |||||||||||||||||||||||||||||||
Operating Income | 420 | 405 | 362 | |||||||||||||||||||||||||||||||
Operating Income | ||||||||||||||||||||||||||||||||||
Operating Income | ||||||||||||||||||||||||||||||||||
Other Income (Expense) – net | (5 | ) | (5 | ) | (6 | ) | ||||||||||||||||||||||||||||
Other Income (Expense) – net | ||||||||||||||||||||||||||||||||||
Other Income (Expense) – net | ||||||||||||||||||||||||||||||||||
Interest Income from Affiliates | ||||||||||||||||||||||||||||||||||
Interest Income from Affiliates | ||||||||||||||||||||||||||||||||||
Interest Income from Affiliates | ||||||||||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||||
Interest Expense | 71 | 71 | 57 | |||||||||||||||||||||||||||||||
Income Before Income Taxes | 344 | 329 | 299 | |||||||||||||||||||||||||||||||
Income Before Income Taxes | ||||||||||||||||||||||||||||||||||
Income Before Income Taxes | ||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||
Income Taxes | 131 | 126 | 114 | |||||||||||||||||||||||||||||||
Net Income (a) | $ | 213 | $ | 203 | $ | 185 | ||||||||||||||||||||||||||||
Net Income (a) | ||||||||||||||||||||||||||||||||||
Net Income (a) |
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||||||||
Net income | $ | 213 | $ | 203 | $ | 185 | ||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||||||||||||||||||||||||
Depreciation | 183 | 170 | 162 | |||||||||||||||||||||||||||||||
Amortization | 14 | 14 | 11 | |||||||||||||||||||||||||||||||
Defined benefit plans - expense | 7 | 8 | 12 | |||||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 126 | 147 | 126 | |||||||||||||||||||||||||||||||
Other | 1 | — | 8 | |||||||||||||||||||||||||||||||
Change in current assets and current liabilities | Change in current assets and current liabilities | |||||||||||||||||||||||||||||||||
Accounts receivable | (7 | ) | (22 | ) | 19 | |||||||||||||||||||||||||||||
Accounts receivable from affiliates | 4 | (16 | ) | 11 | ||||||||||||||||||||||||||||||
Accounts payable | (7 | ) | 31 | (29 | ) | |||||||||||||||||||||||||||||
Accounts payable to affiliates | (4 | ) | 1 | 5 | ||||||||||||||||||||||||||||||
Unbilled revenues | (16 | ) | (8 | ) | 9 | |||||||||||||||||||||||||||||
Fuel, materials and supplies | 12 | 8 | 3 | |||||||||||||||||||||||||||||||
Income tax receivable | — | 4 | 70 | |||||||||||||||||||||||||||||||
Regulatory assets and liabilities, net | ||||||||||||||||||||||||||||||||||
Taxes payable | ||||||||||||||||||||||||||||||||||
Taxes payable | ||||||||||||||||||||||||||||||||||
Taxes payable | (15 | ) | 20 | 1 | ||||||||||||||||||||||||||||||
Accrued interest | — | — | 5 | |||||||||||||||||||||||||||||||
Other | 11 | (7 | ) | 17 | ||||||||||||||||||||||||||||||
Other operating activities | Other operating activities | |||||||||||||||||||||||||||||||||
Defined benefit plans - funding | (4 | ) | (46 | ) | (26 | ) | ||||||||||||||||||||||||||||
Settlement of interest rate swaps | — | (9 | ) | (44 | ) | |||||||||||||||||||||||||||||
Expenditures for asset retirement obligations | ||||||||||||||||||||||||||||||||||
Expenditures for asset retirement obligations | ||||||||||||||||||||||||||||||||||
Expenditures for asset retirement obligations | (15 | ) | (18 | ) | (6 | ) | ||||||||||||||||||||||||||||
Other assets | 5 | — | 11 | |||||||||||||||||||||||||||||||
Other liabilities | 4 | 2 | 4 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | 512 | 482 | 554 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||||||||||||
Expenditures for property, plant and equipment | (458 | ) | (439 | ) | (689 | ) | ||||||||||||||||||||||||||||
Other investing activities | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (458 | ) | (439 | ) | (689 | ) | ||||||||||||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||||||||||||
Net increase (decrease) in notes payable with affiliates | ||||||||||||||||||||||||||||||||||
Issuance of long-term debt | 160 | 125 | 550 | |||||||||||||||||||||||||||||||
Retirement of long-term debt | (70 | ) | (150 | ) | (250 | ) | ||||||||||||||||||||||||||||
Payment of common stock dividends to parent | ||||||||||||||||||||||||||||||||||
Payment of common stock dividends to parent | ||||||||||||||||||||||||||||||||||
Payment of common stock dividends to parent | (192 | ) | (128 | ) | (119 | ) | ||||||||||||||||||||||||||||
Contributions from parent | 30 | 71 | 90 | |||||||||||||||||||||||||||||||
Return of capital to parent | ||||||||||||||||||||||||||||||||||
Retirement of commercial paper | ||||||||||||||||||||||||||||||||||
Retirement of commercial paper | ||||||||||||||||||||||||||||||||||
Retirement of commercial paper | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | 30 | 27 | (122 | ) | ||||||||||||||||||||||||||||||
Other financing activities | (2 | ) | (2 | ) | (5 | ) | ||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (44 | ) | (57 | ) | 144 | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 10 | (14 | ) | 9 | ||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 5 | 19 | 10 | |||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 15 | $ | 5 | $ | 19 | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | ||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||||||||||||
Interest - net of amount capitalized | $ | 65 | $ | 65 | $ | 48 | ||||||||||||||||||||||||||||
Income taxes - net | $ | 22 | $ | (43 | ) | $ | (81 | ) | ||||||||||||||||||||||||||
Significant non-cash transactions: | ||||||||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 92 | $ | 56 | $ | 97 | ||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | ||||||||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, |
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Assets | Assets | ||||||||||||||||||||
Current Assets | Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 5 | |||||||||||||||||
Accounts receivable (less reserve: 2017, $1; 2016, $2) | |||||||||||||||||||||
Accounts receivable (less reserve: 2023, $6; 2022, $3) | Accounts receivable (less reserve: 2023, $6; 2022, $3) | ||||||||||||||||||||
Customer | 116 | 109 | |||||||||||||||||||
Other | 13 | 11 | |||||||||||||||||||
Unbilled revenues | 91 | 75 | |||||||||||||||||||
Unbilled revenues (less reserve: 2023, $0; 2022, $0) | |||||||||||||||||||||
Accounts receivable from affiliates | 24 | 28 | |||||||||||||||||||
Fuel, materials and supplies | 131 | 143 | |||||||||||||||||||
Prepayments | 11 | 12 | |||||||||||||||||||
Regulatory assets | |||||||||||||||||||||
Regulatory assets | |||||||||||||||||||||
Regulatory assets | 12 | 9 | |||||||||||||||||||
Other current assets | 3 | 1 | |||||||||||||||||||
Total Current Assets | |||||||||||||||||||||
Total Current Assets | |||||||||||||||||||||
Total Current Assets | 416 | 393 | |||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Regulated utility plant | 5,587 | 5,357 | |||||||||||||||||||
Less: accumulated depreciation - regulated utility plant | 614 | 498 | |||||||||||||||||||
Regulated utility plant, net | 4,973 | 4,859 | |||||||||||||||||||
Construction work in progress | 305 | 133 | |||||||||||||||||||
Property, Plant and Equipment, net | 5,278 | 4,992 | |||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Regulatory assets | 411 | 450 | |||||||||||||||||||
Goodwill | 389 | 389 | |||||||||||||||||||
Other intangibles | 53 | 59 | |||||||||||||||||||
Other noncurrent assets | 12 | 17 | |||||||||||||||||||
Total Other Noncurrent Assets | 865 | 915 | |||||||||||||||||||
Total Assets | $ | 6,559 | $ | 6,300 | |||||||||||||||||
Total Assets | |||||||||||||||||||||
Total Assets |
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Liabilities and Equity | Liabilities and Equity | ||||||||||||||||||||
Current Liabilities | Current Liabilities | ||||||||||||||||||||
Short-term debt | $ | 199 | $ | 169 | |||||||||||||||||
Long-term debt due within one year | 98 | 194 | |||||||||||||||||||
Accounts payable | |||||||||||||||||||||
Accounts payable | |||||||||||||||||||||
Accounts payable | 179 | 148 | |||||||||||||||||||
Accounts payable to affiliates | 23 | 26 | |||||||||||||||||||
Customer deposits | 27 | 27 | |||||||||||||||||||
Taxes | 25 | 40 | |||||||||||||||||||
Price risk management liabilities | 4 | 4 | |||||||||||||||||||
Regulatory liabilities | 3 | 5 | |||||||||||||||||||
Interest | 11 | 11 | |||||||||||||||||||
Asset retirement obligations | 24 | 41 | |||||||||||||||||||
Other current liabilities | 52 | 36 | |||||||||||||||||||
Total Current Liabilities | 645 | 701 | |||||||||||||||||||
Long-term Debt | 1,611 | 1,423 | |||||||||||||||||||
Long-term Debt | |||||||||||||||||||||
Long-term Debt | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred income taxes | 572 | 974 | |||||||||||||||||||
Investment tax credits | 35 | 36 | |||||||||||||||||||
Price risk management liabilities | 22 | 27 | |||||||||||||||||||
Accrued pension obligations | 45 | 53 | |||||||||||||||||||
Asset retirement obligations | |||||||||||||||||||||
Asset retirement obligations | |||||||||||||||||||||
Asset retirement obligations | 97 | 104 | |||||||||||||||||||
Regulatory liabilities | 919 | 419 | |||||||||||||||||||
Other deferred credits and noncurrent liabilities | 86 | 87 | |||||||||||||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 1,776 | 1,700 | |||||||||||||||||||
Commitments and Contingent Liabilities (Notes 6 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Stockholder's Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Common stock - no par value (a) | 424 | 424 | |||||||||||||||||||
Additional paid-in capital | 1,712 | 1,682 | |||||||||||||||||||
Earnings reinvested | 391 | 370 | |||||||||||||||||||
Total Equity | 2,527 | 2,476 | |||||||||||||||||||
Total Liabilities and Equity | $ | 6,559 | $ | 6,300 | |||||||||||||||||
Total Liabilities and Equity | |||||||||||||||||||||
Total Liabilities and Equity |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | ||||||||||||||
December 31, 2014 | 21,294 | $ | 424 | $ | 1,521 | $ | 229 | $ | 2,174 | |||||||||
Net income | 185 | 185 | ||||||||||||||||
Capital contributions from LKE | 90 | 90 | ||||||||||||||||
Cash dividends declared on common stock | (119 | ) | (119 | ) | ||||||||||||||
December 31, 2015 | 21,294 | $ | 424 | $ | 1,611 | $ | 295 | $ | 2,330 | |||||||||
Net income | 203 | 203 | ||||||||||||||||
Capital contributions from LKE | 71 | 71 | ||||||||||||||||
Cash dividends declared on common stock | (128 | ) | (128 | ) | ||||||||||||||
December 31, 2016 | 21,294 | $ | 424 | $ | 1,682 | $ | 370 | $ | 2,476 | |||||||||
Net income | 213 | 213 | ||||||||||||||||
Capital contributions from LKE | 30 | 30 | ||||||||||||||||
Cash dividends declared on common stock | (192 | ) | (192 | ) | ||||||||||||||
December 31, 2017 | 21,294 | $ | 424 | $ | 1,712 | $ | 391 | $ | 2,527 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||
December 31, 2020 | 21,294 | $ | 424 | $ | 1,923 | $ | 601 | $ | 2,948 | ||||||||||||||||||||
Net income | 249 | 249 | |||||||||||||||||||||||||||
Capital contributions from parent | 74 | 74 | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (192) | (192) | |||||||||||||||||||||||||||
December 31, 2021 | 21,294 | $ | 424 | $ | 1,997 | $ | 658 | $ | 3,079 | ||||||||||||||||||||
Net income | 272 | 272 | |||||||||||||||||||||||||||
Capital contributions from parent | 90 | 90 | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (275) | (275) | |||||||||||||||||||||||||||
December 31, 2022 | 21,294 | $ | 424 | $ | 2,087 | $ | 655 | $ | 3,166 | ||||||||||||||||||||
Net income | 266 | 266 | |||||||||||||||||||||||||||
Capital contributions from parent | 67 | 67 | |||||||||||||||||||||||||||
Return of capital to parent | (161) | (161) | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (166) | (166) | |||||||||||||||||||||||||||
December 31, 2023 | 21,294 | $ | 424 | $ | 1,993 | $ | 755 | $ | 3,172 |
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Operating Revenues | Operating Revenues | |||||||||||||||||||||||||||||||||
Retail and wholesale | $ | 1,734 | $ | 1,735 | $ | 1,708 | ||||||||||||||||||||||||||||
Electric revenue from affiliate | 10 | 14 | 20 | |||||||||||||||||||||||||||||||
Total Operating Revenues | 1,744 | 1,749 | 1,728 | |||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Operation | Operation | |||||||||||||||||||||||||||||||||
Fuel | 467 | 490 | 534 | |||||||||||||||||||||||||||||||
Energy purchases | 18 | 18 | 18 | |||||||||||||||||||||||||||||||
Energy purchases from affiliate | 31 | 24 | 37 | |||||||||||||||||||||||||||||||
Other operation and maintenance | 424 | 424 | 435 | |||||||||||||||||||||||||||||||
Depreciation | 255 | 234 | 220 | |||||||||||||||||||||||||||||||
Taxes, other than income | 32 | 30 | 29 | |||||||||||||||||||||||||||||||
Total Operating Expenses | 1,227 | 1,220 | 1,273 | |||||||||||||||||||||||||||||||
Operating Income | 517 | 529 | 455 | |||||||||||||||||||||||||||||||
Operating Income | ||||||||||||||||||||||||||||||||||
Operating Income | ||||||||||||||||||||||||||||||||||
Other Income (Expense) – net | ||||||||||||||||||||||||||||||||||
Other Income (Expense) – net | ||||||||||||||||||||||||||||||||||
Other Income (Expense) – net | (3 | ) | (5 | ) | 1 | |||||||||||||||||||||||||||||
Interest Expense | 96 | 96 | 82 | |||||||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||||
Interest Expense from Affiliate | ||||||||||||||||||||||||||||||||||
Interest Expense from Affiliate | ||||||||||||||||||||||||||||||||||
Interest Expense from Affiliate | ||||||||||||||||||||||||||||||||||
Income Before Income Taxes | ||||||||||||||||||||||||||||||||||
Income Before Income Taxes | ||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 418 | 428 | 374 | |||||||||||||||||||||||||||||||
Income Taxes | 159 | 163 | 140 | |||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||
Net Income (a) | $ | 259 | $ | 265 | $ | 234 | ||||||||||||||||||||||||||||
Net Income (a) | ||||||||||||||||||||||||||||||||||
Net Income (a) |
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||||||||
Net income | $ | 259 | $ | 265 | $ | 234 | ||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||||||||||||||||||||||||
Depreciation | 255 | 234 | 220 | |||||||||||||||||||||||||||||||
Amortization | 9 | 14 | 13 | |||||||||||||||||||||||||||||||
Defined benefit plans - expense | 4 | 5 | 10 | |||||||||||||||||||||||||||||||
Defined benefit plans - expense (income) | ||||||||||||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 152 | 126 | 160 | |||||||||||||||||||||||||||||||
Other | — | (1 | ) | (5 | ) | |||||||||||||||||||||||||||||
Change in current assets and current liabilities | Change in current assets and current liabilities | |||||||||||||||||||||||||||||||||
Accounts receivable | (5 | ) | (8 | ) | 5 | |||||||||||||||||||||||||||||
Accounts receivable from affiliates | — | 1 | (1 | ) | ||||||||||||||||||||||||||||||
Accounts payable | — | (10 | ) | (32 | ) | |||||||||||||||||||||||||||||
Accounts payable to affiliates | (6 | ) | 15 | (10 | ) | |||||||||||||||||||||||||||||
Unbilled revenues | (17 | ) | (15 | ) | 11 | |||||||||||||||||||||||||||||
Fuel, materials and supplies | 32 | (6 | ) | 3 | ||||||||||||||||||||||||||||||
Income tax receivable | — | — | 59 | |||||||||||||||||||||||||||||||
Regulatory assets and liabilities, net | ||||||||||||||||||||||||||||||||||
Taxes payable | ||||||||||||||||||||||||||||||||||
Taxes payable | ||||||||||||||||||||||||||||||||||
Taxes payable | (26 | ) | 25 | 6 | ||||||||||||||||||||||||||||||
Accrued interest | — | — | 5 | |||||||||||||||||||||||||||||||
Other | 7 | (3 | ) | 4 | ||||||||||||||||||||||||||||||
Other operating activities | Other operating activities | |||||||||||||||||||||||||||||||||
Defined benefit plans - funding | (23 | ) | (20 | ) | (21 | ) | ||||||||||||||||||||||||||||
Settlement of interest rate swaps | — | — | (44 | ) | ||||||||||||||||||||||||||||||
Expenditures for asset retirement obligations | ||||||||||||||||||||||||||||||||||
Expenditures for asset retirement obligations | ||||||||||||||||||||||||||||||||||
Expenditures for asset retirement obligations | (19 | ) | (8 | ) | (1 | ) | ||||||||||||||||||||||||||||
Other assets | 3 | (6 | ) | (11 | ) | |||||||||||||||||||||||||||||
Other liabilities | 9 | (2 | ) | 3 | ||||||||||||||||||||||||||||||
Net cash provided by operating activities | 634 | 606 | 608 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||||||||||||
Expenditures for property, plant and equipment | (432 | ) | (350 | ) | (519 | ) | ||||||||||||||||||||||||||||
Other investing activities | 4 | 1 | 7 | |||||||||||||||||||||||||||||||
Net cash used in investing activities | (428 | ) | (349 | ) | (512 | ) | ||||||||||||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||||||||||||
Net increase (decrease) in notes payable with affiliates | ||||||||||||||||||||||||||||||||||
Issuance of long-term debt | — | 96 | 500 | |||||||||||||||||||||||||||||||
Retirement of long-term debt | — | (96 | ) | (250 | ) | |||||||||||||||||||||||||||||
Payment of common stock dividends to parent | (226 | ) | (248 | ) | (153 | ) | ||||||||||||||||||||||||||||
Contributions from parent | — | 20 | — | |||||||||||||||||||||||||||||||
Return of capital to parent | ||||||||||||||||||||||||||||||||||
Retirement of commercial paper | ||||||||||||||||||||||||||||||||||
Retirement of commercial paper | ||||||||||||||||||||||||||||||||||
Retirement of commercial paper | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | 29 | (32 | ) | (188 | ) | |||||||||||||||||||||||||||||
Other financing activities | (1 | ) | (1 | ) | (5 | ) | ||||||||||||||||||||||||||||
Net cash used in financing activities | (198 | ) | (261 | ) | (96 | ) | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 8 | (4 | ) | — | ||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 7 | 11 | 11 | |||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 15 | $ | 7 | $ | 11 | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | ||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||||||||||||
Interest - net of amount capitalized | $ | 92 | $ | 89 | $ | 75 | ||||||||||||||||||||||||||||
Income taxes - net | $ | 34 | $ | 13 | $ | (84 | ) | |||||||||||||||||||||||||||
Significant non-cash transactions: | ||||||||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 82 | $ | 47 | $ | 53 | ||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | ||||||||||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, |
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Assets | Assets | ||||||||||||||||||||
Current Assets | Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 7 | |||||||||||||||||
Accounts receivable (less reserve: 2017, $1; 2016, $2) | |||||||||||||||||||||
Accounts receivable (less reserve: 2023, $2; 2022, $3) | Accounts receivable (less reserve: 2023, $2; 2022, $3) | ||||||||||||||||||||
Customer | 130 | 126 | |||||||||||||||||||
Other | 30 | 5 | |||||||||||||||||||
Unbilled revenues | 112 | 95 | |||||||||||||||||||
Unbilled revenues (less reserve: 2023, $0; 2022, $0) | |||||||||||||||||||||
Fuel, materials and supplies | |||||||||||||||||||||
Fuel, materials and supplies | |||||||||||||||||||||
Fuel, materials and supplies | 123 | 154 | |||||||||||||||||||
Prepayments | 14 | 12 | |||||||||||||||||||
Regulatory assets | |||||||||||||||||||||
Regulatory assets | |||||||||||||||||||||
Regulatory assets | 6 | 11 | |||||||||||||||||||
Other current assets | 5 | 3 | |||||||||||||||||||
Total Current Assets | |||||||||||||||||||||
Total Current Assets | |||||||||||||||||||||
Total Current Assets | 435 | 413 | |||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Regulated utility plant | 7,592 | 7,382 | |||||||||||||||||||
Less: accumulated depreciation - regulated utility plant | 1,170 | 965 | |||||||||||||||||||
Regulated utility plant, net | 6,422 | 6,417 | |||||||||||||||||||
Construction work in progress | 321 | 181 | |||||||||||||||||||
Property, Plant and Equipment, net | 6,743 | 6,598 | |||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Regulatory assets | 384 | 374 | |||||||||||||||||||
Goodwill | 607 | 607 | |||||||||||||||||||
Other intangibles | 33 | 36 | |||||||||||||||||||
Other noncurrent assets | 52 | 57 | |||||||||||||||||||
Total Other Noncurrent Assets | 1,076 | 1,074 | |||||||||||||||||||
Total Assets | $ | 8,254 | $ | 8,085 | |||||||||||||||||
Total Assets | |||||||||||||||||||||
Total Assets |
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Liabilities and Equity | Liabilities and Equity | ||||||||||||||||||||
Current Liabilities | Current Liabilities | ||||||||||||||||||||
Short-term debt | $ | 45 | $ | 16 | |||||||||||||||||
Long-term debt due within one year | |||||||||||||||||||||
Long-term debt due within one year | |||||||||||||||||||||
Long-term debt due within one year | |||||||||||||||||||||
Accounts payable | 137 | 78 | |||||||||||||||||||
Accounts payable to affiliates | 53 | 56 | |||||||||||||||||||
Customer deposits | 31 | 29 | |||||||||||||||||||
Taxes | 19 | 45 | |||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||
Regulatory liabilities | 6 | 13 | |||||||||||||||||||
Interest | 16 | 16 | |||||||||||||||||||
Asset retirement obligations | 61 | 19 | |||||||||||||||||||
Other current liabilities | 46 | 36 | |||||||||||||||||||
Total Current Liabilities | 414 | 308 | |||||||||||||||||||
Long-term Debt | 2,328 | 2,327 | |||||||||||||||||||
Long-term Debt | |||||||||||||||||||||
Long-term Debt | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||||||
Deferred income taxes | 691 | 1,170 | |||||||||||||||||||
Investment tax credits | 94 | 96 | |||||||||||||||||||
Accrued pension obligations | 36 | 62 | |||||||||||||||||||
Asset retirement obligations | |||||||||||||||||||||
Asset retirement obligations | |||||||||||||||||||||
Asset retirement obligations | 174 | 269 | |||||||||||||||||||
Regulatory liabilities | 1,117 | 480 | |||||||||||||||||||
Other deferred credits and noncurrent liabilities | 43 | 50 | |||||||||||||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 2,155 | 2,127 | |||||||||||||||||||
Commitments and Contingent Liabilities (Notes 6 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||||||||||||||||
Stockholder's Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Common stock - no par value (a) | 308 | 308 | |||||||||||||||||||
Additional paid-in capital | 2,616 | 2,616 | |||||||||||||||||||
Accumulated other comprehensive loss | — | (1 | ) | ||||||||||||||||||
Earnings reinvested | |||||||||||||||||||||
Earnings reinvested | |||||||||||||||||||||
Earnings reinvested | 433 | 400 | |||||||||||||||||||
Total Equity | 3,357 | 3,323 | |||||||||||||||||||
Total Liabilities and Equity | $ | 8,254 | $ | 8,085 | |||||||||||||||||
Total Liabilities and Equity | |||||||||||||||||||||
Total Liabilities and Equity |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Accumulated other comprehensive income (loss) | Total | |||||||||||||||||
December 31, 2014 | 37,818 | $ | 308 | $ | 2,596 | $ | 302 | $ | — | $ | 3,206 | |||||||||||
Net income | 234 | 234 | ||||||||||||||||||||
Cash dividends declared on common stock | (153 | ) | (153 | ) | ||||||||||||||||||
December 31, 2015 | 37,818 | $ | 308 | $ | 2,596 | $ | 383 | $ | — | $ | 3,287 | |||||||||||
Net income | 265 | 265 | ||||||||||||||||||||
Capital contributions from LKE | 20 | 20 | ||||||||||||||||||||
Cash dividends declared on common stock | (248 | ) | (248 | ) | ||||||||||||||||||
Other comprehensive income (loss) | (1 | ) | (1 | ) | ||||||||||||||||||
December 31, 2016 | 37,818 | $ | 308 | $ | 2,616 | $ | 400 | $ | (1 | ) | $ | 3,323 | ||||||||||
Net income | 259 | 259 | ||||||||||||||||||||
Cash dividends declared on common stock | (226 | ) | (226 | ) | ||||||||||||||||||
Other comprehensive income (loss) | 1 | 1 | ||||||||||||||||||||
December 31, 2017 | 37,818 | $ | 308 | $ | 2,616 | $ | 433 | $ | — | $ | 3,357 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||
December 31, 2020 | 37,818 | $ | 308 | $ | 2,857 | $ | 617 | $ | 3,782 | ||||||||||||||||||||
Net income | 296 | 296 | |||||||||||||||||||||||||||
Capital contributions from parent | 100 | 100 | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (250) | (250) | |||||||||||||||||||||||||||
December 31, 2021 | 37,818 | $ | 308 | $ | 2,957 | $ | 663 | $ | 3,928 | ||||||||||||||||||||
Net income | 322 | 322 | |||||||||||||||||||||||||||
Capital contributions from parent | 84 | 84 | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (296) | (296) | |||||||||||||||||||||||||||
December 31, 2022 | 37,818 | $ | 308 | $ | 3,041 | $ | 689 | $ | 4,038 | ||||||||||||||||||||
Net income | 312 | 312 | |||||||||||||||||||||||||||
Capital contributions from parent | 76 | 76 | |||||||||||||||||||||||||||
Return of capital to parent | (84) | (84) | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (190) | (190) | |||||||||||||||||||||||||||
December 31, 2023 | 37,818 | $ | 308 | $ | 3,033 | $ | 811 | $ | 4,152 |
Registrant | ||||||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | |||||||||||||||||||||||
1. Summary of Significant Accounting Policies | x | x | x | x | ||||||||||||||||||||||
2. Segment and Related Information | x | x | x | x | ||||||||||||||||||||||
3. Revenue from Contracts with Customers | x | x | x | x | ||||||||||||||||||||||
4. Preferred Securities | x | x | x | x | ||||||||||||||||||||||
5. Earnings Per Share | x | |||||||||||||||||||||||||
6. Income and Other Taxes | x | x | x | x | ||||||||||||||||||||||
7. Utility Rate Regulation | x | x | x | x | ||||||||||||||||||||||
8. Financing Activities | x | x | x | x | ||||||||||||||||||||||
9. Acquisitions, Development and Divestitures | x | |||||||||||||||||||||||||
10. Leases | x | x | x | x | ||||||||||||||||||||||
11. Retirement and Postemployment Benefits | x | x | x | x | ||||||||||||||||||||||
12. Jointly Owned Facilities | x | x | x | |||||||||||||||||||||||
13. Commitments and Contingencies | x | x | x | x | ||||||||||||||||||||||
14. Related Party Transactions | x | x | x | |||||||||||||||||||||||
15. Other Income (Expense) - net | x | x | ||||||||||||||||||||||||
16. Fair Value Measurements | x | x | x | x | ||||||||||||||||||||||
17. Derivative Instruments and Hedging Activities | x | x | x | x | ||||||||||||||||||||||
18. Goodwill and Other Intangible Assets | x | x | x | x | ||||||||||||||||||||||
19. Asset Retirement Obligations | x | x | x | x | ||||||||||||||||||||||
20. Accumulated Other Comprehensive Income (Loss) | x | |||||||||||||||||||||||||
21. New Accounting Guidance Pending Adoption | x | x | x | x | ||||||||||||||||||||||
2017 | 2016 | 2015 | |||||||||
Domestic electric and gas revenues (a) | $ | 5,351 | $ | 5,297 | $ | 5,239 | |||||
U.K. operating revenues (b) | 2,091 | 2,207 | 2,410 | ||||||||
Domestic - other | 5 | 13 | 20 | ||||||||
Total | $ | 7,447 | $ | 7,517 | $ | 7,669 |
Additions | ||||||||||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Deductions (a) | Balance at End of Period | |||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||
2023 | $ | 95 | $ | 87 | $ | 52 | $ | 130 | (c) | |||||||||||||||||
2022 | 69 | 78 | 52 | 95 | (c) | |||||||||||||||||||||
2021 | 73 | 26 | 30 | 69 | (c) | |||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||
2023 | $ | 33 | $ | 52 | $ | 35 | $ | 50 | (b) | |||||||||||||||||
2022 | 35 | 27 | 29 | 33 | (b) | |||||||||||||||||||||
2021 | 41 | 13 | 19 | 35 | (b) | |||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||
2023 | $ | 4 | $ | 4 | $ | 2 | $ | 6 | ||||||||||||||||||
2022 | 3 | 6 | 5 | 4 | ||||||||||||||||||||||
2021 | 3 | 4 | 4 | 3 | ||||||||||||||||||||||
KU | ||||||||||||||||||||||||||
2023 | $ | 3 | $ | 3 | $ | 4 | $ | 2 | ||||||||||||||||||
2022 | 3 | 6 | 6 | 3 | ||||||||||||||||||||||
2021 | 2 | 8 | 7 | 3 |
Additions | |||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Charged to Other Accounts | Deductions (a) | Balance at End of Period | |||||||||||||||
PPL | |||||||||||||||||||
2017 | $ | 54 | $ | 28 | $ | (1 | ) | $ | 30 | $ | 51 | ||||||||
2016 | 41 | 44 | — | 31 | 54 | ||||||||||||||
2015 | 44 | 49 | (2 | ) | 50 | 41 | |||||||||||||
PPL Electric | |||||||||||||||||||
2017 | $ | 28 | $ | 18 | $ | — | $ | 22 | $ | 24 | |||||||||
2016 | 16 | 35 | — | 23 | 28 | ||||||||||||||
2015 | 17 | 39 | — | 40 | 16 |
Additions | |||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Charged to Other Accounts | Deductions (a) | Balance at End of Period | |||||||||||||||
LKE | |||||||||||||||||||
2017 | $ | 24 | $ | 8 | $ | (1 | ) | $ | 6 | $ | 25 | ||||||||
2016 | 23 | 8 | — | 7 | 24 | ||||||||||||||
2015 | 25 | 9 | (2 | ) | 9 | 23 | |||||||||||||
LG&E | |||||||||||||||||||
2017 | $ | 2 | $ | 2 | $ | (1 | ) | $ | 2 | $ | 1 | ||||||||
2016 | 1 | 2 | 1 | 2 | 2 | ||||||||||||||
2015 | 2 | 2 | — | 3 | 1 | ||||||||||||||
KU | |||||||||||||||||||
2017 | $ | 2 | $ | 4 | $ | (1 | ) | $ | 4 | $ | 1 | ||||||||
2016 | 2 | 4 | — | 4 | 2 | ||||||||||||||
2015 | 2 | 5 | — | 5 | 2 |
PPL | PPL Electric | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Low carbon network fund (a) | $ | 17 | $ | 17 | $ | — | $ | — | |||||||
Other | 9 | 9 | 2 | 2 | |||||||||||
Total | $ | 26 | $ | 26 | $ | 2 | $ | 2 |
2023 | 2022 | 2021 | |||||||||||||||
PPL | $ | 12 | $ | 7 | $ | 6 | |||||||||||
PPL Electric | 7 | 5 | 6 | ||||||||||||||
LG&E | 1 | — | — | ||||||||||||||
KU | 1 | — | — |
2023 | 2022 | 2021 | |||||||||||||||
PPL | 3.26 | % | 3.21 | % | 3.61 | % | |||||||||||
PPL Electric | 2.62 | % | 2.75 | % | 3.05 | % | |||||||||||
LG&E | 4.00 | % | 4.16 | % | 3.99 | % | |||||||||||
KU | 3.95 | % | 4.01 | % | 4.17 | % |
2017 | 2016 | 2015 | ||||||
PPL | 2.65 | % | 2.73 | % | 2.57 | % | ||
PPL Electric | 2.86 | % | 2.63 | % | 2.46 | % | ||
LKE | 3.64 | % | 3.69 | % | 3.69 | % | ||
LG&E | 3.63 | % | 3.58 | % | 3.65 | % | ||
KU | 3.66 | % | 3.77 | % | 3.71 | % |
2023 | 2022 | ||||||||||
PPL Electric | $ | (21) | $ | 2 | |||||||
LG&E | (5) | (6) | |||||||||
KU | (3) | 4 |
2017 | 2016 | ||||||
PPL Electric | $ | 61 | $ | 13 | |||
LKE | (23 | ) | 1 | ||||
LG&E | — | (18 | ) | ||||
KU | — | (29 | ) |
2023 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Fuel | $ | 144 | $ | — | $ | 50 | $ | 94 | |||||||||||||||
Natural gas stored underground | 58 | — | 34 | — | |||||||||||||||||||
Materials and supplies | 303 | 99 | 59 | 91 | |||||||||||||||||||
Total | $ | 505 | $ | 99 | $ | 143 | $ | 185 |
PPL | LKE | LG&E | KU | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Fuel | $ | 107 | $ | 158 | $ | 107 | $ | 158 | $ | 45 | $ | 60 | $ | 62 | $ | 98 | |||||||||||||||
Natural gas stored underground | 43 | 42 | 43 | 42 | 43 | 42 | — | — | |||||||||||||||||||||||
Materials and supplies | 170 | 156 | 104 | 97 | 43 | 41 | 61 | 56 | |||||||||||||||||||||||
Total | $ | 320 | $ | 356 | $ | 254 | $ | 297 | $ | 131 | $ | 143 | $ | 123 | $ | 154 |
2022 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Fuel | $ | 125 | $ | — | $ | 44 | $ | 81 | |||||||||||||||
Natural gas stored underground | 91 | — | 68 | — | |||||||||||||||||||
Materials and supplies | 227 | 69 | 54 | 86 | |||||||||||||||||||
Total | $ | 443 | $ | 69 | $ | 166 | $ | 167 |
2023 | 2022 | 2021 | |||||||||||||||
Operating Revenues from external customers (a) | |||||||||||||||||
Kentucky Regulated | $ | 3,452 | $ | 3,811 | $ | 3,348 | |||||||||||
Pennsylvania Regulated | 3,008 | 3,030 | 2,402 | ||||||||||||||
Rhode Island Regulated | 1,851 | 1,038 | — | ||||||||||||||
Corporate and Other | 1 | 23 | 33 | ||||||||||||||
Total | $ | 8,312 | $ | 7,902 | $ | 5,783 | |||||||||||
Depreciation | |||||||||||||||||
Kentucky Regulated | $ | 696 | $ | 685 | $ | 647 | |||||||||||
Pennsylvania Regulated | 397 | 393 | 424 | ||||||||||||||
Rhode Island Regulated | 156 | 92 | — | ||||||||||||||
Corporate and Other | 5 | 11 | 11 | ||||||||||||||
Total | $ | 1,254 | $ | 1,181 | $ | 1,082 | |||||||||||
Amortization (b) | |||||||||||||||||
Kentucky Regulated | $ | 33 | $ | 23 | $ | 15 | |||||||||||
Pennsylvania Regulated | 41 | 22 | 19 | ||||||||||||||
Rhode Island Regulated | 1 | 2 | — | ||||||||||||||
Corporate and Other | 6 | 5 | 5 | ||||||||||||||
Total | $ | 81 | $ | 52 | $ | 39 |
2023 | 2022 | 2021 | |||||||||||||||
Interest Expense | |||||||||||||||||
Kentucky Regulated | $ | 235 | $ | 205 | $ | 196 | |||||||||||
Pennsylvania Regulated | 223 | 171 | 162 | ||||||||||||||
Rhode Island Regulated | 83 | 39 | — | ||||||||||||||
Corporate and Other (c) | 125 | 98 | 560 | ||||||||||||||
Total | $ | 666 | $ | 513 | $ | 918 | |||||||||||
Income Before Income Taxes | |||||||||||||||||
Kentucky Regulated | $ | 689 | $ | 678 | $ | 615 | |||||||||||
Pennsylvania Regulated | 687 | 699 | 599 | ||||||||||||||
Rhode Island Regulated | 112 | (58) | — | ||||||||||||||
Corporate and Other | (564) | (404) | (693) | ||||||||||||||
Total | $ | 924 | $ | 915 | $ | 521 | |||||||||||
Income Taxes (d) | |||||||||||||||||
Kentucky Regulated | $ | 137 | $ | 129 | $ | 107 | |||||||||||
Pennsylvania Regulated | 168 | 174 | 154 | ||||||||||||||
Rhode Island Regulated | 16 | (14) | — | ||||||||||||||
Corporate and Other | (137) | (88) | 242 | ||||||||||||||
Total | $ | 184 | $ | 201 | $ | 503 | |||||||||||
Deferred income taxes and investment tax credits (e) | |||||||||||||||||
Kentucky Regulated | $ | (17) | $ | 6 | $ | 272 | |||||||||||
Pennsylvania Regulated | 46 | 91 | 79 | ||||||||||||||
Rhode Island Regulated | 48 | 39 | — | ||||||||||||||
Corporate and Other | 245 | 43 | (264) | ||||||||||||||
Total | $ | 322 | $ | 179 | $ | 87 | |||||||||||
Net Income | |||||||||||||||||
Kentucky Regulated | $ | 552 | $ | 549 | $ | 508 | |||||||||||
Pennsylvania Regulated | 519 | 525 | 445 | ||||||||||||||
Rhode Island Regulated | 96 | (44) | — | ||||||||||||||
Corporate and Other (c) | (427) | (316) | (935) | ||||||||||||||
Discontinued Operations | — | 42 | (1,498) | ||||||||||||||
Total | $ | 740 | $ | 756 | $ | (1,480) |
2017 | 2016 | 2015 | |||||||||
Operating Revenues from external customers (a) | |||||||||||
U.K. Regulated | $ | 2,091 | $ | 2,207 | $ | 2,410 | |||||
Kentucky Regulated | 3,156 | 3,141 | 3,115 | ||||||||
Pennsylvania Regulated | 2,195 | 2,156 | 2,124 | ||||||||
Corporate and Other | 5 | 13 | 20 | ||||||||
Total | $ | 7,447 | $ | 7,517 | $ | 7,669 | |||||
Depreciation | |||||||||||
U.K. Regulated | $ | 230 | $ | 233 | $ | 242 | |||||
Kentucky Regulated | 439 | 404 | 382 | ||||||||
Pennsylvania Regulated | 309 | 253 | 214 | ||||||||
Corporate and Other | 30 | 36 | 45 | ||||||||
Total | $ | 1,008 | $ | 926 | $ | 883 | |||||
Amortization (b) | |||||||||||
U.K. Regulated | $ | 34 | $ | 16 | $ | 6 | |||||
Kentucky Regulated | 24 | 29 | 27 | ||||||||
Pennsylvania Regulated | 33 | 32 | 26 | ||||||||
Corporate and Other | 6 | 3 | — | ||||||||
Total | $ | 97 | $ | 80 | $ | 59 | |||||
Unrealized (gains) losses on derivatives and other hedging activities (c) | |||||||||||
U.K. Regulated | $ | 166 | $ | 13 | $ | (88 | ) | ||||
Kentucky Regulated | 6 | 6 | 11 | ||||||||
Corporate and Other | 6 | — | — | ||||||||
Total | $ | 178 | $ | 19 | $ | (77 | ) | ||||
Interest Expense | |||||||||||
U.K. Regulated | $ | 397 | $ | 402 | $ | 417 | |||||
Kentucky Regulated | 261 | 260 | 232 | ||||||||
Pennsylvania Regulated | 142 | 129 | 130 | ||||||||
Corporate and Other | 101 | 97 | 92 | ||||||||
Total | $ | 901 | $ | 888 | $ | 871 | |||||
Income from Continuing Operations Before Income Taxes | |||||||||||
U.K. Regulated | $ | 804 | $ | 1,479 | $ | 1,249 | |||||
Kentucky Regulated | 645 | 640 | 547 | ||||||||
Pennsylvania Regulated | 575 | 550 | 416 | ||||||||
Corporate and Other (d) | (112 | ) | (119 | ) | (144 | ) | |||||
Total | $ | 1,912 | $ | 2,550 | $ | 2,068 | |||||
Income Taxes (e) | |||||||||||
U.K. Regulated | $ | 152 | $ | 233 | $ | 128 | |||||
Kentucky Regulated | 359 | 242 | 221 | ||||||||
Pennsylvania Regulated | 216 | 212 | 164 | ||||||||
Corporate and Other (d) | 57 | (39 | ) | (48 | ) | ||||||
Total | $ | 784 | $ | 648 | $ | 465 | |||||
Deferred income taxes and investment tax credits (f) | |||||||||||
U.K. Regulated | $ | 66 | $ | 31 | $ | 45 | |||||
Kentucky Regulated | 294 | 291 | 236 | ||||||||
Pennsylvania Regulated | 257 | 221 | 220 | ||||||||
Corporate and Other (d) | 90 | 17 | (73 | ) | |||||||
Total | $ | 707 | $ | 560 | $ | 428 |
2017 | 2016 | 2015 | |||||||||
Net Income | |||||||||||
U.K. Regulated | $ | 652 | $ | 1,246 | $ | 1,121 | |||||
Kentucky Regulated | 286 | 398 | 326 | ||||||||
Pennsylvania Regulated | 359 | 338 | 252 | ||||||||
Corporate and Other (d) | (169 | ) | (80 | ) | (96 | ) | |||||
Discontinued Operations (g) | — | — | (921 | ) | |||||||
Total | $ | 1,128 | $ | 1,902 | $ | 682 |
2023 | 2022 | 2021 | |||||||||||||||
Expenditures for long-lived assets | |||||||||||||||||
Kentucky Regulated | $ | 950 | $ | 917 | $ | 1,026 | |||||||||||
Pennsylvania Regulated | 956 | 889 | 904 | ||||||||||||||
Rhode Island Regulated | 454 | 268 | — | ||||||||||||||
Corporate and Other | 30 | 84 | 49 | ||||||||||||||
Total | $ | 2,390 | $ | 2,158 | $ | 1,979 |
2017 | 2016 | 2015 | |||||||||
Expenditures for long-lived assets | |||||||||||
U.K. Regulated | $ | 1,015 | $ | 1,031 | $ | 1,242 | |||||
Kentucky Regulated | 892 | 791 | 1,210 | ||||||||
Pennsylvania Regulated | 1,254 | 1,134 | 1,107 | ||||||||
Corporate and Other | 10 | 1 | 11 | ||||||||
Total | $ | 3,171 | $ | 2,957 | $ | 3,570 |
As of December 31, | |||||||
2017 | 2016 | ||||||
Total Assets | |||||||
U.K. Regulated (a) | $ | 16,813 | $ | 14,537 | |||
Kentucky Regulated | 14,468 | 14,037 | |||||
Pennsylvania Regulated | 10,082 | 9,426 | |||||
Corporate and Other (b) | 116 | 315 | |||||
Total | $ | 41,479 | $ | 38,315 |
2017 | 2016 | 2015 | |||||||||
Revenues from external customers | |||||||||||
U.K. | $ | 2,091 | $ | 2,207 | $ | 2,410 | |||||
U.S. | 5,356 | 5,310 | 5,259 | ||||||||
Total | $ | 7,447 | $ | 7,517 | $ | 7,669 |
As of December 31, | |||||||
2017 | 2016 | ||||||
Long-Lived Assets | |||||||
U.K. | $ | 12,851 | $ | 11,177 | |||
U.S. | 20,936 | 19,595 | |||||
Total | $ | 33,787 | $ | 30,772 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Total Assets | |||||||||||
Kentucky Regulated | $ | 17,029 | $ | 16,904 | |||||||
Pennsylvania Regulated | 14,294 | 13,565 | |||||||||
Rhode Island Regulated | 6,515 | 6,081 | |||||||||
Corporate and Other (a) | 1,398 | 1,287 | |||||||||
Total | $ | 39,236 | $ | 37,837 |
2023 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Operating Revenues (a) | $ | 8,312 | $ | 3,008 | $ | 1,613 | $ | 1,884 | |||||||||||||||
Revenues derived from: | |||||||||||||||||||||||
Alternative revenue programs (b) | 1 | 5 | (1) | (5) | |||||||||||||||||||
Other (c) | (23) | (15) | (4) | (4) | |||||||||||||||||||
Revenues from Contracts with Customers | $ | 8,290 | $ | 2,998 | $ | 1,608 | $ | 1,875 |
2022 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Operating Revenues (a) | $ | 7,902 | $ | 3,030 | $ | 1,798 | $ | 2,074 | |||||||||||||||
Revenues derived from: | |||||||||||||||||||||||
Alternative revenue programs (b) | (92) | (56) | 9 | 5 | |||||||||||||||||||
Other (c) | (24) | (14) | (6) | (4) | |||||||||||||||||||
Revenues from Contracts with Customers | $ | 7,786 | $ | 2,960 | $ | 1,801 | $ | 2,075 |
2021 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Operating Revenues (a) | $ | 5,783 | $ | 2,402 | $ | 1,569 | $ | 1,826 | |||||||||||||||
Revenues derived from: | |||||||||||||||||||||||
Alternative revenue programs (b) | 77 | 83 | (3) | (3) | |||||||||||||||||||
Other (c) | (22) | (3) | (8) | (9) | |||||||||||||||||||
Revenues from Contracts with Customers | $ | 5,838 | $ | 2,482 | $ | 1,558 | $ | 1,814 |
Residential | Commercial | Industrial | Other (a) | Wholesale - municipality | Wholesale - other (b) | Transmission | Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||||||||||||||
PA Regulated | $ | 1,649 | $ | 444 | $ | 55 | $ | 54 | $ | — | $ | — | $ | 796 | $ | 2,998 | |||||||||||||||||||||||||||||||
RI Regulated | 640 | 228 | 20 | 793 | — | — | 170 | 1,851 | |||||||||||||||||||||||||||||||||||||||
KY Regulated | 1,458 | 1,001 | 637 | 272 | 22 | 50 | — | 3,440 | |||||||||||||||||||||||||||||||||||||||
Corp and Other | — | — | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
Total PPL | $ | 3,747 | $ | 1,673 | $ | 712 | $ | 1,120 | $ | 22 | $ | 50 | $ | 966 | $ | 8,290 | |||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||||||||
PA Regulated | $ | 1,647 | $ | 491 | $ | 85 | $ | 54 | $ | — | $ | — | $ | 683 | $ | 2,960 | |||||||||||||||||||||||||||||||
RI Regulated | 299 | 101 | 9 | 478 | — | — | 101 | 988 | |||||||||||||||||||||||||||||||||||||||
KY Regulated | 1,637 | 1,068 | 662 | 323 | 28 | 97 | — | 3,815 | |||||||||||||||||||||||||||||||||||||||
Corp and Other | — | — | — | 23 | — | — | — | 23 | |||||||||||||||||||||||||||||||||||||||
Total PPL | $ | 3,583 | $ | 1,660 | $ | 756 | $ | 878 | $ | 28 | $ | 97 | $ | 784 | $ | 7,786 | |||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||||||||
PA Regulated | $ | 1,299 | $ | 350 | $ | 53 | $ | 50 | $ | — | $ | — | $ | 730 | $ | 2,482 | |||||||||||||||||||||||||||||||
RI Regulated | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
KY Regulated | 1,416 | 928 | 586 | 305 | 24 | 66 | — | 3,325 | |||||||||||||||||||||||||||||||||||||||
Corp and Other | — | — | — | 31 | — | — | — | 31 | |||||||||||||||||||||||||||||||||||||||
Total PPL | $ | 2,715 | $ | 1,278 | $ | 639 | $ | 386 | $ | 24 | $ | 66 | $ | 730 | $ | 5,838 | |||||||||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | $ | 1,649 | $ | 444 | $ | 55 | $ | 54 | $ | — | $ | — | $ | 796 | $ | 2,998 | |||||||||||||||||||||||||||||||
2022 | $ | 1,647 | $ | 491 | $ | 85 | $ | 54 | $ | — | $ | — | $ | 683 | $ | 2,960 | |||||||||||||||||||||||||||||||
2021 | $ | 1,299 | $ | 350 | $ | 53 | $ | 50 | $ | — | $ | — | $ | 730 | $ | 2,482 | |||||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | $ | 751 | $ | 517 | $ | 189 | $ | 104 | $ | — | $ | 47 | $ | — | $ | 1,608 | |||||||||||||||||||||||||||||||
2022 | $ | 835 | $ | 551 | $ | 199 | $ | 141 | $ | — | $ | 75 | $ | — | $ | 1,801 | |||||||||||||||||||||||||||||||
2021 | $ | 711 | $ | 473 | $ | 180 | $ | 145 | $ | — | $ | 49 | $ | — | $ | 1,558 | |||||||||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | $ | 707 | $ | 484 | $ | 448 | $ | 168 | $ | 22 | $ | 46 | $ | — | $ | 1,875 | |||||||||||||||||||||||||||||||
2022 | $ | 802 | $ | 517 | $ | 463 | $ | 182 | $ | 28 | $ | 83 | $ | — | $ | 2,075 | |||||||||||||||||||||||||||||||
2021 | $ | 705 | $ | 455 | $ | 406 | $ | 160 | $ | 24 | $ | 64 | $ | — | $ | 1,814 |
2023 | 2022 | 2021 | |||||||||||||||
PPL(a) | $ | 79 | $ | 70 | $ | 22 | |||||||||||
PPL Electric | 47 | 21 | 10 | ||||||||||||||
LG&E | 4 | 6 | 4 | ||||||||||||||
KU | 2 | 6 | 8 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Contract liabilities as of December 31, 2023 | $ | 43 | $ | 29 | $ | 6 | $ | 7 | |||||||||||||||
Contract liabilities as of December 31, 2022 | 34 | 23 | 5 | 6 | |||||||||||||||||||
Revenue recognized during the year ended December 31, 2023 that was included in the contract liability balance at December 31, 2022 | 21 | 10 | 5 | 6 | |||||||||||||||||||
Contract liabilities as of December 31, 2022 | $ | 34 | $ | 23 | $ | 5 | $ | 6 | |||||||||||||||
Contract liabilities as of December 31, 2021 | 42 | 25 | 6 | 6 | |||||||||||||||||||
Revenue recognized during the year ended December 31, 2022 that was included in the contract liability balance at December 31, 2021 | 25 | 12 | 6 | 6 | |||||||||||||||||||
Contract liabilities as of December 31, 2021 | $ | 42 | $ | 25 | $ | 6 | $ | 6 | |||||||||||||||
Contract liabilities as of December 31, 2020 | 40 | 23 | 5 | 6 | |||||||||||||||||||
Revenue recognized during the year ended December 31, 2021 that was included in the contract liability balance at December 31, 2020 | 24 | 11 | 5 | 6 |
2023 | 2022 | 2021 | |||||||||||||||
Income (Numerator) | |||||||||||||||||
Income from continuing operations after income taxes | $ | 740 | $ | 714 | $ | 18 | |||||||||||
Less amounts allocated to participating securities | 1 | 1 | — | ||||||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted | $ | 739 | $ | 713 | $ | 18 | |||||||||||
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted | $ | — | $ | 42 | $ | (1,498) | |||||||||||
Net income (loss) attributable to PPL | $ | 740 | $ | 756 | (1,480) | ||||||||||||
Less amounts allocated to participating securities | 1 | 1 | — | ||||||||||||||
Net income (loss) available to PPL common shareowners - Basic and Diluted | $ | 739 | $ | 755 | $ | (1,480) | |||||||||||
Shares of Common Stock (Denominator) | |||||||||||||||||
Weighted-average shares - Basic EPS | 737,036 | 736,027 | 762,902 | ||||||||||||||
Add: Dilutive share-based payment awards (a) | 1,130 | 875 | 1,917 | ||||||||||||||
Weighted-average shares - Diluted EPS | 738,166 | 736,902 | 764,819 | ||||||||||||||
Basic EPS | |||||||||||||||||
Available to PPL common shareowners: | |||||||||||||||||
Income from continuing operations after income taxes | $ | 1.00 | $ | 0.97 | $ | 0.03 | |||||||||||
Income (loss) from discontinued operations (net of income taxes) | — | 0.06 | (1.96) | ||||||||||||||
Net Income (Loss) available to PPL common shareowners | $ | 1.00 | $ | 1.03 | $ | (1.93) | |||||||||||
Diluted EPS | |||||||||||||||||
Available to PPL common shareowners: | |||||||||||||||||
Income from continuing operations after income taxes | $ | 1.00 | $ | 0.96 | $ | 0.03 | |||||||||||
Income (loss) from discontinued operations (net of income taxes) | — | 0.06 | (1.96) | ||||||||||||||
Net Income (Loss) available to PPL common shareowners | $ | 1.00 | $ | 1.02 | $ | (1.93) |
2017 | 2016 | 2015 | |||||||||
Income (Numerator) | |||||||||||
Income from continuing operations after income taxes | $ | 1,128 | $ | 1,902 | $ | 1,603 | |||||
Less amounts allocated to participating securities | 2 | 6 | 6 | ||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted | $ | 1,126 | $ | 1,896 | $ | 1,597 | |||||
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted | $ | — | $ | — | $ | (921 | ) | ||||
Net income | $ | 1,128 | $ | 1,902 | $ | 682 | |||||
Less amounts allocated to participating securities | 2 | 6 | 2 | ||||||||
Net income available to PPL common shareowners - Basic and Diluted | $ | 1,126 | $ | 1,896 | $ | 680 |
2017 | 2016 | 2015 | |||||||||
Shares of Common Stock (Denominator) | |||||||||||
Weighted-average shares - Basic EPS | 685,240 | 677,592 | 669,814 | ||||||||
Add incremental non-participating securities: | |||||||||||
Share-based payment awards (a) | 2,094 | 2,854 | 2,772 | ||||||||
Weighted-average shares - Diluted EPS | 687,334 | 680,446 | 672,586 | ||||||||
Basic EPS | |||||||||||
Available to PPL common shareowners: | |||||||||||
Income from continuing operations after income taxes | $ | 1.64 | $ | 2.80 | $ | 2.38 | |||||
Income (loss) from discontinued operations (net of income taxes) | — | — | (1.37 | ) | |||||||
Net Income | $ | 1.64 | $ | 2.80 | $ | 1.01 | |||||
Diluted EPS | |||||||||||
Available to PPL common shareowners: | |||||||||||
Income from continuing operations after income taxes | $ | 1.64 | $ | 2.79 | $ | 2.37 | |||||
Income (loss) from discontinued operations (net of income taxes) | — | — | (1.36 | ) | |||||||
Net Income | $ | 1.64 | $ | 2.79 | $ | 1.01 |
2023 | 2022 | ||||||||||
Stock-based compensation plans (a) | — | 124 | |||||||||
2017 | 2016 | 2015 | ||||||
Stock options | 696 | 696 | 1,087 | |||||
Performance units | — | 176 | 36 |
2023 | 2022 | 2021 | |||||||||||||||
Stock-based compensation awards | 243 | 93 | 1,783 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Income tax expense (benefit) | $ | 321 | $ | (13 | ) | $ | 112 | $ | — | $ | — |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Income tax expense (benefit) | $ | 220 | $ | (13 | ) | $ | 112 | $ | — | $ | — |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Net Increase in Regulatory Liabilities | $ | 2,185 | $ | 1,019 | $ | 1,166 | $ | 532 | $ | 634 |
2017 | 2016 | 2015 | |||||||||
Domestic income | $ | 874 | $ | 1,463 | $ | 968 | |||||
Foreign income | 1,038 | 1,087 | 1,100 | ||||||||
Total | $ | 1,912 | $ | 2,550 | $ | 2,068 |
2023 | 2022 | ||||||||||
Deferred Tax Assets | |||||||||||
Deferred investment tax credits | $ | 28 | $ | 29 | |||||||
Regulatory liabilities | 123 | 88 | |||||||||
Income taxes due to customers | 436 | 448 | |||||||||
Accrued pension and postretirement costs | 101 | 86 | |||||||||
State loss carryforwards | 253 | 230 | |||||||||
Federal and state tax credit carryforwards | 67 | 68 | |||||||||
Internal Revenue Code Section 197 intangibles (a) | 78 | 85 | |||||||||
Contributions in aid of construction | 149 | 114 | |||||||||
Other | 139 | 87 | |||||||||
Valuation allowances | (245) | (213) | |||||||||
Total deferred tax assets | 1,129 | 1,022 | |||||||||
Deferred Tax Liabilities | |||||||||||
Plant - net | 3,749 | 3,609 | |||||||||
Regulatory assets | 376 | 337 | |||||||||
Prepayments | 47 | 46 | |||||||||
Goodwill | 22 | 7 | |||||||||
Other | 30 | 23 | |||||||||
Total deferred tax liabilities | 4,224 | 4,022 | |||||||||
Net deferred tax liability | $ | 3,095 | $ | 3,000 |
2017 (a) | 2016 | ||||||
Deferred Tax Assets | |||||||
Deferred investment tax credits | $ | 33 | $ | 51 | |||
Regulatory liabilities | 62 | 94 | |||||
Income taxes due to customer (b) | 499 | — | |||||
Accrued pension costs | 159 | 250 | |||||
Federal loss carryforwards | 356 | 565 | |||||
State loss carryforwards | 409 | 326 | |||||
Federal and state tax credit carryforwards | 455 | 256 | |||||
Foreign capital loss carryforwards | 329 | 302 | |||||
Foreign loss carryforwards | 2 | 3 | |||||
Foreign - pensions | (32 | ) | 41 | ||||
Foreign - regulatory obligations | 2 | 6 | |||||
Foreign - other | 7 | 5 | |||||
Contributions in aid of construction | 134 | 141 | |||||
Domestic - other | 104 | 188 | |||||
Unrealized losses on qualifying derivatives | 10 | 20 | |||||
Valuation allowances | (838 | ) | (593 | ) | |||
Total deferred tax assets | 1,691 | 1,655 | |||||
Deferred Tax Liabilities | |||||||
Domestic plant - net (b) | 3,168 | 4,325 | |||||
Taxes recoverable through future rates (b) | — | 170 | |||||
Regulatory assets | 211 | 343 | |||||
Reacquired debt costs | 15 | 25 | |||||
Foreign plant - net | 726 | 640 | |||||
Domestic - other | 9 | 14 | |||||
Total deferred tax liabilities | 4,129 | 5,517 | |||||
Net deferred tax liability | $ | 2,438 | $ | 3,862 |
Gross | Deferred Tax Asset | Valuation Allowance | Expiration | ||||||||||||||||||||
Loss and other carryforwards | |||||||||||||||||||||||
State net operating losses | $ | 5,475 | $ | 253 | $ | (243) | 2024-2043 | ||||||||||||||||
State charitable contributions | 10 | 1 | (1) | 2024-2028 | |||||||||||||||||||
Gross | Deferred Tax Asset | Valuation Allowance | Expiration | ||||||||||
Loss carryforwards | |||||||||||||
Federal net operating losses (a) | $ | 1,662 | $ | 349 | $ | — | 2029-2037 | ||||||
Federal charitable contributions (a) | 36 | 7 | — | 2020-2022 | |||||||||
State net operating losses (a) | 5,512 | 407 | (348 | ) | 2018-2037 | ||||||||
State charitable contributions (a) | 26 | 2 | — | 2018-2022 | |||||||||
Foreign net operating losses | 10 | 2 | — | Indefinite | |||||||||
Foreign capital losses | 1,938 | 329 | (329 | ) | Indefinite |
Credit carryforwards | |||||||||
Federal investment tax credit | 133 | — | 2025-2036 | ||||||
Federal alternative minimum tax credit (b) | 30 | — | Indefinite | ||||||
Federal foreign tax credits (c) | 267 | (148 | ) | 2024-2027 | |||||
Federal - other | 24 | (8 | ) | 2019-2037 | |||||
State - other | 1 | — | Indefinite |
Gross | Deferred Tax Asset | Valuation Allowance | Expiration | ||||||||||||||||||||
Credit carryforwards | |||||||||||||||||||||||
Federal investment tax credit | 51 | — | 2045 | ||||||||||||||||||||
Federal - other | 5 | — | 2043 | ||||||||||||||||||||
State recycling credit | 10 | — | 2028 | ||||||||||||||||||||
State - other | 1 | — | Indefinite |
Additions | |||||||||||||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||||||||||||
2023 | $ | 213 | $ | 54 | (a) | $ | — | $ | 22 | (b) | $ | 245 | |||||||||||||||||
2022 | 462 | 10 | — | 259 | (c) | 213 | |||||||||||||||||||||||
2021 | 536 | 48 | (d) | — | 122 | (e) | 462 |
Additions | |||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||
2017 | $ | 593 | $ | 256 | (a) | $ | — | $ | 11 | $ | 838 | ||||||||
2016 | 662 | 17 | 2 | 88 | (b) | 593 | |||||||||||||
2015 | 622 | 24 | 77 | (c) | 61 | (b) | 662 |
2023 | 2022 | 2021 | |||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||
Current - Federal (a) | $ | (175) | $ | (2) | $ | (1) | |||||||||||
Current - State | 37 | 24 | 36 | ||||||||||||||
Current - Foreign | — | — | (1) | ||||||||||||||
Total Current Expense (Benefit) | (138) | 22 | 34 | ||||||||||||||
Deferred - Federal (a) | 286 | 122 | 28 | ||||||||||||||
Deferred - State | 48 | 68 | 105 | ||||||||||||||
Deferred - Foreign (b) | — | — | 383 | ||||||||||||||
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 334 | 190 | 516 | ||||||||||||||
Amortization of investment tax credit | (3) | (3) | (3) | ||||||||||||||
Tax expense (benefit) of operating loss carryforwards | |||||||||||||||||
Deferred - Federal | 3 | 2 | 12 | ||||||||||||||
Deferred - State | (12) | (10) | (56) | ||||||||||||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (9) | (8) | (44) | ||||||||||||||
Total income tax expense (benefit) | $ | 184 | $ | 201 | $ | 503 | |||||||||||
Total income tax expense (benefit) - Federal | $ | 111 | $ | 119 | $ | 36 | |||||||||||
Total income tax expense (benefit) - State | 73 | 82 | 85 | ||||||||||||||
Total income tax expense (benefit) - Foreign | — | — | 382 | ||||||||||||||
Total income tax expense (benefit) | $ | 184 | $ | 201 | $ | 503 |
2017 | 2016 | 2015 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | 6 | $ | (14 | ) | $ | (26 | ) | |||
Current - State | 25 | 21 | 25 | ||||||||
Current - Foreign | 45 | 80 | 89 | ||||||||
Total Current Expense | 76 | 87 | 88 | ||||||||
Deferred - Federal (a) | 532 | 385 | 699 | ||||||||
Deferred - State | 88 | 89 | 68 | ||||||||
Deferred - Foreign | 133 | 86 | 41 | ||||||||
Total Deferred Expense, excluding operating loss carryforwards | 753 | 560 | 808 |
2017 | 2016 | 2015 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Amortization of investment tax credit | (3 | ) | (3 | ) | (4 | ) | |||||
Tax expense (benefit) of operating loss carryforwards | |||||||||||
Deferred - Federal (b) | (16 | ) | 25 | (396 | ) | ||||||
Deferred - State | (26 | ) | (21 | ) | (31 | ) | |||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (42 | ) | 4 | (427 | ) | ||||||
Total income taxes from continuing operations | $ | 784 | $ | 648 | $ | 465 | |||||
Total income tax expense - Federal | $ | 519 | $ | 393 | $ | 273 | |||||
Total income tax expense - State | 87 | 89 | 62 | ||||||||
Total income tax expense - Foreign | 178 | 166 | 130 | ||||||||
Total income taxes from continuing operations | $ | 784 | $ | 648 | $ | 465 |
2023 | 2022 | 2021 | |||||||||||||||
Discontinued operations | $ | — | $ | (42) | $ | 759 | |||||||||||
Reclassification from AOCI due to sale of UK utility business | — | — | 660 | ||||||||||||||
Other comprehensive income | (14) | 11 | 150 | ||||||||||||||
Valuation allowance recorded to other comprehensive income | (1) | — | — | ||||||||||||||
Total | $ | (15) | $ | (31) | $ | 1,569 |
2017 | 2016 | 2015 | |||||||||
Discontinued operations - PPL Energy Supply Segment | $ | — | $ | — | $ | (30 | ) | ||||
Stock-based compensation recorded to Earnings Reinvested | — | (7 | ) | — | |||||||
Other comprehensive income | (34 | ) | (6 | ) | (2 | ) | |||||
Valuation allowance on state deferred taxes recorded to other comprehensive income | (1 | ) | 1 | (4 | ) | ||||||
Total | $ | (35 | ) | $ | (12 | ) | $ | (36 | ) |
2023 | 2022 | 2021 | |||||||||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 194 | $ | 192 | $ | 109 | |||||||||||
State income taxes, net of federal income tax benefit | 58 | 68 | 23 | ||||||||||||||
Valuation allowance adjustments (a) | 12 | 9 | 48 | ||||||||||||||
Income tax credits (b) | (22) | (3) | (2) | ||||||||||||||
Impact of the U.K. Finance Acts on deferred tax balances (c) | — | — | 383 | ||||||||||||||
Depreciation and other items not normalized | (10) | (8) | (5) | ||||||||||||||
Amortization of excess deferred federal and state income taxes | (48) | (54) | (54) | ||||||||||||||
Non-deductible officer's salary | 1 | 5 | 6 | ||||||||||||||
Other | (1) | (8) | (5) | ||||||||||||||
Total increase (decrease) | (10) | 9 | 394 | ||||||||||||||
Total income tax expense (benefit) | $ | 184 | $ | 201 | $ | 503 | |||||||||||
Effective income tax rate | 19.9% | 22.0% | 96.5% |
2017 | 2016 | 2015 | |||||||||
Reconciliation of Income Tax Expense | |||||||||||
Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ | 669 | $ | 893 | $ | 724 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 46 | 46 | 31 | ||||||||
Valuation allowance adjustments (a) | 36 | 16 | 24 | ||||||||
Impact of lower U.K. income tax rates (b) | (176 | ) | (177 | ) | (176 | ) | |||||
U.S. income tax on foreign earnings - net of foreign tax credit (c) | 47 | (42 | ) | 8 | |||||||
Federal and state tax reserves adjustments (d) | — | — | (22 | ) | |||||||
Foreign income return adjustments | (8 | ) | 2 | — | |||||||
Impact of the U.K. Finance Acts on deferred tax balances (b) | (16 | ) | (49 | ) | (91 | ) | |||||
Depreciation not normalized | (10 | ) | (10 | ) | (5 | ) | |||||
Interest benefit on U.K. financing entities | (16 | ) | (17 | ) | (20 | ) | |||||
Stock-based compensation (e) | (3 | ) | (10 | ) | — | ||||||
Deferred tax impact of U.S. tax reform (f) | 220 | — | — | ||||||||
Other | (5 | ) | (4 | ) | (8 | ) | |||||
Total increase (decrease) | 115 | (245 | ) | (259 | ) | ||||||
Total income taxes from continuing operations | $ | 784 | $ | 648 | $ | 465 | |||||
Effective income tax rate | 41.0 | % | 25.4 | % | 22.5 | % |
2023 | 2022 | 2021 | |||||||||||||||
Taxes, other than income | |||||||||||||||||
State gross receipts (a) | $ | 195 | $ | 175 | $ | 113 | |||||||||||
Property and other (a) | 197 | 157 | 94 | ||||||||||||||
Total | $ | 392 | $ | 332 | $ | 207 |
2017 | 2016 | 2015 | |||||||||
Taxes, other than income | |||||||||||
State gross receipts (a) | $ | 102 | $ | 100 | $ | 89 | |||||
State capital stock | (6 | ) | — | — | |||||||
Foreign property | 127 | 135 | 148 | ||||||||
Domestic Other | 69 | 66 | 62 | ||||||||
Total | $ | 292 | $ | 301 | $ | 299 |
2023 | 2023 | 2022 | ||||||||||||||||||||||||
Deferred Tax Assets | Deferred Tax Assets | |||||||||||||||||||||||||
Accrued pension and postretirement costs | ||||||||||||||||||||||||||
Contributions in aid of construction | ||||||||||||||||||||||||||
Regulatory liabilities | ||||||||||||||||||||||||||
Income taxes due to customers | ||||||||||||||||||||||||||
2017 (a) | 2016 | |||||||||||||||||||||||||
Deferred Tax Assets | ||||||||||||||||||||||||||
Accrued pension costs | $ | 63 | $ | 107 | ||||||||||||||||||||||
Contributions in aid of construction | 117 | 112 | ||||||||||||||||||||||||
Regulatory liabilities | 25 | 34 | ||||||||||||||||||||||||
Income taxes due to customers (b) | 193 | — | ||||||||||||||||||||||||
State loss carryforwards | 19 | 22 | ||||||||||||||||||||||||
Federal loss carryforwards | 91 | 147 | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Other | 45 | 81 | ||||||||||||||||||||||||
Total deferred tax assets | 553 | 503 | ||||||||||||||||||||||||
Deferred Tax Liabilities | ||||||||||||||||||||||||||
Electric utility plant - net (b) | 1,544 | 2,001 | ||||||||||||||||||||||||
Taxes recoverable through future rates (b) | — | 141 | ||||||||||||||||||||||||
Reacquired debt costs | 8 | 15 | ||||||||||||||||||||||||
Deferred Tax Liabilities | ||||||||||||||||||||||||||
Deferred Tax Liabilities | ||||||||||||||||||||||||||
Electric utility plant - net | ||||||||||||||||||||||||||
Regulatory assets | 150 | 240 | ||||||||||||||||||||||||
Regulatory assets | ||||||||||||||||||||||||||
Regulatory assets | ||||||||||||||||||||||||||
Prepayments | ||||||||||||||||||||||||||
Other | 5 | 5 | ||||||||||||||||||||||||
Total deferred tax liabilities | 1,707 | 2,402 | ||||||||||||||||||||||||
Net deferred tax liability | $ | 1,154 | $ | 1,899 |
Gross | Deferred Tax Asset | Expiration | |||||||
Loss carryforwards (a) | |||||||||
Federal net operating losses | $ | 426 | $ | 89 | 2031-2037 | ||||
Federal charitable contributions | 8 | 2 | 2020-2022 | ||||||
State net operating losses | 233 | 18 | 2030-2032 | ||||||
State charitable contributions | 13 | 1 | 2018-2022 |
2023 | 2022 | 2021 | |||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||
Current - Federal | $ | 91 | $ | 63 | $ | 40 | |||||||||||
Current - State | 31 | 20 | 35 | ||||||||||||||
Total Current Expense (Benefit) | 122 | 83 | 75 | ||||||||||||||
Deferred - Federal | 28 | 60 | 59 | ||||||||||||||
Deferred - State | 18 | 31 | 20 | ||||||||||||||
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 46 | 91 | 79 | ||||||||||||||
Total income tax expense (benefit) | $ | 168 | $ | 174 | $ | 154 | |||||||||||
Total income tax expense (benefit) - Federal | $ | 119 | $ | 123 | $ | 99 | |||||||||||
Total income tax expense (benefit) - State | 49 | 51 | 55 | ||||||||||||||
Total income tax expense (benefit) | $ | 168 | $ | 174 | $ | 154 |
2023 | 2022 | 2021 | |||||||||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 144 | $ | 147 | $ | 126 | |||||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of federal income tax benefit | 49 | 54 | 46 | ||||||||||||||
Depreciation and other items not normalized | (9) | (7) | (5) | ||||||||||||||
Amortization of excess deferred federal income taxes (a) | (11) | (12) | (14) | ||||||||||||||
State income tax rate change (b) | — | (9) | — | ||||||||||||||
Other | (5) | 1 | 1 | ||||||||||||||
Total increase (decrease) | 24 | 27 | 28 | ||||||||||||||
Total income tax expense (benefit) | $ | 168 | $ | 174 | $ | 154 | |||||||||||
Effective income tax rate | 24.5% | 24.9% | 25.7% |
2017 | 2016 | 2015 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | (65 | ) | $ | (29 | ) | $ | (80 | ) | ||
Current - State | 20 | 19 | 23 | ||||||||
Total Current Expense (Benefit) | (45 | ) | (10 | ) | (57 | ) | |||||
Deferred - Federal (a) | 234 | 193 | 287 | ||||||||
Deferred - State | 29 | 29 | 12 | ||||||||
Total Deferred Expense, excluding operating loss carryforwards | 263 | 222 | 299 | ||||||||
2017 | 2016 | 2015 | |||||||||
Amortization of investment tax credit | — | — | — | ||||||||
Tax expense (benefit) of operating loss carryforwards | |||||||||||
Deferred - Federal | (5 | ) | — | (75 | ) | ||||||
Deferred - State | — | — | (3 | ) | |||||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (5 | ) | — | (78 | ) | ||||||
Total income tax expense | $ | 213 | $ | 212 | $ | 164 | |||||
Total income tax expense - Federal | $ | 164 | $ | 164 | $ | 132 | |||||
Total income tax expense - State | 49 | 48 | 32 | ||||||||
Total income tax expense | $ | 213 | $ | 212 | $ | 164 |
2017 | 2016 | 2015 | |||||||||
Reconciliation of Income Taxes | |||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 201 | $ | 193 | $ | 146 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 36 | 36 | 25 | ||||||||
Depreciation not normalized | (8 | ) | (8 | ) | (4 | ) | |||||
Stock-based compensation (a) | (2 | ) | (6 | ) | — | ||||||
Deferred tax impact of U.S. tax reform (b) | (13 | ) | — | — | |||||||
Other | (1 | ) | (3 | ) | (3 | ) | |||||
Total increase (decrease) | 12 | 19 | 18 | ||||||||
Total income tax expense | $ | 213 | $ | 212 | $ | 164 | |||||
Effective income tax rate | 37.0 | % | 38.4 | % | 39.4 | % |
2023 | 2022 | 2021 | |||||||||||||||
Taxes, other than income | |||||||||||||||||
State gross receipts | $ | 136 | $ | 142 | $ | 113 | |||||||||||
Property and other | 7 | 7 | 7 | ||||||||||||||
Total | $ | 143 | $ | 149 | $ | 120 |
2017 | 2016 | 2015 | |||||||||
Taxes, other than income | |||||||||||
State gross receipts (a) | $ | 102 | $ | 100 | $ | 89 | |||||
Property and other | 5 | 5 | 5 | ||||||||
Total | $ | 107 | $ | 105 | $ | 94 |
2017 (a) | 2016 | ||||||
Deferred Tax Assets | |||||||
Federal loss carryforwards | $ | 150 | $ | 248 | |||
State loss carryforwards | 41 | 35 | |||||
Federal tax credit carryforwards | 181 | 186 | |||||
Contributions in aid of construction | 17 | 29 | |||||
Regulatory liabilities | 37 | 60 | |||||
Accrued pension costs | 29 | 58 | |||||
Income taxes due to customers (b) | 305 | 15 | |||||
Deferred investment tax credits | 33 | 51 | |||||
Derivative liability | 7 | 12 | |||||
Other | 26 | 49 | |||||
Valuation allowances | (8 | ) | (11 | ) | |||
Total deferred tax assets | 818 | 732 | |||||
Deferred Tax Liabilities | |||||||
Plant - net (b) | 1,615 | 2,352 | |||||
Regulatory assets | 61 | 102 | |||||
Other | 8 | 13 | |||||
Total deferred tax liabilities | 1,684 | 2,467 | |||||
Net deferred tax liability | $ | 866 | $ | 1,735 |
Gross | Deferred Tax Asset | Valuation Allowance | Expiration | ||||||||||
Loss carryforwards (a) | |||||||||||||
Federal net operating losses | $ | 713 | $ | 150 | $ | — | 2028-2037 | ||||||
Federal charitable contributions | 14 | 3 | — | 2020-2022 | |||||||||
State net operating losses | 874 | 41 | — | 2028-2037 |
Credit carryforwards | |||||||||
Federal investment tax credit | 133 | — | 2025-2036 | ||||||
Federal alternative minimum tax credit (b) | 27 | — | Indefinite | ||||||
Federal - other | 21 | (8 | ) | 2019-2037 | |||||
State - other | 1 | — | Indefinite |
Balance at Beginning of Period | Additions | Deductions | Balance at End of Period | ||||||||||||
2017 | $ | 11 | $ | 4 | (a) | $ | 7 | (b) | $ | 8 | |||||
2016 | 12 | — | 1 | (b) | 11 | ||||||||||
2015 | — | 12 | (c) | — | 12 |
2017 | 2016 | 2015 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | 74 | $ | (36 | ) | $ | 2 | ||||
Current - State | 6 | 1 | 1 | ||||||||
Total Current Expense (Benefit) | 80 | (35 | ) | 3 | |||||||
Deferred - Federal (a) | 268 | 248 | 405 | ||||||||
Deferred - State | 32 | 38 | 32 | ||||||||
Total Deferred Expense, excluding benefits of operating loss carryforwards | 300 | 286 | 437 | ||||||||
Amortization of investment tax credit - Federal | (3 | ) | (3 | ) | (3 | ) | |||||
Tax benefit of operating loss carryforwards | |||||||||||
Deferred - Federal | (2 | ) | 10 | (198 | ) | ||||||
Deferred - State | — | (1 | ) | — | |||||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (2 | ) | 9 | (198 | ) | ||||||
Total income tax expense from continuing operations (b) | $ | 375 | $ | 257 | $ | 239 | |||||
Total income tax expense - Federal | $ | 337 | $ | 219 | $ | 206 | |||||
Total income tax expense - State | 38 | 38 | 33 | ||||||||
Total income tax expense from continuing operations (b) | $ | 375 | $ | 257 | $ | 239 |
2017 | 2016 | 2015 | |||||||||
Reconciliation of Income Taxes | |||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 242 | $ | 240 | $ | 211 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 25 | 25 | 22 | ||||||||
Amortization of investment tax credit | (3 | ) | (3 | ) | (3 | ) | |||||
Valuation allowance adjustment (a) | — | — | 12 | ||||||||
Stock-based compensation (b) | 1 | (3 | ) | — | |||||||
Deferred tax impact of U.S. tax reform (c) | 112 | — | — | ||||||||
Other | (2 | ) | (2 | ) | (3 | ) | |||||
Total increase | 133 | 17 | 28 | ||||||||
Total income tax expense | $ | 375 | $ | 257 | $ | 239 | |||||
Effective income tax rate | 54.3 | % | 37.5 | % | 39.6 | % |
2017 | 2016 | 2015 | |||||||||
Taxes, other than income | |||||||||||
Property and other | $ | 65 | $ | 62 | $ | 57 | |||||
Total | $ | 65 | $ | 62 | $ | 57 |
2023 | 2022 | ||||||||||
Deferred Tax Assets | |||||||||||
Contributions in aid of construction | $ | 18 | $ | 17 | |||||||
Regulatory liabilities | 19 | 18 | |||||||||
Accrued pension and postretirement costs | 3 | — | |||||||||
Deferred investment tax credits | 8 | 8 | |||||||||
Income taxes due to customers | 115 | 119 | |||||||||
State tax credit carryforwards | 8 | 9 | |||||||||
Lease liabilities | 4 | 4 | |||||||||
Valuation allowances | (8) | (9) | |||||||||
Other | 8 | 8 | |||||||||
Total deferred tax assets | 175 | 174 | |||||||||
Deferred Tax Liabilities | |||||||||||
Plant - net | 877 | 869 | |||||||||
Regulatory assets | 67 | 69 | |||||||||
Lease right-of-use assets | 3 | 3 | |||||||||
Other | 4 | 4 | |||||||||
Total deferred tax liabilities | 951 | 945 | |||||||||
Net deferred tax liability | $ | 776 | $ | 771 |
2017 (a) | 2016 | ||||||
Deferred Tax Assets | |||||||
Federal loss carryforwards | $ | 29 | $ | 80 | |||
Contributions in aid of construction | 11 | 18 | |||||
Regulatory liabilities | 21 | 34 | |||||
Deferred investment tax credits | 9 | 14 | |||||
Income taxes due to customers (b) | 142 | 17 | |||||
Derivative liability | 7 | 12 | |||||
Other | 12 | 17 | |||||
Total deferred tax assets | 231 | 192 | |||||
Deferred Tax Liabilities | |||||||
Plant - net (b) | 724 | 1,058 | |||||
Regulatory assets | 40 | 65 | |||||
Accrued pension costs | 34 | 35 | |||||
Other | 5 | 8 | |||||
Total deferred tax liabilities | 803 | 1,166 | |||||
Net deferred tax liability | $ | 572 | $ | 974 |
2023 | 2022 | 2021 | |||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||
Current - Federal | $ | 70 | $ | 60 | $ | 41 | |||||||||||
Current - State | 13 | 9 | 5 | ||||||||||||||
Total Current Expense (Benefit) | 83 | 69 | 46 | ||||||||||||||
Deferred - Federal | (15) | (10) | 1 | ||||||||||||||
Deferred - State | 2 | 5 | 8 | ||||||||||||||
Total Deferred Expense (Benefit) | (13) | (5) | 9 | ||||||||||||||
Amortization of investment tax credit - Federal | (1) | (1) | (1) | ||||||||||||||
Total income tax expense (benefit) | $ | 69 | $ | 63 | $ | 54 | |||||||||||
Total income tax expense (benefit) - Federal | $ | 54 | $ | 49 | $ | 41 | |||||||||||
Total income tax expense (benefit) - State | 15 | 14 | 13 | ||||||||||||||
Total income tax expense (benefit) | $ | 69 | $ | 63 | $ | 54 |
2017 | 2016 | 2015 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | — | $ | (22 | ) | $ | (15 | ) | |||
Current - State | 5 | 1 | 3 | ||||||||
Total current Expense (Benefit) | 5 | (21 | ) | (12 | ) | ||||||
Deferred - Federal | 112 | 134 | 190 | ||||||||
Deferred - State | 14 | 18 | 13 | ||||||||
Total Deferred Expense, excluding benefits of operating loss carryforwards | 126 | 152 | 203 | ||||||||
Amortization of investment tax credit - Federal | (1 | ) | (1 | ) | (1 | ) | |||||
Tax benefit of operating loss carryforwards | |||||||||||
Deferred - Federal | 1 | (4 | ) | (76 | ) | ||||||
Total Tax Benefit of Operating Loss Carryforwards | 1 | (4 | ) | (76 | ) | ||||||
Total income tax expense | $ | 131 | $ | 126 | $ | 114 | |||||
Total income tax expense - Federal | $ | 112 | $ | 107 | $ | 98 | |||||
Total income tax expense - State | 19 | 19 | 16 | ||||||||
Total income tax expense | $ | 131 | $ | 126 | $ | 114 |
2023 | 2022 | 2021 | |||||||||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 70 | $ | 70 | $ | 64 | |||||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of federal income tax benefit | 13 | 13 | 12 | ||||||||||||||
Amortization of excess deferred federal and state income taxes | (13) | (18) | (20) | ||||||||||||||
Other | (1) | (2) | (2) | ||||||||||||||
Total increase (decrease) | (1) | (7) | (10) | ||||||||||||||
Total income tax expense (benefit) | $ | 69 | $ | 63 | $ | 54 | |||||||||||
Effective income tax rate | 20.6% | 18.8% | 17.8% |
2017 | 2016 | 2015 | |||||||||
Reconciliation of Income Taxes | |||||||||||
Federal income tax on Income Before Income Taxes at | |||||||||||
statutory tax rate - 35% | $ | 120 | $ | 115 | $ | 105 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 13 | 12 | 11 | ||||||||
Amortization of investment tax credit | (1 | ) | (1 | ) | (1 | ) | |||||
Other | (1 | ) | — | (1 | ) | ||||||
Total increase | 11 | 11 | 9 | ||||||||
Total income tax expense | $ | 131 | $ | 126 | $ | 114 | |||||
Effective income tax rate | 38.1 | % | 38.3 | % | 38.1 | % |
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Taxes, other than income | Taxes, other than income | |||||||||||||||||||||||||||||||||
Property and other | $ | 33 | $ | 32 | $ | 28 | ||||||||||||||||||||||||||||
Total | $ | 33 | $ | 32 | $ | 28 |
2023 | 2022 | ||||||||||
Deferred Tax Assets | |||||||||||
Contributions in aid of construction | $ | 10 | $ | 9 | |||||||
Regulatory liabilities | 23 | 23 | |||||||||
Deferred investment tax credits | 21 | 21 | |||||||||
Income taxes due to customers | 131 | 136 | |||||||||
State tax credit carryforwards | 4 | 4 | |||||||||
Lease liabilities | 5 | 5 | |||||||||
Valuation allowances | (2) | (3) | |||||||||
Other | 5 | 4 | |||||||||
Total deferred tax assets | 197 | 199 | |||||||||
Deferred Tax Liabilities | |||||||||||
Plant - net | 1,045 | 1,028 | |||||||||
Regulatory assets | 50 | 56 | |||||||||
Pension and postretirement costs | 7 | 6 | |||||||||
Lease right-of-use assets | 5 | 5 | |||||||||
Other | 2 | — | |||||||||
Total deferred tax liabilities | 1,109 | 1,095 | |||||||||
Net deferred tax liability | $ | 912 | $ | 896 |
2017 (a) | 2016 | ||||||
Deferred Tax Assets | |||||||
Federal loss carryforwards | $ | 13 | $ | 79 | |||
Contributions in aid of construction | 6 | 11 | |||||
Regulatory liabilities | 16 | 26 | |||||
Deferred investment tax credits | 24 | 37 | |||||
Income taxes due to customers (b) | 163 | — | |||||
Other | 9 | 11 | |||||
Total deferred tax assets | 231 | 164 | |||||
Deferred Tax Liabilities | |||||||
Plant - net (b) | 882 | 1,280 | |||||
Regulatory assets | 21 | 37 | |||||
Accrued pension costs | 17 | 12 | |||||
Other | 2 | 5 | |||||
Total deferred tax liabilities | 922 | 1,334 | |||||
Net deferred tax liability | $ | 691 | $ | 1,170 |
2023 | 2022 | 2021 | |||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||
Current - Federal | $ | 73 | $ | 63 | $ | 58 | |||||||||||
Current - State | 13 | 11 | 8 | ||||||||||||||
Total Current Expense (Benefit) | 86 | 74 | 66 | ||||||||||||||
Deferred - Federal | (11) | (3) | (4) | ||||||||||||||
Deferred - State | 4 | 7 | 7 | ||||||||||||||
Total Deferred Expense (Benefit) | (7) | 4 | 3 | ||||||||||||||
Amortization of investment tax credit - Federal | (2) | (2) | (2) | ||||||||||||||
Total income tax expense (benefit) | $ | 77 | $ | 76 | $ | 67 | |||||||||||
Total income tax expense (benefit) - Federal | $ | 60 | $ | 58 | $ | 52 | |||||||||||
Total income tax expense (benefit) - State | 17 | 18 | 15 | ||||||||||||||
Total income tax expense (benefit) | $ | 77 | $ | 76 | $ | 67 |
2017 | 2016 | 2015 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | — | $ | 31 | $ | (21 | ) | ||||
Current - State | 7 | 5 | 1 | ||||||||
Total Current Expense (Benefit) | 7 | 36 | (20 | ) | |||||||
Deferred - Federal | 138 | 131 | 240 | ||||||||
Deferred - State | 16 | 19 | 19 | ||||||||
Total Deferred Expense, excluding benefits of operating loss carryforwards | 154 | 150 | 259 | ||||||||
Amortization of investment tax credit - Federal | (2 | ) | (2 | ) | (2 | ) | |||||
Tax benefit of operating loss carryforwards | |||||||||||
Deferred - Federal | — | (21 | ) | (97 | ) | ||||||
Total Tax Benefit of Operating Loss Carryforwards | — | (21 | ) | (97 | ) | ||||||
Total income tax expense (a) | $ | 159 | $ | 163 | $ | 140 | |||||
Total income tax expense - Federal | $ | 136 | $ | 139 | $ | 120 | |||||
Total income tax expense - State | 23 | 24 | 20 | ||||||||
Total income tax expense (a) | $ | 159 | $ | 163 | $ | 140 |
2023 | 2022 | 2021 | |||||||||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 82 | $ | 84 | $ | 76 | |||||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of federal income tax benefit | 15 | 16 | 14 | ||||||||||||||
Amortization of investment tax credit | (2) | (2) | (2) | ||||||||||||||
Amortization of excess deferred federal and state income taxes | (17) | (21) | (20) | ||||||||||||||
Other | (1) | (1) | (1) | ||||||||||||||
Total decrease | (5) | (8) | (9) | ||||||||||||||
Total income tax expense (benefit) | $ | 77 | $ | 76 | $ | 67 | |||||||||||
Effective income tax rate | 19.8% | 19.1% | 18.4% |
2017 | 2016 | 2015 | |||||||||
Reconciliation of Income Taxes | |||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ | 146 | $ | 150 | $ | 131 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 15 | 16 | 13 | ||||||||
Amortization of investment tax credit | (2 | ) | (2 | ) | (2 | ) | |||||
Other | — | (1 | ) | (2 | ) | ||||||
Total increase | 13 | 13 | 9 | ||||||||
Total income tax expense | $ | 159 | $ | 163 | $ | 140 | |||||
Effective income tax rate | 38.0 | % | 38.1 | % | 37.4 | % |
2023 | 2022 | 2021 | |||||||||||||||
Taxes, other than income | |||||||||||||||||
Property and other | $ | 45 | $ | 45 | $ | 41 | |||||||||||
Total | $ | 45 | $ | 45 | $ | 41 |
2017 | 2016 | 2015 | |||||||||
Taxes, other than income | |||||||||||
Property and other | $ | 32 | $ | 30 | $ | 29 | |||||
Total | $ | 32 | $ | 30 | $ | 29 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||||
U.S. (federal) | 2019 and prior | 2019 and prior | 2019 and prior | 2019 and prior | |||||||||||||||||||||
Pennsylvania (state) | |||||||||||||||||||||||||
U.K. (foreign) | |||||||||||||||||||||||||
PPL | PPL Electric | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Current Regulatory Assets: | |||||||||||||||
Environmental cost recovery | $ | 5 | $ | 6 | $ | — | $ | — | |||||||
Generation formula rate | 6 | 11 | — | — | |||||||||||
Transmission service charge | — | 7 | — | 7 | |||||||||||
Gas supply clause | 4 | 3 | — | — | |||||||||||
Smart meter rider | 15 | 6 | 15 | 6 | |||||||||||
Storm costs | — | 5 | — | 5 | |||||||||||
Other | 4 | 1 | 1 | 1 | |||||||||||
Total current regulatory assets (a) | $ | 34 | $ | 39 | $ | 16 | $ | 19 | |||||||
Noncurrent Regulatory Assets: | |||||||||||||||
Defined benefit plans | $ | 880 | $ | 947 | $ | 504 | $ | 549 | |||||||
Taxes recoverable through future rates | 3 | 340 | 3 | 340 | |||||||||||
Storm costs | 33 | 57 | — | 9 | |||||||||||
Unamortized loss on debt | 54 | 61 | 29 | 36 | |||||||||||
Interest rate swaps | 26 | 31 | — | — | |||||||||||
Terminated interest rate swaps | 92 | 98 | — | — | |||||||||||
Accumulated cost of removal of utility plant | 173 | 159 | 173 | 159 | |||||||||||
AROs | 234 | 211 | — | — | |||||||||||
Other | 9 | 14 | — | 1 | |||||||||||
Total noncurrent regulatory assets | $ | 1,504 | $ | 1,918 | $ | 709 | $ | 1,094 |
Current Regulatory Liabilities: | |||||||||||||||
Generation supply charge | $ | 34 | $ | 23 | $ | 34 | $ | 23 | |||||||
Transmission service charge | 9 | — | 9 | — | |||||||||||
Universal service rider | 26 | 14 | 26 | 14 | |||||||||||
Transmission formula rate | 9 | 15 | 9 | 15 | |||||||||||
Fuel adjustment clauses | 3 | 11 | — | — | |||||||||||
Act 129 compliance rider | — | 17 | — | 17 | |||||||||||
Storm damage expense rider | 8 | 13 | 8 | 13 | |||||||||||
Other | 6 | 8 | — | 1 | |||||||||||
Total current regulatory liabilities | $ | 95 | $ | 101 | $ | 86 | $ | 83 | |||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||
Accumulated cost of removal of utility plant | $ | 677 | $ | 700 | $ | — | $ | — | |||||||
Power purchase agreement - OVEC (b) | 68 | 75 | — | — | |||||||||||
Net deferred taxes (c) | 1,853 | 23 | 668 | — | |||||||||||
Defined benefit plans | 27 | 23 | — | — | |||||||||||
Terminated interest rate swaps | 74 | 78 | — | — | |||||||||||
Other | 5 | — | — | — | |||||||||||
Total noncurrent regulatory liabilities | $ | 2,704 | $ | 899 | $ | 668 | $ | — |
LKE | LG&E | KU | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||||
Environmental cost recovery | $ | 5 | $ | 6 | $ | 5 | $ | 6 | $ | — | $ | — | |||||||||||
Generation formula rate | 6 | 11 | — | — | 6 | 11 | |||||||||||||||||
Gas supply clause | 4 | 3 | 4 | 3 | — | — | |||||||||||||||||
Other | 3 | — | 3 | — | — | — | |||||||||||||||||
Total current regulatory assets | $ | 18 | $ | 20 | $ | 12 | $ | 9 | $ | 6 | $ | 11 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Gas supply clause | $ | — | $ | 41 | $ | — | $ | — | $ | — | $ | 13 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Rate adjustment mechanism | 118 | 96 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Renewable energy certificates | 14 | 14 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Derivative Instruments | 51 | 41 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Smart meter rider | 6 | 5 | 6 | 5 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Storm damage expense | 12 | — | 12 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Universal service rider | — | 3 | — | 3 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Fuel adjustment clause | 4 | 38 | — | — | 3 | 9 | — | 29 | |||||||||||||||||||||||||||||||||||||||
Transmission service charge | 43 | — | 31 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
DSIC | 7 | 5 | 7 | 5 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 38 | 15 | 1 | — | 4 | 1 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Total current regulatory assets | $ | 293 | $ | 258 | $ | 57 | $ | 13 | $ | 7 | $ | 23 | $ | 3 | $ | 32 | |||||||||||||||||||||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Defined benefit plans | $ | 887 | $ | 778 | $ | 417 | $ | 353 | $ | 217 | $ | 209 | $ | 136 | $ | 140 | |||||||||||||||||||||||||||||||
Plant outage cost | 38 | 46 | — | — | 10 | 12 | 28 | 34 | |||||||||||||||||||||||||||||||||||||||
Net Metering | 112 | 61 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Environmental Cost recovery | 99 | 102 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Taxes recoverable through future rates | — | 47 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Storm costs | 97 | 118 | — | — | 15 | 7 | 14 | 3 | |||||||||||||||||||||||||||||||||||||||
Unamortized loss on debt | 22 | 21 | 3 | 3 | 10 | 11 | 7 | 7 | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 7 | 7 | — | — | 7 | 7 | — | — | |||||||||||||||||||||||||||||||||||||||
Terminated interest rate swaps | 58 | 63 | — | — | 34 | 37 | 24 | 26 | |||||||||||||||||||||||||||||||||||||||
Accumulated cost of removal of utility plant | 178 | 212 | 178 | 212 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
AROs | 289 | 295 | — | — | 76 | 76 | 213 | 219 | |||||||||||||||||||||||||||||||||||||||
Derivative Instruments | 8 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 79 | 69 | — | — | 26 | 14 | 17 | 13 | |||||||||||||||||||||||||||||||||||||||
Total noncurrent regulatory assets | $ | 1,874 | $ | 1,819 | $ | 598 | $ | 568 | $ | 395 | $ | 373 | $ | 439 | $ | 442 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Generation supply charge | $ | 51 | $ | 37 | $ | 51 | $ | 37 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Transmission service charge | — | 14 | — | 7 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
TCJA customer refund | 5 | 15 | 5 | 15 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Act 129 compliance rider | 15 | 14 | 15 | 14 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Transmission formula rate | 21 | 12 | 18 | 12 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Rate adjustment mechanism | 72 | 96 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Energy efficiency | 23 | 23 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Gas supply clause | 15 | — | — | — | 15 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 23 | 27 | 2 | — | 1 | 7 | 1 | 6 | |||||||||||||||||||||||||||||||||||||||
Total current regulatory liabilities | $ | 225 | $ | 238 | $ | 91 | $ | 85 | $ | 16 | $ | 7 | $ | 1 | $ | 6 | |||||||||||||||||||||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 996 | $ | 950 | $ | — | $ | — | $ | 306 | $ | 287 | $ | 399 | $ | 389 | |||||||||||||||||||||||||||||||
Power purchase agreement - OVEC | 19 | 26 | — | — | 13 | 18 | 6 | 8 | |||||||||||||||||||||||||||||||||||||||
Net deferred taxes | 1,977 | 2,094 | 763 | 775 | 459 | 477 | 523 | 546 | |||||||||||||||||||||||||||||||||||||||
Defined benefit plans | 252 | 187 | 73 | 45 | 20 | 21 | 59 | 56 | |||||||||||||||||||||||||||||||||||||||
Terminated interest rate swaps | 57 | 60 | — | — | 29 | 30 | 28 | 30 | |||||||||||||||||||||||||||||||||||||||
Energy efficiency | 5 | 32 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 34 | 63 | — | — | — | — | 3 | — | |||||||||||||||||||||||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 3,340 | $ | 3,412 | $ | 836 | $ | 820 | $ | 827 | $ | 833 | $ | 1,018 | $ | 1,029 |
LKE | LG&E | KU | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||||
Defined benefit plans | $ | 376 | $ | 398 | $ | 234 | $ | 246 | $ | 142 | $ | 152 | |||||||||||
Storm costs | 33 | 48 | 18 | 26 | 15 | 22 | |||||||||||||||||
Unamortized loss on debt | 25 | 25 | 16 | 16 | 9 | 9 | |||||||||||||||||
Interest rate swaps | 26 | 31 | 26 | 31 | — | — | |||||||||||||||||
Terminated interest rate swaps | 92 | 98 | 54 | 57 | 38 | 41 | |||||||||||||||||
AROs | 234 | 211 | 61 | 70 | 173 | 141 | |||||||||||||||||
Other | 9 | 13 | 2 | 4 | 7 | 9 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 795 | $ | 824 | $ | 411 | $ | 450 | $ | 384 | $ | 374 |
Current Regulatory Liabilities: | |||||||||||||||||||||||
Demand side management | $ | — | $ | 3 | $ | — | $ | 2 | $ | — | $ | 1 | |||||||||||
Fuel adjustment clause | 3 | 11 | — | 2 | 3 | 9 | |||||||||||||||||
Gas line tracker | 3 | — | 3 | — | — | — | |||||||||||||||||
Other | 3 | 4 | — | 1 | 3 | 3 | |||||||||||||||||
Total current regulatory liabilities | $ | 9 | $ | 18 | $ | 3 | $ | 5 | $ | 6 | $ | 13 | |||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||||
Accumulated cost of removal | |||||||||||||||||||||||
of utility plant | $ | 677 | $ | 700 | $ | 282 | $ | 305 | $ | 395 | $ | 395 | |||||||||||
Power purchase agreement - OVEC (b) | 68 | 75 | 47 | 52 | 21 | 23 | |||||||||||||||||
Net deferred taxes (c) | 1,185 | 23 | 552 | 23 | 633 | — | |||||||||||||||||
Defined benefit plans | 27 | 23 | — | — | 27 | 23 | |||||||||||||||||
Terminated interest rate swaps | 74 | 78 | 37 | 39 | 37 | 39 | |||||||||||||||||
Other | 5 | — | 1 | — | 4 | — | |||||||||||||||||
Total noncurrent regulatory liabilities | $ | 2,036 | $ | 899 | $ | 919 | $ | 419 | $ | 1,117 | $ | 480 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||
Expiration Date | Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | Unused Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | |||||||||||||||||||
PPL | |||||||||||||||||||||||||
U.K. | |||||||||||||||||||||||||
WPD plc | |||||||||||||||||||||||||
Syndicated Credit Facility (a) (c) | Jan. 2022 | £ | 210 | £ | 148 | £ | — | £ | 60 | £ | 160 | £ | — | ||||||||||||
WPD (South West) | |||||||||||||||||||||||||
Syndicated Credit Facility (a) (c) | July 2021 | 245 | — | — | 245 | 110 | — | ||||||||||||||||||
WPD (East Midlands) | |||||||||||||||||||||||||
Syndicated Credit Facility (a) (c) | July 2021 | 300 | 180 | — | 120 | 9 | — | ||||||||||||||||||
WPD (West Midlands) | |||||||||||||||||||||||||
Syndicated Credit Facility (a) (c) | July 2021 | 300 | 120 | — | 180 | — | — | ||||||||||||||||||
Uncommitted Credit Facilities | 100 | — | 4 | 96 | 60 | 4 | |||||||||||||||||||
Total U.K. Credit Facilities (b) | £ | 1,155 | £ | 448 | £ | 4 | £ | 701 | £ | 339 | £ | 4 | |||||||||||||
U.S. | |||||||||||||||||||||||||
PPL Capital Funding | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Jan. 2022 | $ | 950 | $ | — | $ | 230 | $ | 720 | $ | — | $ | 20 | ||||||||||||
Syndicated Credit Facility (c) (d) | Nov. 2018 | 300 | — | — | 300 | — | — | ||||||||||||||||||
Bilateral Credit Facility (c) (d) | Mar. 2018 | 150 | — | 18 | 132 | — | 17 | ||||||||||||||||||
Total PPL Capital Funding Credit Facilities | $ | 1,400 | $ | — | $ | 248 | $ | 1,152 | $ | — | $ | 37 | |||||||||||||
PPL Electric | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Jan. 2022 | $ | 650 | $ | — | $ | 1 | $ | 649 | $ | — | $ | 296 | ||||||||||||
LKE | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Oct. 2018 | $ | 75 | $ | — | $ | — | $ | 75 | $ | — | $ | — | ||||||||||||
LG&E | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Jan. 2022 | $ | 500 | $ | — | $ | 199 | $ | 301 | $ | — | $ | 169 | ||||||||||||
Term Loan Credit Facility (c) (e) | Oct. 2019 | 200 | 100 | — | 100 | — | — | ||||||||||||||||||
Total LG&E Credit Facilities | $ | 700 | $ | 100 | $ | 199 | $ | 401 | $ | — | $ | 169 | |||||||||||||
KU | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Jan. 2022 | $ | 400 | $ | — | $ | 45 | $ | 355 | $ | — | $ | 16 | ||||||||||||
Letter of Credit Facility (c) (d) (f) | Oct. 2020 | 198 | — | 198 | — | — | 198 | ||||||||||||||||||
Total KU Credit Facilities | $ | 598 | $ | — | $ | 243 | $ | 355 | $ | — | $ | 214 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Expiration Date | Capacity | Borrowed | Letters of Credit and Commercial Paper Issued (d) | Unused Capacity | Borrowed | Letters of Credit and Commercial Paper Issued (d) | |||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||
PPL Capital Funding | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility (a) (b) (c) | Dec 2027 | $ | 1,250 | $ | — | $ | 390 | $ | 860 | $ | — | $ | 561 | ||||||||||||||||||||||||||||
Bilateral Credit Facility (a) (b) | Mar 2024 | 100 | — | — | 100 | — | — | ||||||||||||||||||||||||||||||||||
Bilateral Credit Facility (a) (b) | Mar 2024 | 100 | — | 13 | 87 | — | 58 | ||||||||||||||||||||||||||||||||||
Total PPL Capital Funding Credit Facilities | $ | 1,450 | $ | — | $ | 403 | $ | 1,047 | $ | — | $ | 619 | |||||||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility (a) (b) | Dec 2027 | 650 | — | 511 | 139 | — | 146 | ||||||||||||||||||||||||||||||||||
Term Loan Credit Facility (a) (b) | Mar 2024 | — | — | — | — | 250 | — | ||||||||||||||||||||||||||||||||||
Total PPL Electric Credit Facilities | $ | 650 | $ | — | $ | 511 | $ | 139 | $ | 250 | $ | 146 | |||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Expiration Date | Capacity | Borrowed | Letters of Credit and Commercial Paper Issued (d) | Unused Capacity | Borrowed | Letters of Credit and Commercial Paper Issued (d) | |||||||||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility (a) (b) | Dec 2027 | 500 | — | — | 500 | — | 180 | ||||||||||||||||||||||||||||||||||
Term Loan Credit Facility (a) (b) | Jul 2024 | — | — | — | — | 300 | — | ||||||||||||||||||||||||||||||||||
Total LG&E Credit Facilities | $ | 500 | $ | — | $ | — | $ | 500 | $ | 300 | $ | 180 | |||||||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility (a) (b) | Dec 2027 | 400 | — | 93 | 307 | — | 101 | ||||||||||||||||||||||||||||||||||
Term Loan Credit Facility (a) (b) | Jul 2024 | — | — | — | — | 300 | — | ||||||||||||||||||||||||||||||||||
Total KU Credit Facilities | $ | 400 | $ | — | $ | 93 | $ | 307 | $ | 300 | $ | 101 |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted - Average Interest Rate | Capacity | Commercial Paper Issuances | Unused Capacity | Weighted - Average Interest Rate | Commercial Paper Issuances | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Capital Funding | 1.64% | $ | 1,000 | $ | 230 | $ | 770 | 1.10% | $ | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted - Average Interest Rate | Weighted - Average Interest Rate | Capacity | Commercial Paper Issuances (c) | Unused Capacity | Weighted - Average Interest Rate | Commercial Paper Issuances (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Capital Funding (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RIE (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric | 650 | — | 650 | 1.05% | 295 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E | 1.83% | 350 | 199 | 151 | 0.94% | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KU | 1.97% | 350 | 45 | 305 | 0.87% | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,350 | $ | 474 | $ | 1,876 | $ | 500 |
December 31, | |||||||||||||||||||||||
Weighted-Average Rate (d) | Maturities (d) | 2023 | 2022 | ||||||||||||||||||||
PPL | |||||||||||||||||||||||
Senior Unsecured Notes | 3.95 | % | 2026 - 2047 | $ | 3,066 | $ | 3,066 | ||||||||||||||||
Senior Secured Notes/First Mortgage Bonds (a) (b) (c) | 4.35 | % | 2025 - 2053 | 10,229 | 8,957 | ||||||||||||||||||
Exchangeable Senior Unsecured Notes | 2.88 | % | 2028 | 1,000 | — | ||||||||||||||||||
Junior Subordinated Notes | 8.27 | % | 2067 | 480 | 480 | ||||||||||||||||||
Term Loan Credit Facility | — | 850 | |||||||||||||||||||||
Total Long-term Debt before adjustments | 14,775 | 13,353 | |||||||||||||||||||||
Unamortized premium and (discount), net | (55) | (32) | |||||||||||||||||||||
Unamortized debt issuance costs | (108) | (78) | |||||||||||||||||||||
Total Long-term Debt | 14,612 | 13,243 | |||||||||||||||||||||
Less current portion of Long-term Debt | 1 | 354 | |||||||||||||||||||||
Total Long-term Debt, noncurrent | $ | 14,611 | $ | 12,889 |
December 31, | ||||||||||||
Weighted-Average Rate (g) | Maturities (g) | 2017 | 2016 | |||||||||
PPL | ||||||||||||
U.S. | ||||||||||||
Senior Unsecured Notes | 3.78 | % | 2020 - 2047 | $ | 4,575 | $ | 4,075 | |||||
Senior Secured Notes/First Mortgage Bonds (a) (b) (c) | 3.96 | % | 2018 - 2047 | 7,314 | 6,849 | |||||||
Junior Subordinated Notes | 5.10 | % | 2067 - 2073 | 930 | 930 | |||||||
Term Loan Credit Facility | 2.06 | % | 2019 | 100 | — | |||||||
Total U.S. Long-term Debt | 12,919 | 11,854 | ||||||||||
U.K. | ||||||||||||
Senior Unsecured Notes (d) | 5.24 | % | 2020 - 2040 | 6,351 | 5,707 | |||||||
Index-linked Senior Unsecured Notes (e) | 1.56 | % | 2026 - 2056 | 1,012 | 838 | |||||||
Total U.K. Long-term Debt (f) | 7,363 | 6,545 | ||||||||||
Total Long-term Debt Before Adjustments | 20,282 | 18,399 | ||||||||||
Fair market value adjustments | 21 | 22 | ||||||||||
Unamortized premium and (discount), net (e) | 14 | 20 | ||||||||||
Unamortized debt issuance costs | (122 | ) | (115 | ) | ||||||||
Total Long-term Debt | 20,195 | 18,326 | ||||||||||
Less current portion of Long-term Debt | 348 | 518 | ||||||||||
Total Long-term Debt, noncurrent | $ | 19,847 | $ | 17,808 |
December 31, | |||||||||||||||||||||||
Weighted-Average Rate (d) | Maturities (d) | 2023 | 2022 | ||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||
Senior Secured Notes/First Mortgage Bonds (a) (b) | 4.61 | % | 2027 - 2053 | $ | 4,649 | $ | 4,289 | ||||||||||||||||
Term Loan Credit Facility | — | 250 | |||||||||||||||||||||
Total Long-term Debt Before Adjustments | 4,649 | 4,539 | |||||||||||||||||||||
Unamortized discount | (42) | (22) | |||||||||||||||||||||
Unamortized debt issuance costs | (40) | (31) | |||||||||||||||||||||
Total Long-term Debt | 4,567 | 4,486 | |||||||||||||||||||||
Less current portion of Long-term Debt | — | 340 | |||||||||||||||||||||
Total Long-term Debt, noncurrent | $ | 4,567 | $ | 4,146 | |||||||||||||||||||
LG&E | |||||||||||||||||||||||
Senior Secured Notes/First Mortgage Bonds (a) (c) | 4.02 | % | 2025 - 2054 | $ | 2,489 | $ | 2,024 | ||||||||||||||||
Term Loan Credit Facility | — | 300 | |||||||||||||||||||||
Total Long-term Debt Before Adjustments | 2,489 | 2,324 | |||||||||||||||||||||
Unamortized discount | (4) | (4) | |||||||||||||||||||||
Unamortized debt issuance costs | (16) | (13) | |||||||||||||||||||||
Total Long-term Debt | 2,469 | 2,307 | |||||||||||||||||||||
Less current portion of Long-term Debt | — | — | |||||||||||||||||||||
Total Long-term Debt, noncurrent | $ | 2,469 | $ | 2,307 | |||||||||||||||||||
KU | |||||||||||||||||||||||
Senior Secured Notes/First Mortgage Bonds (a) (c) | 4.22 | % | 2025 - 2054 | $ | 3,089 | $ | 2,642 | ||||||||||||||||
Term Loan Credit Facility | — | 300 | |||||||||||||||||||||
Total Long-term Debt Before Adjustments | 3,089 | 2,942 | |||||||||||||||||||||
Unamortized premium | 5 | 5 | |||||||||||||||||||||
Unamortized discount | (9) | (9) | |||||||||||||||||||||
Unamortized debt issuance costs | (21) | (18) | |||||||||||||||||||||
Total Long-term Debt | 3,064 | 2,920 | |||||||||||||||||||||
Less current portion of Long-term Debt | — | 13 | |||||||||||||||||||||
Total Long-term Debt, noncurrent | $ | 3,064 | $ | 2,907 | |||||||||||||||||||
December 31, | ||||||||||||
Weighted-Average Rate (g) | Maturities (g) | 2017 | 2016 | |||||||||
PPL Electric | ||||||||||||
Senior Secured Notes/First Mortgage Bonds (a) (b) | 4.23 | % | 2020 - 2047 | $ | 3,339 | $ | 2,864 | |||||
Total Long-term Debt Before Adjustments | 3,339 | 2,864 | ||||||||||
Unamortized discount | (16 | ) | (12 | ) | ||||||||
Unamortized debt issuance costs | (25 | ) | (21 | ) | ||||||||
Total Long-term Debt | 3,298 | 2,831 | ||||||||||
Less current portion of Long-term Debt | — | 224 | ||||||||||
Total Long-term Debt, noncurrent | $ | 3,298 | $ | 2,607 | ||||||||
LKE | ||||||||||||
Senior Unsecured Notes | 3.97 | % | 2020 - 2021 | $ | 725 | $ | 725 | |||||
Term Loan Credit Facility | 2.06 | % | 2019 | 100 | — | |||||||
First Mortgage Bonds (a) (c) | 3.73 | % | 2018 - 2045 | 3,975 | 3,985 | |||||||
Long-term debt to affiliate | 3.50 | % | 2026 | 400 | 400 | |||||||
Total Long-term Debt Before Adjustments | 5,200 | 5,110 | ||||||||||
Fair market value adjustments | — | (1 | ) | |||||||||
Unamortized discount | (14 | ) | (15 | ) | ||||||||
Unamortized debt issuance costs | (27 | ) | (29 | ) | ||||||||
Total Long-term Debt | 5,159 | 5,065 | ||||||||||
Less current portion of Long-term Debt | 98 | 194 | ||||||||||
Total Long-term Debt, noncurrent | $ | 5,061 | $ | 4,871 | ||||||||
LG&E | ||||||||||||
Term Loan Credit Facility | 2.06 | % | 2019 | $ | 100 | $ | — | |||||
First Mortgage Bonds (a) (c) | 3.48 | % | 2018 - 2045 | 1,624 | 1,634 | |||||||
Total Long-term Debt Before Adjustments | 1,724 | 1,634 | ||||||||||
Fair market value adjustments | — | (1 | ) | |||||||||
Unamortized discount | (4 | ) | (4 | ) | ||||||||
Unamortized debt issuance costs | (11 | ) | (12 | ) | ||||||||
Total Long-term Debt | 1,709 | 1,617 | ||||||||||
Less current portion of Long-term Debt | 98 | 194 | ||||||||||
Total Long-term Debt, noncurrent | $ | 1,611 | $ | 1,423 | ||||||||
KU | ||||||||||||
First Mortgage Bonds (a) (c) | 3.91 | % | 2019 - 2045 | $ | 2,351 | $ | 2,351 | |||||
Total Long-term Debt Before Adjustments | 2,351 | 2,351 | ||||||||||
Unamortized discount | (9 | ) | (9 | ) | ||||||||
Unamortized debt issuance costs | (14 | ) | (15 | ) | ||||||||
Total Long-term Debt | 2,328 | 2,327 | ||||||||||
Less current portion of Long-term Debt | — | — | ||||||||||
Total Long-term Debt, noncurrent | $ | 2,328 | $ | 2,327 |
(d)The table reflects principal maturities only, based on stated maturities, |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||||||||
2024 | $ | 1 | $ | — | $ | — | $ | — | |||||||||||||||||||||
2025 | 551 | — | 300 | 250 | |||||||||||||||||||||||||
2026 | 904 | — | 90 | 164 | |||||||||||||||||||||||||
2027 | 428 | 108 | 260 | 60 | |||||||||||||||||||||||||
2028 | 1,350 | — | — | — | |||||||||||||||||||||||||
Thereafter | 11,541 | 4,541 | 1,839 | 2,615 | |||||||||||||||||||||||||
Total | $ | 14,775 | $ | 4,649 | $ | 2,489 | $ | 3,089 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2018 | $ | 348 | $ | — | $ | 98 | $ | 98 | $ | — | |||||||||
2019 | 430 | — | 430 | 334 | 96 | ||||||||||||||
2020 | 1,278 | 100 | 975 | — | 500 | ||||||||||||||
2021 | 1,150 | 400 | 250 | — | — | ||||||||||||||
2022 | 1,274 | 474 | — | — | — | ||||||||||||||
Thereafter | 15,802 | 2,365 | 3,447 | 1,292 | 1,755 | ||||||||||||||
Total | $ | 20,282 | $ | 3,339 | $ | 5,200 | $ | 1,724 | $ | 2,351 |
2017 | 2016 | 2015 | |||||||||
Number of shares (in thousands) | 10,373 | 710 | 1,477 | ||||||||
Net Proceeds | $ | 377 | $ | 25 | $ | 49 |
Aggregate enterprise consideration | $ | 5.3 | ||||||||||||||||||
Less: fair value of assumed long-term debt outstanding | 1.5 | |||||||||||||||||||
Total cash consideration | $ | 3.8 | ||||||||||||||||||
Final Purchase Price Allocation | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 154 | ||||||||||||||||||
Accounts Receivable (a) | 195 | |||||||||||||||||||
Unbilled Revenues | 54 | |||||||||||||||||||
Price Risk Management Assets | 99 | |||||||||||||||||||
Regulatory Assets | 75 | |||||||||||||||||||
Other Current Assets | 65 | |||||||||||||||||||
Total Current Assets | 642 | |||||||||||||||||||
Noncurrent Assets | ||||||||||||||||||||
Property, Plant and Equipment, net | 3,992 | |||||||||||||||||||
Regulatory Assets | 393 | |||||||||||||||||||
Goodwill | 1,585 | |||||||||||||||||||
Other Noncurrent Assets | 164 | |||||||||||||||||||
Total Noncurrent Assets | 6,134 | |||||||||||||||||||
Total Assets | $ | 6,776 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Long-Term Debt Due Within One Year | $ | 14 | ||||||||||||||||||
Accounts Payable | 180 | |||||||||||||||||||
Taxes Accrued | 44 | |||||||||||||||||||
Regulatory Liabilities | 239 | |||||||||||||||||||
Other Current Liabilities | 198 | |||||||||||||||||||
Total Current Liabilities | 675 | |||||||||||||||||||
Noncurrent Liabilities | ||||||||||||||||||||
Long-Term Debt | 1,496 | |||||||||||||||||||
Regulatory Liabilities | 643 | |||||||||||||||||||
Other Deferred Credits and Noncurrent Liabilities | 142 | |||||||||||||||||||
Noncurrent Liabilities | 2,281 | |||||||||||||||||||
Total Purchase Price (Balance Sheet Net Assets) | $ | 3,820 | ||||||||||||||||||
Operating Revenues | Net Income (Loss) | |||||||||||||||||||||||||
Actual RIE results included from May 25, 2022 - December 31, 2022 (a) | $ | 1,038 | $ | (44) | ||||||||||||||||||||||
PPL Pro Forma for the year ended 2022 | 8,667 | 790 | ||||||||||||||||||||||||
PPL Pro Forma for the year ended 2021 | 7,478 | 159 | ||||||||||||||||||||||||
Approach | Weighting | Weighted Fair Value (in billions) | ||||
Talen Energy Market Value | 50% | $ | 1.4 | |||
Income/Discounted Cash Flow | 30% | 1.1 | ||||
Alternative Market (Comparable Company) | 20% | 0.7 | ||||
Estimated Fair Value | $ | 3.2 |
2015 | |||
Operating revenues | $ | 1,427 | |
Operating expenses | 1,328 | ||
Other Income (Expense) - net | (21 | ) | |
Interest expense (a) | 150 | ||
Income tax expense (benefit) | (30 | ) | |
Loss on spinoff | (879 | ) | |
Loss from Discontinued Operations (net of income taxes) | $ | (921 | ) |
2022 | 2021 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,344 | |||||||||||||||||||
Operating Expenses | — | 467 | |||||||||||||||||||||
Other Income (Expense) - net | — | 202 | |||||||||||||||||||||
Interest Expense (a) | — | 209 | |||||||||||||||||||||
Income before income taxes | — | 870 | |||||||||||||||||||||
Loss on sale | — | (1,609) | |||||||||||||||||||||
Income tax (benefit) expense | (42) | 759 | |||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | $ | 42 | $ | (1,498) |
2017 | 2016 | 2015 | |||||||||
PPL | $ | 45 | $ | 50 | $ | 49 | |||||
LKE | 26 | 26 | 24 | ||||||||
LG&E | 15 | 15 | 12 | ||||||||
KU | 11 | 11 | 11 |
PPL | LKE | LG&E | KU | ||||||||||||
2018 | $ | 32 | $ | 26 | $ | 15 | $ | 10 | |||||||
2019 | 19 | 16 | 8 | 8 | |||||||||||
2020 | 13 | 11 | 5 | 6 | |||||||||||
2021 | 10 | 8 | 3 | 5 | |||||||||||
2022 | 8 | 6 | 2 | 4 | |||||||||||
Thereafter | 22 | 15 | 6 | 8 | |||||||||||
Total | $ | 104 | $ | 82 | $ | 39 | $ | 41 |
Total Plan | Annual Grant Limit Total As % of Outstanding | Annual Grant | Annual Grant Limit For Individual Participants - Performance Based Awards | |||||||||||||
Award Limit | PPL Common Stock On First Day of | Limit Options | For awards denominated in | For awards denominated in | ||||||||||||
Plan | (Shares) | Each Calendar Year | (Shares) | shares (Shares) | cash (in dollars) | |||||||||||
SIP | 15,000,000 | 2,000,000 | 750,000 | $ | 15,000,000 | |||||||||||
ICPKE | 14,199,796 | 2 | % | 3,000,000 |
2017 | 2016 | 2015 | |||||||||
PPL | $ | 35.30 | $ | 33.84 | $ | 34.50 | |||||
PPL Electric | 35.45 | 34.32 | 34.41 | ||||||||
LKE | 35.25 | 33.73 | 34.89 |
Restricted Shares/Units | Weighted- Average Grant Date Fair Value Per Share | |||||
PPL | ||||||
Nonvested, beginning of period | 1,337,025 | $ | 31.57 | |||
Granted | 538,441 | 35.30 | ||||
Vested | (567,001 | ) | 29.28 | |||
Forfeited | (16,816 | ) | 34.28 | |||
Nonvested, end of period (a) | 1,291,649 | 34.10 |
Restricted Shares/Units | Weighted- Average Grant Date Fair Value Per Share | |||||
PPL Electric | ||||||
Nonvested, beginning of period | 204,570 | $ | 31.27 | |||
Transfer between registrants | (5,250 | ) | 32.05 | |||
Granted | 79,321 | 35.45 | ||||
Vested | (91,117 | ) | 28.83 | |||
Forfeited | (3,108 | ) | 34.68 | |||
Nonvested, end of period | 184,416 | 34.20 | ||||
LKE | ||||||
Nonvested, beginning of period | 243,281 | $ | 31.53 | |||
Transfer between registrants | 25,337 | 31.61 | ||||
Granted | 97,775 | 35.25 | ||||
Vested | (125,612 | ) | 29.68 | |||
Forfeited | (9,224 | ) | 34.04 | |||
Nonvested, end of period | 231,557 | 34.01 |
2017 | 2016 | 2015 | |||||||||
PPL | $ | 20 | $ | 30 | $ | 28 | |||||
PPL Electric | 3 | 3 | 4 | ||||||||
LKE | 4 | 5 | 4 |
2017 | 2016 | 2015 | ||||||
Expected stock volatility | 17.40 | % | 19.60 | % | 15.90 | % | ||
Expected life | 3 years | 3 years | 3 years |
2017 | 2016 | 2015 | |||||||||
PPL | $ | 38.38 | $ | 35.74 | $ | 36.76 | |||||
PPL Electric | 38.37 | 35.68 | 37.93 | ||||||||
LKE | 38.24 | 35.28 | 37.10 |
TSR Performance Units | Weighted- Average Grant Date Fair Value Per Share | |||||
PPL | ||||||
Nonvested, beginning of period | 1,070,536 | $ | 34.65 | |||
Granted | 293,642 | 38.38 | ||||
Vested | (243,983 | ) | 32.42 | |||
Forfeited | (141,964 | ) | 32.27 | |||
Nonvested, end of period (a) | 978,231 | 36.67 | ||||
PPL Electric | ||||||
Nonvested, beginning of period | 76,726 | $ | 34.68 | |||
Granted | 26,086 | 38.37 | ||||
Vested | (14,713 | ) | 32.14 | |||
Forfeited | (12,586 | ) | 35.45 | |||
Nonvested, end of period | 75,513 | 37.00 | ||||
LKE | ||||||
Nonvested, beginning of period | 191,601 | $ | 34.34 | |||
Transfer between registrants | 8,307 | 35.96 | ||||
Granted | 64,555 | 38.24 | ||||
Vested | (48,980 | ) | 32.09 | |||
Forfeited | (35,194 | ) | 35.25 | |||
Nonvested, end of period | 180,289 | 36.69 |
2023 | 2022 | 2021 | |||||||||||||||
PPL | |||||||||||||||||
Lease cost: | |||||||||||||||||
Finance lease cost: | |||||||||||||||||
Amortization of right-of-use assets | $ | 1 | $ | — | $ | — | |||||||||||
Interest on lease liabilities | — | — | — | ||||||||||||||
Operating lease cost | 26 | 20 | 24 | ||||||||||||||
Short-term lease cost | 6 | 6 | 6 | ||||||||||||||
Total lease cost | $ | 33 | $ | 26 | $ | 30 | |||||||||||
LG&E | |||||||||||||||||
Lease cost: | |||||||||||||||||
Operating lease cost | $ | 5 | $ | 6 | $ | 6 | |||||||||||
Short-term lease cost | 1 | 1 | 1 | ||||||||||||||
Total lease cost | $ | 6 | $ | 7 | $ | 7 | |||||||||||
KU | |||||||||||||||||
Lease cost: | |||||||||||||||||
Operating lease cost | $ | 10 | $ | 9 | $ | 10 | |||||||||||
Short-term lease cost | 1 | 2 | 1 | ||||||||||||||
Total lease cost | $ | 11 | $ | 11 | $ | 11 |
2023 | 2022 | 2021 | |||||||||||||||
PPL | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from finance leases | $ | — | $ | — | $ | — | |||||||||||
Operating cash flows from operating leases | 25 | 26 | 23 | ||||||||||||||
Financing cash flows from finance leases | 1 | — | — | ||||||||||||||
Right-of-use asset obtained in exchange for new finance lease liabilities | 7 | — | — | ||||||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | 47 | 15 | 12 | ||||||||||||||
LG&E | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 6 | $ | 8 | $ | 6 | |||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | 6 | 4 | 4 | ||||||||||||||
KU | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 9 | $ | 12 | $ | 10 | |||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | 10 | 5 | 7 |
PPL | LG&E | KU | |||||||||||||||||||||
Operating leases | Finance leases | Operating leases | Operating leases | ||||||||||||||||||||
2024 | $ | 24 | $ | 2 | $ | 6 | $ | 9 | |||||||||||||||
2025 | 18 | 1 | 5 | 6 | |||||||||||||||||||
2026 | 11 | 1 | 2 | 3 | |||||||||||||||||||
2027 | 9 | 1 | 1 | 2 | |||||||||||||||||||
2028 | 8 | 1 | 1 | 1 | |||||||||||||||||||
Thereafter | 34 | 2 | — | 1 | |||||||||||||||||||
Total | $ | 104 | $ | 8 | $ | 15 | $ | 22 | |||||||||||||||
Weighted-average discount rate | 4.68% | 7.56% | 4.05% | 4.36% | |||||||||||||||||||
Weighted-average remaining lease term (in years) | 8 | 7 | 3 | 3 | |||||||||||||||||||
Current lease liabilities (a) | $ | 21 | $ | 1 | $ | 6 | $ | 8 | |||||||||||||||
Non-current lease liabilities (a) | 63 | 6 | 9 | 12 | |||||||||||||||||||
Right-of-use assets (b) | 74 | 6 | 13 | 19 |
ROE Performance Unit | Weighted- Average Grant Date Fair Value Per Share | |||||
PPL | ||||||
Granted | 97,925 | $ | 34.42 | |||
Forfeited | (997 | ) | 34.41 | |||
Nonvested, end of period | 96,928 | 34.42 | ||||
PPL Electric | ||||||
Granted | 8,696 | $ | 34.41 | |||
Nonvested, end of period | 8,696 | 34.41 | ||||
LKE | ||||||
Granted | 21,536 | $ | 34.29 | |||
Forfeited | (997 | ) | 34.41 | |||
Nonvested, end of period | 20,539 | 34.29 |
Number of Options | Weighted Average Exercise Price Per Share | Weighted- Average Remaining Contractual Term (years) | Aggregate Total Intrinsic Value | |||||||||
PPL | ||||||||||||
Outstanding at beginning of period | 4,481,160 | $ | 28.98 | |||||||||
Exercised | (718,977 | ) | 26.67 | |||||||||
Outstanding and exercisable at end of period | 3,762,183 | 29.42 | 3.5 | $ | 14 | |||||||
PPL Electric | ||||||||||||
Outstanding at beginning of period | 240,939 | $ | 27.48 | |||||||||
Exercised | (42,659 | ) | 26.99 | |||||||||
Outstanding and exercisable at end of period | 198,280 | 27.58 | 3.8 | $ | 1 |
2023 | 2022 | 2021 | |||||||||||||||
PPL | $ | 4 | 6 | 11 | |||||||||||||
LG&E | — | 2 | 5 | ||||||||||||||
KU | — | — | 5 |
Number of Options | Weighted Average Exercise Price Per Share | Weighted- Average Remaining Contractual Term (years) | Aggregate Total Intrinsic Value | |||||||||
LKE | ||||||||||||
Outstanding at beginning of period | 61,896 | $ | 25.81 | |||||||||
Exercised | (28,164 | ) | 26.59 | |||||||||
Outstanding and exercisable at end of period | 33,732 | 25.15 | 4.1 | $ | — |
2017 | 2016 | 2015 | |||||||||
PPL | $ | 32 | $ | 27 | $ | 33 | |||||
PPL Electric | 18 | 16 | 14 | ||||||||
LKE | 8 | 7 | 8 |
2017 | 2016 | 2015 | |||||||||
PPL | $ | 13 | $ | 12 | $ | 14 | |||||
PPL Electric | 8 | 7 | 6 | ||||||||
LKE | 3 | 3 | 3 |
Unrecognized Compensation Expense | Weighted- Average Period for Recognition | ||||
PPL | $ | 10 | 1.7 | ||
PPL Electric | 2 | 1.7 | |||
LKE | 1 | 1.6 |
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Net periodic defined benefit costs (credits): | |||||||||||||||||||||||||||||||||||
Service cost | $ | 65 | $ | 66 | $ | 96 | $ | 76 | $ | 69 | $ | 79 | $ | 7 | $ | 7 | $ | 11 | |||||||||||||||||
Interest cost | 168 | 174 | 194 | 178 | 235 | 314 | 23 | 26 | 26 | ||||||||||||||||||||||||||
Expected return on plan assets | (231 | ) | (228 | ) | (258 | ) | (514 | ) | (504 | ) | (523 | ) | (22 | ) | (22 | ) | (26 | ) | |||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 10 | 8 | 7 | — | — | — | (1 | ) | — | 1 | |||||||||||||||||||||||||
Actuarial (gain) loss | 69 | 50 | 84 | 144 | 138 | 158 | 1 | 1 | — | ||||||||||||||||||||||||||
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | 81 | 70 | 123 | (116 | ) | (62 | ) | 28 | 8 | 12 | 12 | ||||||||||||||||||||||||
Settlements | 1 | 3 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Termination benefits | 1 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 83 | $ | 73 | $ | 123 | $ | (116 | ) | $ | (62 | ) | $ | 28 | $ | 8 | $ | 12 | $ | 12 |
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: | |||||||||||||||||||||||||||||||||||
Divestiture (a) | $ | — | $ | — | $ | (353 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (6 | ) | |||||||||||||||
Settlement | (1 | ) | (3 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net (gain) loss | 27 | 253 | 63 | 346 | 7 | 508 | (28 | ) | 9 | (9 | ) | ||||||||||||||||||||||||
Prior service cost (credit) | (1 | ) | 15 | 18 | — | — | — | 8 | — | — | |||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service (cost) credit | (10 | ) | (8 | ) | (7 | ) | — | — | — | 1 | (1 | ) | (1 | ) | |||||||||||||||||||||
Actuarial gain (loss) | (69 | ) | (50 | ) | (85 | ) | (144 | ) | (138 | ) | (158 | ) | (1 | ) | (1 | ) | — | ||||||||||||||||||
Total recognized in OCI and regulatory assets/liabilities (b) | (54 | ) | 207 | (364 | ) | 202 | (131 | ) | 350 | (20 | ) | 7 | (16 | ) | |||||||||||||||||||||
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities (b) | $ | 29 | $ | 280 | $ | (241 | ) | $ | 86 | $ | (193 | ) | $ | 378 | $ | (12 | ) | $ | 19 | $ | (4 | ) |
U.S. Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
OCI | $ | (53 | ) | $ | 236 | $ | (269 | ) | $ | (25 | ) | $ | 7 | $ | 12 | ||||||||
Regulatory assets/liabilities | (1 | ) | (29 | ) | (95 | ) | 5 | — | (28 | ) | |||||||||||||
Total recognized in OCI and regulatory assets/liabilities | $ | (54 | ) | $ | 207 | $ | (364 | ) | $ | (20 | ) | $ | 7 | $ | (16 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Net periodic defined benefit costs (credits): | |||||||||||||||||||||||||||||||||||
Service cost | $ | 34 | $ | 51 | $ | 56 | $ | 6 | $ | 7 | $ | 6 | |||||||||||||||||||||||
Interest cost | 188 | 144 | 121 | 30 | 20 | 16 | |||||||||||||||||||||||||||||
Expected return on plan assets | (309) | (276) | (255) | (30) | (28) | (23) | |||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 6 | 8 | 8 | 1 | 1 | 1 | |||||||||||||||||||||||||||||
Actuarial (gain) loss | 2 | 51 | 93 | (5) | (5) | (1) | |||||||||||||||||||||||||||||
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | (79) | (22) | 23 | 2 | (5) | (1) | |||||||||||||||||||||||||||||
Settlements (a) | — | 23 | 18 | — | — | — | |||||||||||||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | (79) | $ | 1 | $ | 41 | $ | 2 | $ | (5) | $ | (1) | |||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: | |||||||||||||||||||||||||||||||||||
Net (loss)/gain allocated at acquisition | $ | — | $ | 33 | $ | — | $ | — | $ | (49) | $ | — | |||||||||||||||||||||||
Settlement | — | (23) | (18) | — | — | — | |||||||||||||||||||||||||||||
Net (gain) loss | 193 | 242 | 42 | (6) | — | (53) | |||||||||||||||||||||||||||||
Prior service cost (credit) | 2 | — | 3 | — | — | — | |||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service (cost) credit | (6) | (8) | (8) | (1) | (1) | (1) | |||||||||||||||||||||||||||||
Actuarial gain (loss) | (2) | (51) | (93) | 5 | 5 | 1 | |||||||||||||||||||||||||||||
Total recognized in OCI and regulatory assets/liabilities | 187 | 193 | (74) | (2) | (45) | (53) | |||||||||||||||||||||||||||||
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities | $ | 108 | $ | 194 | $ | (33) | $ | — | $ | (50) | $ | (54) |
Pension Benefits | |||||||
U.S. | U.K. | ||||||
Prior service cost (credit) | $ | 10 | $ | — | |||
Actuarial (gain) loss | 86 | 152 | |||||
Total | $ | 96 | $ | 152 | |||
Amortization from Balance Sheet: | |||||||
AOCI | $ | 28 | $ | 152 | |||
Regulatory assets/liabilities | 68 | — | |||||
Total | $ | 96 | $ | 152 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
Net periodic defined benefit costs (credits): | |||||||||||||||||||||||
Service cost | $ | 24 | $ | 23 | $ | 26 | $ | 4 | $ | 5 | $ | 5 | |||||||||||
Interest cost | 68 | 71 | 68 | 9 | 9 | 9 | |||||||||||||||||
Expected return on plan assets | (92 | ) | (91 | ) | (88 | ) | (7 | ) | (6 | ) | (6 | ) | |||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost | 8 | 8 | 7 | 1 | 3 | 3 | |||||||||||||||||
Actuarial (gain) loss (a) | 31 | 21 | 37 | — | (1 | ) | — | ||||||||||||||||
Net periodic defined benefit costs (b) | $ | 39 | $ | 32 | $ | 50 | $ | 7 | $ | 10 | $ | 11 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: | |||||||||||||||||||||||
Net (gain) loss | $ | 30 | $ | 119 | $ | 20 | $ | (14 | ) | $ | 6 | $ | (15 | ) | |||||||||
Prior service cost | 7 | — | 19 | 8 | — | — | |||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service credit | (8 | ) | (8 | ) | (7 | ) | (1 | ) | (3 | ) | (3 | ) | |||||||||||
Actuarial gain (loss) | (32 | ) | (21 | ) | (37 | ) | — | 1 | — | ||||||||||||||
Total recognized in OCI and regulatory assets/liabilities | (3 | ) | 90 | (5 | ) | (7 | ) | 4 | (18 | ) | |||||||||||||
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities | $ | 36 | $ | 122 | $ | 45 | $ | — | $ | 14 | $ | (7 | ) |
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCI | $ | 33 | $ | 42 | $ | 4 | $ | (2 | ) | $ | 2 | $ | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory assets/liabilities | (36 | ) | 48 | (9 | ) | (5 | ) | 2 | (16 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in OCI and regulatory assets/liabilities | $ | (3 | ) | $ | 90 | $ | (5 | ) | $ | (7 | ) | $ | 4 | $ | (18 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||
Prior service cost | $ | 9 | $ | 1 | |||
Actuarial Loss | 39 | — | |||||
Total | $ | 48 | $ | 1 | |||
Amortization from Balance Sheet: | |||||||
AOCI | $ | 11 | $ | — | |||
Regulatory assets/liabilities | 37 | 1 | |||||
Total | $ | 48 | $ | 1 |
Pension Benefits | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net periodic defined benefit costs (credits): | |||||||||||
Service cost | $ | 1 | $ | 1 | $ | 1 | |||||
Interest cost | 13 | 15 | 14 | ||||||||
Expected return on plan assets | (22 | ) | (21 | ) | (20 | ) | |||||
Amortization of: | |||||||||||
Prior service cost | 5 | 4 | 3 | ||||||||
Actuarial loss (a) | 9 | 7 | 11 | ||||||||
Net periodic defined benefit costs (b) | $ | 6 | $ | 6 | $ | 9 | |||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets - Gross: | |||||||||||
Net (gain) loss | $ | (9 | ) | $ | 22 | $ | 8 | ||||
Prior service cost | 7 | — | 10 | ||||||||
Amortization of: | |||||||||||
Prior service credit | (5 | ) | (4 | ) | (3 | ) | |||||
Actuarial gain | (9 | ) | (7 | ) | (11 | ) | |||||
Total recognized in regulatory assets/liabilities | (16 | ) | 11 | 4 | |||||||
Total recognized in net periodic defined benefit costs and regulatory assets | $ | (10 | ) | $ | 17 | $ | 13 |
Pension Benefits | |||
Prior service cost | $ | 5 | |
Actuarial loss | 9 | ||
Total | $ | 14 |
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
PPL | $ | 59 | $ | 53 | $ | 71 | $ | (151 | ) | $ | (95 | ) | $ | (21 | ) | $ | 5 | $ | 7 | $ | 8 | ||||||||||||||
PPL Electric (a) | 12 | 10 | 15 | — | 1 | — | |||||||||||||||||||||||||||||
LKE (b) | 28 | 24 | 37 | 5 | 6 | 8 | |||||||||||||||||||||||||||||
LG&E (b) | 8 | 8 | 12 | 3 | 3 | 4 | |||||||||||||||||||||||||||||
KU (a) (b) | 4 | 5 | 9 | 1 | 2 | 2 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
LG&E Non-Union Only | $ | 5 | $ | 4 | $ | 5 | $ | 3 | $ | 3 | $ | 4 |
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
PPL | PPL | ||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 3.70 | % | 4.21 | % | 2.65 | % | 2.87 | % | 3.64 | % | 4.11 | % | Discount rate | 5.52 | % | 5.80 | % | 5.54 | % | 5.81 | % | ||||||||||||||||||||||||||||
Rate of compensation increase | 3.78 | % | 3.95 | % | 3.50 | % | 3.50 | % | 3.75 | % | 3.92 | % | Rate of compensation increase | 3.43 | % | 3.77 | % | 3.43 | % | 3.78 | % | ||||||||||||||||||||||||||||
LKE | |||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 3.69 | % | 4.19 | % | 3.65 | % | 4.12 | % | |||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | |||||||||||||||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 3.65 | % | 4.13 | % |
Pension Benefits | ||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | ||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
PPL | ||||||||||||||||||||||||||
Discount rate service cost (b) | 4.21 | % | 4.59 | % | 4.25 | % | 2.99 | % | 3.90 | % | 3.85 | % | 4.11 | % | 4.48 | % | 4.09 | % | ||||||||
Discount rate interest cost (b) | 4.21 | % | 4.59 | % | 4.25 | % | 2.41 | % | 3.14 | % | 3.85 | % | 4.11 | % | 4.48 | % | 4.09 | % | ||||||||
Rate of compensation increase | 3.95 | % | 3.93 | % | 3.91 | % | 3.50 | % | 4.00 | % | 4.00 | % | 3.92 | % | 3.91 | % | 3.86 | % | ||||||||
Expected return on plan assets (a) | 7.00 | % | 7.00 | % | 7.00 | % | 7.22 | % | 7.20 | % | 7.19 | % | 6.21 | % | 6.11 | % | 6.06 | % | ||||||||
LKE | ||||||||||||||||||||||||||
Discount rate | 4.19 | % | 4.56 | % | 4.25 | % | 4.12 | % | 4.49 | % | 4.06 | % | ||||||||||||||
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | ||||||||||||||
Expected return on plan assets (a) | 7.00 | % | 7.00 | % | 7.00 | % | 6.82 | % | 6.82 | % | 6.82 | % |
Pension Benefits | ||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | ||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
LG&E | ||||||||||||||||||||||||||
Discount rate | 4.13 | % | 4.49 | % | 4.20 | % | ||||||||||||||||||||
Expected return on plan assets (a) | 7.00 | % | 7.00 | % | 7.00 | % |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||
Discount rate | 5.52 | % | 3.35 | % | 2.92 | % | 5.54 | % | 3.54 | % | 2.84 | % | |||||||||||||||||||||||
Rate of compensation increase | 3.43 | % | 3.74 | % | 3.76 | % | 3.43 | % | 2.84 | % | 3.75 | % | |||||||||||||||||||||||
Expected return on plan assets | 8.25 | % | 7.25 | % | 7.25 | % | 7.38 | % | 6.52 | % | 6.48 | % | |||||||||||||||||||||||
2017 | 2016 | 2015 | ||||||
PPL and LKE | ||||||||
Health care cost trend rate assumed for next year | ||||||||
– obligations | 6.6 | % | 7.0 | % | 6.8 | % | ||
– cost | 7.0 | % | 6.8 | % | 7.2 | % | ||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | ||||||||
– obligations | 5.0 | % | 5.0 | % | 5.0 | % | ||
– cost | 5.0 | % | 5.0 | % | 5.0 | % | ||
Year that the rate reaches the ultimate trend rate | ||||||||
– obligations | 2022 | 2022 | 2020 | |||||
– cost | 2022 | 2020 | 2020 |
2023 | 2022 | 2021 | |||||||||||||||
PPL | |||||||||||||||||
Health care cost trend rate assumed for next year | |||||||||||||||||
– obligations | 6.25 | % | 6.50 | % | 6.25 | % | |||||||||||
– cost | 6.50 | % | 6.25 | % | 6.50 | % | |||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | |||||||||||||||||
– obligations | 5.00 | % | 5.00 | % | 5.00 | % | |||||||||||
– cost | 5.00 | % | 5.00 | % | 5.00 | % | |||||||||||
Year that the rate reaches the ultimate trend rate | |||||||||||||||||
– obligations | 2029 | 2029 | 2027 | ||||||||||||||
– cost | 2029 | 2027 | 2027 |
One Percentage Point | |||||||
Increase | Decrease | ||||||
Effect on accumulated postretirement benefit obligation | |||||||
PPL | $ | 4 | $ | (4 | ) | ||
LKE | 3 | (3 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||
Benefit Obligation, beginning of period | $ | 3,333 | $ | 3,989 | $ | 534 | $ | 504 | |||||||||||||||
Service cost | 34 | 51 | 6 | 7 | |||||||||||||||||||
Interest cost | 188 | 144 | 30 | 20 | |||||||||||||||||||
Participant contributions | — | — | 9 | 9 | |||||||||||||||||||
Plan amendments | 3 | — | — | — | |||||||||||||||||||
Actuarial (gain) loss | 179 | (1,026) | 18 | (114) | |||||||||||||||||||
Acquisition (a) | — | 553 | — | 163 | |||||||||||||||||||
Settlements | (3) | (111) | — | — | |||||||||||||||||||
Gross benefits paid | (280) | (267) | (59) | (55) | |||||||||||||||||||
Benefit Obligation, end of period | 3,454 | 3,333 | 538 | 534 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Plan assets at fair value, beginning of period | 3,149 | 3,887 | 417 | 367 | |||||||||||||||||||
Actual return on plan assets | 297 | (992) | 54 | (86) | |||||||||||||||||||
Employer contributions | 13 | 9 | 16 | 19 | |||||||||||||||||||
Participant contributions | — | — | 7 | 7 | |||||||||||||||||||
Acquisition (a) | — | 623 | — | 160 | |||||||||||||||||||
Settlements | (3) | (111) | — | — | |||||||||||||||||||
Gross benefits paid | (280) | (267) | (56) | (50) | |||||||||||||||||||
Plan assets at fair value, end of period | 3,176 | 3,149 | 438 | 417 | |||||||||||||||||||
Funded Status, end of period | $ | (278) | $ | (184) | $ | (100) | $ | (117) | |||||||||||||||
Amounts recognized in the Balance Sheets consist of: | |||||||||||||||||||||||
Noncurrent asset | $ | 7 | $ | 33 | $ | 10 | $ | 9 | |||||||||||||||
Current liability | (10) | (10) | (14) | (14) | |||||||||||||||||||
Noncurrent liability | (275) | (207) | (96) | (112) | |||||||||||||||||||
Net amount recognized, end of period | $ | (278) | $ | (184) | $ | (100) | $ | (117) | |||||||||||||||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: | |||||||||||||||||||||||
Prior service cost (credit) | $ | 11 | $ | 14 | $ | 10 | $ | 11 | |||||||||||||||
Net actuarial (gain) loss | 1,017 | 827 | (96) | (95) | |||||||||||||||||||
Total | $ | 1,028 | $ | 841 | $ | (86) | $ | (84) | |||||||||||||||
Total accumulated benefit obligation for defined benefit pension plans | $ | 3,312 | $ | 3,197 |
Pension Benefits | |||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||
Benefit Obligation, beginning of period | $ | 4,079 | $ | 3,863 | $ | 7,383 | $ | 8,404 | $ | 591 | $ | 596 | |||||||||||
Service cost | 65 | 66 | 76 | 69 | 7 | 7 | |||||||||||||||||
Interest cost | 168 | 174 | 178 | 235 | 23 | 26 | |||||||||||||||||
Participant contributions | — | — | 13 | 14 | 14 | 14 | |||||||||||||||||
Plan amendments | (1 | ) | 14 | — | — | 8 | — | ||||||||||||||||
Actuarial (gain) loss | 233 | 214 | 293 | 484 | 4 | 11 | |||||||||||||||||
Settlements | (6 | ) | (9 | ) | (1 | ) | — | — | — | ||||||||||||||
Termination benefits | 1 | — | — | — | — | — | |||||||||||||||||
Gross benefits paid | (251 | ) | (243 | ) | (345 | ) | (357 | ) | (59 | ) | (64 | ) | |||||||||||
Federal subsidy | — | — | — | — | 1 | 1 | |||||||||||||||||
Currency conversion | — | — | 622 | (1,466 | ) | — | — | ||||||||||||||||
Benefit Obligation, end of period | 4,288 | 4,079 | 8,219 | 7,383 | 589 | 591 | |||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Plan assets at fair value, beginning of period | 3,243 | 3,227 | 7,211 | 7,625 | 378 | 379 | |||||||||||||||||
Actual return on plan assets | 437 | 189 | 480 | 979 | 54 | 25 | |||||||||||||||||
Employer contributions | 65 | 79 | 486 | 330 | 15 | 19 | |||||||||||||||||
Participant contributions | — | — | 13 | 14 | 13 | 14 | |||||||||||||||||
Settlements | (6 | ) | (9 | ) | (1 | ) | — | — | — | ||||||||||||||
Gross benefits paid | (251 | ) | (243 | ) | (345 | ) | (357 | ) | (55 | ) | (59 | ) | |||||||||||
Currency conversion | — | — | 646 | (1,380 | ) | — | — | ||||||||||||||||
Plan assets at fair value, end of period | 3,488 | 3,243 | 8,490 | 7,211 | 405 | 378 | |||||||||||||||||
Funded Status, end of period | $ | (800 | ) | $ | (836 | ) | $ | 271 | $ | (172 | ) | $ | (184 | ) | $ | (213 | ) | ||||||
Amounts recognized in the Balance Sheets consist of: | |||||||||||||||||||||||
Noncurrent asset | $ | — | $ | — | $ | 284 | $ | 10 | $ | 2 | $ | 2 | |||||||||||
Current liability | (13 | ) | (17 | ) | — | — | (3 | ) | (3 | ) | |||||||||||||
Noncurrent liability | (787 | ) | (819 | ) | (13 | ) | (182 | ) | (183 | ) | (212 | ) | |||||||||||
Net amount recognized, end of period | $ | (800 | ) | $ | (836 | ) | $ | 271 | $ | (172 | ) | $ | (184 | ) | $ | (213 | ) | ||||||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: | |||||||||||||||||||||||
Prior service cost (credit) | $ | 49 | $ | 59 | $ | — | $ | — | $ | 9 | $ | — | |||||||||||
Net actuarial (gain) loss | 1,134 | 1,178 | 2,755 | 2,553 | 16 | 45 | |||||||||||||||||
Total (a) | $ | 1,183 | $ | 1,237 | $ | 2,755 | $ | 2,553 | $ | 25 | $ | 45 | |||||||||||
Total accumulated benefit obligation for defined benefit pension plans | $ | 4,000 | $ | 3,807 | $ | 7,542 | $ | 6,780 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
AOCI | $ | 235 | $ | 183 | $ | 14 | $ | 13 | |||||||||||||||
Regulatory assets/liabilities | 793 | 658 | (100) | (97) | |||||||||||||||||||
Total | $ | 1,028 | $ | 841 | $ | (86) | $ | (84) |
U.S. Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
AOCI | $ | 374 | $ | 357 | $ | 15 | $ | 20 | |||||||
Regulatory assets/liabilities | 809 | 880 | 10 | 25 | |||||||||||
Total | $ | 1,183 | $ | 1,237 | $ | 25 | $ | 45 |
U.S. | U.K. | ||||||||||||||||||||||||||||
PBO in excess of plan assets | PBO in excess of plan assets | PBO in excess of plan assets | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 4,288 | $ | 4,079 | $ | 3,083 | $ | 3,403 | |||||||||||||||||||||
Fair value of plan assets | 3,488 | 3,243 | 3,070 | 3,221 | |||||||||||||||||||||||||
U.S. | U.K. | ||||||||||||||||||||||||||||
ABO in excess of plan assets | ABO in excess of plan assets | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ABO in excess of plan assets | |||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 4,000 | $ | 3,807 | $ | 10 | $ | 657 | |||||||||||||||||||||
Fair value of plan assets | 3,488 | 3,243 | — | 643 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Change in Benefit Obligation | |||||||||||||||
Benefit Obligation, beginning of period | $ | 1,669 | $ | 1,588 | $ | 220 | $ | 216 | |||||||
Service cost | 24 | 23 | 4 | 5 | |||||||||||
Interest cost | 68 | 71 | 9 | 9 | |||||||||||
Participant contributions | — | — | 8 | 7 | |||||||||||
Plan amendments (a) | 6 | — | 8 | — | |||||||||||
Actuarial (gain) loss | 113 | 96 | (7 | ) | 4 | ||||||||||
Gross benefits paid (a) | (109 | ) | (109 | ) | (19 | ) | (21 | ) | |||||||
Benefit Obligation, end of period | 1,771 | 1,669 | 223 | 220 | |||||||||||
Change in Plan Assets | |||||||||||||||
Plan assets at fair value, beginning of period | 1,315 | 1,289 | 98 | 88 | |||||||||||
Actual return on plan assets | 175 | 69 | 14 | 4 | |||||||||||
Employer contributions | 21 | 66 | 15 | 20 | |||||||||||
Participant contributions | — | — | 8 | 7 | |||||||||||
Gross benefits paid | (109 | ) | (109 | ) | (19 | ) | (21 | ) | |||||||
Plan assets at fair value, end of period | 1,402 | 1,315 | 116 | 98 | |||||||||||
Funded Status, end of period | $ | (369 | ) | $ | (354 | ) | $ | (107 | ) | $ | (122 | ) | |||
Amounts recognized in the Balance Sheets consist of: | |||||||||||||||
Noncurrent asset | $ | — | $ | — | $ | 2 | $ | 2 | |||||||
Current liability | (4 | ) | (4 | ) | (3 | ) | (3 | ) | |||||||
Noncurrent liability | (365 | ) | (350 | ) | (106 | ) | (121 | ) | |||||||
Net amount recognized, end of period | $ | (369 | ) | $ | (354 | ) | $ | (107 | ) | $ | (122 | ) | |||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: | |||||||||||||||
Prior service cost | $ | 44 | $ | 45 | $ | 13 | $ | 6 | |||||||
Net actuarial (gain) loss | 434 | 436 | (26 | ) | (13 | ) | |||||||||
Total | $ | 478 | $ | 481 | $ | (13 | ) | $ | (7 | ) | |||||
Total accumulated benefit obligation for defined benefit pension plans | $ | 1,616 | $ | 1,531 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
AOCI | $ | 144 | $ | 111 | $ | 6 | $ | 8 | |||||||
Regulatory assets/liabilities | 334 | 370 | (19 | ) | (15 | ) | |||||||||
Total | $ | 478 | $ | 481 | $ | (13 | ) | $ | (7 | ) |
PBO in excess of plan assets | |||||||
2017 | 2016 | ||||||
Projected benefit obligation | $ | 1,771 | $ | 1,669 | |||
Fair value of plan assets | 1,402 | 1,315 | |||||
ABO in excess of plan assets | |||||||
2017 | 2016 | ||||||
Accumulated benefit obligation | $ | 1,616 | $ | 1,531 | |||
Fair value of plan assets | 1,402 | 1,315 |
Pension Benefits | |||||||
2017 | 2016 | ||||||
Change in Benefit Obligation | |||||||
Benefit Obligation, beginning of period | $ | 329 | $ | 326 | |||
Service cost | 1 | 1 | |||||
Interest cost | 13 | 15 | |||||
Plan amendments (a) | 6 | — | |||||
Actuarial (gain) loss | 11 | 15 | |||||
Gross benefits paid (a) | (34 | ) | (28 | ) | |||
Benefit Obligation, end of period | 326 | 329 | |||||
Change in Plan Assets | |||||||
Plan assets at fair value, beginning of period | 318 | 297 | |||||
Actual return on plan assets | 41 | 14 | |||||
Employer contributions | — | 35 | |||||
Gross benefits paid | (34 | ) | (28 | ) | |||
Plan assets at fair value, end of period | 325 | 318 | |||||
Funded Status, end of period | $ | (1 | ) | $ | (11 | ) | |
Amounts recognized in the Balance Sheets consist of: | |||||||
Noncurrent liability | $ | (1 | ) | $ | (11 | ) | |
Net amount recognized, end of period | $ | (1 | ) | $ | (11 | ) | |
Amounts recognized in regulatory assets (pre-tax) consist of: | |||||||
Prior service cost | $ | 27 | $ | 25 | |||
Net actuarial loss | 92 | 110 | |||||
Total | $ | 119 | $ | 135 | |||
Total accumulated benefit obligation for defined benefit pension plan | $ | 326 | $ | 329 |
2023 | 2022 | ||||||||||
Pension | $ | (65) | $ | (34) | |||||||
Other postretirement benefits | (55) | (60) |
2017 | 2016 | ||||||
Pension | $ | 44 | $ | 42 | |||
Other postretirement benefits | 74 | 76 |
2023 | 2022 | ||||||||||
Pension | $ | 34 | $ | 41 | |||||||
Other postretirement benefits | (44) | (41) | |||||||||
2017 | 2016 | ||||||
Pension | $ | 246 | $ | 281 | |||
Other postretirement benefits | 62 | 72 |
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Pension | $ | 36 | $ | 62 | |||||||||||||||||
Other postretirement benefits | 32 | 40 |
Percentage of trust assets | 2017 | |||||||
2017 (a) | 2016 | Target Asset Allocation (a) | ||||||
Growth Portfolio | 56 | % | 52 | % | 55 | % | ||
Equity securities | 32 | % | 30 | % | ||||
Debt securities (b) | 14 | % | 12 | % | ||||
Alternative investments | 10 | % | 10 | % | ||||
Immunizing Portfolio | 43 | % | 46 | % | 43 | % | ||
Debt securities (b) | 39 | % | 43 | % | ||||
Derivatives | 4 | % | 3 | % | ||||
Liquidity Portfolio | 1 | % | 2 | % | 2 | % | ||
Total | 100 | % | 100 | % | 100 | % |
Percentage of trust assets | 2023 | ||||||||||||||||
2023 | 2022 | Target Asset Allocation | |||||||||||||||
Growth Portfolio | 54 | % | 55 | % | 55 | % | |||||||||||
Equity securities | 31 | % | 31 | % | |||||||||||||
Debt securities (a) | 12 | % | 13 | % | |||||||||||||
Alternative investments | 11 | % | 11 | % | |||||||||||||
Immunizing Portfolio | 43 | % | 43 | % | 43 | % | |||||||||||
Debt securities (a) | 36 | % | 33 | % | |||||||||||||
Derivatives (b) | 7 | % | 10 | % | |||||||||||||
Liquidity Portfolio | 3 | % | 2 | % | 2 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
PPL Services Corporation Master Trust | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 301 | $ | 301 | $ | — | $ | — | $ | 181 | $ | 181 | $ | — | $ | — | |||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||
U.S. Equity | 229 | 229 | — | — | 152 | 152 | — | — | |||||||||||||||||||||||
U.S. Equity fund measured at NAV (a) | 364 | — | — | — | 272 | — | — | — | |||||||||||||||||||||||
International equity fund at NAV (a) | 538 | — | — | — | 551 | — | — | — | |||||||||||||||||||||||
Commingled debt measured at NAV (a) | 611 | — | — | — | 546 | — | — | — |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Services Corporation Master Trust | PPL Services Corporation Master Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Equity fund measured at NAV (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International equity fund at NAV (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International equity fund at NAV (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International equity fund at NAV (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commingled debt measured at NAV (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities: | Debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government sponsored agency | 186 | 186 | — | — | 381 | 381 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 883 | — | 870 | 13 | 850 | — | 837 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 10 | — | 10 | — | 8 | — | 8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative investments: | Alternative investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate measured at NAV (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate measured at NAV (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate measured at NAV (a) | 109 | — | — | — | 102 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity measured at NAV (a) | 80 | — | — | — | 80 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit partnerships measured at NAV (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds measured at NAV (a) | 175 | — | — | — | 167 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and swaptions | 50 | — | 50 | — | 61 | — | 61 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1 | — | 1 | — | 3 | — | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance contracts | 24 | — | — | 24 | 27 | — | — | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Services Corporation Master Trust assets, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Services Corporation Master Trust assets, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Services Corporation Master Trust assets, at fair value | 3,561 | $ | 716 | $ | 931 | $ | 37 | 3,381 | $ | 714 | $ | 909 | $ | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables and payables, net (b) | 72 | (15 | ) | Receivables and payables, net (b) | (16) | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
401(h) accounts restricted for other postretirement benefit obligations | (145 | ) | (123 | ) | 401(h) accounts restricted for other postretirement benefit obligations | (124) | (126) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total PPL Services Corporation Master Trust pension assets | $ | 3,488 | $ | 3,243 | Total PPL Services Corporation Master Trust pension assets | $ | 3,175 | $ | 3,149 |
Corporate debt | Insurance contracts | Total | |||||||||
Balance at beginning of period | $ | 13 | $ | 27 | $ | 40 | |||||
Actual return on plan assets | |||||||||||
Relating to assets still held at the reporting date | — | 1 | 1 | ||||||||
Purchases, sales and settlements | — | (4 | ) | (4 | ) | ||||||
Balance at end of period | $ | 13 | $ | 24 | $ | 37 |
Corporate debt | |||||||||||||||||||||||
Balance at beginning of period | $ | 16 | |||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||
Relating to assets still held at the reporting date | (2) | ||||||||||||||||||||||
Relating to assets sold during the period | 4 | ||||||||||||||||||||||
Purchases, sales and settlements | (8) | ||||||||||||||||||||||
Balance at end of period | $ | 10 |
Corporate debt | Insurance contracts | Total | |||||||||
Balance at beginning of period | $ | 10 | $ | 32 | $ | 42 | |||||
Actual return on plan assets | |||||||||||
Relating to assets still held at the reporting date | — | 1 | 1 | ||||||||
Purchases, sales and settlements | 3 | (6 | ) | (3 | ) | ||||||
Balance at end of period | $ | 13 | $ | 27 | $ | 40 |
Corporate debt | |||||||||||||||||||||||
Balance at beginning of period | $ | 20 | |||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||
Relating to assets still held at the reporting date | (2) | ||||||||||||||||||||||
Relating to assets sold during the period | 2 | ||||||||||||||||||||||
Purchases, sales and settlements | (4) | ||||||||||||||||||||||
Balance at end of period | $ | 16 |
Percentage of plan assets | Target Asset Allocation | ||||||||||||||||
2023 | 2022 | 2023 | |||||||||||||||
Asset Class | |||||||||||||||||
Equity securities | 46 | % | 45 | % | 45 | % | |||||||||||
Debt securities (a) | 48 | % | 48 | % | 49 | % | |||||||||||
Cash and cash equivalents (b) | 6 | % | 7 | % | 6 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % |
Percentage of plan assets | Target Asset Allocation | |||||||
2017 | 2016 | 2017 | ||||||
Asset Class | ||||||||
U.S. Equity securities | 47 | % | 48 | % | 45 | % | ||
Debt securities (a) | 49 | % | 50 | % | 50 | % | ||
Cash and cash equivalents (b) | 4 | % | 2 | % | 5 | % | ||
Total | 100 | % | 100 | % | 100 | % |
(b)Includes |
December 31, 2017 | December 31, 2016 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using | Fair Value Measurement Using | Fair Value Measurement Using | Fair Value Measurement Using | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 10 | $ | 10 | $ | — | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large-cap equity fund measure at NAV (a) | 123 | — | — | — | 123 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commingled debt fund measured at NAV (a) | 96 | — | — | — | 114 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 30 | — | 30 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipalities | — | — | — | — | 12 | — | 12 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global equity exchange-traded fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term bond exchange-traded fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total VEBA trust assets, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total VEBA trust assets, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total VEBA trust assets, at fair value | 259 | $ | 10 | $ | 30 | $ | — | 254 | $ | 5 | $ | 12 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables and payables, net (b) | 1 | 1 | Receivables and payables, net (b) | (12) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
401(h) account assets | 145 | 123 | 401(h) account assets | 124 | 126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other postretirement benefit plan assets | $ | 405 | $ | 378 | Total other postretirement benefit plan assets | $ | 438 | $ | 417 |
Target Asset | ||||||||
Percentage of plan assets | Allocation | |||||||
2017 | 2016 | 2017 | ||||||
Asset Class | ||||||||
Cash and cash equivalents | 2 | % | 1 | % | — | % | ||
Equity securities | ||||||||
U.K. | 2 | % | 3 | % | 2 | % | ||
European (excluding the U.K.) | 1 | % | 2 | % | 1 | % | ||
Asian-Pacific | 1 | % | 2 | % | 1 | % | ||
North American | 1 | % | 3 | % | 1 | % | ||
Emerging markets | 1 | % | 3 | % | 1 | % | ||
Global equities | 16 | % | 6 | % | 10 | % | ||
Global Tactical Asset Allocation | 33 | % | 33 | % | 41 | % | ||
Debt securities (a) | 37 | % | 41 | % | 38 | % | ||
Alternative investments | 6 | % | 6 | % | 5 | % | ||
Total | 100 | % | 100 | % | 100 | % |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Fair Value Measurement Using | Fair Value Measurement Using | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 216 | $ | 216 | $ | — | $ | — | $ | 42 | $ | 42 | $ | — | $ | — | |||||||||||||||
Equity securities measured at NAV (a) : | |||||||||||||||||||||||||||||||
U.K. companies | 157 | — | — | — | 210 | — | — | — | |||||||||||||||||||||||
European companies (excluding the U.K.) | 98 | — | — | — | 177 | — | — | — | |||||||||||||||||||||||
Asian-Pacific companies | 60 | — | — | — | 140 | — | — | — | |||||||||||||||||||||||
North American companies | 123 | — | — | — | 227 | — | — | — | |||||||||||||||||||||||
Emerging markets companies | 62 | — | — | — | 209 | — | — | — | |||||||||||||||||||||||
Global Equities | 1,335 | — | — | — | 466 | — | — | — | |||||||||||||||||||||||
Other | 2,807 | — | — | — | 2,363 | — | — | — | |||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||||||||
U.K. corporate bonds | 3 | — | 3 | — | 2 | — | 2 | — | |||||||||||||||||||||||
U.K. gilts | 3,137 | — | 3,137 | — | 2,940 | — | 2,940 | — | |||||||||||||||||||||||
Alternative investments: | |||||||||||||||||||||||||||||||
Real estate measured at NAV (a) | 492 | — | — | — | 435 | — | — | — | |||||||||||||||||||||||
Fair value - U.K. pension plans | $ | 8,490 | $ | 216 | $ | 3,140 | $ | — | $ | 7,211 | $ | 42 | $ | 2,942 | $ | — |
Other Postretirement | |||||||||||
Pension | Benefit Payment | Expected Federal Subsidy | |||||||||
2018 | $ | 260 | $ | 51 | $ | 1 | |||||
2019 | 269 | 51 | — | ||||||||
2020 | 268 | 50 | 1 | ||||||||
2021 | 270 | 49 | — | ||||||||
2022 | 272 | 48 | — | ||||||||
2023-2027 | 1,328 | 218 | 2 |
Other Postretirement | |||||||||||||||||
Pension | Benefit Payment | Expected Federal Subsidy | |||||||||||||||
2024 | $ | 299 | $ | 52 | $ | — | |||||||||||
2025 | 293 | 50 | — | ||||||||||||||
2026 | 290 | 49 | — | ||||||||||||||
2027 | 282 | 48 | — | ||||||||||||||
2028 | 277 | 47 | — | ||||||||||||||
2029-2033 | 1,322 | 216 | — |
Other Postretirement | |||||||||||
Pension | Benefit Payment | Expected Federal Subsidy | |||||||||
2018 | $ | 109 | $ | 14 | $ | — | |||||
2019 | 113 | 15 | — | ||||||||
2020 | 114 | 16 | 1 | ||||||||
2021 | 115 | 16 | — | ||||||||
2022 | 116 | 16 | — | ||||||||
2023-2027 | 573 | 79 | 2 |
Pension | |||
2018 | $ | 26 | |
2019 | 26 | ||
2020 | 26 | ||
2021 | 25 | ||
2022 | 24 | ||
2023-2027 | 104 |
Pension | |||
2018 | $ | 343 | |
2019 | 349 | ||
2020 | 353 | ||
2021 | 356 | ||
2022 | 362 | ||
2023-2027 | 1,843 |
2023 | 2022 | 2021 | |||||||||||||||
PPL | $ | 48 | $ | 36 | $ | 29 | |||||||||||
PPL Electric | 8 | 6 | 5 | ||||||||||||||
LG&E | 8 | 7 | 7 | ||||||||||||||
KU | 6 | 5 | 5 |
2017 | 2016 | 2015 | |||||||||
PPL | $ | 36 | $ | 35 | $ | 34 | |||||
PPL Electric | 6 | 6 | 6 | ||||||||
LKE | 18 | 17 | 16 | ||||||||
LG&E | 5 | 5 | 5 | ||||||||
KU | 4 | 4 | 4 |
Ownership Interest | Electric Plant | Accumulated Depreciation | Construction Work in Progress | ||||||||||||
PPL and LKE | |||||||||||||||
December 31, 2017 | |||||||||||||||
Generating Plants | |||||||||||||||
Trimble County Unit 1 | 75.00 | % | $ | 427 | $ | 69 | $ | 1 | |||||||
Trimble County Unit 2 | 75.00 | % | 1,032 | 176 | 198 | ||||||||||
December 31, 2016 | |||||||||||||||
Generating Plants | |||||||||||||||
Trimble County Unit 1 | 75.00 | % | $ | 407 | $ | 55 | $ | 1 | |||||||
Trimble County Unit 2 | 75.00 | % | 1,026 | 161 | 83 | ||||||||||
LG&E | |||||||||||||||
December 31, 2017 | |||||||||||||||
Generating Plants | |||||||||||||||
E.W. Brown Units 6-7 | 38.00 | % | $ | 41 | $ | 17 | $ | — | |||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 53.00 | % | 52 | 15 | — | ||||||||||
Trimble County Unit 1 | 75.00 | % | 427 | 69 | 1 | ||||||||||
Trimble County Unit 2 | 14.25 | % | 215 | 36 | 102 | ||||||||||
Trimble County Units 5-6 | 29.00 | % | 32 | 9 | — | ||||||||||
Trimble County Units 7-10 | 37.00 | % | 73 | 21 | — | ||||||||||
Cane Run Unit 7 | 22.00 | % | 120 | 8 | 1 | ||||||||||
E.W. Brown Solar Unit | 39.00 | % | 10 | 1 | — | ||||||||||
December 31, 2016 | |||||||||||||||
Generating Plants | |||||||||||||||
E.W. Brown Units 6-7 | 38.00 | % | $ | 40 | $ | 15 | $ | — | |||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 53.00 | % | 55 | 12 | 1 | ||||||||||
Trimble County Unit 1 | 75.00 | % | 407 | 55 | 1 | ||||||||||
Trimble County Unit 2 | 14.25 | % | 214 | 32 | 43 | ||||||||||
Trimble County Units 5-6 | 29.00 | % | 30 | 8 | 1 | ||||||||||
Trimble County Units 7-10 | 37.00 | % | 71 | 17 | 1 | ||||||||||
Cane Run Unit 7 | 22.00 | % | 114 | 5 | 2 | ||||||||||
E.W. Brown Solar Unit | 39.00 | % | 10 | — | — |
Ownership Interest | Electric Plant | Accumulated Depreciation | Construction Work in Progress | |||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Trimble County Unit 1 | 75.00 | % | $ | 464 | $ | 110 | $ | — | ||||||||||||||||||
Trimble County Unit 2 | 75.00 | % | 1,490 | 300 | 49 |
Ownership Interest | Electric Plant | Accumulated Depreciation | Construction Work in Progress | |||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Trimble County Unit 1 | 75.00 | % | $ | 455 | $ | 94 | $ | 1 | ||||||||||||||||||
Trimble County Unit 2 | 75.00 | % | 1,372 | 276 | 148 | |||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
E.W. Brown Units 6-7 | 38.00 | % | $ | 53 | $ | 27 | $ | — | ||||||||||||||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 53.00 | % | 52 | 29 | — | |||||||||||||||||||||
Trimble County Unit 1 | 75.00 | % | 464 | 110 | — | |||||||||||||||||||||
Trimble County Unit 2 | 14.25 | % | 447 | 74 | 25 | |||||||||||||||||||||
Trimble County Units 5-6 | 29.00 | % | 37 | 17 | — | |||||||||||||||||||||
Trimble County Units 7-10 | 37.00 | % | 82 | 39 | — | |||||||||||||||||||||
Cane Run Unit 7 | 22.00 | % | 127 | 25 | 3 | |||||||||||||||||||||
E.W. Brown Solar Unit | 39.00 | % | 10 | 3 | — | |||||||||||||||||||||
Solar Share | 44.00 | % | 3 | — | — | |||||||||||||||||||||
Mercer Solar | 37.00 | % | 7 | — | — | |||||||||||||||||||||
Mill Creek 5 | 31.00 | % | — | — | 2 | |||||||||||||||||||||
Brown Wind | 36.00 | % | — | — | — | |||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
E.W. Brown Units 6-7 | 38.00 | % | $ | 53 | $ | 25 | $ | — | ||||||||||||||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 53.00 | % | 51 | 27 | — | |||||||||||||||||||||
Trimble County Unit 1 | 75.00 | % | 455 | 94 | 1 | |||||||||||||||||||||
Trimble County Unit 2 | 14.25 | % | 384 | 66 | 78 | |||||||||||||||||||||
Trimble County Units 5-6 | 29.00 | % | 36 | 16 | — | |||||||||||||||||||||
Trimble County Units 7-10 | 37.00 | % | 81 | 36 | — | |||||||||||||||||||||
Cane Run Unit 7 | 22.00 | % | 126 | 21 | 2 | |||||||||||||||||||||
E.W. Brown Solar Unit | 39.00 | % | 10 | 3 | — | |||||||||||||||||||||
Solar Share | 44.00 | % | 3 | — | — | |||||||||||||||||||||
KU | ||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
E.W. Brown Units 6-7 | 62.00 | % | $ | 87 | $ | 45 | $ | — | ||||||||||||||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 47.00 | % | 46 | 25 | — | |||||||||||||||||||||
Trimble County Unit 2 | 60.75 | % | 1,043 | 227 | 24 | |||||||||||||||||||||
Trimble County Units 5-6 | 71.00 | % | 86 | 41 | — | |||||||||||||||||||||
Trimble County Units 7-10 | 63.00 | % | 135 | 65 | — | |||||||||||||||||||||
Cane Run Unit 7 | 78.00 | % | 449 | 90 | 10 | |||||||||||||||||||||
E.W. Brown Solar Unit | 61.00 | % | 16 | 5 | — | |||||||||||||||||||||
Solar Share | 56.00 | % | 4 | — | — | |||||||||||||||||||||
Mercer Solar | 63.00 | % | 12 | — | 1 | |||||||||||||||||||||
Mill Creek 5 | 69.00 | % | — | — | 3 | |||||||||||||||||||||
Brown Wind | 64.00 | % | 1 | — | — | |||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
E.W. Brown Units 6-7 | 62.00 | % | $ | 87 | $ | 42 | $ | — | ||||||||||||||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 47.00 | % | 45 | 23 | — | |||||||||||||||||||||
Trimble County Unit 2 | 60.75 | % | 987 | 210 | 70 | |||||||||||||||||||||
Trimble County Units 5-6 | 71.00 | % | 84 | 38 | — | |||||||||||||||||||||
Trimble County Units 7-10 | 63.00 | % | 133 | 61 | — | |||||||||||||||||||||
Cane Run Unit 7 | 78.00 | % | 446 | 77 | 6 | |||||||||||||||||||||
E.W. Brown Solar Unit | 61.00 | % | 16 | 5 | — | |||||||||||||||||||||
Solar Share | 56.00 | % | 4 | — | — |
Ownership Interest | Electric Plant | Accumulated Depreciation | Construction Work in Progress | ||||||||||||
KU | |||||||||||||||
December 31, 2017 | |||||||||||||||
Generating Plants | |||||||||||||||
E.W. Brown Units 6-7 | 62.00 | % | $ | 66 | $ | 27 | $ | — | |||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 47.00 | % | 46 | 13 | — | ||||||||||
Trimble County Unit 2 | 60.75 | % | 817 | 140 | 96 | ||||||||||
Trimble County Units 5-6 | 71.00 | % | 76 | 20 | — | ||||||||||
Trimble County Units 7-10 | 63.00 | % | 120 | 34 | — | ||||||||||
Cane Run Unit 7 | 78.00 | % | 431 | 31 | 4 | ||||||||||
E.W. Brown Solar Unit | 61.00 | % | 16 | 1 | — | ||||||||||
December 31, 2016 | |||||||||||||||
Generating Plants | |||||||||||||||
E.W. Brown Units 6-7 | 62.00 | % | $ | 65 | $ | 23 | $ | — | |||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 47.00 | % | 50 | 11 | 1 | ||||||||||
Trimble County Unit 2 | 60.75 | % | 812 | 129 | 40 | ||||||||||
Trimble County Units 5-6 | 71.00 | % | 74 | 19 | — | ||||||||||
Trimble County Units 7-10 | 63.00 | % | 121 | 29 | 1 | ||||||||||
Cane Run Unit 7 | 78.00 | % | 412 | 18 | 4 | ||||||||||
E.W. Brown Solar Unit | 61.00 | % | 15 | — | — |
Contract Type | Maximum Maturity Date | ||||
Natural Gas Fuel | |||||
Natural Gas Retail Supply | |||||
Coal | |||||
Coal Transportation and Fleeting Services | |||||
Natural Gas Transportation | |||||
LG&E | KU | Total | |||||||||||||||
2024 | $ | 26 | $ | 12 | $ | 38 | |||||||||||
2025 | 24 | 11 | 35 | ||||||||||||||
2026 | 24 | 11 | 35 | ||||||||||||||
2027 | 25 | 11 | 36 | ||||||||||||||
2028 | 22 | 10 | 32 | ||||||||||||||
Thereafter | 175 | 77 | 252 | ||||||||||||||
Total | $ | 296 | $ | 132 | $ | 428 |
LG&E | KU | Total | |||||||||
2018 | $ | 20 | $ | 9 | $ | 29 | |||||
2019 | 19 | 8 | 27 | ||||||||
2020 | 18 | 8 | 26 | ||||||||
2021 | 19 | 8 | 27 | ||||||||
2022 | 19 | 8 | 27 | ||||||||
Thereafter | 316 | 141 | 457 | ||||||||
Total | $ | 411 | $ | 182 | $ | 593 |
2023 | 2022 | 2021 | |||||||||||||||
LG&E | $ | 20 | $ | 21 | $ | 13 | |||||||||||
KU | 9 | 9 | 6 | ||||||||||||||
Total | $ | 29 | $ | 30 | $ | 19 |
Contract Type | Maximum Maturity Date | ||||
Electric power | 2025 | ||||
Gas-related | Beyond 2029 |
2017 | 2016 | 2015 | |||||||||
LG&E | $ | 14 | $ | 16 | $ | 15 | |||||
KU | 6 | 7 | 7 | ||||||||
Total | $ | 20 | $ | 23 | $ | 22 |
Total | 2024 | 2025-2026 | 2027-2028 | Thereafter | |||||||||||||||||||||||||
Energy Purchase Obligations | $ | 1,087 | $ | 425 | $ | 196 | $ | 97 | $ | 369 |
Exposure at December 31, 2023 | Expiration Date | ||||||||||
PPL | |||||||||||
Indemnifications related to certain tax liabilities related to the sale of the U.K. utility business | £ | 50 | (a) | 2028 | |||||||
PPL guarantee of Safari payment obligations under certain sale/leaseback financing transactions related to the sale of Safari Holdings | $ | 124 | (b) | 2028 | |||||||
PPL guarantee of Safari payment obligations under certain PPAs related to the sale of Safari Holdings | 33 | (c) | |||||||||
Indemnifications for losses suffered related to items not covered by Aspen Power's representation and warranty insurance associated with the sale of Safari Holdings | 140 | (d) | Various | ||||||||
LG&E and KU | |||||||||||
LG&E and KU obligation of shortfall related to OVEC | (e) |
Exposure at December 31, 2017 | Expiration Date | ||||
PPL | |||||
Indemnifications related to the WPD Midlands acquisition | (a) | ||||
WPD indemnifications for entities in liquidation and sales of assets | $ | 11 | (b) | 2020 | |
WPD guarantee of pension and other obligations of unconsolidated entities | 95 | (c) | |||
PPL Electric | |||||
Guarantee of inventory value | 16 | (d) | 2018 | ||
LKE | |||||
Indemnification of lease termination and other divestitures | 201 | (e) | 2021-2023 | ||
LG&E and KU | |||||
LG&E and KU guarantee of shortfall related to OVEC | (f) |
2023 | 2022 | 2021 | |||||||||||||||
PPL Electric from PPL Services | $ | 222 | $ | 241 | $ | 54 | |||||||||||
PPL Electric from PPL EU Services | — | — | 222 | ||||||||||||||
LG&E from LKS | 115 | 153 | 169 | ||||||||||||||
LG&E from PPL Services | 42 | 13 | 3 | ||||||||||||||
KU from LKS | 150 | 171 | 179 | ||||||||||||||
KU from PPL Services | 48 | 14 | 3 |
2017 | 2016 | 2015 | |||||||||
PPL Electric from PPL Services | $ | 182 | $ | 132 | $ | 125 | |||||
LKE from PPL Services | 20 | 18 | 16 | ||||||||
PPL Electric from PPL EU Services | 64 | 69 | 60 | ||||||||
LG&E from LKS | 169 | 178 | 155 | ||||||||
KU from LKS | 190 | 194 | 185 |
2023 | 2022 | 2021 | |||||||||||||||
Defined benefit plans - non-service credits (Note 11) | $ | 40 | $ | 47 | $ | 21 | |||||||||||
Interest income | 32 | 4 | 12 | ||||||||||||||
AFUDC - equity component | 30 | 22 | 18 | ||||||||||||||
Charitable contributions | (5) | (14) | (14) | ||||||||||||||
Talen litigation (a) | (124) | 1 | (41) | ||||||||||||||
Miscellaneous | (13) | (6) | 19 | ||||||||||||||
Other Income (Expense) - net | $ | (40) | $ | 54 | $ | 15 |
2017 | 2016 | 2015 | |||||||||
Other Income | |||||||||||
Economic foreign currency exchange contracts (Note 17) | $ | (261 | ) | $ | 384 | $ | 122 | ||||
Interest income | 2 | 3 | 4 | ||||||||
AFUDC - equity component | 16 | 19 | 14 | ||||||||
Miscellaneous | 17 | 6 | 6 | ||||||||
Total Other Income | (226 | ) | 412 | 146 | |||||||
Other Expense | |||||||||||
Charitable contributions | 8 | 9 | 21 | ||||||||
Miscellaneous | 21 | 13 | 17 | ||||||||
Total Other Expense | 29 | 22 | 38 | ||||||||
Other Income (Expense) - net | $ | (255 | ) | $ | 390 | $ | 108 |
2023 | 2022 | 2021 | |||||||||||||||
Defined benefit plans - non-service credits (Note 11) | $ | 20 | $ | 15 | $ | 9 | |||||||||||
Interest income | 8 | 3 | — | ||||||||||||||
AFUDC - equity component | 16 | 16 | 18 | ||||||||||||||
Charitable contributions | (3) | (3) | (3) | ||||||||||||||
Miscellaneous | (2) | (1) | (3) | ||||||||||||||
Other Income (Expense) - net | $ | 39 | $ | 30 | $ | 21 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 485 | $ | 485 | $ | — | $ | — | $ | 341 | $ | 341 | $ | — | $ | — | |||||||||||||||
Restricted cash and cash equivalents (a) | 26 | 26 | — | — | 26 | 26 | — | — | |||||||||||||||||||||||
Price risk management assets (b): | |||||||||||||||||||||||||||||||
Foreign currency contracts | 163 | — | 163 | — | 211 | — | 211 | — | |||||||||||||||||||||||
Cross-currency swaps | 101 | — | 101 | — | 188 | — | 188 | — | |||||||||||||||||||||||
Total price risk management assets | 264 | — | 264 | — | 399 | — | 399 | — | |||||||||||||||||||||||
Total assets | $ | 775 | $ | 511 | $ | 264 | $ | — | $ | 766 | $ | 367 | $ | 399 | $ | — | |||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 331 | $ | 331 | $ | — | $ | — | $ | 356 | $ | 356 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 51 | 51 | — | — | 1 | 1 | — | — | |||||||||||||||||||||||||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash (b) | 382 | 382 | — | — | 357 | 357 | — | — | |||||||||||||||||||||||||||||||||||||||
Special use funds (a): | |||||||||||||||||||||||||||||||||||||||||||||||
Money market fund | 1 | 1 | — | — | 1 | 1 | — | — | |||||||||||||||||||||||||||||||||||||||
Commingled debt fund measured at NAV (c) | 9 | — | — | — | 13 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Commingled equity fund measured at NAV (c) | 8 | — | — | — | 11 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total special use funds | 18 | 1 | — | — | 25 | 1 | — | — | |||||||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Price risk management assets (d): | |||||||||||||||||||||||||||||||||||||||||||||||
Gas contracts | 1 | — | 1 | — | 25 | — | 25 | — | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 401 | $ | 383 | $ | 1 | $ | — | $ | 407 | $ | 358 | $ | 25 | $ | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Price risk management liabilities (d): | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 7 | $ | — | $ | 7 | $ | — | $ | 7 | $ | — | $ | 7 | $ | — | |||||||||||||||||||||||||||||||
Gas contracts | 60 | — | 41 | 19 | 66 | — | 10 | 56 | |||||||||||||||||||||||||||||||||||||||
Total price risk management liabilities | $ | 67 | $ | — | $ | 48 | $ | 19 | $ | 73 | $ | — | $ | 17 | $ | 56 | |||||||||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 51 | $ | 51 | $ | — | $ | — | $ | 25 | $ | 25 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Total assets | $ | 51 | $ | 51 | $ | — | $ | — | $ | 25 | $ | 25 | $ | — | $ | — | |||||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 18 | $ | 18 | $ | — | $ | — | $ | 93 | $ | 93 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 26 | 26 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash (b) | 44 | 44 | — | — | 93 | 93 | — | — | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 44 | $ | 44 | $ | — | $ | — | $ | 93 | $ | 93 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Price risk management liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 7 | $ | — | $ | 7 | $ | — | $ | 7 | $ | — | $ | 7 | $ | — | |||||||||||||||||||||||||||||||
Total price risk management liabilities | $ | 7 | $ | — | $ | 7 | $ | — | $ | 7 | $ | — | $ | 7 | $ | — | |||||||||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 14 | $ | 14 | $ | — | $ | — | $ | 21 | $ | 21 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 24 | 24 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash (b) | 38 | 38 | — | — | 21 | 21 | — | — | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 38 | $ | 38 | $ | — | $ | — | $ | 21 | $ | 21 | $ | — | $ | — | |||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Price risk management liabilities (b): | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 26 | $ | — | $ | 26 | $ | — | $ | 31 | $ | — | $ | 31 | $ | — | |||||||||||||||
Foreign currency contracts | 148 | — | 148 | — | 27 | — | 27 | — | |||||||||||||||||||||||
Total price risk management liabilities | $ | 174 | $ | — | $ | 174 | $ | — | $ | 58 | $ | — | $ | 58 | $ | — | |||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 49 | $ | 49 | $ | — | $ | — | $ | 13 | $ | 13 | $ | — | $ | — | |||||||||||||||
Restricted cash and cash equivalents (a) | 2 | 2 | — | — | 2 | 2 | — | — | |||||||||||||||||||||||
Total assets | $ | 51 | $ | 51 | $ | — | $ | — | $ | 15 | $ | 15 | $ | — | $ | — | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 30 | $ | 30 | $ | — | $ | — | $ | 13 | $ | 13 | $ | — | $ | — | |||||||||||||||
Cash collateral posted to counterparties (c) | — | — | — | — | 3 | 3 | — | — | |||||||||||||||||||||||
Total assets | $ | 30 | $ | 30 | $ | — | $ | — | $ | 16 | $ | 16 | $ | — | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Price risk management liabilities: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 26 | $ | — | $ | 26 | $ | — | $ | 31 | $ | — | $ | 31 | $ | — | |||||||||||||||
Total price risk management liabilities | $ | 26 | $ | — | $ | 26 | $ | — | $ | 31 | $ | — | $ | 31 | $ | — | |||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 15 | $ | — | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | |||||||||||||||
Cash collateral posted to counterparties (c) | — | — | — | — | 3 | 3 | — | — | |||||||||||||||||||||||
Total assets | $ | 15 | $ | 15 | $ | — | $ | — | $ | 8 | $ | 8 | $ | — | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Price risk management liabilities: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 26 | $ | — | $ | 26 | $ | — | $ | 31 | $ | — | $ | 31 | $ | — | |||||||||||||||
Total price risk management liabilities | $ | 26 | $ | — | $ | 26 | $ | — | $ | 31 | $ | — | $ | 31 | $ | — | |||||||||||||||
KU | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 15 | $ | — | $ | — | $ | 7 | $ | 7 | $ | — | $ | — | |||||||||||||||
Total assets | $ | 15 | $ | 15 | $ | — | $ | — | $ | 7 | $ | 7 | $ | — | $ | — |
Gas Contracts | |||||
Balance | $ | 56 |
Purchases | 19 | ||||
Settlements | |||||
Balance | $ | 19 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | ||||||||||||||||||||
PPL | $ | 14,612 | $ | 14,031 | $ | 13,243 | $ | 12,239 | |||||||||||||||
PPL Electric | 4,567 | 4,475 | 4,486 | 4,259 | |||||||||||||||||||
LG&E | 2,469 | 2,369 | 2,307 | 2,128 | |||||||||||||||||||
KU | 3,064 | 2,861 | 2,920 | 2,616 |
December 31, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | ||||||||||||
PPL | $ | 20,195 | $ | 23,783 | $ | 18,326 | $ | 21,355 | |||||||
PPL Electric | 3,298 | 3,769 | 2,831 | 3,148 | |||||||||||
LKE | 5,159 | 5,670 | 5,065 | 5,439 | |||||||||||
LG&E | 1,709 | 1,865 | 1,617 | 1,710 | |||||||||||
KU | 2,328 | 2,605 | 2,327 | 2,514 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current: | Current: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price Risk Management | Price Risk Management | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets/Liabilities (a): | Assets/Liabilities (a): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps (b) | $ | — | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps (b) | 4 | — | — | — | 32 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | — | 45 | 67 | — | — | 31 | 21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current | 4 | — | 45 | 71 | 32 | — | 31 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent: | Noncurrent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price Risk Management | Price Risk Management | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets/Liabilities (a): | Assets/Liabilities (a): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps (b) | — | — | — | 22 | — | — | — | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps (b) | 97 | — | — | — | 156 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | — | 118 | 81 | — | — | 180 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent | 97 | — | 118 | 103 | 156 | — | 180 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 101 | $ | — | $ | 163 | $ | 174 | $ | 188 | $ | — | $ | 211 | $ | 58 |
Derivative Relationships | Derivative Gain (Loss) Recognized in OCI | Location of Gain (Loss) Recognized in Income on Derivative | Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
2023 | ||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate swaps | $ | — | Interest Expense | $ | (3) | |||||||||||||||
Total | $ | — | $ | (3) | ||||||||||||||||
2022 | ||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate swaps | $ | — | Interest Expense | $ | (3) | |||||||||||||||
Total | $ | — | $ | (3) | ||||||||||||||||
Net Investment Hedges: | ||||||||||||||||||||
2021 | ||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate swaps | $ | — | Interest Expense | $ | 11 | |||||||||||||||
Income (Loss) from Discontinued operations (net of taxes) | (2) | |||||||||||||||||||
Cross-currency swaps | (50) | Income (Loss) from Discontinued operations (net of taxes) | (39) | |||||||||||||||||
Total | $ | (50) | $ | (30) | ||||||||||||||||
Net Investment Hedges: | ||||||||||||||||||||
Foreign currency contracts in Discontinued operations | $ | 1 | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Foreign currency contracts | Income (Loss) from Discontinued Operations (net of taxes) | $ | — | $ | — | $ | (266) | |||||||||||||||||||
Interest rate swaps | Interest Expense | — | (2) | (2) | ||||||||||||||||||||||
Gas contracts | Energy Purchases | (19) | 41 | — | ||||||||||||||||||||||
Other income (expense) - net | (1) | $ | — | $ | — | |||||||||||||||||||||
Total | $ | (20) | $ | 39 | $ | (268) |
Derivative Relationships | Derivative Gain (Loss) Recognized in OCI (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||
2017 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||
Interest rate swaps | $ | — | Interest Expense | $ | (9 | ) | $ | — | ||||||
Cross-currency swaps | (98 | ) | Other Income (Expense) - net | (82 | ) | — | ||||||||
Total | $ | (98 | ) | $ | (91 | ) | $ | — | ||||||
Net Investment Hedges: | ||||||||||||||
Foreign currency contracts | $ | 1 | ||||||||||||
2016 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||
Interest rate swaps | $ | (21 | ) | Interest Expense | $ | (7 | ) | $ | — | |||||
Cross-currency swaps | 130 | Other Income (Expense) - net | 116 | — | ||||||||||
Interest Expense | 3 | — | ||||||||||||
Total | $ | 109 | $ | 112 | $ | — | ||||||||
Net Investment Hedges: | ||||||||||||||
Foreign currency contracts | $ | 2 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Gas contracts | Regulatory assets - current | $ | 9 | $ | 39 | $ | — | |||||||||||||||||||
Regulatory assets - noncurrent | (8) | — | — | |||||||||||||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | — | 11 | 5 | ||||||||||||||||||||||
Total | $ | 1 | $ | 50 | $ | 5 |
Derivative Relationships | Derivative Gain (Loss) Recognized in OCI (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||
2015 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||
Interest rate swaps | $ | (34 | ) | Interest Expense | $ | (11 | ) | $ | — | |||||
Discontinued operations | — | (77 | ) | |||||||||||
Cross-currency swaps | 60 | Other Income (Expense) - net | 49 | — | ||||||||||
Interest Expense | 2 | — | ||||||||||||
Commodity contracts | Discontinued operations | 13 | 7 | |||||||||||
Total | $ | 26 | $ | 53 | $ | (70 | ) | |||||||
Net Investment Hedges: | ||||||||||||||
Foreign currency contracts | $ | 9 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | 2017 | 2016 | 2015 | ||||||||||
Foreign currency contracts | Other Income (Expense) - net | $ | (261 | ) | $ | 384 | $ | 122 | ||||||
Interest rate swaps | Interest Expense | (6 | ) | (7 | ) | (8 | ) | |||||||
Total | $ | (267 | ) | $ | 377 | $ | 114 |
Derivatives Designated as Hedging Instruments | Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets | 2017 | 2016 | 2015 | ||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | — | $ | — | $ | (22 | ) |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets | 2017 | 2016 | 2015 | ||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | 5 | $ | 7 | $ | 1 |
Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships | |||||||||||
Interest Expense | |||||||||||
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded | $ | 666 | |||||||||
The effects of cash flow hedges: | |||||||||||
Gain (Loss) on cash flow hedging relationships: | |||||||||||
Interest rate swaps: | |||||||||||
Amount of gain (loss) reclassified from AOCI to income | (3) | ||||||||||
Cross-currency swaps: | |||||||||||
Hedged items | — | ||||||||||
Amount of gain (loss) reclassified from AOCI to income | — |
Derivative Instruments | Location of Gain (Loss) | 2017 | 2016 | 2015 | ||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | — | $ | — | $ | (22 | ) |
Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships | |||||||||||
Interest Expense | |||||||||||
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded | $ | 513 | |||||||||
The effects of cash flow hedges: | |||||||||||
Gain (Loss) on cash flow hedging relationships: | |||||||||||
Interest rate swaps: | |||||||||||
Amount of gain (loss) reclassified from AOCI to income | (3) | ||||||||||
Cross-currency swaps: | |||||||||||
Hedged items | — | ||||||||||
Amount of gain (loss) reclassified from AOCI to income | — |
Derivative Instruments | Location of Gain (Loss) | 2017 | 2016 | 2015 | ||||||||||
Interest rate swaps | Regulatory asset - noncurrent | $ | — | $ | — | $ | (11 | ) |
Derivative Instruments | Location of Gain (Loss) | 2017 | 2016 | 2015 | ||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | — | $ | — | $ | (11 | ) |
Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships | |||||||||||
Interest Expense | Income (Loss) from Discontinued Operations (net of income taxes) | ||||||||||
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded | $ | 918 | $ | (1,498) | |||||||
The effects of cash flow hedges: | |||||||||||
Gain (Loss) on cash flow hedging relationships: | |||||||||||
Interest rate swaps: | |||||||||||
Amount of gain (loss) reclassified from AOCI to income | 11 | (2) | |||||||||
Cross-currency swaps: | |||||||||||
Hedged items | — | 39 | |||||||||
Amount of gain (loss) reclassified from AOCI to income | — | (39) |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||
Price Risk Management | ||||||||||||||||||||||||||
Assets/Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Total current | — | 1 | — | 1 | ||||||||||||||||||||||
Noncurrent: | ||||||||||||||||||||||||||
Price Risk Management | ||||||||||||||||||||||||||
Assets/Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | — | 6 | — | 6 | ||||||||||||||||||||||
Total noncurrent | — | 6 | — | 6 | ||||||||||||||||||||||
Total derivatives | $ | — | $ | 7 | $ | — | $ | 7 |
December 31, 2017 | December 31, 2016 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Current: | ||||||||||||||||
Price Risk Management | ||||||||||||||||
Assets/Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
Total current | — | 4 | — | 4 | ||||||||||||
Noncurrent: | ||||||||||||||||
Price Risk Management | ||||||||||||||||
Assets/Liabilities: | ||||||||||||||||
Interest rate swaps | — | 22 | — | 27 | ||||||||||||
Total noncurrent | — | 22 | — | 27 | ||||||||||||
Total derivatives | $ | — | $ | 26 | $ | — | $ | 31 |
Derivative Instruments | Location of Gain (Loss) | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Interest rate swaps | Interest Expense | $ | — | $ | (2) | $ | (2) |
Derivative Instruments | Location of Gain (Loss) | 2017 | 2016 | 2015 | Derivative Instruments | Location of Gain (Loss) | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest Expense | $ | (6 | ) | $ | (7 | ) | $ | (8 | ) |
Derivative Instruments | Location of Gain (Loss) | 2017 | 2016 | 2015 | ||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | 5 | $ | 7 | $ | 1 |
Assets | Liabilities | |||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | |||||||||||||||||||||||||||||||
Gross | Derivative Instruments | Cash Collateral Received | Net | Gross | Derivative Instruments | Cash Collateral Pledged | Net | |||||||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||
Treasury Derivatives | ||||||||||||||||||||||||||||||||
PPL | $ | 264 | $ | 107 | $ | 20 | $ | 137 | $ | 174 | $ | 107 | $ | — | $ | 67 | ||||||||||||||||
LKE | — | — | — | — | 26 | — | — | 26 | ||||||||||||||||||||||||
LG&E | — | — | — | — | 26 | — | — | 26 |
Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Derivative Instruments | Cash Collateral Received | Net | Gross | Derivative Instruments | Cash Collateral Pledged | Net | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||
PPL | $ | 1 | $ | — | $ | — | $ | 1 | $ | 67 | $ | — | $ | — | $ | 67 | ||||||||||||||||||||||||||||||||||
LG&E | — | — | — | — | 7 | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||
PPL | $ | 25 | $ | 20 | $ | — | $ | 5 | $ | 73 | $ | 62 | $ | — | $ | 11 | ||||||||||||||||||||||||||||||||||
LG&E | — | — | — | — | 7 | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | |||||||||||||||||||||||||||||||
Gross | Derivative Instruments | Cash Collateral Received | Net | Gross | Derivative Instruments | Cash Collateral Pledged | Net | |||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||
Treasury Derivatives | ||||||||||||||||||||||||||||||||
PPL | $ | 399 | $ | 27 | $ | 19 | $ | 353 | $ | 58 | $ | 27 | $ | 3 | $ | 28 | ||||||||||||||||
LKE | — | — | — | — | 31 | — | 3 | 28 | ||||||||||||||||||||||||
LG&E | — | — | — | — | 31 | — | 3 | 28 |
PPL | LKE | LG&E | ||||||||||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | $ | 51 | $ | 10 | $ | 10 | ||||||
Aggregate fair value of collateral posted on these derivative instruments | — | — | — | |||||||||
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) | 51 | 10 | 10 |
Kentucky Regulated | Rhode Island Regulated | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period (a) | $ | 662 | $ | 662 | $ | 725 | $ | — | $ | 861 | $ | 53 | $ | 2,248 | $ | 715 | |||||||||||||||||||||||||||||||
Goodwill recognized during the period (b) | — | — | — | 725 | (1) | 861 | (1) | 1,586 | |||||||||||||||||||||||||||||||||||||||
Sale of Safari Holdings (c) | — | — | — | — | — | (53) | — | (53) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 662 | $ | 662 | $ | 725 | $ | 725 | $ | 860 | $ | 861 | $ | 2,247 | $ | 2,248 |
U.K. Regulated | Kentucky Regulated | Total | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Balance at beginning of period (a) | $ | 2,398 | $ | 2,888 | $ | 662 | $ | 662 | $ | 3,060 | $ | 3,550 | |||||||||||
Effect of foreign currency exchange rates | 198 | (490 | ) | 198 | (490 | ) | |||||||||||||||||
Balance at end of period (a) | $ | 2,596 | $ | 2,398 | $ | 662 | $ | 662 | $ | 3,258 | $ | 3,060 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Contracts (a) | $ | 125 | $ | 107 | $ | 125 | $ | 99 | |||||||||||||||
Renewable Energy Credits | 15 | — | 14 | — | |||||||||||||||||||
Land rights and easements | 411 | 143 | 407 | 138 | |||||||||||||||||||
Licenses and other | 2 | — | 2 | 1 | |||||||||||||||||||
Total subject to amortization | 553 | 250 | 548 | 238 | |||||||||||||||||||
Not subject to amortization due to indefinite life: | |||||||||||||||||||||||
Land rights and easements | 18 | — | 17 | — | |||||||||||||||||||
Total not subject to amortization due to indefinite life | 18 | — | 17 | — | |||||||||||||||||||
Total | $ | 571 | $ | 250 | $ | 565 | $ | 238 |
December 31, 2017 | December 31, 2016 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Contracts (a) | $ | 138 | $ | 67 | $ | 405 | $ | 325 | |||||||
Land and transmission rights | 382 | 120 | 362 | 115 | |||||||||||
Emission allowances/RECs (b) | 1 | — | 2 | — | |||||||||||
Licenses and other | 7 | 3 | 6 | 2 | |||||||||||
Total subject to amortization | 528 | 190 | 775 | 442 | |||||||||||
Not subject to amortization due to indefinite life: | |||||||||||||||
Land and transmission rights | 12 | — | 19 | — | |||||||||||
Easements | 347 | — | 348 | — | |||||||||||
Total not subject to amortization due to indefinite life | 359 | — | 367 | — | |||||||||||
Total | $ | 887 | $ | 190 | $ | 1,142 | $ | 442 |
Amortization expense was as follows: | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Intangible assets with no regulatory offset | $ | 5 | $ | 5 | $ | 9 | |||||||||||
Intangible assets with regulatory offset | 9 | 9 | 8 | ||||||||||||||
Total | $ | 14 | $ | 14 | $ | 17 |
Amortization Expense was as follows: | |||||||||||
2017 | 2016 | 2015 | |||||||||
Intangible assets with no regulatory offset | $ | 6 | $ | 6 | $ | 6 | |||||
Intangible assets with regulatory offset | 9 | 24 | 51 | ||||||||
Total | $ | 15 | $ | 30 | $ | 57 |
2024 | 2025 | 2026 | 2027 | 2028 | |||||||||||||||||||||||||
Intangible assets with no regulatory offset | $ | 5 | $ | 5 | $ | 4 | $ | 4 | $ | 4 | |||||||||||||||||||
Intangible assets with regulatory offset | 8 | 8 | 2 | — | — | ||||||||||||||||||||||||
Total | $ | 13 | $ | 13 | $ | 6 | $ | 4 | $ | 4 |
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Intangible assets with no regulatory offset | $ | 6 | $ | 6 | $ | 6 | $ | 6 | $ | 6 | |||||||||
Intangible assets with regulatory offset | 9 | 9 | 8 | 8 | 8 | ||||||||||||||
Total | $ | 15 | $ | 15 | $ | 14 | $ | 14 | $ | 14 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Land rights and easements | $ | 389 | $ | 138 | $ | 385 | $ | 134 | |||||||||||||||
Licenses and other | 2 | 1 | 2 | 1 | |||||||||||||||||||
Total subject to amortization | 391 | 139 | 387 | 135 | |||||||||||||||||||
Not subject to amortization due to indefinite life: | |||||||||||||||||||||||
Land rights and easements | 17 | — | 17 | — | |||||||||||||||||||
Total | $ | 408 | $ | 139 | $ | 404 | $ | 135 |
December 31, 2017 | December 31, 2016 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Land and transmission rights | $ | 361 | $ | 117 | $ | 341 | $ | 112 | |||||||
Licenses and other | 3 | 1 | 3 | 1 | |||||||||||
Total subject to amortization | 364 | 118 | 344 | 113 | |||||||||||
Not subject to amortization due to indefinite life: | |||||||||||||||
Land and transmission rights | 13 | — | 20 | — | |||||||||||
Total | $ | 377 | $ | 118 | $ | 364 | $ | 113 |
2023 | 2022 | 2021 | |||||||||||||||
Intangible assets with no regulatory offset | $ | 4 | $ | 4 | $ | 4 | |||||||||||
2024 | 2025 | 2026 | 2027 | 2028 | |||||||||||||||||||||||||
Intangible assets with no regulatory offset | $ | 4 | $ | 4 | $ | 4 | $ | 4 | $ | 4 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Land rights and easements | $ | 7 | $ | 2 | $ | 7 | $ | 1 | |||||||||||||||
OVEC power purchase agreement (a) | 86 | 73 | 86 | 68 | |||||||||||||||||||
Total subject to amortization | $ | 93 | $ | 75 | $ | 93 | $ | 69 |
December 31, 2017 | December 31, 2016 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Coal contracts (a) | $ | — | $ | — | $ | 269 | $ | 269 | |||||||
Land and transmission rights | 21 | 3 | 21 | 3 | |||||||||||
OVEC power purchase agreement (b) | 126 | 58 | 126 | 49 | |||||||||||
Total subject to amortization | $ | 147 | $ | 61 | $ | 416 | $ | 321 |
2023 | 2022 | 2021 | |||||||||||||||
Intangible assets with regulatory offset | $ | 6 | $ | 6 | $ | 5 |
2017 | 2016 | 2015 | |||||||||
Intangible assets with no regulatory offset | $ | — | $ | 1 | $ | — | |||||
Intangible assets with regulatory offset | 9 | 24 | 51 | ||||||||
Total | $ | 9 | $ | 25 | $ | 51 |
2024 | 2025 | 2026 | 2027 | 2028 | |||||||||||||||||||||||||
Intangible assets with regulatory offset | $ | 6 | $ | 6 | $ | 1 | $ | — | $ | — |
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Intangible assets with regulatory offset | $ | 9 | $ | 9 | $ | 8 | $ | 8 | $ | 8 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Land rights and easements | $ | 17 | $ | 4 | $ | 16 | $ | 3 | |||||||||||||||
OVEC power purchase agreement (a) | 39 | 33 | 39 | 31 | |||||||||||||||||||
Total subject to amortization | $ | 56 | $ | 37 | $ | 55 | $ | 34 |
December 31, 2017 | December 31, 2016 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Coal contracts (a) | $ | — | $ | — | $ | 124 | $ | 124 | |||||||
Land and transmission rights | 7 | 1 | 7 | 1 | |||||||||||
OVEC power purchase agreement (b) | 87 | 40 | 87 | 34 | |||||||||||
Total subject to amortization | $ | 94 | $ | 41 | $ | 218 | $ | 159 |
2023 | 2022 | 2021 | |||||||||||||||
Intangible assets with no regulatory offset | $ | — | $ | — | $ | 1 | |||||||||||
Intangible assets with regulatory offset | 3 | 3 | 3 | ||||||||||||||
2017 | 2016 | 2015 | |||||||||
Intangible assets with regulatory offset | $ | 6 | $ | 13 | $ | 24 |
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Intangible assets with regulatory offset | $ | 6 | $ | 6 | $ | 6 | $ | 6 | $ | 6 |
December 31, 2017 | December 31, 2016 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Coal contracts (a) | $ | — | $ | — | $ | 145 | $ | 145 | |||||||
Land and transmission rights | 14 | 2 | 14 | 2 | |||||||||||
OVEC power purchase agreement (b) | 39 | 18 | 39 | 15 | |||||||||||
Total subject to amortization | $ | 53 | $ | 20 | $ | 198 | $ | 162 |
2017 | 2016 | 2015 | |||||||||
Intangible assets with no regulatory offset | $ | — | $ | 1 | $ | — | |||||
Intangible assets with regulatory offset | 3 | 11 | 27 | ||||||||
Total | $ | 3 | $ | 12 | $ | 27 |
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Intangible assets with regulatory offset | $ | 3 | $ | 3 | $ | 2 | $ | 2 | $ | 2 |
2024 | 2025 | 2026 | 2027 | 2028 | |||||||||||||||||||||||||
Intangible assets with regulatory offset | $ | 2 | $ | 2 | $ | 1 | $ | — | $ | — |
PPL | LKE | LG&E | KU | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
ARO at beginning of period | $ | 488 | $ | 586 | $ | 433 | $ | 535 | $ | 145 | $ | 175 | $ | 288 | $ | 360 | |||||||||||||||
Accretion | 21 | 24 | 20 | 22 | 7 | 7 | 13 | 15 | |||||||||||||||||||||||
Changes in estimated timing or cost (a) | (73 | ) | (84 | ) | (54 | ) | (95 | ) | (8 | ) | (19 | ) | (46 | ) | (76 | ) | |||||||||||||||
Effect of foreign currency exchange rates | 4 | (9 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Obligations settled | (43 | ) | (29 | ) | (43 | ) | (29 | ) | (23 | ) | (18 | ) | (20 | ) | (11 | ) | |||||||||||||||
ARO at end of period | $ | 397 | $ | 488 | $ | 356 | $ | 433 | $ | 121 | $ | 145 | $ | 235 | $ | 288 |
PPL | LG&E | KU | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
ARO at beginning of period | $ | 177 | $ | 189 | $ | 86 | $ | 84 | $ | 82 | $ | 105 | |||||||||||||||||||||||
Acquisition of RIE | — | 10 | — | — | — | — | |||||||||||||||||||||||||||||
Accretion | 9 | 6 | 4 | 3 | 5 | 3 | |||||||||||||||||||||||||||||
Obligations incurred | 2 | 2 | 1 | 2 | 1 | — | |||||||||||||||||||||||||||||
Changes in estimated timing or cost | 15 | 15 | 11 | 12 | 6 | 4 | |||||||||||||||||||||||||||||
Obligations settled | (39) | (45) | (11) | (15) | (28) | (30) | |||||||||||||||||||||||||||||
Other | (6) | — | (6) | — | — | — | |||||||||||||||||||||||||||||
ARO at end of period | $ | 158 | $ | 177 | $ | 85 | $ | 86 | $ | 66 | $ | 82 |
Defined benefit plans | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Unrealized gains (losses) on qualifying derivatives | Equity investees' AOCI | Prior service costs | Actuarial gain (loss) | Total | ||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | (1,158) | $ | — | $ | — | $ | (16) | $ | (3,046) | $ | (4,220) | |||||||||||||||||||||||||||||
Amounts arising during the year | 372 | (39) | — | — | (1) | 332 | |||||||||||||||||||||||||||||||||||
Reclassifications from AOCI | — | 25 | — | 2 | 126 | 153 | |||||||||||||||||||||||||||||||||||
Reclassifications from AOCI due to the sale of the U.K. utility business (Note 9) | 786 | 15 | — | 8 | 2,769 | 3,578 | |||||||||||||||||||||||||||||||||||
Net OCI during the year | 1,158 | 1 | — | 10 | 2,894 | 4,063 | |||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | — | $ | 1 | $ | — | $ | (6) | $ | (152) | $ | (157) | |||||||||||||||||||||||||||||
Amounts arising during the year | — | — | 2 | (1) | 11 | 12 | |||||||||||||||||||||||||||||||||||
Reclassifications from AOCI | — | 2 | — | 2 | 17 | 21 | |||||||||||||||||||||||||||||||||||
Net OCI during the year | — | 2 | 2 | 1 | 28 | 33 | |||||||||||||||||||||||||||||||||||
December 31, 2022 | $ | — | $ | 3 | $ | 2 | $ | (5) | $ | (124) | $ | (124) | |||||||||||||||||||||||||||||
Amounts arising during the year | — | — | 1 | — | (41) | (40) | |||||||||||||||||||||||||||||||||||
Reclassifications from AOCI | — | 3 | — | 1 | (3) | 1 | |||||||||||||||||||||||||||||||||||
Net OCI during the year | — | 3 | 1 | 1 | (44) | (39) | |||||||||||||||||||||||||||||||||||
December 31, 2023 | $ | — | $ | 6 | $ | 3 | $ | (4) | $ | (168) | $ | (163) | |||||||||||||||||||||||||||||
Unrealized gains (losses) | Defined benefit plans | ||||||||||||||||||||||||||
Foreign currency translation adjustments | Available- for-sale securities | Qualifying derivatives | Equity investees' AOCI | Prior service costs | Actuarial gain (loss) | Total | |||||||||||||||||||||
PPL | |||||||||||||||||||||||||||
December 31, 2014 | $ | (286 | ) | $ | 201 | $ | 20 | $ | 1 | $ | 3 | $ | (2,213 | ) | $ | (2,274 | ) | ||||||||||
Amounts arising during the year | (234 | ) | 8 | 26 | — | (9 | ) | (366 | ) | (575 | ) | ||||||||||||||||
Reclassifications from AOCI | — | (2 | ) | 2 | (1 | ) | — | 146 | 145 | ||||||||||||||||||
Net OCI during the year | (234 | ) | 6 | 28 | (1 | ) | (9 | ) | (220 | ) | (430 | ) | |||||||||||||||
Distribution of PPL Energy Supply (See Note 8) | — | (207 | ) | (55 | ) | — | — | 238 | (24 | ) | |||||||||||||||||
December 31, 2015 | $ | (520 | ) | $ | — | $ | (7 | ) | $ | — | $ | (6 | ) | $ | (2,195 | ) | $ | (2,728 | ) | ||||||||
Amounts arising during the year | (1,107 | ) | — | 91 | — | (3 | ) | (61 | ) | (1,080 | ) | ||||||||||||||||
Reclassifications from AOCI | — | — | (91 | ) | (1 | ) | 1 | 121 | 30 | ||||||||||||||||||
Net OCI during the year | (1,107 | ) | — | — | (1 | ) | (2 | ) | 60 | (1,050 | ) | ||||||||||||||||
December 31, 2016 | $ | (1,627 | ) | $ | — | $ | (7 | ) | $ | (1 | ) | $ | (8 | ) | $ | (2,135 | ) | $ | (3,778 | ) | |||||||
Amounts arising during the year | 538 | — | (79 | ) | — | — | (308 | ) | 151 | ||||||||||||||||||
Reclassifications from AOCI | — | — | 73 | 1 | 1 | 130 | 205 | ||||||||||||||||||||
Net OCI during the year | 538 | — | (6 | ) | 1 | 1 | (178 | ) | 356 | ||||||||||||||||||
December 31, 2017 | $ | (1,089 | ) | $ | — | $ | (13 | ) | $ | — | $ | (7 | ) | $ | (2,313 | ) | $ | (3,422 | ) | ||||||||
LKE | |||||||||||||||||||||||||||
December 31, 2014 | $ | — | $ | (8 | ) | $ | (37 | ) | $ | (45 | ) | ||||||||||||||||
Amounts arising during the year | — | (3 | ) | (4 | ) | (7 | ) | ||||||||||||||||||||
Reclassifications from AOCI | — | 1 | 5 | 6 | |||||||||||||||||||||||
Net OCI during the year | — | (2 | ) | 1 | (1 | ) | |||||||||||||||||||||
December 31, 2015 | $ | — | $ | (10 | ) | $ | (36 | ) | $ | (46 | ) | ||||||||||||||||
Amounts arising during the year | — | — | (27 | ) | (27 | ) | |||||||||||||||||||||
Reclassifications from AOCI | (1 | ) | 2 | 2 | 3 | ||||||||||||||||||||||
Net OCI during the year | (1 | ) | 2 | (25 | ) | (24 | ) | ||||||||||||||||||||
December 31, 2016 | $ | (1 | ) | $ | (8 | ) | $ | (61 | ) | $ | (70 | ) | |||||||||||||||
Amounts arising during the year | — | (2 | ) | (23 | ) | (25 | ) | ||||||||||||||||||||
Reclassifications from AOCI | 1 | 1 | 5 | 7 | |||||||||||||||||||||||
Net OCI during the year | 1 | (1 | ) | (18 | ) | (18 | ) | ||||||||||||||||||||
December 31, 2017 | $ | — | $ | (9 | ) | $ | (79 | ) | $ | (88 | ) |
PPL | ||||||||||||||||||||||||||
Details about AOCI | 2023 | 2022 | 2021 | Affected Line Item on the Statements of Income | ||||||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||||
Interest rate swaps | $ | (3) | $ | (3) | $ | 11 | Interest Expense | |||||||||||||||||||
Cross-currency swaps | — | — | (2) | Income (Loss) from Discontinued Operations (net of income taxes) | ||||||||||||||||||||||
— | — | (39) | Income (Loss) from Discontinued Operations (net of income taxes) | |||||||||||||||||||||||
Total Pre-tax | (3) | (3) | (30) | |||||||||||||||||||||||
Income Taxes | — | 1 | 5 | |||||||||||||||||||||||
Total After-tax | (3) | (2) | (25) | |||||||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Prior service costs | (2) | (3) | (3) | |||||||||||||||||||||||
Net actuarial loss | 3 | (24) | (159) | |||||||||||||||||||||||
Total Pre-tax | 1 | (27) | (162) | |||||||||||||||||||||||
Income Taxes | 1 | 8 | 34 | |||||||||||||||||||||||
Total After-tax | 2 | (19) | (128) | |||||||||||||||||||||||
Sale of the U.K. utility business (Note 9) | ||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | (646) | Income (Loss) from Discontinued Operations (net of income taxes) | ||||||||||||||||||||||
Qualifying derivatives | — | — | (15) | Income (Loss) from Discontinued Operations (net of income taxes) | ||||||||||||||||||||||
Defined benefit plans | — | — | (3,577) | Income (Loss) from Discontinued Operations (net of income taxes) | ||||||||||||||||||||||
Total Pre-tax | — | — | (4,238) | |||||||||||||||||||||||
Income Taxes | — | — | 660 | |||||||||||||||||||||||
Total After-tax | — | — | (3,578) | |||||||||||||||||||||||
Total reclassifications during the year | $ | (1) | $ | (21) | $ | (3,731) |
PPL | ||||||||||||||
Details about AOCI | 2017 | 2016 | 2015 | Affected Line Item on the Statements of Income | ||||||||||
Available-for-sale securities | $ | — | $ | — | $ | 4 | Other Income (Expense) - net | |||||||
Total Pre-tax | — | — | 4 | |||||||||||
Income Taxes | — | — | (2 | ) | ||||||||||
Total After-tax | — | — | 2 |
PPL | ||||||||||||||
Details about AOCI | 2017 | 2016 | 2015 | Affected Line Item on the Statements of Income | ||||||||||
Qualifying derivatives | ||||||||||||||
Interest rate swaps | (9 | ) | (7 | ) | (11 | ) | Interest Expense | |||||||
— | — | (77 | ) | Discontinued operations | ||||||||||
Cross-currency swaps | (82 | ) | 116 | 49 | Other Income (Expense) - net | |||||||||
— | 3 | 2 | Interest Expense | |||||||||||
Commodity contracts | — | — | 20 | Discontinued operations | ||||||||||
Total Pre-tax | (91 | ) | 112 | (17 | ) | |||||||||
Income Taxes | 18 | (21 | ) | 15 | ||||||||||
Total After-tax | (73 | ) | 91 | (2 | ) | |||||||||
Equity Investees' AOCI | (1 | ) | 1 | 1 | Other Income (Expense) - net | |||||||||
Total Pre-tax | (1 | ) | 1 | 1 | ||||||||||
Income Taxes | — | — | — | |||||||||||
Total After-tax | (1 | ) | 1 | 1 | ||||||||||
Defined benefit plans | ||||||||||||||
Prior service costs | (2 | ) | (2 | ) | — | |||||||||
Net actuarial loss | (167 | ) | (156 | ) | (192 | ) | ||||||||
Total Pre-tax | (169 | ) | (158 | ) | (192 | ) | ||||||||
Income Taxes | 38 | 36 | 46 | |||||||||||
Total After-tax | (131 | ) | (122 | ) | (146 | ) | ||||||||
Total reclassifications during the year | $ | (205 | ) | $ | (30 | ) | $ | (145 | ) |
2017 | 2016 | 2015 | |||||||||
Operating Revenues | $ | — | $ | — | $ | — | |||||
Operating Expenses | |||||||||||
Other operation and maintenance | 2 | 2 | 9 | ||||||||
Total Operating Expenses | 2 | 2 | 9 | ||||||||
Operating Loss | (2 | ) | (2 | ) | (9 | ) | |||||
Other Income (Expense) - net | |||||||||||
Equity in earnings of subsidiaries | 1,175 | 1,915 | 711 | ||||||||
Other income (expense) | (1 | ) | (1 | ) | (15 | ) | |||||
Total | 1,174 | 1,914 | 696 | ||||||||
Interest Expense | 8 | 8 | 9 | ||||||||
Interest Expense with Affiliates | 16 | 10 | 10 | ||||||||
Income Before Income Taxes | 1,148 | 1,894 | 668 | ||||||||
Income Taxes | 20 | (8 | ) | (14 | ) | ||||||
Net Income | $ | 1,128 | $ | 1,902 | $ | 682 | |||||
Total other comprehensive income (loss) | 356 | (1,050 | ) | (430 | ) | ||||||
Comprehensive Income Attributable to PPL Shareowners | $ | 1,484 | $ | 852 | $ | 252 | |||||
Earnings Per Share of Common Stock: | |||||||||||
Net Income Available to PPL Common Shareowners: | |||||||||||
Basic | $ | 1.64 | $ | 2.80 | $ | 1.01 | |||||
Diluted | $ | 1.64 | $ | 2.79 | $ | 1.01 | |||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||
Basic | 685,240 | 677,592 | 669,814 | ||||||||
Diluted | 687,334 | 680,446 | 672,586 |
2017 | 2016 | 2015 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net cash provided by (used in) operating activities | $ | 1,108 | $ | 1,563 | $ | 993 | |||||
Cash Flows from Investing Activities | |||||||||||
Capital contributions to affiliated subsidiaries | (585 | ) | (308 | ) | (491 | ) | |||||
Return of capital from affiliated subsidiaries | — | — | 112 | ||||||||
Net cash provided by (used in) investing activities | (585 | ) | (308 | ) | (379 | ) | |||||
Cash Flows from Financing Activities | |||||||||||
Issuance of equity, net of issuance costs | 453 | 144 | 203 | ||||||||
Net increase (decrease) in short-term debt with affiliates | 113 | (341 | ) | 215 | |||||||
Payment of common stock dividends | (1,072 | ) | (1,030 | ) | (1,004 | ) | |||||
Other | (21 | ) | (24 | ) | (28 | ) | |||||
Net cash provided by (used in) financing activities | (527 | ) | (1,251 | ) | (614 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | |||||||||||
Cash and Cash Equivalents at Beginning of Period | 4 | — | — | ||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 4 | $ | — | |||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||
Cash Dividends Received from Subsidiaries | $ | 1,253 | $ | 1,510 | $ | 1,198 |
2017 | 2016 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | — | $ | 4 | |||
Accounts Receivable | |||||||
Other | 7 | 7 | |||||
Affiliates | 17 | 10 | |||||
Price risk management assets | 196 | 63 | |||||
Total Current Assets | 220 | 84 | |||||
Investments | |||||||
Affiliated companies at equity | 11,141 | 10,160 | |||||
Other Noncurrent Assets | |||||||
Deferred income taxes | 46 | 70 | |||||
Price risk management assets | 186 | 284 | |||||
Other noncurrent assets | 1 | 1 | |||||
Total Other Noncurrent Assets | 233 | 355 | |||||
Total Assets | $ | 11,594 | $ | 10,599 | |||
Liabilities and Equity | |||||||
Current Liabilities | |||||||
Short-term debt with affiliates | $ | 157 | $ | 44 | |||
Accounts payable with affiliates | 2 | 30 | |||||
Dividends | 273 | 259 | |||||
Price risk management liabilities | 233 | 237 | |||||
Other current liabilities | 19 | 20 | |||||
Total Current Liabilities | 684 | 590 | |||||
Deferred Credits and Other Noncurrent Liabilities | 149 | 110 | |||||
Equity | |||||||
Common stock - $0.01 par value (a) | 7 | 7 | |||||
Additional paid-in capital | 10,305 | 9,841 | |||||
Earnings reinvested | 3,871 | 3,829 | |||||
Accumulated other comprehensive loss | (3,422 | ) | (3,778 | ) | |||
Total Equity | 10,761 | 9,899 | |||||
Total Liabilities and Equity | $ | 11,594 | $ | 10,599 |
2017 | 2016 | 2015 | |||||||||
Other Income (Expense) - net | |||||||||||
Equity in Earnings of Subsidiaries | $ | 397 | $ | 452 | $ | 390 | |||||
Interest Income with Affiliate | 14 | 9 | 4 | ||||||||
Total | 411 | 461 | 394 | ||||||||
Interest Expense | 30 | 29 | 39 | ||||||||
Interest Expense with Affiliate | 20 | 18 | 5 | ||||||||
Income Before Income Taxes | 361 | 414 | 350 | ||||||||
Income Tax Expense (Benefit) | 45 | (15 | ) | (14 | ) | ||||||
Net Income | $ | 316 | $ | 429 | $ | 364 | |||||
Total other comprehensive loss | (18 | ) | (24 | ) | (1 | ) | |||||
Comprehensive Income Attributable to Member | $ | 298 | $ | 405 | $ | 363 |
2017 | 2016 | 2015 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net cash provided by (used in) operating activities | $ | 401 | $ | 285 | $ | 246 | |||||
Cash Flows from Investing Activities | |||||||||||
Capital contributions to affiliated subsidiaries | (30 | ) | (91 | ) | (140 | ) | |||||
Net decrease (increase) in notes receivable from affiliates | (28 | ) | 47 | 73 | |||||||
Net cash provided by (used in) investing activities | (58 | ) | (44 | ) | (67 | ) | |||||
Cash Flows from Financing Activities | |||||||||||
Net increase (decrease) in notes payable with affiliates | 58 | 90 | 315 | ||||||||
Net increase (decrease) in short-term debt | — | (75 | ) | — | |||||||
Retirement of long-term debt | — | — | (400 | ) | |||||||
Contribution from member | — | 61 | 125 | ||||||||
Distribution to member | (402 | ) | (316 | ) | (219 | ) | |||||
Net cash provided by (used in) financing activities | (344 | ) | (240 | ) | (179 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | (1 | ) | 1 | — | |||||||
Cash and Cash Equivalents at Beginning of Period | 1 | — | — | ||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 1 | $ | — | |||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash Dividends Received from Subsidiaries | $ | 418 | $ | 376 | $ | 272 |
2017 | 2016 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | — | $ | 1 | |||
Accounts receivable | 1 | — | |||||
Accounts receivable from affiliates | 8 | 23 | |||||
Income taxes receivable | 1 | 31 | |||||
Notes receivable from affiliates | 1,035 | 1,007 | |||||
Total Current Assets | 1,045 | 1,062 | |||||
Investments | |||||||
Affiliated companies at equity | 5,209 | 5,219 | |||||
Other Noncurrent Assets | |||||||
Deferred income taxes | 263 | 227 | |||||
Total Assets | $ | 6,517 | $ | 6,508 | |||
Liabilities and Equity | |||||||
Current Liabilities | |||||||
Notes payable to affiliates | $ | 241 | $ | 179 | |||
Accounts payable to affiliates | 469 | 450 | |||||
Taxes | 35 | — | |||||
Other current liabilities | 5 | 6 | |||||
Total Current Liabilities | 750 | 635 | |||||
Long-term Debt | |||||||
Long-term debt | 722 | 721 | |||||
Notes payable to affiliates | 476 | 480 | |||||
Total Long-term Debt | 1,198 | 1,201 | |||||
Deferred Credits and Other Noncurrent Liabilities | 6 | 5 | |||||
Equity | 4,563 | 4,667 | |||||
Total Liabilities and Equity | $ | 6,517 | $ | 6,508 |
For the Quarters Ended (a) | |||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||
2017 | |||||||||||||||
Operating revenues | $ | 1,951 | $ | 1,725 | $ | 1,845 | $ | 1,926 | |||||||
Operating income | 796 | 702 | 777 | 793 | |||||||||||
Net income | 403 | 292 | 355 | 78 | |||||||||||
Net income available to PPL common shareowners: (b) | |||||||||||||||
Basic EPS | 0.59 | 0.43 | 0.52 | 0.11 | |||||||||||
Diluted EPS | 0.59 | 0.43 | 0.51 | 0.11 | |||||||||||
Dividends declared per share of common stock (c) | 0.3950 | 0.3950 | 0.3950 | 0.3950 | |||||||||||
Price per common share: | |||||||||||||||
High | $ | 37.70 | $ | 40.06 | $ | 39.83 | $ | 38.37 | |||||||
Low | 33.94 | 37.11 | 37.36 | 30.76 | |||||||||||
2016 | |||||||||||||||
Operating revenues | $ | 2,011 | $ | 1,785 | $ | 1,889 | $ | 1,832 | |||||||
Operating income | 823 | 725 | 786 | 714 | |||||||||||
Net income | 481 | 483 | 473 | 465 | |||||||||||
Net income available to PPL common shareowners: (b) | |||||||||||||||
Basic EPS | 0.71 | 0.71 | 0.70 | 0.68 | |||||||||||
Diluted EPS | 0.71 | 0.71 | 0.69 | 0.68 | |||||||||||
Dividends declared per share of common stock (c) | 0.38 | 0.38 | 0.38 | 0.38 | |||||||||||
Price per common share: | |||||||||||||||
High | $ | 38.07 | $ | 39.68 | $ | 37.71 | $ | 34.74 | |||||||
Low | 32.80 | 36.27 | 33.63 | 32.19 |
For the Quarters Ended (a) | |||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||
2017 | |||||||||||||||
Operating revenues | $ | 573 | $ | 500 | $ | 547 | $ | 575 | |||||||
Operating income | 159 | 156 | 189 | 197 | |||||||||||
Net income | 79 | 77 | 95 | 111 | |||||||||||
2016 | |||||||||||||||
Operating revenues | $ | 585 | $ | 495 | $ | 539 | $ | 537 | |||||||
Operating income | 180 | 154 | 176 | 154 | |||||||||||
Net income | 94 | 79 | 90 | 77 |
Name | Age | |||||||||||||||||||||||
Positions Held During the Past Five Years | Dates | |||||||||||||||||||||||
52 | ||||||||||||||||||||||||
President and Chief Operating Officer | July 2019 - May 2020 | |||||||||||||||||||||||
Senior Vice President and Chief Financial Officer | June 2014 - | |||||||||||||||||||||||
Joseph P. Bergstein, Jr. | 53 | Executive Vice President and Chief Financial Officer | April 2021 - present | |||||||||||||||||||||
Senior Vice President and Chief Financial Officer | July 2019 - April 2021 | |||||||||||||||||||||||
Vice President-Investor Relations and Corporate Development & Planning | January 2018 - June 2019 | |||||||||||||||||||||||
Vice President-Investor Relations and Treasurer | January 2016 - December | |||||||||||||||||||||||
Angela K. Gosman | 55 | Executive Vice President and Chief Human Resources Officer | January 2023 - present | |||||||||||||||||||||
Senior Vice President and Chief Human Resources Officer | ||||||||||||||||||||||||
Vice President and Chief Human Resources Officer-PPL Services | ||||||||||||||||||||||||
Vice President - Human Resources-PPL EU Services | May 2020 - July 2021 | |||||||||||||||||||||||
Director - Human Resources-LKE | September 2016 - May 2020 | |||||||||||||||||||||||
Wendy E. Stark | 51 | Executive Vice President, Chief Legal Officer and Corporate Secretary | January 2023 - present | |||||||||||||||||||||
Senior Vice President, General Counsel, Corporate Secretary and Chief Legal Officer | January 2022 - December 2022 | |||||||||||||||||||||||
Senior Vice President, General Counsel and Corporate Secretary | April 2021 - December 2021 | |||||||||||||||||||||||
Francis X. Sullivan | 67 | Executive Vice President and Chief Operating Officer | January 2023 - present | |||||||||||||||||||||
Vice President-Operations Performance-PPL Services | October 2021 - December 2022 | |||||||||||||||||||||||
David J. Bonenberger (a) | 62 | President-RIE | May 2022 - present | |||||||||||||||||||||
Vice President-Operations Integration-PPL Services | April 2021 - present | |||||||||||||||||||||||
Vice President-Transmission and Substations-PPL Electric | January 2018 - April 2021 | |||||||||||||||||||||||
Vice President-Distribution Operations-PPL Electric | July 2021 - December 2017 | |||||||||||||||||||||||
John R. Crockett III (a) | 59 | President-LKE | October 2021 - present | |||||||||||||||||||||
General Counsel, Chief Compliance Officer and Corporate Secretary - LKE | January 2018 - September 2021 | |||||||||||||||||||||||
Christine M. Martin (a) | 51 | President-PPL Electric | September 2023 - present | |||||||||||||||||||||
Senior Vice President-Public Affairs and Chief Sustainability Officer | January 2023 - August 2023 |
Name | Age | Positions Held During the Past Five Years | Dates | |||||||||||||||||||||
Vice President-Public Affairs and Chief Sustainability Officer | April 2022 - January 2023 | |||||||||||||||||||||||
Vice President-Public Affairs and Sustainability | August 2018 - April 2022 | |||||||||||||||||||||||
Tadd J. Henninger | 48 | Senior Vice President-Finance and Treasurer | January 2023 - present | |||||||||||||||||||||
Vice President-Finance and Treasurer | July 2019 - January 2023 | |||||||||||||||||||||||
Vice President and Treasurer | January 2018 - July 2019 | |||||||||||||||||||||||
Marlene C. Beers | 52 | Vice President and Controller | ||||||||||||||||||||||
Vice President-Finance and Regulatory Affairs and Controller-PPL Electric | ||||||||||||||||||||||||
Number of securities to be issued upon exercise of outstanding options, warrants and rights (3) | Weighted-average exercise price of outstanding options, warrants and rights (3) | Number of securities remaining available for future issuance under equity compensation plans (4) | ||||||||
Equity compensation | ||||||||||
plans approved by | 495,422 | – ICP | $ | 39.88 | – ICP | 1,720,050 | – DDCP | |||
security holders (1) | 1,329,058 | – SIP | $ | 26.21 | – SIP | 10,506,026 | – SIP | |||
1,937,703 | – ICPKE | $ | 28.95 | – ICPKE | 1,598,811 | – ICPKE | ||||
3,762,183 | – Total | $ | 29.42 | – Combined | 13,824,887 | – Total | ||||
Equity compensation | ||||||||||
plans not approved by | ||||||||||
security holders (2) |
Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans(3)(4) | ||||||||||||||||||
Equity compensation | 1,185,379 | – DDCP | ||||||||||||||||||
plans approved by |
9,173,480 | – SIP | |||||||||||||||||||
security holders (1) | 353,965 | – ICPKE | ||||||||||||||||||
10,712,824 | – Total | |||||||||||||||||||
Equity compensation | ||||||||||||||||||||
plans |
security holders (2) |
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Audit fees (a) | $ | 1,390 | $ | 1,221 | |||||||
Audit-related fees (b) | 17 | 17 | |||||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Audit fees (a) | $ | 1,086 | $ | 1,104 | |||
Audit-related fees (b) | 28 | — | |||||
All other fees (c) | 253 | — |
(a)Includes estimated fees for audit of |
2017 | 2016 | ||||||
(in thousands) | |||||||
Audit fees (a) | $ | 1,717 | $ | 1,767 |
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Audit fees (a) | $ | 1,189 | $ | 831 | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Audit fees (a) | $ | 826 | $ | 814 |
2017 | 2016 | |||||||
(in thousands) | ||||||||
Audit fees (a) | $ | 874 | $ | 936 |
2023 | 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Audit fees (a) | $ | 1,175 | $ | 920 | ||||||||||
- | Securities Purchase and Registration Rights Agreement, dated March 5, 2014, among PPL Capital Funding, Inc., PPL Corporation, and the several purchasers named in Schedule B thereto (Exhibit 1.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 10, 2014) | |||||||||||||
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Separation Agreement among PPL Corporation, Talen Energy Holdings, Inc., Talen Energy Corporation, PPL Energy Supply, LLC, Raven Power Holdings LLC, C/R Energy Jade, LLC and Sapphire Power Holdings LLC., dated as of June 9, 2014 (Exhibit 2.1 to PPL Energy Supply, LLC Form 8-K Report (File No. 1-32944) dated June 12, 2014) | ||||||||||||||
- | Transaction Agreement among PPL Corporation, Talen Energy Holdings, Inc., Talen Energy Corporation, PPL Energy Supply, LLC, Talen Energy Merger Sub, Inc., C/R Energy Jade, LLC, Sapphire Power Holdings LLC. and Raven Power Holdings LLC, dated as of June 9, 2014 (Exhibit 2.2 to PPL Energy Supply, LLC Form 8-K Report (File No. 1-32944) dated June 12, 2014) | |||||||||||||
- | Share Purchase Agreement, dated as of March 17, 2021, by and among PPL WPD Limited, National Grid Holdings One plc and National Grid plc. (Exhibit 2.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 18, 2021) | |||||||||||||
- | Share Purchase Agreement, dated as of March 17, 2021, by and among PPL Energy Holdings, LLC, PPL Corporation (solely as guarantor), and National Grid USA (Exhibit 2.2 to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 18, 2021) | |||||||||||||
- | Assignment and Assumption Agreement, dated as of May 3, 2021, by and among PPL Energy Holdings, LLC, PPL Corporation, National Grid USA and PPL Rhode Island Holdings, LLC (Exhibit 2(b)-2 to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2021) | |||||||||||||
- | Tax Deed, dated as of June 9, 2021, by and among PPL WPD Limited, National Grid Holdings One plc (Exhibit 2.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated June 14, 2021) | |||||||||||||
- | Amended and Restated Articles of Incorporation of PPL Corporation, effective as of May 25, 2016 (Exhibit 3(i) to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 26, 2016) | |||||||||||||
- | Bylaws of PPL Corporation, effective as of December | |||||||||||||
- | Amended and Restated Articles of Incorporation of PPL Electric Utilities Corporation, effective as of October 31, 2013 (Exhibit 3(a) to PPL Electric Utilities Corporation Form 10-Q Report (File No. 1-905) for the quarter ended September 30, 2013) | |||||||||||||
- | Bylaws of PPL Electric Utilities Corporation, effective as of October 27, 2015 (Exhibit 3(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended September 30, 2015) | |||||||||||||
- | Amended and Restated Articles of Incorporation of Louisville Gas and Electric Company, effective as of November 6, 1996 (Exhibit 3(a) to Registration Statement filed on Form S-4 (File No. 333-173676)) | |||||||||||||
- | Articles of Amendment to Articles of Incorporation of Louisville Gas and Electric Company, effective as of April 6, 2004 (Exhibit 3(b) to Registration Statement filed on Form S-4 (File No. 333-173676)) | |||||||||||||
- | Bylaws of Louisville Gas and Electric Company, effective as of December 16, 2003 (Exhibit 3(c) to Registration Statement filed on Form S-4 (File No. 333-173676)) | |||||||||||||
- | Amended and Restated Articles of Incorporation of Kentucky Utilities Company, effective as of December 14, 1993 (Exhibit 3(a) to Registration Statement filed on Form S-4 (File No. 333-173675)) | |||||||||||||
- | Articles of Amendment to Articles of Incorporation of Kentucky Utilities Company, effective as of April 8, 2004 (Exhibit 3(b) to Registration Statement filed on Form S-4 (File No. 333-173675)) | |||||||||||||
- | Bylaws of Kentucky Utilities Company, effective as of December 16, 2003 (Exhibit 3(c) to Registration Statement filed on Form S-4 (File No. 333-173675)) | |||||||||||||
- | Amended and Restated Employee Stock Ownership Plan, dated December 1, 2016 (Exhibit 4(a) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2016) | |||||||||||||
- | Amendment No. 1 to PPL Employee Stock Ownership Plan, dated October 2, 2017 (Exhibit 4(c) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended September 30, 2017) | |||||||||||||
- | ||||||||||||||
- | Amendment No. 3 to PPL Employee Stock Ownership Plan, dated January 1, 2019 (Exhibit 4(a)-4 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2018) | |||||||||||||
- | Indenture, dated as of November 1, 1997, among PPL Corporation, PPL Capital Funding, Inc. and JPMorgan Chase Bank (formerly The Chase Manhattan Bank), as Trustee (Exhibit 4.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated November 12, 1997) | |||||||||||||
- | Supplemental Indenture No. 8, dated as of June 14, 2012, to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated June 14, 2012) | |||||||||||||
- | Supplemental Indenture No. 9, dated as of October 15, 2012, to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated October 15, 2012) | |||||||||||||
- | Supplemental Indenture No. 10, dated as of May 24, 2013, to said Indenture (Exhibit 4.2 to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 24, 2013) | |||||||||||||
- | Supplemental Indenture No. 11, dated as of May 24, 2013, to said Indenture (Exhibit 4.3 to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 24, 2013) | |||||||||||||
- | Supplemental Indenture No. 12, dated as of May 24, 2013, to said Indenture (Exhibit 4.4 to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 24, 2013) | |||||||||||||
- | Supplemental Indenture No. 13, dated as of March 10, 2014, to said Indenture (Exhibit 4.2 to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 10, 2014) | |||||||||||||
- | Supplemental Indenture No. 14, dated as of March 10, 2014, to said Indenture (Exhibit 4.3 to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 10, 2014) | |||||||||||||
- | Supplemental Indenture No. 15, dated as of May 17, 2016, to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 17, 2016) | |||||||||||||
- | Supplemental Indenture No. 16, dated as of September 8, 2017, to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated September 6, 2017) | |||||||||||||
- | Supplemental Indenture No. 17, dated as of | |||||||||||||
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Indenture, dated as of August 1, 2001, by PPL Electric Utilities Corporation and JPMorgan Chase Bank (formerly The Chase Manhattan Bank), as Trustee (Exhibit 4.1 to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated August 21, 2001) | ||||||||||||||
- | Supplemental Indenture No. 6, dated as of December 1, 2005, to said Indenture (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated December 22, 2005) | |||||||||||||
- | Supplemental Indenture No. 7, dated as of August 1, 2007, to said Indenture (Exhibit 4(b) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated August 14, 2007) | |||||||||||||
- | Supplemental Indenture No. 9, dated as of October 1, 2008, to said Indenture (Exhibit 4(c) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated October 31, 2008) | |||||||||||||
- | Supplemental Indenture No. 10, dated as of May 1, 2009, to said Indenture (Exhibit 4(b) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated May 22, 2009) | |||||||||||||
- | Supplemental Indenture No. 11, dated as of July 1, 2011, to said Indenture (Exhibit 4.1 to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated July 13, 2011) | |||||||||||||
- | Supplemental Indenture No. 12, dated as of July 1, 2011, to said Indenture (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated July 18, 2011) | |||||||||||||
- | Supplemental Indenture No. 13, dated as of August 1, 2011, to said Indenture (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated August 23, 2011) | |||||||||||||
- | Supplemental Indenture No. 14, dated as of August 1, 2012, to said Indenture (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated August 24, 2012) | |||||||||||||
- | Supplemental Indenture No. 15, dated as of July 1, 2013, to said Indenture (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated July 11, 2013) | |||||||||||||
- | Supplemental Indenture No. 16, dated as of June 1, 2014, to said Indenture (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated June 5, 2014) | |||||||||||||
- | Supplemental Indenture No. 17, dated as of October 1, 2015, to said Indenture (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated October 1, 2015) | |||||||||||||
- | Supplemental Indenture No. 18, dated as of March 1, 2016, to said Indenture (Exhibit 4(c) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated March 10, 2016) | |||||||||||||
- | Supplemental Indenture No. 19, dated as of May 1, 2017, to said Indenture (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated May 11, 2017) | |||||||||||||
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- | Supplemental Indenture No. 22, dated as of September 15, 2020, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated October 1, 2020) | |||||||||||||
- | Supplemental Indenture No. 23, dated as of June 15, 2020, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated June 24, 2021) | |||||||||||||
- | Supplemental Indenture No. 24, dated as of March 1, 2023, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 2, 2023) | |||||||||||||
- | Supplemental Indenture No. 25, dated as of January 1, 2024, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated January 5, 2024) | |||||||||||||
- | Pollution Control Facilities Loan Agreement, dated as of October 1, 2008, between Pennsylvania Economic Development Financing Authority and PPL Electric Utilities Corporation (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated October 31, 2008) | |||||||||||||
- | Pollution Control Facilities Loan Agreement, dated as of March 1, 2016, between PPL Electric Utilities Corporation and the Lehigh County Industrial Development Authority (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated March 10, 2016) | |||||||||||||
- | Pollution Control Facilities Loan Agreement, dated as of March 1, 2016, between PPL Electric Utilities Corporation and the Lehigh County Industrial Development Authority (Exhibit 4(b) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated March 10, 2016) | |||||||||||||
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Subordinated Indenture, dated as of March 1, 2007, between PPL Capital Funding, Inc., PPL Corporation and The Bank of New York, as Trustee (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 20, 2007) | ||||||||||||||
- | Supplemental Indenture No. 1, dated as of March 1, 2007, to said Subordinated Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 20, 2007) | |||||||||||||
- | Supplemental Indenture No. 4, dated as of March 15, 2013, to said Subordinated Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 15, 2013) | |||||||||||||
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Indenture, dated as of October 1, 2010, between Kentucky Utilities Company and The Bank of New York Mellon, as Trustee (Exhibit 4(q)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | ||||||||||||||
- | Supplemental Indenture No. 1, dated as of October 15, 2010, to said Indenture (Exhibit 4(q)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Supplemental Indenture No. 2, dated as of November 1, 2010, to said Indenture (Exhibit 4(q)-3 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Supplemental Indenture No. 3, dated as of November 1, 2013, to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated November 13, 2013) | |||||||||||||
- | Supplemental Indenture No. 4, dated as of September 1, 2015, to said Indenture (Exhibit 4(b) to Kentucky Utilities Company Form 8-K Report (File No. 1-3464) dated September 28, 2015) | |||||||||||||
- | Supplemental Indenture No. 5, dated as of August 1, 2016, to said Indenture (Exhibit 4(b) to Kentucky Utilities Company Form 8-K Report (File No. 1-3464) dated August 26, 2016) | |||||||||||||
- | Supplemental Indenture No. 6, dated as of August 1, 2018, to said Indenture (Exhibit 4(a) to PPL Corporation 10-Q Report (File No. 1-11459) for the quarter ended September 30, 2018) | |||||||||||||
- | Supplemental Indenture No. 7, dated as of March 1, 2019, to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated April 1, 2019) | |||||||||||||
- | Supplemental Indenture No. 8, dated as of May 15, 2020, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated June 3, 2020) | |||||||||||||
- | Supplemental Indenture No. 9, dated as of March 1, 2023, to said Indenture (Exhibit 4(c) to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 20, 2023) | |||||||||||||
- | Supplemental Indenture No. 10, dated as of November 1, 2023, to said Indenture (Exhibit 4(e) to PPL Corporation Form 8-K Report (File No. 1-11459) dated December 6, 2023) | |||||||||||||
- | Indenture, dated as of October 1, 2010, between Louisville Gas and Electric Company and The Bank of New York Mellon, as Trustee (Exhibit 4(r)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Supplemental Indenture No. 1, dated as of October 15, 2010, to said Indenture (Exhibit 4(r)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Supplemental Indenture No. 2, dated as of November 1, 2010, to said Indenture (Exhibit 4(r)-3 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Supplemental Indenture No. 3, dated as of November 1, 2013, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated November 13, 2013) | |||||||||||||
- | Supplemental Indenture No. 4, dated as of September 1, 2015, to said Indenture (Exhibit 4(a) to Louisville Gas and Electric Company Form 8-K Report (File No. 1-2893) dated September 28, 2015) | |||||||||||||
- | Supplemental Indenture No. 5, dated as of September 1, 2016, to said Indenture (Exhibit 4(b) to Louisville Gas and Electric Company Form 8-K (File No. 1-2893) dated September 15, 2016) | |||||||||||||
- | Supplemental Indenture No. 6, dated as of May 15, 2017, to said Indenture (Exhibit 4(b) to Louisville Gas and Electric Company Form 8-K Report (File No. 1-2893) dated June 1, 2017) | |||||||||||||
- | Supplemental Indenture No. 7, dated as of | |||||||||||||
- | Supplemental Indenture No. 8, dated as of March 1, 2023, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated March 20, 2023) | |||||||||||||
- | Supplemental Indenture No. 9, dated as of November 1, 2023, to said Indenture (Exhibit 4(b) to PPL Corporation Form 8-K Report (File No. 1-11459) dated December 6, 2023) | |||||||||||||
- | 2002 Series A Carroll County Loan Agreement, dated February 1, 2002, by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(w)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated as of September 1, 2010 to said Loan Agreement by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(w)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2002 Series B Carroll County Loan Agreement, dated February 1, 2002, by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(x)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated as of September 1, 2010, to said Loan Agreement by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(x)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2004 Series A Carroll County Loan Agreement, dated October 1, 2004 and amended and restated as of September 1, 2008, by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(z)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated as of September 1, 2010, to said Loan Agreement by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(z)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2006 Series B Carroll County Loan Agreement, dated October 1, 2006 and amended and restated September 1, 2008, by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(aa)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated as of September 1, 2010, to said Loan Agreement by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(aa)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
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2008 Series A Carroll County Loan Agreement, dated August 1, 2008 by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(cc)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | ||||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Kentucky Utilities Company, and County of Carroll, Kentucky (Exhibit 4(cc)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2016 Series A Carroll County Loan Agreement dated as of August 1, 2016 between Kentucky Utilities Company and the County of Carroll, Kentucky (Exhibit 4(a) to Kentucky Utilities Company Form 8-K Report (File No. 1-3464) dated August 26, 2016) | |||||||||||||
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2002 Series A Mercer County Loan Agreement, dated February 1, 2002, by and between Kentucky Utilities Company, and County of Mercer, Kentucky (Exhibit 4(ee)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | ||||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Kentucky Utilities Company, and County of Mercer, Kentucky (Exhibit 4(ee)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2002 Series A Muhlenberg County Loan Agreement, dated February 1, 2002, by and between Kentucky Utilities Company, and County of Muhlenberg, Kentucky (Exhibit 4(ff)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) |
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Kentucky Utilities Company, and County of Muhlenberg, Kentucky (Exhibit 4(ff)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
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- | 2023 Series A Trimble County Loan Agreement, dated | |||||||||||||
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2001 Series A Jefferson County Loan Agreement, dated November 1, 2001, by and between Louisville Gas and Electric Company, and Jefferson County, Kentucky (Exhibit 4(jj)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | ||||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Louisville Gas and Electric Company, and Jefferson County, Kentucky (Exhibit 4(jj)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2001 Series B Jefferson County Loan Agreement, dated November 1, 2001, by and between Louisville Gas and Electric Company, and Jefferson County, Kentucky (Exhibit 4(kk)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Louisville Gas and Electric Company, and Jefferson County, Kentucky (Exhibit 4(kk)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) |
- | 2003 Series A Louisville/Jefferson County Metro Government Loan Agreement, dated October 1, 2003, by and between Louisville Gas and Electric Company and Louisville/Jefferson County Metro Government, Kentucky (Exhibit 4(ll)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Louisville Gas and Electric Company, and Louisville/Jefferson County Metro Government, Kentucky (Exhibit 4(ll)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2005 Series A Louisville/Jefferson County Metro Government Loan Agreement, dated February 1, 2005 and amended and restated as of September 1, 2008, by and between Louisville Gas and Electric Company, and Louisville/Jefferson County Metro Government, Kentucky (Exhibit 4(mm)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Louisville Gas and Electric Company, and Louisville/Jefferson County Metro Government, Kentucky (Exhibit 4(mm)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2007 Series A Louisville/Jefferson County Metro Government Loan Agreement, dated as of March 1, 2007 and amended and restated as of September 1, 2008, by and between Louisville Gas and Electric Company, and Louisville/Jefferson County Metro Government, Kentucky (Exhibit 4(nn)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Louisville Gas and Electric Company, and Louisville/Jefferson County Metro Government, Kentucky (Exhibit 4(nn)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2007 Series B Louisville/Jefferson County Metro Government Amended and Restated Loan Agreement, dated November 1, 2010, by and between Louisville Gas and Electric Company and Louisville/Jefferson County Metro Government, Kentucky (Exhibit 4(oo) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2001 Series A Trimble County Loan Agreement, dated November 1, 2001, by and between Louisville Gas and Electric Company, and County of Trimble, Kentucky (Exhibit 4(qq)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Louisville Gas and Electric Company, and | |||||||||||||
- | 2017 Series A Trimble County Loan Agreement, dated as of June 1, 2017, by and between Louisville Gas and Electric Company and County of Trimble, Kentucky (Exhibit 4(a) to Louisville Gas and Electric Company Form 8-K Report (File No. 1-2893) dated June 1, 2017) | |||||||||||||
- | 2001 Series B Trimble County Loan Agreement, dated November 1, 2001, by and between Louisville Gas and Electric Company, and County of Trimble, Kentucky (Exhibit 4(rr)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | Amendment No. 1 dated September 1, 2010, to said Loan Agreement by and between Louisville Gas and Electric Company, and County of Trimble, Kentucky (Exhibit 4(rr)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2016 Series A Trimble County Loan Agreement dated as of September 1, 2016 by and between Louisville Gas and Electric Company and | |||||||||||||
- | ||||||||||||||
- | Description of PPL Corporation's common stock, par value $0.01 per share, as revised in February 2023 (Exhibit | |||||||||||||
- | ||||||||||||||
- | ||||||||||||||
- | Indenture, dated as of March 22, 2010, by The Narragansett Electric Company and The Bank of New York Mellon as Trustee (Exhibit 4(a)-1 to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2022) | |||||||||||||
- | First Supplemental Indenture, dated as of March 22, 2010, to said Indenture (Exhibit 4(a)-2 to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2022) | |||||||||||||
- | Second Supplemental Indenture, dated as of March 22, 2010, to said Indenture (Exhibit 4(a)-3 to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2022) | |||||||||||||
- | Third Supplemental Indenture, dated as of December 10, 2012, to said Indenture (Exhibit 4(a)-4 to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2022) |
- | ||||||||||||||
- | Fifth Supplemental Indenture, dated as of April 9, 2020, to said Indenture (Exhibit 4(a)-6 to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2022) | |||||||||||||
- | Indenture, dated as of February 24, 2023, by PPL Capital Funding, Inc., as | |||||||||||||
- | ||||||||||||||
Employee Matters Agreement, among PPL Corporation, Talen Energy Corporation, C/R Energy Jade, LLC, Sapphire Power Holdings LLC. and Raven Power Holdings LLC, dated as of June 9, 2014 (Exhibit 10.1 to PPL Energy Supply, LLC Form 8-K Report (File No. 1-32944) dated June 12, 2014) | ||||||||||||||
- | ||||||||||||||
- | ||||||||||||||
- | ||||||||||||||
- | Additional Confirmation of Forward Sale Transaction, dated May 8, 2018, between the Company and | |||||||||||||
- | $1,250,000,000 Amended and Restated Revolving Credit Agreement dated as of December | |||||||||||||
- | Amendment No. 1 to said Credit Agreement, dated as of March 30, 2023 (Exhibit 10(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2023) | |||||||||||||
- | $650,000,000 Amended and Restated Revolving Credit Agreement dated as of December 6, 2021 among PPL Electric Utilities Corporation, as Borrower, the Lenders party thereto and Wells Fargo, National Association, as Administrative Agent, Issuing Lender and Swingline Lender (Exhibit 10.2 to PPL Corporation Form 8-K Report (File No. 1-11459) dated December 6, 2021) | |||||||||||||
- | Amendment No. 1 to said Credit Agreement, dated as of March 30, 2023 (Exhibit 10(b) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2023) | |||||||||||||
- | $500,000,000 Amended and Restated Revolving Credit Agreement dated as of December 6, 2021 among Louisville Gas and Electric Company, as Borrower, the Lenders party thereto and Wells Fargo, National Association, as Administrative Agent, Issuing Lender and Swingline Lender (Exhibit 10.3 to PPL Corporation Form 8-K Report (File No. 1-11459) dated December 6, 2021) | |||||||||||||
- | Amendment No. 1 to said Credit Agreement, dated as of March 30, 2023 (Exhibit 10(c) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2023) | |||||||||||||
- | $400,000,000 Amended and Restated Revolving Credit Agreement dated as of December 6, 2021 among Kentucky Utilities Company, as Borrower, the Lenders party thereto and Wells Fargo, National Association, as Administrative Agent, Issuing Lender and Swingline Lender (Exhibit 10.4 to PPL Corporation Form 8-K Report (File No. 1-11459) dated December 6, 2021) | |||||||||||||
- | Amendment No 1. to said Credit Agreement, dated as of March 30, 2023 (Exhibit 10(d) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended | |||||||||||||
- | ||||||||||||||
- | ||||||||||||||
- | ||||||||||||||
Amended and Restated Directors Deferred Compensation Plan, dated June 12, 2000 (Exhibit 10(h) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2000) | ||||||||||||||
- | Amendment No. 1 to said Directors Deferred Compensation Plan, dated December 18, 2002 (Exhibit 10(m)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2002) | |||||||||||||
- | Amendment No. 2 to said Directors Deferred Compensation Plan, dated December 4, 2003 (Exhibit 10(q)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2003) | |||||||||||||
- | Amendment No. 3 to said Directors Deferred Compensation Plan, dated as of January 1, 2005 (Exhibit 10(cc)-4 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2005) | |||||||||||||
- | Amendment No. 4 to said Directors Deferred Compensation Plan, dated as of May 1, 2008 (Exhibit 10(x)-5 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2008) | |||||||||||||
- | Amendment No. 5 to said Directors Deferred Compensation Plan, dated May 28, 2010 (Exhibit 10(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2010) | |||||||||||||
- | Amendment No. 6 to said Directors Deferred Compensation Plan, dated as of April 15, 2015 (Exhibit 10(b) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2015) | |||||||||||||
- | PPL Corporation Directors Deferred Compensation Plan Trust Agreement, dated as of April 1, 2001, between PPL Corporation and Wachovia Bank, N.A. (as successor to First Union National Bank), as Trustee (Exhibit 10(hh)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2012) | |||||||||||||
- | PPL Officers Deferred Compensation Plan, PPL Supplemental Executive Retirement Plan and PPL Supplemental Compensation Pension Plan Trust Agreement, dated as of April 1, 2001, between PPL Corporation and Wachovia Bank, N.A. (as successor to First Union National Bank), as Trustee (Exhibit 10(hh)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2012) | |||||||||||||
- | PPL Revocable Employee Nonqualified Plans Trust Agreement, dated as of March 20, 2007, between PPL Corporation and Wachovia Bank, N.A., as Trustee (Exhibit 10(c) to PPL Corporation Form 10-Q Report (File No. | |||||||||||||
- | PPL Employee Change in Control Agreements Trust Agreement, dated as of March 20, 2007, between PPL Corporation and Wachovia Bank, N.A., as Trustee (Exhibit 10(d) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2007) | |||||||||||||
- | PPL Revocable Director Nonqualified Plans Trust Agreement, dated as of March 20, 2007, between PPL Corporation and Wachovia Bank, N.A., as Trustee (Exhibit 10(e) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2007) | |||||||||||||
- | Amended and Restated Officers Deferred Compensation Plan, dated December 8, 2003 (Exhibit 10(r) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2003) | |||||||||||||
- | Amendment No. 1 to said Officers Deferred Compensation Plan, dated as of January 1, 2005 (Exhibit 10(ee)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2005) | |||||||||||||
- | Amendment No. 2 to said Officers Deferred Compensation Plan, dated as of January 22, 2007 (Exhibit 10(bb)-3 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2006) | |||||||||||||
- | Amendment No. 3 to said Officers Deferred Compensation Plan, dated as of June 1, 2008 (Exhibit 10(z)-4 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2008) | |||||||||||||
- | Amendment No. 4 to said Officers Deferred Compensation Plan, dated as of February 15, 2012 (Exhibit 10(ff)-5 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2011) | |||||||||||||
- | Amendment No. 5 to said Executive Deferred Compensation Plan, dated as of May 8, 2014 (Exhibit 10(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2014) | |||||||||||||
- | Amendment No. 6 to said Executive Deferred Compensation Plan, dated as of December 16, 2015 (Exhibit [_]10(q)-7 to PPL Corporation Form 10-K Report (File No. | |||||||||||||
- | Amendment No. 7 to said Executive Deferred Compensation Plan, dated as of January 1, 2019 (Exhibit [_]10(x)-8 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2018) | |||||||||||||
- | Amendment No. 8 to said Executive Deferred Compensation Plan, dated as of December 20, 2021 (Exhibit [_]10(n)-9 to PPL Corporation Form 10-K Report (File No. 11459) for the year ended December 31, 2021) | |||||||||||||
- | Amendment No. 9 to said Executive Deferred Compensation Plan, dated as of December 28, 2022 (Exhibit [_]10(p)-10 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2022) | |||||||||||||
- | Amended and Restated Supplemental Executive Retirement Plan, dated December 8, 2003 (Exhibit 10(s) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2003) | |||||||||||||
- | Amendment No. 1 to said Supplemental Executive Retirement Plan, dated December 16, 2004 (Exhibit 99.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated December 17, 2004) | |||||||||||||
- | Amendment No. 2 to said Supplemental Executive Retirement Plan, dated as of January 1, 2005 (Exhibit 10(ff)-3 to PPL Corporation Form 10-K Report (File 1-11459) for the year ended December 31, 2005) | |||||||||||||
- | Amendment No. 3 to said Supplemental Executive Retirement Plan, dated as of January 22, 2007 (Exhibit 10(cc)-4 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2006) | |||||||||||||
- | Amendment No. 4 to said Supplemental Executive Retirement Plan, dated as of December 9, 2008 (Exhibit 10(aa)-5 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2008) | |||||||||||||
- | Amendment No. 5 to said Supplemental Executive Retirement Plan, dated as of February 15, 2012 (Exhibit 10(gg)-6 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2011) | |||||||||||||
- | Amendment No. 6 to the Amended and Restated Supplemental Executive Retirement Plan, dated March 23, 2018 (Exhibit 10(g) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2018) | |||||||||||||
- | Amended and Restated Incentive Compensation Plan, effective January 1, 2003 (Exhibit 10(p) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2002) | |||||||||||||
- | Amendment No. 1 to said Incentive Compensation Plan, dated as of January 1, 2005 (Exhibit 10(gg)-2 to PPL Corporation Form 10-K Report (File 1-11459) for the year ended December 31, 2005) | |||||||||||||
- | Amendment No. 2 to said Incentive Compensation Plan, dated as of January 26, 2007 (Exhibit 10(dd)-3 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2006) | |||||||||||||
- | Amendment No. 3 to said Incentive Compensation Plan, dated as of March 21, 2007 (Exhibit 10(f) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2007) | |||||||||||||
- | Amendment No. 4 to said Incentive Compensation Plan, effective December 1, 2007 (Exhibit 10(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended September 30, 2008) | |||||||||||||
- | Amendment No. 5 to said Incentive Compensation Plan, dated as of December 16, 2008 (Exhibit 10(bb)-6 to PPL Corporation Form 10-K Report (File 1-11459) for the year ended December 31, 2008) | |||||||||||||
- | Form of Stock Option Agreement for stock option awards under the Incentive Compensation Plan (Exhibit 10(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated February 1, 2006) | |||||||||||||
- | ||||||||||||||
Form of Performance Unit Agreement for performance unit awards under the Incentive Compensation Plan (Exhibit 10(ss) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2007) | ||||||||||||||
- | Amended and Restated Incentive Compensation Plan for Key Employees, effective | |||||||||||||
- | Short-term Incentive Plan (Annex B to Proxy Statement of PPL Corporation, dated April 12, 2016) | |||||||||||||
- | ||||||||||||||
Form of Change in Control Severance Protection Agreement entered into between PPL Corporation and | ||||||||||||||
- | PPL Corporation Amended and Restated 2012 Stock Incentive Plan, effective October 25, 2018 (Exhibit 10(b) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended | |||||||||||||
- | ||||||||||||||
Form of Performance Unit Agreement for performance unit awards under the Stock Incentive Plan (Exhibit 10(tt)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2012) | ||||||||||||||
- | Form of Performance Contingent Restricted Stock Unit Agreement for restricted stock unit awards under the Stock Incentive Plan (Exhibit 10(tt)-3 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2012) | |||||||||||||
- | Form of Nonqualified Stock Option Agreement for stock option awards under the Stock Incentive Plan (Exhibit 10(tt)-4 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2012) | |||||||||||||
- | Form of Return on Equity Performance Unit Agreement for performance units under the Amended and Restated 2012 Stock Incentive Plan (Exhibit 10(dd)-6 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2017) | |||||||||||||
- | Form of Restricted Stock Unit Agreement under the Amended and Restated 2012 Stock Incentive Plan, as approved on January 20, 2023 (Exhibit [_]10(v)-6 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2022) | |||||||||||||
- | Form of Total Shareholder Return Performance Unit Agreement for performance units under the Amended and Restated 2012 Stock Incentive Plan, as approved on January 20, 2023 (Exhibit [_]10(v)-7 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2022) | |||||||||||||
- | Form of | |||||||||||||
- | Form of Environmental, Social and Governance Performance Unit Agreement for performance units under the Amended and Restated 2012 Stock Incentive Plan, as approved on January 20, 2023 (Exhibit [_]10(v)-9 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2022) | |||||||||||||
- | PPL Corporation Executive Severance Plan, effective as of July 26, 2012 (Exhibit 10(d) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2012) | |||||||||||||
- | ||||||||||||||
Form of Grant Letter dated May 29, 2015 (Exhibit 10.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated June 1, 2015) | ||||||||||||||
- | Transition and Retirement Agreement dated August 12, 2021, by and among Paul W. Thompson, LG&E and KU Services Company, and PPL Corporation (Exhibit [_]10(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended September 30, 2021) | |||||||||||||
- | Offer Letter dated March 6, 2021, between PPL Corporation and | |||||||||||||
- | Rhode Island Energy Retirement Plan, effective January 14, 2022 (Exhibit [_]10(b) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2022) | |||||||||||||
- | Rhode Island Energy Executive Supplemental Retirement Plan, effective February 24, 2022 (Exhibit [_]10(c) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2022) | |||||||||||||
- | Separation Agreement between Stephanie R. Raymond, PPL Electric Utilities Corporation, and |
- | Subsidiaries of PPL Corporation | |||||||||||||
- | Consent of Deloitte & Touche LLP - PPL Corporation | |||||||||||||
- | Consent of Deloitte & Touche LLP - PPL Electric Utilities Corporation | |||||||||||||
- |
Consent of Deloitte & Touche LLP - Louisville Gas and Electric Company | ||||||||||||||
- | Consent of Deloitte & Touche LLP - Kentucky Utilities Company | |||||||||||||
- | Power of Attorney | |||||||||||||
- | Certificate of PPL's principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | Certificate of PPL's principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | Certificate of PPL Electric's principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | Certificate of PPL Electric's principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | ||||||||||||||
Certificate of LG&E's principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||
- | Certificate of LG&E's principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | Certificate of KU's principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | Certificate of KU's principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | Certificate of PPL's principal executive officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | Certificate of PPL Electric's principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | ||||||||||||||
Certificate of LG&E's principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||
- | Certificate of KU's principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||||
- | PPL Corporation Compensation Recoupment Policy, effective October 2, 2023 | |||||||||||||
- | PPL Corporation and Subsidiaries Long-term Debt Schedule | |||||||||||||
101.INS | - | XBRL Instance Document for PPL Corporation, PPL | ||||||||||||
101.SCH | - | XBRL Taxonomy Extension Schema for PPL Corporation, PPL | ||||||||||||
101.CAL | - | XBRL Taxonomy Extension Calculation Linkbase for PPL Corporation, PPL | ||||||||||||
101.DEF | - | XBRL Taxonomy Extension Definition Linkbase for PPL Corporation, PPL | ||||||||||||
101.LAB | - | XBRL Taxonomy Extension Label Linkbase for PPL Corporation, PPL | ||||||||||||
101.PRE | - | XBRL Taxonomy Extension Presentation Linkbase for PPL Corporation, PPL | ||||||||||||
104 | The Cover Page Interactive Data File is formatted as Inline XBRL and contained in Exhibits 101. |
By /s/ Vincent Sorgi | |||||||||||||||||
Vincent Sorgi - | |||||||||||||||||
Chief Executive Officer | |||||||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. | |||||||||||||||||
/s/ | |||||||||||||||||
Chief Executive Officer | |||||||||||||||||
and Director | |||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||
/s/ | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
(Principal Financial Officer) | |||||||||||||||||
/s/ | |||||||||||||||||
Vice President and Controller | |||||||||||||||||
(Principal Accounting Officer) | |||||||||||||||||
Directors: | |||||||||||||||||
Natica von Althann | |||||||||||||||||
Keith H. Williamson | |||||||||||||||||
Phoebe A. Wood | |||||||||||||||||
Craig A. Rogerson | Armando Zagalo de Lima | ||||||||||||||||
Linda G. Sullivan | |||||||||||||||||
| |||||||||||||||||
/s/ | |||||||||||||||||
By /s/ Christine M. Martin | ||||||||||||||||||
Christine M. Martin - | ||||||||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. | ||||||||||||||||||
President | ||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||
/s/ Marlene C. Beers | ||||||||||||||||||
Marlene C. Beers - | ||||||||||||||||||
Vice President and Controller (Principal Financial Officer and Principal Accounting Officer) | ||||||||||||||||||
Directors: | ||||||||||||||||||
/s/ | /s/ Wendy E. Stark | |||||||||||||||||
Joseph P. Bergstein, Jr. | Wendy E. Stark | |||||||||||||||||
/s/ Angela K. Gosman | /s/ Francis X. Sullivan | |||||||||||||||||
Angela K. Gosman | Francis X. Sullivan | |||||||||||||||||
/s/ Vincent Sorgi | ||||||||||||||||||
Vincent Sorgi | ||||||||||||||||||
Date: February |
By /s/ John R. Crockett III | ||||||||||||||||||
John R. Crockett III - | ||||||||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. | ||||||||||||||||||
/s/ | ||||||||||||||||||
President | ||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||
/s/ Christopher M. Garrett | ||||||||||||||||||
Vice President-Finance and Accounting (Principal Financial Officer and Principal Accounting Officer) | ||||||||||||||||||
Directors: | ||||||||||||||||||
/s/ | ||||||||||||||||||
/s/ Vincent Sorgi | ||||||||||||||||||
Joseph P. Bergstein, Jr. | Vincent Sorgi | |||||||||||||||||
/s/ John R. Crockett III | /s/ Wendy E. Stark | |||||||||||||||||
Wendy E. Stark | ||||||||||||||||||
/s/ Francis X. Sullivan | ||||||||||||||||||
Angela K. Gosman | Francis X. Sullivan | |||||||||||||||||
Date: February |
By /s/ John R. Crockett III | ||||||||||||||||||
John R. Crockett III - | ||||||||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. | ||||||||||||||||||
/s/ | ||||||||||||||||||
President | ||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||
/s/ Christopher M. Garrett | ||||||||||||||||||
Vice President-Finance and Accounting (Principal Financial Officer and Principal Accounting Officer) | ||||||||||||||||||
Directors: | ||||||||||||||||||
/s/ | ||||||||||||||||||
/s/ Vincent Sorgi | ||||||||||||||||||
Joseph P. Bergstein, Jr. | Vincent Sorgi | |||||||||||||||||
/s/ John R. Crockett III | /s/ Wendy E. Stark | |||||||||||||||||
Wendy E. Stark | ||||||||||||||||||
/s/ Francis X. Sullivan | ||||||||||||||||||
Angela K. Gosman | Francis X. Sullivan | |||||||||||||||||
Date: February |