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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PPL Corporation | NYSE:PPL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 0.18% | 27.51 | 27.83 | 27.48 | 27.70 | 497,538 | 14:46:40 |
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: | 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 |
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 | Yes | ☐ | No | ☒ | |||||||||||||
PPL Electric Utilities Corporation | Yes | ☐ | No | ☒ | |||||||||||||
Louisville Gas and Electric Company | Yes | ☐ | No | ☒ | |||||||||||||
Kentucky Utilities Company | Yes | ☐ | No | ☒ |
Page | ||||||||||||||
PART I. FINANCIAL INFORMATION | ||||||||||||||
Item 1. Financial Statements | ||||||||||||||
PPL Corporation and Subsidiaries | ||||||||||||||
PPL Electric Utilities Corporation and Subsidiaries | ||||||||||||||
Louisville Gas and Electric Company | ||||||||||||||
Kentucky Utilities Company | ||||||||||||||
Combined Notes to Condensed Financial Statements (Unaudited) | |||||||||||||||||
Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||||||||
PART II. OTHER INFORMATION | |||||||||||||||||
CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 | |||||||||||||||||
CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating Revenues | $ | 1,782 | $ | 1,498 | |||||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 212 | 177 | |||||||||
Energy purchases | 352 | 220 | |||||||||
Other operation and maintenance | 433 | 367 | |||||||||
Depreciation | 271 | 267 | |||||||||
Taxes, other than income | 60 | 52 | |||||||||
Total Operating Expenses | 1,328 | 1,083 | |||||||||
Operating Income | 454 | 415 | |||||||||
Other Income (Expense) - net (Note 12) | — | — | |||||||||
Interest Expense | 107 | 153 | |||||||||
Income from Continuing Operations Before Income Taxes | 347 | 262 | |||||||||
Income Taxes | 74 | 59 | |||||||||
Income from Continuing Operations After Income Taxes | 273 | 203 | |||||||||
Loss from Discontinued Operations (net of income taxes) (Note 8) | — | (2,043) | |||||||||
Net Income (Loss) | $ | 273 | $ | (1,840) | |||||||
Earnings Per Share of Common Stock: | |||||||||||
Basic and Diluted | |||||||||||
Income from Continuing Operations After Income Taxes | $ | 0.37 | $ | 0.26 | |||||||
Loss from Discontinued Operations (net of income taxes) | — | (2.65) | |||||||||
Net Income (Loss) Available to PPL Common Shareowners | $ | 0.37 | $ | (2.39) | |||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||
Basic | 735,503 | 769,159 | |||||||||
Diluted | 736,184 | 770,710 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income (loss) | $ | 273 | $ | (1,840) | |||||||
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, ($80) | — | 303 | |||||||||
Qualifying derivatives, net of tax of $0, $16 | — | (30) | |||||||||
Equity investees' other comprehensive income (loss), net of tax of $0, $0 | 1 | — | |||||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of $0, $0 | (1) | — | |||||||||
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | |||||||||||
Qualifying derivatives, net of tax of $0, ($14) | 1 | 25 | |||||||||
Defined benefit plans: | |||||||||||
Prior service costs, net of tax of $0, $0 | 1 | — | |||||||||
Net actuarial (gain) loss, net of tax of ($1), ($22) | 3 | 40 | |||||||||
Total other comprehensive income (loss) | 5 | 338 | |||||||||
Comprehensive income (loss) | $ | 278 | $ | (1,502) |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income (loss) | $ | 273 | $ | (1,840) | |||||||
Loss from discontinued operations (net of income taxes) | — | 2,043 | |||||||||
Income from continuing operations (net of income taxes) | 273 | 203 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation | 271 | 267 | |||||||||
Amortization | 7 | 11 | |||||||||
Deferred income taxes and investment tax credits | 39 | 50 | |||||||||
Stock-based compensation expense | 11 | 6 | |||||||||
Other | (4) | (1) | |||||||||
Change in current assets and current liabilities | |||||||||||
Accounts receivable | (38) | (60) | |||||||||
Accounts payable | 4 | (42) | |||||||||
Unbilled revenues | 28 | 76 | |||||||||
Fuel, materials and supplies | 42 | 41 | |||||||||
Prepayments | (75) | (76) | |||||||||
Taxes payable | (4) | (25) | |||||||||
Regulatory assets and liabilities, net | (41) | 29 | |||||||||
Accrued interest | 57 | 69 | |||||||||
Other | (53) | (76) | |||||||||
Other operating activities | |||||||||||
Defined benefit plans - funding | (3) | (33) | |||||||||
Other assets | (18) | (74) | |||||||||
Other liabilities | 6 | 31 | |||||||||
Net cash provided by operating activities - continuing operations | 502 | 396 | |||||||||
Net cash provided by operating activities - discontinued operations | — | 267 | |||||||||
Net cash provided by operating activities | 502 | 663 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Expenditures for property, plant and equipment | (427) | (471) | |||||||||
Other investing activities | — | (1) | |||||||||
Net cash provided by (used in) investing activities - continuing operations | (427) | (472) | |||||||||
Net cash provided by (used in) investing activities - discontinued operations | — | (263) | |||||||||
Net cash provided by (used in) investing activities | (427) | (735) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Payment of common stock dividends | (306) | (320) | |||||||||
Retirement of term loan | — | (300) | |||||||||
Retirement of commercial paper | — | (73) | |||||||||
Net increase (decrease) in short-term debt | 916 | 752 | |||||||||
Other financing activities | (7) | (4) | |||||||||
Net cash provided by (used in) financing activities - continuing operations | 603 | 55 | |||||||||
Net cash provided by (used in) financing activities - discontinued operations | — | (126) | |||||||||
Net cash provided by (used in) financing activities | 603 | (71) | |||||||||
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | — | 8 | |||||||||
Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | — | 114 | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 678 | (21) | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 3,572 | 443 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 4,250 | $ | 422 | |||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at March 31, | $ | 236 | $ | 229 | |||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 4,249 | $ | 3,571 | |||||||
Accounts receivable (less reserve: 2022, $66; 2021, $65) | |||||||||||
Customer | 625 | 583 | |||||||||
Other | 44 | 58 | |||||||||
Unbilled revenues (less reserve: 2022, $2; 2021, $2) | 279 | 307 | |||||||||
Fuel, materials and supplies | 280 | 322 | |||||||||
Prepayments | 135 | 60 | |||||||||
Other current assets | 101 | 106 | |||||||||
Total Current Assets | 5,713 | 5,007 | |||||||||
Property, Plant and Equipment | |||||||||||
Regulated utility plant | 30,679 | 30,477 | |||||||||
Less: accumulated depreciation - regulated utility plant | 6,599 | 6,488 | |||||||||
Regulated utility plant, net | 24,080 | 23,989 | |||||||||
Non-regulated property, plant and equipment | 278 | 266 | |||||||||
Less: accumulated depreciation - non-regulated property, plant and equipment | 41 | 41 | |||||||||
Non-regulated property, plant and equipment, net | 237 | 225 | |||||||||
Construction work in progress | 1,328 | 1,256 | |||||||||
Property, Plant and Equipment, net | 25,645 | 25,470 | |||||||||
Other Noncurrent Assets | |||||||||||
Regulatory assets | 1,219 | 1,236 | |||||||||
Goodwill | 716 | 716 | |||||||||
Other intangibles | 340 | 343 | |||||||||
Other noncurrent assets (less reserve for accounts receivable: 2022, $2; 2021 $2) | 474 | 451 | |||||||||
Total Other Noncurrent Assets | 2,749 | 2,746 | |||||||||
Total Assets | $ | 34,107 | $ | 33,223 |
March 31, 2022 | December 31, 2021 | ||||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Short-term debt | $ | 985 | $ | 69 | |||||||
Long-term debt due within one year | 474 | 474 | |||||||||
Accounts payable | 686 | 679 | |||||||||
Taxes | 92 | 96 | |||||||||
Interest | 138 | 81 | |||||||||
Dividends | 147 | 305 | |||||||||
Regulatory liabilities | 122 | 182 | |||||||||
Other current liabilities | 389 | 437 | |||||||||
Total Current Liabilities | 3,033 | 2,323 | |||||||||
Long-term Debt | 10,668 | 10,666 | |||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||
Deferred income taxes | 3,211 | 3,151 | |||||||||
Investment tax credits | 124 | 119 | |||||||||
Accrued pension obligations | 183 | 183 | |||||||||
Asset retirement obligations | 151 | 157 | |||||||||
Regulatory liabilities | 2,417 | 2,422 | |||||||||
Other deferred credits and noncurrent liabilities | 455 | 479 | |||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 6,541 | 6,511 | |||||||||
Commitments and Contingent Liabilities (Notes 6 and 10) | |||||||||||
Equity | |||||||||||
Common stock - $0.01 par value (a) | 8 | 8 | |||||||||
Additional paid-in capital | 12,299 | 12,303 | |||||||||
Treasury stock | (987) | (1,003) | |||||||||
Earnings reinvested | 2,697 | 2,572 | |||||||||
Accumulated other comprehensive loss | (152) | (157) | |||||||||
Total Equity | 13,865 | 13,723 | |||||||||
Total Liabilities and Equity | $ | 34,107 | $ | 33,223 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Treasury stock | Earnings reinvested | Accumulated other comprehensive loss | Total | |||||||||||||||||||||||||||||||||||
December 31, 2021 | 735,112 | $ | 8 | 12,303 | $ | (1,003) | $ | 2,572 | $ | (157) | $ | 13,723 | |||||||||||||||||||||||||||||
Common stock issued | 123 | 4 | 4 | ||||||||||||||||||||||||||||||||||||||
Treasury stock issued | 530 | 16 | 16 | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | (8) | (8) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 273 | 273 | |||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents (b) | (148) | (148) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 5 | 5 | |||||||||||||||||||||||||||||||||||||||
March 31, 2022 | 735,765 | $ | 8 | $ | 12,299 | $ | (987) | $ | 2,697 | $ | (152) | $ | 13,865 | ||||||||||||||||||||||||||||
December 31, 2020 | 768,907 | $ | 8 | 12,270 | $ | — | $ | 5,315 | $ | (4,220) | $ | 13,373 | |||||||||||||||||||||||||||||
Common stock issued | 520 | 16 | 16 | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | (13) | (13) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | (1,840) | (1,840) | |||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents (b) | (320) | (320) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 338 | 338 | |||||||||||||||||||||||||||||||||||||||
March 31, 2021 | 769,427 | $ | 8 | $ | 12,273 | $ | — | $ | 3,155 | $ | (3,882) | $ | 11,554 | ||||||||||||||||||||||||||||
THIS PAGE INTENTIONALLY LEFT BLANK. |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating Revenues | $ | 775 | $ | 605 | |||||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Energy purchases | 256 | 149 | |||||||||
Other operation and maintenance | 160 | 128 | |||||||||
Depreciation | 98 | 108 | |||||||||
Taxes, other than income | 37 | 32 | |||||||||
Total Operating Expenses | 551 | 417 | |||||||||
Operating Income | 224 | 188 | |||||||||
Other Income (Expense) - net (Note 12) | 6 | 5 | |||||||||
Interest Income from Affiliate | 2 | — | |||||||||
Interest Expense | 39 | 43 | |||||||||
Income Before Income Taxes | 193 | 150 | |||||||||
Income Taxes | 50 | 37 | |||||||||
Net Income (a) | $ | 143 | $ | 113 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 143 | $ | 113 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation | 98 | 108 | |||||||||
Amortization | 3 | 6 | |||||||||
Defined benefit plans - expense (income) | (6) | (3) | |||||||||
Deferred income taxes and investment tax credits | 41 | 13 | |||||||||
Other | (4) | (4) | |||||||||
Change in current assets and current liabilities | |||||||||||
Accounts receivable | (52) | (37) | |||||||||
Accounts payable | 20 | (9) | |||||||||
Unbilled revenues | 14 | 37 | |||||||||
Prepayments | (72) | (78) | |||||||||
Regulatory assets and liabilities, net | (43) | 39 | |||||||||
Taxes payable | (15) | (7) | |||||||||
Other | 2 | (7) | |||||||||
Other operating activities | |||||||||||
Defined benefit plans - funding | — | (21) | |||||||||
Other assets | (2) | (27) | |||||||||
Other liabilities | (5) | (2) | |||||||||
Net cash provided by operating activities | 122 | 121 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Expenditures for property, plant and equipment | (188) | (223) | |||||||||
Notes receivable from affiliates | 203 | — | |||||||||
Other investing activities | — | 1 | |||||||||
Net cash provided by (used in) investing activities | 15 | (222) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Return of capital to parent | (40) | — | |||||||||
Payment of common stock dividends to parent | (72) | (115) | |||||||||
Net increase in short-term debt | — | 205 | |||||||||
Net cash provided by (used in) financing activities | (112) | 90 | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 25 | (11) | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 21 | 40 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 46 | $ | 29 | |||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at March 31, | $ | 153 | $ | 143 |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 46 | $ | 21 | |||||||
Accounts receivable (less reserve: 2022, $33; 2021, $31) | |||||||||||
Customer | 333 | 305 | |||||||||
Other | 27 | 22 | |||||||||
Accounts receivable from affiliates | 9 | 11 | |||||||||
Notes receivable from affiliate | 296 | 499 | |||||||||
Unbilled revenues (less reserve: 2022, $1; 2021, $2) | 115 | 129 | |||||||||
Materials and supplies | 64 | 61 | |||||||||
Prepayments | 85 | 13 | |||||||||
Regulatory assets | 13 | 22 | |||||||||
Other current assets | 28 | 21 | |||||||||
Total Current Assets | 1,016 | 1,104 | |||||||||
Property, Plant and Equipment | |||||||||||
Regulated utility plant | 14,177 | 14,082 | |||||||||
Less: accumulated depreciation - regulated utility plant | 3,396 | 3,386 | |||||||||
Regulated utility plant, net | 10,781 | 10,696 | |||||||||
Construction work in progress | 641 | 581 | |||||||||
Property, Plant and Equipment, net | 11,422 | 11,277 | |||||||||
Other Noncurrent Assets | |||||||||||
Regulatory assets | 475 | 488 | |||||||||
Intangibles | 270 | 270 | |||||||||
Pension benefit asset | 67 | 50 | |||||||||
Other noncurrent assets (less reserve for accounts receivable: 2022, $2; 2021, $2) | 124 | 113 | |||||||||
Total Other Noncurrent Assets | 936 | 921 | |||||||||
Total Assets | $ | 13,374 | $ | 13,302 |
March 31, 2022 | December 31, 2021 | ||||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Long-term debt due within one year | $ | 474 | $ | 474 | |||||||
Accounts payable | 411 | 367 | |||||||||
Accounts payable to affiliates | 82 | 56 | |||||||||
Taxes | 16 | 31 | |||||||||
Interest | 45 | 35 | |||||||||
Regulatory liabilities | 101 | 153 | |||||||||
Other current liabilities | 108 | 108 | |||||||||
Total Current Liabilities | 1,237 | 1,224 | |||||||||
Long-term Debt | 4,011 | 4,010 | |||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||
Deferred income taxes | 1,716 | 1,668 | |||||||||
Regulatory liabilities | 555 | 559 | |||||||||
Other deferred credits and noncurrent liabilities | 88 | 105 | |||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 2,359 | 2,332 | |||||||||
Commitments and Contingent Liabilities (Notes 6 and 10) | |||||||||||
Equity | |||||||||||
Common stock - no par value (a) | 364 | 364 | |||||||||
Additional paid-in capital | 4,214 | 4,254 | |||||||||
Earnings reinvested | 1,189 | 1,118 | |||||||||
Total Equity | 5,767 | 5,736 | |||||||||
Total Liabilities and Equity | $ | 13,374 | $ | 13,302 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||
December 31, 2021 | 66,368 | $ | 364 | $ | 4,254 | $ | 1,118 | $ | 5,736 | ||||||||||||||||||||
Net income | 143 | 143 | |||||||||||||||||||||||||||
Return of capital to parent | (40) | (40) | |||||||||||||||||||||||||||
Dividends declared on common stock | (72) | (72) | |||||||||||||||||||||||||||
March 31, 2022 | 66,368 | $ | 364 | $ | 4,214 | $ | 1,189 | $ | 5,767 | ||||||||||||||||||||
December 31, 2020 | 66,368 | $ | 364 | $ | 3,753 | $ | 1,007 | $ | 5,124 | ||||||||||||||||||||
Net income | 113 | 113 | |||||||||||||||||||||||||||
Dividends declared on common stock | (115) | (115) | |||||||||||||||||||||||||||
March 31, 2021 | 66,368 | $ | 364 | $ | 3,753 | $ | 1,005 | $ | 5,122 |
THIS PAGE INTENTIONALLY LEFT BLANK. |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating Revenues | |||||||||||
Retail and wholesale | $ | 481 | $ | 421 | |||||||
Electric revenue from affiliate | 12 | 7 | |||||||||
Total Operating Revenues | 493 | 428 | |||||||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 81 | 67 | |||||||||
Energy purchases | 91 | 66 | |||||||||
Energy purchases from affiliate | 2 | 5 | |||||||||
Other operation and maintenance | 100 | 96 | |||||||||
Depreciation | 74 | 66 | |||||||||
Taxes, other than income | 12 | 11 | |||||||||
Total Operating Expenses | 360 | 311 | |||||||||
Operating Income | 133 | 117 | |||||||||
Other Income (Expense) - net | (1) | (2) | |||||||||
Interest Expense | 20 | 21 | |||||||||
Income Before Income Taxes | 112 | 94 | |||||||||
Income Taxes | 19 | 19 | |||||||||
Net Income (a) | $ | 93 | $ | 75 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 93 | $ | 75 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation | 74 | 66 | |||||||||
Amortization | (1) | 2 | |||||||||
Defined benefit plans - expense | — | 1 | |||||||||
Deferred income taxes and investment tax credits | (4) | (1) | |||||||||
Other | 1 | — | |||||||||
Change in current assets and current liabilities | |||||||||||
Accounts receivable | 4 | (1) | |||||||||
Accounts receivable from affiliates | 2 | (3) | |||||||||
Accounts payable | (1) | 8 | |||||||||
Accounts payable to affiliates | (10) | (5) | |||||||||
Unbilled revenues | 10 | 19 | |||||||||
Fuel, materials and supplies | 42 | 28 | |||||||||
Regulatory assets and liabilities, net | 5 | (10) | |||||||||
Taxes payable | — | 4 | |||||||||
Accrued interest | 17 | 18 | |||||||||
Other | (6) | (17) | |||||||||
Other operating activities | |||||||||||
Defined benefit plans - funding | — | (1) | |||||||||
Expenditures for asset retirement obligations | (6) | (6) | |||||||||
Other assets | (1) | — | |||||||||
Other liabilities | (1) | 4 | |||||||||
Net cash provided by operating activities | 218 | 181 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Expenditures for property, plant and equipment | (99) | (111) | |||||||||
Net increase in notes receivable with affiliates | (4) | — | |||||||||
Net cash used in investing activities | (103) | (111) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net decrease in notes payable to affiliates | (324) | — | |||||||||
Net increase in short-term debt | 284 | 31 | |||||||||
Retirement of commercial paper | — | (41) | |||||||||
Payment of common stock dividends to parent | (75) | (60) | |||||||||
Net cash used in financing activities | (115) | (70) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | — | — | |||||||||
Cash and Cash Equivalents at Beginning of Period | 9 | 7 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 9 | $ | 7 | |||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at March 31, | $ | 30 | $ | 46 |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 9 | $ | 9 | |||||||
Accounts receivable (less reserve: 2022, $3; 2021, $3) | |||||||||||
Customer | 133 | 130 | |||||||||
Other | 12 | 25 | |||||||||
Unbilled revenues (less reserve: 2022, $0; 2021, $0) | 70 | 80 | |||||||||
Accounts receivable from affiliates | 29 | 31 | |||||||||
Notes receivable from affiliates | 4 | — | |||||||||
Fuel, materials and supplies | 95 | 137 | |||||||||
Prepayments | 14 | 14 | |||||||||
Regulatory assets | 31 | 33 | |||||||||
Other current assets | — | 2 | |||||||||
Total Current Assets | 397 | 461 | |||||||||
Property, Plant and Equipment | |||||||||||
Regulated utility plant | 7,245 | 7,192 | |||||||||
Less: accumulated depreciation - regulated utility plant | 1,208 | 1,172 | |||||||||
Regulated utility plant, net | 6,037 | 6,020 | |||||||||
Construction work in progress | 226 | 242 | |||||||||
Property, Plant and Equipment, net | 6,263 | 6,262 | |||||||||
Other Noncurrent Assets | |||||||||||
Regulatory assets | 329 | 337 | |||||||||
Goodwill | 389 | 389 | |||||||||
Other intangibles | 28 | 30 | |||||||||
Other noncurrent assets | 118 | 113 | |||||||||
Total Other Noncurrent Assets | 864 | 869 | |||||||||
Total Assets | $ | 7,524 | $ | 7,592 |
March 31, 2022 | December 31, 2021 | ||||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Short-term debt | $ | 353 | $ | 69 | |||||||
Notes payable to affiliates | — | 324 | |||||||||
Accounts payable | 127 | 163 | |||||||||
Accounts payable to affiliates | 21 | 31 | |||||||||
Customer deposits | 32 | 32 | |||||||||
Taxes | 34 | 34 | |||||||||
Price risk management liabilities | 1 | 1 | |||||||||
Regulatory liabilities | 14 | 21 | |||||||||
Interest | 32 | 15 | |||||||||
Asset retirement obligations | 10 | 10 | |||||||||
Other current liabilities | 30 | 37 | |||||||||
Total Current Liabilities | 654 | 737 | |||||||||
Long-term Debt | 2,006 | 2,006 | |||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||
Deferred income taxes | 756 | 751 | |||||||||
Investment tax credits | 32 | 32 | |||||||||
Price risk management liabilities | 13 | 17 | |||||||||
Asset retirement obligations | 69 | 74 | |||||||||
Regulatory liabilities | 820 | 818 | |||||||||
Other deferred credits and noncurrent liabilities | 77 | 78 | |||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 1,767 | 1,770 | |||||||||
Commitments and Contingent Liabilities (Notes 6 and 10) | |||||||||||
Stockholder's Equity | |||||||||||
Common stock - no par value (a) | 424 | 424 | |||||||||
Additional paid-in capital | 1,997 | 1,997 | |||||||||
Earnings reinvested | 676 | 658 | |||||||||
Total Equity | 3,097 | 3,079 | |||||||||
Total Liabilities and Equity | $ | 7,524 | $ | 7,592 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||
December 31, 2021 | 21,294 | $ | 424 | $ | 1,997 | $ | 658 | $ | 3,079 | ||||||||||||||||||||
Net income | 93 | 93 | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (75) | (75) | |||||||||||||||||||||||||||
March 31, 2022 | 21,294 | $ | 424 | $ | 1,997 | $ | 676 | $ | 3,097 | ||||||||||||||||||||
December 31, 2020 | 21,294 | $ | 424 | $ | 1,923 | $ | 601 | $ | 2,948 | ||||||||||||||||||||
Net income | 75 | 75 | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (60) | (60) | |||||||||||||||||||||||||||
March 31, 2021 | 21,294 | $ | 424 | $ | 1,923 | $ | 616 | $ | 2,963 |
THIS PAGE INTENTIONALLY LEFT BLANK. |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating Revenues | |||||||||||
Retail and wholesale | $ | 523 | $ | 464 | |||||||
Electric revenue from affiliate | 2 | 5 | |||||||||
Total Operating Revenues | 525 | 469 | |||||||||
Operating Expenses | |||||||||||
Operation | |||||||||||
Fuel | 131 | 110 | |||||||||
Energy purchases | 5 | 5 | |||||||||
Energy purchases from affiliate | 12 | 7 | |||||||||
Other operation and maintenance | 113 | 115 | |||||||||
Depreciation | 95 | 89 | |||||||||
Taxes, other than income | 11 | 10 | |||||||||
Total Operating Expenses | 367 | 336 | |||||||||
Operating Income | 158 | 133 | |||||||||
Other Income (Expense) - net | — | 1 | |||||||||
Interest Expense | 27 | 27 | |||||||||
Income Before Income Taxes | 131 | 107 | |||||||||
Income Taxes | 24 | 21 | |||||||||
Net Income (a) | $ | 107 | $ | 86 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 107 | $ | 86 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation | 95 | 89 | |||||||||
Amortization | 4 | 2 | |||||||||
Defined benefit plans - expense | (1) | — | |||||||||
Deferred income taxes and investment tax credits | (3) | (2) | |||||||||
Other | 2 | — | |||||||||
Change in current assets and current liabilities | |||||||||||
Accounts receivable | (6) | 2 | |||||||||
Accounts receivable from affiliates | — | 1 | |||||||||
Accounts payable | — | (7) | |||||||||
Accounts payable to affiliates | (12) | 2 | |||||||||
Unbilled revenues | 4 | 20 | |||||||||
Fuel, materials and supplies | 3 | 15 | |||||||||
Regulatory assets and liabilities, net | (3) | — | |||||||||
Taxes payable | 20 | 13 | |||||||||
Accrued interest | 26 | 25 | |||||||||
Other | (5) | (17) | |||||||||
Other operating activities | |||||||||||
Expenditures for asset retirement obligations | (6) | (9) | |||||||||
Other assets | (6) | — | |||||||||
Other liabilities | — | 4 | |||||||||
Net cash provided by operating activities | 219 | 224 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Expenditures for property, plant and equipment | (129) | (127) | |||||||||
Net cash used in investing activities | (129) | (127) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net decrease in notes payable to affiliates | (290) | — | |||||||||
Net increase (decrease) in short-term debt | 285 | (23) | |||||||||
Retirement of commercial paper | — | (32) | |||||||||
Payment of common stock dividends to parent | (90) | (56) | |||||||||
Net cash used in financing activities | (95) | (111) | |||||||||
Net Decrease in Cash and Cash Equivalents | (5) | (14) | |||||||||
Cash and Cash Equivalents at Beginning of Period | 13 | 22 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 8 | $ | 8 | |||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at March 31, | $ | 49 | $ | 40 |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 8 | $ | 13 | |||||||
Accounts receivable (less reserve: 2022, $2; 2021, $3) | |||||||||||
Customer | 154 | 144 | |||||||||
Other | 6 | 12 | |||||||||
Unbilled revenues (less reserve: 2022, $0; 2021, $0) | 87 | 91 | |||||||||
Fuel, materials and supplies | 121 | 124 | |||||||||
Prepayments | 15 | 15 | |||||||||
Regulatory assets | 14 | 9 | |||||||||
Other current assets | — | 2 | |||||||||
Total Current Assets | 405 | 410 | |||||||||
Property, Plant and Equipment | |||||||||||
Regulated utility plant | 9,272 | 9,219 | |||||||||
Less: accumulated depreciation - regulated utility plant | 1,995 | 1,929 | |||||||||
Regulated utility plant, net | 7,277 | 7,290 | |||||||||
Construction work in progress | 409 | 378 | |||||||||
Property, Plant and Equipment, net | 7,686 | 7,668 | |||||||||
Other Noncurrent Assets | |||||||||||
Regulatory assets | 415 | 411 | |||||||||
Goodwill | 607 | 607 | |||||||||
Other intangibles | 22 | 23 | |||||||||
Other noncurrent assets | 158 | 153 | |||||||||
Total Other Noncurrent Assets | 1,202 | 1,194 | |||||||||
Total Assets | $ | 9,293 | $ | 9,272 |
March 31, 2022 | December 31, 2021 | ||||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Short-term debt | $ | 285 | $ | — | |||||||
Notes payable to affiliates | 4 | 294 | |||||||||
Accounts payable | 91 | 108 | |||||||||
Accounts payable to affiliates | 52 | 64 | |||||||||
Customer deposits | 33 | 32 | |||||||||
Taxes | 39 | 19 | |||||||||
Regulatory liabilities | 7 | 8 | |||||||||
Interest | 44 | 18 | |||||||||
Asset retirement obligations | 20 | 22 | |||||||||
Other current liabilities | 42 | 47 | |||||||||
Total Current Liabilities | 617 | 612 | |||||||||
Long-term Debt | 2,619 | 2,618 | |||||||||
Deferred Credits and Other Noncurrent Liabilities | |||||||||||
Deferred income taxes | 870 | 865 | |||||||||
Investment tax credits | 86 | 87 | |||||||||
Asset retirement obligations | 82 | 83 | |||||||||
Regulatory liabilities | 1,042 | 1,045 | |||||||||
Other deferred credits and noncurrent liabilities | 32 | 34 | |||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 2,112 | 2,114 | |||||||||
Commitments and Contingent Liabilities (Notes 6 and 10) | |||||||||||
Stockholder's Equity | |||||||||||
Common stock - no par value (a) | 308 | 308 | |||||||||
Additional paid-in capital | 2,957 | 2,957 | |||||||||
Earnings reinvested | 680 | 663 | |||||||||
Total Equity | 3,945 | 3,928 | |||||||||
Total Liabilities and Equity | $ | 9,293 | $ | 9,272 |
Common stock shares outstanding (a) | Common stock | Additional paid-in capital | Earnings reinvested | Total | |||||||||||||||||||||||||
December 31, 2021 | 37,818 | $ | 308 | $ | 2,957 | $ | 663 | $ | 3,928 | ||||||||||||||||||||
Net income | 107 | 107 | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (90) | (90) | |||||||||||||||||||||||||||
March 31, 2022 | 37,818 | $ | 308 | $ | 2,957 | $ | 680 | $ | 3,945 | ||||||||||||||||||||
December 31, 2020 | 37,818 | $ | 308 | $ | 2,857 | $ | 617 | $ | 3,782 | ||||||||||||||||||||
Net income | 86 | 86 | |||||||||||||||||||||||||||
Cash dividends declared on common stock | (56) | (56) | |||||||||||||||||||||||||||
March 31, 2021 | 37,818 | $ | 308 | $ | 2,857 | $ | 647 | $ | 3,812 |
Registrant | ||||||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | |||||||||||||||||||||||
1. Interim Financial Statements | x | x | x | x | ||||||||||||||||||||||
2. Segment and Related Information | x | x | x | x | ||||||||||||||||||||||
3. Revenue from Contracts with Customers | x | x | x | x | ||||||||||||||||||||||
4. Earnings Per Share | x | |||||||||||||||||||||||||
5. Income Taxes | x | x | x | x | ||||||||||||||||||||||
6. Utility Rate Regulation | x | x | x | x | ||||||||||||||||||||||
7. Financing Activities | x | x | x | x | ||||||||||||||||||||||
8. Acquisitions, Development and Divestitures | x | |||||||||||||||||||||||||
9. Defined Benefits | x | x | x | x | ||||||||||||||||||||||
10. Commitments and Contingencies | x | x | x | x | ||||||||||||||||||||||
11. Related Party Transactions | x | x | x | |||||||||||||||||||||||
12. Other Income (Expense) - net | x | x | ||||||||||||||||||||||||
13. Fair Value Measurements | x | x | x | x | ||||||||||||||||||||||
14. Derivative Instruments and Hedging Activities | x | x | x | x | ||||||||||||||||||||||
15. Asset Retirement Obligations | x | x | x | |||||||||||||||||||||||
16. Accumulated Other Comprehensive Income (Loss) | x | |||||||||||||||||||||||||
Three Months | |||||||||||
2022 | 2021 | ||||||||||
Operating Revenues from external customers | |||||||||||
Kentucky Regulated | $ | 1,004 | $ | 885 | |||||||
Pennsylvania Regulated | 775 | 605 | |||||||||
Corporate and Other | 3 | 8 | |||||||||
Total | $ | 1,782 | $ | 1,498 | |||||||
Net Income (Loss) | |||||||||||
Kentucky Regulated | $ | 179 | $ | 146 | |||||||
Pennsylvania Regulated | 143 | 113 | |||||||||
Corporate and Other | (49) | (56) | |||||||||
Discontinued Operations (a) | — | (2,043) | |||||||||
Total | $ | 273 | $ | (1,840) |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Kentucky Regulated | $ | 16,317 | $ | 16,360 | |||||||
Pennsylvania Regulated | 13,374 | 13,336 | |||||||||
Corporate and Other (a) | 4,416 | 3,527 | |||||||||
Total | $ | 34,107 | $ | 33,223 |
2022 Three Months | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Operating Revenues (a) | $ | 1,782 | $ | 775 | $ | 493 | $ | 525 | |||||||||||||||
Revenues derived from: | |||||||||||||||||||||||
Alternative revenue programs (b) | (27) | (36) | 6 | 3 | |||||||||||||||||||
Other (c) | (7) | (4) | (2) | (1) | |||||||||||||||||||
Revenues from Contracts with Customers | $ | 1,748 | $ | 735 | $ | 497 | $ | 527 | |||||||||||||||
2021 Three Months | |||||||||||||||||||||||
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Operating Revenues (a) | $ | 1,498 | $ | 605 | $ | 428 | $ | 469 | |||||||||||||||
Revenues derived from: | |||||||||||||||||||||||
Alternative revenue programs (b) | 24 | 22 | — | 2 | |||||||||||||||||||
Other (c) | (6) | — | (3) | (3) | |||||||||||||||||||
Revenues from Contracts with Customers | $ | 1,516 | $ | 627 | $ | 425 | $ | 468 |
2022 Three Months | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Industrial | Other (a) | Wholesale - municipality | Wholesale - other (b) | Transmission | Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
PA Regulated | $ | 453 | $ | 108 | $ | 15 | $ | 12 | $ | — | $ | — | $ | 147 | $ | 735 | |||||||||||||||||||||||||||||||
KY Regulated | 478 | 270 | 154 | 83 | 6 | 19 | — | 1,010 | |||||||||||||||||||||||||||||||||||||||
Corp and Other | — | — | — | 3 | — | — | — | 3 | |||||||||||||||||||||||||||||||||||||||
Total PPL | $ | 931 | $ | 378 | $ | 169 | $ | 98 | $ | 6 | $ | 19 | $ | 147 | $ | 1,748 | |||||||||||||||||||||||||||||||
PPL Electric | $ | 453 | $ | 108 | $ | 15 | $ | 12 | $ | — | $ | — | $ | 147 | $ | 735 | |||||||||||||||||||||||||||||||
LG&E | $ | 246 | $ | 146 | $ | 45 | $ | 39 | $ | — | $ | 21 | $ | — | $ | 497 | |||||||||||||||||||||||||||||||
KU | $ | 232 | $ | 124 | $ | 109 | $ | 44 | $ | 6 | $ | 12 | $ | — | $ | 527 |
2021 Three Months | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Industrial | Other (a) | Wholesale - municipality | Wholesale - other (b) | Transmission | Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
PA Regulated | $ | 361 | $ | 82 | $ | 12 | $ | 12 | $ | — | $ | — | $ | 160 | $ | 627 | |||||||||||||||||||||||||||||||
KY Regulated | 413 | 231 | 140 | 71 | 6 | 20 | — | 881 | |||||||||||||||||||||||||||||||||||||||
Corp and Other | — | — | — | 8 | — | — | — | 8 | |||||||||||||||||||||||||||||||||||||||
Total PPL | $ | 774 | $ | 313 | $ | 152 | $ | 91 | $ | 6 | $ | 20 | $ | 160 | $ | 1,516 | |||||||||||||||||||||||||||||||
PPL Electric | $ | 361 | $ | 82 | $ | 12 | $ | 12 | $ | — | $ | — | $ | 160 | $ | 627 | |||||||||||||||||||||||||||||||
LG&E | $ | 205 | $ | 121 | $ | 46 | $ | 34 | $ | — | $ | 19 | $ | — | $ | 425 | |||||||||||||||||||||||||||||||
KU | $ | 208 | $ | 110 | $ | 94 | $ | 37 | $ | 6 | $ | 13 | $ | — | $ | 468 |
Three Months | |||||||||||
2022 | 2021 | ||||||||||
PPL | $ | 7 | $ | 2 | |||||||
PPL Electric | 5 | 1 | |||||||||
LG&E | 1 | — | |||||||||
KU | 1 | 1 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Contract liabilities at December 31, 2021 | $ | 42 | $ | 25 | $ | 6 | $ | 6 | |||||||||||||||
Contract liabilities at March 31, 2022 | 33 | 17 | 4 | 5 | |||||||||||||||||||
Revenue recognized during the three months ended March 31, 2022 that was included in the contract liability balance at December 31, 2021 | 22 | 10 | 6 | 6 | |||||||||||||||||||
Contract liabilities at December 31, 2020 | $ | 40 | $ | 23 | $ | 5 | $ | 6 | |||||||||||||||
Contract liabilities at March 31, 2021 | 33 | 16 | 5 | 5 | |||||||||||||||||||
Revenue recognized during the three months ended March 31, 2021 that was included in the contract liability balance at December 31, 2020 | 21 | 9 | 5 | 6 |
Three Months | |||||||||||
2022 | 2021 | ||||||||||
Income (Numerator) | |||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted | $ | 273 | $ | 203 | |||||||
Loss from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted | $ | — | $ | (2,043) | |||||||
Net income (loss) available to PPL common shareowners - Basic and Diluted | $ | 273 | $ | (1,840) | |||||||
Shares of Common Stock (Denominator) | |||||||||||
Weighted-average shares - Basic EPS | 735,503 | 769,159 | |||||||||
Add: Dilutive share-based payment awards | 681 | 1,551 | |||||||||
Weighted-average shares - Diluted EPS | 736,184 | 770,710 | |||||||||
Basic and Diluted EPS | |||||||||||
Available to PPL common shareowners: | |||||||||||
Income from continuing operations after income taxes | $ | 0.37 | $ | 0.26 | |||||||
Loss from discontinued operations (net of income taxes) | — | (2.65) | |||||||||
Net Income (Loss) available to PPL common shareowners | $ | 0.37 | $ | (2.39) | |||||||
Three Months | |||||||||||
2022 | 2021 | ||||||||||
Stock-based compensation plans | 124 | 520 | |||||||||
Three Months | |||||||||||
2022 | 2021 | ||||||||||
Stock-based compensation awards | 154 | 233 |
(PPL Electric) | |||||||||||
Three Months | |||||||||||
2022 | 2021 | ||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 41 | $ | 32 | |||||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 16 | 12 | |||||||||
Depreciation and other items not normalized | (3) | (2) | |||||||||
Amortization of excess deferred federal income taxes | (3) | (3) | |||||||||
Other | (1) | (2) | |||||||||
Total increase (decrease) | 9 | 5 | |||||||||
Total income tax expense (benefit) | $ | 50 | $ | 37 |
(LG&E) | |||||||||||
Three Months | |||||||||||
2022 | 2021 | ||||||||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 24 | $ | 20 | |||||||
Increase (decrease) due to: | |||||||||||
State income taxes, net of federal income tax benefit | 4 | 4 | |||||||||
Amortization of excess deferred federal and state income taxes | (7) | (3) | |||||||||
Other | (2) | (2) | |||||||||
Total increase (decrease) | (5) | (1) | |||||||||
Total income tax expense (benefit) | $ | 19 | $ | 19 | |||||||
PPL | PPL Electric | ||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||||
Gas supply clause | $ | 22 | $ | 21 | $ | — | $ | — | |||||||||||||||
Smart meter rider | 7 | 11 | 7 | 11 | |||||||||||||||||||
Fuel adjustment clause | 15 | 11 | — | — | |||||||||||||||||||
Other | 14 | 21 | 6 | 11 | |||||||||||||||||||
Total current regulatory assets (a) | $ | 58 | $ | 64 | $ | 13 | $ | 22 | |||||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||||
Defined benefit plans | $ | 509 | $ | 523 | $ | 248 | $ | 256 | |||||||||||||||
Plant outage costs | 51 | 54 | — | — | |||||||||||||||||||
Storm costs | 12 | 11 | — | — | |||||||||||||||||||
Unamortized loss on debt | 23 | 24 | 3 | 4 | |||||||||||||||||||
Interest rate swaps | 14 | 18 | — | — | |||||||||||||||||||
Terminated interest rate swaps | 68 | 70 | — | — | |||||||||||||||||||
Accumulated cost of removal of utility plant | 224 | 228 | 224 | 228 | |||||||||||||||||||
AROs | 302 | 302 | — | — | |||||||||||||||||||
Other | 16 | 6 | — | — | |||||||||||||||||||
Total noncurrent regulatory assets | $ | 1,219 | $ | 1,236 | $ | 475 | $ | 488 | |||||||||||||||
PPL | PPL Electric | ||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||||
Generation supply charge | $ | 9 | $ | 10 | $ | 9 | $ | 10 | |||||||||||||||
Transmission service charge | 23 | 21 | 23 | 21 | |||||||||||||||||||
Universal service rider | 4 | 17 | 4 | 17 | |||||||||||||||||||
TCJA customer refund | 19 | 22 | 19 | 22 | |||||||||||||||||||
Act 129 compliance rider | 15 | 10 | 15 | 10 | |||||||||||||||||||
Transmission formula rate return on equity (b) | 30 | 73 | 30 | 73 | |||||||||||||||||||
Economic relief billing credit | 13 | 27 | — | — | |||||||||||||||||||
Other | 9 | 2 | 1 | — | |||||||||||||||||||
Total current regulatory liabilities | $ | 122 | $ | 182 | $ | 101 | $ | 153 | |||||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 647 | $ | 639 | $ | — | $ | — | |||||||||||||||
Power purchase agreement - OVEC | 33 | 35 | — | — | |||||||||||||||||||
Net deferred taxes | 1,574 | 1,591 | 523 | 531 | |||||||||||||||||||
Defined benefit plans | 101 | 95 | 32 | 28 | |||||||||||||||||||
Terminated interest rate swaps | 62 | 62 | — | — | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 2,417 | $ | 2,422 | $ | 555 | $ | 559 |
LG&E | KU | ||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Current Regulatory Assets: | |||||||||||||||||||||||
Gas supply clause | $ | 22 | $ | 21 | $ | — | $ | — | |||||||||||||||
Gas line tracker | — | 3 | — | — | |||||||||||||||||||
Generation formula rate | — | — | 1 | 2 | |||||||||||||||||||
Fuel adjustment clause | 4 | 4 | 11 | 7 | |||||||||||||||||||
Other | 5 | 5 | 2 | — | |||||||||||||||||||
Total current regulatory assets | $ | 31 | $ | 33 | $ | 14 | $ | 9 | |||||||||||||||
Noncurrent Regulatory Assets: | |||||||||||||||||||||||
Defined benefit plans | $ | 160 | $ | 164 | $ | 101 | $ | 103 | |||||||||||||||
Storm costs | 8 | 8 | 4 | 3 | |||||||||||||||||||
Unamortized loss on debt | 12 | 12 | 8 | 8 | |||||||||||||||||||
Interest rate swaps | 14 | 18 | — | — | |||||||||||||||||||
Terminated interest rate swaps | 40 | 41 | 28 | 29 | |||||||||||||||||||
AROs | 75 | 75 | 227 | 227 | |||||||||||||||||||
Plant outage costs | 14 | 15 | 37 | 39 | |||||||||||||||||||
Other | 6 | 4 | 10 | 2 | |||||||||||||||||||
Total noncurrent regulatory assets | $ | 329 | $ | 337 | $ | 415 | $ | 411 |
LG&E | KU | ||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Current Regulatory Liabilities: | |||||||||||||||||||||||
Demand side management | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||
Gas line tracker | 3 | — | — | — | |||||||||||||||||||
Economic relief billing credit | 10 | 21 | 3 | 6 | |||||||||||||||||||
Other | 1 | — | 1 | 2 | |||||||||||||||||||
Total current regulatory liabilities | $ | 14 | $ | 21 | $ | 7 | $ | 8 | |||||||||||||||
Noncurrent Regulatory Liabilities: | |||||||||||||||||||||||
Accumulated cost of removal of utility plant | $ | 268 | $ | 262 | $ | 379 | $ | 377 | |||||||||||||||
Power purchase agreement - OVEC | 23 | 24 | 10 | 11 | |||||||||||||||||||
Net deferred taxes | 487 | 491 | 564 | 569 | |||||||||||||||||||
Defined benefit plans | 11 | 10 | 58 | 57 | |||||||||||||||||||
Terminated interest rate swaps | 31 | 31 | 31 | 31 | |||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 820 | $ | 818 | $ | 1,042 | $ | 1,045 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
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 | Dec. 2026 | $ | 1,250 | $ | — | $ | 347 | $ | 903 | $ | — | $ | — | ||||||||||||||||||||||||||||
Bilateral Credit Facility | Mar. 2023 | 100 | — | — | 100 | — | — | ||||||||||||||||||||||||||||||||||
Bilateral Credit Facility | Mar. 2023 | 100 | — | 15 | 85 | — | 15 | ||||||||||||||||||||||||||||||||||
Total PPL Capital Funding Credit Facilities | $ | 1,450 | $ | — | $ | 362 | $ | 1,088 | $ | — | $ | 15 | |||||||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility | Dec. 2026 | $ | 650 | $ | — | $ | 1 | $ | 649 | $ | — | $ | 1 | ||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility | Dec. 2026 | $ | 500 | $ | — | $ | 353 | $ | 147 | $ | — | $ | 69 | ||||||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||||||||||||||
Syndicated Credit Facility | Dec. 2026 | $ | 400 | $ | — | $ | 285 | $ | 115 | $ | — | $ | — | ||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Weighted - Average Interest Rate | Capacity | Commercial Paper Issuances | Unused Capacity | Weighted - Average Interest Rate | Commercial Paper Issuances | ||||||||||||||||||||||||||||||
PPL Capital Funding | 0.84% | $ | 1,350 | $ | 347 | $ | 1,003 | $ | — | ||||||||||||||||||||||||||
PPL Electric | 650 | — | 650 | — | |||||||||||||||||||||||||||||||
LG&E | 0.72% | 425 | 353 | 72 | 0.31% | 69 | |||||||||||||||||||||||||||||
KU | 0.78% | 350 | 285 | 65 | — | ||||||||||||||||||||||||||||||
Total | $ | 2,775 | $ | 985 | $ | 1,790 | $ | 69 |
Three Months | |||||
Operating Revenues | $ | 634 | |||
Operating Expenses | 252 | ||||
Other Income (Expense) - net | 66 | ||||
Interest Expense (a) | 93 | ||||
Income before income taxes | 355 | ||||
Loss on sale | (1,647) | ||||
Income taxes | 751 | ||||
Loss from Discontinued Operations (net of income taxes) | $ | (2,043) |
Pension Benefits | |||||||||||
Three Months | |||||||||||
2022 | 2021 | ||||||||||
PPL | |||||||||||
Service cost | $ | 12 | $ | 13 | |||||||
Interest cost | 32 | 32 | |||||||||
Expected return on plan assets | (64) | (61) | |||||||||
Amortization of: | |||||||||||
Prior service cost | 2 | 2 | |||||||||
Actuarial loss | 12 | 25 | |||||||||
Net periodic defined benefit costs (credits) | $ | (6) | $ | 11 | |||||||
Other Postretirement Benefits | |||||||||||
Three Months | |||||||||||
2022 | 2021 | ||||||||||
PPL | |||||||||||
Service cost | $ | 1 | $ | 2 | |||||||
Interest cost | 4 | 4 | |||||||||
Expected return on plan assets | (6) | (5) | |||||||||
Net periodic defined benefit costs (credits) | $ | (1) | $ | 1 | |||||||
Exposure at March 31, 2022 | Expiration Date | |||||||||||||
PPL | ||||||||||||||
Indemnifications related to certain tax liabilities related to the sale of the U.K. utility business | £ | 50 | (a) | 2028 | ||||||||||
LG&E and KU | ||||||||||||||
LG&E and KU obligation of shortfall related to OVEC | (b) |
Three Months | |||||||||||
2022 | 2021 | ||||||||||
PPL Electric from PPL Services | $ | 61 | $ | 10 | |||||||
PPL Electric from PPL EU Services | — | 50 | |||||||||
LG&E from LKS | 39 | 42 | |||||||||
KU from LKS | 44 | 44 |
Three Months | |||||||||||
2022 | 2021 | ||||||||||
Other Income | |||||||||||
Defined benefit plans - non-service credits (Note 9) | $ | 10 | $ | 4 | |||||||
AFUDC - equity component | 4 | 4 | |||||||||
Total Other Income | 14 | 8 | |||||||||
Other Expense | |||||||||||
Charitable contributions | 1 | 1 | |||||||||
Miscellaneous | 13 | 7 | |||||||||
Total Other Expense | 14 | 8 | |||||||||
Other Income (Expense) - net | $ | — | $ | — |
Three Months | |||||||||||
2022 | 2021 | ||||||||||
Other Income | |||||||||||
Defined benefit plans - non-service credits (Note 9) | $ | 4 | $ | 2 | |||||||
Interest Income | 1 | — | |||||||||
AFUDC - equity component | 4 | 4 | |||||||||
Total Other Income | 9 | 6 | |||||||||
Other Expense | |||||||||||
Charitable contributions | 1 | 1 | |||||||||
Miscellaneous | 2 | — | |||||||||
Total Other Expense | 3 | 1 | |||||||||
Other Income (Expense) - net | $ | 6 | $ | 5 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,249 | $ | 4,249 | $ | — | $ | — | $ | 3,571 | $ | 3,571 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents (a) | 1 | 1 | — | — | 1 | 1 | — | — | |||||||||||||||||||||||||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash (b) | 4,250 | 4,250 | — | — | 3,572 | 3,572 | — | — | |||||||||||||||||||||||||||||||||||||||
Special use funds (a): | |||||||||||||||||||||||||||||||||||||||||||||||
Money market fund | 1 | 1 | — | — | 2 | 2 | — | — | |||||||||||||||||||||||||||||||||||||||
Commingled debt fund measured at NAV (c) | 20 | — | — | — | 22 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Commingled equity fund measured at NAV (c) | 19 | — | — | — | 21 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total special use funds | 40 | 1 | — | — | 45 | 2 | — | — | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,290 | $ | 4,251 | $ | — | $ | — | $ | 3,617 | $ | 3,574 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Price risk management liabilities (d): | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 14 | $ | — | $ | 14 | $ | — | $ | 18 | $ | — | $ | 18 | $ | — | |||||||||||||||||||||||||||||||
Total price risk management liabilities | $ | 14 | $ | — | $ | 14 | $ | — | $ | 18 | $ | — | $ | 18 | $ | — | |||||||||||||||||||||||||||||||
PPL Electric | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 46 | $ | 46 | $ | — | $ | — | $ | 21 | $ | 21 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Total assets | $ | 46 | $ | 46 | $ | — | $ | — | $ | 21 | $ | 21 | $ | — | $ | — | |||||||||||||||||||||||||||||||
LG&E | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 9 | $ | — | $ | — | $ | 9 | $ | 9 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Total assets | $ | 9 | $ | 9 | $ | — | $ | — | $ | 9 | $ | 9 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Price risk management liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 14 | $ | — | $ | 14 | $ | — | $ | 18 | $ | — | $ | 18 | $ | — | |||||||||||||||||||||||||||||||
Total price risk management liabilities | $ | 14 | $ | — | $ | 14 | $ | — | $ | 18 | $ | — | $ | 18 | $ | — | |||||||||||||||||||||||||||||||
KU | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 8 | $ | 8 | $ | — | $ | — | $ | 13 | $ | 13 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Total assets | $ | 8 | $ | 8 | $ | — | $ | — | $ | 13 | $ | 13 | $ | — | $ | — |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | ||||||||||||||||||||
PPL | $ | 11,142 | $ | 11,720 | $ | 11,140 | $ | 12,955 | |||||||||||||||
PPL Electric | 4,485 | 4,789 | 4,484 | 5,272 | |||||||||||||||||||
LG&E | 2,006 | 2,131 | 2,006 | 2,363 | |||||||||||||||||||
KU | 2,619 | 2,779 | 2,618 | 3,120 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Current: | |||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||
Assets/Liabilities: | |||||||||||||||||||||||
Interest rate swaps (a) | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||||||||
Total current | — | 1 | — | 1 | |||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||
Assets/Liabilities: | |||||||||||||||||||||||
Interest rate swaps (a) | — | 13 | — | 17 | |||||||||||||||||||
Total noncurrent | — | 13 | — | 17 | |||||||||||||||||||
Total derivatives | $ | — | $ | 14 | $ | — | $ | 18 |
Three Months | Three Months | |||||||||||||||||||
Derivative Relationships | Derivative Gain (Loss) Recognized in OCI | Location of Gain (Loss) Recognized in Income on Derivative | Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate swaps | $ | — | Interest expense | $ | (1) | |||||||||||||||
Total | $ | — | $ | (1) |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Three Months | ||||||||||||
Interest rate swaps | Interest expense | $ | 1 | |||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets | Three Months | ||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | 4 |
Three Months | Three Months | |||||||||||||||||||
Derivative Relationships | Derivative Gain (Loss) Recognized in OCI | Location of Gain (Loss) Recognized in Income on Derivative | Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate swaps | $ | — | Interest expense | $ | (1) | |||||||||||||||
Loss from Discontinued Operations (net of taxes) | (1) | |||||||||||||||||||
Cross-currency swaps | (46) | Loss from Discontinued Operations (net of taxes) | (37) | |||||||||||||||||
Total | $ | (46) | $ | (39) | ||||||||||||||||
Net Investment Hedges: | ||||||||||||||||||||
Foreign currency contracts in discontinued operations | $ | 1 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Three Months | ||||||||||||
Foreign currency contracts | Loss from Discontinued operations (net of taxes) | $ | (25) | |||||||||||
Interest rate swaps | Interest expense | (1) | ||||||||||||
Total | $ | (26) | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets | Three Months | ||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | 6 | |||||||||||
Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships | |||||||||||
Three Months | |||||||||||
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 | $ | 107 | $ | — | |||||||
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 | (1) | — | |||||||||
Cross-currency swaps: | |||||||||||
Hedged items | — | — | |||||||||
Amount of gain (loss) reclassified from AOCI to Income | — | — |
Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships | |||||||||||
Three Months | |||||||||||
Interest Expense | Loss from Discontinued Operations (net of taxes) | ||||||||||
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded | $ | 153 | $ | (2,043) | |||||||
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 | (1) | 1 | |||||||||
Cross-currency swaps: | |||||||||||
Hedged items | — | 37 | |||||||||
Amount of gain (loss) reclassified from AOCI to Income | — | (37) |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Current: | |||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||
Assets/Liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||||||||
Total current | — | 1 | — | 1 | |||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||
Price Risk Management | |||||||||||||||||||||||
Assets/Liabilities: | |||||||||||||||||||||||
Interest rate swaps | — | 13 | — | 17 | |||||||||||||||||||
Total noncurrent | — | 13 | — | 17 | |||||||||||||||||||
Total derivatives | $ | — | $ | 14 | $ | — | $ | 18 |
Location of Gain (Loss) Recognized in | ||||||||||||||
Derivative Instruments | Income on Derivatives | Three Months | ||||||||||||
Interest rate swaps | Interest expense | $ | 1 | |||||||||||
Location of Gain (Loss) Recognized in | ||||||||||||||
Derivative Instruments | Regulatory Assets | Three Months | ||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | 4 |
Location of Gain (Loss) Recognized in | ||||||||||||||
Derivative Instruments | Income on Derivatives | Three Months | ||||||||||||
Interest rate swaps | Interest expense | $ | (1) | |||||||||||
Location of Gain (Loss) Recognized in | ||||||||||||||
Derivative Instruments | Regulatory Assets | Three Months | ||||||||||||
Interest rate swaps | Regulatory assets - noncurrent | $ | 6 |
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Eligible for Offset | Eligible for Offset | ||||||||||||||||||||||||||||||||||||||||||||||
Gross | Derivative Instruments | Cash Collateral Received | Net | Gross | Derivative Instruments | Cash Collateral Pledged | Net | ||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
PPL | $ | — | $ | — | $ | — | $ | — | $ | 14 | $ | — | $ | — | $ | 14 | |||||||||||||||||||||||||||||||
LG&E | — | — | — | — | 14 | — | — | 14 |
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 |
PPL | LG&E | KU | |||||||||||||||
Balance at December 31, 2021 | $ | 189 | $ | 84 | $ | 105 | |||||||||||
Accretion | 4 | 1 | 3 | ||||||||||||||
Changes in estimated timing or cost | 1 | 1 | — | ||||||||||||||
Obligations settled | (13) | (7) | (6) | ||||||||||||||
Balance at March 31, 2022 | $ | 181 | $ | 79 | $ | 102 |
Foreign currency translation adjustments | Unrealized gains (losses) on qualifying derivatives | Defined benefit plans | |||||||||||||||||||||||||||||||||
Equity investees' AOCI | Prior service costs | Actuarial gain (loss) | Total | ||||||||||||||||||||||||||||||||
PPL | |||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | — | $ | 1 | $ | — | $ | (6) | $ | (152) | $ | (157) | |||||||||||||||||||||||
Amounts arising during the period | — | — | 1 | (1) | — | — | |||||||||||||||||||||||||||||
Reclassifications from AOCI | — | 1 | — | 1 | 3 | 5 | |||||||||||||||||||||||||||||
Net OCI during the period | — | 1 | 1 | — | 3 | 5 | |||||||||||||||||||||||||||||
March 31, 2022 | $ | — | $ | 2 | $ | 1 | $ | (6) | $ | (149) | $ | (152) | |||||||||||||||||||||||
December 31, 2020 | $ | (1,158) | $ | — | $ | — | $ | (16) | $ | (3,046) | $ | (4,220) | |||||||||||||||||||||||
Amounts arising during the period | 303 | (30) | — | — | — | 273 | |||||||||||||||||||||||||||||
Reclassifications from AOCI | — | 25 | — | — | 40 | 65 | |||||||||||||||||||||||||||||
Net OCI during the period | 303 | (5) | — | — | 40 | 338 | |||||||||||||||||||||||||||||
March 31, 2021 | $ | (855) | $ | (5) | $ | — | $ | (16) | $ | (3,006) | $ | (3,882) |
Three Months | Affected Line Item on the | |||||||||||||||||||
Details about AOCI | 2022 | 2021 | Statements of Income | |||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||
Interest rate swaps | $ | (1) | $ | (1) | Interest Expense | |||||||||||||||
— | (1) | Loss from Discontinued Operations (net of income taxes) | ||||||||||||||||||
Cross-currency swaps | — | (37) | Loss from Discontinued Operations (net of income taxes) | |||||||||||||||||
Total Pre-tax | (1) | (39) | ||||||||||||||||||
Income Taxes | — | 14 | ||||||||||||||||||
Total After-tax | (1) | (25) | ||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||
Prior service costs (a) | (1) | — | ||||||||||||||||||
Net actuarial loss (a) | (4) | (62) | ||||||||||||||||||
Total Pre-tax | (5) | (62) | ||||||||||||||||||
Income Taxes | 1 | 22 | ||||||||||||||||||
Total After-tax | (4) | (40) | ||||||||||||||||||
Total reclassifications during the period | $ | (5) | $ | (65) |
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 regulated distribution and sale of natural gas in Kentucky | KU* Engages in the regulated generation, transmission, distribution and sale of electricity, primarily in Kentucky | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania Regulated Segment | Kentucky Regulated Segment |
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Operating Revenues | $ | 1,782 | $ | 1,498 | $ | 284 | |||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 212 | 177 | 35 | ||||||||||||||
Energy purchases | 352 | 220 | 132 | ||||||||||||||
Other operation and maintenance | 433 | 367 | 66 | ||||||||||||||
Depreciation | 271 | 267 | 4 | ||||||||||||||
Taxes, other than income | 60 | 52 | 8 | ||||||||||||||
Total Operating Expenses | 1,328 | 1,083 | 245 | ||||||||||||||
Other Income (Expense) - net | — | — | — | ||||||||||||||
Interest Expense | 107 | 153 | (46) | ||||||||||||||
Income from Continuing Operations Before Income Taxes | 347 | 262 | 85 | ||||||||||||||
Income Taxes | 74 | 59 | 15 | ||||||||||||||
Income from Continuing Operations After Income Taxes | 273 | 203 | 70 | ||||||||||||||
Loss from Discontinued Operations (net of income taxes) (Note 8) | — | (2,043) | 2,043 | ||||||||||||||
Net Income (Loss) | $ | 273 | $ | (1,840) | $ | 2,113 |
Three Months | |||||
PPL Electric distribution volume (a) | $ | 12 | |||
PPL Electric PLR (b) | 114 | ||||
PPL Electric transmission formula rate (c) | 45 | ||||
LG&E retail rates (d) | 28 | ||||
LG&E fuel and other energy prices (e) | 37 | ||||
KU retail rates (d) | 30 | ||||
KU fuel and other energy prices (e) | 26 | ||||
Other | (8) | ||||
Total | $ | 284 |
Three Months | |||||
PPL Electric bad debts | $ | 5 | |||
PPL Electric storm costs | 8 | ||||
PPL Electric universal service programs | 3 | ||||
Charges related to the sale of the U.K. utility business | (7) | ||||
Charges related to the acquisition of Narragansett Electric (a) | 34 | ||||
Stock compensation expense | 3 | ||||
Other | 20 | ||||
Total | $ | 66 |
Three Months | |||||
Additions to PP&E, net (a) | $ | (2) | |||
Depreciation rate change effective July 2021 | 6 | ||||
Total | $ | 4 |
Three Months | |||||
State gross receipts tax | $ | 6 | |||
Domestic property tax expense | 2 | ||||
Total | $ | 8 |
Three Months | |||||
Defined benefit plans - non-service credits (Note 9) | $ | 6 | |||
Other | (6) | ||||
Total | $ | — |
Three Months | |||||
Long-term debt (a) | $ | (42) | |||
Other | (4) | ||||
Total | $ | (46) |
Three Months | |||||
Change in pre-tax income | $ | 27 | |||
Valuation allowance adjustments | (5) | ||||
Amortization of investment tax credit including deferred taxes on basis difference | (2) | ||||
Amortization of excess deferred federal and state income taxes | (6) | ||||
Other | 1 | ||||
Total | $ | 15 |
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Kentucky Regulated | $ | 179 | $ | 146 | $ | 33 | |||||||||||
Pennsylvania Regulated | 143 | 113 | 30 | ||||||||||||||
Corporate and Other (a) | (49) | (56) | 7 | ||||||||||||||
Discontinued Operations (b) | — | (2,043) | 2,043 | ||||||||||||||
Net Income | $ | 273 | $ | (1,840) | $ | 2,113 |
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Kentucky Regulated | $ | 183 | $ | 142 | $ | 41 | |||||||||||
Pennsylvania Regulated | 143 | 126 | 17 | ||||||||||||||
Corporate and Other | (21) | (49) | 28 | ||||||||||||||
Earnings from Ongoing Operations | $ | 305 | $ | 219 | $ | 86 |
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Operating revenues | $ | 1,004 | $ | 885 | $ | 119 | |||||||||||
Fuel | 212 | 177 | 35 | ||||||||||||||
Energy purchases | 96 | 71 | 25 | ||||||||||||||
Other operation and maintenance | 225 | 220 | 5 | ||||||||||||||
Depreciation | 169 | 156 | 13 | ||||||||||||||
Taxes, other than income | 23 | 21 | 2 | ||||||||||||||
Total operating expenses | 725 | 645 | 80 | ||||||||||||||
Other Income (Expense) - net | (2) | — | (2) | ||||||||||||||
Interest Expense | 47 | 51 | (4) | ||||||||||||||
Interest Expense with Affiliate (a) | 14 | 13 | 1 | ||||||||||||||
Income Taxes | 37 | 30 | 7 | ||||||||||||||
Net Income | 179 | 146 | 33 | ||||||||||||||
Less: Special Items | (4) | 4 | (8) | ||||||||||||||
Earnings from Ongoing Operations | $ | 183 | $ | 142 | $ | 41 |
Income Statement Line Item | Three Months | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Strategic corporate initiatives, net of tax of $1 | Other Income (Expense) | $ | (4) | $ | — | ||||||||||||
Valuation allowance adjustment (a) | Income Taxes | — | 4 | ||||||||||||||
Total Special Items | $ | (4) | $ | 4 |
Three Months | |||||
Kentucky Adjusted Gross Margins | $ | 89 | |||
Other operation and maintenance | (6) | ||||
Depreciation | (40) | ||||
Taxes, other than income | (4) | ||||
Other Income (Expense) - net | 3 | ||||
Interest Expense | 4 | ||||
Interest Expense with Affiliate | (1) | ||||
Income Taxes | (4) | ||||
Earnings from Ongoing Operations | 41 | ||||
Special items, after-tax | (8) | ||||
Net Income | $ | 33 |
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Operating revenues | $ | 775 | $ | 605 | $ | 170 | |||||||||||
Energy purchases | 256 | 149 | 107 | ||||||||||||||
Other operation and maintenance | 160 | 128 | 32 | ||||||||||||||
Depreciation | 98 | 108 | (10) | ||||||||||||||
Taxes, other than income | 37 | 32 | 5 | ||||||||||||||
Total operating expenses | 551 | 417 | 134 | ||||||||||||||
Other Income (Expense) - net | 8 | 5 | 3 | ||||||||||||||
Interest Expense | 39 | 43 | (4) | ||||||||||||||
Income Taxes | 50 | 37 | 13 | ||||||||||||||
Net Income | 143 | 113 | 30 | ||||||||||||||
Less: Special Item | — | (13) | 13 | ||||||||||||||
Earnings from Ongoing Operations | $ | 143 | $ | 126 | $ | 17 |
Income Statement Line Item | Three Months | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Transmission formula rate return on equity reduction, net of tax of $0, $6 (a) | Operating revenues | $ | — | $ | (13) | ||||||||||||
Total Special Items | $ | — | $ | (13) |
Three Months | |||||
Pennsylvania Adjusted Gross Margins | $ | 45 | |||
Other operation and maintenance | (28) | ||||
Depreciation | (1) | ||||
Taxes, other than income | 1 | ||||
Other Income (Expense) - net | 3 | ||||
Interest Expense | 4 | ||||
Income Taxes | (7) | ||||
Earnings from Ongoing Operations | 17 | ||||
Special Item, after tax | 13 | ||||
Net Income | $ | 30 |
2022 Three Months | |||||||||||||||||||||||||||||
KY Regulated | PA Regulated | Corporate and Other | Discontinued Operations (a) | Total | |||||||||||||||||||||||||
Net Income | $ | 179 | $ | 143 | $ | (49) | $ | — | $ | 273 | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $1 (b) | — | — | (4) | — | (4) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $1, $0, $1 | (4) | — | (4) | — | (8) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $6 (c) | — | — | (21) | — | (21) | ||||||||||||||||||||||||
Solar panel impairment, net of tax of $0 | — | — | 1 | — | 1 | ||||||||||||||||||||||||
Total Special Items | (4) | — | (28) | — | (32) | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 183 | $ | 143 | $ | (21) | $ | — | $ | 305 | |||||||||||||||||||
2021 Three Months | |||||||||||||||||||||||||||||
KY Regulated | PA Regulated | Corporate and Other | Discontinued Operations (a) | Total | |||||||||||||||||||||||||
Net Income | $ | 146 | $ | 113 | $ | (56) | $ | (2,043) | $ | (1,840) | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Loss from Discontinued Operations | — | — | — | (2,047) | (2,047) | ||||||||||||||||||||||||
Talen litigation costs, net of tax of $1 (b) | — | — | (3) | — | (3) | ||||||||||||||||||||||||
Valuation allowance adjustment (d) | 4 | — | (4) | 4 | 4 | ||||||||||||||||||||||||
Transmission formula rate return on equity reduction, net of tax of $6 | — | (13) | — | — | (13) | ||||||||||||||||||||||||
Total Special Items | 4 | (13) | (7) | (2,043) | (2,059) | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 142 | $ | 126 | $ | (49) | $ | — | $ | 219 | |||||||||||||||||||
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Kentucky Regulated | |||||||||||||||||
Kentucky Adjusted Gross Margins | $ | 659 | $ | 570 | $ | 89 | |||||||||||
Pennsylvania Regulated | |||||||||||||||||
Pennsylvania Adjusted Gross Margins | |||||||||||||||||
Distribution | $ | 265 | $ | 247 | $ | 18 | |||||||||||
Transmission | 183 | 156 | 27 | ||||||||||||||
Total Pennsylvania Adjusted Gross Margins | $ | 448 | $ | 403 | $ | 45 |
2022 Three Months | |||||||||||||||||||||||
Kentucky Adjusted Gross Margins | Pennsylvania Adjusted Gross Margins | Other (a) | Operating Income (b) | ||||||||||||||||||||
Operating Revenues | $ | 1,004 | $ | 775 | $ | 3 | $ | 1,782 | |||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel | 212 | — | — | 212 | |||||||||||||||||||
Energy purchases | 96 | 256 | — | 352 | |||||||||||||||||||
Other operation and maintenance | 24 | 29 | 380 | 433 | |||||||||||||||||||
Depreciation | 13 | 6 | 252 | 271 | |||||||||||||||||||
Taxes, other than income | — | 36 | 24 | 60 | |||||||||||||||||||
Total Operating Expenses | 345 | 327 | 656 | 1,328 | |||||||||||||||||||
Total | $ | 659 | $ | 448 | $ | (653) | $ | 454 | |||||||||||||||
2021 Three Months | |||||||||||||||||||||||
Kentucky Adjusted Gross Margins | Pennsylvania Adjusted Gross Margins | Other (a) | Operating Income (b) | ||||||||||||||||||||
Operating Revenues | $ | 885 | $ | 624 | $ | (11) | $ | 1,498 | |||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel | 177 | — | — | 177 | |||||||||||||||||||
Energy purchases | 71 | 149 | — | 220 | |||||||||||||||||||
Other operation and maintenance | 25 | 25 | 317 | 367 | |||||||||||||||||||
Depreciation | 40 | 17 | 210 | 267 | |||||||||||||||||||
Taxes, other than income | 2 | 30 | 20 | 52 | |||||||||||||||||||
Total Operating Expenses | 315 | 221 | 547 | 1,083 | |||||||||||||||||||
Total | $ | 570 | $ | 403 | $ | (558) | $ | 415 |
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Operating Revenues | $ | 775 | $ | 605 | $ | 170 | |||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Energy purchases | 256 | 149 | 107 | ||||||||||||||
Other operation and maintenance | 160 | 128 | 32 | ||||||||||||||
Depreciation | 98 | 108 | (10) | ||||||||||||||
Taxes, other than income | 37 | 32 | 5 | ||||||||||||||
Total Operating Expenses | 551 | 417 | 134 | ||||||||||||||
Other Income (Expense) - net | 6 | 5 | 1 | ||||||||||||||
Interest Income from Affiliate | 2 | — | 2 | ||||||||||||||
Interest Expense | 39 | 43 | (4) | ||||||||||||||
Income Taxes | 50 | 37 | 13 | ||||||||||||||
Net Income | $ | 143 | $ | 113 | $ | 30 |
Three Months | |||||
Distribution price (a) | $ | (6) | |||
Distribution volume (b) | 12 | ||||
PLR (c) | 114 | ||||
Transmission formula rate (d) | 45 | ||||
Other | 5 | ||||
Total | $ | 170 |
Three Months | |||||
Support costs | $ | 10 | |||
Storm costs | 8 | ||||
Universal service programs | 3 | ||||
Bad debts | 5 | ||||
Other | 6 | ||||
Total | $ | 32 |
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Operating Revenues | |||||||||||||||||
Retail and wholesale | $ | 481 | $ | 421 | $ | 60 | |||||||||||
Electric revenue from affiliate | 12 | 7 | 5 | ||||||||||||||
Total Operating Revenues | 493 | 428 | 65 | ||||||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 81 | 67 | 14 | ||||||||||||||
Energy purchases | 91 | 66 | 25 | ||||||||||||||
Energy purchases from affiliate | 2 | 5 | (3) | ||||||||||||||
Other operation and maintenance | 100 | 96 | 4 | ||||||||||||||
Depreciation | 74 | 66 | 8 | ||||||||||||||
Taxes, other than income | 12 | 11 | 1 | ||||||||||||||
Total Operating Expenses | 360 | 311 | 49 | ||||||||||||||
Other Income (Expense) - net | (1) | (2) | 1 | ||||||||||||||
Interest Expense | 20 | 21 | (1) | ||||||||||||||
Income Taxes | 19 | 19 | — | ||||||||||||||
Net Income | $ | 93 | $ | 75 | $ | 18 |
Three Months | |||||
Fuel and other energy prices (a) | $ | 37 | |||
Retail rates (b) | 28 | ||||
Economic relief billing credit, net of amortization of $5 | (6) | ||||
Other | 6 | ||||
Total | $ | 65 |
Three Months | |||||||||||||||||
2022 | 2021 | $ Change | |||||||||||||||
Operating Revenues | |||||||||||||||||
Retail and wholesale | $ | 523 | $ | 464 | $ | 59 | |||||||||||
Electric revenue from affiliate | 2 | 5 | (3) | ||||||||||||||
Total Operating Revenues | 525 | 469 | 56 | ||||||||||||||
Operating Expenses | |||||||||||||||||
Operation | |||||||||||||||||
Fuel | 131 | 110 | 21 | ||||||||||||||
Energy purchases | 5 | 5 | — | ||||||||||||||
Energy purchases from affiliate | 12 | 7 | 5 | ||||||||||||||
Other operation and maintenance | 113 | 115 | (2) | ||||||||||||||
Depreciation | 95 | 89 | 6 | ||||||||||||||
Taxes, other than income | 11 | 10 | 1 | ||||||||||||||
Total Operating Expenses | 367 | 336 | 31 | ||||||||||||||
Other Income (Expense) - net | — | 1 | (1) | ||||||||||||||
Interest Expense | 27 | 27 | — | ||||||||||||||
Income Taxes | 24 | 21 | 3 | ||||||||||||||
Net Income | $ | 107 | $ | 86 | $ | 21 |
Three Months | |||||
Retail rates (a) | $ | 30 | |||
Fuel and other energy prices (b) | 26 | ||||
Economic relief billing credit, net of amortization of $0 | (3) | ||||
Other | 3 | ||||
Total | $ | 56 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 4,249 | $ | 46 | $ | 9 | $ | 8 | |||||||||||||||
Short-term debt | 985 | — | 353 | 285 | |||||||||||||||||||
Long-term debt due within one year | 474 | 474 | — | — | |||||||||||||||||||
Notes payable to affiliates | — | — | 4 | ||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 3,571 | $ | 21 | $ | 9 | $ | 13 | |||||||||||||||
Short-term debt | 69 | — | 69 | — | |||||||||||||||||||
Long-term debt due within one year | 474 | 474 | — | — | |||||||||||||||||||
Notes payable to affiliates | — | 324 | 294 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
2022 | |||||||||||||||||||||||
Operating activities | $ | 502 | $ | 122 | $ | 218 | $ | 219 | |||||||||||||||
Investing activities | (427) | 15 | (103) | (129) | |||||||||||||||||||
Financing activities | 603 | (112) | (115) | (95) | |||||||||||||||||||
2021 | |||||||||||||||||||||||
Operating activities | $ | 396 | $ | 121 | $ | 181 | $ | 224 | |||||||||||||||
Investing activities | (472) | (222) | (111) | (127) | |||||||||||||||||||
Financing activities | 55 | 90 | (70) | (111) | |||||||||||||||||||
Change - Cash Provided (Used) | |||||||||||||||||||||||
Operating activities | $ | 106 | $ | 1 | $ | 37 | $ | (5) | |||||||||||||||
Investing activities | 45 | 237 | 8 | (2) | |||||||||||||||||||
Financing activities | 548 | (202) | (45) | 16 |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Change - Cash Provided (Used) | |||||||||||||||||||||||
Net income | $ | 70 | $ | 30 | $ | 18 | $ | 21 | |||||||||||||||
Non-cash components | (9) | 12 | 2 | 8 | |||||||||||||||||||
Working capital | (16) | (84) | 22 | (27) | |||||||||||||||||||
Defined benefit plan funding | 30 | 21 | 1 | — | |||||||||||||||||||
Other operating activities | 31 | 22 | (6) | (7) | |||||||||||||||||||
Total | $ | 106 | $ | 1 | $ | 37 | $ | (5) |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Change - Cash Provided (Used) | |||||||||||||||||||||||
Expenditures for PP&E | $ | 44 | $ | 35 | $ | 12 | $ | (2) | |||||||||||||||
Notes receivable from affiliate | — | 203 | (4) | — | |||||||||||||||||||
Other investing activities | 1 | (1) | — | — | |||||||||||||||||||
Total | $ | 45 | $ | 237 | $ | 8 | $ | (2) |
PPL | PPL Electric | LG&E | KU | ||||||||||||||||||||
Change - Cash Provided (Used) | |||||||||||||||||||||||
Dividends | $ | 14 | $ | 43 | $ | (15) | $ | (34) | |||||||||||||||
Capital contributions/distributions, net | — | (40) | — | — | |||||||||||||||||||
Retirement of term loan | 300 | — | — | — | |||||||||||||||||||
Change in short-term debt, net | 164 | (205) | 253 | 308 | |||||||||||||||||||
Retirement of commercial paper | 73 | — | 41 | 32 | |||||||||||||||||||
Net increase in notes payable with affiliate | — | — | (324) | (290) | |||||||||||||||||||
Other financing activities | (3) | — | — | — | |||||||||||||||||||
Total | $ | 548 | $ | (202) | $ | (45) | $ | 16 |
Committed Capacity | Borrowed | Letters of Credit and Commercial Paper Issued | Unused Capacity | ||||||||||||||||||||
PPL Capital Funding Credit Facilities | $ | 1,350 | $ | — | $ | 347 | $ | 1,003 | |||||||||||||||
PPL Electric Credit Facility | 650 | — | 1 | 649 | |||||||||||||||||||
LG&E Credit Facilities | 500 | — | 353 | 147 | |||||||||||||||||||
KU Credit Facilities | 400 | — | 285 | 115 | |||||||||||||||||||
Total Credit Facilities (a) | $ | 2,900 | $ | — | $ | 986 | $ | 1,914 | |||||||||||||||
Committed Capacity | Borrowed | Commercial Paper Program Capacity | Unused Capacity | ||||||||||||||||||||
LG&E Money Pool (a) | $ | 750 | $ | — | $ | 425 | $ | 325 | |||||||||||||||
KU Money Pool (a) | 650 | 4 | 350 | 296 |
Capacity | Commercial Paper Issuances | Unused Capacity | |||||||||||||||
PPL Capital Funding | $ | 1,350 | $ | 347 | $ | 1,003 | |||||||||||
PPL Electric | 650 | — | 650 | ||||||||||||||
LG&E | 425 | 353 | 72 | ||||||||||||||
KU | 350 | 285 | 65 | ||||||||||||||
Total PPL | $ | 2,775 | $ | 985 | $ | 1,790 |
Exposure Hedged | Fair Value, Net - Asset (Liability) (a) | Effect of a 10% Adverse Movement in Rates (b) | Maturities Ranging Through | ||||||||||||||||||||
PPL and LG&E | |||||||||||||||||||||||
Economic hedges | |||||||||||||||||||||||
Interest rate swaps (c) | 64 | (14) | (1) | 2033 |
10% Adverse Movement in Rates | |||||
PPL | $ | 432 | |||
PPL Electric | 177 | ||||
LG&E | 82 | ||||
KU | 124 |
PPL | |||||||||||||||||||||||||||||||||||
PPL | Electric | LG&E | KU | ||||||||||||||||||||||||||||||||
Defined Benefits | X | X | X | X | |||||||||||||||||||||||||||||||
Income Taxes | X | X | X | X | |||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities | X | X | X | X | |||||||||||||||||||||||||||||||
Goodwill Impairment | X | X | X | ||||||||||||||||||||||||||||||||
AROs | X | X | |||||||||||||||||||||||||||||||||
Revenue Recognition - Unbilled Revenue | X | X |
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) | |||||||||||||||||||
January 1 to January 31, 2022 | — | $ | — | — | $ | 1,997,876,503 | |||||||||||||||||
February 1 to February 28, 2022 | — | — | — | — | $ | 1,997,876,503 | |||||||||||||||||
March 1 to March 31, 2022 | — | — | — | $ | 1,997,876,503 | ||||||||||||||||||
Total | — | $ | — | — | $ | 1,997,876,503 |
PPL Corporation | |||||||||||
(Registrant) | |||||||||||
Date: | May 5, 2022 | /s/ Marlene C. Beers | |||||||||
Marlene C. Beers Vice President and Controller | |||||||||||
(Principal Accounting Officer) | |||||||||||
PPL Electric Utilities Corporation | |||||||||||
(Registrant) | |||||||||||
Date: | May 5, 2022 | /s/ Marlene C. Beers | |||||||||
Marlene C. Beers Vice President and Controller | |||||||||||
(Principal Accounting and Financial Officer) | |||||||||||
Louisville Gas and Electric Company | |||||||||||
(Registrant) | |||||||||||
Kentucky Utilities Company | |||||||||||
(Registrant) | |||||||||||
Date: | May 5, 2022 | /s/ Christopher M. Garrett | |||||||||
Christopher M. Garrett Vice President-Finance and Accounting | |||||||||||
(Principal Accounting and Financial Officer) |
1 Year PPL Chart |
1 Month PPL Chart |
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