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, | 2021 | |||||||
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) | |||||||||||
Pennsylvania | |||||||||||
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) | |||||||||||
Pennsylvania | |||||||||||
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) | |||||||||||
Kentucky | |||||||||||
220 West Main Street Louisville, KY 40202-1377 (502) 627-2000 | 61-0264150 | ||||||||||
1-3464 | |||||||||||
Kentucky Utilities Company | |||||||||||
(Exact name of Registrant as specified in its charter) | |||||||||||
Kentucky and Virginia | |||||||||||
One Quality Street Lexington, KY 40507-1462 (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 | 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. | |||||||||||
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 | |||||||||||
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 Electric* Engages in the regulated transmission and distribution of electricity in Pennsylvania | LKE A holding company that owns regulated utility operations through its subsidiaries, LG&E and KU | PPL Capital Funding Provides financing for the operations of PPL and certain subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E* Engages in the regulated generation, transmission, distribution and sale of electricity and | KU* Engages in the regulated generation, transmission, distribution and sale of electricity, primarily in Kentucky | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania Regulated Segment | Kentucky Regulated Segment |
Kentucky | Pennsylvania | ||||||||||
Regulated | Regulated | ||||||||||
For the year ended December 31, 2021: | |||||||||||
Operating Revenues (in billions) | $ | 3.3 | $ | 2.4 | |||||||
Net Income (in millions) | $ | 468 | $ | 445 | |||||||
Electricity delivered (GWh) | 30,317 | 37,005 | |||||||||
At December 31, 2021: | |||||||||||
Regulatory Asset Base (in billions) (a) | $ | 11.3 | $ | 8.9 | |||||||
Service area (in square miles) | 9,400 | 10,000 | |||||||||
End-users (in millions) | 1.3 | 1.4 |
Kentucky | Pennsylvania | ||||||||||
U.K. Regulated | Regulated | Regulated | |||||||||
For the year ended December 31, 2019: | |||||||||||
Operating Revenues (in billions) | $ | 2.2 | $ | 3.2 | $ | 2.4 | |||||
Net Income (in millions) | $ | 977 | $ | 436 | $ | 458 | |||||
Electricity delivered (GWh) | 72,061 | 31,368 | 37,024 | ||||||||
At December 31, 2019: | |||||||||||
Regulatory Asset Base (in billions) (a) | $ | 10.3 | $ | 10.4 | $ | 7.6 | |||||
Service area (in square miles) | 21,600 | 9,400 | 10,000 | ||||||||
End-users (in millions) | 7.9 | 1.3 | 1.4 |
2019 | 2018 | 2017 | ||||||||||
Taxes collected in revenues | £ | 56 | £ | 58 | £ | 57 | ||||||
Taxes recorded under GAAP | 167 | 156 | 139 |
Incentive Received | Calendar Year Ended Incentive | |||||
Calendar Year Ended Incentive Earned | (in millions) | Included in Revenue | ||||
2015 | £ | 79 | 2017 | |||
2016 | 76 | 2018 | ||||
2017 | 72 | 2019 | ||||
2018 | 78 | 2020 | ||||
2019 (a) | 75-85 | 2021 | ||||
2020 (a) | 75-85 | 2022 |
GWh | |||||||||||
Fuel Source | LG&E | KU | |||||||||
Coal | 10,297 | 14,718 | |||||||||
Gas | 1,395 | 4,382 | |||||||||
Hydro | 263 | 89 | |||||||||
Solar | 7 | 12 | |||||||||
Total (a) | 11,962 | 19,201 |
GWh | ||||||||
Fuel Source | LKE | LG&E | KU | |||||
Coal | 25,348 | 11,336 | 14,012 | |||||
Gas | 6,558 | 1,608 | 4,950 | |||||
Hydro | 357 | 251 | 106 | |||||
Solar | 18 | 7 | 11 | |||||
Total (a) | 32,281 | 13,202 | 19,079 |
Total Full-Time Employees | Number of Union Employees | Percentage of Total Workforce | |||||||||||||||
PPL | 5,607 | 1,744 | 31 | % | |||||||||||||
PPL Electric | 1,596 | 932 | 58 | % | |||||||||||||
LG&E | 1,001 | 627 | 63 | % | |||||||||||||
KU | 873 | 115 | 13 | % |
Total Full-Time Employees | Number of Union Employees | Percentage of Total Workforce | ||||||
PPL | 12,280 | 5,787 | 47 | % | ||||
PPL Electric | 1,562 | 918 | 59 | % | ||||
LKE | 3,480 | 786 | 23 | % | ||||
LG&E | 1,039 | 668 | 64 | % | ||||
KU | 890 | 118 | 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 | Mill Creek - Units 1- 4 | 1,465 | 100.00 | 1,465 | ||||||||||||||||||||||||||||||||||||
E.W. Brown - Unit 3 | 412 | 412 | 100.00 | 412 | E.W. Brown - Unit 3 | 412 | 100.00 | 412 | ||||||||||||||||||||||||||||||||||||
Trimble County - Unit 1 (a) | 493 | 370 | 75.00 | 370 | Trimble County - Unit 1 (a) | 493 | 75.00 | 370 | ||||||||||||||||||||||||||||||||||||
Trimble County - Unit 2 (a) | 732 | 549 | 14.25 | 104 | 60.75 | 445 | Trimble County - Unit 2 (a) | 732 | 14.25 | 104 | 60.75 | 445 | ||||||||||||||||||||||||||||||||
5,021 | 4,715 | 1,939 | 2,776 | |||||||||||||||||||||||||||||||||||||||||
5,021 | 1,939 | 2,776 | ||||||||||||||||||||||||||||||||||||||||||
Natural Gas/Oil | Natural Gas/Oil | |||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Unit 5 (b) | 130 | 130 | 53.00 | 69 | 47.00 | 61 | 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 (b) | 484 | 484 | 100.00 | 484 | 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 12 | 23 | 100.00 | 23 | ||||||||||||||||||||||||||||||||||||||||
Paddy's Run Unit 13 | 147 | 147 | 53.00 | 78 | 47.00 | 69 | Paddy's Run Unit 13 | 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 | ||||||||||||||||||||||||||||||||
2,742 | 2,742 | 780 | 1,962 | 2,716 | 754 | 1,962 | ||||||||||||||||||||||||||||||||||||||
Hydro | Hydro | |||||||||||||||||||||||||||||||||||||||||||
Ohio Falls - Units 1-8 | 64 | 64 | 100.00 | 64 | Ohio Falls - Units 1-8 | 64 | 100.00 | 64 | ||||||||||||||||||||||||||||||||||||
Dix Dam - Units 1-3 | 32 | 32 | 100.00 | 32 | Dix Dam - Units 1-3 | 32 | 100.00 | 32 | ||||||||||||||||||||||||||||||||||||
96 | 96 | 64 | 32 | 96 | 64 | 32 | ||||||||||||||||||||||||||||||||||||||
Solar | Solar | |||||||||||||||||||||||||||||||||||||||||||
E.W. Brown Solar (c) | 8 | 8 | 39.00 | 3 | 61.00 | 5 | E.W. Brown Solar (c) | 8 | 39.00 | 3 | 61.00 | 5 | ||||||||||||||||||||||||||||||||
Total | 7,867 | 7,561 | 2,786 | 4,775 | Total | 7,841 | 2,760 | 4,775 |
LG&E | KU | |||||||||||||||||||||||||
Distribution | Transmission | Distribution | Transmission | |||||||||||||||||||||||
Electricity System | ||||||||||||||||||||||||||
Substations (a) | 96 | 77 | 460 | 211 | ||||||||||||||||||||||
Capacity (in millions of kVA) | 5 | 8 | 8 | 15 | ||||||||||||||||||||||
Overhead lines (circuit miles) | 3,883 | 669 | 14,046 | 4,056 | ||||||||||||||||||||||
Underground lines (circuit miles) | 2,753 | — | 2,699 | — | ||||||||||||||||||||||
Natural Gas System | ||||||||||||||||||||||||||
Distribution mains (miles) | 4,418 | — | — | — | ||||||||||||||||||||||
Transmission pipeline (miles) | — | 233 | — | — | ||||||||||||||||||||||
Transmission storage lines (miles) | — | 118 | — | — | ||||||||||||||||||||||
Combustion turbine lines (miles) | — | 19 | — | 12 | ||||||||||||||||||||||
Storage fields | — | 5 | — | — | ||||||||||||||||||||||
Storage field capacity (Bcf) | — | 15 | — | — |
Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (a) | |||||||||||||||||||
October 1 to October 31, 2021 | 8,257,699 | $ | 28.60 | 8,257,699 | $ | 2,450,000,033 | |||||||||||||||||
November 1 to November 30, 2021 | 11,453,324 | 28.65 | 11,453,324 | 2,121,807,982 | |||||||||||||||||||
December 1 to December 31, 2021 | 4,309,556 | 28.76 | 4,309,556 | 1,997,876,503 | |||||||||||||||||||
Total | 24,020,579 | $ | 28.65 | 24,020,579 | $ | 1,997,876,503 |
PPL Corporation (a) (b) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Income Items (in millions) | ||||||||||||||||||||
Operating revenues | $ | 7,769 | $ | 7,785 | $ | 7,447 | $ | 7,517 | $ | 7,669 | ||||||||||
Operating income (c) | 2,840 | 2,852 | 2,901 | 2,936 | 2,802 | |||||||||||||||
Income from continuing operations after income taxes attributable to PPL shareowners | 1,746 | 1,827 | 1,128 | 1,902 | 1,603 | |||||||||||||||
Loss from discontinued operations (net of income taxes) (f) | — | — | — | — | (921 | ) | ||||||||||||||
Net income attributable to PPL shareowners (f) | 1,746 | 1,827 | 1,128 | 1,902 | 682 | |||||||||||||||
Balance Sheet Items (in millions) | ||||||||||||||||||||
Total assets (d) | 45,680 | 43,396 | 41,479 | 38,315 | 39,301 | |||||||||||||||
Short-term debt (d) | 1,151 | 1,430 | 1,080 | 923 | 916 | |||||||||||||||
Long-term debt (d) | 21,893 | 20,599 | 20,195 | 18,326 | 19,048 | |||||||||||||||
Common equity (d) | 12,991 | 11,657 | 10,761 | 9,899 | 9,919 | |||||||||||||||
Total capitalization (d) | 36,035 | 33,686 | 32,036 | 29,148 | 29,883 | |||||||||||||||
Financial Ratios | ||||||||||||||||||||
Return on common equity - % (d)(f) | 14.3 | 16.1 | 10.9 | 19.2 | 5.8 | |||||||||||||||
Common Stock Data | ||||||||||||||||||||
Number of shares outstanding - Basic (in thousands) | ||||||||||||||||||||
Year-end | 767,233 | 720,323 | 693,398 | 679,731 | 673,857 | |||||||||||||||
Weighted-average | 728,512 | 704,439 | 685,240 | 677,592 | 669,814 | |||||||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic EPS | $ | 2.39 | $ | 2.59 | $ | 1.64 | $ | 2.80 | $ | 2.38 | ||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Diluted EPS | $ | 2.37 | $ | 2.58 | $ | 1.64 | $ | 2.79 | $ | 2.37 | ||||||||||
Net income available to PPL common shareowners - Basic EPS | $ | 2.39 | $ | 2.59 | $ | 1.64 | $ | 2.80 | $ | 1.01 | ||||||||||
Net income available to PPL common shareowners - Diluted EPS | $ | 2.37 | $ | 2.58 | $ | 1.64 | $ | 2.79 | $ | 1.01 | ||||||||||
Dividends declared per share of common stock | $ | 1.65 | $ | 1.64 | $ | 1.58 | $ | 1.52 | $ | 1.50 | ||||||||||
Book value per share (d) | $ | 16.93 | $ | 16.18 | $ | 15.52 | $ | 14.56 | $ | 14.72 | ||||||||||
Market price per share | $ | 35.88 | $ | 28.33 | $ | 30.95 | $ | 34.05 | $ | 34.13 | ||||||||||
Dividend payout ratio - % (e)(f) | 70 | 64 | 96 | 55 | 149 | |||||||||||||||
Dividend yield - % (g) | 4.6 | 5.8 | 5.1 | 4.5 | 4.4 | |||||||||||||||
Price earnings ratio (e)(f)(g) | 15.1 | 11.0 | 18.9 | 12.2 | 33.8 | |||||||||||||||
Sales Data - GWh | ||||||||||||||||||||
Domestic - Electric energy supplied - wholesale | 1,154 | 2,461 | 2,084 | 2,177 | 2,241 | |||||||||||||||
Domestic - Electric energy delivered - retail | 67,238 | 68,686 | 65,751 | 67,474 | 67,798 | |||||||||||||||
U.K. - Electric energy delivered | 72,061 | 74,181 | 74,317 | 74,728 | 75,907 |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Operating Revenues | $ | 5,783 | $ | 5,474 | $ | 309 | |||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 710 | 632 | 78 | ||||||||||||||
Energy purchases | 752 | 634 | 118 | ||||||||||||||
Other operation and maintenance | 1,608 | 1,420 | 188 | ||||||||||||||
Depreciation | 1,082 | 1,022 | 60 | ||||||||||||||
Taxes, other than income | 207 | 180 | 27 | ||||||||||||||
Total Operating Expenses | 4,359 | 3,888 | 471 | ||||||||||||||
Other Income (Expense) - net | 15 | 2 | 13 | ||||||||||||||
Interest Expense | 918 | 634 | 284 | ||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 521 | 954 | (433) | ||||||||||||||
Income Taxes | 503 | 314 | 189 | ||||||||||||||
Income (Loss) from Continuing Operations After Income Taxes | 18 | 640 | (622) | ||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) (Note 9) | (1,498) | 829 | (2,327) | ||||||||||||||
Net Income (Loss) | $ | (1,480) | $ | 1,469 | $ | (2,949) |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
Operating Revenues | $ | 7,769 | $ | 7,785 | $ | (16 | ) | ||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 709 | 799 | (90 | ) | |||||||
Energy purchases | 723 | 745 | (22 | ) | |||||||
Other operation and maintenance | 1,985 | 1,983 | 2 | ||||||||
Depreciation | 1,199 | 1,094 | 105 | ||||||||
Taxes, other than income | 313 | 312 | 1 | ||||||||
Total Operating Expenses | 4,929 | 4,933 | (4 | ) | |||||||
Other Income (Expense) - net | 309 | 396 | (87 | ) | |||||||
Interest Expense | 994 | 963 | 31 | ||||||||
Income Taxes | 409 | 458 | (49 | ) | |||||||
Net Income | $ | 1,746 | $ | 1,827 | $ | (81 | ) |
2019 vs. 2018 | |||
Domestic: | |||
PPL Electric Distribution price (a) | $ | 42 | |
PPL Electric Distribution volume | (8 | ) | |
PPL Electric PLR | 8 | ||
PPL Electric Transmission Formula Rate (b) | 51 | ||
PPL Electric TCJA refund (c) | (12 | ) | |
LKE Retail rates (d) | 123 | ||
LKE ECR (e) | 60 | ||
LKE Volumes (f) | (91 | ) | |
LKE Municipal supply (g) | (56 | ) | |
LKE Fuel and other energy prices (h) | (48 | ) | |
Other | 16 | ||
Total Domestic | 85 | ||
U.K.: | |||
Price | 83 | ||
Volume | (64 | ) | |
Foreign currency exchange rates | (116 | ) | |
Other | (4 | ) | |
Total U.K. | (101 | ) | |
Total | $ | (16 | ) |
2021 vs. 2020 | |||||
19 |
PPL Electric PLR (a) | 83 | ||||
PPL Electric transmission formula rate (b) | (35) | ||||
LG&E fuel and other energy prices (c) | 53 | ||||
LG&E volumes (d) | 25 | ||||
LG&E retail rates (e) | 46 | ||||
LG&E Economic relief billing credit, net of amortization of $9 | (12) | ||||
KU fuel and other energy prices (c) | 43 | ||||
KU volumes (d) | 27 | ||||
KU retail rates (e) | 53 | ||||
309 | |
(a) The increase was primarily the result of higher energy prices and higher customer usage, partially offset by higher volumes of shopping customers. (b) The decrease was |
2019 vs. 2018 | |||
Domestic: | |||
PPL Electric project cancellation costs | $ | (12 | ) |
Stock compensation expense | 10 | ||
Other operation and maintenance of Safari Energy (a) | 20 | ||
Other | 14 | ||
U.K.: | |||
Foreign currency exchange rates | (23 | ) | |
Third-party engineering | (4 | ) | |
Other | (3 | ) | |
Total | $ | 2 |
2021 vs. 2020 | |||||
PPL Electric storm costs | $ | 20 | |||
PPL Electric inventory adjustments | 9 | ||||
LG&E plant operations and maintenance | 10 | ||||
KU plant outages | 8 | ||||
KU plant operations and maintenance | 6 | ||||
KU distribution operations and maintenance | 5 | ||||
KU transmission operations and maintenance | 6 | ||||
Solar panel impairment (Note 1) | 37 | ||||
Charges related to the acquisition of Narragansett Electric | 26 | ||||
Charges related to the sale of the U. K. utility business | 8 | ||||
Stock compensation expense | 6 | ||||
Payroll-related | 6 | ||||
Other | 28 | ||||
Total | $ | 188 |
2019 vs. 2018 | |||
Additions to PP&E, net | $ | 66 | |
Foreign currency exchange rates | (13 | ) | |
Depreciation rates (a) | 52 | ||
Total | $ | 105 |
2021 vs. 2020 | |||||
Additions to PP&E, net | $ | 36 | |||
Depreciation rate change effective July 2021 | 11 | ||||
Other | 1 | ||||
Total | $ | 60 |
2021 vs. 2020 | |||||
State gross receipts tax (a) | $ | 13 | |||
Domestic property tax expense | 10 | ||||
Other | 4 | ||||
Total | $ | 27 |
2021 vs. 2020 | |||||
Defined benefit plans - non-service credits (Note 12) | $ | 23 | |||
Charitable contributions | (11) | ||||
Other | 1 | ||||
Total | $ | 13 |
2019 vs. 2018 | |||
Economic foreign currency exchange contracts (Note 17) | $ | (164 | ) |
Defined benefit plans - non-service credits (Note 11) | 59 | ||
Charitable contributions | 7 | ||
Other | 11 | ||
Total | $ | (87 | ) |
2021 vs. 2020 | |||||
Loss on extinguishment of debt (Note 8) | $ | 395 | |||
Long-term debt interest | (93) | ||||
Other | (18) | ||||
Total | $ | 284 |
2019 vs. 2018 | |||
Long-term debt interest | $ | 38 | |
Short-term debt interest | 7 | ||
Foreign currency exchange rates | (20 | ) | |
Other | 6 | ||
Total | $ | 31 |
2019 vs. 2018 | |||
Change in pre-tax income | $ | (24 | ) |
Deferred tax impact of Kentucky state tax reform (a) | (9 | ) | |
Kentucky recycling credit, net of federal income tax expense (b) | (18 | ) | |
Other | 2 | ||
Total | $ | (49 | ) |
2021 vs. 2020 | |||||
Change in pre-tax income | $ | (116) | |||
Valuation allowance adjustments (a) |
Federal and state income tax | 6 | ||||
Impact of the | 282 | ||||
Amortization of excess deferred federal and state income taxes | (11) | ||||
Other | 4 | ||||
Total | $ | 189 |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Kentucky Regulated | $ | 468 | $ | 418 | $ | 50 | |||||||||||
Pennsylvania Regulated | 445 | 497 | (52) | ||||||||||||||
Corporate and Other (a)(b) | (895) | (275) | (620) | ||||||||||||||
Discontinued Operations (c) | (1,498) | 829 | (2,327) | ||||||||||||||
Net Income | $ | (1,480) | $ | 1,469 | $ | (2,949) |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
U.K. Regulated | $ | 977 | $ | 1,114 | $ | (137 | ) | ||||
Kentucky Regulated | 436 | 411 | 25 | ||||||||
Pennsylvania Regulated | 458 | 431 | 27 | ||||||||
Corporate and Other (a) | (125 | ) | (129 | ) | 4 | ||||||
Net Income | $ | 1,746 | $ | 1,827 | $ | (81 | ) |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Kentucky Regulated | $ | 465 | $ | 423 | $ | 42 | |||||||||||
Pennsylvania Regulated | 465 | 498 | (33) | ||||||||||||||
Corporate and Other (a) | (124) | (147) | 23 | ||||||||||||||
Earnings from Ongoing Operations | $ | 806 | $ | 774 | $ | 32 |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
U.K. Regulated | $ | 1,032 | $ | 968 | $ | 64 | |||||
Kentucky Regulated | 436 | 418 | 18 | ||||||||
Pennsylvania Regulated | 458 | 436 | 22 | ||||||||
Corporate and Other | (120 | ) | (117 | ) | (3 | ) | |||||
Earnings from Ongoing Operations | $ | 1,806 | $ | 1,705 | $ | 101 |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
Operating revenues | $ | 2,167 | $ | 2,268 | $ | (101 | ) | ||||
Other operation and maintenance | 510 | 538 | (28 | ) | |||||||
Depreciation | 250 | 247 | 3 | ||||||||
Taxes, other than income | 127 | 134 | (7 | ) | |||||||
Total operating expenses | 887 | 919 | (32 | ) | |||||||
Other Income (Expense) - net | 294 | 403 | (109 | ) | |||||||
Interest Expense | 405 | 413 | (8 | ) | |||||||
Income Taxes | 192 | 225 | (33 | ) | |||||||
Net Income | 977 | 1,114 | (137 | ) | |||||||
Less: Special Items | (55 | ) | 146 | (201 | ) | ||||||
Earnings from Ongoing Operations | $ | 1,032 | $ | 968 | $ | 64 |
Income Statement Line Item | 2019 | 2018 | |||||||
Foreign currency economic hedges, net of tax of $13, ($39) (a) | Other Income (Expense) - net | $ | (51 | ) | $ | 148 | |||
Other, net of tax of $1, $0 (b) | Other operation and maintenance | (4 | ) | — | |||||
U.S. tax reform (c) | Income Taxes | — | 3 | ||||||
Death benefit, net of tax of $0, $1 (d) | Other operation and maintenance | — | (5 | ) | |||||
Total | $ | (55 | ) | $ | 146 |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Operating revenues | $ | 3,348 | $ | 3,106 | $ | 242 | |||||||||||
Fuel | 710 | 632 | 78 | ||||||||||||||
Energy purchases | 186 | 143 | 43 | ||||||||||||||
Other operation and maintenance | 905 | 834 | 71 | ||||||||||||||
Depreciation | 647 | 606 | 41 | ||||||||||||||
Taxes, other than income | 87 | 77 | 10 | ||||||||||||||
Total operating expenses | 2,535 | 2,292 | 243 | ||||||||||||||
Other Income (Expense) - net | (2) | 2 | (4) | ||||||||||||||
Interest Expense | 196 | 223 | (27) | ||||||||||||||
Interest Expense with Affiliate (a) | 53 | 77 | (24) | ||||||||||||||
Income Taxes | 94 | 98 | (4) | ||||||||||||||
Net Income | 468 | 418 | 50 | ||||||||||||||
Less: Special Items | 3 | (5) | 8 | ||||||||||||||
Earnings from Ongoing Operations | $ | 465 | $ | 423 | $ | 42 |
2019 vs. 2018 | |||
U.K. | |||
U.K. Adjusted Gross Margins | $ | 16 | |
Other operation and maintenance | 3 | ||
Depreciation | (16 | ) | |
Other Income (Expense) - net | 74 | ||
Interest expense | (12 | ) | |
Income taxes | (15 | ) | |
U.S. | |||
Income taxes | 6 | ||
Other | (4 | ) | |
Foreign currency exchange, after-tax | 12 | ||
Earnings from Ongoing Operations | 64 | ||
Special items, after-tax | (201 | ) | |
Net Income | $ | (137 | ) |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
Operating revenues | $ | 3,206 | $ | 3,214 | $ | (8 | ) | ||||
Fuel | 709 | 799 | (90 | ) | |||||||
Energy purchases | 174 | 201 | (27 | ) | |||||||
Other operation and maintenance | 861 | 848 | 13 | ||||||||
Depreciation | 547 | 475 | 72 | ||||||||
Taxes, other than income | 74 | 70 | 4 | ||||||||
Total operating expenses | 2,365 | 2,393 | (28 | ) | |||||||
Other Income (Expense) - net | (13 | ) | (16 | ) | 3 | ||||||
Interest Expense | 298 | 274 | 24 | ||||||||
Income Taxes | 94 | 120 | (26 | ) | |||||||
Net Income | 436 | 411 | 25 | ||||||||
Less: Special Items | — | (7 | ) | 7 | |||||||
Earnings from Ongoing Operations | $ | 436 | $ | 418 | $ | 18 |
Income Statement Line Item | 2021 | 2020 | |||||||||||||||
Valuation allowance adjustment (a) | Income taxes | $ | 4 | $ | — | ||||||||||||
Strategic corporate initiatives, net of tax of $0, $0 (b) | Other Income (Expense) | (1) | — | ||||||||||||||
COVID-19 impact, net of tax of $0, $2 (c) | Other operation and maintenance | — | (5) | ||||||||||||||
Total | $ | 3 | $ | (5) |
Income Statement Line Item | 2019 | 2018 | |||||||
U.S. tax reform (a) | Income Taxes | $ | — | $ | 2 | ||||
Kentucky state tax reform (b) | Income Taxes | — | (9 | ) | |||||
Total | $ | — | $ | (7 | ) |
2021 vs. 2020 | |||||
Kentucky Adjusted Gross Margins | $ | 174 | |||
Other operation and maintenance | (81) | ||||
Depreciation | (90) | ||||
Taxes, other than income | (11) | ||||
Other Income (Expense) - net | (3) | ||||
Interest Expense | 27 | ||||
Interest Expense with Affiliate | 24 | ||||
Income Taxes | 2 | ||||
Earnings from Ongoing Operations | 42 | ||||
Special Items, after-tax | 8 | ||||
Net Income | $ | 50 |
2019 vs. 2018 | |||
Kentucky Adjusted Gross Margins | $ | 70 | |
Other operation and maintenance | (19 | ) | |
Depreciation | (26 | ) | |
Taxes, other than income | (5 | ) | |
Other Income (Expense) - net | 3 | ||
Interest Expense | (24 | ) | |
Income Taxes | 19 | ||
Earnings from Ongoing Operations | 18 | ||
Special Items, after-tax | 7 | ||
Net Income | $ | 25 |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Operating revenues | $ | 2,402 | $ | 2,330 | $ | 72 | |||||||||||
Energy purchases | 566 | 491 | 75 | ||||||||||||||
Other operation and maintenance | 557 | 513 | 44 | ||||||||||||||
Depreciation | 424 | 403 | 21 | ||||||||||||||
Taxes, other than income | 120 | 107 | 13 | ||||||||||||||
Total operating expenses | 1,667 | 1,514 | 153 | ||||||||||||||
Other Income (Expense) - net | 26 | 20 | 6 | ||||||||||||||
Interest Expense | 162 | 172 | (10) | ||||||||||||||
Income Taxes | 154 | 167 | (13) | ||||||||||||||
Net Income | 445 | 497 | (52) | ||||||||||||||
Less: Special Items | (20) | (1) | (19) | ||||||||||||||
Earnings from Ongoing Operations | $ | 465 | $ | 498 | $ | (33) |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
Operating revenues | $ | 2,358 | $ | 2,277 | $ | 81 | |||||
Energy purchases | 549 | 544 | 5 | ||||||||
Other operation and maintenance | 566 | 578 | (12 | ) | |||||||
Depreciation | 386 | 352 | 34 | ||||||||
Taxes, other than income | 112 | 109 | 3 | ||||||||
Total operating expenses | 1,613 | 1,583 | 30 | ||||||||
Other Income (Expense) - net | 31 | 32 | (1 | ) | |||||||
Interest Expense | 169 | 159 | 10 | ||||||||
Income Taxes | 149 | 136 | 13 | ||||||||
Net Income | 458 | 431 | 27 | ||||||||
Less: Special Items | — | (5 | ) | 5 | |||||||
Earnings from Ongoing Operations | $ | 458 | $ | 436 | $ | 22 |
Income Statement Line Item | 2021 | 2020 | |||||||||||||||
Transmission formula rate return on equity settlement, net of tax of $8, $0 (a) | Operating revenues | $ | (20) | $ | — | ||||||||||||
COVID-19 impact, net of tax of $0, $0 (b) | Other operation and maintenance | — | (1) | ||||||||||||||
Total | $ | (20) | $ | (1) |
Income Statement Line Item | 2019 | 2018 | |||||||
IT transformation, net of tax of $0, $2 (a) | Other operation and maintenance | $ | — | $ | (5 | ) | |||
Total | $ | — | $ | (5 | ) |
2019 vs. 2018 | |||
Pennsylvania Adjusted Gross Margins | $ | 54 | |
Other operation and maintenance | 9 | ||
Depreciation | (19 | ) | |
Other Income (Expense) - net | (1 | ) | |
Interest Expense | (10 | ) | |
Income Taxes | (11 | ) | |
Earnings from Ongoing Operations | 22 | ||
Special Items, after-tax | 5 | ||
Net Income | $ | 27 |
2021 vs. 2020 | |||||
Pennsylvania Adjusted Gross Margins | $ | — | |||
Other operation and maintenance | (24) | ||||
Depreciation | (22) | ||||
Taxes, other than income | (8) | ||||
Other Income (Expense) - net | 6 | ||||
Interest Expense | 10 | ||||
Income Taxes | 5 | ||||
Earnings from Ongoing Operations | (33) | ||||
Special Items, after-tax | (19) | ||||
Net Income | $ | (52) |
2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KY Regulated | PA Regulated | Corporate and Other | Discontinued Operations (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 468 | $ | 445 | $ | (895) | $ | (1,498) | $ | (1,480) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from Discontinued Operations (a) | — | — | — | (1,502) | (1,502) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $4 (b) | — | — | (16) | — | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $0, $0, $2 (c) | (1) | — | (8) | — | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation allowance adjustment (d) | 4 | — | (4) | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transmission formula rate return on equity settlement, net of tax of $8 | — | (20) | — | — | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition integration, net of tax of $6 (e) | — | — | (22) | — | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.K. tax rate change (f) | — | — | (383) | — | (383) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar panel impairment, net of tax of $9 (g) | — | — | (26) | — | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt, net of tax of $83 (h) | — | — | (312) | — | (312) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Special Items | 3 | (20) | (771) | (1,498) | (2,286) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 465 | $ | 465 | $ | (124) | $ | — | $ | 806 |
2019 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.K. Regulated | KY Regulated | PA Regulated | Corporate and Other | Total | KY Regulated | PA Regulated | Corporate and Other (j) | Discontinued Operations (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 977 | $ | 436 | $ | 458 | $ | (125 | ) | $ | 1,746 | Net Income | $ | 418 | $ | 497 | $ | (275) | 829 | $ | 1,469 | |||||||||||||||||||||||||||||||||
Less: Special Items (expense) benefit: | Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency economic hedges, net of tax of $13 | (51 | ) | — | — | — | (51 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $1 (a) | — | — | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Other, net of tax of $1 | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from Discontinued Operations (a) | Income (loss) from Discontinued Operations (a) | — | — | — | 829 | 829 | ||||||||||||||||||||||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $3 (b) | Talen litigation costs, net of tax of $3 (b) | — | — | (13) | — | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||
COVID-19 impact, net of tax of $2, $0, $0 | COVID-19 impact, net of tax of $2, $0, $0 | (5) | (1) | (1) | — | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.K. tax rate change (f) | U.K. tax rate change (f) | — | — | (102) | — | (102) | ||||||||||||||||||||||||||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $2 (c) | Strategic corporate initiatives, net of tax of $2 (c) | — | — | (6) | — | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Executive retirement benefits, net of tax of $2 (i) | Executive retirement benefits, net of tax of $2 (i) | — | — | (6) | — | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Special Items | (55 | ) | — | — | (5 | ) | (60 | ) | Total Special Items | (5) | (1) | (128) | 829 | 695 | ||||||||||||||||||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 1,032 | $ | 436 | $ | 458 | $ | (120 | ) | $ | 1,806 | Earnings from Ongoing Operations | $ | 423 | $ | 498 | $ | (147) | $ | — | $ | 774 |
2018 | |||||||||||||||||||
U.K. Regulated | KY Regulated | PA Regulated | Corporate and Other | Total | |||||||||||||||
Net Income | $ | 1,114 | $ | 411 | $ | 431 | $ | (129 | ) | $ | 1,827 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges, net of tax of ($39) | 148 | — | — | — | 148 | ||||||||||||||
U.S. tax reform (b) | 3 | 2 | — | (5 | ) | — | |||||||||||||
Kentucky state tax reform | — | (9 | ) | — | — | (9 | ) | ||||||||||||
IT transformation, net of tax of $2 | — | — | (5 | ) | — | (5 | ) | ||||||||||||
Talen litigation costs, net of tax of $2 (a) | — | — | — | (7 | ) | (7 | ) | ||||||||||||
Death benefit, net of tax of $1 | (5 | ) | — | — | — | (5 | ) | ||||||||||||
Total Special Items | 146 | (7 | ) | (5 | ) | (12 | ) | 122 | |||||||||||
Earnings from Ongoing Operations | $ | 968 | $ | 418 | $ | 436 | $ | (117 | ) | $ | 1,705 |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Kentucky Regulated | |||||||||||||||||
Kentucky Adjusted Gross Margins | $ | 2,255 | $ | 2,081 | $ | 174 | |||||||||||
Pennsylvania Regulated | |||||||||||||||||
Pennsylvania Adjusted Gross Margins | |||||||||||||||||
Distribution | $ | 915 | $ | 907 | $ | 8 | |||||||||||
Transmission | 674 | 682 | (8) | ||||||||||||||
Total Pennsylvania Adjusted Gross Margins | $ | 1,589 | $ | 1,589 | $ | — |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
U.K. Regulated | |||||||||||
U.K. Adjusted Gross Margins | $ | 1,998 | $ | 2,089 | $ | (91 | ) | ||||
Impact of changes in foreign currency exchange rates | (107 | ) | |||||||||
U.K. Adjusted Gross Margins excluding impact of foreign currency exchange rates | $ | 16 | |||||||||
Kentucky Regulated | |||||||||||
Kentucky Adjusted Gross Margins | $ | 2,111 | $ | 2,041 | $ | 70 | |||||
Pennsylvania Regulated | |||||||||||
Pennsylvania Adjusted Gross Margins | |||||||||||
Distribution | $ | 927 | $ | 924 | $ | 3 | |||||
Transmission | 600 | 549 | 51 | ||||||||
Total Pennsylvania Adjusted Gross Margins | $ | 1,527 | $ | 1,473 | $ | 54 |
2021 | |||||||||||||||||||||||||||||
Kentucky Adjusted Gross Margins | Pennsylvania Adjusted Gross Margins | Other (a) | Operating Income (b) | ||||||||||||||||||||||||||
Operating Revenues | $ | 3,348 | $ | 2,430 | $ | 5 | $ | 5,783 | |||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||
Fuel | 710 | — | — | 710 | |||||||||||||||||||||||||
Energy purchases | 186 | 566 | — | 752 | |||||||||||||||||||||||||
Other operation and maintenance | 88 | 111 | 1,409 | 1,608 | |||||||||||||||||||||||||
Depreciation | 105 | 52 | 925 | 1,082 | |||||||||||||||||||||||||
Taxes, other than income | 4 | 112 | 91 | 207 | |||||||||||||||||||||||||
Total Operating Expenses | 1,093 | 841 | 2,425 | 4,359 | |||||||||||||||||||||||||
Total | $ | 2,255 | $ | 1,589 | $ | (2,420) | $ | 1,424 |
2019 | |||||||||||||||||||
U.K. Adjusted Gross Margins | Kentucky Adjusted Gross Margins | Pennsylvania Adjusted Gross Margins | Other (a) | Operating Income (b) | |||||||||||||||
Operating Revenues | $ | 2,129 | (c) | $ | 3,206 | $ | 2,358 | $ | 76 | $ | 7,769 | ||||||||
Operating Expenses | |||||||||||||||||||
Fuel | — | 709 | — | — | 709 | ||||||||||||||
Energy purchases | — | 174 | 549 | — | 723 | ||||||||||||||
Other operation and maintenance | 131 | 92 | 125 | 1,637 | 1,985 | ||||||||||||||
Depreciation | — | 116 | 50 | 1,033 | 1,199 | ||||||||||||||
Taxes, other than income | — | 4 | 107 | 202 | 313 | ||||||||||||||
Total Operating Expenses | 131 | 1,095 | 831 | 2,872 | 4,929 | ||||||||||||||
Total | $ | 1,998 | $ | 2,111 | $ | 1,527 | $ | (2,796 | ) | $ | 2,840 |
2018 | |||||||||||||||||||
U.K. Adjusted Gross Margins | Kentucky Adjusted Gross Margins | Pennsylvania Adjusted Gross Margins | Other (a) | Operating Income (b) | |||||||||||||||
Operating Revenues | $ | 2,230 | (c) | $ | 3,214 | $ | 2,277 | $ | 64 | $ | 7,785 | ||||||||
Operating Expenses | |||||||||||||||||||
Fuel | — | 799 | — | — | 799 | ||||||||||||||
Energy purchases | — | 201 | 544 | — | 745 | ||||||||||||||
Other operation and maintenance | 141 | 98 | 121 | 1,623 | 1,983 | ||||||||||||||
Depreciation | — | 70 | 35 | 989 | 1,094 | ||||||||||||||
Taxes, other than income | — | 5 | 104 | 203 | 312 | ||||||||||||||
Total Operating Expenses | 141 | 1,173 | 804 | 2,815 | 4,933 | ||||||||||||||
Total | $ | 2,089 | $ | 2,041 | $ | 1,473 | $ | (2,751 | ) | $ | 2,852 |
2020 | |||||||||||||||||||||||||||||
Kentucky Adjusted Gross Margins | Pennsylvania Adjusted Gross Margins | Other (a) | Operating Income (b) | ||||||||||||||||||||||||||
Operating Revenues | $ | 3,106 | $ | 2,331 | $ | 37 | $ | 5,474 | |||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||
Fuel | 632 | — | — | 632 | |||||||||||||||||||||||||
Energy purchases | 143 | 491 | — | 634 | |||||||||||||||||||||||||
Other operation and maintenance | 91 | 91 | 1,238 | 1,420 | |||||||||||||||||||||||||
Depreciation | 154 | 53 | 815 | 1,022 | |||||||||||||||||||||||||
Taxes, other than income | 5 | 107 | 68 | 180 | |||||||||||||||||||||||||
Total Operating Expenses | 1,025 | 742 | 2,121 | 3,888 | |||||||||||||||||||||||||
Total | $ | 2,081 | $ | 1,589 | $ | (2,084) | $ | 1,586 |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Operating Revenues | $ | 2,402 | $ | 2,331 | $ | 71 | |||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Energy purchases | 566 | 491 | 75 | ||||||||||||||
Other operation and maintenance | 557 | 513 | 44 | ||||||||||||||
Depreciation | 424 | 403 | 21 | ||||||||||||||
Taxes, other than income | 120 | 107 | 13 | ||||||||||||||
Total Operating Expenses | 1,667 | 1,514 | 153 | ||||||||||||||
Other Income (Expense) - net | 21 | 18 | 3 | ||||||||||||||
Interest Income from Affiliate | 5 | 2 | 3 | ||||||||||||||
Interest Expense | 162 | 173 | (11) | ||||||||||||||
Income Taxes | 154 | 167 | (13) | ||||||||||||||
Net Income | $ | 445 | $ | 497 | $ | (52) |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
Operating Revenues | $ | 2,358 | $ | 2,277 | $ | 81 | |||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Energy purchases | 549 | 544 | 5 | ||||||||
Other operation and maintenance | 566 | 578 | (12 | ) | |||||||
Depreciation | 386 | 352 | 34 | ||||||||
Taxes, other than income | 112 | 109 | 3 | ||||||||
Total Operating Expenses | 1,613 | 1,583 | 30 | ||||||||
Other Income (Expense) - net | 25 | 23 | 2 | ||||||||
Interest Income from Affiliate | 6 | 8 | (2 | ) | |||||||
Interest Expense | 170 | 159 | 11 | ||||||||
Income Taxes | 149 | 136 | 13 | ||||||||
Net Income | $ | 457 | $ | 430 | $ | 27 |
2019 vs. 2018 | |||
Distribution Price (a) | $ | 42 | |
Distribution volume | (8 | ) | |
PLR | 8 | ||
Transmission Formula Rate (b) | 51 | ||
TCJA Refund (c) | (12 | ) | |
Total | $ | 81 |
2021 vs. 2020 | |||||
Distribution price (a) | $ | 5 | |||
Distribution volume | 19 | ||||
PLR (b) | 83 | ||||
Transmission Formula Rate (c) | (35) | ||||
(1) | |||
71 | |
2019 vs. 2018 | |||
Project cancellations | $ | (12 | ) |
Storm costs | (4 | ) | |
Bad debts | (3 | ) | |
Contractor-related expenses | 3 | ||
Vegetation management | 2 | ||
Support costs | 1 | ||
Other | 1 | ||
Total | $ | (12 | ) |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
Operating Revenues | $ | 3,206 | $ | 3,214 | $ | (8 | ) | ||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 709 | 799 | (90 | ) | |||||||
Energy purchases | 174 | 201 | (27 | ) | |||||||
Other operation and maintenance | 861 | 848 | 13 | ||||||||
Depreciation | 547 | 475 | 72 | ||||||||
Taxes, other than income | 74 | 70 | 4 | ||||||||
Total Operating Expenses | 2,365 | 2,393 | (28 | ) | |||||||
Other Income (Expense) - net | (13 | ) | (16 | ) | 3 | ||||||
Interest Expense | 226 | 206 | 20 | ||||||||
Interest Expense with Affiliate | 31 | 25 | 6 | ||||||||
Income Taxes | 103 | 129 | (26 | ) | |||||||
Net Income | $ | 468 | $ | 445 | $ | 23 |
2019 vs. 2018 | |||
Volumes (a) | $ | (91 | ) |
Municipal supply (b) | (56 | ) | |
Fuel and other energy prices (c) | (48 | ) | |
Retail rates (d) | 123 | ||
ECR (e) | 60 | ||
Other | 4 | ||
Total | $ | (8 | ) |
2021 vs. 2020 | |||||
20 |
Support costs | 20 | ||||
Inventory adjustments | 9 | ||||
(6) | ||||
2019 vs. 2018 | |||
Kentucky recycling credit, net of federal income tax expense (a) | $ | (18 | ) |
Kentucky state tax reform (b) | (9 | ) | |
Other | 1 | ||
Total | $ | (26 | ) |
(10) | ||||
(2) | |||||
44 |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Operating Revenues | |||||||||||||||||
Retail and wholesale | $ | 1,545 | $ | 1,435 | $ | 110 | |||||||||||
Electric revenue from affiliate | 24 | 21 | 3 | ||||||||||||||
Total Operating Revenues | 1,569 | 1,456 | 113 | ||||||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 265 | 246 | 19 | ||||||||||||||
Energy purchases | 167 | 125 | 42 | ||||||||||||||
Energy purchases from affiliates | 23 | 19 | 4 | ||||||||||||||
Other operation and maintenance | 400 | 373 | 27 | ||||||||||||||
Depreciation | 279 | 259 | 20 | ||||||||||||||
Taxes, other than income | 46 | 40 | 6 | ||||||||||||||
Total Operating Expenses | 1,180 | 1,062 | 118 | ||||||||||||||
Other Income (Expense) - net | (5) | (1) | (4) | ||||||||||||||
Interest Expense | 81 | 87 | (6) | ||||||||||||||
Income Taxes | 54 | 62 | (8) | ||||||||||||||
Net Income | $ | 249 | $ | 244 | $ | 5 |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
Operating Revenues | |||||||||||
Retail and wholesale | $ | 1,473 | $ | 1,467 | $ | 6 | |||||
Electric revenue from affiliate | 27 | 29 | (2 | ) | |||||||
Total Operating Revenues | 1,500 | 1,496 | 4 | ||||||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 289 | 308 | (19 | ) | |||||||
Energy purchases | 154 | 183 | (29 | ) | |||||||
Energy purchases from affiliates | 7 | 13 | (6 | ) | |||||||
Other operation and maintenance | 387 | 376 | 11 | ||||||||
Depreciation | 231 | 195 | 36 | ||||||||
Taxes, other than income | 39 | 36 | 3 | ||||||||
Total Operating Expenses | 1,107 | 1,111 | (4 | ) | |||||||
Other Income (Expense) - net | (11 | ) | (12 | ) | 1 | ||||||
Interest Expense | 87 | 76 | 11 | ||||||||
Income Taxes | 63 | 64 | (1 | ) | |||||||
Net Income | $ | 232 | $ | 233 | $ | (1 | ) |
2019 vs. 2018 | |||
Retail rates (a) | $ | 46 | |
ECR (b) | 26 | ||
Volumes (c) | (53 | ) | |
Fuel and other energy prices (d) | (20 | ) | |
Other | 5 | ||
Total | $ | 4 |
Fuel and other energy prices (a) | $ | 54 | |||
Retail rates (b) |
46 | ||||
Volumes (c) |
27 | |||||
ECR | (6) | ||||
Other | 4 | ||||
Total | $ | 113 |
2021 vs. 2020 | ||||||||
Plant operations and maintenance | $ | 10 | ||||||
Administrative and general | 10 | |||||||
Other | 7 | |||||||
Total | $ | 27 |
Change | |||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | |||||||||||||||
Operating Revenues | |||||||||||||||||
Retail and wholesale | $ | 1,803 | $ | 1,671 | $ | 132 | |||||||||||
Electric revenue from affiliate | 23 | 19 | 4 | ||||||||||||||
Total Operating Revenues | 1,826 | 1,690 | 136 | ||||||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 445 | 386 | 59 | ||||||||||||||
Energy purchases | 19 | 18 | 1 | ||||||||||||||
Energy purchases from affiliates | 24 | 21 | 3 | ||||||||||||||
Other operation and maintenance | 463 | 429 | 34 | ||||||||||||||
Depreciation | 366 | 346 | 20 | ||||||||||||||
Taxes, other than income | 41 | 37 | 4 | ||||||||||||||
Total Operating Expenses | 1,358 | 1,237 | 121 | ||||||||||||||
Other Income (Expense) - net | 4 | 3 | 1 | ||||||||||||||
Interest Expense | 109 | 113 | (4) | ||||||||||||||
Income Taxes | 67 | 63 | 4 | ||||||||||||||
Net Income | $ | 296 | $ | 280 | $ | 16 |
Change | |||||||||||
2019 | 2018 | 2019 vs. 2018 | |||||||||
Operating Revenues | |||||||||||
Retail and wholesale | $ | 1,733 | $ | 1,747 | $ | (14 | ) | ||||
Electric revenue from affiliate | 7 | 13 | (6 | ) | |||||||
Total Operating Revenues | 1,740 | 1,760 | (20 | ) | |||||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 420 | 491 | (71 | ) | |||||||
Energy purchases | 20 | 18 | 2 | ||||||||
Energy purchases from affiliates | 27 | 29 | (2 | ) | |||||||
Other operation and maintenance | 438 | 441 | (3 | ) | |||||||
Depreciation | 315 | 279 | 36 | ||||||||
Taxes, other than income | 35 | 34 | 1 | ||||||||
Total Operating Expenses | 1,255 | 1,292 | (37 | ) | |||||||
Other Income (Expense) - net | (4 | ) | (6 | ) | 2 | ||||||
Interest Expense | 109 | 100 | 9 | ||||||||
Income Taxes | 79 | 76 | 3 | ||||||||
Net Income | $ | 293 | $ | 286 | $ | 7 |
2019 vs. 2018 | |||
Municipal supply (a) | $ | (56 | ) |
Volumes (b) | (43 | ) | |
Fuel and other energy prices (c) | (30 | ) | |
Retail rates (d) | 77 | ||
ECR (e) | 34 | ||
Other | (2 | ) | |
Total | $ | (20 | ) |
2021 vs. 2020 | |||||
Retail rates (a) | $ | 53 | |||
Fuel and other energy prices (b) | 44 | ||||
Volumes (c) | 29 | ||||
7 | ||||
3 | ||||
(5) | ||||
5 | |||||
136 |
2021 vs. 2020 | |||||
Plant outages | $ | 8 | |||
Plant operations and maintenance | 6 | ||||
Transmission operations and maintenance | 6 | ||||
Distribution operations and maintenance | 5 | ||||
Bad debts | 4 | ||||
Administrative and general | 2 | ||||
Other | 3 | ||||
Total | $ | 34 |
PPL | PPL Electric | LG&E | KU | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 3,571 | $ | 21 | $ | 9 | $ | 13 | |||||||||||||||||||||||||||||||||
PPL (a) | PPL Electric | LKE | LG&E | KU | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 69 | — | 69 | — | |||||||||||||||||||||||||||||||||||||
Long-term debt due within one year | Long-term debt due within one year | 474 | 474 | — | — | |||||||||||||||||||||||||||||||||||||
Notes payable with affiliates | Notes payable with affiliates | — | 324 | 294 | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 815 | $ | 262 | $ | 27 | $ | 15 | $ | 12 | Cash and cash equivalents | $ | 442 | $ | 40 | $ | 7 | $ | 22 | |||||||||||||||||||||||
Short-term debt | 1,151 | — | 388 | 238 | 150 | Short-term debt | 1,168 | — | 262 | 203 | ||||||||||||||||||||||||||||||||
Long-term debt due within one year | 1,172 | — | 975 | — | 500 | Long-term debt due within one year | 1,074 | 400 | 292 | 132 | ||||||||||||||||||||||||||||||||
Notes payable with affiliates | — | 150 | — | — | Notes payable with affiliates | — | — | — | ||||||||||||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 621 | $ | 267 | $ | 24 | $ | 10 | $ | 14 | ||||||||||||||||||||||||||||||||
Short-term debt | 1,430 | — | 514 | 279 | 235 | |||||||||||||||||||||||||||||||||||||
Long-term debt due within one year | 530 | — | 530 | 434 | 96 | |||||||||||||||||||||||||||||||||||||
Notes payable with affiliates | — | 113 | — | — |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2021 | |||||||||||||||||||||||
Operating activities | $ | 1,544 | $ | 969 | $ | 458 | $ | 608 | |||||||||||||||
Investing activities | 8,564 | (1,400) | (466) | (556) | |||||||||||||||||||
Financing activities | (7,344) | 412 | 10 | (61) | |||||||||||||||||||
2020 | |||||||||||||||||||||||
Operating activities | $ | 1,872 | $ | 884 | $ | 483 | $ | 543 | |||||||||||||||
Investing activities | (2,266) | (1,151) | (456) | (507) | |||||||||||||||||||
Financing activities | 99 | 43 | (35) | (26) | |||||||||||||||||||
2021 vs. 2020 Change | |||||||||||||||||||||||
Operating activities | $ | (328) | $ | 85 | $ | (25) | $ | 65 | |||||||||||||||
Investing activities | 10,830 | (249) | (10) | (49) | |||||||||||||||||||
Financing activities | (7,443) | 369 | 45 | (35) |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2019 | |||||||||||||||||||
Operating activities | $ | 2,427 | $ | 913 | $ | 938 | $ | 492 | $ | 553 | |||||||||
Investing activities | (3,080 | ) | (1,117 | ) | (1,094 | ) | (482 | ) | (610 | ) | |||||||||
Financing activities | 836 | 199 | 159 | (5 | ) | 55 | |||||||||||||
2018 | |||||||||||||||||||
Operating activities | $ | 2,821 | $ | 978 | $ | 915 | $ | 443 | $ | 581 | |||||||||
Investing activities | (3,361 | ) | (1,193 | ) | (1,116 | ) | (554 | ) | (561 | ) | |||||||||
Financing activities | 690 | 433 | 195 | 106 | (21 | ) | |||||||||||||
2019 vs. 2018 Change | |||||||||||||||||||
Operating activities | $ | (394 | ) | $ | (65 | ) | $ | 23 | $ | 49 | $ | (28 | ) | ||||||
Investing activities | 281 | 76 | 22 | 72 | (49 | ) | |||||||||||||
Financing activities | 146 | (234 | ) | (36 | ) | (111 | ) | 76 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2021 vs. 2020 | |||||||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||||||
Net income | $ | (622) | $ | (52) | $ | 5 | $ | 16 | |||||||||||||||
Non-cash components | 344 | (13) | 16 | — | |||||||||||||||||||
Working capital | (93) | 160 | (28) | 20 | |||||||||||||||||||
Defined benefit plan funding | 66 | — | 8 | 2 | |||||||||||||||||||
Other operating activities | (23) | (10) | (26) | 27 | |||||||||||||||||||
Total | $ | (328) | $ | 85 | $ | (25) | $ | 65 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2019 vs. 2018 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Net income | $ | (81 | ) | $ | 27 | $ | 23 | $ | (1 | ) | $ | 7 | |||||||
Non-cash components | 241 | (17 | ) | 64 | 33 | 34 | |||||||||||||
Working capital | (451 | ) | (90 | ) | (181 | ) | (48 | ) | (126 | ) | |||||||||
Defined benefit plan funding | 11 | 7 | 97 | 55 | 51 | ||||||||||||||
Other operating activities | (114 | ) | 8 | 20 | 10 | 6 | |||||||||||||
Total | $ | (394 | ) | $ | (65 | ) | $ | 23 | $ | 49 | $ | (28 | ) |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2021 vs. 2020 | |||||||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||||||
Expenditures for PP&E | $ | 297 | $ | 247 | $ | (10) | $ | (50) | |||||||||||||||
Proceeds from sale of discontinued operations, net of cash divested | 10,560 | — | — | — | |||||||||||||||||||
Notes receivable from affiliate | (499) | — | — | ||||||||||||||||||||
Other investing activities | (27) | 3 | — | 1 | |||||||||||||||||||
Total | $ | 10,830 | $ | (249) | $ | (10) | $ | (49) |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2019 vs. 2018 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Expenditures for PP&E | $ | 155 | $ | 78 | $ | 23 | $ | 72 | $ | (48 | ) | ||||||||
Purchase of investments | 10 | — | — | — | — | ||||||||||||||
Proceeds from sale of investments | 63 | — | — | — | — | ||||||||||||||
Other investing activities | 53 | (2 | ) | (1 | ) | — | (1 | ) | |||||||||||
Total | $ | 281 | $ | 76 | $ | 22 | $ | 72 | $ | (49 | ) |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2021 vs. 2020 | |||||||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||||||
Long-term debt issuance/retirement, net | $ | (4,829) | $ | — | $ | — | $ | 2 | |||||||||||||||
Long-term debt issuance/retirement, affiliate | — | — | — | ||||||||||||||||||||
Proceeds from project financing | (154) | — | — | — | |||||||||||||||||||
Stock issuances/redemptions, net | (25) | — | — | — | |||||||||||||||||||
Dividends | (4) | 66 | (31) | (50) | |||||||||||||||||||
Purchase of treasury stock | (1,003) | — | — | — | |||||||||||||||||||
Capital contributions/distributions, net | — | 306 | (29) | (28) | |||||||||||||||||||
Issuance of term loan | (300) | — | — | — | |||||||||||||||||||
Issuance of commercial paper | (73) | — | (41) | (32) | |||||||||||||||||||
Retirement of term loan | (300) | — | — | — | |||||||||||||||||||
Retirement of commercial paper | (73) | — | (41) | (32) | |||||||||||||||||||
Changes in net short-term debt | (683) | — | (135) | (192) | |||||||||||||||||||
Note payable with affiliate | — | 324 | 294 | ||||||||||||||||||||
Other financing activities | 1 | (3) | (2) | 3 | |||||||||||||||||||
Total | $ | (7,443) | $ | 369 | $ | 45 | $ | (35) |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2019 vs. 2018 | |||||||||||||||||||
Change - Cash Provided (Used): | |||||||||||||||||||
Debt issuance/retirement, net | $ | 383 | $ | (105 | ) | $ | 414 | $ | 99 | $ | 315 | ||||||||
Debt issuance/retirement, affiliate | — | (250 | ) | — | — | ||||||||||||||
Stock issuances/redemptions, net | 469 | — | — | — | — | ||||||||||||||
Dividends | (59 | ) | (96 | ) | — | (26 | ) | 17 | |||||||||||
Capital contributions/distributions, net | (29 | ) | 57 | (58 | ) | 23 | |||||||||||||
Changes in net short-term debt | (641 | ) | — | (396 | ) | (121 | ) | (275 | ) | ||||||||||
Note payable with affiliate | — | 149 | — | — | |||||||||||||||
Other financing activities | (6 | ) | (4 | ) | (10 | ) | (5 | ) | (4 | ) | |||||||||
Total | $ | 146 | $ | (234 | ) | $ | (36 | ) | $ | (111 | ) | $ | 76 |
Debt | Stock | ||||||||||||||||||||||
Issuances (a) | Retirements | Issuances | Repurchases | ||||||||||||||||||||
Cash Flow Impact: | |||||||||||||||||||||||
PPL | $ | 650 | $ | 4,606 | $ | 9 | $ | 1,003 | |||||||||||||||
PPL Electric | 650 | 400 | — | — | |||||||||||||||||||
LG&E | — | — | — | — | |||||||||||||||||||
KU | — | — | — | — |
Debt | Net Stock | ||||||||||
Issuances (a) | Retirements | Issuances | |||||||||
Cash Flow Impact: | |||||||||||
PPL | $ | 1,465 | $ | 300 | $ | 1,167 | |||||
PPL Electric | 393 | 100 | |||||||||
LKE | 705 | 200 | |||||||||
LG&E | 399 | 200 | |||||||||
KU | 306 | — |
Committed Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | Unused Capacity | ||||||||||||||||||||
PPL Capital Funding Credit Facilities | $ | 1,300 | $ | — | $ | — | $ | 1,300 | |||||||||||||||
PPL Electric Credit Facility | 650 | — | 1 | 649 | |||||||||||||||||||
LG&E Credit Facilities | 500 | — | 69 | 431 | |||||||||||||||||||
KU Credit Facilities | 400 | — | — | 400 | |||||||||||||||||||
Total Credit Facilities (a) (b) | $ | 2,850 | $ | — | $ | 70 | $ | 2,780 |
Committed Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | Unused Capacity | ||||||||||||
PPL Capital Funding Credit Facilities | $ | 1,550 | $ | — | $ | 465 | $ | 1,085 | |||||||
PPL Electric Credit Facility | 650 | — | 1 | 649 | |||||||||||
LG&E Credit Facilities | 500 | — | 238 | 262 | |||||||||||
KU Credit Facilities | 400 | — | 150 | 250 | |||||||||||
Total LKE Consolidated | 900 | — | 388 | 512 | |||||||||||
Total U.S. Credit Facilities (a) (b) | $ | 3,100 | $ | — | $ | 854 | $ | 2,246 | |||||||
Total U.K. Credit Facilities (b) (c) | £ | 1,055 | £ | 243 | £ | — | £ | 812 |
Committed Capacity | Borrowed | Commercial Paper Program Capacity | Unused Capacity | ||||||||||||||||||||
LG&E Money Pool (a) | $ | 750 | $ | 324 | $ | 425 | $ | 1 | |||||||||||||||
KU Money Pool (a) | 650 | 294 | 350 | 6 |
Committed Capacity | Borrowed | Non-affiliate Used Capacity | Unused Capacity | ||||||||||||
LKE Credit Facility | $ | 375 | $ | 150 | $ | — | $ | 225 | |||||||
LG&E Money Pool (a) | 500 | — | 238 | 262 | |||||||||||
KU Money Pool (a) | 500 | — | 150 | 350 |
December 31, 2019 | December 31, 2021 | |||||||||||||||||||||||||||
Capacity | Commercial Paper Issuances | Unused Capacity | Capacity | Commercial Paper Issuances | Unused Capacity | |||||||||||||||||||||||
PPL Capital Funding | $ | 1,500 | $ | 450 | $ | 1,050 | PPL Capital Funding | $ | 1,500 | $ | — | $ | 1,500 | |||||||||||||||
PPL Electric | 650 | — | 650 | PPL Electric | 650 | — | 650 | |||||||||||||||||||||
LG&E (a) | LG&E (a) | 425 | 69 | 356 | ||||||||||||||||||||||||
KU | KU | 350 | — | 350 | ||||||||||||||||||||||||
LG&E | 350 | 238 | 112 | |||||||||||||||||||||||||
KU | 350 | 150 | 200 | |||||||||||||||||||||||||
Total LKE | 700 | 388 | 312 | |||||||||||||||||||||||||
Total PPL | $ | 2,850 | $ | 838 | $ | 2,012 | Total PPL | $ | 2,925 | $ | 69 | $ | 2,856 |
Projected | |||||||||||||||||||||||
Total | 2020 (b) | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||||
PPL | |||||||||||||||||||||||
Construction expenditures (a) | |||||||||||||||||||||||
Generating facilities | $ | 763 | $ | 148 | $ | 222 | $ | 106 | $ | 121 | $ | 166 | |||||||||||
Distribution facilities | 9,299 | 1,961 | 1,860 | 1,767 | 1,800 | 1,911 | |||||||||||||||||
Transmission facilities | 2,724 | 903 | 632 | 470 | 357 | 362 | |||||||||||||||||
Environmental | 549 | 139 | 209 | 113 | 84 | 4 | |||||||||||||||||
Other | 932 | 221 | 207 | 161 | 171 | 172 | |||||||||||||||||
Total Capital Expenditures | $ | 14,267 | $ | 3,372 | $ | 3,130 | $ | 2,617 | $ | 2,533 | $ | 2,615 | |||||||||||
PPL Electric (a) | |||||||||||||||||||||||
Distribution facilities | $ | 1,810 | $ | 419 | $ | 406 | $ | 397 | $ | 294 | $ | 294 | |||||||||||
Transmission facilities | 1,960 | 713 | 399 | 350 | 245 | 253 | |||||||||||||||||
Total Capital Expenditures | $ | 3,770 | $ | 1,132 | $ | 805 | $ | 747 | $ | 539 | $ | 547 | |||||||||||
LKE | |||||||||||||||||||||||
Generating facilities | $ | 763 | $ | 148 | $ | 222 | $ | 106 | $ | 121 | $ | 166 | |||||||||||
Distribution facilities | 1,661 | 417 | 392 | 296 | 284 | 272 | |||||||||||||||||
Transmission facilities | 764 | 190 | 233 | 120 | 112 | 109 | |||||||||||||||||
Environmental | 549 | 139 | 209 | 113 | 84 | 4 | |||||||||||||||||
Other | 407 | 113 | 98 | 58 | 69 | 69 | |||||||||||||||||
Total Capital Expenditures | $ | 4,144 | $ | 1,007 | $ | 1,154 | $ | 693 | $ | 670 | $ | 620 | |||||||||||
LG&E | |||||||||||||||||||||||
Generating facilities | $ | 322 | $ | 48 | $ | 100 | $ | 58 | $ | 54 | $ | 62 | |||||||||||
Distribution facilities | 1,013 | 273 | 254 | 166 | 164 | 156 | |||||||||||||||||
Transmission facilities | 132 | 44 | 39 | 15 | 15 | 19 | |||||||||||||||||
Environmental | 214 | 58 | 90 | 38 | 28 | — | |||||||||||||||||
Other | 207 | 60 | 47 | 31 | 34 | 35 | |||||||||||||||||
Total Capital Expenditures | $ | 1,888 | $ | 483 | $ | 530 | $ | 308 | $ | 295 | $ | 272 | |||||||||||
KU | |||||||||||||||||||||||
Generating facilities | $ | 441 | $ | 100 | $ | 122 | $ | 48 | $ | 67 | $ | 104 | |||||||||||
Distribution facilities | 648 | 144 | 138 | 130 | 120 | 116 | |||||||||||||||||
Transmission facilities | 632 | 146 | 194 | 105 | 97 | 90 | |||||||||||||||||
Environmental | 335 | 81 | 119 | 75 | 56 | 4 | |||||||||||||||||
Other | 203 | 52 | 52 | 28 | 36 | 35 | |||||||||||||||||
Total Capital Expenditures | $ | 2,259 | $ | 523 | $ | 625 | $ | 386 | $ | 376 | $ | 349 |
Total | 2022 | 2023-2024 | 2025-2026 | After 2026 | |||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||
Long-term Debt (a) | $ | 11,251 | $ | 474 | $ | 1,003 | $ | 1,454 | $ | 8,320 | |||||||||||||||||||
Interest on Long-term Debt (b) | 8,322 | 408 | 807 | 771 | 6,336 | ||||||||||||||||||||||||
Operating Leases (c) | 74 | 23 | 35 | 11 | 5 | ||||||||||||||||||||||||
Purchase Obligations (d) | 2,711 | 921 | 1,011 | 436 | 343 | ||||||||||||||||||||||||
Total Contractual Cash Obligations | $ | 22,358 | $ | 1,826 | $ | 2,856 | $ | 2,672 | $ | 15,004 | |||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||
Long-term Debt (a) | $ | 4,539 | $ | 474 | $ | 990 | $ | — | $ | 3,075 | |||||||||||||||||||
Interest on Long-term Debt (b) | 3,118 | 154 | 287 | 278 | 2,399 | ||||||||||||||||||||||||
Unconditional Power Purchase Obligations | 135 | 29 | 57 | 49 | — | ||||||||||||||||||||||||
Total Contractual Cash Obligations | $ | 7,792 | $ | 657 | $ | 1,334 | $ | 327 | $ | 5,474 | |||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||
Long-term Debt (a) | $ | 2,024 | $ | — | $ | — | $ | 390 | $ | 1,634 | |||||||||||||||||||
Interest on Long-term Debt (b) | 1,413 | 75 | 150 | 141 | 1,047 | ||||||||||||||||||||||||
Operating Leases (c) | 20 | 6 | 9 | 4 | 1 | ||||||||||||||||||||||||
Coal and Natural Gas Purchase Obligations (e) | 777 | 317 | 390 | 70 | — | ||||||||||||||||||||||||
Unconditional Power Purchase Obligations (f) | 330 | 23 | 45 | 44 | 218 | ||||||||||||||||||||||||
Construction Obligations (g) | 176 | 79 | 66 | 26 | 5 | ||||||||||||||||||||||||
Other Obligations | 87 | 29 | 6 | 45 | 7 | ||||||||||||||||||||||||
Total Contractual Cash Obligations | $ | 4,827 | $ | 529 | $ | 666 | $ | 720 | $ | 2,912 | |||||||||||||||||||
KU | |||||||||||||||||||||||||||||
Long-term Debt (a) | $ | 2,642 | $ | — | $ | 13 | $ | 414 | $ | 2,215 | |||||||||||||||||||
Interest on Long-term Debt (b) | 2,117 | 105 | 210 | 201 | 1,601 | ||||||||||||||||||||||||
Operating Leases (c) | 30 | 10 | 14 | 5 | 1 | ||||||||||||||||||||||||
Coal and Natural Gas Purchase Obligations (e) | 794 | 323 | 350 | 119 | 2 | ||||||||||||||||||||||||
Unconditional Power Purchase Obligations (f) | 146 | 10 | 20 | 20 | 96 | ||||||||||||||||||||||||
Construction Obligations (g) | 156 | 76 | 53 | 22 | 5 | ||||||||||||||||||||||||
Other Obligations | 103 | 33 | 22 | 40 | 8 | ||||||||||||||||||||||||
Total Contractual Cash Obligations | $ | 5,988 | $ | 557 | $ | 682 | $ | 821 | $ | 3,928 |
Total | 2020 | 2021-2022 | 2023-2024 | After 2024 | |||||||||||||||
PPL | |||||||||||||||||||
Long-term Debt (a) | $ | 22,002 | $ | 1,169 | $ | 2,848 | $ | 3,186 | $ | 14,799 | |||||||||
Interest on Long-term Debt (b) | 15,131 | 926 | 1,657 | 1,435 | 11,113 | ||||||||||||||
Operating Leases (c) | 122 | 26 | 42 | 27 | 27 | ||||||||||||||
Purchase Obligations (d) | 2,759 | 1,137 | 842 | 325 | 455 | ||||||||||||||
Pension Benefit Plan Funding Obligations (e) | 681 | 272 | 226 | 183 | — | ||||||||||||||
Total Contractual Cash Obligations | $ | 40,695 | $ | 3,530 | $ | 5,615 | $ | 5,156 | $ | 26,394 | |||||||||
PPL Electric | |||||||||||||||||||
Long-term Debt (a) | $ | 4,039 | $ | — | $ | 874 | $ | 90 | $ | 3,075 | |||||||||
Interest on Long-term Debt (b) | 3,441 | 166 | 317 | 281 | 2,677 | ||||||||||||||
Unconditional Power Purchase Obligations | 30 | 22 | 8 | — | — | ||||||||||||||
Total Contractual Cash Obligations | $ | 7,510 | $ | 188 | $ | 1,199 | $ | 371 | $ | 5,752 | |||||||||
LKE | |||||||||||||||||||
Long-term Debt (a) | $ | 6,041 | $ | 975 | $ | 674 | $ | 13 | $ | 4,379 | |||||||||
Interest on Long-term Debt (b) | 3,598 | 237 | 378 | 363 | 2,620 | ||||||||||||||
Operating Leases (c) | 61 | 18 | 22 | 13 | 8 | ||||||||||||||
Coal and Natural Gas Purchase Obligations (f) | 1,482 | 572 | 661 | 235 | 14 | ||||||||||||||
Unconditional Power Purchase Obligations (g) | 554 | 31 | 62 | 62 | 399 | ||||||||||||||
Construction Obligations (h) | 221 | 184 | 34 | 3 | — | ||||||||||||||
Pension Benefit Plan Obligations (e) | 22 | 22 | — | — | — | ||||||||||||||
Other Obligations | 304 | 159 | 78 | 25 | 42 | ||||||||||||||
Total Contractual Cash Obligations | $ | 12,283 | $ | 2,198 | $ | 1,909 | $ | 714 | $ | 7,462 | |||||||||
LG&E | |||||||||||||||||||
Long-term Debt (a) | $ | 2,024 | $ | — | $ | 292 | $ | — | $ | 1,732 | |||||||||
Interest on Long-term Debt (b) | 1,573 | 80 | 146 | 143 | 1,204 | ||||||||||||||
Operating Leases (c) | 24 | 7 | 9 | 5 | 3 | ||||||||||||||
Coal and Natural Gas Purchase Obligations (f) | 837 | 289 | 383 | 155 | 10 | ||||||||||||||
Unconditional Power Purchase Obligations (g) | 382 | 21 | 42 | 43 | 276 | ||||||||||||||
Construction Obligations (h) | 77 | 64 | 12 | 1 | — | ||||||||||||||
Pension Benefit Plan Obligations (e) | 4 | 4 | — | — | — | ||||||||||||||
Other Obligations | 99 | 50 | 20 | 15 | 14 | ||||||||||||||
Total Contractual Cash Obligations | $ | 5,020 | $ | 515 | $ | 904 | $ | 362 | $ | 3,239 | |||||||||
Total | 2020 | 2021-2022 | 2023-2024 | After 2024 | |||||||||||||||
KU | |||||||||||||||||||
Long-term Debt (a) | $ | 2,642 | $ | 500 | $ | 132 | $ | 13 | $ | 1,997 | |||||||||
Interest on Long-term Debt (b) | 1,809 | 104 | 173 | 172 | 1,360 | ||||||||||||||
Operating Leases (c) | 36 | 11 | 13 | 8 | 4 | ||||||||||||||
Coal and Natural Gas Purchase Obligations (f) | 645 | 283 | 278 | 80 | 4 | ||||||||||||||
Unconditional Power Purchase Obligations (g) | 172 | 10 | 20 | 19 | 123 | ||||||||||||||
Construction Obligations (h) | 108 | 97 | 10 | 1 | — | ||||||||||||||
Pension Benefit Plan Obligations (e) | 1 | 1 | — | — | — | ||||||||||||||
Other Obligations | 146 | 70 | 39 | 9 | 28 | ||||||||||||||
Total Contractual Cash Obligations | $ | 5,559 | $ | 1,076 | $ | 665 | $ | 302 | $ | 3,516 |
Senior Unsecured | Senior Secured | Commercial Paper | ||||||||||||||||||||||||||||||||||||
Issuer | Moody's | S&P | Moody's | S&P | Moody's | S&P | ||||||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||||||||
PPL Capital Funding | Baa2 | BBB+ | P-2 | A-2 | ||||||||||||||||||||||||||||||||||
PPL and PPL Electric | ||||||||||||||||||||||||||||||||||||||
PPL Electric | A1 | A | P-2 | A-2 | ||||||||||||||||||||||||||||||||||
PPL, LG&E and | ||||||||||||||||||||||||||||||||||||||
A1 | A | P-2 | A-2 | |||||||||||||||||||||||||||||||||||
A1 | A | P-2 | A-2 | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | (19) | $ | (1) | 2033 | $ | 64 | $ | (24) | $ | — | ||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||
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 | $ | 156 | $ | (71 | ) | 2028 | $ | 702 | $ | 137 | $ | (76 | ) | ||||||||||
Economic hedges | |||||||||||||||||||||||||
Interest rate swaps (d) | 147 | (22 | ) | (1 | ) | 2033 | 147 | (20 | ) | (1 | ) | ||||||||||||||
LKE | |||||||||||||||||||||||||
Economic hedges | |||||||||||||||||||||||||
Interest rate swaps (d) | 147 | (22 | ) | (1 | ) | 2033 | 147 | (20 | ) | (1 | ) | ||||||||||||||
LG&E | |||||||||||||||||||||||||
Economic hedges | |||||||||||||||||||||||||
Interest rate swaps (d) | 147 | (22 | ) | (1 | ) | 2033 | 147 | (20 | ) | (1 | ) |
10% Adverse Movement in Rates | |||||||
2019 | 2018 | ||||||
PPL | $ | 655 | $ | 652 | |||
PPL Electric | 197 | 188 | |||||
LKE | 198 | 172 | |||||
LG&E | 84 | 62 | |||||
KU | 104 | 92 |
10% Adverse Movement in Rates | |||||||||||
2021 | 2020 | ||||||||||
PPL | $ | 394 | $ | 582 | |||||||
PPL Electric | 164 | 175 | |||||||||
LG&E | 74 | 74 | |||||||||
KU | 115 | 118 |
2019 | 2018 | ||||||||||||||||||||||||
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) | £ | 859 | $ | 137 | $ | (89 | ) | 2020 | £ | 1,540 | $ | 201 | $ | (181 | ) |
Plan Sponsor | PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||||||||||
PPL Services | S | P | ||||||||||||||||||||||||||||||
P | ||||||||||||||||||||||||||||||||
P | ||||||||||||||||||||||||||||||||
Increase (Decrease) | |||||
Actuarial assumption | |||||
Discount Rate | (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 | $ | (128) | $ | 13 | $ | 52 | $ | 89 | $ | 16 | |||||||||||||||||||
Expected return on plan assets | n/a | n/a | n/a | n/a | 9 | ||||||||||||||||||||||||
Rate of compensation increase | (11) | — | 4 | 7 | 3 | ||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||
Discount rates | (50) | 6 | — | 56 | 5 | ||||||||||||||||||||||||
Expected return on plan assets | n/a | n/a | — | n/a | 4 | ||||||||||||||||||||||||
Rate of compensation increase | (4) | — | — | 4 | 1 | ||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||
Discount rates | (16) | 2 | n/a | 17 | 3 | ||||||||||||||||||||||||
Expected return on plan assets | n/a | n/a | n/a | n/a | 1 | ||||||||||||||||||||||||
Rate of compensation increase | (1) | — | n/a | 1 | 1 | ||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||
Discount rates | (14) | 2 | n/a | 16 | 2 | ||||||||||||||||||||||||
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) | Increase (Decrease) | |||||||||||||||
Actuarial assumption | Defined Benefit Asset | Defined Benefit Liabilities | AOCI (pre-tax) | Net Regulatory Assets | Defined Benefit Costs | ||||||||||||||
PPL | |||||||||||||||||||
Discount rates | $ | (371 | ) | $ | 134 | $ | 413 | $ | 92 | $ | 47 | ||||||||
Expected return on plan assets | n/a | n/a | n/a | n/a | 31 | ||||||||||||||
Rate of compensation increase | (56 | ) | 15 | 62 | 9 | 13 | |||||||||||||
PPL Electric | |||||||||||||||||||
Discount rates | 57 | — | 57 | 3 | |||||||||||||||
Expected return on plan assets | n/a | — | n/a | 4 | |||||||||||||||
Rate of compensation increase | 6 | — | 6 | 1 | |||||||||||||||
LKE | |||||||||||||||||||
Discount rates | (9 | ) | 51 | 26 | 34 | 6 | |||||||||||||
Expected return on plan assets | n/a | n/a | n/a | n/a | 4 | ||||||||||||||
Rate of compensation increase | n/a | 6 | 3 | 3 | 2 | ||||||||||||||
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 | ||||||||||||||
LG&E | |||||||||||||||||||
Discount rates | (16 | ) | 2 | n/a | 18 | 2 | |||||||||||||
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 | (14 | ) | 2 | n/a | 16 | 2 | |||||||||||||
Expected return on plan assets | n/a | n/a | n/a | n/a | 1 | ||||||||||||||
Rate of compensation increase | (2 | ) | — | n/a | 2 | — |
Most Significant AROs | |||||||||||||||||||||||
Total ARO Recorded | Amount Recorded | % of Total | Description | ||||||||||||||||||||
LG&E | $ | 84 | $ | 66 | 79 | Ponds, landfills and natural gas mains | |||||||||||||||||
KU | 105 | 80 | 76 | Ponds and landfills |
Most Significant AROs | ||||||||||||
Total ARO Recorded | Amount Recorded | % of Total | Description | |||||||||
PPL | $ | 282 | $ | 181 | 64 | Ponds, landfills and natural gas mains | ||||||
LKE | 215 | 181 | 84 | Ponds, landfills and natural gas mains | ||||||||
LG&E | 73 | 56 | 77 | Ponds, landfills and natural gas mains | ||||||||
KU | 142 | 125 | 88 | Ponds and landfills |
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Operating Revenues | $ | 7,769 | $ | 7,785 | $ | 7,447 | Operating Revenues | $ | 5,783 | $ | 5,474 | $ | 5,602 | |||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||||
Operation | Operation | |||||||||||||||||||||||||||
Fuel | 709 | 799 | 759 | Fuel | 710 | 632 | 709 | |||||||||||||||||||||
Energy purchases | 723 | 745 | 685 | Energy purchases | 752 | 634 | 723 | |||||||||||||||||||||
Other operation and maintenance | 1,985 | 1,983 | 1,802 | Other operation and maintenance | 1,608 | 1,420 | 1,509 | |||||||||||||||||||||
Depreciation | 1,199 | 1,094 | 1,008 | Depreciation | 1,082 | 1,022 | 949 | |||||||||||||||||||||
Taxes, other than income | 313 | 312 | 292 | Taxes, other than income | 207 | 180 | 186 | |||||||||||||||||||||
Total Operating Expenses | 4,929 | 4,933 | 4,546 | Total Operating Expenses | 4,359 | 3,888 | 4,076 | |||||||||||||||||||||
Operating Income | 2,840 | 2,852 | 2,901 | Operating Income | 1,424 | 1,586 | 1,526 | |||||||||||||||||||||
Other Income (Expense) - net | 309 | 396 | (88 | ) | Other Income (Expense) - net | 15 | 2 | 14 | ||||||||||||||||||||
Interest Expense | 994 | 963 | 901 | Interest Expense | 918 | 634 | 621 | |||||||||||||||||||||
Income Before Income Taxes | 2,155 | 2,285 | 1,912 | |||||||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | Income (Loss) from Continuing Operations Before Income Taxes | 521 | 954 | 919 | ||||||||||||||||||||||||
Income Taxes | 409 | 458 | 784 | Income Taxes | 503 | 314 | 183 | |||||||||||||||||||||
Net Income | $ | 1,746 | $ | 1,827 | $ | 1,128 | ||||||||||||||||||||||
Income (Loss) from Continuing Operations After Income Taxes | Income (Loss) from Continuing Operations After Income Taxes | 18 | 640 | 736 | ||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) (Note 9) | Income (Loss) from Discontinued Operations (net of income taxes) (Note 9) | (1,498) | 829 | 1,010 | ||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | (1,480) | $ | 1,469 | $ | 1,746 | |||||||||||||||||||||
Earnings Per Share of Common Stock: | Earnings Per Share of Common Stock: | |||||||||||||||||||||||||||
Net Income Available to PPL Common Shareowners: | ||||||||||||||||||||||||||||
Basic | $ | 2.39 | $ | 2.59 | $ | 1.64 | Basic | |||||||||||||||||||||
Income (Loss) from Continuing Operations After Income Taxes | Income (Loss) from Continuing Operations After Income Taxes | $ | 0.03 | $ | 0.83 | $ | 1.01 | |||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | Income (Loss) from Discontinued Operations (net of income taxes) | (1.96) | 1.08 | 1.38 | ||||||||||||||||||||||||
Net Income (Loss) Available to PPL Common Shareowners | Net Income (Loss) Available to PPL Common Shareowners | $ | (1.93) | $ | 1.91 | $ | 2.39 | |||||||||||||||||||||
Diluted | $ | 2.37 | $ | 2.58 | $ | 1.64 | Diluted | |||||||||||||||||||||
Income (Loss) from Continuing Operations After Income Taxes | Income (Loss) from Continuing Operations After Income Taxes | $ | 0.03 | $ | 0.83 | $ | 1.00 | |||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | Income (Loss) from Discontinued Operations (net of income taxes) | (1.96) | 1.08 | 1.37 | ||||||||||||||||||||||||
Net Income (Loss) Available to PPL Common Shareowners | Net Income (Loss) Available to PPL Common Shareowners | $ | (1.93) | $ | 1.91 | $ | 2.37 | |||||||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||||||||||||||||||
Basic | 728,512 | 704,439 | 685,240 | Basic | 762,902 | 768,590 | 728,512 | |||||||||||||||||||||
Diluted | 736,754 | 708,619 | 687,334 | Diluted | 764,819 | 769,384 | 736,754 |
2019 | 2018 | 2017 | |||||||||
Net income | $ | 1,746 | $ | 1,827 | $ | 1,128 | |||||
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, ($2), ($1) | 108 | (444 | ) | 538 | |||||||
Qualifying derivatives, net of tax of $2, ($9), $19 | (11 | ) | 36 | (79 | ) | ||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of $0, $3, $0 | (1 | ) | (11 | ) | — | ||||||
Net actuarial gain (loss), net of tax of $119, $44, $72 | (592 | ) | (187 | ) | (308 | ) | |||||
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | |||||||||||
Qualifying derivatives, net of tax of ($5), $6, ($18) | 13 | (29 | ) | 73 | |||||||
Equity investees' other comprehensive (income) loss, net of tax of $0, $0, $0 | — | — | 1 | ||||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of ($1), $0, ($1) | 2 | 2 | 1 | ||||||||
Net actuarial (gain) loss, net of tax of ($22), ($36), ($37) | 87 | 142 | 130 | ||||||||
Total other comprehensive income (loss) | (394 | ) | (491 | ) | 356 | ||||||
Comprehensive income | $ | 1,352 | $ | 1,336 | $ | 1,484 |
2021 | 2020 | 2019 | |||||||||||||||
Net income (loss) | $ | (1,480) | $ | 1,469 | $ | 1,746 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | |||||||||||||||||
Foreign currency translation adjustments, net of tax of ($123), $0, $0 | 372 | 267 | 108 | ||||||||||||||
Qualifying derivatives, net of tax of $11, $5, $2 | (39) | (19) | (11) | ||||||||||||||
Defined benefit plans: | |||||||||||||||||
Prior service costs, net of tax of $0, $0, $0 | — | (1) | (1) | ||||||||||||||
Net actuarial gain (loss), net of tax of $1, $74, $119 | (1) | (341) | (592) | ||||||||||||||
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | |||||||||||||||||
Qualifying derivatives, net of tax of ($5), ($8), ($5) | 25 | 24 | 13 | ||||||||||||||
Defined benefit plans: | |||||||||||||||||
Prior service costs, net of tax of ($1), ($1), ($1) | 2 | 3 | 2 | ||||||||||||||
Net actuarial (gain) loss, net of tax of ($33), ($51), ($22) | 126 | 205 | 87 | ||||||||||||||
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 $140, $0, $0 | 786 | — | — | ||||||||||||||
Qualifying derivatives, net of tax of $0, $0, $0 | 15 | — | — | ||||||||||||||
Defined benefit plans: | |||||||||||||||||
Prior service costs, net of tax of ($2), $0, $0 | 8 | — | — | ||||||||||||||
Net actuarial (gain) loss, net of tax of ($798), $0, $0 | 2,769 | — | — | ||||||||||||||
Total other comprehensive income (loss) | 4,063 | 138 | (394) | ||||||||||||||
Comprehensive income | $ | 2,583 | $ | 1,607 | $ | 1,352 |
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||
Net income | $ | 1,746 | $ | 1,827 | $ | 1,128 | ||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (1,480) | $ | 1,469 | $ | 1,746 | |||||||||||||||||||||
Loss (income) from discontinued operations (net of income taxes) | Loss (income) from discontinued operations (net of income taxes) | 1,498 | (829) | (1,010) | ||||||||||||||||||||||||
Income from continuing operations (net of income taxes) | Income from continuing operations (net of income taxes) | 18 | 640 | 736 | ||||||||||||||||||||||||
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 | 1,199 | 1,094 | 1,008 | Depreciation | 1,082 | 1,022 | 949 | |||||||||||||||||||||
Amortization | 81 | 78 | 97 | Amortization | 39 | 58 | 58 | |||||||||||||||||||||
Defined benefit plans - (income) | (263 | ) | (192 | ) | (95 | ) | ||||||||||||||||||||||
Deferred income taxes and investment tax credits | 309 | 355 | 707 | Deferred income taxes and investment tax credits | 87 | 169 | 169 | |||||||||||||||||||||
Unrealized (gains) losses on derivatives, and other hedging activities | 73 | (186 | ) | 178 | ||||||||||||||||||||||||
Stock compensation expense | 36 | 26 | 38 | |||||||||||||||||||||||||
Impairment of solar panels | Impairment of solar panels | 37 | — | — | ||||||||||||||||||||||||
Loss on extinguishment of debt | Loss on extinguishment of debt | 395 | — | — | ||||||||||||||||||||||||
Other | (22 | ) | (3 | ) | (9 | ) | Other | 20 | 67 | 69 | ||||||||||||||||||
Change in current assets and current liabilities | Change in current assets and current liabilities | |||||||||||||||||||||||||||
Accounts receivable | 4 | 28 | (33 | ) | Accounts receivable | (14) | (70) | (3) | ||||||||||||||||||||
Accounts payable | (77 | ) | 78 | (10 | ) | Accounts payable | 24 | (1) | (66) | |||||||||||||||||||
Unbilled revenues | (5 | ) | 41 | (48 | ) | |||||||||||||||||||||||
Fuel, materials and supplies | (26 | ) | 17 | 40 | ||||||||||||||||||||||||
Taxes payable | Taxes payable | 27 | 131 | 9 | ||||||||||||||||||||||||
Regulatory assets and liabilities, net | (88 | ) | 13 | (12 | ) | Regulatory assets and liabilities, net | 52 | (63) | (88) | |||||||||||||||||||
Other current liabilities | (73 | ) | (22 | ) | 6 | |||||||||||||||||||||||
Other | (33 | ) | (2 | ) | 11 | Other | (67) | 118 | (29) | |||||||||||||||||||
Other operating activities | Other operating activities | |||||||||||||||||||||||||||
Defined benefit plans - funding | (350 | ) | (361 | ) | (565 | ) | Defined benefit plans - funding | (53) | (119) | (73) | ||||||||||||||||||
Proceeds from transfer of excess benefit plan funds | — | 65 | — | |||||||||||||||||||||||||
Other assets | (100 | ) | (75 | ) | 32 | Other assets | (111) | (59) | (100) | |||||||||||||||||||
Other liabilities | 16 | 40 | (12 | ) | Other liabilities | 8 | (21) | (24) | ||||||||||||||||||||
Net cash provided by operating activities - continuing operations | Net cash provided by operating activities - continuing operations | 1,544 | 1,872 | 1,607 | ||||||||||||||||||||||||
Net cash provided by operating activities - discontinued operations | Net cash provided by operating activities - discontinued operations | 726 | 874 | 820 | ||||||||||||||||||||||||
Net cash provided by operating activities | 2,427 | 2,821 | 2,461 | Net cash provided by operating activities | 2,270 | 2,746 | 2,427 | |||||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||||||
Expenditures for property, plant and equipment | (3,083 | ) | (3,238 | ) | (3,133 | ) | Expenditures for property, plant and equipment | (1,973) | (2,270) | (2,243) | ||||||||||||||||||
Purchase of investments | (55 | ) | (65 | ) | — | |||||||||||||||||||||||
Proceeds from the sale of investments | 69 | 6 | — | |||||||||||||||||||||||||
Proceeds from sale of discontinued operations, net of cash divested | Proceeds from sale of discontinued operations, net of cash divested | 10,560 | — | — | ||||||||||||||||||||||||
Other investing activities | (11 | ) | (64 | ) | (28 | ) | Other investing activities | (23) | 4 | 10 | ||||||||||||||||||
Net cash used in investing activities | (3,080 | ) | (3,361 | ) | (3,161 | ) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities - continuing operations | Net cash provided by (used in) investing activities - continuing operations | 8,564 | (2,266) | (2,233) | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities - discontinued operations | Net cash provided by (used in) investing activities - discontinued operations | (607) | (992) | (847) | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 7,957 | (3,258) | (3,080) | ||||||||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||||||
Issuance of long-term debt | 1,465 | 1,059 | 1,515 | Issuance of long-term debt | 650 | 1,848 | 1,099 | |||||||||||||||||||||
Retirement of long-term debt | (300 | ) | (277 | ) | (168 | ) | Retirement of long-term debt | (4,606) | (975) | (300) | ||||||||||||||||||
Issuance of common stock | 1,167 | 698 | 453 | Issuance of common stock | 9 | 34 | 1,167 | |||||||||||||||||||||
Proceeds from project financing | Proceeds from project financing | 19 | 173 | — | ||||||||||||||||||||||||
Payment of common stock dividends | (1,192 | ) | (1,133 | ) | (1,072 | ) | Payment of common stock dividends | (1,279) | (1,275) | (1,192) | ||||||||||||||||||
Purchase of treasury stock | Purchase of treasury stock | (1,003) | — | — | ||||||||||||||||||||||||
Issuance of term loan | Issuance of term loan | — | 300 | — | ||||||||||||||||||||||||
Issuance of commercial paper | Issuance of commercial paper | — | 73 | — | ||||||||||||||||||||||||
Retirement of term loan | Retirement of term loan | (300) | — | — | ||||||||||||||||||||||||
Retirement of commercial paper | Retirement of commercial paper | (73) | — | — | ||||||||||||||||||||||||
Net increase (decrease) in short-term debt | (278 | ) | 363 | 115 | Net increase (decrease) in short-term debt | (726) | (43) | (341) | ||||||||||||||||||||
Other financing activities | (26 | ) | (20 | ) | (19 | ) | Other financing activities | (35) | (36) | (25) | ||||||||||||||||||
Net cash provided by financing activities | 836 | 690 | 824 | |||||||||||||||||||||||||
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash | 10 | (18 | ) | 15 | ||||||||||||||||||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 193 | 132 | 139 | |||||||||||||||||||||||||
Net cash provided by (used in) financing activities - continuing operations | Net cash provided by (used in) financing activities - continuing operations | (7,344) | 99 | 408 | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities - discontinued operations | Net cash provided by (used in) financing activities - discontinued operations | (411) | 209 | 171 | ||||||||||||||||||||||||
Contributions from discontinued operations | Contributions from discontinued operations | 365 | 78 | 257 | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (7,390) | 386 | 836 | ||||||||||||||||||||||||
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | 8 | 17 | 10 | ||||||||||||||||||||||||
Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | 284 | (108) | (154) | ||||||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 3,129 | (217) | 39 | ||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 643 | 511 | 372 | Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 443 | 660 | 621 | |||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 836 | $ | 643 | $ | 511 | Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 3,572 | $ | 443 | $ | 660 | |||||||||||||||
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information | |||||||||||||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||||||||||
Cash paid (received) during the period for: | Cash paid (received) during the period for: | |||||||||||||||||||||||||||
Interest - net of amount capitalized | $ | 905 | $ | 910 | $ | 845 | Interest - net of amount capitalized | $ | 191 | $ | 586 | $ | 552 | |||||||||||||||
Income taxes - net | $ | 93 | $ | 127 | $ | 65 | Income taxes - net | $ | 284 | $ | 4 | $ | (12) | |||||||||||||||
Significant non-cash transactions: | Significant non-cash transactions: | |||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 340 | $ | 345 | $ | 360 | Accrued expenditures for property, plant and equipment at December 31, | $ | 245 | $ | 257 | $ | 292 | |||||||||||||||
Accrued expenditures for intangible assets at December 31, | $ | 79 | $ | 64 | $ | 68 |
2019 | 2018 | 2021 | 2020 | |||||||||||||||
Assets | Assets | |||||||||||||||||
Current Assets | Current Assets | |||||||||||||||||
Cash and cash equivalents | $ | 815 | $ | 621 | Cash and cash equivalents | $ | 3,571 | $ | 442 | |||||||||
Accounts receivable (less reserve: 2019, $58; 2018, $56) | ||||||||||||||||||
Accounts receivable (less reserve: 2021, $65; 2020, $71) | Accounts receivable (less reserve: 2021, $65; 2020, $71) | |||||||||||||||||
Customer | 687 | 663 | Customer | 583 | 603 | |||||||||||||
Other | 105 | 107 | Other | 58 | 86 | |||||||||||||
Unbilled revenues | 504 | 496 | ||||||||||||||||
Unbilled revenues (less reserve: 2021, $2; 2020, $4) | Unbilled revenues (less reserve: 2021, $2; 2020, $4) | 307 | 301 | |||||||||||||||
Fuel, materials and supplies | 332 | 303 | Fuel, materials and supplies | 322 | 302 | |||||||||||||
Prepayments | 79 | 70 | Prepayments | 60 | 53 | |||||||||||||
Price risk management assets | 147 | 109 | ||||||||||||||||
Other current assets | 98 | 63 | Other current assets | 106 | 130 | |||||||||||||
Current assets held for sale (Note 9) | Current assets held for sale (Note 9) | — | 18,983 | |||||||||||||||
Total Current Assets | 2,767 | 2,432 | Total Current Assets | 5,007 | 20,900 | |||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||||||||||
Regulated utility plant | 42,709 | 39,734 | Regulated utility plant | 30,477 | 29,040 | |||||||||||||
Less: accumulated depreciation - regulated utility plant | 8,055 | 7,310 | Less: accumulated depreciation - regulated utility plant | 6,488 | 6,008 | |||||||||||||
Regulated utility plant, net | 34,654 | 32,424 | Regulated utility plant, net | 23,989 | 23,032 | |||||||||||||
Non-regulated property, plant and equipment | 357 | 355 | Non-regulated property, plant and equipment | 266 | 237 | |||||||||||||
Less: accumulated depreciation - non-regulated property, plant and equipment | 109 | 101 | Less: accumulated depreciation - non-regulated property, plant and equipment | 41 | 37 | |||||||||||||
Non-regulated property, plant and equipment, net | 248 | 254 | Non-regulated property, plant and equipment, net | 225 | 200 | |||||||||||||
Construction work in progress | 1,580 | 1,780 | Construction work in progress | 1,256 | 1,268 | |||||||||||||
Property, Plant and Equipment, net | 36,482 | 34,458 | Property, Plant and Equipment, net | 25,470 | 24,500 | |||||||||||||
Other Noncurrent Assets | Other Noncurrent Assets | |||||||||||||||||
Regulatory assets | 1,492 | 1,673 | Regulatory assets | 1,236 | 1,262 | |||||||||||||
Goodwill | 3,198 | 3,162 | Goodwill | 716 | 716 | |||||||||||||
Other intangibles | 742 | 716 | Other intangibles | 343 | 351 | |||||||||||||
Pension benefit asset | 464 | 535 | ||||||||||||||||
Price risk management assets | 149 | 228 | ||||||||||||||||
Other noncurrent assets | 386 | 192 | ||||||||||||||||
Other noncurrent assets (less reserve for accounts receivable: 2021, $2; 2020, $0) | Other noncurrent assets (less reserve for accounts receivable: 2021, $2; 2020, $0) | 451 | 387 | |||||||||||||||
Total Other Noncurrent Assets | 6,431 | 6,506 | Total Other Noncurrent Assets | 2,746 | 2,716 | |||||||||||||
Total Assets | $ | 45,680 | $ | 43,396 | Total Assets | $ | 33,223 | $ | 48,116 |
2019 | 2018 | ||||||
Liabilities and Equity | |||||||
Current Liabilities | |||||||
Short-term debt | $ | 1,151 | $ | 1,430 | |||
Long-term debt due within one year | 1,172 | 530 | |||||
Accounts payable | 956 | 989 | |||||
Taxes | 99 | 110 | |||||
Interest | 294 | 278 | |||||
Dividends | 317 | 296 | |||||
Customer deposits | 261 | 257 | |||||
Regulatory liabilities | 115 | 122 | |||||
Other current liabilities | 535 | 551 | |||||
Total Current Liabilities | 4,900 | 4,563 | |||||
Long-term Debt | 20,721 | 20,069 | |||||
Deferred Credits and Other Noncurrent Liabilities | |||||||
Deferred income taxes | 3,088 | 2,796 | |||||
Investment tax credits | 124 | 126 | |||||
Accrued pension obligations | 587 | 771 | |||||
Asset retirement obligations | 212 | 264 | |||||
Regulatory liabilities | 2,572 | 2,714 | |||||
Other deferred credits and noncurrent liabilities | 485 | 436 | |||||
Total Deferred Credits and Other Noncurrent Liabilities | 7,068 | 7,107 | |||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||
Equity | |||||||
Common stock - $0.01 par value (a) | 8 | 7 | |||||
Additional paid-in capital | 12,214 | 11,021 | |||||
Earnings reinvested | 5,127 | 4,593 | |||||
Accumulated other comprehensive loss | (4,358 | ) | (3,964 | ) | |||
Total Equity | 12,991 | 11,657 | |||||
Total Liabilities and Equity | $ | 45,680 | $ | 43,396 |
2021 | 2020 | ||||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Short-term debt | $ | 69 | $ | 1,168 | |||||||
Long-term debt due within one year | 474 | 1,074 | |||||||||
Accounts payable | 679 | 745 | |||||||||
Taxes | 96 | 69 | |||||||||
Interest | 81 | 113 | |||||||||
Dividends | 305 | 319 | |||||||||
Regulatory liabilities | 182 | 79 | |||||||||
Other current liabilities | 437 | 465 | |||||||||
Current liabilities held for sale (Note 9) | — | 11,023 | |||||||||
Total Current Liabilities | 2,323 | 15,055 | |||||||||
Long-term Debt | 10,666 | 13,615 | |||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||
Deferred income taxes | 3,151 | 2,536 | |||||||||
Investment tax credits | 119 | 122 | |||||||||
Accrued pension obligations | 183 | 189 | |||||||||
Asset retirement obligations | 157 | 132 | |||||||||
Regulatory liabilities | 2,422 | 2,530 | |||||||||
Other deferred credits and noncurrent liabilities | 479 | 564 | |||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 6,511 | 6,073 | |||||||||
Commitments and Contingent Liabilities (Notes 7 and 14) | 0 | 0 | |||||||||
Equity | |||||||||||
Common stock - $0.01 par value (a) | 8 | 8 | |||||||||
Additional paid-in capital | 12,303 | 12,270 | |||||||||
Treasury stock | (1,003) | — | |||||||||
Earnings reinvested | 2,572 | 5,315 | |||||||||
Accumulated other comprehensive loss | (157) | (4,220) | |||||||||
Total Equity | 13,723 | 13,373 | |||||||||
Total Liabilities and Equity | $ | 33,223 | $ | 48,116 |
PPL Shareowners | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Shareowners | Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Treasury Stock | Earnings reinvested | Accumulated other comprehensive loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 720,323 | $ | 7 | $ | 11,021 | $ | — | $ | 4,593 | $ | (3,964) | $ | 11,657 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | 46,910 | 1 | 1,184 | 1,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Accumulated other comprehensive loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | Stock-based compensation | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 1,128 | 1,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 1,746 | 1,746 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents (b) | (1,086 | ) | (1,086 | ) | Dividends and dividend equivalents (b) | (1,212) | (1,212) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 356 | 356 | Other comprehensive income (loss) | (394) | (394) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | 693,398 | $ | 7 | $ | 10,305 | $ | 3,871 | $ | (3,422 | ) | $ | 10,761 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 767,233 | $ | 8 | $ | 12,214 | $ | — | $ | 5,127 | $ | (4,358) | $ | 12,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 26,925 | 718 | 718 | Common stock issued | 1,674 | 51 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | (2 | ) | (2 | ) | Stock-based compensation | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 1,827 | 1,827 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 1,469 | 1,469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents (b) | (1,156 | ) | (1,156 | ) | Dividends and dividend equivalents (b) | (1,279) | (1,279) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (491 | ) | (491 | ) | Other comprehensive income (loss) | 138 | 138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of reclassification of certain tax effects from AOCI guidance cumulative effect adjustment (Note 1) | 51 | (51 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 720,323 | $ | 7 | $ | 11,021 | $ | 4,593 | $ | (3,964 | ) | $ | 11,657 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of financial instrument credit losses guidance cumulative effect adjustment (Note 1) | Adoption of financial instrument credit losses guidance cumulative effect adjustment (Note 1) | (2) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 768,907 | $ | 8 | $ | 12,270 | $ | — | $ | 5,315 | $ | (4,220) | $ | 13,373 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 46,910 | 1 | 1,184 | 1,185 | Common stock issued | 983 | 29 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | Treasury stock | (34,778) | (1,003) | (1,003) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 9 | 9 | Stock-based compensation | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 1,746 | 1,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (1,480) | (1,480) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents (b) | (1,212 | ) | (1,212 | ) | Dividends and dividend equivalents (b) | (1,263) | (1,263) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (394 | ) | (394 | ) | Other comprehensive income (loss) | 4,063 | 4,063 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 767,233 | $ | 8 | $ | 12,214 | $ | 5,127 | $ | (4,358 | ) | $ | 12,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 735,112 | $ | 8 | $ | 12,303 | $ | (1,003) | $ | 2,572 | $ | (157) | $ | 13,723 |
(a)Shares in thousands. Each share entitles the holder to 1 vote on any question presented at any shareowners' meeting. (b)Dividends declared per share of common stock at December 31, 2021, 2020 and 2019 were: $1.66, $1.66 and $1.65. |
2021 | 2020 | 2019 | |||||||||||||||
Operating Revenues | $ | 2,402 | $ | 2,331 | $ | 2,358 | |||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Energy purchases | 566 | 491 | 549 | ||||||||||||||
Other operation and maintenance | 557 | 513 | 566 | ||||||||||||||
Depreciation | 424 | 403 | 386 | ||||||||||||||
Taxes, other than income | 120 | 107 | 112 | ||||||||||||||
Total Operating Expenses | 1,667 | 1,514 | 1,613 | ||||||||||||||
Operating Income | 735 | 817 | 745 | ||||||||||||||
Other Income (Expense) - net | 21 | 18 | 25 | ||||||||||||||
Interest Income from Affiliate | 5 | 2 | 6 | ||||||||||||||
Interest Expense | 162 | 173 | 170 | ||||||||||||||
Income Before Income Taxes | 599 | 664 | 606 | ||||||||||||||
Income Taxes | 154 | 167 | 149 | ||||||||||||||
Net Income (a) | $ | 445 | $ | 497 | $ | 457 |
2019 | 2018 | 2017 | |||||||||
Operating Revenues | $ | 2,358 | $ | 2,277 | $ | 2,195 | |||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Energy purchases | 549 | 544 | 507 | ||||||||
Other operation and maintenance | 566 | 578 | 572 | ||||||||
Depreciation | 386 | 352 | 309 | ||||||||
Taxes, other than income | 112 | 109 | 107 | ||||||||
Total Operating Expenses | 1,613 | 1,583 | 1,495 | ||||||||
Operating Income | 745 | 694 | 700 | ||||||||
Other Income (Expense) - net | 25 | 23 | 12 | ||||||||
Interest Income from Affiliate | 6 | 8 | 5 | ||||||||
Interest Expense | 170 | 159 | 142 | ||||||||
Income Before Income Taxes | 606 | 566 | 575 | ||||||||
Income Taxes | 149 | 136 | 213 | ||||||||
Net Income (a) | $ | 457 | $ | 430 | $ | 362 |
2021 | 2020 | 2019 | |||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income | $ | 445 | $ | 497 | $ | 457 | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||||||||
Depreciation | 424 | 403 | 386 | ||||||||||||||
Amortization | 19 | 26 | 24 | ||||||||||||||
Defined benefit plans expense (income) | (10) | (1) | — | ||||||||||||||
Deferred income taxes and investment tax credits | 79 | 83 | 90 | ||||||||||||||
Other | (19) | (5) | (19) | ||||||||||||||
Change in current assets and current liabilities | |||||||||||||||||
Accounts receivable | (9) | (47) | 33 | ||||||||||||||
Accounts payable | (3) | 21 | 5 | ||||||||||||||
Unbilled revenues | (8) | 13 | (14) | ||||||||||||||
Materials and supplies | (5) | (18) | (8) | ||||||||||||||
Prepayments | (4) | (3) | (1) | ||||||||||||||
Regulatory assets and liabilities, net | 96 | (40) | (43) | ||||||||||||||
Taxes payable | 14 | 4 | 1 | ||||||||||||||
Other | (1) | (10) | (3) | ||||||||||||||
Other operating activities | |||||||||||||||||
Defined benefit plans - funding | (21) | (21) | (21) | ||||||||||||||
Other assets | (12) | (28) | 15 | ||||||||||||||
Other liabilities | (16) | 10 | 11 | ||||||||||||||
Net cash provided by operating activities | 969 | 884 | 913 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Expenditures for property, plant and equipment | (898) | (1,145) | (1,114) | ||||||||||||||
Expenditures for intangible assets | (6) | (9) | (7) | ||||||||||||||
Increase in notes receivable from affiliate | (499) | — | — | ||||||||||||||
Other investing activities | 3 | 3 | 4 | ||||||||||||||
Net cash used in investing activities | (1,400) | (1,151) | (1,117) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Issuance of long-term debt | 650 | 250 | 393 | ||||||||||||||
Retirement of long-term debt | (400) | — | (100) | ||||||||||||||
Contributions from parent | 1,075 | 940 | 400 | ||||||||||||||
Payment of common stock dividends to parent | (334) | (400) | (486) | ||||||||||||||
Return of capital to parent | (574) | (745) | — | ||||||||||||||
Other financing activities | (5) | (2) | (8) | ||||||||||||||
Net cash provided by financing activities | 412 | 43 | 199 | ||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (19) | (224) | (5) | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 40 | 264 | 269 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 21 | $ | 40 | $ | 264 | |||||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Interest - net of amount capitalized | $ | 156 | $ | 158 | $ | 154 | |||||||||||
Income taxes - net | $ | 64 | $ | 67 | $ | 32 | |||||||||||
Significant non-cash transactions: | |||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 118 | $ | 156 | $ | 180 |
2019 | 2018 | 2017 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 457 | $ | 430 | $ | 362 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||
Depreciation | 386 | 352 | 309 | ||||||||
Amortization | 24 | 22 | 33 | ||||||||
Defined benefit plans - expense | — | 3 | 12 | ||||||||
Deferred income taxes and investment tax credits | 90 | 125 | 258 | ||||||||
Other | (19 | ) | (4 | ) | (8 | ) | |||||
Change in current assets and current liabilities | |||||||||||
Accounts receivable | 33 | 47 | (57 | ) | |||||||
Accounts payable | 5 | 10 | 3 | ||||||||
Unbilled revenues | (14 | ) | 7 | (13 | ) | ||||||
Prepayments | (1 | ) | 1 | 3 | |||||||
Regulatory assets and liabilities | (43 | ) | (19 | ) | (5 | ) | |||||
Taxes payable | 1 | 4 | (4 | ) | |||||||
Other | (11 | ) | 10 | (1 | ) | ||||||
Other operating activities | |||||||||||
Defined benefit plans - funding | (21 | ) | (28 | ) | (24 | ) | |||||
Other assets | 15 | (37 | ) | 15 | |||||||
Other liabilities | 11 | 55 | (3 | ) | |||||||
Net cash provided by operating activities | 913 | 978 | 880 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Expenditures for property, plant and equipment | (1,114 | ) | (1,192 | ) | (1,244 | ) | |||||
Expenditures for intangible assets | (7 | ) | (4 | ) | (10 | ) | |||||
Other investing activities | 4 | 3 | 2 | ||||||||
Net cash used in investing activities | (1,117 | ) | (1,193 | ) | (1,252 | ) | |||||
Cash Flows from Financing Activities | |||||||||||
Issuance of long-term debt | 393 | 398 | 470 | ||||||||
Retirement of long-term debt | (100 | ) | — | — | |||||||
Contributions from PPL | 400 | 429 | 575 | ||||||||
Payment of common stock dividends to parent | (486 | ) | (390 | ) | (336 | ) | |||||
Net decrease in short-term debt | — | (295 | ) | ||||||||
Other financing activities | (8 | ) | (4 | ) | (6 | ) | |||||
Net cash provided by financing activities | 199 | 433 | 408 | ||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (5 | ) | 218 | 36 | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 269 | 51 | 15 | ||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 264 | $ | 269 | $ | 51 | |||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Cash paid (received) during the period for: | |||||||||||
Interest - net of amount capitalized | $ | 154 | $ | 144 | $ | 128 | |||||
Income taxes - net | $ | 32 | $ | (20 | ) | $ | 4 | ||||
Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 180 | $ | 158 | $ | 133 |
2021 | 2020 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 21 | $ | 40 | |||||||
Accounts receivable (less reserve: 2021, $31; 2020, $41) | |||||||||||
Customer | 305 | 311 | |||||||||
Other | 22 | 17 | |||||||||
Accounts receivable from affiliates | 11 | 10 | |||||||||
Notes receivable from affiliate | 499 | — | |||||||||
Unbilled revenues (less reserve: 2021, $2; 2020, $2) | 129 | 121 | |||||||||
Materials and supplies | 61 | 59 | |||||||||
Prepayments | 13 | 9 | |||||||||
Regulatory assets | 22 | 40 | |||||||||
Other current assets | 21 | 13 | |||||||||
Total Current Assets | 1,104 | 620 | |||||||||
Property, Plant and Equipment | |||||||||||
Regulated utility plant | 14,082 | 13,514 | |||||||||
Less: accumulated depreciation - regulated utility plant | 3,386 | 3,297 | |||||||||
Regulated utility plant, net | 10,696 | 10,217 | |||||||||
Construction work in progress | 581 | 592 | |||||||||
Property, Plant and Equipment, net | 11,277 | 10,809 | |||||||||
Other Noncurrent Assets | |||||||||||
Regulatory assets | 488 | 541 | |||||||||
Intangibles | 270 | 268 | |||||||||
Pension benefit asset | 50 | 12 | |||||||||
Other noncurrent assets (less reserve for accounts receivable: 2021, $2; 2020, $0) | 113 | 74 | |||||||||
Total Other Noncurrent Assets | 921 | 895 | |||||||||
Total Assets | $ | 13,302 | $ | 12,324 |
2019 | 2018 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 262 | $ | 267 | |||
Accounts receivable (less reserve: 2019, $28; 2018, $27) | |||||||
Customer | 258 | 264 | |||||
Other | 22 | 38 | |||||
Accounts receivable from affiliates | 11 | 11 | |||||
Unbilled revenues | 134 | 120 | |||||
Materials and supplies | 33 | 25 | |||||
Prepayments | 6 | 5 | |||||
Regulatory assets | 26 | 11 | |||||
Other current assets | 9 | 9 | |||||
Total Current Assets | 761 | 750 | |||||
Property, Plant and Equipment | |||||||
Regulated utility plant | 12,589 | 11,637 | |||||
Less: accumulated depreciation - regulated utility plant | 3,078 | 2,856 | |||||
Regulated utility plant, net | 9,511 | 8,781 | |||||
Construction work in progress | 597 | 586 | |||||
Property, Plant and Equipment, net | 10,108 | 9,367 | |||||
Other Noncurrent Assets | |||||||
Regulatory assets | 726 | 824 | |||||
Intangibles | 263 | 260 | |||||
Other noncurrent assets | 43 | 42 | |||||
Total Other Noncurrent Assets | 1,032 | 1,126 | |||||
Total Assets | $ | 11,901 | $ | 11,243 |
2019 | 2018 | 2021 | 2020 | |||||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||
Long-term debt due within one year | Long-term debt due within one year | $ | 474 | $ | 400 | |||||||||||||
Accounts payable | $ | 438 | $ | 418 | Accounts payable | 367 | 428 | |||||||||||
Accounts payable to affiliates | 32 | 25 | Accounts payable to affiliates | 56 | 39 | |||||||||||||
Taxes | 13 | 12 | Taxes | 31 | 17 | |||||||||||||
Interest | 41 | 37 | Interest | 35 | 39 | |||||||||||||
Regulatory liabilities | 96 | 74 | Regulatory liabilities | 153 | 68 | |||||||||||||
Other current liabilities | 93 | 101 | Other current liabilities | 108 | 105 | |||||||||||||
Total Current Liabilities | 713 | 667 | Total Current Liabilities | 1,224 | 1,096 | |||||||||||||
Long-term Debt | 3,985 | 3,694 | Long-term Debt | 4,010 | 3,836 | |||||||||||||
Deferred Credits and Other Noncurrent Liabilities | Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||
Deferred income taxes | 1,447 | 1,320 | Deferred income taxes | 1,668 | 1,559 | |||||||||||||
Accrued pension obligations | 179 | 282 | Accrued pension obligations | 8 | 8 | |||||||||||||
Regulatory liabilities | 599 | 675 | Regulatory liabilities | 559 | 578 | |||||||||||||
Other deferred credits and noncurrent liabilities | 146 | 144 | Other deferred credits and noncurrent liabilities | 97 | 123 | |||||||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 2,371 | 2,421 | Total Deferred Credits and Other Noncurrent Liabilities | 2,332 | 2,268 | |||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | ||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 14) | Commitments and Contingent Liabilities (Notes 7 and 14) | 0 | 0 | |||||||||||||||
Equity | Equity | |||||||||||||||||
Common stock - no par value (a) | 364 | 364 | Common stock - no par value (a) | 364 | 364 | |||||||||||||
Additional paid-in capital | 3,558 | 3,158 | Additional paid-in capital | 4,254 | 3,753 | |||||||||||||
Earnings reinvested | 910 | 939 | Earnings reinvested | 1,118 | 1,007 | |||||||||||||
Total Equity | 4,832 | 4,461 | Total Equity | 5,736 | 5,124 | |||||||||||||
Total Liabilities and Equity | $ | 11,901 | $ | 11,243 | Total Liabilities and Equity | $ | 13,302 | $ | 12,324 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||||||||||||||||||||
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | 66,368 | $ | 364 | $ | 2,154 | $ | 873 | $ | 3,391 | ||||||||||||||||||||||||||||||||||||||
Net income | 362 | 362 | |||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from parent | 575 | 575 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | (336 | ) | (336 | ) | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | 66,368 | $ | 364 | $ | 2,729 | $ | 899 | $ | 3,992 | ||||||||||||||||||||||||||||||||||||||
Net income | 430 | 430 | |||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from parent | 429 | 429 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | (390 | ) | (390 | ) | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 66,368 | $ | 364 | $ | 3,158 | $ | 939 | $ | 4,461 | December 31, 2018 | 66,368 | $ | 364 | $ | 3,158 | $ | 939 | $ | 4,461 | ||||||||||||||||||||||||||||
Net income | 457 | 457 | Net income | 457 | 457 | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from parent | 400 | 400 | Capital contributions from parent | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | (486 | ) | (486 | ) | Dividends declared on common stock | (486) | (486) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 66,368 | $ | 364 | $ | 3,558 | $ | 910 | $ | 4,832 | December 31, 2019 | 66,368 | $ | 364 | $ | 3,558 | $ | 910 | $ | 4,832 | ||||||||||||||||||||||||||||
Net income | Net income | 497 | 497 | ||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from parent | Capital contributions from parent | 940 | 940 | ||||||||||||||||||||||||||||||||||||||||||||
Return of capital to parent | Return of capital to parent | (745) | (745) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | Dividends declared on common stock | (400) | (400) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 66,368 | $ | 364 | $ | 3,753 | $ | 1,007 | $ | 5,124 | |||||||||||||||||||||||||||||||||||||
Net income | Net income | 445 | 445 | ||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from parent | Capital contributions from parent | 1,075 | 1,075 | ||||||||||||||||||||||||||||||||||||||||||||
Return of capital to parent | Return of capital to parent | (574) | (574) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | Dividends declared on common stock | (334) | (334) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 66,368 | $ | 364 | $ | 4,254 | $ | 1,118 | $ | 5,736 |
2019 | 2018 | 2017 | |||||||||
Operating Revenues | $ | 3,206 | $ | 3,214 | $ | 3,156 | |||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 709 | 799 | 759 | ||||||||
Energy purchases | 174 | 201 | 178 | ||||||||
Other operation and maintenance | 861 | 848 | 801 | ||||||||
Depreciation | 547 | 475 | 439 | ||||||||
Taxes, other than income | 74 | 70 | 65 | ||||||||
Total Operating Expenses | 2,365 | 2,393 | 2,242 | ||||||||
Operating Income | 841 | 821 | 914 | ||||||||
Other Income (Expense) - net | (13 | ) | (16 | ) | (8 | ) | |||||
Interest Expense | 226 | 206 | 197 | ||||||||
Interest Expense with Affiliate | 31 | 25 | 18 | ||||||||
Income Before Income Taxes | 571 | 574 | 691 | ||||||||
Income Taxes | 103 | 129 | 375 | ||||||||
Net Income | $ | 468 | $ | 445 | $ | 316 |
2019 | 2018 | 2017 | |||||||||
Net income | $ | 468 | $ | 445 | $ | 316 | |||||
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 $0, $0, $1 | (1 | ) | — | (2 | ) | ||||||
Net actuarial gain (loss), net of tax of $2, ($2), $13 | (6 | ) | 7 | (23 | ) | ||||||
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 | ||||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of $0, $0, ($1) | 1 | 2 | 1 | ||||||||
Net actuarial (gain) loss, net of tax of $1, ($3), ($2) | 2 | 8 | 5 | ||||||||
Total other comprehensive income (loss) | (4 | ) | 17 | (18 | ) | ||||||
Comprehensive income | $ | 464 | $ | 462 | $ | 298 |
2019 | 2018 | 2017 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 468 | $ | 445 | $ | 316 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||
Depreciation | 547 | 475 | 439 | ||||||||
Amortization | 27 | 18 | 24 | ||||||||
Defined benefit plans - expense | 11 | 17 | 25 | ||||||||
Deferred income taxes and investment tax credits | 82 | 94 | 294 | ||||||||
Other | (3 | ) | (4 | ) | — | ||||||
Change in current assets and current liabilities | |||||||||||
Accounts receivable | (16 | ) | 1 | (12 | ) | ||||||
Accounts payable | (26 | ) | 39 | (9 | ) | ||||||
Accounts payable to affiliates | 2 | 2 | 2 | ||||||||
Unbilled revenues | 5 | 34 | (33 | ) | |||||||
Fuel, materials and supplies | — | 7 | 45 | ||||||||
Regulatory assets and liabilities, net | (45 | ) | 32 | (7 | ) | ||||||
Taxes payable | (5 | ) | (3 | ) | 27 | ||||||
Other | (8 | ) | (24 | ) | 41 | ||||||
Other operating activities | |||||||||||
Defined benefit plans - funding | (34 | ) | (131 | ) | (35 | ) | |||||
Expenditures for asset retirement obligations | (89 | ) | (72 | ) | (34 | ) | |||||
Other assets | (3 | ) | (24 | ) | 8 | ||||||
Other liabilities | 25 | 9 | 8 | ||||||||
Net cash provided by operating activities | 938 | 915 | 1,099 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Expenditures for property, plant and equipment | (1,094 | ) | (1,117 | ) | (892 | ) | |||||
Other investing activities | — | 1 | 4 | ||||||||
Net cash used in investing activities | (1,094 | ) | (1,116 | ) | (888 | ) | |||||
Cash Flows from Financing Activities | |||||||||||
Net increase (decrease) in notes payable with affiliates | 37 | (112 | ) | 62 | |||||||
Issuance of long-term note with affiliate | — | 250 | — | ||||||||
Issuance of long-term debt | 705 | 118 | 160 | ||||||||
Retirement of long-term debt | (200 | ) | (27 | ) | (70 | ) | |||||
Acquisition of outstanding bonds | (40 | ) | — | — | |||||||
Remarketing of reacquired bonds | 40 | — | — | ||||||||
Distributions to member | (308 | ) | (302 | ) | (402 | ) | |||||
Contributions from member | 63 | — | — | ||||||||
Net increase (decrease) in short-term debt | (126 | ) | 270 | 59 | |||||||
Other financing activities | (12 | ) | (2 | ) | (3 | ) | |||||
Net cash provided by (used in) financing activities | 159 | 195 | (194 | ) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 3 | (6 | ) | 17 | |||||||
Cash and Cash Equivalents at Beginning of Period | 24 | 30 | 13 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 27 | $ | 24 | $ | 30 | |||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Cash paid (received) during the period for: | |||||||||||
Interest - net of amount capitalized | $ | 237 | $ | 218 | $ | 204 | |||||
Income taxes - net | $ | 29 | $ | 46 | $ | 48 | |||||
Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 113 | $ | 150 | $ | 174 |
2019 | 2018 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 27 | $ | 24 | |||
Accounts receivable (less reserve: 2019, $28; 2018, $27) | |||||||
Customer | 260 | 239 | |||||
Other | 71 | 63 | |||||
Unbilled revenues | 164 | 169 | |||||
Fuel, materials and supplies | 250 | 248 | |||||
Prepayments | 30 | 25 | |||||
Regulatory assets | 41 | 25 | |||||
Other current assets | 2 | — | |||||
Total Current Assets | 845 | 793 | |||||
Property, Plant and Equipment | |||||||
Regulated utility plant | 14,646 | 13,721 | |||||
Less: accumulated depreciation - regulated utility plant | 2,356 | 2,125 | |||||
Regulated utility plant, net | 12,290 | 11,596 | |||||
Construction work in progress | 794 | 1,018 | |||||
Property, Plant and Equipment, net | 13,084 | 12,614 | |||||
Other Noncurrent Assets | |||||||
Regulatory assets | 766 | 849 | |||||
Goodwill | 996 | 996 | |||||
Other intangibles | 69 | 78 | |||||
Other noncurrent assets | 171 | 82 | |||||
Total Other Noncurrent Assets | 2,002 | 2,005 | |||||
Total Assets | $ | 15,931 | $ | 15,412 |
2019 | 2018 | ||||||
Liabilities and Equity | |||||||
Current Liabilities | |||||||
Short-term debt | $ | 388 | $ | 514 | |||
Long-term debt due within one year | 975 | 530 | |||||
Notes payable with affiliates | 150 | 113 | |||||
Accounts payable | 316 | 366 | |||||
Accounts payable to affiliates | 11 | 9 | |||||
Customer deposits | 62 | 61 | |||||
Taxes | 58 | 63 | |||||
Price risk management liabilities | 4 | 4 | |||||
Regulatory liabilities | 19 | 48 | |||||
Interest | 40 | 32 | |||||
Asset retirement obligations | 70 | 82 | |||||
Other current liabilities | 153 | 126 | |||||
Total Current Liabilities | 2,246 | 1,948 | |||||
Long-term Debt | |||||||
Long-term debt | 4,377 | 4,322 | |||||
Long-term debt to affiliate | 650 | 650 | |||||
Total Long-term Debt | 5,027 | 4,972 | |||||
Deferred Credits and Other Noncurrent Liabilities | |||||||
Deferred income taxes | 1,069 | 956 | |||||
Investment tax credits | 124 | 126 | |||||
Price risk management liabilities | 17 | 16 | |||||
Accrued pension obligations | 233 | 282 | |||||
Asset retirement obligations | 145 | 214 | |||||
Regulatory liabilities | 1,973 | 2,039 | |||||
Other deferred credits and noncurrent liabilities | 155 | 136 | |||||
Total Deferred Credits and Other Noncurrent Liabilities | 3,716 | 3,769 | |||||
Commitments and Contingent Liabilities (Notes 7 and 13) | |||||||
Member's equity | 4,942 | 4,723 | |||||
Total Liabilities and Equity | $ | 15,931 | $ | 15,412 |
Member's Equity | |||
December 31, 2016 | $ | 4,667 | |
Net income | 316 | ||
Distributions to member | (402 | ) | |
Other comprehensive income (loss) | (18 | ) | |
December 31, 2017 | $ | 4,563 | |
Net income | $ | 445 | |
Distributions to member | (302 | ) | |
Other comprehensive income (loss) | 17 | ||
December 31, 2018 | $ | 4,723 | |
Net income | $ | 468 | |
Contributions from member | 63 | ||
Distributions to member | (308 | ) | |
Other comprehensive income (loss) | (4 | ) | |
December 31, 2019 | $ | 4,942 |
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Operating Revenues | Operating Revenues | |||||||||||||||||||||||||||
Retail and wholesale | $ | 1,473 | $ | 1,467 | $ | 1,422 | Retail and wholesale | $ | 1,545 | $ | 1,435 | $ | 1,473 | |||||||||||||||
Electric revenue from affiliate | 27 | 29 | 31 | Electric revenue from affiliate | 24 | 21 | 27 | |||||||||||||||||||||
Total Operating Revenues | 1,500 | 1,496 | 1,453 | Total Operating Revenues | 1,569 | 1,456 | 1,500 | |||||||||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||||
Operation | Operation | |||||||||||||||||||||||||||
Fuel | 289 | 308 | 292 | Fuel | 265 | 246 | 289 | |||||||||||||||||||||
Energy purchases | 154 | 183 | 160 | Energy purchases | 167 | 125 | 154 | |||||||||||||||||||||
Energy purchases from affiliate | 7 | 13 | 10 | Energy purchases from affiliate | 23 | 19 | 7 | |||||||||||||||||||||
Other operation and maintenance | 387 | 376 | 350 | Other operation and maintenance | 400 | 373 | 387 | |||||||||||||||||||||
Depreciation | 231 | 195 | 183 | Depreciation | 279 | 259 | 231 | |||||||||||||||||||||
Taxes, other than income | 39 | 36 | 33 | Taxes, other than income | 46 | 40 | 39 | |||||||||||||||||||||
Total Operating Expenses | 1,107 | 1,111 | 1,028 | Total Operating Expenses | 1,180 | 1,062 | 1,107 | |||||||||||||||||||||
Operating Income | 393 | 385 | 425 | Operating Income | 389 | 394 | 393 | |||||||||||||||||||||
Other Income (Expense) – net | (11 | ) | (12 | ) | (10 | ) | Other Income (Expense) – net | (5) | (1) | (11) | ||||||||||||||||||
Interest Expense | 87 | 76 | 71 | Interest Expense | 81 | 87 | 87 | |||||||||||||||||||||
Income Before Income Taxes | 295 | 297 | 344 | Income Before Income Taxes | 303 | 306 | 295 | |||||||||||||||||||||
Income Taxes | 63 | 64 | 131 | Income Taxes | 54 | 62 | 63 | |||||||||||||||||||||
Net Income (a) | $ | 232 | $ | 233 | $ | 213 | Net Income (a) | $ | 249 | $ | 244 | $ | 232 |
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||
Net income | $ | 232 | $ | 233 | $ | 213 | Net income | $ | 249 | $ | 244 | $ | 232 | |||||||||||||||
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 | 231 | 195 | 183 | Depreciation | 279 | 259 | 231 | |||||||||||||||||||||
Amortization | 15 | 14 | 14 | Amortization | 2 | 9 | 15 | |||||||||||||||||||||
Defined benefit plans - expense | 3 | 3 | 7 | Defined benefit plans - expense | 1 | 3 | 3 | |||||||||||||||||||||
Deferred income taxes and investment tax credits | 56 | 60 | 126 | Deferred income taxes and investment tax credits | 8 | 3 | 56 | |||||||||||||||||||||
Other | — | — | 1 | |||||||||||||||||||||||||
Change in current assets and current liabilities | Change in current assets and current liabilities | |||||||||||||||||||||||||||
Accounts receivable | (9 | ) | 4 | (7 | ) | Accounts receivable | (11) | (3) | (9) | |||||||||||||||||||
Accounts receivable from affiliates | 6 | — | 4 | Accounts receivable from affiliates | (13) | 4 | 6 | |||||||||||||||||||||
Accounts payable | (10 | ) | 10 | (7 | ) | Accounts payable | 32 | (18) | (10) | |||||||||||||||||||
Accounts payable to affiliates | 5 | 1 | (4 | ) | Accounts payable to affiliates | (4) | (5) | 5 | ||||||||||||||||||||
Unbilled revenues | 1 | 14 | (16 | ) | Unbilled revenues | (1) | (3) | 1 | ||||||||||||||||||||
Fuel, materials and supplies | 5 | 4 | 12 | Fuel, materials and supplies | (17) | 4 | 5 | |||||||||||||||||||||
Regulatory assets and liabilities, net | (19 | ) | 5 | (5 | ) | Regulatory assets and liabilities, net | (23) | — | (19) | |||||||||||||||||||
Taxes payable | 7 | 1 | (15 | ) | Taxes payable | 2 | (1) | 7 | ||||||||||||||||||||
Other | (5 | ) | (10 | ) | 16 | Other | (18) | (3) | (5) | |||||||||||||||||||
Other operating activities | Other operating activities | |||||||||||||||||||||||||||
Defined benefit plans - funding | (6 | ) | (61 | ) | (4 | ) | Defined benefit plans - funding | (3) | (11) | (6) | ||||||||||||||||||
Expenditures for asset retirement obligations | (30 | ) | (22 | ) | (15 | ) | Expenditures for asset retirement obligations | (27) | (20) | (30) | ||||||||||||||||||
Other assets | (1 | ) | (12 | ) | 5 | Other assets | 2 | (2) | (1) | |||||||||||||||||||
Other liabilities | 11 | 4 | 4 | Other liabilities | — | 23 | 11 | |||||||||||||||||||||
Net cash provided by operating activities | 492 | 443 | 512 | Net cash provided by operating activities | 458 | 483 | 492 | |||||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||||||
Expenditures for property, plant and equipment | (482 | ) | (554 | ) | (458 | ) | Expenditures for property, plant and equipment | (466) | (456) | (482) | ||||||||||||||||||
Net cash used in investing activities | (482 | ) | (554 | ) | (458 | ) | Net cash used in investing activities | (466) | (456) | (482) | ||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||||||
Net increase in notes payable with affiliates | Net increase in notes payable with affiliates | 324 | — | — | ||||||||||||||||||||||||
Issuance of long-term debt | 399 | 100 | 160 | Issuance of long-term debt | — | — | 399 | |||||||||||||||||||||
Retirement of long-term debt | (200 | ) | — | (70 | ) | Retirement of long-term debt | — | — | (200) | |||||||||||||||||||
Acquisition of outstanding bonds | (40 | ) | — | — | Acquisition of outstanding bonds | — | — | (40) | ||||||||||||||||||||
Remarketing of reacquired bonds | 40 | — | — | Remarketing of reacquired bonds | — | — | 40 | |||||||||||||||||||||
Payment of common stock dividends to parent | (182 | ) | (156 | ) | (192 | ) | Payment of common stock dividends to parent | (192) | (161) | (182) | ||||||||||||||||||
Contributions from parent | 25 | 83 | 30 | Contributions from parent | 74 | 103 | 25 | |||||||||||||||||||||
Net increase (decrease) in short-term debt | (41 | ) | 80 | 30 | ||||||||||||||||||||||||
Issuance of commercial paper | Issuance of commercial paper | — | 41 | — | ||||||||||||||||||||||||
Retirement of commercial paper | Retirement of commercial paper | (41) | — | — | ||||||||||||||||||||||||
Net decrease in short-term debt | Net decrease in short-term debt | (152) | (17) | (41) | ||||||||||||||||||||||||
Other financing activities | (6 | ) | (1 | ) | (2 | ) | Other financing activities | (3) | (1) | (6) | ||||||||||||||||||
Net cash provided by (used in) financing activities | (5 | ) | 106 | (44 | ) | Net cash provided by (used in) financing activities | 10 | (35) | (5) | |||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 5 | (5 | ) | 10 | Net Increase (Decrease) in Cash and Cash Equivalents | 2 | (8) | 5 | ||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 10 | 15 | 5 | Cash and Cash Equivalents at Beginning of Period | 7 | 15 | 10 | |||||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 15 | $ | 10 | $ | 15 | Cash and Cash Equivalents at End of Period | $ | 9 | $ | 7 | $ | 15 | |||||||||||||||
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information | |||||||||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||||||
Interest - net of amount capitalized | $ | 77 | $ | 71 | $ | 65 | Interest - net of amount capitalized | $ | 77 | $ | 82 | $ | 77 | |||||||||||||||
Income taxes - net | $ | 2 | $ | 7 | $ | 22 | Income taxes - net | $ | 52 | $ | 63 | $ | 2 | |||||||||||||||
Significant non-cash transactions: | Significant non-cash transactions: | |||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 59 | $ | 61 | $ | 92 | Accrued expenditures for property, plant and equipment at December 31, | $ | 60 | $ | 60 | $ | 59 |
2019 | 2018 | 2021 | 2020 | |||||||||||||||
Assets | Assets | |||||||||||||||||
Current Assets | Current Assets | |||||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 10 | Cash and cash equivalents | $ | 9 | $ | 7 | |||||||||
Accounts receivable (less reserve: 2019, $1; 2018, $1) | ||||||||||||||||||
Accounts receivable (less reserve: 2021, $3; 2020, $2) | Accounts receivable (less reserve: 2021, $3; 2020, $2) | |||||||||||||||||
Customer | 121 | 110 | Customer | 130 | 127 | |||||||||||||
Other | 41 | 30 | Other | 25 | 35 | |||||||||||||
Unbilled revenues | 76 | 77 | ||||||||||||||||
Unbilled revenues (less reserve: 2021, $0; 2020, $1) | Unbilled revenues (less reserve: 2021, $0; 2020, $1) | 80 | 79 | |||||||||||||||
Accounts receivable from affiliates | 18 | 24 | Accounts receivable from affiliates | 31 | 16 | |||||||||||||
Fuel, materials and supplies | 122 | 127 | Fuel, materials and supplies | 137 | 119 | |||||||||||||
Prepayments | 14 | 12 | Prepayments | 14 | 14 | |||||||||||||
Regulatory assets | 25 | 21 | Regulatory assets | 33 | 23 | |||||||||||||
Other current assets | 1 | — | Other current assets | 2 | 1 | |||||||||||||
Total Current Assets | 433 | 411 | Total Current Assets | 461 | 421 | |||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||||||||||
Regulated utility plant | 6,372 | 5,816 | Regulated utility plant | 7,192 | 6,735 | |||||||||||||
Less: accumulated depreciation - regulated utility plant | 846 | 741 | Less: accumulated depreciation - regulated utility plant | 1,172 | 1,020 | |||||||||||||
Regulated utility plant, net | 5,526 | 5,075 | Regulated utility plant, net | 6,020 | 5,715 | |||||||||||||
Construction work in progress | 297 | 514 | Construction work in progress | 242 | 320 | |||||||||||||
Property, Plant and Equipment, net | 5,823 | 5,589 | Property, Plant and Equipment, net | 6,262 | 6,035 | |||||||||||||
Other Noncurrent Assets | Other Noncurrent Assets | |||||||||||||||||
Regulatory assets | 380 | 431 | Regulatory assets | 337 | 351 | |||||||||||||
Goodwill | 389 | 389 | Goodwill | 389 | 389 | |||||||||||||
Other intangibles | 41 | 47 | Other intangibles | 30 | 35 | |||||||||||||
Other noncurrent assets | 67 | 16 | Other noncurrent assets | 113 | 114 | |||||||||||||
Total Other Noncurrent Assets | 877 | 883 | Total Other Noncurrent Assets | 869 | 889 | |||||||||||||
Total Assets | $ | 7,133 | $ | 6,883 | Total Assets | $ | 7,592 | $ | 7,345 |
2019 | 2018 | 2021 | 2020 | |||||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||
Short-term debt | $ | 238 | $ | 279 | Short-term debt | $ | 69 | $ | 262 | |||||||||
Notes payable with affiliates | Notes payable with affiliates | 324 | — | |||||||||||||||
Long-term debt due within one year | — | 434 | Long-term debt due within one year | — | 292 | |||||||||||||
Accounts payable | 172 | 172 | Accounts payable | 163 | 153 | |||||||||||||
Accounts payable to affiliates | 31 | 26 | Accounts payable to affiliates | 31 | 31 | |||||||||||||
Customer deposits | 31 | 29 | Customer deposits | 32 | 32 | |||||||||||||
Taxes | 33 | 26 | Taxes | 34 | 32 | |||||||||||||
Price risk management liabilities | 4 | 4 | Price risk management liabilities | 1 | 2 | |||||||||||||
Regulatory liabilities | 2 | 17 | Regulatory liabilities | 21 | — | |||||||||||||
Interest | 15 | 11 | Interest | 15 | 15 | |||||||||||||
Asset retirement obligations | 24 | 23 | Asset retirement obligations | 10 | 10 | |||||||||||||
Other current liabilities | 47 | 39 | Other current liabilities | 37 | 50 | |||||||||||||
Total Current Liabilities | 597 | 1,060 | Total Current Liabilities | 737 | 879 | |||||||||||||
Long-term Debt | 2,005 | 1,375 | Long-term Debt | 2,006 | 1,715 | |||||||||||||
Deferred Credits and Other Noncurrent Liabilities | Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||
Deferred income taxes | 697 | 628 | Deferred income taxes | 751 | 716 | |||||||||||||
Investment tax credits | 34 | 34 | Investment tax credits | 32 | 33 | |||||||||||||
Price risk management liabilities | 17 | 16 | Price risk management liabilities | 17 | 21 | |||||||||||||
Asset retirement obligations | 49 | 80 | Asset retirement obligations | 74 | 57 | |||||||||||||
Regulatory liabilities | 883 | 915 | Regulatory liabilities | 818 | 882 | |||||||||||||
Other deferred credits and noncurrent liabilities | 89 | 88 | Other deferred credits and noncurrent liabilities | 78 | 94 | |||||||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 1,769 | 1,761 | Total Deferred Credits and Other Noncurrent Liabilities | 1,770 | 1,803 | |||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | ||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 14) | Commitments and Contingent Liabilities (Notes 7 and 14) | 0 | 0 | |||||||||||||||
Equity | Equity | |||||||||||||||||
Common stock - no par value (a) | 424 | 424 | Common stock - no par value (a) | 424 | 424 | |||||||||||||
Additional paid-in capital | 1,820 | 1,795 | Additional paid-in capital | 1,997 | 1,923 | |||||||||||||
Earnings reinvested | 518 | 468 | Earnings reinvested | 658 | 601 | |||||||||||||
Total Equity | 2,762 | 2,687 | Total Equity | 3,079 | 2,948 | |||||||||||||
Total Liabilities and Equity | $ | 7,133 | $ | 6,883 | Total Liabilities and Equity | $ | 7,592 | $ | 7,345 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||||||||||||||||||||
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | 21,294 | $ | 424 | $ | 1,682 | $ | 370 | $ | 2,476 | ||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 21,294 | $ | 424 | $ | 1,795 | $ | 468 | $ | 2,687 | |||||||||||||||||||||||||||||||||||||
Net income | 213 | 213 | Net income | 232 | 232 | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from LKE | 30 | 30 | Capital contributions from LKE | 25 | 25 | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock | (192 | ) | (192 | ) | Cash dividends declared on common stock | (182) | (182) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | 21,294 | $ | 424 | $ | 1,712 | $ | 391 | $ | 2,527 | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 21,294 | $ | 424 | $ | 1,820 | $ | 518 | $ | 2,762 | |||||||||||||||||||||||||||||||||||||
Net income | 233 | 233 | Net income | 244 | 244 | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from LKE | 83 | 83 | Capital contributions from LKE | 103 | 103 | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock | (156 | ) | (156 | ) | Cash dividends declared on common stock | (161) | (161) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 21,294 | $ | 424 | $ | 1,795 | $ | 468 | $ | 2,687 | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 21,294 | $ | 424 | $ | 1,923 | $ | 601 | $ | 2,948 | |||||||||||||||||||||||||||||||||||||
Net income | 232 | 232 | Net income | 249 | 249 | ||||||||||||||||||||||||||||||||||||||||||
Capital contributions from LKE | 25 | 25 | Capital contributions from LKE | 74 | 74 | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock | (182 | ) | (182 | ) | Cash dividends declared on common stock | (192) | (192) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 21,294 | $ | 424 | $ | 1,820 | $ | 518 | $ | 2,762 | ||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 21,294 | $ | 424 | $ | 1,997 | $ | 658 | $ | 3,079 |
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Operating Revenues | Operating Revenues | |||||||||||||||||||||||||||
Retail and wholesale | $ | 1,733 | $ | 1,747 | $ | 1,734 | Retail and wholesale | $ | 1,803 | $ | 1,671 | $ | 1,733 | |||||||||||||||
Electric revenue from affiliate | 7 | 13 | 10 | Electric revenue from affiliate | 23 | 19 | 7 | |||||||||||||||||||||
Total Operating Revenues | 1,740 | 1,760 | 1,744 | Total Operating Revenues | 1,826 | 1,690 | 1,740 | |||||||||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||||
Operation | Operation | |||||||||||||||||||||||||||
Fuel | 420 | 491 | 467 | Fuel | 445 | 386 | 420 | |||||||||||||||||||||
Energy purchases | 20 | 18 | 18 | Energy purchases | 19 | 18 | 20 | |||||||||||||||||||||
Energy purchases from affiliate | 27 | 29 | 31 | Energy purchases from affiliate | 24 | 21 | 27 | |||||||||||||||||||||
Other operation and maintenance | 438 | 441 | 423 | Other operation and maintenance | 463 | 429 | 438 | |||||||||||||||||||||
Depreciation | 315 | 279 | 255 | Depreciation | 366 | 346 | 315 | |||||||||||||||||||||
Taxes, other than income | 35 | 34 | 32 | Taxes, other than income | 41 | 37 | 35 | |||||||||||||||||||||
Total Operating Expenses | 1,255 | 1,292 | 1,226 | Total Operating Expenses | 1,358 | 1,237 | 1,255 | |||||||||||||||||||||
Operating Income | 485 | 468 | 518 | Operating Income | 468 | 453 | 485 | |||||||||||||||||||||
Other Income (Expense) – net | (4 | ) | (6 | ) | (4 | ) | Other Income (Expense) – net | 4 | 3 | (4) | ||||||||||||||||||
Interest Expense | 109 | 100 | 96 | Interest Expense | 109 | 113 | 109 | |||||||||||||||||||||
Income Before Income Taxes | 372 | 362 | 418 | Income Before Income Taxes | 363 | 343 | 372 | |||||||||||||||||||||
Income Taxes | 79 | 76 | 159 | Income Taxes | 67 | 63 | 79 | |||||||||||||||||||||
Net Income (a) | $ | 293 | $ | 286 | $ | 259 | Net Income (a) | $ | 296 | $ | 280 | $ | 293 |
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||
Net income | $ | 293 | $ | 286 | $ | 259 | Net income | $ | 296 | $ | 280 | $ | 293 | |||||||||||||||
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 | 315 | 279 | 255 | Depreciation | 366 | 346 | 315 | |||||||||||||||||||||
Amortization | 10 | 3 | 9 | Amortization | 12 | 8 | 10 | |||||||||||||||||||||
Defined benefit plans - expense | (1 | ) | — | 4 | ||||||||||||||||||||||||
Defined benefit plans - expense (credit) | Defined benefit plans - expense (credit) | (3) | — | (1) | ||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 39 | 48 | 152 | Deferred income taxes and investment tax credits | 1 | 20 | 39 | |||||||||||||||||||||
Other | (3 | ) | (4 | ) | — | Other | (3) | (1) | (3) | |||||||||||||||||||
Change in current assets and current liabilities | Change in current assets and current liabilities | |||||||||||||||||||||||||||
Accounts receivable | (3 | ) | (4 | ) | (5 | ) | Accounts receivable | 6 | (13) | (3) | ||||||||||||||||||
Accounts receivable from affiliates | Accounts receivable from affiliates | 1 | (1) | — | ||||||||||||||||||||||||
Accounts payable | (15 | ) | 29 | — | Accounts payable | (12) | 9 | (15) | ||||||||||||||||||||
Accounts payable to affiliates | (2 | ) | (3 | ) | (6 | ) | Accounts payable to affiliates | 15 | (16) | (2) | ||||||||||||||||||
Unbilled revenues | 4 | 20 | (17 | ) | Unbilled revenues | 6 | (9) | 4 | ||||||||||||||||||||
Fuel, materials and supplies | (6 | ) | 3 | 32 | Fuel, materials and supplies | 1 | 6 | (6) | ||||||||||||||||||||
Regulatory assets and liabilities, net | (26 | ) | 27 | (2 | ) | Regulatory assets and liabilities, net | (22) | (26) | (26) | |||||||||||||||||||
Taxes payable | 2 | 5 | (26 | ) | Taxes payable | (10) | 2 | 2 | ||||||||||||||||||||
Other | (6 | ) | (3 | ) | 9 | Other | (18) | (5) | (6) | |||||||||||||||||||
Other operating activities | Other operating activities | |||||||||||||||||||||||||||
Defined benefit plans - funding | (3 | ) | (54 | ) | (23 | ) | Defined benefit plans - funding | (1) | (3) | (3) | ||||||||||||||||||
Expenditures for asset retirement obligations | (59 | ) | (50 | ) | (19 | ) | Expenditures for asset retirement obligations | (36) | (64) | (59) | ||||||||||||||||||
Other assets | (2 | ) | (12 | ) | 3 | Other assets | 9 | (2) | (2) | |||||||||||||||||||
Other liabilities | 16 | 11 | 9 | Other liabilities | — | 12 | 16 | |||||||||||||||||||||
Net cash provided by operating activities | 553 | 581 | 634 | Net cash provided by operating activities | 608 | 543 | 553 | |||||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||||||
Expenditures for property, plant and equipment | (610 | ) | (562 | ) | (432 | ) | Expenditures for property, plant and equipment | (560) | (510) | (610) | ||||||||||||||||||
Other investing activities | — | 1 | 4 | Other investing activities | 4 | 3 | — | |||||||||||||||||||||
Net cash used in investing activities | (610 | ) | (561 | ) | (428 | ) | Net cash used in investing activities | (556) | (507) | (610) | ||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||||||
Net increase in notes payable with affiliates | Net increase in notes payable with affiliates | 294 | — | — | ||||||||||||||||||||||||
Issuance of long-term debt | 306 | 18 | — | Issuance of long-term debt | — | 498 | 306 | |||||||||||||||||||||
Retirement of long-term debt | — | (27 | ) | — | Retirement of long-term debt | — | (500) | — | ||||||||||||||||||||
Payment of common stock dividends to parent | (229 | ) | (246 | ) | (226 | ) | Payment of common stock dividends to parent | (250) | (200) | (229) | ||||||||||||||||||
Contributions from parent | 68 | 45 | — | Contributions from parent | 100 | 128 | 68 | |||||||||||||||||||||
Issuance of commercial paper | Issuance of commercial paper | — | 32 | — | ||||||||||||||||||||||||
Retirement of commercial paper | Retirement of commercial paper | (32) | — | — | ||||||||||||||||||||||||
Net increase (decrease) in short-term debt | (85 | ) | 190 | 29 | Net increase (decrease) in short-term debt | (171) | 21 | (85) | ||||||||||||||||||||
Other financing activities | (5 | ) | (1 | ) | (1 | ) | Other financing activities | (2) | (5) | (5) | ||||||||||||||||||
Net cash provided by (used in) financing activities | 55 | (21 | ) | (198 | ) | Net cash provided by (used in) financing activities | (61) | (26) | 55 | |||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (2 | ) | (1 | ) | 8 | Net Increase (Decrease) in Cash and Cash Equivalents | (9) | 10 | (2) | |||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 14 | 15 | 7 | Cash and Cash Equivalents at Beginning of Period | 22 | 12 | 14 | |||||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 12 | $ | 14 | $ | 15 | Cash and Cash Equivalents at End of Period | $ | 13 | $ | 22 | $ | 12 | |||||||||||||||
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information | |||||||||||||||||||||||||||
Cash paid (received) during the period for: | ||||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||||||
Interest - net of amount capitalized | $ | 101 | $ | 95 | $ | 92 | Interest - net of amount capitalized | $ | 105 | $ | 109 | $ | 101 | |||||||||||||||
Income taxes - net | $ | 39 | $ | 25 | $ | 34 | Income taxes - net | $ | 72 | $ | 44 | $ | 39 | |||||||||||||||
Significant non-cash transactions: | Significant non-cash transactions: | |||||||||||||||||||||||||||
Accrued expenditures for property, plant and equipment at December 31, | $ | 54 | $ | 88 | $ | 82 | Accrued expenditures for property, plant and equipment at December 31, | $ | 67 | $ | 40 | $ | 54 |
2019 | 2018 | 2021 | 2020 | |||||||||||||||
Assets | Assets | |||||||||||||||||
Current Assets | Current Assets | |||||||||||||||||
Cash and cash equivalents | $ | 12 | $ | 14 | Cash and cash equivalents | $ | 13 | $ | 22 | |||||||||
Accounts receivable (less reserve: 2019, $1; 2018, $2) | ||||||||||||||||||
Accounts receivable (less reserve: 2021, $3; 2020, $1) | Accounts receivable (less reserve: 2021, $3; 2020, $1) | |||||||||||||||||
Customer | 139 | 129 | Customer | 144 | 156 | |||||||||||||
Other | 27 | 34 | Other | 12 | 30 | |||||||||||||
Unbilled revenues | 88 | 92 | ||||||||||||||||
Unbilled revenues (less reserve: 2021, $0; 2020, $1) | Unbilled revenues (less reserve: 2021, $0; 2020, $1) | 91 | 97 | |||||||||||||||
Accounts receivable from affiliates | Accounts receivable from affiliates | — | 1 | |||||||||||||||
Fuel, materials and supplies | 128 | 121 | Fuel, materials and supplies | 124 | 123 | |||||||||||||
Prepayments | 14 | 11 | Prepayments | 15 | 15 | |||||||||||||
Regulatory assets | 16 | 4 | Regulatory assets | 9 | 36 | |||||||||||||
Other current assets | 1 | — | Other current assets | 2 | 1 | |||||||||||||
Total Current Assets | 425 | 405 | Total Current Assets | 410 | 481 | |||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||||||||||
Regulated utility plant | 8,262 | 7,895 | Regulated utility plant | 9,219 | 8,808 | |||||||||||||
Less: accumulated depreciation - regulated utility plant | 1,507 | 1,382 | Less: accumulated depreciation - regulated utility plant | 1,929 | 1,690 | |||||||||||||
Regulated utility plant, net | 6,755 | 6,513 | Regulated utility plant, net | 7,290 | 7,118 | |||||||||||||
Construction work in progress | 496 | 503 | Construction work in progress | 378 | 321 | |||||||||||||
Property, Plant and Equipment, net | 7,251 | 7,016 | Property, Plant and Equipment, net | 7,668 | 7,439 | |||||||||||||
Other Noncurrent Assets | Other Noncurrent Assets | |||||||||||||||||
Regulatory assets | 386 | 418 | Regulatory assets | 411 | 370 | |||||||||||||
Goodwill | 607 | 607 | Goodwill | 607 | 607 | |||||||||||||
Other intangibles | 28 | 31 | Other intangibles | 23 | 26 | |||||||||||||
Other noncurrent assets | 128 | 63 | Other noncurrent assets | 153 | 149 | |||||||||||||
Total Other Noncurrent Assets | 1,149 | 1,119 | Total Other Noncurrent Assets | 1,194 | 1,152 | |||||||||||||
Total Assets | $ | 8,825 | $ | 8,540 | Total Assets | $ | 9,272 | $ | 9,072 |
2019 | 2018 | 2021 | 2020 | |||||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||
Short-term debt | $ | 150 | $ | 235 | Short-term debt | $ | — | $ | 203 | |||||||||
Notes payable with affiliates | Notes payable with affiliates | 294 | — | |||||||||||||||
Long-term debt due within one year | 500 | 96 | Long-term debt due within one year | — | 132 | |||||||||||||
Accounts payable | 121 | 171 | Accounts payable | 108 | 121 | |||||||||||||
Accounts payable to affiliates | 52 | 53 | Accounts payable to affiliates | 64 | 43 | |||||||||||||
Customer deposits | 31 | 32 | Customer deposits | 32 | 32 | |||||||||||||
Taxes | 26 | 24 | Taxes | 19 | 29 | |||||||||||||
Regulatory liabilities | 17 | 31 | Regulatory liabilities | 8 | 11 | |||||||||||||
Interest | 20 | 16 | Interest | 18 | 19 | |||||||||||||
Asset retirement obligations | 46 | 59 | Asset retirement obligations | 22 | 40 | |||||||||||||
Other current liabilities | 51 | 35 | Other current liabilities | 47 | 59 | |||||||||||||
Total Current Liabilities | 1,014 | 752 | Total Current Liabilities | 612 | 689 | |||||||||||||
Long-term Debt | 2,123 | 2,225 | Long-term Debt | 2,618 | 2,486 | |||||||||||||
Deferred Credits and Other Noncurrent Liabilities | Deferred Credits and Other Noncurrent Liabilities | |||||||||||||||||
Deferred income taxes | 792 | 735 | Deferred income taxes | 865 | 835 | |||||||||||||
Investment tax credits | 90 | 92 | Investment tax credits | 87 | 88 | |||||||||||||
Asset retirement obligations | 96 | 134 | Asset retirement obligations | 83 | 75 | |||||||||||||
Regulatory liabilities | 1,090 | 1,124 | Regulatory liabilities | 1,045 | 1,070 | |||||||||||||
Other deferred credits and noncurrent liabilities | 46 | 36 | Other deferred credits and noncurrent liabilities | 34 | 47 | |||||||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 2,114 | 2,121 | Total Deferred Credits and Other Noncurrent Liabilities | 2,114 | 2,115 | |||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 13) | ||||||||||||||||||
Commitments and Contingent Liabilities (Notes 7 and 14) | Commitments and Contingent Liabilities (Notes 7 and 14) | 0 | 0 | |||||||||||||||
Equity | Equity | |||||||||||||||||
Common stock - no par value (a) | 308 | 308 | Common stock - no par value (a) | 308 | 308 | |||||||||||||
Additional paid-in capital | 2,729 | 2,661 | Additional paid-in capital | 2,957 | 2,857 | |||||||||||||
Earnings reinvested | 537 | 473 | Earnings reinvested | 663 | 617 | |||||||||||||
Total Equity | 3,574 | 3,442 | Total Equity | 3,928 | 3,782 | |||||||||||||
Total Liabilities and Equity | $ | 8,825 | $ | 8,540 | Total Liabilities and Equity | $ | 9,272 | $ | 9,072 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Accumulated other comprehensive income (loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 37,818 | $ | 308 | $ | 2,661 | $ | 473 | $ | — | $ | 3,442 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 293 | 293 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from LKE | Capital contributions from LKE | 68 | 68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock | Cash dividends declared on common stock | (229) | (229) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Accumulated other comprehensive income (loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 37,818 | $ | 308 | $ | 2,729 | $ | 537 | $ | — | $ | 3,574 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 286 | 286 | Net income | 280 | 280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from LKE | 45 | 45 | Capital contributions from LKE | 128 | 128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock | (246 | ) | (246 | ) | Cash dividends declared on common stock | (200) | (200) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 37,818 | $ | 308 | $ | 2,661 | $ | 473 | $ | — | $ | 3,442 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 37,818 | $ | 308 | $ | 2,857 | $ | 617 | $ | — | $ | 3,782 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 293 | 293 | Net income | 296 | 296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from LKE | 68 | 68 | Capital contributions from LKE | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock | (229 | ) | (229 | ) | Cash dividends declared on common stock | (250) | (250) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 37,818 | $ | 308 | $ | 2,729 | $ | 537 | $ | — | $ | 3,574 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 37,818 | $ | 308 | $ | 2,957 | $ | 663 | $ | — | $ | 3,928 |
Registrant | ||||||||||||||||||||||||||||
PPL | PPL Electric | 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. | x | |||||||||||||||||||||||||||
10. Leases | x | x | x | x | ||||||||||||||||||||||||
11. Stock-Based Compensation | x | x | ||||||||||||||||||||||||||
x | x | x | x | |||||||||||||||||||||||||
x | x | x | ||||||||||||||||||||||||||
x | x | x | x | |||||||||||||||||||||||||
x | x | x | ||||||||||||||||||||||||||
x | x | |||||||||||||||||||||||||||
x | x | x | x | |||||||||||||||||||||||||
x | x | x | x | |||||||||||||||||||||||||
x | x | x | x | |||||||||||||||||||||||||
x | x | x | x | |||||||||||||||||||||||||
x | ||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Charged to Other Accounts | Deductions (b) | Balance at End of Period | ||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||
2021 | $ | 73 | $ | 26 | $ | — | $ | 30 | $ | 69 | (d) | |||||||||||||||||||||
2020 (a) | 58 | (a) | 28 | — | 13 | 73 | (d) | |||||||||||||||||||||||||
2019 | 54 | 34 | 3 | 35 | 56 | |||||||||||||||||||||||||||
PPL Electric | ||||||||||||||||||||||||||||||||
2021 | $ | 41 | $ | 13 | $ | — | $ | 19 | $ | 35 | (c) | |||||||||||||||||||||
2020 | 30 | (a) | 19 | — | 8 | 41 | (c) | |||||||||||||||||||||||||
2019 | 27 | 26 | — | 25 | 28 | |||||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||
2021 | $ | 3 | $ | 4 | $ | — | $ | 4 | $ | 3 | ||||||||||||||||||||||
2020 | 1 | 4 | — | 2 | 3 | |||||||||||||||||||||||||||
2019 | 1 | 2 | 2 | 4 | 1 | |||||||||||||||||||||||||||
KU | ||||||||||||||||||||||||||||||||
2021 | $ | 2 | $ | 8 | $ | — | $ | 7 | $ | 3 | ||||||||||||||||||||||
2020 | 1 | 4 | — | 3 | 2 | |||||||||||||||||||||||||||
2019 | 2 | 4 | 1 | 6 | 1 |
Additions | |||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Charged to Other Accounts | Deductions (a) | Balance at End of Period | |||||||||||||||
PPL | |||||||||||||||||||
2019 | $ | 56 | $ | 37 | $ | 3 | $ | 38 | $ | 58 | |||||||||
2018 | 51 | 41 | 3 | 39 | 56 | ||||||||||||||
2017 | 54 | 28 | (1 | ) | 30 | 51 | |||||||||||||
PPL Electric | |||||||||||||||||||
2019 | $ | 27 | $ | 26 | $ | — | $ | 25 | $ | 28 | |||||||||
2018 | 24 | 29 | — | 26 | 27 | ||||||||||||||
2017 | 28 | 18 | — | 22 | 24 | ||||||||||||||
LKE | |||||||||||||||||||
2019 | $ | 27 | $ | 8 | $ | 3 | $ | 10 | $ | 28 | |||||||||
2018 | 25 | 10 | 3 | 11 | 27 | ||||||||||||||
2017 | 24 | 8 | (1 | ) | 6 | 25 | |||||||||||||
LG&E | |||||||||||||||||||
2019 | $ | 1 | $ | 2 | $ | 2 | $ | 4 | $ | 1 | |||||||||
2018 | 1 | 4 | 1 | 5 | 1 | ||||||||||||||
2017 | 2 | 2 | (1 | ) | 2 | 1 | |||||||||||||
KU | |||||||||||||||||||
2019 | $ | 2 | $ | 4 | $ | 1 | $ | 6 | $ | 1 | |||||||||
2018 | 1 | 5 | 2 | 6 | 2 | ||||||||||||||
2017 | 2 | 4 | (1 | ) | 4 | 1 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Cash and cash equivalents | $ | 3,571 | $ | 442 | |||||||||||||||||||
Restricted cash - current | 1 | 1 | |||||||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 3,572 | $ | 443 |
PPL | PPL Electric | ||||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | ||||||||||||
Cash and cash equivalents | $ | 815 | $ | 621 | $ | 262 | $ | 267 | |||||||
Restricted cash - current | 3 | 3 | 2 | 2 | |||||||||||
Restricted cash - noncurrent (a) | 18 | 19 | — | — | |||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 836 | $ | 643 | $ | 264 | $ | 269 |
•Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. •Level 2 - inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for substantially the full term of the asset or liability. •Level 3 - unobservable inputs that management believes are predicated on the assumptions market participants would use to measure the asset or liability at fair value. |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 6 | $ | 7 | $ | 9 | |||||||||||
PPL Electric | 6 | 7 | 8 |
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | ||||||||||||||||||||
PPL | 2.84 | % | 2.77 | % | 2.65 | % | PPL | 3.61 | % | 3.53 | % | 3.54 | % | ||||||||||||
PPL Electric | 3.05 | % | 3.01 | % | 2.86 | % | PPL Electric | 3.05 | % | 2.99 | % | 3.05 | % | ||||||||||||
LKE | 3.96 | % | 3.69 | % | 3.64 | % | |||||||||||||||||||
LG&E | 3.87 | % | 3.63 | % | 3.63 | % | LG&E | 3.99 | % | 4.00 | % | 3.87 | % | ||||||||||||
KU | 4.02 | % | 3.74 | % | 3.66 | % | KU | 4.17 | % | 4.00 | % | 4.02 | % |
2021 | 2020 | ||||||||||
PPL Electric | $ | (4) | $ | (9) | |||||||
LG&E | 4 | (1) | |||||||||
KU | 1 | (5) |
2019 | 2018 | ||||||
PPL Electric | $ | 3 | $ | 19 | |||
LKE | (8 | ) | (16 | ) | |||
LG&E | (4 | ) | — | ||||
KU | (6 | ) | (5 | ) |
2021 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Fuel | $ | 90 | $ | — | $ | 32 | $ | 58 | |||||||||||||||
Natural gas stored underground | 54 | — | 54 | — | |||||||||||||||||||
Materials and supplies | 178 | 61 | 51 | 66 | |||||||||||||||||||
Total | $ | 322 | $ | 61 | $ | 137 | $ | 124 |
PPL | LKE | LG&E | KU | ||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Fuel | $ | 106 | $ | 98 | $ | 106 | $ | 98 | $ | 43 | $ | 42 | $ | 63 | $ | 56 | |||||||||||||||
Natural gas stored underground | 35 | 41 | 35 | 41 | 35 | 41 | — | — | |||||||||||||||||||||||
Materials and supplies | 191 | 164 | 109 | 109 | 44 | 44 | 65 | 65 | |||||||||||||||||||||||
Total | $ | 332 | $ | 303 | $ | 250 | $ | 248 | $ | 122 | $ | 127 | $ | 128 | $ | 121 |
2020 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Fuel | $ | 95 | $ | — | $ | 38 | $ | 57 | |||||||||||||||
Natural gas stored underground | 30 | — | 30 | — | |||||||||||||||||||
Materials and supplies | 177 | 59 | 51 | 66 | |||||||||||||||||||
Total | $ | 302 | $ | 59 | $ | 119 | $ | 123 |
PPL | LKE | LG&E | KU | ||||||||||||
Right-of-Use Asset (a) | $ | 81 | $ | 56 | $ | 23 | $ | 31 | |||||||
Lease Liability - Current (b) | 23 | 18 | 9 | 9 | |||||||||||
Lease Liability - Noncurrent (c) | 67 | 46 | 18 | 26 |
2021 | 2020 | 2019 | |||||||||||||||
Operating Revenues from external customers (a) | |||||||||||||||||
Kentucky Regulated | $ | 3,348 | $ | 3,106 | $ | 3,206 | |||||||||||
Pennsylvania Regulated | 2,402 | 2,330 | 2,358 | ||||||||||||||
Corporate and Other | 33 | 38 | 38 | ||||||||||||||
Total | $ | 5,783 | $ | 5,474 | $ | 5,602 |
2019 | 2018 | 2017 | |||||||||
Operating Revenues from external customers (a) | |||||||||||
U.K. Regulated | $ | 2,167 | $ | 2,268 | $ | 2,091 | |||||
Kentucky Regulated | 3,206 | 3,214 | 3,156 | ||||||||
Pennsylvania Regulated | 2,358 | 2,277 | 2,195 | ||||||||
Corporate and Other | 38 | 26 | 5 | ||||||||
Total | $ | 7,769 | $ | 7,785 | $ | 7,447 | |||||
Depreciation | |||||||||||
U.K. Regulated | $ | 250 | $ | 247 | $ | 230 | |||||
Kentucky Regulated | 547 | 475 | 439 | ||||||||
Pennsylvania Regulated | 386 | 352 | 309 | ||||||||
Corporate and Other | 16 | 20 | 30 | ||||||||
Total | $ | 1,199 | $ | 1,094 | $ | 1,008 | |||||
Amortization (b) | |||||||||||
U.K. Regulated | $ | 25 | $ | 34 | $ | 34 | |||||
Kentucky Regulated | 27 | 18 | 24 | ||||||||
Pennsylvania Regulated | 24 | 22 | 33 | ||||||||
Corporate and Other | 5 | 4 | 6 | ||||||||
Total | $ | 81 | $ | 78 | $ | 97 | |||||
Unrealized (gains) losses on derivatives and other hedging activities (c) | |||||||||||
U.K. Regulated | $ | 62 | $ | (190 | ) | $ | 166 | ||||
Kentucky Regulated | 6 | 6 | 6 | ||||||||
Corporate and Other | 5 | (2 | ) | 6 | |||||||
Total | $ | 73 | $ | (186 | ) | $ | 178 | ||||
Interest Expense | |||||||||||
U.K. Regulated | $ | 405 | $ | 413 | $ | 397 | |||||
Kentucky Regulated | 298 | 274 | 261 | ||||||||
Pennsylvania Regulated | 169 | 159 | 142 | ||||||||
Corporate and Other | 122 | 117 | 101 | ||||||||
Total | $ | 994 | $ | 963 | $ | 901 | |||||
Income Before Income Taxes | |||||||||||
U.K. Regulated | $ | 1,169 | $ | 1,339 | $ | 804 | |||||
Kentucky Regulated | 530 | 531 | 645 | ||||||||
Pennsylvania Regulated | 607 | 567 | 575 | ||||||||
Corporate and Other | (151 | ) | (152 | ) | (112 | ) | |||||
Total | $ | 2,155 | $ | 2,285 | $ | 1,912 | |||||
Income Taxes (d) | |||||||||||
U.K. Regulated | $ | 192 | $ | 225 | $ | 152 | |||||
Kentucky Regulated | 94 | 120 | 359 | ||||||||
Pennsylvania Regulated | 149 | 136 | 216 | ||||||||
Corporate and Other | (26 | ) | (23 | ) | 57 | ||||||
Total | $ | 409 | $ | 458 | $ | 784 | |||||
Deferred income taxes and investment tax credits (e) | |||||||||||
U.K. Regulated | $ | 140 | $ | 118 | $ | 66 | |||||
Kentucky Regulated | 82 | 94 | 294 | ||||||||
Pennsylvania Regulated | 90 | 125 | 257 | ||||||||
Corporate and Other | (3 | ) | 18 | 90 | |||||||
Total | $ | 309 | $ | 355 | $ | 707 |
2021 | 2020 | 2019 | |||||||||||||||
Depreciation | |||||||||||||||||
Kentucky Regulated | $ | 647 | $ | 606 | $ | 547 | |||||||||||
Pennsylvania Regulated | 424 | 403 | 386 | ||||||||||||||
Corporate and Other | 11 | 13 | 16 | ||||||||||||||
Total | $ | 1,082 | $ | 1,022 | $ | 949 | |||||||||||
Amortization (b) | |||||||||||||||||
Kentucky Regulated | $ | 15 | $ | 19 | $ | 27 | |||||||||||
Pennsylvania Regulated | 19 | 26 | 24 | ||||||||||||||
Corporate and Other | 5 | 13 | 7 | ||||||||||||||
Total | $ | 39 | $ | 58 | $ | 58 | |||||||||||
Interest Expense (c) | |||||||||||||||||
Kentucky Regulated | $ | 249 | $ | 300 | $ | 298 | |||||||||||
Pennsylvania Regulated | 162 | 172 | 169 | ||||||||||||||
Corporate and Other (d) | 507 | 162 | 154 | ||||||||||||||
Total | $ | 918 | $ | 634 | $ | 621 | |||||||||||
Income Before Income Taxes | |||||||||||||||||
Kentucky Regulated | $ | 562 | $ | 516 | $ | 530 | |||||||||||
Pennsylvania Regulated | 599 | 664 | 607 | ||||||||||||||
Corporate and Other | (640) | (226) | (218) | ||||||||||||||
Total | $ | 521 | $ | 954 | $ | 919 | |||||||||||
Income Taxes (e) | |||||||||||||||||
Kentucky Regulated | $ | 94 | $ | 98 | $ | 94 | |||||||||||
Pennsylvania Regulated | 154 | 167 | 149 | ||||||||||||||
Corporate and Other | 255 | 49 | (60) | ||||||||||||||
Total | $ | 503 | $ | 314 | $ | 183 | |||||||||||
Deferred income taxes and investment tax credits (f) | |||||||||||||||||
Kentucky Regulated | $ | 272 | $ | 64 | $ | 82 | |||||||||||
Pennsylvania Regulated | 79 | 82 | 90 | ||||||||||||||
Corporate and Other | (264) | 23 | (3) | ||||||||||||||
Total | $ | 87 | $ | 169 | $ | 169 | |||||||||||
Net Income | |||||||||||||||||
Kentucky Regulated | $ | 468 | $ | 418 | $ | 436 | |||||||||||
Pennsylvania Regulated | 445 | 497 | 458 | ||||||||||||||
Corporate and Other (d) | (895) | (275) | (158) | ||||||||||||||
Discontinued Operations | (1,498) | 829 | 1,010 | ||||||||||||||
Total | $ | (1,480) | $ | 1,469 | $ | 1,746 |
2019 | 2018 | 2017 | |||||||||
Net Income | |||||||||||
U.K. Regulated | $ | 977 | $ | 1,114 | $ | 652 | |||||
Kentucky Regulated | 436 | 411 | 286 | ||||||||
Pennsylvania Regulated | 458 | 431 | 359 | ||||||||
Corporate and Other | (125 | ) | (129 | ) | (169 | ) | |||||
Total | $ | 1,746 | $ | 1,827 | $ | 1,128 |
2021 | 2020 | 2019 | |||||||||||||||
Expenditures for long-lived assets | |||||||||||||||||
Kentucky Regulated | $ | 1,026 | $ | 966 | $ | 1,097 | |||||||||||
Pennsylvania Regulated | 904 | 1,154 | 1,121 | ||||||||||||||
Corporate and Other | 49 | 158 | 32 | ||||||||||||||
Total | $ | 1,979 | $ | 2,278 | $ | 2,250 |
2019 | 2018 | 2017 | |||||||||
Expenditures for long-lived assets | |||||||||||
U.K. Regulated | $ | 857 | $ | 954 | $ | 1,015 | |||||
Kentucky Regulated | 1,097 | 1,117 | 892 | ||||||||
Pennsylvania Regulated | 1,121 | 1,196 | 1,254 | ||||||||
Corporate and Other | 32 | 1 | 10 | ||||||||
Total | $ | 3,107 | $ | 3,268 | $ | 3,171 |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Total Assets | |||||||||||
Kentucky Regulated | $ | 16,360 | $ | 15,943 | |||||||
Pennsylvania Regulated | 13,336 | 12,347 | |||||||||
Corporate and Other (a) | 3,527 | 843 | |||||||||
Assets held for sale (b) | — | 18,983 | |||||||||
Total | $ | 33,223 | $ | 48,116 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Total Assets | |||||||
U.K. Regulated (a) | $ | 17,622 | $ | 16,700 | |||
Kentucky Regulated | 15,597 | 15,078 | |||||
Pennsylvania Regulated | 11,918 | 11,257 | |||||
Corporate and Other (b) | 543 | 361 | |||||
Total | $ | 45,680 | $ | 43,396 |
2019 | 2018 | 2017 | |||||||||
Revenues from external customers | |||||||||||
U.K. | $ | 2,167 | $ | 2,268 | $ | 2,091 | |||||
U.S. | 5,602 | 5,517 | 5,356 | ||||||||
Total | $ | 7,769 | $ | 7,785 | $ | 7,447 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Long-Lived Assets | |||||||
U.K. | $ | 13,618 | $ | 12,791 | |||
U.S. | 23,607 | 22,384 | |||||
Total | $ | 37,225 | $ | 35,175 |
2019 | |||||||||||||||||||
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Operating Revenues (a) | $ | 7,769 | $ | 2,358 | $ | 3,206 | $ | 1,500 | $ | 1,740 | |||||||||
Revenues derived from: | |||||||||||||||||||
Alternative revenue programs (b) | (30 | ) | (6 | ) | (24 | ) | (10 | ) | (14 | ) | |||||||||
Other (c) | (38 | ) | (10 | ) | (21 | ) | (9 | ) | (12 | ) | |||||||||
Revenues from Contracts with Customers | $ | 7,701 | $ | 2,342 | $ | 3,161 | $ | 1,481 | $ | 1,714 |
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 |
2018 | |||||||||||||||||||
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Operating Revenues (a) | $ | 7,785 | $ | 2,277 | $ | 3,214 | $ | 1,496 | $ | 1,760 | |||||||||
Revenues derived from: | |||||||||||||||||||
Alternative revenue programs (b) | 32 | (6 | ) | 38 | 12 | 26 | |||||||||||||
Other (c) | (38 | ) | (12 | ) | (17 | ) | (5 | ) | (12 | ) | |||||||||
Revenues from Contracts with Customers | $ | 7,779 | $ | 2,259 | $ | 3,235 | $ | 1,503 | $ | 1,774 |
2020 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Operating Revenues (a) | $ | 5,474 | $ | 2,331 | $ | 1,456 | $ | 1,690 | |||||||||||||||
Revenues derived from: | |||||||||||||||||||||||
Alternative revenue programs (b) | (24) | (12) | (8) | (4) | |||||||||||||||||||
Other (c) | (21) | (3) | (7) | (10) | |||||||||||||||||||
Revenues from Contracts with Customers | $ | 5,429 | $ | 2,316 | $ | 1,441 | $ | 1,676 |
2019 | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Operating Revenues (a) | $ | 5,602 | $ | 2,358 | $ | 1,500 | $ | 1,740 | |||||||||||||||
Revenues derived from: | |||||||||||||||||||||||
Alternative revenue programs (b) | (30) | (6) | (10) | (14) | |||||||||||||||||||
Other (c) | (31) | (10) | (9) | (12) | |||||||||||||||||||
Revenues from Contracts with Customers | $ | 5,541 | $ | 2,342 | $ | 1,481 | $ | 1,714 |
2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Industrial | Other (a) | Wholesale - municipality | Wholesale - other (b) | Transmission | Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
PA Regulated | $ | 1,299 | $ | 350 | $ | 53 | $ | 50 | $ | — | $ | — | $ | 730 | $ | 2,482 | |||||||||||||||||||||||||||||||
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 | $ | 1,299 | $ | 350 | $ | 53 | $ | 50 | $ | — | $ | — | $ | 730 | $ | 2,482 | |||||||||||||||||||||||||||||||
LG&E | $ | 711 | $ | 473 | $ | 180 | $ | 145 | $ | — | $ | 49 | $ | — | $ | 1,558 | |||||||||||||||||||||||||||||||
KU | $ | 705 | $ | 455 | $ | 406 | $ | 160 | $ | 24 | $ | 64 | $ | — | $ | 1,814 |
2019 | |||||||||||||||||||
PPL (d) | PPL Electric (d) | LKE | LG&E | KU | |||||||||||||||
Licensed energy suppliers (a) | $ | 2,032 | $ | — | $ | — | $ | — | $ | — | |||||||||
Residential | 2,610 | 1,288 | 1,322 | 668 | 654 | ||||||||||||||
Commercial | 1,257 | 349 | 908 | 466 | 442 | ||||||||||||||
Industrial | 621 | 59 | 562 | 180 | 382 | ||||||||||||||
Other (b) | 495 | 52 | 277 | 121 | 156 | ||||||||||||||
Wholesale - municipal | 43 | — | 43 | — | 43 | ||||||||||||||
Wholesale - other (c) | 49 | — | 49 | 46 | 37 | ||||||||||||||
Transmission | 594 | 594 | — | — | — | ||||||||||||||
Revenues from Contracts with Customers | $ | 7,701 | $ | 2,342 | $ | 3,161 | $ | 1,481 | $ | 1,714 |
2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Industrial | Other (a) | Wholesale - municipality | Wholesale - other (b) | Transmission | Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
PA Regulated | $ | 1,238 | $ | 314 | $ | 44 | $ | 50 | $ | — | $ | — | $ | 670 | $ | 2,316 | |||||||||||||||||||||||||||||||
KY Regulated | 1,347 | 871 | 538 | 261 | 20 | 40 | — | 3,077 | |||||||||||||||||||||||||||||||||||||||
Corp and Other | — | — | — | 36 | — | — | — | 36 | |||||||||||||||||||||||||||||||||||||||
Total PPL | $ | 2,585 | $ | 1,185 | $ | 582 | $ | 347 | $ | 20 | $ | 40 | $ | 670 | $ | 5,429 | |||||||||||||||||||||||||||||||
PPL Electric | $ | 1,238 | $ | 314 | $ | 44 | $ | 50 | $ | — | $ | — | $ | 670 | $ | 2,316 | |||||||||||||||||||||||||||||||
LG&E | $ | 676 | $ | 444 | $ | 173 | $ | 114 | $ | — | $ | 34 | $ | — | $ | 1,441 | |||||||||||||||||||||||||||||||
KU | $ | 671 | $ | 427 | $ | 365 | $ | 147 | $ | 20 | $ | 46 | $ | — | $ | 1,676 |
2018 | |||||||||||||||||||
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Licensed energy suppliers (a) | $ | 2,127 | $ | — | $ | — | $ | — | $ | — | |||||||||
Residential | 2,704 | 1,379 | 1,325 | 666 | 659 | ||||||||||||||
Commercial | 1,233 | 368 | 865 | 455 | 410 | ||||||||||||||
Industrial | 624 | 54 | 570 | 180 | 390 | ||||||||||||||
Other (b) | 489 | 53 | 278 | 129 | 149 | ||||||||||||||
Wholesale - municipal | 118 | — | 118 | — | 118 | ||||||||||||||
Wholesale - other (c) | 79 | — | 79 | 73 | 48 | ||||||||||||||
Transmission | 405 | 405 | — | — | — | ||||||||||||||
Revenues from Contracts with Customers | $ | 7,779 | $ | 2,259 | $ | 3,235 | $ | 1,503 | $ | 1,774 |
2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Industrial | Other (a) | Wholesale - municipality | Wholesale - other (b) | Transmission | Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
PA Regulated | $ | 1,288 | $ | 349 | $ | 59 | $ | 52 | $ | — | $ | — | $ | 594 | $ | 2,342 | |||||||||||||||||||||||||||||||
KY Regulated | 1,322 | 908 | 562 | 277 | 43 | 49 | — | 3,161 | |||||||||||||||||||||||||||||||||||||||
Corp and Other | — | — | — | 38 | — | — | — | 38 | |||||||||||||||||||||||||||||||||||||||
Total PPL | $ | 2,610 | $ | 1,257 | $ | 621 | $ | 367 | $ | 43 | $ | 49 | $ | 594 | $ | 5,541 | |||||||||||||||||||||||||||||||
PPL Electric | $ | 1,288 | $ | 349 | $ | 59 | $ | 52 | $ | — | $ | — | $ | 594 | $ | 2,342 | |||||||||||||||||||||||||||||||
LG&E | $ | 668 | $ | 466 | $ | 180 | $ | 121 | $ | — | $ | 46 | $ | — | $ | 1,481 | |||||||||||||||||||||||||||||||
KU | $ | 654 | $ | 442 | $ | 382 | $ | 156 | $ | 43 | $ | 37 | $ | — | $ | 1,714 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 22 | $ | 25 | $ | 27 | |||||||||||
PPL Electric | 10 | 17 | 21 | ||||||||||||||
LG&E | 4 | 4 | 2 | ||||||||||||||
KU | 8 | 4 | 4 |
2019 | 2018 | ||||||
PPL | $ | 27 | $ | 34 | |||
PPL Electric | 21 | 24 | |||||
LKE | 6 | 9 | |||||
LG&E | 2 | 4 | |||||
KU | 4 | 5 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
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 | |||||||||||||||||||
Contract liabilities as of December 31, 2020 | $ | 40 | $ | 23 | $ | 5 | $ | 6 | |||||||||||||||
Contract liabilities as of December 31, 2019 | 37 | 21 | 5 | 4 | |||||||||||||||||||
Revenue recognized during the year ended December 31, 2020 that was included in the contract liability balance at December 31, 2019 | 22 | 9 | 5 | 4 | |||||||||||||||||||
Contract liabilities as of December 31, 2019 | $ | 37 | $ | 21 | $ | 5 | $ | 4 | |||||||||||||||
Contract liabilities as of December 31, 2018 | 40 | 23 | 5 | 4 | |||||||||||||||||||
Revenue recognized during the year ended December 31, 2019 that was included in the contract liability balance at December 31, 2018 | 25 | 11 | 5 | 4 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
Contract liabilities as of December 31, 2019 | $ | 44 | $ | 21 | $ | 9 | $ | 5 | $ | 4 | |||||||||
Contract liabilities as of December 31, 2018 | 42 | 23 | 9 | 5 | 4 | ||||||||||||||
Revenue recognized during the year ended December 31, 2019 that was included in the contract liability balance at December 31, 2018 | 32 | 11 | 9 | 5 | 4 | ||||||||||||||
Contract liabilities as of December 31, 2018 | $ | 42 | $ | 23 | $ | 9 | $ | 5 | $ | 4 | |||||||||
Contract liabilities as of December 31, 2017 | 29 | 19 | 8 | 4 | 4 | ||||||||||||||
Revenue recognized during the year ended December 31, 2018 that was included in the contract liability balance at December 31, 2017 | 21 | 8 | 8 | 4 | 4 |
2021 | 2020 | 2019 | |||||||||||||||
Income (Numerator) | |||||||||||||||||
Income from continuing operations after income taxes | $ | 18 | $ | 640 | $ | 736 | |||||||||||
Less amounts allocated to participating securities | — | 1 | 1 | ||||||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted | $ | 18 | $ | 639 | $ | 735 | |||||||||||
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted | $ | (1,498) | $ | 829 | $ | 1,010 | |||||||||||
Net income (loss) attributable to PPL | $ | (1,480) | $ | 1,469 | 1,746 | ||||||||||||
Less amounts allocated to participating securities | — | 1 | 1 | ||||||||||||||
Net income (loss) available to PPL common shareowners - Basic and Diluted | $ | (1,480) | $ | 1,468 | $ | 1,745 | |||||||||||
Shares of Common Stock (Denominator) | |||||||||||||||||
Weighted-average shares - Basic EPS | 762,902 | 768,590 | 728,512 | ||||||||||||||
Add incremental non-participating securities: | |||||||||||||||||
Add: Dilutive share-based payment awards (a) | 1,917 | 794 | 1,101 | ||||||||||||||
Add: Forward sale agreements | — | — | 7,141 | ||||||||||||||
Weighted-average shares - Diluted EPS | 764,819 | 769,384 | 736,754 | ||||||||||||||
Basic EPS | |||||||||||||||||
Available to PPL common shareowners: | |||||||||||||||||
Income from continuing operations after income taxes | $ | 0.03 | $ | 0.83 | $ | 1.01 | |||||||||||
Income (loss) from discontinued operations (net of income taxes) | (1.96) | 1.08 | 1.38 | ||||||||||||||
Net Income (Loss) available to PPL common shareowners | $ | (1.93) | $ | 1.91 | $ | 2.39 | |||||||||||
Diluted EPS | |||||||||||||||||
Available to PPL common shareowners: | |||||||||||||||||
Income from continuing operations after income taxes | $ | 0.03 | $ | 0.83 | $ | 1.00 | |||||||||||
Income (loss) from discontinued operations (net of income taxes) | (1.96) | 1.08 | 1.37 | ||||||||||||||
Net Income (Loss) available to PPL common shareowners | $ | (1.93) | $ | 1.91 | $ | 2.37 |
2019 | 2018 | 2017 | |||||||||
Income (Numerator) | |||||||||||
Net income | $ | 1,746 | $ | 1,827 | $ | 1,128 | |||||
Less amounts allocated to participating securities | 1 | 2 | 2 | ||||||||
Net income available to PPL common shareowners - Basic and Diluted | $ | 1,745 | $ | 1,825 | $ | 1,126 | |||||
Shares of Common Stock (Denominator) | |||||||||||
Weighted-average shares - Basic EPS | 728,512 | 704,439 | 685,240 | ||||||||
Add incremental non-participating securities: | |||||||||||
Share-based payment awards (a) | 1,101 | 445 | 2,094 | ||||||||
Forward sale agreements | 7,141 | 3,735 | — | ||||||||
Weighted-average shares - Diluted EPS | 736,754 | 708,619 | 687,334 | ||||||||
Basic EPS | |||||||||||
Net Income available to PPL common shareowners | $ | 2.39 | $ | 2.59 | $ | 1.64 | |||||
Diluted EPS | |||||||||||
Net Income available to PPL common shareowners | $ | 2.37 | $ | 2.58 | $ | 1.64 |
2021 | 2020 | ||||||||||
Stock-based compensation plans (a) | 983 | 731 | |||||||||
DRIP | — | 943 |
2021 | 2020 | 2019 | |||||||||||||||
Stock-based compensation awards | 1,783 | 452 | 8 |
2019 | 2018 | 2017 | ||||||
Stock options | — | 172 | 696 | |||||
Performance units | 5 | — | — | |||||
Restricted stock units | 3 | 11 | — |
2019 | 2018 | 2017 | |||||||||
Domestic income | $ | 964 | $ | 1,127 | $ | 874 | |||||
Foreign income | 1,191 | 1,158 | 1,038 | ||||||||
Total | $ | 2,155 | $ | 2,285 | $ | 1,912 |
2021 | 2020 | ||||||||||
Deferred Tax Assets | |||||||||||
Deferred investment tax credits | $ | 30 | $ | 30 | |||||||
Regulatory liabilities | 94 | 68 | |||||||||
Income taxes due to customers | 422 | 444 | |||||||||
Accrued pension and postretirement costs | 75 | 106 | |||||||||
Federal loss carryforwards (a) | — | 234 | |||||||||
State loss carryforwards | 483 | 448 | |||||||||
Federal and state tax credit carryforwards (a) | 15 | 401 | |||||||||
Leases | 67 | 68 | |||||||||
Contributions in aid of construction | 120 | 115 | |||||||||
Other | 84 | 68 | |||||||||
Valuation allowances | (462) | (536) | |||||||||
Total deferred tax assets | 928 | 1,446 | |||||||||
Deferred Tax Liabilities | |||||||||||
Plant - net | 3,812 | 3,700 | |||||||||
Regulatory assets | 180 | 195 | |||||||||
Other | 75 | 70 | |||||||||
Total deferred tax liabilities | 4,067 | 3,965 | |||||||||
Net deferred tax liability | $ | 3,139 | $ | 2,519 |
2019 | 2018 | ||||||
Deferred Tax Assets | |||||||
Deferred investment tax credits | $ | 31 | $ | 31 | |||
Regulatory liabilities | 75 | 87 | |||||
Income taxes due to customer | 462 | 479 | |||||
Accrued pension and postretirement costs | 211 | 277 | |||||
Federal loss carryforwards | 324 | 325 | |||||
State loss carryforwards | 432 | 419 | |||||
Federal and state tax credit carryforwards | 402 | 392 | |||||
Foreign capital loss carryforwards | 320 | 313 | |||||
Foreign - other | 8 | 10 | |||||
Contributions in aid of construction | 112 | 139 | |||||
Domestic - other | 99 | 88 | |||||
Valuation allowances | (834 | ) | (808 | ) | |||
Total deferred tax assets | 1,642 | 1,752 | |||||
Deferred Tax Liabilities | |||||||
Domestic plant - net | 3,546 | 3,359 | |||||
Regulatory assets | 262 | 314 | |||||
Foreign plant - net | 765 | 724 | |||||
Foreign - pensions | 72 | 83 | |||||
Domestic - other | 61 | 40 | |||||
Total deferred tax liabilities | 4,706 | 4,520 | |||||
Net deferred tax liability | $ | 3,064 | $ | 2,768 |
Gross | Deferred Tax Asset | Valuation Allowance | Expiration | ||||||||||||||||||||
Loss and other carryforwards | |||||||||||||||||||||||
State net operating losses | $ | 6,468 | $ | 483 | $ | (459) | 2022-2041 | ||||||||||||||||
Credit carryforwards | |||||||||||||||||||||||
State recycling credit | 14 | — | 2028 | ||||||||||||||||||||
State - other | 1 | — | Indefinite |
Gross | Deferred Tax Asset | Valuation Allowance | Expiration | ||||||||||
Loss carryforwards | |||||||||||||
Federal net operating losses | $ | 1,499 | $ | 315 | $ | — | 2032-2037 | ||||||
Federal charitable contributions | 42 | 9 | — | 2020-2024 | |||||||||
State net operating losses | 5,879 | 432 | (393 | ) | 2021-2039 | ||||||||
State charitable contributions | 1 | — | — | 2020-2024 | |||||||||
Foreign net operating losses | 3 | — | — | Indefinite | |||||||||
Foreign capital losses | 1,880 | 320 | (320 | ) | Indefinite | ||||||||
Federal - Other | 7 | 1 | — | Indefinite |
Credit carryforwards | |||||||||
Federal investment tax credit | 133 | — | 2025-2039 | ||||||
Federal alternative minimum tax credit (a) | 8 | — | Indefinite | ||||||
Federal foreign tax credits (b) | 218 | (113 | ) | 2024-2027 | |||||
Federal - other | 24 | (6 | ) | 2020-2039 | |||||
State Recycling Credit | 18 | — | 2028 | ||||||
State - other | 1 | — | Indefinite |
Additions | |||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||
2019 | $ | 808 | $ | 31 | $ | — | $ | 5 | $ | 834 | |||||||||
2018 | 838 | 26 | — | 56 | (a) | 808 | |||||||||||||
2017 | 593 | 256 | (b) | — | 11 | 838 |
Additions | |||||||||||||||||||||||||||||
Balance at Beginning of Period | Charged to Income | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||||||||||||
2021 | $ | 536 | $ | 48 | (a) | $ | — | $ | 122 | (b) | $ | 462 | |||||||||||||||||
2020 | 514 | 26 | — | 4 | 536 | ||||||||||||||||||||||||
2019 | 495 | 24 | — | 5 | 514 |
2021 | 2020 | 2019 | |||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||
Current - Federal | $ | (1) | $ | (8) | $ | (10) | |||||||||||
Current - State | 36 | 24 | 19 | ||||||||||||||
Current - Foreign | (1) | (2) | — | ||||||||||||||
Total Current Expense (Benefit) | 34 | 14 | 9 | ||||||||||||||
Deferred - Federal | 28 | 135 | 141 | ||||||||||||||
Deferred - State | 105 | 94 | 76 | ||||||||||||||
Deferred - Foreign (a) | 383 | 101 | (14) | ||||||||||||||
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 516 | 330 | 203 | ||||||||||||||
Amortization of investment tax credit | (3) | (3) | (3) | ||||||||||||||
Tax expense (benefit) of operating loss carryforwards | |||||||||||||||||
Deferred - Federal | 12 | 6 | 7 | ||||||||||||||
Deferred - State | (56) | (33) | (33) | ||||||||||||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (44) | (27) | (26) | ||||||||||||||
Total income tax expense (benefit) | $ | 503 | $ | 314 | $ | 183 | |||||||||||
Total income tax expense (benefit) - Federal | $ | 36 | $ | 130 | $ | 135 | |||||||||||
Total income tax expense (benefit) - State | 85 | 85 | 62 | ||||||||||||||
Total income tax expense (benefit) - Foreign | 382 | 99 | (14) | ||||||||||||||
Total income tax expense (benefit) | $ | 503 | $ | 314 | $ | 183 |
2019 | 2018 | 2017 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | (10 | ) | $ | (19 | ) | $ | 6 | |||
Current - State | 19 | 17 | 25 | ||||||||
Current - Foreign | 91 | 104 | 45 | ||||||||
Total Current Expense (Benefit) | 100 | 102 | 76 | ||||||||
Deferred - Federal (a) | 139 | 203 | 532 | ||||||||
Deferred - State | 76 | 100 | 88 | ||||||||
Deferred - Foreign | 123 | 107 | 133 | ||||||||
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 338 | 410 | 753 | ||||||||
Amortization of investment tax credit | (3 | ) | (3 | ) | (3 | ) | |||||
Tax expense (benefit) of operating loss carryforwards | |||||||||||
Deferred - Federal | 7 | (20 | ) | (16 | ) | ||||||
Deferred - State | (33 | ) | (31 | ) | (26 | ) | |||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (26 | ) | (51 | ) | (42 | ) | |||||
Total income tax expense (benefit) | $ | 409 | $ | 458 | $ | 784 | |||||
Total income tax expense (benefit) - Federal | $ | 133 | $ | 161 | $ | 519 | |||||
Total income tax expense (benefit) - State | 62 | 86 | 87 | ||||||||
Total income tax expense (benefit) - Foreign | 214 | 211 | 178 | ||||||||
Total income tax expense (benefit) | $ | 409 | $ | 458 | $ | 784 |
2021 | 2020 | 2019 | |||||||||||||||
Discontinued operations - PPL U.K. utility business | $ | 759 | $ | 188 | $ | 226 | |||||||||||
Reclassification from AOCI due to sale of UK utility business | 660 | — | — | ||||||||||||||
Other comprehensive income | 150 | (19) | (93) | ||||||||||||||
Total | $ | 1,569 | $ | 169 | $ | 133 |
2019 | 2018 | 2017 | |||||||||
Other comprehensive income | $ | (93 | ) | $ | (6 | ) | $ | (34 | ) | ||
Valuation allowance on state deferred taxes recorded to other comprehensive income | — | — | (1 | ) | |||||||
Total | $ | (93 | ) | $ | (6 | ) | $ | (35 | ) |
2019 | 2018 | 2017 | |||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 453 | $ | 480 | $ | 669 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit (a) | 45 | 40 | 46 | ||||||||
Valuation allowance adjustments (b) | 22 | 21 | 36 | ||||||||
Impact of lower U.K. income tax rates (c) | (25 | ) | (25 | ) | (176 | ) | |||||
U.S. income tax on foreign earnings - net of foreign tax credit (a)(d) | 2 | 3 | 47 | ||||||||
Foreign income return adjustments | — | — | (8 | ) | |||||||
Impact of the U.K. Finance Act on deferred tax balances (e) | (14 | ) | (13 | ) | (16 | ) | |||||
Depreciation and other items not normalized | (10 | ) | (11 | ) | (10 | ) | |||||
Amortization of excess deferred federal and state income taxes (f) | (40 | ) | (37 | ) | — | ||||||
Interest benefit on U.K. financing entities | (12 | ) | (17 | ) | (16 | ) | |||||
Deferred tax impact of U.S. tax reform (g) | — | — | 220 | ||||||||
Deferred tax impact of Kentucky tax reform (h) | — | 9 | — | ||||||||
Kentucky recycling credit, net of federal income tax expense (i) | (18 | ) | — | — | |||||||
Other | 6 | 8 | (8 | ) | |||||||
Total increase (decrease) | (44 | ) | (22 | ) | 115 | ||||||
Total income tax expense (benefit) | $ | 409 | $ | 458 | $ | 784 | |||||
Effective income tax rate | 19.0 | % | 20.0 | % | 41.0 | % |
2021 | 2020 | 2019 | |||||||||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 109 | $ | 200 | $ | 193 | |||||||||||
State income taxes, net of federal income tax benefit | 23 | 48 | 45 | ||||||||||||||
Valuation allowance adjustments (a) | 48 | 24 | 22 | ||||||||||||||
Federal and state income tax return adjustments | (3) | (9) | 1 | ||||||||||||||
Impact of the U.K. Finance Acts on deferred tax balances (b) | 383 | 101 | (14) | ||||||||||||||
Depreciation and other items not normalized | (5) | (5) | (10) | ||||||||||||||
Amortization of excess deferred federal and state income taxes | (54) | (43) | (40) | ||||||||||||||
Non-deductible officer's salary | 6 | 7 | 4 | ||||||||||||||
Kentucky recycling credit, net of federal income tax expense (c) | — | — | (18) | ||||||||||||||
Other | (4) | (9) | — | ||||||||||||||
Total increase (decrease) | 394 | 114 | (10) | ||||||||||||||
Total income tax expense (benefit) | $ | 503 | $ | 314 | $ | 183 | |||||||||||
Effective income tax rate | 96.5% | 32.9% | 19.9% |
In 2021, the U.K. Finance Act 2021 increased the U.K. corporation tax rate from 19% to 25%, effective April 1, 2023. The primary impact of the corporation tax rate increase was an increase in deferred tax liabilities of the U.K. utility business, which was sold on June 14, 2021, and a corresponding deferred tax expense of $383 million, which was recognized in continuing operations in the second quarter of 2021. (c)In 2019, LG&E recorded a |
2021 | 2020 | 2019 | |||||||||||||||
Taxes, other than income | |||||||||||||||||
State gross receipts | $ | 113 | $ | 100 | $ | 107 | |||||||||||
Domestic - other | 94 | 80 | 79 | ||||||||||||||
Total | $ | 207 | $ | 180 | $ | 186 |
2019 | 2018 | 2017 | |||||||||
Taxes, other than income | |||||||||||
State gross receipts | $ | 107 | $ | 103 | $ | 102 | |||||
State capital stock | — | — | (6 | ) | |||||||
Foreign property | 127 | 134 | 127 | ||||||||
Domestic Other | 79 | 75 | 69 | ||||||||
Total | $ | 313 | $ | 312 | $ | 292 |
2019 | 2018 | ||||||
Deferred Tax Assets | |||||||
Accrued pension and postretirement costs | $ | 81 | $ | 110 | |||
Contributions in aid of construction | 88 | 118 | |||||
Regulatory liabilities | 31 | 35 | |||||
Income taxes due to customers | 170 | 181 | |||||
State loss carryforwards | 6 | 14 | |||||
Federal loss carryforwards | 78 | 79 | |||||
Other | 23 | 25 | |||||
Total deferred tax assets | 477 | 562 |
2021 | 2020 | ||||||||||
Deferred Tax Assets | |||||||||||
Accrued pension and postretirement costs | $ | 14 | $ | 25 | |||||||
Contributions in aid of construction | 95 | 91 | |||||||||
Regulatory liabilities | 52 | 24 | |||||||||
Income taxes due to customers | 154 | 162 | |||||||||
Federal loss carryforwards (a) | — | 52 | |||||||||
Other | 21 | 29 | |||||||||
Total deferred tax assets | 336 | 383 | |||||||||
Deferred Tax Liabilities | |||||||||||
Electric utility plant - net | 1,891 | 1,826 | |||||||||
Regulatory assets | 74 | 86 | |||||||||
Other | 39 | 30 | |||||||||
Total deferred tax liabilities | 2,004 | 1,942 | |||||||||
Net deferred tax liability | $ | 1,668 | $ | 1,559 |
2019 | 2018 | ||||||
Deferred Tax Liabilities | |||||||
Electric utility plant - net | 1,761 | 1,681 | |||||
Regulatory assets | 139 | 176 | |||||
Other | 24 | 25 | |||||
Total deferred tax liabilities | 1,924 | 1,882 | |||||
Net deferred tax liability | $ | 1,447 | $ | 1,320 |
Gross | Deferred Tax Asset | Expiration | |||||||
Loss carryforwards | |||||||||
Federal net operating losses | $ | 363 | $ | 76 | 2032-2037 | ||||
Federal charitable contributions | 9 | 2 | 2020-2024 | ||||||
State net operating losses | 81 | 6 | 2031-2032 |
2021 | 2020 | 2019 | |||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||
Current - Federal | $ | 40 | $ | 61 | $ | 44 | |||||||||||
Current - State | 35 | 23 | 15 | ||||||||||||||
Total Current Expense (Benefit) | 75 | 84 | 59 | ||||||||||||||
Deferred - Federal | 59 | 45 | 51 | ||||||||||||||
Deferred - State | 20 | 38 | 39 | ||||||||||||||
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 79 | 83 | 90 | ||||||||||||||
Total income tax expense (benefit) | $ | 154 | $ | 167 | $ | 149 | |||||||||||
Total income tax expense (benefit) - Federal | $ | 99 | $ | 106 | $ | 95 | |||||||||||
Total income tax expense (benefit) - State | 55 | 61 | 54 | ||||||||||||||
Total income tax expense (benefit) | $ | 154 | $ | 167 | $ | 149 |
2019 | 2018 | 2017 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | 44 | $ | 2 | $ | (65 | ) | ||||
Current - State | 15 | 9 | 20 | ||||||||
Total Current Expense (Benefit) | 59 | 11 | (45 | ) | |||||||
Deferred - Federal (a) | 51 | 96 | 234 | ||||||||
Deferred - State | 39 | 37 | 29 | ||||||||
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 90 | 133 | 263 | ||||||||
Tax expense (benefit) of operating loss carryforwards | |||||||||||
Deferred - Federal | — | (8 | ) | (5 | ) | ||||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | — | (8 | ) | (5 | ) | ||||||
Total income tax expense (benefit) | $ | 149 | $ | 136 | $ | 213 | |||||
Total income tax expense (benefit) - Federal | $ | 95 | $ | 90 | $ | 164 | |||||
Total income tax expense (benefit) - State | 54 | 46 | 49 | ||||||||
Total income tax expense (benefit) | $ | 149 | $ | 136 | $ | 213 |
2019 | 2018 | 2017 | |||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 127 | $ | 119 | $ | 201 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit (a) | 47 | 43 | 36 | ||||||||
Depreciation and other items not normalized | (10 | ) | (11 | ) | (8 | ) | |||||
Amortization of excess deferred federal income taxes (b) | (18 | ) | (17 | ) | — | ||||||
Deferred tax impact of U.S. tax reform (c) | — | — | (13 | ) | |||||||
Other | 3 | 2 | (3 | ) | |||||||
Total increase (decrease) | 22 | 17 | 12 | ||||||||
Total income tax expense (benefit) | $ | 149 | $ | 136 | $ | 213 | |||||
Effective income tax rate | 24.6 | % | 24.0 | % | 37.0 | % |
2021 | 2020 | 2019 | |||||||||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 126 | $ | 139 | $ | 127 | |||||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of federal income tax benefit | 46 | 52 | 47 | ||||||||||||||
Federal and state income tax return adjustments | — | (4) | 1 | ||||||||||||||
Depreciation and other items not normalized | (5) | (5) | (10) | ||||||||||||||
Amortization of excess deferred federal income taxes (a) | (14) | (16) | (18) | ||||||||||||||
Other | 1 | 1 | 2 | ||||||||||||||
Total increase (decrease) | 28 | 28 | 22 | ||||||||||||||
Total income tax expense (benefit) | $ | 154 | $ | 167 | $ | 149 | |||||||||||
Effective income tax rate | 25.7% | 25.2% | 24.6% |
(a)In 2021, 2020 and 2019, |
2019 | 2018 | 2017 | |||||||||
Taxes, other than income | |||||||||||
State gross receipts | $ | 107 | $ | 103 | $ | 102 | |||||
Property and other | 5 | 6 | 5 | ||||||||
Total | $ | 112 | $ | 109 | $ | 107 |
2019 | 2018 | ||||||
Deferred Tax Assets | |||||||
Federal loss carryforwards | $ | 140 | $ | 142 | |||
State loss carryforwards | 31 | 33 | |||||
Federal tax credit carryforwards | 162 | 169 | |||||
Contributions in aid of construction | 23 | 21 | |||||
Regulatory liabilities | 44 | 52 | |||||
Accrued pension and postretirement costs | 71 | 92 | |||||
State tax credit carryforwards | 19 | 1 | |||||
Income taxes due to customers | 292 | 299 | |||||
Deferred investment tax credits | 31 | 32 | |||||
Lease liabilities | 14 | — | |||||
Valuation allowances | (6 | ) | (8 | ) | |||
Other | 28 | 28 | |||||
Total deferred tax assets | 849 | 861 | |||||
Deferred Tax Liabilities | |||||||
Plant - net | 1,778 | 1,671 | |||||
Regulatory assets | 122 | 138 | |||||
Lease right-of-use assets | 12 | — | |||||
Other | 6 | 8 | |||||
Total deferred tax liabilities | 1,918 | 1,817 | |||||
Net deferred tax liability | $ | 1,069 | $ | 956 |
Gross | Deferred Tax Asset | Valuation Allowance | Expiration | ||||||||||
Loss carryforwards | |||||||||||||
Federal net operating losses | $ | 668 | $ | 140 | $ | — | 2032 - 2037 | ||||||
Federal charitable contributions | 23 | 5 | — | 2020 - 2024 | |||||||||
State net operating losses | 797 | 31 | — | 2029 - 2038 |
Gross | Deferred Tax Asset | Valuation Allowance | Expiration | ||||||
Credit carryforwards | |||||||||
Federal investment tax credit | 133 | — | 2025 - 2028, 2036 - 2039 | ||||||
Federal alternative minimum tax credit (a) | 7 | — | Indefinite | ||||||
Federal - other | 22 | (6 | ) | 2020-2039 | |||||
State - recycling credit | 18 | — | 2028 | ||||||
State - other | 1 | — | Indefinite |
Balance at Beginning of Period | Additions | Deductions | Balance at End of Period | ||||||||||||
2019 | $ | 8 | $ | 3 | $ | 5 | (a) | $ | 6 | ||||||
2018 | 8 | — | — | 8 | |||||||||||
2017 | 11 | 4 | 7 | (a) | 8 |
2019 | 2018 | 2017 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | 20 | $ | 31 | $ | 74 | |||||
Current - State | — | 4 | 6 | ||||||||
Total Current Expense (Benefit) | 20 | 35 | 80 | ||||||||
Deferred - Federal (a) | 81 | 65 | 268 | ||||||||
Deferred - State (b) | 5 | 34 | 32 | ||||||||
Total Deferred Expense (Benefit), excluding benefits of operating loss carryforwards | 86 | 99 | 300 | ||||||||
Amortization of investment tax credit - Federal | (3 | ) | (3 | ) | (3 | ) | |||||
Tax expense (benefit) of operating loss carryforwards | |||||||||||
Deferred - Federal | — | (2 | ) | (2 | ) | ||||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | — | (2 | ) | (2 | ) | ||||||
Total income tax expense (benefit) (c) | $ | 103 | $ | 129 | $ | 375 | |||||
Total income tax expense (benefit) - Federal | $ | 98 | $ | 91 | $ | 337 | |||||
Total income tax expense (benefit) - State | 5 | 38 | 38 | ||||||||
Total income tax expense (benefit) (c) | $ | 103 | $ | 129 | $ | 375 |
2019 | 2018 | 2017 | |||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 120 | $ | 121 | $ | 242 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 23 | 22 | 26 | ||||||||
Amortization of investment tax credit | (3 | ) | (3 | ) | (3 | ) | |||||
Amortization of excess deferred federal and state income taxes (b) | (23 | ) | (20 | ) | (2 | ) | |||||
Deferred tax impact of U.S. tax reform (c) | — | — | 112 | ||||||||
Deferred tax impact of state tax reform (d) | — | 9 | — | ||||||||
Kentucky Recycling Credit, net of federal income tax expense (e) | (18 | ) | — | — | |||||||
Other | 4 | — | — | ||||||||
Total increase (decrease) | (17 | ) | 8 | 133 | |||||||
Total income tax expense (benefit) | $ | 103 | $ | 129 | $ | 375 | |||||
Effective income tax rate | 18.0 | % | 22.5 | % | 54.3 | % |
2019 | 2018 | 2017 | |||||||||
Taxes, other than income | |||||||||||
Property and other | $ | 74 | $ | 70 | $ | 65 | |||||
Total | $ | 74 | $ | 70 | $ | 65 |
2021 | 2020 | 2019 | |||||||||||||||
Taxes, other than income | |||||||||||||||||
State gross receipts | $ | 113 | $ | 100 | $ | 107 | |||||||||||
Property and other | 7 | 7 | 5 | ||||||||||||||
Total | $ | 120 | $ | 107 | $ | 112 |
2021 | 2020 | ||||||||||
Deferred Tax Assets | |||||||||||
Contributions in aid of construction | $ | 15 | $ | 15 | |||||||
Regulatory liabilities | 18 | 20 | |||||||||
Deferred investment tax credits | 8 | 8 | |||||||||
Income taxes due to customers | 125 | 132 | |||||||||
State tax credit carryforwards | 11 | 12 | |||||||||
Lease liabilities | 4 | 5 | |||||||||
Valuation allowances | (11) | (12) | |||||||||
Other | 11 | 11 | |||||||||
Total deferred tax assets | 181 | 191 | |||||||||
Deferred Tax Liabilities | |||||||||||
Plant - net | 854 | 833 | |||||||||
Regulatory assets | 65 | 66 | |||||||||
Lease right-of-use assets | 4 | 4 | |||||||||
Other | 9 | 4 | |||||||||
Total deferred tax liabilities | 932 | 907 | |||||||||
Net deferred tax liability | $ | 751 | $ | 716 |
2019 | 2018 | ||||||
Deferred Tax Assets | |||||||
Contributions in aid of construction | $ | 15 | $ | 14 | |||
Regulatory liabilities | 19 | 24 | |||||
Accrued pension and postretirement costs | 6 | 16 | |||||
Deferred investment tax credits | 8 | 9 | |||||
Income taxes due to customers | 136 | 139 | |||||
State tax credit carryforwards | 14 | — | |||||
Lease liabilities | 5 | — | |||||
Valuation allowances | (14 | ) | — | ||||
Other | 10 | 15 | |||||
Total deferred tax assets | 199 | 217 |
2019 | 2018 | ||||||
Deferred Tax Liabilities | |||||||
Plant - net | 811 | 751 | |||||
Regulatory assets | 77 | 88 | |||||
Lease right-of-use assets | 4 | — | |||||
Other | 4 | 6 | |||||
Total deferred tax liabilities | 896 | 845 | |||||
Net deferred tax liability | $ | 697 | $ | 628 |
2021 | 2020 | 2019 | |||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||
Current - Federal | $ | 41 | $ | 53 | $ | 4 | |||||||||||
Current - State | 5 | 7 | 4 | ||||||||||||||
Total Current Expense (Benefit) | 46 | 60 | 8 | ||||||||||||||
Deferred - Federal | 1 | (4) | 46 | ||||||||||||||
Deferred - State | 8 | 7 | 10 | ||||||||||||||
Total Deferred Expense (Benefit) | 9 | 3 | 56 | ||||||||||||||
Amortization of investment tax credit - Federal | (1) | (1) | (1) | ||||||||||||||
Total income tax expense (benefit) | $ | 54 | $ | 62 | $ | 63 | |||||||||||
Total income tax expense (benefit) - Federal | $ | 41 | $ | 48 | $ | 49 | |||||||||||
Total income tax expense (benefit) - State | 13 | 14 | 14 | ||||||||||||||
Total income tax expense (benefit) | $ | 54 | $ | 62 | $ | 63 |
2019 | 2018 | 2017 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | 4 | $ | — | $ | — | |||||
Current - State | 4 | 4 | 5 | ||||||||
Total Current Expense (Benefit) | 8 | 4 | 5 | ||||||||
Deferred - Federal | 46 | 51 | 112 | ||||||||
Deferred - State | 10 | 10 | 14 | ||||||||
Total Deferred Expense (Benefit), excluding benefits of operating loss carryforwards | 56 | 61 | 126 | ||||||||
Amortization of investment tax credit - Federal | (1 | ) | (1 | ) | (1 | ) | |||||
Tax expense (benefit) of operating loss carryforwards | |||||||||||
Deferred - Federal | — | — | 1 | ||||||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | — | — | 1 | ||||||||
Total income tax expense (benefit) | $ | 63 | $ | 64 | $ | 131 | |||||
Total income tax expense (benefit) - Federal | $ | 49 | $ | 50 | $ | 112 | |||||
Total income tax expense (benefit) - State | 14 | 14 | 19 | ||||||||
Total income tax expense (benefit) | $ | 63 | $ | 64 | $ | 131 |
2019 | 2018 | 2017 | |||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 62 | $ | 62 | $ | 120 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 12 | 11 | 14 | ||||||||
Amortization of excess deferred federal and state income taxes (b) | (10 | ) | (8 | ) | (1 | ) | |||||
Kentucky recycling credit, net of federal income tax expense (c) | (14 | ) | — | — | |||||||
Valuation allowance adjustments (c) | 14 | — | — | ||||||||
Other | (1 | ) | (1 | ) | (2 | ) | |||||
Total increase (decrease) | 1 | 2 | 11 | ||||||||
Total income tax expense (benefit) | $ | 63 | $ | 64 | $ | 131 | |||||
Effective income tax rate | 21.4 | % | 21.5 | % | 38.1 | % |
|
2019 | 2018 | 2017 | |||||||||
Taxes, other than income | |||||||||||
Property and other | $ | 39 | $ | 36 | $ | 33 | |||||
Total | $ | 39 | $ | 36 | $ | 33 |
2021 | 2020 | 2019 | |||||||||||||||
Taxes, other than income | |||||||||||||||||
Property and other | $ | 46 | $ | 40 | $ | 39 | |||||||||||
Total | $ | 46 | $ | 40 | $ | 39 |
2021 | 2020 | ||||||||||
Deferred Tax Assets | |||||||||||
Contributions in aid of construction | $ | 9 | $ | 8 | |||||||
Regulatory liabilities | 23 | 23 | |||||||||
Deferred investment tax credits | 22 | 22 | |||||||||
Income taxes due to customers | 143 | 150 | |||||||||
State tax credit carryforwards | 4 | 5 | |||||||||
Lease liabilities | 7 | 8 | |||||||||
Valuation allowances | (3) | (4) | |||||||||
Other | 4 | 4 | |||||||||
Total deferred tax assets | 209 | 216 | |||||||||
Deferred Tax Liabilities | |||||||||||
Plant - net | 1,012 | 992 | |||||||||
Regulatory assets | 41 | 43 | |||||||||
Pension and postretirement costs | 13 | 8 | |||||||||
Lease right-of-use assets | 6 | 7 | |||||||||
Other | 2 | 1 | |||||||||
Total deferred tax liabilities | 1,074 | 1,051 | |||||||||
Net deferred tax liability | $ | 865 | $ | 835 |
2019 | 2018 | ||||||
Deferred Tax Assets | |||||||
Contributions in aid of construction | $ | 8 | $ | 7 | |||
Regulatory liabilities | 25 | 28 | |||||
Accrued pension and postretirement costs | — | 7 | |||||
Deferred investment tax credits | 23 | 23 | |||||
Income taxes due to customers | 156 | 160 | |||||
State tax credit carryforwards | 5 | — | |||||
Lease liabilities | 8 | — | |||||
Valuation allowances | (4 | ) | — | ||||
Other | 3 | 3 | |||||
Total deferred tax assets | 224 | 228 | |||||
Deferred Tax Liabilities | |||||||
Plant - net | 959 | 911 | |||||
Regulatory assets | 45 | 50 | |||||
Accrued pension and postretirement costs | 2 | — | |||||
Lease right-of-use assets | 7 | — | |||||
Other | 3 | 2 | |||||
Total deferred tax liabilities | 1,016 | 963 | |||||
Net deferred tax liability | $ | 792 | $ | 735 |
2021 | 2020 | 2019 | |||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||
Current - Federal | $ | 58 | $ | 40 | $ | 35 | |||||||||||
Current - State | 8 | 3 | 5 | ||||||||||||||
Total Current Expense (Benefit) | 66 | 43 | 40 | ||||||||||||||
Deferred - Federal | (4) | 11 | 28 | ||||||||||||||
Deferred - State | 7 | 11 | 13 | ||||||||||||||
Total Deferred Expense (Benefit) | 3 | 22 | 41 | ||||||||||||||
Amortization of investment tax credit - Federal | (2) | (2) | (2) | ||||||||||||||
Total income tax expense (benefit) | $ | 67 | $ | 63 | $ | 79 | |||||||||||
Total income tax expense (benefit) - Federal | $ | 52 | $ | 49 | $ | 61 | |||||||||||
Total income tax expense (benefit) - State | 15 | 14 | 18 | ||||||||||||||
Total income tax expense (benefit) | $ | 67 | $ | 63 | $ | 79 |
2019 | 2018 | 2017 | |||||||||
Income Tax Expense (Benefit) | |||||||||||
Current - Federal | $ | 35 | $ | 22 | $ | — | |||||
Current - State | 5 | 6 | 7 | ||||||||
Total Current Expense (Benefit) | 40 | 28 | 7 | ||||||||
Deferred - Federal | 28 | 40 | 138 | ||||||||
Deferred - State | 13 | 10 | 16 | ||||||||
Total Deferred Expense (Benefit) | 41 | 50 | 154 | ||||||||
Amortization of investment tax credit - Federal | (2 | ) | (2 | ) | (2 | ) | |||||
Total income tax expense (benefit) | $ | 79 | $ | 76 | $ | 159 | |||||
Total income tax expense (benefit) - Federal | $ | 61 | $ | 60 | $ | 136 | |||||
Total income tax expense (benefit) - State | 18 | 16 | 23 | ||||||||
Total income tax expense (benefit) | $ | 79 | $ | 76 | $ | 159 |
2021 | 2020 | 2019 | |||||||||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 76 | $ | 72 | $ | 78 | |||||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of federal income tax benefit | 14 | 14 | 15 | ||||||||||||||
Amortization of investment tax credit | (2) | (2) | (2) | ||||||||||||||
Amortization of excess deferred federal and state income taxes | (20) | (17) | (13) | ||||||||||||||
Kentucky recycling credit, net of federal income tax expense (a) | — | — | (4) | ||||||||||||||
Valuation allowance adjustments (a) | — | — | 4 | ||||||||||||||
Other | (1) | (4) | 1 | ||||||||||||||
Total increase (decrease) | (9) | (9) | 1 | ||||||||||||||
Total income tax expense (benefit) | $ | 67 | $ | 63 | $ | 79 | |||||||||||
Effective income tax rate | 18.4% | 18.4% | 21.2% |
2019 | 2018 | 2017 | |||||||||
Reconciliation of Income Tax Expense (Benefit) | |||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 78 | $ | 76 | $ | 146 | |||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 15 | 13 | 15 | ||||||||
Amortization of investment tax credit | (2 | ) | (2 | ) | (2 | ) | |||||
Amortization of excess deferred federal and state income taxes (b) | (13 | ) | (12 | ) | (1 | ) | |||||
Kentucky recycling credit, net of federal income tax expense (c) | (4 | ) | — | — | |||||||
Valuation allowance adjustments (c) | 4 | — | — | ||||||||
Other | 1 | 1 | 1 | ||||||||
Total increase (decrease) | 1 | — | 13 | ||||||||
Total income tax expense (benefit) | $ | 79 | $ | 76 | $ | 159 | |||||
Effective income tax rate | 21.2 | % | 21.0 | % | 38.0 | % |
|
2019 | 2018 | 2017 | |||||||||
Taxes, other than income | |||||||||||
Property and other | $ | 35 | $ | 34 | $ | 32 | |||||
Total | $ | 35 | $ | 34 | $ | 32 |
PPL | PPL Electric | KU | |||||||||||||||||||||||
U.S. (federal) | |||||||||||||||||||||||||
Pennsylvania (state) | |||||||||||||||||||||||||
Kentucky (state) | 2014 and prior | 2014 and prior | 2014 and prior | ||||||||||||||||||||||
U.K. (foreign) | |||||||||||||||||||||||||
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 |
Taxable Income (Loss) (a) | |||||||||||
Adjustments per 2017 Tax Return | Adjustments per 2017 Tax Provision | 2018 Adjustments | |||||||||
PPL | |||||||||||
Deemed Dividend | $ | 397 | $ | 462 | $ | (65 | ) | ||||
Bonus Depreciation (b) | (67 | ) | — | (67 | ) | ||||||
Consolidated Federal Net Operating Loss due to the TCJA (c) | (330 | ) | (462 | ) | 132 | ||||||
Total | $ | — | $ | — | $ | — | |||||
PPL Electric | |||||||||||
Bonus Depreciation (b) | $ | (39 | ) | $ | — | $ | (39 | ) | |||
Consolidated Federal Net Operating Loss reallocated due to the TCJA (c) | (68 | ) | (105 | ) | 37 | ||||||
Total | $ | (107 | ) | $ | (105 | ) | $ | (2 | ) | ||
LKE | |||||||||||
Bonus Depreciation (b) | $ | (28 | ) | $ | — | $ | (28 | ) | |||
Consolidated Federal Net Operating Loss reallocated due to the TCJA (c) | (32 | ) | (45 | ) | 13 | ||||||
Total | $ | (60 | ) | $ | (45 | ) | $ | (15 | ) | ||
LG&E | |||||||||||
Bonus Depreciation (b) | $ | (17 | ) | $ | — | $ | (17 | ) | |||
Consolidated Federal Net Operating Loss reallocated due to the TCJA (c) | 17 | — | 17 | ||||||||
Total | $ | — | $ | — | $ | — | |||||
KU | |||||||||||
Bonus Depreciation (b) | $ | (11 | ) | $ | — | $ | (11 | ) | |||
Consolidated Federal Net Operating Loss reallocated due to the TCJA (c) | 11 | — | 11 | ||||||||
Total | $ | — | $ | — | $ | — |
Income Tax Expense (Benefit) | |||||||||||
Adjustments per 2017 Tax Return | Adjustments per 2017 Tax Provision | 2018 Adjustments | |||||||||
PPL | |||||||||||
Deemed Dividend | $ | 139 | $ | 161 | $ | (22 | ) | ||||
Foreign Tax Credits | (157 | ) | (205 | ) | 48 | ||||||
Valuation of Foreign Tax Credit Carryforward | 110 | 145 | (35 | ) | |||||||
Reduction in U.S. federal income tax rate | 229 | 220 | 9 | ||||||||
Total | $ | 321 | $ | 321 | $ | — | |||||
PPL Electric | |||||||||||
Reduction in U.S. federal income tax rate | $ | (13 | ) | $ | (13 | ) | $ | — | |||
LKE | |||||||||||
Reduction in U.S. federal income tax rate | $ | 110 | $ | 112 | $ | (2 | ) |
PPL | PPL Electric | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||||
Plant outage costs | $ | — | $ | 46 | $ | — | $ | — | |||||||||||||||
Gas supply clause | 21 | 4 | — | — | |||||||||||||||||||
Smart meter rider | 11 | 17 | 11 | 17 | |||||||||||||||||||
Transmission formula rate | 6 | 15 | 6 | 15 | |||||||||||||||||||
Storm costs | — | 7 | — | 7 | |||||||||||||||||||
Fuel adjustment clause | 11 | — | — | — | |||||||||||||||||||
Other | 15 | 10 | 5 | 1 | |||||||||||||||||||
Total current regulatory assets (a) | $ | 64 | $ | 99 | $ | 22 | $ | 40 | |||||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||||
Defined benefit plans | $ | 523 | $ | 570 | $ | 256 | $ | 290 | |||||||||||||||
Plant outage cost | 54 | — | — | — | |||||||||||||||||||
Storm costs | 11 | 17 | — | — | |||||||||||||||||||
Unamortized loss on debt | 24 | 30 | 4 | 8 | |||||||||||||||||||
Interest rate swaps | 18 | 23 | — | — | |||||||||||||||||||
Terminated interest rate swaps | 70 | 75 | — | — | |||||||||||||||||||
Accumulated cost of removal of utility plant | 228 | 240 | 228 | 240 | |||||||||||||||||||
AROs | 302 | 300 | — | — | |||||||||||||||||||
Other | 6 | 7 | — | 3 | |||||||||||||||||||
Total noncurrent regulatory assets | $ | 1,236 | $ | 1,262 | $ | 488 | $ | 541 |
PPL | PPL Electric | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||||
Generation supply charge | $ | 10 | $ | 21 | $ | 10 | $ | 21 | |||||||||||||||
Transmission service charge | 21 | 1 | 21 | 1 | |||||||||||||||||||
Universal service rider | 17 | 22 | 17 | 22 | |||||||||||||||||||
TCJA customer refund | 22 | 11 | 22 | 11 | |||||||||||||||||||
Act 129 compliance rider | 10 | 7 | 10 | 7 | |||||||||||||||||||
Transmission formula rate return on equity (b) | 73 | — | 73 | — | |||||||||||||||||||
Economic relief billing rate | 27 | — | — | — | |||||||||||||||||||
Other | 2 | 17 | — | 6 | |||||||||||||||||||
Total current regulatory liabilities | $ | 182 | $ | 79 | $ | 153 | $ | 68 | |||||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 639 | $ | 653 | $ | — | $ | — | |||||||||||||||
Power purchase agreement - OVEC | 35 | 43 | — | — | |||||||||||||||||||
Net deferred taxes | 1,591 | 1,690 | 531 | 560 | |||||||||||||||||||
Defined benefit plans | 95 | 60 | 28 | 18 | |||||||||||||||||||
Terminated interest rate swaps | 62 | 66 | — | — | |||||||||||||||||||
Other | — | 18 | — | — | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 2,422 | $ | 2,530 | $ | 559 | $ | 578 |
PPL | PPL Electric | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Current Regulatory Assets: | |||||||||||||||
Gas supply clause | $ | 8 | $ | 12 | $ | — | $ | — | |||||||
Smart meter rider | 13 | 11 | 13 | 11 | |||||||||||
Plant outage costs | 32 | 10 | — | — | |||||||||||
Transmission formula rate | — | — | 3 | — | |||||||||||
Transmission service charge | 10 | — | 10 | — | |||||||||||
Other | 4 | 3 | — | — | |||||||||||
Total current regulatory assets (a) | $ | 67 | $ | 36 | $ | 26 | $ | 11 | |||||||
Noncurrent Regulatory Assets: | |||||||||||||||
Defined benefit plans | $ | 800 | $ | 963 | $ | 467 | $ | 558 | |||||||
Storm costs | 39 | 56 | 15 | 22 | |||||||||||
Unamortized loss on debt | 41 | 45 | 18 | 22 | |||||||||||
Interest rate swaps | 22 | 20 | — | — | |||||||||||
Terminated interest rate swaps | 81 | 87 | — | — | |||||||||||
Accumulated cost of removal of utility plant | 220 | 200 | 220 | 200 | |||||||||||
AROs | 279 | 273 | — | — | |||||||||||
Act 129 compliance rider | 6 | 19 | 6 | 19 | |||||||||||
Other | 4 | 10 | — | 3 | |||||||||||
Total noncurrent regulatory assets | $ | 1,492 | $ | 1,673 | $ | 726 | $ | 824 |
PPL | PPL Electric | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Current Regulatory Liabilities: | |||||||||||||||
Generation supply charge | $ | 23 | $ | 33 | $ | 23 | $ | 33 | |||||||
Transmission service charge | — | — | — | 3 | |||||||||||
Environmental cost recovery | 5 | 16 | — | — | |||||||||||
Universal service rider | 9 | 27 | 9 | 27 | |||||||||||
Transmission formula rate | — | — | — | 3 | |||||||||||
Fuel adjustment clause | 8 | — | — | — | |||||||||||
TCJA customer refund | 61 | 20 | 59 | 3 | |||||||||||
Storm damage expense rider | 5 | 5 | 5 | 5 | |||||||||||
Generation formula rate | 1 | 7 | — | — | |||||||||||
Other | 3 | 14 | — | — | |||||||||||
Total current regulatory liabilities | $ | 115 | $ | 122 | $ | 96 | $ | 74 | |||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||
Accumulated cost of removal of utility plant | $ | 640 | $ | 674 | $ | — | $ | — | |||||||
Power purchase agreement - OVEC | 51 | 59 | — | — | |||||||||||
Net deferred taxes | 1,756 | 1,826 | 588 | 629 | |||||||||||
Defined benefit plans | 51 | 37 | 11 | 5 | |||||||||||
Terminated interest rate swaps | 68 | 72 | — | — | |||||||||||
TCJA customer refund | — | 41 | — | 41 | |||||||||||
Other | 6 | 5 | — | — | |||||||||||
Total noncurrent regulatory liabilities | $ | 2,572 | $ | 2,714 | $ | 599 | $ | 675 |
LG&E | KU | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||||
Gas supply clause | $ | 21 | $ | 4 | $ | — | $ | — | |||||||||||||||
Fuel adjustment clause | 4 | — | 7 | — | |||||||||||||||||||
Gas line tracker | 3 | 4 | — | — | |||||||||||||||||||
Generation formula rate | — | — | 2 | 2 | |||||||||||||||||||
Plant outage costs | — | 12 | — | 34 | |||||||||||||||||||
Other | 5 | 3 | — | — | |||||||||||||||||||
Total current regulatory assets | $ | 33 | $ | 23 | $ | 9 | $ | 36 | |||||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||||
Defined benefit plans | $ | 164 | $ | 174 | $ | 103 | $ | 106 | |||||||||||||||
Storm costs | 8 | 11 | 3 | 6 | |||||||||||||||||||
Unamortized loss on debt | 12 | 13 | 8 | 9 | |||||||||||||||||||
Interest rate swaps | 18 | 23 | — | — | |||||||||||||||||||
Terminated interest rate swaps | 41 | 44 | 29 | 31 | |||||||||||||||||||
AROs | 75 | 85 | 227 | 215 | |||||||||||||||||||
Plant outage costs | 15 | — | 39 | — | |||||||||||||||||||
Other | 4 | 1 | 2 | 3 | |||||||||||||||||||
Total noncurrent regulatory assets | $ | 337 | $ | 351 | $ | 411 | $ | 370 |
LKE | LG&E | KU | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||||
Plant outage costs | $ | 32 | $ | 10 | $ | 16 | $ | 7 | $ | 16 | $ | 3 | |||||||||||
Gas supply clause | 8 | 12 | 8 | 12 | — | — | |||||||||||||||||
Other | 1 | 3 | 1 | 2 | — | 1 | |||||||||||||||||
Total current regulatory assets | $ | 41 | $ | 25 | $ | 25 | $ | 21 | $ | 16 | $ | 4 | |||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||||
Defined benefit plans | $ | 333 | $ | 405 | $ | 206 | $ | 249 | $ | 127 | $ | 156 | |||||||||||
Storm costs | 24 | 34 | 14 | 20 | 10 | 14 | |||||||||||||||||
Unamortized loss on debt | 23 | 23 | 14 | 15 | 9 | 8 | |||||||||||||||||
Interest rate swaps | 22 | 20 | 22 | 20 | — | — | |||||||||||||||||
Terminated interest rate swaps | 81 | 87 | 47 | 51 | 34 | 36 | |||||||||||||||||
AROs | 279 | 273 | 76 | 75 | 203 | 198 | |||||||||||||||||
Other | 4 | 7 | 1 | 1 | 3 | 6 | |||||||||||||||||
Total noncurrent regulatory assets | $ | 766 | $ | 849 | $ | 380 | $ | 431 | $ | 386 | $ | 418 |
LG&E | KU | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||||
Economic relief billing credit | $ | 21 | $ | — | $ | 6 | $ | — | |||||||||||||||
Fuel adjustment clauses | — | — | — | 5 | |||||||||||||||||||
Environmental cost recovery | — | — | — | 4 | |||||||||||||||||||
Other | — | — | 2 | 2 | |||||||||||||||||||
Total current regulatory liabilities | $ | 21 | $ | — | $ | 8 | $ | 11 | |||||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 262 | $ | 274 | $ | 377 | $ | 379 | |||||||||||||||
Power purchase agreement - OVEC | 24 | 30 | 11 | 13 | |||||||||||||||||||
Net deferred taxes | 491 | 528 | 569 | 602 | |||||||||||||||||||
Defined benefit plans | 10 | — | 57 | 42 | |||||||||||||||||||
Terminated interest rate swaps | 31 | 33 | 31 | 33 | |||||||||||||||||||
Other | — | 17 | — | 1 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 818 | $ | 882 | $ | 1,045 | $ | 1,070 |
LKE | LG&E | KU | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||||
Environmental cost recovery | $ | 5 | $ | 16 | $ | 1 | $ | 6 | $ | 4 | $ | 10 | |||||||||||
Fuel adjustment clauses | 8 | — | — | — | 8 | — | |||||||||||||||||
TCJA customer refund | 2 | 17 | — | 7 | 2 | 10 | |||||||||||||||||
Generation formula rate | 1 | 7 | — | — | 1 | 7 | |||||||||||||||||
Other | 3 | 8 | 1 | 4 | 2 | 4 | |||||||||||||||||
Total current regulatory liabilities | $ | 19 | $ | 48 | $ | 2 | $ | 17 | $ | 17 | $ | 31 | |||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 640 | $ | 674 | $ | 266 | $ | 279 | $ | 374 | $ | 395 | |||||||||||
Power purchase agreement - OVEC | 51 | 59 | 35 | 41 | 16 | 18 | |||||||||||||||||
Net deferred taxes | 1,168 | 1,197 | 544 | 557 | 624 | 640 | |||||||||||||||||
Defined benefit plans | 40 | 32 | — | — | 40 | 32 | |||||||||||||||||
Terminated interest rate swaps | 68 | 72 | 34 | 36 | 34 | 36 | |||||||||||||||||
Other | 6 | 5 | 4 | 2 | 2 | 3 | |||||||||||||||||
Total noncurrent regulatory liabilities | $ | 1,973 | $ | 2,039 | $ | 883 | $ | 915 | $ | 1,090 | $ | 1,124 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Expiration Date | Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | Unused Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | |||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||
PPL Capital Funding | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility (a) (b) | Dec 2026 | $ | 1,250 | $ | — | $ | — | $ | 1,250 | $ | — | $ | 402 | ||||||||||||||||||||||||||||
Bilateral Credit Facility (a) (b) | Mar 2022 | 50 | — | — | 50 | — | — | ||||||||||||||||||||||||||||||||||
Bilateral Credit Facility (a) (b) | Mar 2022 | 50 | — | 15 | 35 | — | 15 | ||||||||||||||||||||||||||||||||||
Term Loan Credit Facility (a) (b) | Mar 2021 | — | — | — | — | 200 | — | ||||||||||||||||||||||||||||||||||
Term Loan Credit Facility (a) (b) | Mar 2021 | — | — | — | — | 100 | — | ||||||||||||||||||||||||||||||||||
Term Loan Credit Facility (a) (b) | Mar 2022 | — | — | — | — | 100 | — | ||||||||||||||||||||||||||||||||||
Total PPL Capital Funding Credit Facilities | $ | 1,350 | $ | — | $ | 15 | $ | 1,335 | $ | 400 | $ | 417 | |||||||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility (a) (b) | Dec 2026 | $ | 650 | $ | — | $ | 1 | $ | 649 | $ | — | $ | 1 | ||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility (a) (b) | Dec 2026 | $ | 500 | $ | — | $ | 69 | $ | 431 | $ | — | $ | 262 | ||||||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility (a) (b) | Dec 2026 | $ | 400 | $ | — | $ | — | $ | 400 | $ | — | $ | 203 | ||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
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)(b)(c) | Jan. 2023 | £ | 210 | £ | 155 | £ | — | £ | 55 | £ | 157 | £ | — | ||||||||||||
WPD (South West) | |||||||||||||||||||||||||
Syndicated Credit Facility (a)(b)(c) | July 2021 | 245 | 40 | — | 205 | — | — | ||||||||||||||||||
WPD (East Midlands) | |||||||||||||||||||||||||
Syndicated Credit Facility (a)(b)(c) | July 2021 | 300 | — | — | 300 | 38 | — | ||||||||||||||||||
WPD (West Midlands) | |||||||||||||||||||||||||
Syndicated Credit Facility (a)(b)(c) | July 2021 | 300 | 48 | — | 252 | — | — | ||||||||||||||||||
Uncommitted Credit Facilities | 100 | — | 4 | 96 | — | 4 | |||||||||||||||||||
Total U.K. Credit Facilities (b) | £ | 1,155 | £ | 243 | £ | 4 | £ | 908 | £ | 195 | £ | 4 | |||||||||||||
U.S. | |||||||||||||||||||||||||
PPL Capital Funding | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Jan 2024 | $ | 1,450 | $ | 450 | $ | 1,000 | $ | — | $ | 669 | ||||||||||||||
Bilateral Credit Facility (c) (d) | Mar 2020 | 100 | — | 15 | 85 | — | 15 | ||||||||||||||||||
Total PPL Capital Funding Credit Facilities | $ | 1,550 | $ | — | $ | 465 | $ | 1,085 | $ | — | $ | 684 | |||||||||||||
PPL Electric | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Jan 2024 | $ | 650 | $ | — | $ | 1 | $ | 649 | $ | — | $ | 1 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Expiration Date | Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | Unused Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | |||||||||||||||||||
LG&E | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Jan 2024 | $ | 500 | $ | — | $ | 238 | $ | 262 | $ | — | $ | 279 | ||||||||||||
Term Loan Credit Facility (c) (e) | — | — | — | — | 200 | — | |||||||||||||||||||
Total LG&E Credit Facilities | $ | 500 | $ | — | $ | 238 | $ | 262 | $ | 200 | $ | 279 | |||||||||||||
KU | |||||||||||||||||||||||||
Syndicated Credit Facility (c) (d) | Jan 2024 | $ | 400 | $ | — | $ | 150 | $ | 250 | $ | — | $ | 235 | ||||||||||||
Letter of Credit Facility (f) | — | — | — | — | — | 198 | |||||||||||||||||||
Total KU Credit Facilities | $ | 400 | $ | — | $ | 150 | $ | 250 | $ | — | $ | 433 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Weighted - Average Interest Rate | Capacity | Commercial Paper Issuances | Unused Capacity | Weighted - Average Interest Rate | Commercial Paper Issuances | ||||||||||||||||||||||||||||||
PPL Capital Funding | 0 | $ | 1,500 | $ | — | $ | 1,500 | 0.25% | $ | 402 | |||||||||||||||||||||||||
PPL Electric | 00 | 650 | — | 650 | 00 | — | |||||||||||||||||||||||||||||
LG&E (a) | 0.31% | 425 | 69 | 356 | 0.28% | 262 | |||||||||||||||||||||||||||||
KU | 00 | 350 | — | 350 | 0.28% | 203 | |||||||||||||||||||||||||||||
Total | $ | 2,925 | $ | 69 | $ | 2,856 | $ | 867 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||
Weighted - Average Interest Rate | Capacity | Commercial Paper Issuances | Unused Capacity | Weighted - Average Interest Rate | Commercial Paper Issuances | ||||||||||||||
PPL Capital Funding | 2.13% | $ | 1,500 | $ | 450 | $ | 1,050 | 2.82% | $ | 669 | |||||||||
PPL Electric | 650 | — | 650 | — | |||||||||||||||
LG&E | 2.07% | 350 | 238 | 112 | 2.94% | 279 | |||||||||||||
KU | 2.02% | 350 | 150 | 200 | 2.94% | 235 | |||||||||||||
Total | $ | 2,850 | $ | 838 | $ | 2,012 | $ | 1,183 |
December 31, | ||||||||||||
Weighted-Average Rate (g) | Maturities (g) | 2019 | 2018 | |||||||||
PPL | ||||||||||||
U.S. | ||||||||||||
Senior Unsecured Notes | 3.88 | % | 2020 - 2047 | $ | 4,325 | $ | 4,325 | |||||
Senior Secured Notes/First Mortgage Bonds (a) (b) (c) | 3.95 | % | 2020 - 2049 | 8,705 | 7,705 | |||||||
Junior Subordinated Notes | 5.24 | % | 2067 - 2073 | 930 | 930 | |||||||
Term Loan Credit Facility | 2019 | — | 200 | |||||||||
Total U.S. Long-term Debt | 13,960 | 13,160 | ||||||||||
U.K. | ||||||||||||
Senior Unsecured Notes (d) | 4.97 | % | 2020 - 2040 | 6,874 | 6,471 | |||||||
Index-linked Senior Unsecured Notes (e) | 1.45 | % | 2026 - 2056 | 1,104 | 1,063 | |||||||
Term Loan Credit Facility | 2.18 | % | 2024 - 2024 | 64 | — | |||||||
Total U.K. Long-term Debt (f) | 8,042 | 7,534 | ||||||||||
Total Long-term Debt Before Adjustments | 22,002 | 20,694 | ||||||||||
Fair market value adjustments | 12 | 16 | ||||||||||
Unamortized premium and (discount), net | 5 | 9 | ||||||||||
Unamortized debt issuance costs | (126 | ) | (120 | ) | ||||||||
Total Long-term Debt | 21,893 | 20,599 | ||||||||||
Less current portion of Long-term Debt | 1,172 | 530 | ||||||||||
Total Long-term Debt, noncurrent | $ | 20,721 | $ | 20,069 | ||||||||
PPL Electric | ||||||||||||
Senior Secured Notes/First Mortgage Bonds (a) (b) | 4.08 | % | 2021 - 2049 | $ | 4,039 | $ | 3,739 | |||||
Total Long-term Debt Before Adjustments | 4,039 | 3,739 | ||||||||||
Unamortized discount | (24 | ) | (18 | ) | ||||||||
Unamortized debt issuance costs | (30 | ) | (27 | ) | ||||||||
Total Long-term Debt | 3,985 | 3,694 | ||||||||||
Less current portion of Long-term Debt | — | — | ||||||||||
Total Long-term Debt, noncurrent | $ | 3,985 | $ | 3,694 | ||||||||
LKE | ||||||||||||
Senior Unsecured Notes | 3.97 | % | 2020 - 2021 | $ | 725 | $ | 725 | |||||
Term Loan Credit Facility | — | 200 | ||||||||||
First Mortgage Bonds (a) (c) | 3.84 | % | 2020 - 2049 | 4,666 | 3,966 | |||||||
Long-term debt to affiliate | 3.69 | % | 2026 - 2028 | 650 | 650 | |||||||
Total Long-term Debt Before Adjustments | 6,041 | 5,541 | ||||||||||
Unamortized premium | 5 | — | ||||||||||
Unamortized discount | (12 | ) | (13 | ) | ||||||||
Unamortized debt issuance costs | (32 | ) | (26 | ) | ||||||||
Total Long-term Debt | 6,002 | 5,502 | ||||||||||
Less current portion of Long-term Debt | 975 | 530 | ||||||||||
Total Long-term Debt, noncurrent | $ | 5,027 | $ | 4,972 |
December 31, | |||||||||||||||||||||||
Weighted-Average Rate (d) | Maturities (d) | 2021 | 2020 | ||||||||||||||||||||
PPL | |||||||||||||||||||||||
Senior Unsecured Notes | 3.81 | % | 2026 - 2047 | $ | 1,566 | $ | 4,850 | ||||||||||||||||
Senior Secured Notes/First Mortgage Bonds (a) (b) (c) | 3.59 | % | 2022 - 2050 | 9,205 | 8,955 | ||||||||||||||||||
Junior Subordinated Notes | 2.89 | % | 2067 | 480 | 930 | ||||||||||||||||||
Term Loan Credit Facility | — | 100 | |||||||||||||||||||||
Total Long-term Debt before adjustments | 11,251 | 14,835 | |||||||||||||||||||||
Unamortized premium and (discount), net | (34) | (40) | |||||||||||||||||||||
Unamortized debt issuance costs | (77) | (106) | |||||||||||||||||||||
Total Long-term Debt | 11,140 | 14,689 | |||||||||||||||||||||
Less current portion of Long-term Debt | 474 | 1,074 | |||||||||||||||||||||
Total Long-term Debt, noncurrent | $ | 10,666 | $ | 13,615 | |||||||||||||||||||
December 31, | |||||||||||||||||||||||
Weighted-Average Rate (d) | Maturities (d) | 2021 | 2020 | ||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||
Senior Secured Notes/First Mortgage Bonds (a) (b) | 3.37 | % | 2022 - 2049 | $ | 4,539 | $ | 4,289 | ||||||||||||||||
Total Long-term Debt Before Adjustments | 4,539 | 4,289 | |||||||||||||||||||||
Unamortized discount | (22) | (23) | |||||||||||||||||||||
Unamortized debt issuance costs | (33) | (30) | |||||||||||||||||||||
Total Long-term Debt | 4,484 | 4,236 | |||||||||||||||||||||
Less current portion of Long-term Debt | 474 | 400 | |||||||||||||||||||||
Total Long-term Debt, noncurrent | $ | 4,010 | $ | 3,836 | |||||||||||||||||||
LG&E | |||||||||||||||||||||||
First Mortgage Bonds (a) (c) | 3.59 | % | 2025 - 2049 | $ | 2,024 | $ | 2,024 | ||||||||||||||||
Total Long-term Debt Before Adjustments | 2,024 | 2,024 | |||||||||||||||||||||
Unamortized discount | (4) | (4) | |||||||||||||||||||||
Unamortized debt issuance costs | (14) | (13) | |||||||||||||||||||||
Total Long-term Debt | 2,006 | 2,007 | |||||||||||||||||||||
Less current portion of Long-term Debt | — | 292 | |||||||||||||||||||||
Total Long-term Debt, noncurrent | $ | 2,006 | $ | 1,715 | |||||||||||||||||||
KU | |||||||||||||||||||||||
First Mortgage Bonds (a) (c) | 3.97 | % | 2023 - 2050 | $ | 2,642 | $ | 2,642 | ||||||||||||||||
Total Long-term Debt Before Adjustments | 2,642 | 2,642 | |||||||||||||||||||||
Unamortized premium | 5 | 5 | |||||||||||||||||||||
Unamortized discount | (9) | (9) | |||||||||||||||||||||
Unamortized debt issuance costs | (20) | (20) | |||||||||||||||||||||
Total Long-term Debt | 2,618 | 2,618 | |||||||||||||||||||||
Less current portion of Long-term Debt | — | 132 | |||||||||||||||||||||
Total Long-term Debt, noncurrent | $ | 2,618 | $ | 2,486 | |||||||||||||||||||
December 31, | ||||||||||||
Weighted-Average Rate (g) | Maturities (g) | 2019 | 2018 | |||||||||
LG&E | ||||||||||||
Term Loan Credit Facility | $ | — | $ | 200 | ||||||||
First Mortgage Bonds (a) (c) | 3.73 | % | 2025 - 2049 | 2,024 | 1,624 | |||||||
Total Long-term Debt Before Adjustments | 2,024 | 1,824 | ||||||||||
Unamortized discount | (4 | ) | (4 | ) | ||||||||
Unamortized debt issuance costs | (15 | ) | (11 | ) | ||||||||
Total Long-term Debt | 2,005 | 1,809 | ||||||||||
Less current portion of Long-term Debt | — | 434 | ||||||||||
Total Long-term Debt, noncurrent | $ | 2,005 | $ | 1,375 | ||||||||
KU | ||||||||||||
First Mortgage Bonds (a) (c) | 3.93 | % | 2020 - 2045 | $ | 2,642 | $ | 2,342 | |||||
Total Long-term Debt Before Adjustments | 2,642 | 2,342 | ||||||||||
Unamortized premium | 5 | — | ||||||||||
Unamortized discount | (8 | ) | (8 | ) | ||||||||
Unamortized debt issuance costs | (16 | ) | (13 | ) | ||||||||
Total Long-term Debt | 2,623 | 2,321 | ||||||||||
Less current portion of Long-term Debt | 500 | 96 | ||||||||||
Total Long-term Debt, noncurrent | $ | 2,123 | $ | 2,225 |
(d)The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||||||||
2022 | $ | 474 | $ | 474 | $ | — | $ | — | |||||||||||||||||||||
2023 | 353 | 340 | — | 13 | |||||||||||||||||||||||||
2024 | 650 | 650 | — | — | |||||||||||||||||||||||||
2025 | 550 | — | 300 | 250 | |||||||||||||||||||||||||
2026 | 904 | — | 90 | 164 | |||||||||||||||||||||||||
Thereafter | 8,320 | 3,075 | 1,634 | 2,215 | |||||||||||||||||||||||||
Total | $ | 11,251 | $ | 4,539 | $ | 2,024 | $ | 2,642 |
PPL | PPL Electric | LKE | LG&E | KU | |||||||||||||||
2020 | $ | 1,169 | $ | — | $ | 975 | $ | — | $ | 500 | |||||||||
2021 | 1,574 | 400 | 674 | 292 | 132 | ||||||||||||||
2022 | 1,274 | 474 | — | — | — | ||||||||||||||
2023 | 2,254 | 90 | 13 | — | 13 | ||||||||||||||
2024 | 932 | — | — | — | — | ||||||||||||||
Thereafter | 14,799 | 3,075 | 4,379 | 1,732 | 1,997 | ||||||||||||||
Total | $ | 22,002 | $ | 4,039 | $ | 6,041 | $ | 2,024 | $ | 2,642 |
Loss on sale for the year ended December 31, 2021 | |||||
Sales proceeds, net of realized foreign currency hedge losses (a) | $ | 10,732 | |||
Unrealized foreign currency hedge losses recognized in 2020 | 125 | ||||
Less: Costs to sell (b) | 69 | ||||
Less: Carrying value (c) | 12,397 | ||||
Loss on sale | $ | (1,609) |
2021 | 2020 | 2019 | |||||||||||||||
Operating Revenues | $ | 1,344 | $ | 2,133 | $ | 2,167 | |||||||||||
Operating Expenses | 467 | 916 | 853 | ||||||||||||||
Other Income (Expense) - net | 202 | 167 | 295 | ||||||||||||||
Interest Expense (a) | 209 | 367 | 373 | ||||||||||||||
Income before income taxes | 870 | 1,017 | 1,236 | ||||||||||||||
Loss on sale | (1,609) | — | — | ||||||||||||||
Income Taxes | 759 | 188 | 226 | ||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | $ | (1,498) | $ | 829 | $ | 1,010 |
Held for Sale at December 31, 2020 | |||||||||||
Cash and cash equivalents | $ | 266 | |||||||||
Accounts receivable and unbilled revenues | 389 | ||||||||||
Price risk management assets | 146 | ||||||||||
Property, plant and equipment, net (a) | 14,392 | ||||||||||
Goodwill | 2,558 | ||||||||||
Other intangibles | 413 | ||||||||||
Pension benefit asset | 682 | ||||||||||
Other assets | 137 | ||||||||||
Total Assets | $ | 18,983 | |||||||||
Short-term debt and long-term debt due within one year | $ | 994 | |||||||||
Accounts payable | 220 | ||||||||||
Customer deposits | 217 | ||||||||||
Accrued interest | 190 | ||||||||||
Long-term debt | 7,938 | ||||||||||
Total deferred income taxes | 1,032 | ||||||||||
Price risk management liabilities | 137 | ||||||||||
Other deferred credits and liabilities | 295 | ||||||||||
Total Liabilities | $ | 11,023 | |||||||||
Net assets (b) | $ | 7,960 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | |||||||||||||||||
Lease cost: | |||||||||||||||||
Operating lease cost | $ | 24 | $ | 28 | $ | 30 | |||||||||||
Short-term lease cost | 6 | 7 | 5 | ||||||||||||||
Total lease cost | $ | 30 | $ | 35 | $ | 35 | |||||||||||
LG&E | |||||||||||||||||
Lease cost: | |||||||||||||||||
Operating lease cost | $ | 6 | $ | 8 | $ | 12 | |||||||||||
Short-term lease cost | 1 | 1 | 1 | ||||||||||||||
Total lease cost | $ | 7 | $ | 9 | $ | 13 | |||||||||||
KU | |||||||||||||||||
Lease cost: | |||||||||||||||||
Operating lease cost | $ | 10 | $ | 13 | $ | 13 | |||||||||||
Short-term lease cost | 1 | 1 | 1 | ||||||||||||||
Total lease cost | $ | 11 | $ | 14 | $ | 14 |
PPL | LKE | LG&E | KU | ||||||||||||
Lease cost: | |||||||||||||||
Operating lease cost | $ | 33 | $ | 25 | $ | 12 | $ | 13 | |||||||
Short-term lease cost | 7 | 2 | 1 | 1 | |||||||||||
Total lease cost | $ | 40 | $ | 27 | $ | 13 | $ | 14 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 23 | $ | 24 | $ | 26 | |||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | 12 | 17 | 45 | ||||||||||||||
LG&E | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 6 | $ | 7 | $ | 9 | |||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | 4 | 6 | 5 | ||||||||||||||
KU | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 10 | $ | 11 | $ | 11 | |||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | 7 | 9 | 11 |
PPL | LKE | LG&E | KU | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||
Operating cash flows from operating leases | $ | 29 | $ | 21 | $ | 9 | $ | 11 | |||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | 46 | 16 | 5 | 11 |
PPL | LG&E | KU | ||||||||||||||||||||||||||||||
PPL | LKE | LG&E | KU | |||||||||||||||||||||||||||||
2020 | $ | 29 | $ | 18 | $ | 7 | $ | 11 | ||||||||||||||||||||||||
2021 | 22 | 13 | 5 | 8 | ||||||||||||||||||||||||||||
2022 | 17 | 9 | 4 | 5 | 2022 | $ | 23 | $ | 6 | $ | 10 | |||||||||||||||||||||
2023 | 15 | 7 | 3 | 4 | 2023 | 20 | 5 | 8 | ||||||||||||||||||||||||
2024 | 12 | 6 | 2 | 4 | 2024 | 15 | 4 | 6 | ||||||||||||||||||||||||
2025 | 2025 | 8 | 3 | 4 | ||||||||||||||||||||||||||||
2026 | 2026 | 3 | 1 | 1 | ||||||||||||||||||||||||||||
Thereafter | 27 | 8 | 3 | 4 | Thereafter | 5 | 1 | 1 | ||||||||||||||||||||||||
Total | $ | 122 | $ | 61 | $ | 24 | $ | 36 | Total | $ | 74 | $ | 20 | $ | 30 | |||||||||||||||||
Weighted-average discount rate | 3.48 | % | 3.96 | % | 3.89 | % | 4.01 | % | Weighted-average discount rate | 3.38% | 3.48% | 3.67% | ||||||||||||||||||||
Weighted-average remaining lease term (in years) | 8 | 5 | 5 | 5 | Weighted-average remaining lease term (in years) | 4 | 4 | 4 | ||||||||||||||||||||||||
Current lease liabilities (a) | $ | 26 | $ | 16 | $ | 6 | $ | 10 | Current lease liabilities (a) | $ | 22 | $ | 6 | $ | 9 | |||||||||||||||||
Non-current lease liabilities (a) | 78 | 39 | 15 | 23 | Non-current lease liabilities (a) | 47 | 12 | 17 | ||||||||||||||||||||||||
Right-of-use assets (b) | 96 | 47 | 18 | 28 | Right-of-use assets (b) | 62 | 15 | 24 |
(a) Current lease liabilities are included in "Other Current Liabilities" on the Balance Sheets. Non-current lease liabilities are included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. The difference between |
PPL | LKE | LG&E | KU | ||||||||||||
2019 | $ | 26 | $ | 20 | $ | 10 | $ | 10 | |||||||
2020 | 21 | 15 | 6 | 9 | |||||||||||
2021 | 15 | 11 | 4 | 7 | |||||||||||
2022 | 13 | 7 | 3 | 4 | |||||||||||
2023 | 8 | 6 | 3 | 3 | |||||||||||
Thereafter | 33 | 11 | 4 | 6 | |||||||||||
Total | $ | 116 | $ | 70 | $ | 30 | $ | 39 |
PPL | LKE | LG&E | KU | ||||||||||||
2020 | $ | 13 | $ | 7 | $ | — | $ | 7 | |||||||
2021 | 11 | 5 | — | 5 | |||||||||||
2022 | 5 | — | — | — | |||||||||||
2023 | 5 | 1 | — | — | |||||||||||
2024 | 3 | — | — | — | |||||||||||
Thereafter | 12 | — | — | — | |||||||||||
Total | $ | 49 | $ | 13 | $ | — | $ | 12 | |||||||
Lease income recognized for the twelve months ended December 31, 2019 | $ | 21 | $ | 13 | $ | 5 | $ | 8 |
PPL | LG&E | KU | |||||||||||||||
Lease income recognized for the twelve months ended December 31, 2021 | $ | 11 | $ | 5 | $ | 5 | |||||||||||
Lease income recognized for the twelve months ended December 31, 2020 | 16 | 6 | 9 | ||||||||||||||
Lease income recognized for the twelve months ended December 31, 2019 | 14 | 5 | 8 |
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 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 28.00 | $ | 35.30 | $ | 31.95 | |||||||||||
PPL Electric | 27.96 | 35.37 | 32.33 | ||||||||||||||
2019 | 2018 | 2017 | |||||||||
PPL | $ | 31.95 | $ | 30.58 | $ | 35.30 | |||||
PPL Electric | 32.33 | 30.00 | 35.45 | ||||||||
LKE | 30.65 | 30.98 | 35.25 |
Restricted Shares/Units | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
PPL | |||||||||||
Nonvested, beginning of period | 896,336 | $ | 32.56 | ||||||||
Granted | 458,610 | 28.00 | |||||||||
Vested | (303,890) | 30.57 | |||||||||
Forfeited | (46,473) | 30.23 | |||||||||
Nonvested, end of period | 1,004,583 | 31.19 | |||||||||
PPL Electric | |||||||||||
Nonvested, beginning of period | 210,720 | $ | 32.73 | ||||||||
Transfer between registrants | (92,596) | 32.99 | |||||||||
Granted | 51,587 | 27.96 | |||||||||
Vested | (32,266) | 29.98 | |||||||||
Forfeited | (6,158) | 32.16 | |||||||||
Nonvested, end of period | 131,287 | 31.50 | |||||||||
Restricted Shares/Units | Weighted- Average Grant Date Fair Value Per Share | |||||
PPL | ||||||
Nonvested, beginning of period | 1,098,203 | $ | 33.45 | |||
Granted | 479,428 | 31.95 | ||||
Vested | (429,258 | ) | 33.64 | |||
Forfeited | (10,688 | ) | 31.53 | |||
Nonvested, end of period | 1,137,685 | 32.76 | ||||
PPL Electric | ||||||
Nonvested, beginning of period | 187,337 | $ | 33.09 | |||
Transfer between registrants | (3,305 | ) | 33.06 | |||
Granted | 112,138 | 32.33 | ||||
Vested | (59,661 | ) | 33.77 | |||
Forfeited | (6,649 | ) | 31.01 | |||
Nonvested, end of period | 229,860 | 32.61 | ||||
LKE | ||||||
Nonvested, beginning of period | 133,030 | $ | 33.45 | |||
Granted | 76,256 | 30.65 | ||||
Vested | (42,841 | ) | 33.75 | |||
Nonvested, end of period | 166,445 | 32.09 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 8 | $ | 19 | $ | 13 | |||||||||||
PPL Electric | 1 | 3 | 2 | ||||||||||||||
2019 | 2018 | 2017 | |||||||||
PPL | $ | 13 | $ | 16 | $ | 20 | |||||
PPL Electric | 2 | 2 | 3 | ||||||||
LKE | 1 | 5 | 4 |
2021 | 2020 | 2019 | |||||||||||||||
Expected stock volatility | 27.81% | 15.64% | 17.57% | ||||||||||||||
Expected life | 3 years | 3 years | 3 years |
2019 | 2018 | 2017 | ||||||
Expected stock volatility | 17.57 | % | 17.60 | % | 17.40 | % | ||
Expected life | 3 years | 3 years | 3 years |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 32.44 | $ | 37.63 | $ | 35.83 | |||||||||||
PPL Electric | 32.92 | 38.64 | 35.68 | ||||||||||||||
2019 | 2018 | 2017 | |||||||||
PPL | $ | 35.83 | $ | 38.26 | $ | 38.38 | |||||
PPL Electric | 35.68 | 38.37 | 38.37 | ||||||||
LKE | 35.93 | 38.32 | 38.24 |
TSR Performance Units | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
PPL | |||||||||||
Nonvested, beginning of period | 626,254 | $ | 36.98 | ||||||||
Granted | 306,009 | 32.44 | |||||||||
Vested | (53,340) | 34.47 | |||||||||
Forfeited (a) | (245,150) | 37.75 | |||||||||
Nonvested, end of period | 633,773 | 34.68 |
TSR Performance Units | Weighted- Average Grant Date Fair Value Per Share | ||||||||||||||||
TSR Performance Units | Weighted- Average Grant Date Fair Value Per Share | ||||||||||||||||
PPL | |||||||||||||||||
PPL Electric | PPL Electric | ||||||||||||||||
Nonvested, beginning of period | 840,124 | $ | 37.89 | Nonvested, beginning of period | 61,807 | $ | 37.44 | ||||||||||
Transfer between registrants | Transfer between registrants | (53,663) | 37.42 | ||||||||||||||
Granted | 250,734 | 35.83 | Granted | 10,010 | 32.92 | ||||||||||||
Forfeited (a) | (351,466 | ) | 37.24 | Forfeited (a) | (2,800) | 38.47 | |||||||||||
Nonvested, end of period | 739,392 | 37.50 | Nonvested, end of period | 15,354 | 34.36 | ||||||||||||
PPL Electric | |||||||||||||||||
Nonvested, beginning of period | 67,863 | $ | 37.86 | ||||||||||||||
Granted | 24,158 | 35.68 | |||||||||||||||
Forfeited (a) | (25,222 | ) | 36.92 | ||||||||||||||
Nonvested, end of period | 66,799 | 37.43 | |||||||||||||||
LKE | |||||||||||||||||
Nonvested, beginning of period | 148,996 | $ | 37.81 | ||||||||||||||
Granted | 39,453 | 35.93 | |||||||||||||||
Forfeited (a) | (57,916 | ) | 37.02 | ||||||||||||||
Nonvested, end of period | 130,533 | 37.60 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 30.08 | $ | 34.95 | $ | 30.89 | |||||||||||
PPL Electric | 29.39 | 35.59 | 30.76 | ||||||||||||||
2019 | 2018 | 2017 | |||||||||
PPL | $ | 30.89 | $ | 32.21 | $ | 32.42 | |||||
PPL Electric | 30.76 | 32.32 | 34.41 | ||||||||
LKE | 30.99 | 32.28 | 34.29 |
ROE Performance Unit | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
PPL | |||||||||||
Nonvested, beginning of period | 728,664 | $ | 32.81 | ||||||||
Granted | 572,571 | 30.08 | |||||||||
Vested | (570,722) | 32.02 | |||||||||
Forfeited | (8,160) | 30.44 | |||||||||
Nonvested, end of period | 722,353 | 31.28 | |||||||||
PPL Electric | |||||||||||
Nonvested, beginning of period | 61,807 | $ | 33.01 | ||||||||
Transfer between registrants | (53,663) | 33.00 | |||||||||
Granted | 12,895 | 29.39 | |||||||||
Vested | (5,685) | 32.27 | |||||||||
Nonvested, end of period | 15,354 | 30.27 | |||||||||
ROE Performance Unit | Weighted- Average Grant Date Fair Value Per Share | |||||
PPL | ||||||
Nonvested, beginning of period | 328,958 | $ | 32.86 | |||
Granted | 241,807 | 30.89 | ||||
Nonvested, end of period | 570,765 | 32.02 | ||||
PPL Electric | ||||||
Nonvested, beginning of period | 25,960 | $ | 32.96 | |||
Granted | 23,234 | 30.76 | ||||
Nonvested, end of period | 49,194 | 31.92 | ||||
LKE | ||||||
Nonvested, beginning of period | 69,620 | $ | 32.87 | |||
Granted | 38,185 | 30.99 | ||||
Nonvested, end of period | 107,805 | 32.20 |
2021 | 2020 | ||||||||||||||||
PPL | $ | 16 | $ | 8 | |||||||||||||
PPL Electric | — | 1 | |||||||||||||||
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 | 1,103,016 | $ | 26.22 | ||||||||||||||||||||
Exercised | (337,014) | 25.42 | |||||||||||||||||||||
Outstanding and exercisable at end of period | 766,002 | 26.57 | 1 | $ | 3 |
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 | 2,914,525 | $ | 26.26 | |||||||||
Exercised | (1,578,554 | ) | 26.31 | |||||||||
Forfeited | (5,028 | ) | 28.77 | |||||||||
Outstanding and exercisable at end of period | 1,330,943 | 26.20 | 2.5 | $ | 13 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 34 | $ | 28 | $ | 35 | |||||||||||
PPL Electric | 11 | 10 | 12 | ||||||||||||||
2019 | 2018 | 2017 | |||||||||
PPL | $ | 35 | $ | 25 | $ | 32 | |||||
PPL Electric | 12 | 10 | 18 | ||||||||
LKE | 9 | 8 | 8 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 10 | $ | 8 | $ | 10 | |||||||||||
PPL Electric | 3 | 3 | 3 | ||||||||||||||
2019 | 2018 | 2017 | |||||||||
PPL | $ | 10 | $ | 10 | $ | 13 | |||||
PPL Electric | 3 | 3 | 8 | ||||||||
LKE | 2 | 2 | 3 |
Unrecognized Compensation Expense | Weighted- Average Period for Recognition | ||||||||||
PPL | $ | 19 | 1.7 | ||||||||
PPL Electric | 2 | 1.8 | |||||||||
Unrecognized Compensation Expense | Weighted- Average Period for Recognition | ||||
PPL | $ | 14 | 1.9 | ||
PPL Electric | 3 | 2.2 | |||
LKE | 1 | 1.5 |
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic defined benefit costs (credits): | Net periodic defined benefit costs (credits): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 50 | $ | 62 | $ | 65 | $ | 68 | $ | 82 | $ | 76 | $ | 6 | $ | 7 | $ | 7 | Service cost | $ | 56 | $ | 56 | $ | 50 | $ | 6 | $ | 6 | $ | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 164 | 156 | 168 | 187 | 185 | 178 | 22 | 21 | 23 | Interest cost | 121 | 146 | 164 | 16 | 19 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (245 | ) | (249 | ) | (231 | ) | (588 | ) | (587 | ) | (514 | ) | (18 | ) | (23 | ) | (22 | ) | Expected return on plan assets | (255) | (246) | (245) | (23) | (21) | (18) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of: | Amortization of: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 8 | 10 | 10 | 1 | — | — | (1 | ) | (1 | ) | (1 | ) | Prior service cost (credit) | 8 | 9 | 8 | 1 | 1 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | 56 | 84 | 69 | 92 | 151 | 144 | 1 | — | 1 | Actuarial (gain) loss | 93 | 89 | 56 | (1) | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | 33 | 63 | 81 | (240 | ) | (169 | ) | (116 | ) | 10 | 4 | 8 | Net periodic defined benefit costs (credits) prior to settlements and termination benefits | 23 | 54 | 33 | (1) | 5 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | 1 | — | 1 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination benefits | — | — | 1 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements (a) | Settlements (a) | 18 | 23 | 1 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic defined benefit costs (credits) | $ | 34 | $ | 63 | $ | 83 | $ | (240 | ) | $ | (169 | ) | $ | (116 | ) | $ | 10 | $ | 4 | $ | 8 | Net periodic defined benefit costs (credits) | $ | 41 | $ | 77 | $ | 34 | $ | (1) | $ | 5 | $ | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: | Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement | (1 | ) | — | (1 | ) | — | — | — | — | — | — | Settlement | (18) | (23) | (1) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss | (121 | ) | 157 | 27 | 723 | 201 | 346 | (18 | ) | 8 | (28 | ) | Net (gain) loss | 42 | (221) | (121) | (53) | (6) | (18) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 2 | 1 | (1 | ) | — | 13 | — | — | — | 8 | Prior service cost (credit) | 3 | 1 | 2 | — | 5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of: | Amortization of: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service (cost) credit | (8 | ) | (10 | ) | (10 | ) | (1 | ) | — | — | 1 | 1 | 1 | Prior service (cost) credit | (8) | (9) | (8) | (1) | (1) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial gain (loss) | (56 | ) | (84 | ) | (69 | ) | (92 | ) | (151 | ) | (144 | ) | (1 | ) | — | (1 | ) | Actuarial gain (loss) | (93) | (89) | (56) | 1 | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in OCI and regulatory assets/liabilities (a) | (184 | ) | 64 | (54 | ) | 630 | 63 | 202 | (18 | ) | 9 | (20 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in OCI and regulatory assets/liabilities | Total recognized in OCI and regulatory assets/liabilities | (74) | (341) | (184) | (53) | (2) | (18) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities (a) | $ | (150 | ) | $ | 127 | $ | 29 | $ | 390 | $ | (106 | ) | $ | 86 | $ | (8 | ) | $ | 13 | $ | (12 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities | Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities | $ | (33) | $ | (264) | $ | (150) | $ | (54) | $ | 3 | $ | (8) |
U.S. Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
OCI | $ | (194 | ) | $ | 90 | $ | (53 | ) | $ | (13 | ) | $ | 20 | $ | (25 | ) | |||||||
Regulatory assets/liabilities | 10 | (26 | ) | (1 | ) | (5 | ) | (11 | ) | 5 | |||||||||||||
Total recognized in OCI and regulatory assets/liabilities | $ | (184 | ) | $ | 64 | $ | (54 | ) | $ | (18 | ) | $ | 9 | $ | (20 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Net periodic defined benefit costs (credits): | |||||||||||||||||||||||
Service cost | $ | 22 | $ | 25 | $ | 24 | $ | 4 | $ | 4 | $ | 4 | |||||||||||
Interest cost | 66 | 63 | 68 | 8 | 8 | 9 | |||||||||||||||||
Expected return on plan assets | (101 | ) | (102 | ) | (92 | ) | (8 | ) | (9 | ) | (7 | ) | |||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost | 8 | 9 | 8 | 1 | 1 | 1 | |||||||||||||||||
Actuarial (gain) loss (a) | 22 | 35 | 31 | (1 | ) | — | — | ||||||||||||||||
Net periodic defined benefit costs (b) | $ | 17 | $ | 30 | $ | 39 | $ | 4 | $ | 4 | $ | 7 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: | |||||||||||||||||||||||
Net (gain) loss | $ | (37 | ) | $ | 40 | $ | 30 | $ | (14 | ) | $ | 1 | $ | (14 | ) | ||||||||
Prior service cost | 2 | — | 7 | — | — | 8 | |||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service credit | (8 | ) | (9 | ) | (8 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||
Actuarial gain (loss) | (22 | ) | (35 | ) | (32 | ) | 1 | — | — | ||||||||||||||
Total recognized in OCI and regulatory assets/liabilities | (65 | ) | (4 | ) | (3 | ) | (14 | ) | — | (7 | ) | ||||||||||||
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities | $ | (48 | ) | $ | 26 | $ | 36 | $ | (10 | ) | $ | 4 | $ | — |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
OCI | $ | 13 | $ | (25 | ) | $ | 33 | $ | (7 | ) | $ | 4 | $ | (2 | ) | ||||||||
Regulatory assets/liabilities | (78 | ) | 21 | (36 | ) | (7 | ) | (4 | ) | (5 | ) | ||||||||||||
Total recognized in OCI and regulatory assets/liabilities | $ | (65 | ) | $ | (4 | ) | $ | (3 | ) | $ | (14 | ) | $ | — | $ | (7 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
OCI | $ | (70) | $ | (428) | $ | (194) | $ | (42) | $ | (12) | $ | (13) | |||||||||||||||||||||||
Regulatory assets/liabilities | (4) | 87 | 10 | (11) | 10 | (5) | |||||||||||||||||||||||||||||
Total recognized in OCI and regulatory assets/liabilities | $ | (74) | $ | (341) | $ | (184) | $ | (53) | $ | (2) | $ | (18) |
Pension Benefits | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net periodic defined benefit costs (credits): | |||||||||||
Service cost | $ | 1 | $ | 1 | $ | 1 | |||||
Interest cost | 11 | 12 | 13 | ||||||||
Expected return on plan assets | (21 | ) | (22 | ) | (22 | ) | |||||
Amortization of: | |||||||||||
Prior service cost | 5 | 5 | 5 | ||||||||
Actuarial loss (a) | 9 | 7 | 9 | ||||||||
Net periodic defined benefit costs (b) | $ | 5 | $ | 3 | $ | 6 | |||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets - Gross: | |||||||||||
Net (gain) loss | $ | (19 | ) | $ | 22 | $ | (9 | ) | |||
Prior service cost | — | — | 7 | ||||||||
Amortization of: | |||||||||||
Prior service credit | (5 | ) | (5 | ) | (5 | ) | |||||
Actuarial gain | (9 | ) | (7 | ) | (9 | ) | |||||
Total recognized in regulatory assets/liabilities | (33 | ) | 10 | (16 | ) | ||||||
Total recognized in net periodic defined benefit costs and regulatory assets | $ | (28 | ) | $ | 13 | $ | (10 | ) |
Pension Benefits | |||||
2019 (a) | |||||
Net periodic defined benefit costs (credits): | |||||
Service cost | $ | 1 | |||
Interest cost | 11 | ||||
Expected return on plan assets | (21) | ||||
Amortization of: | |||||
Prior service cost (credit) | 5 | ||||
Actuarial loss (b) | 9 | ||||
Net periodic defined benefit costs (credits) (c) | $ | 5 | |||
Recognized in Regulatory Assets - Gross: | |||||
Net (gain) loss | $ | (19) | |||
Amortization of: | |||||
Prior service credit | (5) | ||||
Actuarial gain | (9) | ||||
Total recognized in regulatory | (33) | ||||
Total recognized in | $ | (28) |
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL | $ | 18 | $ | 40 | $ | 59 | $ | (287 | ) | $ | (226 | ) | $ | (151 | ) | $ | 8 | $ | 2 | $ | 5 | PPL | $ | 12 | $ | 40 | $ | 18 | $ | (1) | $ | 4 | $ | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Electric (a) | (4 | ) | 4 | 12 | 4 | (1 | ) | — | PPL Electric (a) | (9) | (2) | (4) | (1) | 2 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LKE (b) | 12 | 21 | 28 | 2 | 3 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E (b) | 3 | 4 | 8 | 2 | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E (a) (b) | LG&E (a) (b) | (1) | 4 | 3 | 2 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KU (a) (b) | (1 | ) | 2 | 4 | — | 1 | 1 | KU (a) (b) | (3) | 1 | (1) | — | — | — |
(a)PPL Electric and KU do not directly sponsor any defined benefit plans. PPL Electric and KU were allocated these |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
LG&E Non-Union Only | $ | — | $ | 2 | $ | 5 | $ | 2 | $ | 2 | $ | 3 |
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
PPL | PPL | |||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 3.64 | % | 4.35 | % | 1.94 | % | 2.98 | % | 3.60 | % | 4.31 | % | Discount rate | 3.15 | % | 2.92 | % | 3.13 | % | 2.84 | % | |||||||||||||||||||||||||||||||
Rate of compensation increase | 3.79 | % | 3.79 | % | 3.25 | % | 3.50 | % | 3.76 | % | 3.76 | % | Rate of compensation increase | 3.76 | % | 3.76 | % | 3.77 | % | 3.75 | % | |||||||||||||||||||||||||||||||
LKE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 3.62 | % | 4.35 | % | 3.59 | % | 4.32 | % | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | ||||||||||||||||||||||||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 3.60 | % | 4.33 | % |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL | PPL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | Discount rate | 2.92 | % | 3.64 | % | 4.35 | % | 2.84 | % | 3.60 | % | 4.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | Rate of compensation increase | 3.76 | % | 3.79 | % | 3.79 | % | 3.75 | % | 3.76 | % | 3.76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | 7.25 | % | 7.25 | % | 7.25 | % | 6.48 | % | 6.44 | % | 6.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate service cost | 4.35 | % | 3.70 | % | 4.21 | % | 3.12 | % | 2.73 | % | 2.99 | % | 4.31 | % | 3.64 | % | 4.11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate interest cost | 4.35 | % | 3.70 | % | 4.21 | % | 2.62 | % | 2.31 | % | 2.41 | % | 4.31 | % | 3.64 | % | 4.11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.79 | % | 3.78 | % | 3.95 | % | 3.50 | % | 3.50 | % | 3.50 | % | 3.76 | % | 3.75 | % | 3.92 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | 7.25 | % | 7.25 | % | 7.00 | % | 7.21 | % | 7.23 | % | 7.22 | % | 6.46 | % | 6.40 | % | 6.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LKE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.35 | % | 3.69 | % | 4.19 | % | 4.32 | % | 3.65 | % | 4.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets (a) | 7.25 | % | 7.25 | % | 7.00 | % | 7.00 | % | 7.15 | % | 6.82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LG&E | LG&E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.33 | % | 3.65 | % | 4.13 | % | Discount rate | — | % | — | % | 4.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets (a) | 7.25 | % | 7.25 | % | 7.00 | % | Expected return on plan assets (a) | — | % | — | % | 7.25 | % |
2021 | 2020 | 2019 | |||||||||||||||
PPL | |||||||||||||||||
Health care cost trend rate assumed for next year | |||||||||||||||||
– obligations | 6.25 | % | 6.50 | % | 6.60 | % | |||||||||||
– cost | 6.50 | % | 6.60 | % | 6.60 | % | |||||||||||
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 | 2027 | 2027 | 2024 | ||||||||||||||
– cost | 2027 | 2024 | 2023 |
2019 | 2018 | 2017 | ||||||
PPL and LKE | ||||||||
Health care cost trend rate assumed for next year | ||||||||
– obligations | 6.6 | % | 6.6 | % | 6.6 | % | ||
– cost | 6.6 | % | 6.6 | % | 7.0 | % | ||
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 | 2024 | 2023 | 2022 | |||||
– cost | 2023 | 2022 | 2022 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||
Benefit Obligation, beginning of period | $ | 4,251 | $ | 4,146 | $ | 573 | $ | 557 | |||||||||||||||||||||||||||
Service cost | 56 | 56 | 6 | 6 | |||||||||||||||||||||||||||||||
Interest cost | 121 | 146 | 16 | 19 | |||||||||||||||||||||||||||||||
Participant contributions | — | — | 14 | 15 | |||||||||||||||||||||||||||||||
Plan amendments | 2 | 2 | — | 5 | |||||||||||||||||||||||||||||||
Actuarial (gain) loss | (88) | 256 | (50) | 29 | |||||||||||||||||||||||||||||||
Settlements | (106) | (114) | — | — | |||||||||||||||||||||||||||||||
Gross benefits paid | (247) | (241) | (55) | (58) | |||||||||||||||||||||||||||||||
Benefit Obligation, end of period | 3,989 | 4,251 | 504 | 573 | |||||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||
Plan assets at fair value, beginning of period | 4,068 | 3,585 | 367 | 340 | |||||||||||||||||||||||||||||||
Actual return on plan assets | 125 | 723 | 25 | 56 | |||||||||||||||||||||||||||||||
Employer contributions | 47 | 115 | 18 | 18 | |||||||||||||||||||||||||||||||
Participant contributions | — | — | 11 | 11 | |||||||||||||||||||||||||||||||
Settlements | (106) | (114) | — | — | |||||||||||||||||||||||||||||||
Gross benefits paid | (247) | (241) | (54) | (58) | |||||||||||||||||||||||||||||||
Plan assets at fair value, end of period | 3,887 | 4,068 | 367 | 367 | |||||||||||||||||||||||||||||||
Funded Status, end of period | $ | (102) | $ | (183) | $ | (137) | $ | (206) | |||||||||||||||||||||||||||
Amounts recognized in the Balance Sheets consist of: | |||||||||||||||||||||||||||||||||||
Noncurrent asset | $ | 91 | $ | 24 | $ | — | $ | — | |||||||||||||||||||||||||||
Current liability | (10) | (18) | (15) | (22) | |||||||||||||||||||||||||||||||
Noncurrent liability | (183) | (189) | (122) | (184) | |||||||||||||||||||||||||||||||
Net amount recognized, end of period | $ | (102) | $ | (183) | $ | (137) | $ | (206) | |||||||||||||||||||||||||||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: | |||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | 22 | $ | 27 | $ | 12 | $ | 14 | |||||||||||||||||||||||||||
Net actuarial (gain) loss | 626 | 695 | (51) | — | |||||||||||||||||||||||||||||||
Total | $ | 648 | $ | 722 | $ | (39) | $ | 14 | |||||||||||||||||||||||||||
Total accumulated benefit obligation for defined benefit pension plans | $ | 3,786 | $ | 4,024 |
Pension Benefits | |||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||
Benefit Obligation, beginning of period | $ | 3,883 | $ | 4,288 | $ | 7,275 | $ | 8,219 | $ | 538 | $ | 589 | |||||||||||
Service cost | 50 | 62 | 68 | 82 | 6 | 7 | |||||||||||||||||
Interest cost | 164 | 156 | 187 | 185 | 22 | 21 | |||||||||||||||||
Participant contributions | — | — | 12 | 13 | 14 | 13 | |||||||||||||||||
Plan amendments | 2 | 1 | — | 12 | — | — | |||||||||||||||||
Actuarial (gain) loss | 368 | (352 | ) | 1,220 | (406 | ) | 34 | (34 | ) | ||||||||||||||
Settlements | (21 | ) | — | — | — | — | — | ||||||||||||||||
Gross benefits paid | (300 | ) | (272 | ) | (363 | ) | (381 | ) | (58 | ) | (58 | ) | |||||||||||
Federal subsidy | — | — | — | — | 1 | — | |||||||||||||||||
Currency conversion | — | — | 116 | (449 | ) | — | — | ||||||||||||||||
Benefit Obligation, end of period | 4,146 | 3,883 | 8,515 | 7,275 | 557 | 538 | |||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Plan assets at fair value, beginning of period | 3,109 | 3,488 | 7,801 | 8,490 | 301 | 405 | |||||||||||||||||
Actual return on plan assets | 735 | (260 | ) | 1,095 | (30 | ) | 71 | (20 | ) | ||||||||||||||
Employer contributions | 63 | 153 | 278 | 188 | 10 | 23 | |||||||||||||||||
Participant contributions | — | — | 12 | 13 | 10 | 11 | |||||||||||||||||
Transfer out (a) | — | — | — | — | — | (65 | ) | ||||||||||||||||
Settlements | (22 | ) | — | — | — | — | — | ||||||||||||||||
Gross benefits paid | (300 | ) | (272 | ) | (363 | ) | (381 | ) | (52 | ) | (53 | ) | |||||||||||
Currency conversion | — | — | 122 | (479 | ) | — | — | ||||||||||||||||
Plan assets at fair value, end of period | 3,585 | 3,109 | 8,945 | 7,801 | 340 | 301 | |||||||||||||||||
Funded Status, end of period | $ | (561 | ) | $ | (774 | ) | $ | 430 | $ | 526 | $ | (217 | ) | $ | (237 | ) | |||||||
Amounts recognized in the Balance Sheets consist of: | |||||||||||||||||||||||
Noncurrent asset | $ | 24 | $ | — | $ | 440 | $ | 535 | $ | 11 | $ | 2 | |||||||||||
Current liability | (8 | ) | (13 | ) | (1 | ) | (1 | ) | (2 | ) | (3 | ) | |||||||||||
Noncurrent liability | (577 | ) | (761 | ) | (9 | ) | (8 | ) | (226 | ) | (236 | ) | |||||||||||
Net amount recognized, end of period | $ | (561 | ) | $ | (774 | ) | $ | 430 | $ | 526 | $ | (217 | ) | $ | (237 | ) |
Pension Benefits | |||||||||||||||||||||||
U.S. | U.K. | Other Postretirement Benefits | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: | |||||||||||||||||||||||
Prior service cost (credit) | $ | 34 | $ | 40 | $ | 11 | $ | 12 | $ | 10 | $ | 10 | |||||||||||
Net actuarial (gain) loss | 1,029 | 1,207 | 3,435 | 2,806 | 6 | 24 | |||||||||||||||||
Total (b) | $ | 1,063 | $ | 1,247 | $ | 3,446 | $ | 2,818 | $ | 16 | $ | 34 | |||||||||||
Total accumulated benefit obligation for defined benefit pension plans | $ | 3,910 | $ | 3,668 | $ | 7,821 | $ | 6,689 |
U.S. Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
AOCI | $ | 352 | $ | 370 | $ | 13 | $ | 21 | |||||||
Regulatory assets/liabilities | 711 | 877 | 3 | 13 | |||||||||||
Total | $ | 1,063 | $ | 1,247 | $ | 16 | $ | 34 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
AOCI | $ | 239 | $ | 270 | $ | (2) | $ | 10 | |||||||||||||||
Regulatory assets/liabilities | 409 | 452 | (37) | 4 | |||||||||||||||||||
Total | $ | 648 | $ | 722 | $ | (39) | $ | 14 |
U.S. | U.K. | ||||||||||||||
PBO in excess of plan assets | PBO in excess of plan assets | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Projected benefit obligation | $ | 3,861 | $ | 3,883 | $ | 10 | $ | 9 | |||||||
Fair value of plan assets | 3,275 | 3,109 | — | — | |||||||||||
U.S. | U.K. | ||||||||||||||
ABO in excess of plan assets | ABO in excess of plan assets | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Accumulated benefit obligation | $ | 3,624 | $ | 3,668 | $ | 10 | $ | 9 | |||||||
Fair value of plan assets | 3,275 | 3,109 | — | — |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Change in Benefit Obligation | |||||||||||||||
Benefit Obligation, beginning of period | $ | 1,580 | $ | 1,771 | $ | 205 | $ | 223 | |||||||
Service cost | 22 | 25 | 4 | 4 | |||||||||||
Interest cost | 66 | 63 | 8 | 8 | |||||||||||
Participant contributions | — | — | 7 | 8 | |||||||||||
Plan amendments | 2 | — | — | — | |||||||||||
Actuarial (gain) loss (b) | 166 | (168 | ) | 5 | (16 | ) | |||||||||
Settlements | (16 | ) | — | — | — | ||||||||||
Gross benefits paid (a) | (136 | ) | (111 | ) | (21 | ) | (22 | ) | |||||||
Benefit Obligation, end of period | 1,684 | 1,580 | 208 | 205 | |||||||||||
Change in Plan Assets | |||||||||||||||
Plan assets at fair value, beginning of period | 1,294 | 1,402 | 117 | 116 | |||||||||||
Actual return on plan assets | 304 | (106 | ) | 27 | (9 | ) | |||||||||
Employer contributions | 24 | 109 | 11 | 24 | |||||||||||
Participant contributions | — | — | 7 | 8 | |||||||||||
Settlements | (16 | ) | — | — | — | ||||||||||
Gross benefits paid | (136 | ) | (111 | ) | (21 | ) | (22 | ) | |||||||
Plan assets at fair value, end of period | 1,470 | 1,294 | 141 | 117 | |||||||||||
Funded Status, end of period | $ | (214 | ) | $ | (286 | ) | $ | (67 | ) | $ | (88 | ) | |||
Amounts recognized in the Balance Sheets consist of: | |||||||||||||||
Noncurrent asset | $ | 24 | $ | — | $ | 11 | $ | 2 | |||||||
Current liability | (5 | ) | (4 | ) | (2 | ) | (3 | ) | |||||||
Noncurrent liability | (233 | ) | (282 | ) | (76 | ) | (87 | ) | |||||||
Net amount recognized, end of period | $ | (214 | ) | $ | (286 | ) | $ | (67 | ) | $ | (88 | ) | |||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: | |||||||||||||||
Prior service cost | $ | 30 | $ | 35 | $ | 10 | $ | 12 | |||||||
Net actuarial (gain) loss | 380 | 439 | (37 | ) | (25 | ) | |||||||||
Total | $ | 410 | $ | 474 | $ | (27 | ) | $ | (13 | ) | |||||
Total accumulated benefit obligation for defined benefit pension plans | $ | 1,561 | $ | 1,467 |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
AOCI | $ | 132 | $ | 118 | $ | 4 | $ | 10 | |||||||
Regulatory assets/liabilities | 278 | 356 | (31 | ) | (23 | ) | |||||||||
Total | $ | 410 | $ | 474 | $ | (27 | ) | $ | (13 | ) |
PBO in excess of plan assets | |||||||
2019 | 2018 | ||||||
Projected benefit obligation | $ | 1,398 | $ | 1,580 | |||
Fair value of plan assets | 1,160 | 1,294 | |||||
ABO in excess of plan assets | |||||||
2019 | 2018 | ||||||
Accumulated benefit obligation | $ | 1,276 | $ | 1,467 | |||
Fair value of plan assets | 1,160 | 1,294 |
Pension Benefits | |||||||
2019 | 2018 | ||||||
Change in Benefit Obligation | |||||||
Benefit Obligation, beginning of period | $ | 285 | $ | 326 | |||
Service cost | 1 | 1 | |||||
Interest cost | 11 | 12 | |||||
Actuarial (gain) loss | 25 | (24 | ) | ||||
Gross benefits paid (a) | (36 | ) | (30 | ) | |||
Benefit Obligation, end of period | 286 | 285 | |||||
Change in Plan Assets | |||||||
Plan assets at fair value, beginning of period | 281 | 325 | |||||
Actual return on plan assets | 64 | (24 | ) | ||||
Employer contributions | 1 | 10 | |||||
Gross benefits paid | (36 | ) | (30 | ) | |||
Plan assets at fair value, end of period | 310 | 281 | |||||
Funded Status, end of period | $ | 24 | $ | (4 | ) | ||
Amounts recognized in the Balance Sheets consist of: | |||||||
Noncurrent asset (liability) | $ | 24 | $ | (4 | ) | ||
Net amount recognized, end of period | $ | 24 | $ | (4 | ) | ||
Amounts recognized in regulatory assets (pre-tax) consist of: | |||||||
Prior service cost | $ | 17 | $ | 22 | |||
Net actuarial loss | 79 | 107 | |||||
Total | $ | 96 | $ | 129 | |||
Total accumulated benefit obligation for defined benefit pension plan | $ | 286 | $ | 285 |
2019 | 2018 | ||||||
Pension | $ | (7 | ) | $ | 7 | ||
Other postretirement benefits | 63 | 65 |
PBO in excess of plan assets | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Projected benefit obligation | $ | 193 | $ | 1,875 | |||||||||||||||||||
Fair value of plan assets | — | 1,668 | |||||||||||||||||||||
ABO in excess of plan assets | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 177 | $ | 184 | |||||||||||||||||||
Fair value of plan assets | — | — |
2021 | 2020 | ||||||||||
Pension | $ | 42 | $ | 4 | |||||||
Other postretirement benefits | (78) | (99) |
2019 | 2018 | ||||||
Pension | $ | 179 | $ | 285 | |||
Other postretirement benefits | 122 | 120 |
2021 | 2020 | ||||||||||
Pension | $ | 85 | $ | 78 | |||||||
Other postretirement benefits | (51) | (68) | |||||||||
2019 | 2018 | ||||||
Pension | $ | (31 | ) | $ | 1 | ||
Other postretirement benefits | 16 | 25 |
2021 | 2020 | ||||||||||
Pension | $ | 75 | $ | 62 | |||||||
Other postretirement benefits | (6) | (16) |
Percentage of trust assets | 2019 | |||||||
2019 (a) | 2018 (a) | Target Asset Allocation (a) | ||||||
Growth Portfolio | 57 | % | 55 | % | 55 | % | ||
Equity securities | 34 | % | 30 | % | ||||
Debt securities (b) | 14 | % | 15 | % | ||||
Alternative investments | 9 | % | 10 | % | ||||
Immunizing Portfolio | 42 | % | 43 | % | 43 | % | ||
Debt securities (b) | 35 | % | 39 | % | ||||
Derivatives | 7 | % | 4 | % | ||||
Liquidity Portfolio | 1 | % | 2 | % | 2 | % | ||
Total | 100 | % | 100 | % | 100 | % |
Percentage of trust assets | 2021 | ||||||||||||||||
2021 | 2020 | Target Asset Allocation | |||||||||||||||
Growth Portfolio | 55 | % | 56 | % | 55 | % | |||||||||||
Equity securities | 32 | % | 34 | % | |||||||||||||
Debt securities (a) | 13 | % | 13 | % | |||||||||||||
Alternative investments | 10 | % | 9 | % | |||||||||||||
Immunizing Portfolio | 43 | % | 43 | % | 43 | % | |||||||||||
Debt securities (a) | 35 | % | 33 | % | |||||||||||||
Derivatives | 8 | % | 10 | % | |||||||||||||
Liquidity Portfolio | 2 | % | 1 | % | 2 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
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 | $ | 182 | $ | 182 | $ | — | $ | — | $ | 220 | $ | 220 | $ | — | $ | — | |||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||
U.S. Equity | 194 | 194 | — | — | 159 | 159 | — | — | |||||||||||||||||||||||
U.S. Equity fund measured at NAV (a) | 451 | — | — | — | 340 | — | — | — | |||||||||||||||||||||||
International equity fund at NAV (a) | 554 | — | — | — | 466 | — | — | — | |||||||||||||||||||||||
Commingled debt measured at NAV (a) | 621 | — | — | — | 543 | — | — | — | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government sponsored agency | 310 | 309 | 1 | — | 212 | 212 | — | — | |||||||||||||||||||||||
Corporate | 951 | — | 931 | 20 | 899 | — | 874 | 25 | |||||||||||||||||||||||
Other | 14 | — | 14 | — | 17 | — | 17 | — | |||||||||||||||||||||||
Alternative investments: | |||||||||||||||||||||||||||||||
Real estate measured at NAV (a) | 88 | — | — | — | 90 | — | — | — | |||||||||||||||||||||||
Private equity measured at NAV (a) | 62 | — | — | — | 65 | — | — | — | |||||||||||||||||||||||
Hedge funds measured at NAV (a) | 194 | — | — | — | 175 | — | — | — |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 266 | $ | 266 | $ | — | $ | — | $ | 300 | $ | 300 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Equity | 41 | 41 | — | — | 60 | 60 | — | — | |||||||||||||||||||||||||||||||||||||||
U.S. Equity fund measured at NAV (a) | 754 | — | — | — | 742 | — | — | — | |||||||||||||||||||||||||||||||||||||||
International equity fund at NAV (a) | 511 | — | — | — | 566 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Commingled debt measured at NAV (a) | 677 | — | — | — | 712 | — | — | — |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities: | Debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government sponsored agency | U.S. Treasury and U.S. government sponsored agency | 281 | 280 | 1 | — | 336 | 335 | 1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 1,039 | — | 1,019 | 20 | 1,045 | — | 1,030 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 14 | — | 14 | — | 13 | — | 13 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative investments: | Alternative investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate measured at NAV (a) | Real estate measured at NAV (a) | 69 | — | — | — | 76 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity measured at NAV (a) | Private equity measured at NAV (a) | 94 | — | — | — | 68 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds measured at NAV (a) | Hedge funds measured at NAV (a) | 236 | — | — | — | 223 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited Partnerships at NAV (a) | Limited Partnerships at NAV (a) | — | — | — | — | 6 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | 3 | — | 3 | — | 33 | — | 33 | — | Derivatives | 35 | — | 35 | — | (37) | — | (37) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance contracts | 4 | — | — | 4 | 21 | — | — | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL Services Corporation Master Trust assets, at fair value | 3,628 | $ | 685 | $ | 949 | $ | 24 | 3,240 | $ | 591 | $ | 924 | $ | 46 | PPL Services Corporation Master Trust assets, at fair value | 4,017 | $ | 587 | $ | 1,069 | $ | 20 | 4,110 | $ | 695 | $ | 1,007 | $ | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivables and payables, net (b) | 99 | (2 | ) | Receivables and payables, net (b) | 25 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
401(h) accounts restricted for other postretirement benefit obligations | (142 | ) | (129 | ) | 401(h) accounts restricted for other postretirement benefit obligations | (155) | (158) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total PPL Services Corporation Master Trust pension assets | $ | 3,585 | $ | 3,109 | Total PPL Services Corporation Master Trust pension assets | $ | 3,887 | $ | 4,068 |
Corporate debt | Total | |||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 15 | $ | 15 | |||||||||||||||||||||||||||||
Corporate debt | Insurance contracts | Total | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 25 | $ | 21 | $ | 46 | ||||||||||||||||||||||||||||
Actual return on plan assets | ||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | (1 | ) | 4 | 3 | ||||||||||||||||||||||||||||||
Relating to assets sold during the period | 3 | — | 3 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements | (7 | ) | (21 | ) | (28 | ) | Purchases, sales and settlements | 5 | 5 | |||||||||||||||||||||||||
Balance at end of period | $ | 20 | $ | 4 | $ | 24 | Balance at end of period | $ | 20 | $ | 20 |
Corporate debt | Insurance contracts | Total | |||||||||
Balance at beginning of period | $ | 13 | $ | 24 | $ | 37 | |||||
Actual return on plan assets | |||||||||||
Relating to assets still held at the reporting date | (2 | ) | 1 | (1 | ) | ||||||
Relating to assets sold during the period | 3 | — | 3 | ||||||||
Purchases, sales and settlements | 11 | (4 | ) | 7 | |||||||
Balance at end of period | $ | 25 | $ | 21 | $ | 46 |
Corporate debt | Insurance contracts | Total | |||||||||||||||||||||
Balance at beginning of period | $ | 20 | $ | 4 | $ | 24 | |||||||||||||||||
Purchases, sales and settlements | (5) | (4) | (9) | ||||||||||||||||||||
Balance at end of period | $ | 15 | $ | — | $ | 15 |
Percentage of plan assets | Target Asset Allocation | ||||||||||||||||
2021 | 2020 | 2021 | |||||||||||||||
Asset Class | |||||||||||||||||
U.S. Equity securities | 45 | % | 42 | % | 45 | % | |||||||||||
Debt securities (a) | 52 | % | 55 | % | 50 | % | |||||||||||
Cash and cash equivalents (b) | 3 | % | 3 | % | 5 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % |
Percentage of plan assets | Target Asset Allocation | |||||||
2019 | 2018 | 2019 | ||||||
Asset Class | ||||||||
U.S. Equity securities | 45 | % | 40 | % | 45 | % | ||
Debt securities (a) | 52 | % | 56 | % | 50 | % | ||
Cash and cash equivalents (b) | 3 | % | 4 | % | 5 | % | ||
Total | 100 | % | 100 | % | 100 | % |
(b)Includes |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Fair Value Measurement Using | Fair Value Measurement Using | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Money market funds | $ | 6 | $ | 6 | $ | — | $ | — | $ | 6 | $ | 6 | $ | — | $ | — | |||||||||||||||
U.S. Equity securities: | |||||||||||||||||||||||||||||||
Large-cap equity fund measure at NAV (a) | 89 | — | — | — | 69 | — | — | — | |||||||||||||||||||||||
Commingled debt fund measured at NAV (a) | 68 | — | — | — | 68 | — | — | — | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||
Corporate bonds | 35 | — | 35 | — | 28 | — | 28 | — | |||||||||||||||||||||||
Total VEBA trust assets, at fair value | 198 | $ | 6 | $ | 35 | $ | — | 171 | $ | 6 | $ | 28 | $ | — | |||||||||||||||||
Receivables and payables, net (b) | — | 1 | |||||||||||||||||||||||||||||
401(h) account assets | 142 | 129 | |||||||||||||||||||||||||||||
Total other postretirement benefit plan assets | $ | 340 | $ | 301 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using | Fair Value Measurement Using | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 6 | $ | 6 | $ | — | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | |||||||||||||||||||||||||||||||
U.S. Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Large-cap equity fund measure at NAV (a) | 96 | — | — | — | 89 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Commingled debt fund measured at NAV (a) | 75 | — | — | — | 77 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 38 | — | 38 | — | 37 | — | 37 | — | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government sponsored agency | — | — | — | — | 2 | — | 2 | — | |||||||||||||||||||||||||||||||||||||||
Total VEBA trust assets, at fair value | 215 | $ | 6 | $ | 38 | $ | — | 210 | $ | 5 | $ | 39 | $ | — | |||||||||||||||||||||||||||||||||
Receivables and payables, net (b) | (3) | (1) | |||||||||||||||||||||||||||||||||||||||||||||
401(h) account assets | 155 | 158 | |||||||||||||||||||||||||||||||||||||||||||||
Total other postretirement benefit plan assets | $ | 367 | $ | 367 |
Target Asset | ||||||||
Percentage of plan assets | Allocation | |||||||
2019 | 2018 | 2019 | ||||||
Asset Class | ||||||||
Cash and cash equivalents | 2 | % | 2 | % | — | % | ||
Equity securities | ||||||||
U.K. | — | % | — | % | 2 | % | ||
European (excluding the U.K.) | — | % | 1 | % | 1 | % | ||
Asian-Pacific | — | % | 1 | % | 1 | % | ||
North American | 1 | % | 1 | % | 1 | % | ||
Emerging markets | — | % | 1 | % | 1 | % | ||
Global equities | 19 | % | 19 | % | 9 | % | ||
Global Tactical Asset Allocation | 29 | % | 31 | % | 41 | % | ||
Debt securities (a) | 43 | % | 38 | % | 38 | % | ||
Alternative investments | 6 | % | 6 | % | 6 | % | ||
Total | 100 | % | 100 | % | 100 | % |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
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 | $ | 154 | $ | 154 | $ | — | $ | — | $ | 147 | $ | 147 | $ | — | $ | — | |||||||||||||||
Equity securities measured at NAV (a) : | |||||||||||||||||||||||||||||||
U.K. companies | 22 | — | — | — | 27 | — | — | — | |||||||||||||||||||||||
European companies (excluding the U.K.) | 54 | — | — | — | 76 | — | — | — | |||||||||||||||||||||||
Asian-Pacific companies | 35 | — | — | — | 49 | — | — | — | |||||||||||||||||||||||
North American companies | 74 | — | — | — | 105 | — | — | — | |||||||||||||||||||||||
Emerging markets companies | 32 | — | — | — | 44 | — | — | — | |||||||||||||||||||||||
Global Equities | 1,684 | — | — | — | 1,465 | — | — | — | |||||||||||||||||||||||
Other | 2,584 | — | — | — | 2,437 | — | — | — | |||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||||||||
U.K. corporate bonds | 5 | — | 5 | — | 4 | — | 4 | — | |||||||||||||||||||||||
U.K. gilts | 3,819 | — | 3,819 | — | 2,933 | — | 2,933 | — | |||||||||||||||||||||||
Alternative investments: | |||||||||||||||||||||||||||||||
Real estate measured at NAV (a) | 519 | — | — | — | 485 | — | — | — | |||||||||||||||||||||||
Fair value - U.K. pension plans | 8,982 | $ | 154 | $ | 3,824 | $ | — | 7,772 | $ | 147 | $ | 2,937 | $ | — | |||||||||||||||||
Receivables and payables, net (b) | (37 | ) | 29 | ||||||||||||||||||||||||||||
Total U.K. pension assets | $ | 8,945 | $ | 7,801 |
Other Postretirement | |||||||||||
Pension | Benefit Payment | Expected Federal Subsidy | |||||||||
2020 | $ | 271 | $ | 50 | $ | 1 | |||||
2021 | 267 | 48 | 1 | ||||||||
2022 | 266 | 47 | — | ||||||||
2023 | 264 | 46 | — | ||||||||
2024 | 265 | 44 | — | ||||||||
2025-2029 | 1,278 | 200 | 1 |
Other Postretirement | |||||||||||
Pension | Benefit Payment | Expected Federal Subsidy | |||||||||
2020 | $ | 114 | $ | 14 | $ | 1 | |||||
2021 | 115 | 15 | — | ||||||||
2022 | 115 | 15 | — | ||||||||
2023 | 113 | 15 | — | ||||||||
2024 | 115 | 15 | — | ||||||||
2025-2029 | 545 | 72 | 1 |
Pension | |||
2020 | $ | 353 | |
2021 | 351 | ||
2022 | 356 | ||
2023 | 359 | ||
2024 | 364 | ||
2025-2029 | 1,826 |
Other Postretirement | |||||||||||||||||
Pension | Benefit Payment | Expected Federal Subsidy | |||||||||||||||
2022 | $ | 207 | $ | 44 | $ | 1 | |||||||||||
2023 | 207 | 42 | — | ||||||||||||||
2024 | 204 | 41 | — | ||||||||||||||
2025 | 204 | 40 | — | ||||||||||||||
2026 | 202 | 38 | — | ||||||||||||||
2027-2030 | 946 | 176 | 1 |
2021 | 2020 | 2019 | |||||||||||||||
PPL | $ | 29 | $ | 29 | $ | 30 | |||||||||||
PPL Electric | 5 | 6 | 6 | ||||||||||||||
LG&E | 7 | 6 | 6 | ||||||||||||||
KU | 5 | 5 | 5 |
2019 | 2018 | 2017 | |||||||||
PPL | $ | 42 | $ | 40 | $ | 36 | |||||
PPL Electric | 6 | 6 | 6 | ||||||||
LKE | 21 | 20 | 18 | ||||||||
LG&E | 6 | 6 | 5 | ||||||||
KU | 5 | 5 | 4 |
Ownership Interest | Electric Plant | Accumulated Depreciation | Construction Work in Progress | |||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Trimble County Unit 1 | 75.00 | % | $ | 457 | $ | 79 | $ | — | ||||||||||||||||||
Trimble County Unit 2 | 75.00 | % | 1,360 | 247 | 121 | |||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Trimble County Unit 1 | 75.00 | % | $ | 440 | $ | 64 | $ | 2 | ||||||||||||||||||
Trimble County Unit 2 | 75.00 | % | 1,340 | 227 | 106 |
Ownership Interest | Electric Plant | Accumulated Depreciation | Construction Work in Progress | ||||||||||||
PPL and LKE | |||||||||||||||
December 31, 2019 | |||||||||||||||
Trimble County Unit 1 | 75.00 | % | $ | 440 | $ | 54 | $ | 2 | |||||||
Trimble County Unit 2 | 75.00 | % | 1,278 | 203 | 134 |
Ownership Interest | Electric Plant | Accumulated Depreciation | Construction Work in Progress | ||||||||||||
December 31, 2018 | |||||||||||||||
Trimble County Unit 1 | 75.00 | % | $ | 427 | $ | 77 | $ | — | |||||||
Trimble County Unit 2 | 75.00 | % | 1,063 | 199 | 293 | ||||||||||
LG&E | |||||||||||||||
December 31, 2019 | |||||||||||||||
E.W. Brown Units 6-7 | 38.00 | % | $ | 45 | $ | 20 | $ | — | |||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 53.00 | % | 52 | 20 | — | ||||||||||
Trimble County Unit 1 | 75.00 | % | 440 | 54 | 2 | ||||||||||
Trimble County Unit 2 | 14.25 | % | 340 | 43 | 69 | ||||||||||
Trimble County Units 5-6 | 29.00 | % | 32 | 12 | — | ||||||||||
Trimble County Units 7-10 | 37.00 | % | 78 | 27 | — | ||||||||||
Cane Run Unit 7 | 22.00 | % | 119 | 13 | — | ||||||||||
E.W. Brown Solar Unit | 39.00 | % | 10 | 2 | — | ||||||||||
Solar Share | 44.00 | % | 1 | — | — | ||||||||||
December 31, 2018 | |||||||||||||||
E.W. Brown Units 6-7 | 38.00 | % | $ | 41 | $ | 20 | $ | — | |||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 53.00 | % | 51 | 17 | — | ||||||||||
Trimble County Unit 1 | 75.00 | % | 427 | 77 | — | ||||||||||
Trimble County Unit 2 | 14.25 | % | 226 | 39 | 152 | ||||||||||
Trimble County Units 5-6 | 29.00 | % | 32 | 11 | — | ||||||||||
Trimble County Units 7-10 | 37.00 | % | 77 | 24 | — | ||||||||||
Cane Run Unit 7 | 22.00 | % | 119 | 9 | — | ||||||||||
E.W. Brown Solar Unit | 39.00 | % | 10 | 1 | — | ||||||||||
KU | |||||||||||||||
December 31, 2019 | |||||||||||||||
E.W. Brown Units 6-7 | 62.00 | % | $ | 75 | $ | 32 | $ | — | |||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 47.00 | % | 46 | 14 | — | ||||||||||
Trimble County Unit 2 | 60.75 | % | 938 | 160 | 65 | ||||||||||
Trimble County Units 5-6 | 71.00 | % | 76 | 29 | — | ||||||||||
Trimble County Units 7-10 | 63.00 | % | 128 | 46 | — | ||||||||||
Cane Run Unit 7 | 78.00 | % | 429 | 49 | 1 | ||||||||||
E.W. Brown Solar Unit | 61.00 | % | 16 | 2 | — | ||||||||||
Solar Share | 56.00 | % | 2 | — | — | ||||||||||
December 31, 2018 | |||||||||||||||
E.W. Brown Units 6-7 | 62.00 | % | $ | 66 | $ | 31 | $ | — | |||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 47.00 | % | 46 | 15 | — | ||||||||||
Trimble County Unit 2 | 60.75 | % | 837 | 160 | 141 | ||||||||||
Trimble County Units 5-6 | 71.00 | % | 76 | 25 | — | ||||||||||
Trimble County Units 7-10 | 63.00 | % | 129 | 41 | — | ||||||||||
Cane Run Unit 7 | 78.00 | % | 428 | 36 | — | ||||||||||
E.W. Brown Solar Unit | 61.00 | % | 16 | 2 | — |
Ownership Interest | Electric Plant | Accumulated Depreciation | Construction Work in Progress | |||||||||||||||||||||||
LG&E | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
E.W. Brown Units 6-7 | 38.00 | % | $ | 53 | $ | 24 | $ | — | ||||||||||||||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 53.00 | % | 51 | 25 | — | |||||||||||||||||||||
Trimble County Unit 1 | 75.00 | % | 457 | 79 | — | |||||||||||||||||||||
Trimble County Unit 2 | 14.25 | % | 379 | 57 | 64 | |||||||||||||||||||||
Trimble County Units 5-6 | 29.00 | % | 36 | 15 | — | |||||||||||||||||||||
Trimble County Units 7-10 | 37.00 | % | 81 | 34 | — | |||||||||||||||||||||
Cane Run Unit 7 | 22.00 | % | 125 | 19 | — | |||||||||||||||||||||
E.W. Brown Solar Unit | 39.00 | % | 10 | 2 | — | |||||||||||||||||||||
Solar Share | 44.00 | % | 2 | — | — | |||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
E.W. Brown Units 6-7 | 38.00 | % | $ | 46 | $ | 22 | $ | — | ||||||||||||||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 53.00 | % | 51 | 22 | — | |||||||||||||||||||||
Trimble County Unit 1 | 75.00 | % | 440 | 64 | 2 | |||||||||||||||||||||
Trimble County Unit 2 | 14.25 | % | 370 | 51 | 54 | |||||||||||||||||||||
Trimble County Units 5-6 | 29.00 | % | 33 | 14 | 1 | |||||||||||||||||||||
Trimble County Units 7-10 | 37.00 | % | 77 | 31 | 1 | |||||||||||||||||||||
Cane Run Unit 7 | 22.00 | % | 123 | 15 | — | |||||||||||||||||||||
E.W. Brown Solar Unit | 39.00 | % | 10 | 2 | — | |||||||||||||||||||||
Solar Share | 44.00 | % | 2 | — | — | |||||||||||||||||||||
KU | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
E.W. Brown Units 6-7 | 62.00 | % | $ | 88 | $ | 40 | $ | — | ||||||||||||||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 47.00 | % | 45 | 22 | — | |||||||||||||||||||||
Trimble County Unit 2 | 60.75 | % | 981 | 190 | 57 | |||||||||||||||||||||
Trimble County Units 5-6 | 71.00 | % | 84 | 36 | — | |||||||||||||||||||||
Trimble County Units 7-10 | 63.00 | % | 133 | 57 | — | |||||||||||||||||||||
Cane Run Unit 7 | 78.00 | % | 444 | 70 | — | |||||||||||||||||||||
E.W. Brown Solar Unit | 61.00 | % | 16 | 4 | — | |||||||||||||||||||||
Solar Share | 56.00 | % | 3 | — | — | |||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
E.W. Brown Units 6-7 | 62.00 | % | $ | 76 | $ | 37 | $ | — | ||||||||||||||||||
Paddy's Run Unit 13 & E.W. Brown Unit 5 | 47.00 | % | 45 | 20 | — | |||||||||||||||||||||
Trimble County Unit 2 | 60.75 | % | 970 | 176 | 52 | |||||||||||||||||||||
Trimble County Units 5-6 | 71.00 | % | 77 | 33 | 4 | |||||||||||||||||||||
Trimble County Units 7-10 | 63.00 | % | 129 | 53 | 2 | |||||||||||||||||||||
Cane Run Unit 7 | 78.00 | % | 443 | 57 | 2 | |||||||||||||||||||||
E.W. Brown Solar Unit | 61.00 | % | 16 | 3 | — | |||||||||||||||||||||
Solar Share | 56.00 | % | 2 | — | — |
Contract Type | Maximum Maturity Date | ||||
Natural Gas Fuel | |||||
Natural Gas Retail Supply | |||||
Coal | |||||
Coal Transportation and Fleeting Services | 2027 | ||||
Natural Gas Transportation | 2026 | ||||
LG&E | KU | Total | |||||||||||||||
2022 | $ | 23 | $ | 10 | $ | 33 | |||||||||||
2023 | 23 | 10 | 33 | ||||||||||||||
2024 | 22 | 10 | 32 | ||||||||||||||
2025 | 22 | 10 | 32 | ||||||||||||||
2026 | 22 | 10 | 32 | ||||||||||||||
Thereafter | 218 | 96 | 314 | ||||||||||||||
Total | $ | 330 | $ | 146 | $ | 476 |
LG&E | KU | Total | |||||||||
2020 | $ | 21 | $ | 10 | $ | 31 | |||||
2021 | 21 | 10 | 31 | ||||||||
2022 | 21 | 10 | 31 | ||||||||
2023 | 21 | 10 | 31 | ||||||||
2024 | 22 | 9 | 31 | ||||||||
Thereafter | 276 | 123 | 399 | ||||||||
Total | $ | 382 | $ | 172 | $ | 554 |
2021 | 2020 | 2019 | |||||||||||||||
LG&E | $ | 13 | $ | 12 | $ | 15 | |||||||||||
KU | 6 | 6 | 7 | ||||||||||||||
Total | $ | 19 | $ | 18 | $ | 22 |
2019 | 2018 | 2017 | |||||||||
LG&E | $ | 15 | $ | 14 | $ | 14 | |||||
KU | 7 | 6 | 6 | ||||||||
Total | $ | 22 | $ | 20 | $ | 20 |
Exposure at December 31, 2021 | Expiration Date | ||||||||||
PPL | |||||||||||
Indemnifications related to the sale of the U.K. utility business | (a) | ||||||||||
Indemnifications related to certain tax liabilities related to the sale of the U.K. utility business | £ | 50 | (b) | 2028 | |||||||
LG&E and KU | |||||||||||
LG&E and KU obligation of shortfall related to OVEC | (c) |
Exposure at December 31, 2019 | Expiration Date | ||||
PPL | |||||
Indemnifications related to the WPD Midlands acquisition | (a) | ||||
WPD indemnifications for entities in liquidation and sales of assets | $ | 10 | (b) | 2021 | |
WPD guarantee of pension and other obligations of unconsolidated entities | 83 | (c) | |||
PPL Electric | |||||
Guarantee of inventory value | 26 | (d) | 2020 | ||
LKE | |||||
Indemnification of lease termination and other divestitures | 200 | (e) | 2021 | ||
LG&E and KU | |||||
LG&E and KU obligation of shortfall related to OVEC | (f) |
2021 | 2020 | 2019 | |||||||||||||||
PPL Electric from PPL Services | $ | 54 | $ | 50 | $ | 59 | |||||||||||
PPL Electric from PPL EU Services | 222 | 176 | 152 | ||||||||||||||
LG&E from LKS | 169 | 170 | 160 | ||||||||||||||
KU from LKS | 179 | 180 | 178 |
2019 | 2018 | 2017 | |||||||||
PPL Electric from PPL Services | $ | 59 | $ | 59 | $ | 182 | |||||
LKE from PPL Services | 28 | 26 | 20 | ||||||||
PPL Electric from PPL EU Services | 152 | 148 | 64 | ||||||||
LG&E from LKS | 160 | 151 | 169 | ||||||||
KU from LKS | 178 | 169 | 190 |
2021 | 2020 | 2019 | |||||||||||||||
Other Income | |||||||||||||||||
Defined benefit plans - non-service credits (Note 12) | $ | 21 | $ | (2) | $ | 8 | |||||||||||
Interest income | 12 | 9 | 15 | ||||||||||||||
AFUDC - equity component | 18 | 20 | 23 | ||||||||||||||
Miscellaneous | 10 | 7 | 7 | ||||||||||||||
Total Other Income | 61 | 34 | 53 | ||||||||||||||
Other Expense | |||||||||||||||||
Charitable contributions | 14 | 3 | 17 | ||||||||||||||
Miscellaneous | 32 | 29 | 22 | ||||||||||||||
Total Other Expense | 46 | 32 | 39 | ||||||||||||||
Other Income (Expense) - net | $ | 15 | $ | 2 | $ | 14 |
2019 | 2018 | 2017 | |||||||||
Other Income | |||||||||||
Economic foreign currency exchange contracts (Note 17) | $ | (14 | ) | $ | 150 | $ | (261 | ) | |||
Defined benefit plans - non-service credits (Note 11) | 316 | 257 | 167 | ||||||||
Interest income | 16 | 6 | 2 | ||||||||
AFUDC - equity component | 23 | 21 | 16 | ||||||||
Miscellaneous | 7 | 6 | 17 | ||||||||
Total Other Income | 348 | 440 | (59 | ) | |||||||
Other Expense | |||||||||||
Charitable contributions | 17 | 24 | 8 | ||||||||
Miscellaneous | 22 | 20 | 21 | ||||||||
Total Other Expense | 39 | 44 | 29 | ||||||||
Other Income (Expense) - net | $ | 309 | $ | 396 | $ | (88 | ) |
2019 | 2018 | 2017 | |||||||||
Other Income | |||||||||||
Defined benefit plans - non-service credits (Note 11) | $ | 4 | $ | 5 | $ | 1 | |||||
Interest income | 2 | 2 | 1 | ||||||||
AFUDC - equity component | 23 | 20 | 15 | ||||||||
Total Other Income | 29 | 27 | 17 | ||||||||
Other Expense | |||||||||||
Charitable contributions | 3 | 3 | 2 | ||||||||
Miscellaneous | 1 | 1 | 3 | ||||||||
Total Other Expense | 4 | 4 | 5 | ||||||||
Other Income (Expense) - net | $ | 25 | $ | 23 | $ | 12 |
2021 | 2020 | 2019 | |||||||||||||||
Other Income | |||||||||||||||||
Defined benefit plans - non-service credits (Note 12) | $ | 9 | $ | 4 | $ | 4 | |||||||||||
Interest income | — | 2 | 2 | ||||||||||||||
AFUDC - equity component | 18 | 19 | 23 | ||||||||||||||
Total Other Income | 27 | 25 | 29 | ||||||||||||||
Other Expense | |||||||||||||||||
Charitable contributions | 3 | 3 | 3 | ||||||||||||||
Miscellaneous | 3 | 4 | 1 | ||||||||||||||
Total Other Expense | 6 | 7 | 4 | ||||||||||||||
Other Income (Expense) - net | $ | 21 | $ | 18 | $ | 25 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 815 | $ | 815 | $ | — | $ | — | $ | 621 | $ | 621 | $ | — | $ | — | |||||||||||||||
Restricted cash and cash equivalents (a) | 21 | 21 | — | — | 22 | 22 | — | — | |||||||||||||||||||||||
Special use funds (a): | |||||||||||||||||||||||||||||||
Money market fund | — | — | — | — | 59 | 59 | — | — | |||||||||||||||||||||||
Commingled debt fund measured at NAV (b) | 29 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Commingled equity fund measured at NAV (b) | 27 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total special use funds | 56 | — | — | — | 59 | 59 | — | — | |||||||||||||||||||||||
Price risk management assets (c): | |||||||||||||||||||||||||||||||
Foreign currency contracts | 142 | — | 142 | — | 202 | — | 202 | — | |||||||||||||||||||||||
Cross-currency swaps | 154 | — | 154 | — | 135 | — | 135 | — | |||||||||||||||||||||||
Total price risk management assets | 296 | — | 296 | — | 337 | — | 337 | — | |||||||||||||||||||||||
Total assets | $ | 1,188 | $ | 836 | $ | 296 | $ | — | $ | 1,039 | $ | 702 | $ | 337 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Price risk management liabilities (c): | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 21 | $ | — | $ | 21 | $ | — | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||||||||
Foreign currency contracts | 5 | — | 5 | — | 2 | — | 2 | — | |||||||||||||||||||||||
Total price risk management liabilities | $ | 26 | $ | — | $ | 26 | $ | — | $ | 22 | $ | — | $ | 22 | $ | — | |||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 262 | $ | 262 | $ | — | $ | — | $ | 267 | $ | 267 | $ | — | $ | — | |||||||||||||||
Restricted cash and cash equivalents (a) | 2 | 2 | — | — | 2 | 2 | — | — | |||||||||||||||||||||||
Total assets | $ | 264 | $ | 264 | $ | — | $ | — | $ | 269 | $ | 269 | $ | — | $ | — | |||||||||||||||
LKE | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 27 | $ | 27 | $ | — | $ | — | $ | 24 | $ | 24 | $ | — | $ | — | |||||||||||||||
Total assets | $ | 27 | $ | 27 | $ | — | $ | — | $ | 24 | $ | 24 | $ | — | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Price risk management liabilities: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 21 | $ | — | $ | 21 | $ | — | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||||||||
Total price risk management liabilities | $ | 21 | $ | — | $ | 21 | $ | — | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||||||||
LG&E | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 15 | $ | — | $ | — | $ | 10 | $ | 10 | $ | — | $ | — | |||||||||||||||
Total assets | $ | 15 | $ | 15 | $ | — | $ | — | $ | 10 | $ | 10 | $ | — | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Price risk management liabilities: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 21 | $ | — | $ | 21 | $ | — | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||||||||
Total price risk management liabilities | $ | 21 | $ | — | $ | 21 | $ | — | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,571 | $ | 3,571 | $ | — | $ | — | $ | 442 | $ | 442 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 1 | 1 | — | — | 1 | 1 | — | — | |||||||||||||||||||||||||||||||||||||||
Special use funds (a): | |||||||||||||||||||||||||||||||||||||||||||||||
Money market fund | 2 | 2 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Commingled debt fund measured at NAV (b) | 22 | — | — | — | 26 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Commingled equity fund measured at NAV (b) | 21 | — | — | — | 25 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total special use funds | 45 | 2 | — | — | 51 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 3,617 | $ | 3,574 | $ | — | $ | — | $ | 494 | $ | 443 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Price risk management liabilities (c): | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 18 | $ | — | $ | 18 | $ | — | $ | 23 | $ | — | $ | 23 | $ | — | |||||||||||||||||||||||||||||||
Total price risk management liabilities | $ | 18 | $ | — | $ | 18 | $ | — | $ | 23 | $ | — | $ | 23 | $ | — | |||||||||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21 | $ | 21 | $ | — | $ | — | $ | 40 | $ | 40 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Total assets | $ | 21 | $ | 21 | $ | — | $ | — | $ | 40 | $ | 40 | $ | — | $ | — | |||||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 9 | $ | — | $ | — | $ | 7 | $ | 7 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Total assets | $ | 9 | $ | 9 | $ | — | $ | — | $ | 7 | $ | 7 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Price risk management liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 18 | $ | — | $ | 18 | $ | — | $ | 23 | $ | — | $ | 23 | $ | — | |||||||||||||||||||||||||||||||
Total price risk management liabilities | $ | 18 | $ | — | $ | 18 | $ | — | $ | 23 | $ | — | $ | 23 | $ | — | |||||||||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13 | $ | 13 | $ | — | $ | — | $ | 22 | $ | 22 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Total assets | $ | 13 | $ | 13 | $ | — | $ | — | $ | 22 | $ | 22 | $ | — | $ | — | |||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 12 | $ | 12 | $ | — | $ | — | $ | 14 | $ | 14 | $ | — | $ | — | |||||||||||||||
Total assets | $ | 12 | $ | 12 | $ | — | $ | — | $ | 14 | $ | 14 | $ | — | $ | — |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | ||||||||||||||||||||
PPL | $ | 11,140 | $ | 12,955 | $ | 14,689 | $ | 17,774 | |||||||||||||||
PPL Electric | 4,484 | 5,272 | 4,236 | 5,338 | |||||||||||||||||||
LG&E | 2,006 | 2,363 | 2,007 | 2,499 | |||||||||||||||||||
KU | 2,618 | 3,120 | 2,618 | 3,334 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | ||||||||||||
PPL | $ | 21,893 | $ | 25,481 | $ | 20,599 | $ | 22,939 | |||||||
PPL Electric | 3,985 | 4,589 | 3,694 | 3,901 | |||||||||||
LKE | 6,002 | 6,766 | 5,502 | 5,768 | |||||||||||
LG&E | 2,005 | 2,278 | 1,809 | 1,874 | |||||||||||
KU | 2,623 | 3,003 | 2,321 | 2,451 |
December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 | Interest rate swaps (b) | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps (b) | 5 | — | — | — | 6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | — | 142 | 5 | — | — | 103 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps (c) | Cross-currency swaps (c) | — | — | — | — | 94 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts (c) | Foreign currency contracts (c) | — | — | — | — | — | — | — | 137 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current | 5 | — | 142 | 9 | 6 | — | 103 | 6 | Total current | — | — | — | 1 | 94 | — | — | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent: | Noncurrent: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price Risk Management | Price Risk Management | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets/Liabilities (a): | Assets/Liabilities (a): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps (b) | — | — | — | 17 | — | — | — | 16 | Interest rate swaps (b) | — | — | — | 17 | — | — | — | 21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps (b) | 149 | — | — | — | 129 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | — | — | — | — | — | 99 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps (c) | Cross-currency swaps (c) | — | — | — | — | 52 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent | 149 | — | — | 17 | 129 | — | 99 | 16 | Total noncurrent | — | — | — | 17 | 52 | — | — | 21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 154 | $ | — | $ | 142 | $ | 26 | $ | 135 | $ | — | $ | 202 | $ | 22 | Total derivatives | $ | — | $ | — | $ | — | $ | 18 | $ | 146 | $ | — | $ | — | $ | 160 |
Derivative Relationships | Derivative Gain (Loss) Recognized in OCI | Location of Gain (Loss) Recognized in Income on Derivative | Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
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 | ||||||||||||||||||
2020 | ||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate swaps | $ | (9) | Interest Expense | $ | (8) | |||||||||||||||
Income (Loss) from Discontinued operations (net of taxes) | (2) | |||||||||||||||||||
Cross-currency swaps | (15) | Income (Loss) from Discontinued operations (net of taxes) | (22) | |||||||||||||||||
Total | $ | (24) | $ | (32) | ||||||||||||||||
Net Investment Hedges: | ||||||||||||||||||||
Foreign currency contracts in Discontinued operations | $ | 1 | ||||||||||||||||||
2019 | ||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate swaps | $ | (30) | Interest Expense | $ | (9) | |||||||||||||||
Cross-currency swaps | 17 | Income (Loss) from Discontinued operations (net of taxes) | (9) | |||||||||||||||||
Total | $ | (13) | $ | (18) | ||||||||||||||||
Net Investment Hedges: | ||||||||||||||||||||
Foreign currency contracts in Discontinued operations | $ | 2 | ||||||||||||||||||
Derivative Relationships | Derivative Gain (Loss) Recognized in OCI | Location of Gain (Loss) Recognized in Income on Derivative | Gain (Loss) Reclassified from AOCI into Income | |||||||
2019 | ||||||||||
Cash Flow Hedges: | ||||||||||
Interest rate swaps | $ | (30 | ) | Interest Expense | $ | (9 | ) | |||
Cross-currency swaps | 17 | Other Income (Expense) - net | (9 | ) | ||||||
Total | $ | (13 | ) | $ | (18 | ) | ||||
Net Investment Hedges: | ||||||||||
Foreign currency contracts | $ | 2 | ||||||||
2018 | ||||||||||
Cash Flow Hedges: | ||||||||||
Interest rate swaps | $ | 4 | Interest Expense | $ | (8 | ) | ||||
Cross-currency swaps | 41 | Other Income (Expense) - net | 42 | |||||||
Interest Expense | 1 | |||||||||
Total | $ | 45 | $ | 35 | ||||||
Net Investment Hedges: | ||||||||||
Foreign currency contracts | $ | 11 | ||||||||
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 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | 2019 | 2018 | 2017 | ||||||||||
Foreign currency contracts | Other Income (Expense) - net | $ | (14 | ) | $ | 150 | $ | (261 | ) | |||||
Interest rate swaps | Interest Expense | (5 | ) | (5 | ) | (6 | ) | |||||||
Total | $ | (19 | ) | $ | 145 | $ | (267 | ) |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets | 2019 | 2018 | 2017 | ||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | (1 | ) | $ | 6 | $ | 5 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | 2021 | 2020 | 2019 | ||||||||||||||||||||||
Foreign currency contracts | Income (Loss) from Discontinued Operations (net of taxes) | $ | (266) | $ | (98) | $ | (14) | |||||||||||||||||||
Interest rate swaps | Interest Expense | (2) | (5) | (5) | ||||||||||||||||||||||
Total | $ | (268) | $ | (103) | $ | (19) |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets | 2021 | 2020 | 2019 | ||||||||||||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | 5 | $ | (2) | $ | (1) |
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) |
Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships | ||||||||
Interest Expense | Other Income (Expense) - net | |||||||
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded | $ | 994 | $ | 309 | ||||
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 | (9 | ) | — | |||||
Cross-currency swaps: | ||||||||
Hedged items | — | 9 | ||||||
Amount of gain (loss) reclassified from AOCI to income | — | (9 | ) |
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 | $ | 634 | $ | 829 | |||||||
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 | (8) | (2) | |||||||||
Cross-currency swaps: | |||||||||||
Hedged items | — | 22 | |||||||||
Amount of gain (loss) reclassified from AOCI to income | — | (22) |
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 | $ | 621 | $ | 1,010 | |||||||
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 | (9) | — | |||||||||
Cross-currency swaps: | |||||||||||
Hedged items | — | 9 | |||||||||
Amount of gain (loss) reclassified from AOCI to income | — | (9) |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||
Price Risk Management | ||||||||||||||||||||||||||
Assets/Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 1 | $ | — | $ | 2 | ||||||||||||||||||
Total current | — | 1 | — | 2 | ||||||||||||||||||||||
Noncurrent: | ||||||||||||||||||||||||||
Price Risk Management | ||||||||||||||||||||||||||
Assets/Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | — | 17 | — | 21 | ||||||||||||||||||||||
Total noncurrent | — | 17 | — | 21 | ||||||||||||||||||||||
Total derivatives | $ | — | $ | 18 | $ | — | $ | 23 |
December 31, 2019 | December 31, 2018 | |||||||||||||||
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 | — | 17 | — | 16 | ||||||||||||
Total noncurrent | — | 17 | — | 16 | ||||||||||||
Total derivatives | $ | — | $ | 21 | $ | — | $ | 20 |
Derivative Instruments | Location of Gain (Loss) | 2021 | 2020 | 2019 | ||||||||||||||||||||||
Interest rate swaps | Interest Expense | $ | (2) | $ | (5) | $ | (5) |
Derivative Instruments | Location of Gain (Loss) | 2019 | 2018 | 2017 | Derivative Instruments | Location of Gain (Loss) | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Interest rate swaps | Interest Expense | $ | (5 | ) | $ | (5 | ) | $ | (6 | ) | Interest rate swaps | Regulatory assets - noncurrent | $ | 5 | $ | (2) | $ | (1) |
Derivative Instruments | Location of Gain (Loss) | 2019 | 2018 | 2017 | ||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | (1 | ) | $ | 6 | $ | 5 |
Assets | Liabilities | |||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | |||||||||||||||||||||||||||||||
Gross | Derivative Instruments | Cash Collateral Received | Net | Gross | Derivative Instruments | Cash Collateral Pledged | Net | |||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
Treasury Derivatives | ||||||||||||||||||||||||||||||||
PPL | $ | 296 | $ | 5 | $ | 14 | $ | 277 | $ | 26 | $ | 5 | $ | — | $ | 21 | ||||||||||||||||
LKE | — | — | — | — | 21 | — | — | 21 | ||||||||||||||||||||||||
LG&E | — | — | — | — | 21 | — | — | 21 |
Assets | Liabilities | |||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | |||||||||||||||||||||||||||||||
Gross | Derivative Instruments | Cash Collateral Received | Net | Gross | Derivative Instruments | Cash Collateral Pledged | Net | |||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||
Treasury Derivatives | ||||||||||||||||||||||||||||||||
PPL | $ | 337 | $ | 2 | $ | 40 | $ | 295 | $ | 22 | $ | 2 | $ | — | $ | 20 | ||||||||||||||||
LKE | — | — | — | — | 20 | — | — | 20 | ||||||||||||||||||||||||
LG&E | — | — | — | — | 20 | — | — | 20 |
Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Derivative Instruments | Cash Collateral Received | Net | Gross | Derivative Instruments | Cash Collateral Pledged | Net | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||
PPL | $ | — | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | — | $ | 18 | ||||||||||||||||||||||||||||||||||
LG&E | — | — | — | — | 18 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||
PPL | $ | 146 | $ | 34 | $ | — | $ | 112 | $ | 160 | $ | 34 | $ | — | $ | 126 | ||||||||||||||||||||||||||||||||||
LG&E | — | — | — | — | 23 | — | — | 23 | ||||||||||||||||||||||||||||||||||||||||||
PPL | LKE | LG&E | ||||||||||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | $ | 3 | $ | 3 | $ | 3 | ||||||
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) | 3 | 3 | 3 |
U.K. Regulated | Kentucky Regulated | Corporate and Other | Total | ||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Balance at beginning of period (a) | $ | 2,447 | $ | 2,596 | $ | 662 | $ | 662 | $ | 53 | $ | — | $ | 3,162 | $ | 3,258 | |||||||||||||||
Effect of foreign currency exchange rates | 34 | (149 | ) | — | — | — | — | 34 | (149 | ) | |||||||||||||||||||||
Goodwill recognized during the period (b) | — | — | — | — | — | 53 | — | 53 | |||||||||||||||||||||||
Other | 2 | — | — | — | — | — | 2 | — | |||||||||||||||||||||||
Balance at end of period (a) | $ | 2,483 | $ | 2,447 | $ | 662 | $ | 662 | $ | 53 | $ | 53 | $ | 3,198 | $ | 3,162 |
December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||||||
Subject to amortization: | Subject to amortization: | |||||||||||||||||||||||||||||||||||||
Contracts (a) | $ | 136 | $ | 84 | $ | 137 | $ | 75 | Contracts (a) | $ | 125 | $ | 90 | $ | 125 | $ | 82 | |||||||||||||||||||||
Land rights and easements | 440 | 135 | 418 | 128 | Land rights and easements | 406 | 135 | 401 | 133 | |||||||||||||||||||||||||||||
Licenses and other | 22 | 3 | 21 | 1 | Licenses and other | 20 | 6 | 21 | 4 | |||||||||||||||||||||||||||||
Total subject to amortization | 598 | 222 | 576 | 204 | Total subject to amortization | 551 | 231 | 547 | 219 | |||||||||||||||||||||||||||||
Not subject to amortization due to indefinite life: | Not subject to amortization due to indefinite life: | |||||||||||||||||||||||||||||||||||||
Land rights and easements | 361 | — | 339 | — | Land rights and easements | 17 | — | 17 | — | |||||||||||||||||||||||||||||
Other | 6 | — | 6 | — | Other | 6 | — | 6 | — | |||||||||||||||||||||||||||||
Total not subject to amortization due to indefinite life | 367 | — | 345 | — | Total not subject to amortization due to indefinite life | 23 | — | 23 | — | |||||||||||||||||||||||||||||
Total | $ | 965 | $ | 222 | $ | 921 | $ | 204 | Total | $ | 574 | $ | 231 | $ | 570 | $ | 219 |
Amortization expense was as follows: | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Intangible assets with no regulatory offset | $ | 9 | $ | 7 | $ | 6 | |||||||||||
Intangible assets with regulatory offset | 8 | 8 | 9 | ||||||||||||||
Total | $ | 17 | $ | 15 | $ | 15 |
Amortization expense was as follows: | |||||||||||
2019 | 2018 | 2017 | |||||||||
Intangible assets with no regulatory offset | $ | 9 | $ | 7 | $ | 6 | |||||
Intangible assets with regulatory offset | 9 | 8 | 9 | ||||||||
Total | $ | 18 | $ | 15 | $ | 15 |
2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||
Intangible assets with no regulatory offset | $ | 5 | $ | 5 | $ | 5 | $ | 5 | $ | 5 | |||||||||||||||||||
Intangible assets with regulatory offset | 8 | 8 | 9 | 9 | 2 | ||||||||||||||||||||||||
Total | $ | 13 | $ | 13 | $ | 14 | $ | 14 | $ | 7 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Land rights and easements | $ | 382 | $ | 130 | $ | 379 | $ | 129 | |||||||||||||||
Licenses and other | 2 | 1 | 2 | 1 | |||||||||||||||||||
Total subject to amortization | 384 | 131 | 381 | 130 | |||||||||||||||||||
Not subject to amortization due to indefinite life: | |||||||||||||||||||||||
Land rights and easements | 17 | — | 17 | — | |||||||||||||||||||
Total | $ | 401 | $ | 131 | $ | 398 | $ | 130 |
2021 | 2020 | 2019 | |||||||||||||||
Intangible assets with no regulatory offset | $ | 4 | $ | 4 | $ | 4 | |||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||
Intangible assets with no regulatory offset | $ | 4 | $ | 4 | $ | 4 | $ | 4 | $ | 4 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Land rights and easements | $ | 7 | $ | 1 | $ | 7 | $ | 1 | |||||||||||||||
OVEC power purchase agreement (a) | 86 | 62 | 86 | 57 | |||||||||||||||||||
Total subject to amortization | $ | 93 | $ | 63 | $ | 93 | $ | 58 |
2021 | 2020 | 2019 | |||||||||||||||
Intangible assets with regulatory offset | $ | 5 | $ | 6 | $ | 6 |
2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||
Intangible assets with regulatory offset | $ | 6 | $ | 6 | $ | 6 | $ | 6 | $ | 1 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Land rights and easements | $ | 16 | $ | 4 | $ | 15 | $ | 3 | |||||||||||||||
OVEC power purchase agreement (a) | 39 | 28 | 39 | 25 | |||||||||||||||||||
Total subject to amortization | $ | 55 | $ | 32 | $ | 54 | $ | 28 |
2021 | 2020 | 2019 | |||||||||||||||
Intangible assets with no regulatory offset | $ | 1 | $ | — | $ | — | |||||||||||
Intangible assets with regulatory offset | 3 | 2 | 3 | ||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||
Intangible assets with no regulatory offset | $ | 9 | $ | 9 | $ | 9 | $ | 9 | $ | 9 | |||||||||
Intangible assets with regulatory offset | 8 | 8 | 8 | 8 | 8 | ||||||||||||||
Total | $ | 17 | $ | 17 | $ | 17 | $ | 17 | $ | 17 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Land rights and easements | $ | 370 | $ | 125 | $ | 363 | $ | 121 | |||||||
Licenses and other | 3 | 1 | 2 | 1 | |||||||||||
Total subject to amortization | 373 | 126 | 365 | 122 | |||||||||||
Not subject to amortization due to indefinite life: | |||||||||||||||
Land rights and easements | 17 | — | 17 | — | |||||||||||
Total | $ | 390 | $ | 126 | $ | 382 | $ | 122 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Land rights and easements | $ | 22 | $ | 4 | $ | 21 | $ | 3 | |||||||
OVEC power purchase agreement (a) | 125 | 74 | 126 | 66 | |||||||||||
Total subject to amortization | $ | 147 | $ | 78 | $ | 147 | $ | 69 |
2019 | 2018 | 2017 | |||||||||
Intangible assets with regulatory offset | $ | 9 | $ | 8 | $ | 9 |
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||
Intangible assets with regulatory offset | $ | 8 | $ | 8 | $ | 8 | $ | 8 | $ | 8 |
2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||
Intangible assets with regulatory offset | $ | 2 | $ | 2 | $ | 3 | $ | 3 | $ | 1 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Land rights and easements | $ | 7 | $ | 1 | $ | 7 | $ | 1 | |||||||
OVEC power purchase agreement (a) | 86 | 51 | 87 | 46 | |||||||||||
Total subject to amortization | $ | 93 | $ | 52 | $ | 94 | $ | 47 |
2019 | 2018 | 2017 | |||||||||
Intangible assets with regulatory offset | $ | 6 | $ | 6 | $ | 6 |
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||
Intangible assets with regulatory offset | $ | 6 | $ | 6 | $ | 6 | $ | 6 | $ | 6 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Subject to amortization: | |||||||||||||||
Land rights and easements | $ | 15 | $ | 3 | $ | 14 | $ | 2 | |||||||
OVEC power purchase agreement (a) | 39 | 23 | 39 | 20 | |||||||||||
Total subject to amortization | $ | 54 | $ | 26 | $ | 53 | $ | 22 |
2019 | 2018 | 2017 | |||||||||
Intangible assets with regulatory offset | $ | 3 | $ | 2 | $ | 3 |
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||
Intangible assets with regulatory offset | $ | 2 | $ | 2 | $ | 2 | $ | 2 | $ | 2 |
PPL | LKE | LG&E | KU | ||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
ARO at beginning of period | $ | 347 | $ | 397 | $ | 296 | $ | 356 | $ | 103 | $ | 121 | $ | 193 | $ | 235 | |||||||||||||||
Accretion | 19 | 20 | 17 | 18 | 6 | 6 | 11 | 12 | |||||||||||||||||||||||
Obligations incurred | — | 8 | — | 8 | — | — | — | 8 | |||||||||||||||||||||||
Changes in estimated timing or cost | 12 | (3 | ) | (2 | ) | (14 | ) | (2 | ) | (2 | ) | — | (12 | ) | |||||||||||||||||
Effect of foreign currency exchange rates | — | (3 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Obligations settled | (96 | ) | (72 | ) | (96 | ) | (72 | ) | (34 | ) | (22 | ) | (62 | ) | (50 | ) | |||||||||||||||
ARO at end of period | $ | 282 | $ | 347 | $ | 215 | $ | 296 | $ | 73 | $ | 103 | $ | 142 | $ | 193 |
PPL | LG&E | KU | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
ARO at beginning of period | $ | 182 | $ | 215 | $ | 67 | $ | 73 | $ | 115 | $ | 142 | |||||||||||||||||||||||
Accretion | 16 | 15 | 5 | 5 | 11 | 10 | |||||||||||||||||||||||||||||
Changes in estimated timing or cost | 56 | 40 | 40 | 13 | 16 | 27 | |||||||||||||||||||||||||||||
Obligations settled | (65) | (88) | (28) | (24) | (37) | (64) | |||||||||||||||||||||||||||||
ARO at end of period | $ | 189 | $ | 182 | $ | 84 | $ | 67 | $ | 105 | $ | 115 |
Defined benefit plans | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Unrealized gains (losses) on qualifying derivatives | Prior service costs | Actuarial gain (loss) | Total | |||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | $ | (1,533) | $ | (7) | $ | (19) | $ | (2,405) | $ | (3,964) | |||||||||||||||||||||||||||||||
Amounts arising during the year | 108 | (11) | (1) | (592) | (496) | ||||||||||||||||||||||||||||||||||||
Reclassifications from AOCI | — | 13 | 2 | 87 | 102 | ||||||||||||||||||||||||||||||||||||
Net OCI during the year | 108 | 2 | 1 | (505) | (394) | ||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | (1,425) | $ | (5) | $ | (18) | $ | (2,910) | $ | (4,358) | |||||||||||||||||||||||||||||||
Amounts arising during the year | 267 | (19) | (1) | (341) | (94) | ||||||||||||||||||||||||||||||||||||
Reclassifications from AOCI | — | 24 | 3 | 205 | 232 | ||||||||||||||||||||||||||||||||||||
Net OCI during the year | 267 | 5 | 2 | (136) | 138 | ||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | (1,158) | $ | — | $ | (16) | $ | (3,046) | $ | (4,220) |
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, 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 | ) |
Defined benefit plans | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Unrealized gains (losses) on qualifying derivatives | Prior service costs | Actuarial gain (loss) | Total | |||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||
Defined benefit plans | |||||||||||||||||||||||
Foreign currency translation adjustments | Unrealized gains (losses) on qualifying derivatives | Equity investees' AOCI | Prior service costs | Actuarial gain (loss) | Total | ||||||||||||||||||
Amounts arising during the year | (444 | ) | 36 | — | (11 | ) | (187 | ) | (606 | ) | |||||||||||||
Reclassifications from AOCI | — | (29 | ) | — | 2 | 142 | 115 | ||||||||||||||||
Net OCI during the year | (444 | ) | 7 | — | (9 | ) | (45 | ) | (491 | ) | |||||||||||||
Adoption of reclassification of certain tax effects from AOCI guidance cumulative effect adjustment (Note 1) | — | (1 | ) | — | (3 | ) | (47 | ) | (51 | ) | |||||||||||||
December 31, 2018 | $ | (1,533 | ) | $ | (7 | ) | $ | — | $ | (19 | ) | $ | (2,405 | ) | $ | (3,964 | ) | ||||||
Amounts arising during the year | 108 | (11 | ) | — | (1 | ) | (592 | ) | (496 | ) | |||||||||||||
Reclassifications from AOCI | — | 13 | — | 2 | 87 | 102 | |||||||||||||||||
Net OCI during the year | 108 | 2 | — | 1 | (505 | ) | (394 | ) | |||||||||||||||
December 31, 2019 | $ | (1,425 | ) | $ | (5 | ) | $ | — | $ | (18 | ) | $ | (2,910 | ) | $ | (4,358 | ) | ||||||
LKE | |||||||||||||||||||||||
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 | ) | ||||||||||||
Amounts arising during the year | — | — | 7 | 7 | |||||||||||||||||||
Reclassifications from AOCI | — | 2 | 8 | 10 | |||||||||||||||||||
Net OCI during the year | — | 2 | 15 | 17 | |||||||||||||||||||
Adoption of reclassification of certain tax effects from AOCI guidance cumulative effect adjustment (Note 1) | — | (2 | ) | (16 | ) | (18 | ) | ||||||||||||||||
December 31, 2018 | $ | — | $ | (9 | ) | $ | (80 | ) | $ | (89 | ) | ||||||||||||
Amounts arising during the year | — | (1 | ) | (6 | ) | (7 | ) | ||||||||||||||||
Reclassifications from AOCI | — | 1 | 2 | 3 | |||||||||||||||||||
Net OCI during the year | — | — | (4 | ) | (4 | ) | |||||||||||||||||
December 31, 2019 | $ | — | $ | (9 | ) | $ | (84 | ) | $ | (93 | ) |
PPL | ||||||||||||||||||||||||||||||||||||||||
Details about AOCI | Details about AOCI | 2021 | 2020 | 2019 | Affected Line Item on the Statements of Income | |||||||||||||||||||||||||||||||||||
PPL | ||||||||||||||||||||||||||||||||||||||||
Details about AOCI | 2019 | 2018 | 2017 | Affected Line Item on the Statements of Income | ||||||||||||||||||||||||||||||||||||
Qualifying derivatives | Qualifying derivatives | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (9 | ) | $ | (8 | ) | $ | (9 | ) | Interest Expense | Interest rate swaps | $ | 11 | $ | (8) | $ | (9) | Interest Expense | ||||||||||||||||||||||
(2) | (2) | — | Income (Loss) from Discontinued Operations (net of income taxes) | |||||||||||||||||||||||||||||||||||||
Cross-currency swaps | (9 | ) | 42 | (82 | ) | Other Income (Expense) - net | Cross-currency swaps | (39) | (22) | (9) | Income (Loss) from Discontinued Operations (net of income taxes) | |||||||||||||||||||||||||||||
— | 1 | — | Interest Expense | |||||||||||||||||||||||||||||||||||||
Total Pre-tax | (18 | ) | 35 | (91 | ) | Total Pre-tax | (30) | (32) | (18) | |||||||||||||||||||||||||||||||
Income Taxes | 5 | (6 | ) | 18 | Income Taxes | 5 | 8 | 5 | ||||||||||||||||||||||||||||||||
Total After-tax | (13 | ) | 29 | (73 | ) | Total After-tax | (25) | (24) | (13) | |||||||||||||||||||||||||||||||
Equity Investees' AOCI | — | — | (1 | ) | Other Income (Expense) - net | |||||||||||||||||||||||||||||||||||
Total Pre-tax | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||
Income Taxes | — | — | — | |||||||||||||||||||||||||||||||||||||
Total After-tax | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||
Defined benefit plans | Defined benefit plans | |||||||||||||||||||||||||||||||||||||||
Prior service costs | (3 | ) | (2 | ) | (2 | ) | Prior service costs | (3) | (4) | (3) | ||||||||||||||||||||||||||||||
Net actuarial loss | (109 | ) | (178 | ) | (167 | ) | Net actuarial loss | (159) | (256) | (109) | ||||||||||||||||||||||||||||||
Total Pre-tax | (112 | ) | (180 | ) | (169 | ) | Total Pre-tax | (162) | (260) | (112) | ||||||||||||||||||||||||||||||
Income Taxes | 23 | 36 | 38 | Income Taxes | 34 | 52 | 23 | |||||||||||||||||||||||||||||||||
Total After-tax | (89 | ) | (144 | ) | (131 | ) | Total After-tax | (128) | (208) | (89) | ||||||||||||||||||||||||||||||
Sale of the U.K. utility business (Note 9) | Sale of the U.K. utility business (Note 9) | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | (646) | — | — | Income (Loss) from Discontinued Operations (net of income taxes) | |||||||||||||||||||||||||||||||||||
Qualifying derivatives | Qualifying derivatives | (15) | — | — | Income (Loss) from Discontinued Operations (net of income taxes) | |||||||||||||||||||||||||||||||||||
Defined benefit plans | Defined benefit plans | (3,577) | — | — | Income (Loss) from Discontinued Operations (net of income taxes) | |||||||||||||||||||||||||||||||||||
Total Pre-tax | Total Pre-tax | (4,238) | — | — | ||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes | 660 | — | — | ||||||||||||||||||||||||||||||||||||
Total After-tax | Total After-tax | (3,578) | — | — | ||||||||||||||||||||||||||||||||||||
Total reclassifications during the year | $ | (102 | ) | $ | (115 | ) | $ | (205 | ) | Total reclassifications during the year | $ | (3,731) | $ | (232) | $ | (102) | �� |
2019 | 2018 | 2017 | |||||||||
Other Income (Expense) - net | |||||||||||
Equity in Earnings of Subsidiaries | $ | 477 | $ | 470 | $ | 397 | |||||
Interest Income with Affiliate | 28 | 25 | 14 | ||||||||
Total | 505 | 495 | 411 | ||||||||
Interest Expense | 30 | 29 | 30 | ||||||||
Interest Expense with Affiliate | 32 | 28 | 20 | ||||||||
Income Before Income Taxes | 443 | 438 | 361 | ||||||||
Income Tax Expense (Benefit) | (25 | ) | (7 | ) | 45 | ||||||
Net Income | $ | 468 | $ | 445 | $ | 316 | |||||
Total other comprehensive income (loss) | (4 | ) | 17 | (18 | ) | ||||||
Comprehensive Income Attributable to Member | $ | 464 | $ | 462 | $ | 298 |
2019 | 2018 | 2017 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net cash provided by (used in) operating activities | $ | 368 | $ | 346 | $ | 401 | |||||
Cash Flows from Investing Activities | |||||||||||
Capital contributions to affiliated subsidiaries | (93 | ) | (128 | ) | (30 | ) | |||||
Net decrease (increase) in notes receivable from affiliates | (44 | ) | (26 | ) | (28 | ) | |||||
Net cash provided by (used in) investing activities | (137 | ) | (154 | ) | (58 | ) | |||||
Cash Flows from Financing Activities | |||||||||||
Net increase (decrease) in notes payable with affiliates | 14 | 110 | 58 | ||||||||
Contribution from member | 63 | — | — | ||||||||
Distribution to member | (308 | ) | (302 | ) | (402 | ) | |||||
Net cash provided by (used in) financing activities | (231 | ) | (192 | ) | (344 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | — | — | (1 | ) | |||||||
Cash and Cash Equivalents at Beginning of Period | — | — | 1 | ||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | — | $ | — | |||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash Dividends Received from Subsidiaries | $ | 411 | $ | 402 | $ | 418 |
2019 | 2018 | ||||||
Assets | |||||||
Current Assets | |||||||
Accounts receivable from affiliates | $ | 3 | $ | — | |||
Income taxes receivable | 3 | — | |||||
Notes receivable from affiliates | 1,105 | 1,061 | |||||
Total Current Assets | 1,111 | 1,061 | |||||
Investments | |||||||
Affiliated companies at equity | 5,577 | 5,422 | |||||
Other Noncurrent Assets | |||||||
Deferred income taxes | 314 | 299 | |||||
Total Assets | $ | 7,002 | $ | 6,782 | |||
Liabilities and Equity | |||||||
Current Liabilities | |||||||
Notes payable to affiliates | $ | 150 | $ | 177 | |||
Long-term debt due within one year | 475 | — | |||||
Accounts payable to affiliates | 489 | 487 | |||||
Taxes | — | 11 | |||||
Other current liabilities | 6 | 6 | |||||
Total Current Liabilities | 1,120 | 681 | |||||
Long-term Debt | |||||||
Long-term debt | 249 | 723 | |||||
Notes payable to affiliates | 691 | 650 | |||||
Total Long-term Debt | 940 | 1,373 | |||||
Deferred Credits and Other Noncurrent Liabilities | — | 5 | |||||
Equity | 4,942 | 4,723 | |||||
Total Liabilities and Equity | $ | 7,002 | $ | 6,782 |
For the Quarters Ended (a) | |||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||
2019 | |||||||||||||||
Operating revenues | $ | 2,079 | $ | 1,803 | $ | 1,933 | $ | 1,954 | |||||||
Operating income | 781 | 640 | 726 | 693 | |||||||||||
Net income | 466 | 441 | 475 | 364 | |||||||||||
Net income available to PPL common shareowners: (b) | |||||||||||||||
Basic EPS | 0.65 | 0.61 | 0.66 | 0.49 | |||||||||||
Diluted EPS | 0.64 | 0.60 | 0.65 | 0.48 | |||||||||||
2018 | |||||||||||||||
Operating revenues | $ | 2,126 | $ | 1,848 | $ | 1,872 | $ | 1,939 | |||||||
Operating income | 851 | 658 | 686 | 657 | |||||||||||
Net income | 452 | 515 | 445 | 415 | |||||||||||
Net income available to PPL common shareowners: (b) | |||||||||||||||
Basic EPS | 0.65 | 0.74 | 0.63 | 0.57 | |||||||||||
Diluted EPS | 0.65 | 0.73 | 0.62 | 0.57 |
For the Quarters Ended (a) | |||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||
2019 | |||||||||||||||
Operating revenues | $ | 645 | $ | 521 | $ | 590 | $ | 602 | |||||||
Operating income | 198 | 161 | 193 | 193 | |||||||||||
Net income | 121 | 94 | 118 | 124 | |||||||||||
2018 | |||||||||||||||
Operating revenues | $ | 639 | $ | 517 | $ | 548 | $ | 573 | |||||||
Operating income | 228 | 133 | 178 | 155 | |||||||||||
Net income | 148 | 75 | 111 | 96 |
Name | Age | Positions Held During the Past Five Years | Dates | |||||||||||||||||
Vincent Sorgi | 50 | President and Chief Executive Officer | June 2020 - present | |||||||||||||||||
President and Chief Operating Officer | July 2019 - May 2020 | |||||||||||||||||||
Executive Vice President and Chief Financial Officer | January 2019 - June 2019 | |||||||||||||||||||
Senior Vice President and Chief Financial Officer | June 2014 - January 2019 | |||||||||||||||||||
July 2019 - | ||||||||||||||||||||
Development & Planning | January 2018 - June 2019 | |||||||||||||||||||
Vice President-Investor Relations and Treasurer | January 2016 - December 2017 | |||||||||||||||||||
Gregory N. Dudkin | 64 | Executive Vice President and Chief | April 2021 - present | |||||||||||||||||
President-PPL Electric | March 2012 - | |||||||||||||||||||
January | ||||||||||||||||||||
Vice President and Chief Human Resources Officer-PPL Services | August 2021 - December 2021 | |||||||||||||||||||
Vice President - Human Resources-PPL EU Services | May 2020 - July 2021 | |||||||||||||||||||
Director - Human Resources-LKE | September 2016 - May 2020 | |||||||||||||||||||
Wendy E. Stark (b) | 49 | Senior Vice President, General Counsel and Corporate Secretary | ||||||||||||||||||
Stephanie R. Raymond (c) | 51 | President-PPL Electric | April 2021 - present | |||||||||||||||||
January 2018 - | ||||||||||||||||||||
Vice | January | |||||||||||||||||||
John R. Crockett III (c) | 57 | |||||||||||||||||||
General Counsel, Chief Compliance Officer and Corporate Secretary | January 2018 - September 2021 | |||||||||||||||||||
Marlene C. Beers | Vice President and Controller | March 2019 - present | ||||||||||||||||||
Vice President-Finance and Regulatory Affairs and Controller-PPL Electric | August 2018 - February 2019 | |||||||||||||||||||
Controller-PPL Electric | February 2016 - July 2018 | |||||||||||||||||||
Tadd J. Henninger | Vice President-Finance and Treasurer | July 2019 - present | ||||||||||||||||||
Vice President and Treasurer | January 2018 - July 2019 | |||||||||||||||||||
Assistant Treasurer | December 2015 - December 2017 | |||||||||||||||||||
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 | 29,624 | – ICP | $ | 25.41 | – ICP | 1,355,369 | – DDCP | |||||||||||||
security holders (1) | 55,153 | – SIP | $ | 26.59 | – SIP | 9,691,708 | – SIP | |||||||||||||
681,225 | – ICPKE | $ | 26.62 | – ICPKE | 626,110 | – ICPKE | ||||||||||||||
766,002 | – Total | $ | 26.57 | – Combined | 11,673,187 | – Total | ||||||||||||||
Equity compensation | ||||||||||||||||||||
plans not approved by | ||||||||||||||||||||
security holders (2) |
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 | 56,185 | – ICP | $ | 24.37 | – ICP | 1,541,819 | – DDCP | |||
security holders (1) | 102,049 | – SIP | $ | 26.59 | – SIP | 10,590,858 | – SIP | |||
1,172,709 | – ICPKE | $ | 26.25 | – ICPKE | 1,742,904 | – ICPKE | ||||
1,330,943 | – Total | $ | 26.20 | – Combined | 13,875,581 | – Total | ||||
Equity compensation | ||||||||||
plans not approved by | ||||||||||
security holders (2) |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Audit fees (a) | $ | 1,345 | $ | 1,737 | |||||||
Audit-related fees (b) | 17 | 16 | |||||||||
2019 | 2018 | ||||||
(in thousands) | |||||||
Audit fees (a) | $ | 1,308 | $ | 1,093 | |||
Audit-related fees (b) | 16 | 28 | |||||
Taxes (c) | — | 15 |
(a)Includes estimated fees for audit of |
2019 | 2018 | ||||||
(in thousands) | |||||||
Audit fees (a) | $ | 1,973 | $ | 1,761 | |||
Audit-related fees (b) | — | 18 |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Audit fees (a) | $ | 952 | $ | 832 | |||||||
Other | — | 5 |
2019 | 2018 | ||||||
(in thousands) | |||||||
Audit fees (a) | $ | 935 | $ | 870 | |||
Audit-related fees (b) | — | 9 |
2019 | 2018 | 2021 | 2020 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Audit fees (a) | $ | 1,021 | $ | 875 | Audit fees (a) | $ | 928 | $ | 955 | |||||||||||||
Audit-related fees (b) | — | 9 | ||||||||||||||||||||
Other | Other | — | 6 |
- | 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) | |||||||||||||
- | ||||||||||||||
Distribution Agreement, dated February 23, 2018, by and among PPL Corporation and J.P. Morgan Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., JPMorgan Chase Bank, National Association, London Branch, Barclays Bank PLC and Citibank N.A. (Exhibit 1.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated February 23, 2018) | ||||||||||||||
- | ||||||||||||||
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 | |||||||||||||
- | 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. 2 to PPL Employee Stock Ownership Plan, dated December 1, 2018 (Exhibit 4(a)-3 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2018) | |||||||||||||
- | 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 | |||||||||||||
- | ||||||||||||||
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) | |||||||||||||
- | Supplemental Indenture No. 20, dated as of June 1, 2018, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated June 14, 2018) | |||||||||||||
- | Supplemental Indenture No. 21, dated as of September 1, 2019, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated September 6, 2019) | |||||||||||||
- | ||||||||||||||
- | ||||||||||||||
- | 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) | |||||||||||||
- | ||||||||||||||
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) | |||||||||||||
- | ||||||||||||||
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 | |||||||||||||
- | 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) | |||||||||||||
- | 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 March 1, 2019, to said Indenture (Exhibit 4(a) to PPL Corporation Form 8-K Report (File No. 1-11459) dated April 1, 2019) | |||||||||||||
- | ||||||||||||||
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) | |||||||||||||
- | 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) | |||||||||||||
- | 2000 Series A Mercer County Loan Agreement, dated May 1, 2000 and amended and restated as of September 1, 2008, by and between Kentucky Utilities Company, and County of Mercer, Kentucky (Exhibit 4(dd)-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(dd)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 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) | |||||||||||||
- | 2018 Series A Carroll County Loan Agreement, dated as of August 1, 2018, by and between Kentucky Utilities Company and County of Carroll, Kentucky (Exhibit 4(b) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended September 30, 2018) | |||||||||||||
- | 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 the County of Trimble, Kentucky (Exhibit 4(qq)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2010) | |||||||||||||
- | 2017 Series A Trimble County Loan Agreement, dated as of June 1, 2017, by and between Louisville Gas and Electric Company and the 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 between Louisville Gas and Electric Company and the County of Trimble, Kentucky (Exhibit 4(a) to Louisville Gas and Electric Company Form 8-K (File No. 1-2893) dated September 15, 2016) | |||||||||||||
- | ||||||||||||||
2020) | ||||||||||||||
- | ||||||||||||||
Description of PPL Capital Funding, Inc.'s Junior Subordinated Notes 2007 Series A due 2067, as guaranteed by PPL Corporation (Exhibit 4(rr) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2019) | ||||||||||||||
- | ||||||||||||||
Description of PPL Electric Utilities Corporation's common stock, | ||||||||||||||
no par value per share (Exhibit 4(tt) to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2019) |
- | $150 million Revolving Credit Agreement, dated as of March 26, 2014, among PPL Capital Funding, Inc., as Borrower, PPL Corporation, as Guarantor and The Bank of Nova Scotia, as Administrative Agent, Issuing Lender and Lender (Exhibit 10.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated April 1, 2014) | |||||||||||||
- | First Amendment to said Revolving Credit Agreement, dated as of March 17, 2015 (Exhibit 10(c)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2015) | |||||||||||||
- | Second Amendment to said Revolving Credit Agreement, dated as of March 17, 2016 (Exhibit 10(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended June 30, 2016) | |||||||||||||
- | Third Amendment to said Revolving Credit Agreement, dated as of March 17, 2017 (Exhibit 10(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2017) | |||||||||||||
- | Fourth Amendment to said Revolving Credit Agreement, dated as of March 16, 2018 (Exhibit 10(b)-5 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2018) | |||||||||||||
- | Fifth Amendment to said Revolving Credit Agreement, dated as of March 8, 2019 (Exhibit 10.2 to PPL Corporation Form 8-K Report (File No. 11459) dated March 8, 2019) | |||||||||||||
- | Sixth Amendment to said Revolving Credit Agreement, dated as of March 12, 2020 (Exhibit 10(e) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended March 31, 2020) | |||||||||||||
- | Seventh Amendment to said Revolving Credit Agreement, dated as of March 9, 2021 | |||||||||||||
- | 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) | |||||||||||||
- | |||||||||||||
Confirmation of Forward Sale Transaction, dated May 8, 2018, between the Company and JPMorgan Chase Bank, National Association, London Branch (Exhibit 10.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 11, 2018) | ||||||||||||||
- | Confirmation of Forward Sale Transaction, dated May 8, 2018, between the Company and Barclays Bank PLC (Exhibit 10.2 to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 11, 2018) | |||||||||||||
- | Additional Confirmation of Forward Sale Transaction, dated May 10, 2018, between the Company and JPMorgan Chase Bank, National Association, London Branch (Exhibit 10.3 to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 11, 2018) | |||||||||||||
- | Additional Confirmation of Forward Sale Transaction, dated May 8, 2018, between the Company and Barclays Bank PLC (Exhibit 10.4 to PPL Corporation Form 8-K Report (File No. 1-11459) dated May 11, 2018) | |||||||||||||
- | ||||||||||||||
- | First Amendment to said Revolving Credit Agreement, dated as of March 9, 2021 | |||||||||||||
- | $1,250,000,000 Amended and Restated Revolving Credit Agreement dated as of December 6, 2021 among PPL Capital Funding, Inc., as Borrower, PPL Corporation, as Guarantor, the Lenders party thereto and Wells Fargo, National Association, as Administrative Agent, Issuing Lender and Swingline Lender (Exhibit 10.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated December 6, 2021) | |||||||||||||
- | $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) | |||||||||||||
- | $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) | |||||||||||||
- | $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) | |||||||||||||
- | 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. 1-11459) for the quarter ended March 31, 2007) | |||||||||||||
- | 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. 1-11459) for the year ended December 31, 2015) | |||||||||||||
- | 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 | |||||||||||||
- | 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 Restricted Stock Unit Agreement for restricted stock unit awards under the Incentive Compensation Plan (Exhibit 10(b) 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 October 25, 2018 (Exhibit 10(a) to PPL Corporation Form 10-Q Report (File No. 1-11459) for the quarter ended September 30, 2018) | |||||||||||||
- | 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 Joseph P. Bergstein, Jr., John R. Crockett III, Gregory N. Dudkin, | ||||||||||||||
- | 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 September 30, 2018) | |||||||||||||
- | 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 Total Shareholder Return Performance Unit Agreement for performance units under the Amended and Restated 2012 Stock Incentive Plan (Exhibit 10(dd)-5 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2017) | |||||||||||||
- | 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) | |||||||||||||
- | 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 Western Power Distribution Phantom Stock Option Award Agreement for stock option awards under the Western Power Distribution Long-Term Incentive Plan (Exhibit [_]10(bbb)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2014) | |||||||||||||
- | 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) | |||||||||||||
Amended and Restated Personal Contract dated August 13, 2013, between Western Power Distribution (South West) plc and Philip Swift (Exhibit [_]10(kk)-1 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2018) |
Ill-Health Retirement Arrangement letter agreement dated March 2, 2016, between Western Power Distribution (South West) plc and Philip Swift (Exhibit [_]10(kk)-2 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2018) | ||||||||||||||
Pension Arrangement letter agreement dated March 2, 2016, between Western Power Distribution (South West) plc and Philip Swift (Exhibit [_]10(kk)-3 to PPL Corporation Form 10-K Report (File No. 1-11459) for the year ended December 31, 2018) | ||||||||||||||
- | 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) | |||||||||||||
- | Transition Incentive Award letter agreement dated August 21, 2020, between PPL Corporation and Philip Swift | |||||||||||||
- | Transition Incentive Award Amendment letter agreement dated February 8, 2021, between PPL Corporation and Philip Swift | |||||||||||||
- | Form of Earnings Growth Performance Unit Agreement for performance units under the Amended and Restated 2012 Stock Incentive Plan | |||||||||||||
- | Form of Environmental, Social and Governance Performance Unit Agreement for performance units under the Amended and Restated 2012 Stock Incentive Plan | |||||||||||||
- | Offer Letter dated March 6, 2021, between PPL Corporation and Wendy E. Stark | |||||||||||||
- | 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 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/ | ||||||||||||||
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/ | ||||||||||||||
and Director | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
/s/ Joseph P. Bergstein, Jr. | ||||||||||||||
Joseph P. Bergstein, Jr. - | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
/s/ Marlene C. Beers | ||||||||||||||
Marlene C. Beers - | ||||||||||||||
Vice President and Controller | ||||||||||||||
(Principal Accounting Officer) | ||||||||||||||
Directors: | ||||||||||||||
Natica von Althann | ||||||||||||||
Steven G. Elliott | Keith H. Williamson | |||||||||||||
Venkata Rajamannar Madabhushi | Phoebe A. Wood | |||||||||||||
Armando Zagalo de Lima | ||||||||||||||
| ||||||||||||||
/s/ Vincent Sorgi | ||||||||||||||
February 18, 2022 | ||||||||||||||
By /s/ | ||||||||||||||
President | ||||||||||||||
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) | ||||||||||||||
Controller (Principal Financial Officer and Principal Accounting Officer) | ||||||||||||||||
Directors: | ||||||||||||||||
/s/ Joseph P. Bergstein, Jr. | /s/ Vincent Sorgi | |||||||||||||||
Joseph P. Bergstein, Jr. | Vincent Sorgi | |||||||||||||||
/s/ Gregory N. Dudkin | /s/ Wendy E. Stark | |||||||||||||||
Gregory N. Dudkin | Wendy E. Stark | |||||||||||||||
/s/ Stephanie R. Raymond | ||||||||||||||||
Stephanie R. Raymond | ||||||||||||||||
Date: February |
By /s/ | ||||||||||||||||
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. | ||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||
/s/ Kent W. Blake | ||||||||||||||||
Kent W. Blake - | ||||||||||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||||||||||||||||
Directors: | ||||||||||||||||
/s/ Lonnie E. Bellar | /s/ | |||||||||||||||
Lonnie E. Bellar | ||||||||||||||||
/s/ Joseph P. Bergstein, Jr. | /s/ Gregory N. Dudkin | |||||||||||||||
Joseph P. Bergstein, Jr. | Gregory N. Dudkin | |||||||||||||||
/s/ Kent W. Blake | ||||||||||||||||
Kent W. Blake | ||||||||||||||||
Date: February |
By /s/ | ||||||||||||||||
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. | ||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||
/s/ Kent W. Blake | ||||||||||||||||
Kent W. Blake - | ||||||||||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||||||||||||||||
Directors: | ||||||||||||||||
/s/ Lonnie E. Bellar | /s/ | |||||||||||||||
Lonnie E. Bellar | ||||||||||||||||
/s/ Joseph P. Bergstein, Jr. | /s/ Gregory N. Dudkin | |||||||||||||||
Joseph P. Bergstein, Jr. | Gregory N. Dudkin | |||||||||||||||
/s/ Kent W. Blake | ||||||||||||||||
Kent W. Blake | ||||||||||||||||
Date: February |