Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-11459 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | Two North Ninth Street | |
Entity Address, City or Town | Allentown, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18101-1179 | |
City Area Code | (610) | |
Local Phone Number | 774-5151 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Amendment Flag | false | |
Entity Registrant Name | PPL Corporation | |
Entity Tax Identification Number | 23-2758192 | |
Entity Central Index Key | 0000922224 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 750,715,902 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock of PPL Corporation | |
Trading Symbol | PPL | |
Security Exchange Name | NYSE | |
2007 Series A Junior Subordinated Notes due 2067 [Member] | ||
Document Entity Information [Line Items] | ||
Title of 12(b) Security | 2007 Series A due 2067 | |
Trading Symbol | PPL/67 | |
Security Exchange Name | NYSE | |
PPL Electric Utilities Corp [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-905 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | Two North Ninth Street | |
Entity Address, City or Town | Allentown, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18101-1179 | |
City Area Code | (610) | |
Local Phone Number | 774-5151 | |
Amendment Flag | false | |
Entity Registrant Name | PPL Electric Utilities Corporation | |
Entity Tax Identification Number | 23-0959590 | |
Entity Central Index Key | 0000317187 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 66,368,056 | |
Louisville Gas And Electric Co [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-2893 | |
Entity Incorporation, State or Country Code | KY | |
Entity Address, Address Line One | 220 West Main Street | |
Entity Address, City or Town | Louisville, | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40202-1377 | |
City Area Code | (502) | |
Local Phone Number | 627-2000 | |
Amendment Flag | false | |
Entity Registrant Name | Louisville Gas and Electric Company | |
Entity Tax Identification Number | 61-0264150 | |
Entity Central Index Key | 0000060549 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 21,294,223 | |
Kentucky Utilities Co [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-3464 | |
Entity Incorporation, State or Country Code | KY | |
Entity Incorporation, State or Country Code | VA | |
Entity Address, Address Line One | One Quality Street | |
Entity Address, City or Town | Lexington, | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40507-1462 | |
City Area Code | (502) | |
Local Phone Number | 627-2000 | |
Amendment Flag | false | |
Entity Registrant Name | Kentucky Utilities Company | |
Entity Tax Identification Number | 61-0247570 | |
Entity Central Index Key | 0000055387 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 37,817,878 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating Revenues | |||||
Operating Revenues | $ 1,512 | $ 1,400 | $ 4,298 | $ 4,103 | |
Operation | |||||
Fuel | 195 | 177 | 531 | 478 | |
Energy purchases | 167 | 136 | 524 | 470 | |
Other operation and maintenance | 393 | 346 | 1,164 | 1,054 | |
Depreciation | 274 | 257 | 810 | 762 | |
Taxes, other than income | 52 | 47 | 153 | 131 | |
Total Operating Expenses | 1,081 | 963 | 3,182 | 2,895 | |
Operating Income | 431 | 437 | 1,116 | 1,208 | |
Other Income (Expense) - net | 12 | 6 | 25 | 11 | |
Interest Expense | 183 | 161 | 810 | 479 | |
Income Taxes | 51 | 165 | 455 | 266 | |
Income (Loss) from continuing operations after income taxes | 209 | 117 | (124) | 474 | |
Income (Loss) from Discontinued Operations (net of income taxes) | (2) | 164 | (1,490) | 705 | |
Net Income (Loss) | $ 207 | $ 281 | $ (1,614) | $ 1,179 | |
Net Income: | |||||
Income (Loss) from Continuing Operations After Income Taxes | $ 0.27 | $ 0.15 | $ (0.16) | $ 0.62 | |
Income (loss) from Discontinued Operations (net of income taxes) | 0 | 0.22 | (1.94) | 0.91 | |
Net Income (Loss) Available to PPL Common Shareowners | $ 0.27 | $ 0.37 | $ (2.10) | $ 1.53 | |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Basic (in shares) | 767,733 | 768,786 | 768,781 | 768,502 | |
Diluted (in shares) | 769,849 | 769,660 | 768,781 | 769,270 | |
Income from Continuing Operations Before Income Taxes | $ 260 | $ 282 | $ 331 | $ 740 | |
PPL Electric Utilities Corp [Member] | |||||
Operating Revenues | |||||
Operating Revenues | 627 | 586 | 1,769 | 1,748 | |
Operation | |||||
Energy purchases | 143 | 118 | 402 | 373 | |
Other operation and maintenance | 147 | 122 | 400 | 388 | |
Depreciation | 105 | 102 | 322 | 301 | |
Taxes, other than income | 30 | 30 | 88 | 78 | |
Total Operating Expenses | 425 | 372 | 1,212 | 1,140 | |
Operating Income | 202 | 214 | 557 | 608 | |
Other Income (Expense) - net | 6 | 7 | 16 | 15 | |
Interest Income from Affiliate | 2 | 1 | 2 | 2 | |
Interest Expense | 39 | 44 | 124 | 130 | |
Income Taxes | 45 | 44 | 116 | 125 | |
Net Income (Loss) | [1] | 126 | 134 | 335 | 370 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | 171 | 178 | 451 | 495 | |
Louisville Gas And Electric Co [Member] | |||||
Operating Revenues | |||||
Retail and wholesale | 393 | 362 | 1,147 | 1,075 | |
Electric revenue from affiliate | 2 | 1 | 18 | 17 | |
Operating Revenues | 395 | 363 | 1,165 | 1,092 | |
Operation | |||||
Fuel | 70 | 64 | 203 | 188 | |
Energy purchases | 19 | 13 | 108 | 83 | |
Energy purchases from affiliate | 8 | 8 | 16 | 16 | |
Other operation and maintenance | 97 | 93 | 290 | 277 | |
Depreciation | 72 | 64 | 206 | 193 | |
Taxes, other than income | 12 | 11 | 34 | 30 | |
Total Operating Expenses | 278 | 253 | 857 | 787 | |
Operating Income | 117 | 110 | 308 | 305 | |
Other Income (Expense) - net | 2 | (1) | 3 | (1) | |
Interest Expense | 20 | 22 | 61 | 66 | |
Income Taxes | 17 | 16 | 48 | 47 | |
Net Income (Loss) | [2] | 82 | 71 | 202 | 191 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | 99 | 87 | 250 | 238 | |
Kentucky Utilities Co [Member] | |||||
Operating Revenues | |||||
Retail and wholesale | 486 | 444 | 1,358 | 1,256 | |
Electric revenue from affiliate | 8 | 8 | 16 | 16 | |
Operating Revenues | 494 | 452 | 1,374 | 1,272 | |
Operation | |||||
Fuel | 125 | 113 | 328 | 290 | |
Energy purchases | 5 | 5 | 14 | 14 | |
Energy purchases from affiliate | 2 | 1 | 18 | 17 | |
Other operation and maintenance | 110 | 105 | 336 | 316 | |
Depreciation | 94 | 88 | 273 | 258 | |
Taxes, other than income | 10 | 10 | 31 | 27 | |
Total Operating Expenses | 346 | 322 | 1,000 | 922 | |
Operating Income | 148 | 130 | 374 | 350 | |
Other Income (Expense) - net | 1 | 1 | 5 | 2 | |
Interest Expense | 27 | 28 | 81 | 85 | |
Income Taxes | 23 | 19 | 57 | 50 | |
Net Income (Loss) | [3] | 99 | 84 | 241 | 217 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Income from Continuing Operations Before Income Taxes | $ 122 | $ 103 | $ 298 | $ 267 | |
[1] | Net income equals comprehensive income. | ||||
[2] | Net income equals comprehensive income. | ||||
[3] | Net income equals comprehensive income. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (loss) | $ 207 | $ 281 | $ (1,614) | $ 1,179 |
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ||||
Foreign currency translation adjustments, amounts arising during the period, net of tax | 0 | 643 | 372 | 291 |
Qualifying derivatives, amounts arising during the period, net of tax | 0 | (52) | (39) | (16) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax [Abstract] | ||||
Defined benefit plan, Net actuarial gain (loss), amounts arising during the period, net of tax | (12) | (16) | (18) | (17) |
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | ||||
Qualifying derivatives, net of tax | 1 | 48 | 25 | 25 |
Other Comprehensive (Income) Loss, Defined Benefit Plans, after Reclassification Adjustment, after Tax [Abstract] | ||||
Defined benefit plans, Prior service costs, net of tax | 9 | 0 | 2 | 2 |
Defined benefit plans, Net actuarial (gain) loss, net of tax | 10 | 52 | 117 | 146 |
Total other comprehensive income (loss) | 8 | 675 | 4,037 | 431 |
Comprehensive income (loss) | 215 | 956 | 2,423 | 1,610 |
Foreign currency translation adjustments, net of tax | 0 | 0 | 786 | 0 |
Qualifying derivatives, net of tax | 0 | 0 | 15 | 0 |
Net actuarial (gain) loss, net of tax | 0 | 0 | 2,769 | 0 |
Prior service costs, net of tax | $ 0 | $ 0 | $ 8 | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Tax effect of foreign currency translation adjustments arising during the period | $ 0 | $ 0 | $ (123) | $ 1 |
Tax effect of qualifying derivatives arising during the period | 0 | 12 | 11 | 4 |
Tax effect of net actuarial (gain) loss arising during period | 4 | 5 | 6 | 6 |
Tax effect of qualifying derivatives reclassified from AOCI | 0 | (12) | (4) | (8) |
Tax effect of prior service costs reclassified from AOCI | (3) | (1) | (1) | (1) |
Tax effect of net actuarial (gain) loss reclassified from AOCI | (4) | (12) | (30) | (35) |
Tax effect of qualifying derivatives reclassified from AOCI due to sale of UK utility business | 0 | 0 | 0 | 0 |
Tax effect of prior service costs adjustments from AOCI due to sale of UK utility business | 0 | 0 | (2) | 0 |
Tax effect of net actuarial (gain) loss adjustments from AOCI due to sale of UK utility business | 0 | 0 | (798) | 0 |
Tax effect of foreign currency translation adjustments reclassified from AOCI due to sale of UK utility business | $ 0 | $ 0 | $ 140 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Cash Flows from Operating Activities | |||
Net income (loss) | $ (1,614) | $ 1,179 | |
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted | 1,490 | (705) | |
Income from continuing operations (net of income taxes) | (124) | 474 | |
Depreciation | 810 | 762 | |
Amortization | 30 | 40 | |
Deferred income taxes and investment tax credits | 51 | 164 | |
Impairment of solar panels | 37 | 0 | |
Loss on extinguishment of debt | 395 | 0 | |
Other | 7 | 33 | |
Change in current assets and current liabilities | |||
Accounts payable | (32) | (33) | |
Unbilled revenues | 67 | 93 | |
Prepayments | (33) | (43) | |
Regulatory assets and liabilities, net | 50 | (44) | |
Taxes payable | 75 | 94 | |
Other | 46 | 147 | |
Other operating activities | |||
Defined benefit plans - funding | (41) | (61) | |
Other assets | (105) | (7) | |
Other liabilities | 19 | (40) | |
Net cash provided by operating activities - continuing operations | 1,252 | 1,579 | |
Net cash provided by operating activities - discontinued operations | 726 | 668 | |
Net cash provided by operating activities | 1,978 | 2,247 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (1,460) | (1,690) | |
Proceeds from sale of discontinued operations, net of cash divested | 10,560 | 0 | |
Other investing activities | (22) | 0 | |
Net cash provided by (used in) investing activities - continuing operations | 9,078 | (1,690) | |
Net cash provided by (used in) investing activities - discontinued operations | (607) | (668) | |
Net cash provided by (used in) investing activities | 8,471 | (2,358) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 650 | 1,598 | |
Retirement of long-term debt | (4,606) | (975) | |
Proceeds from project financing | 21 | 152 | |
Issuance of common stock | 5 | 32 | |
Payment of common stock dividends | (961) | (956) | |
Purchase of treasury stock | (282) | 0 | |
Issuance of term loan | 0 | 300 | |
Retirement of term loan | (300) | 0 | |
Retirement of commercial paper | (73) | 0 | |
Net increase (decrease) in short-term debt | (795) | (213) | |
Other financing activities | (29) | (21) | |
Net cash provided by (used in) financing activities - continuing operations | (6,370) | (83) | |
Net cash provided by (used in) financing activities - discontinued operations | (411) | 78 | |
Contributions (to) from discontinued operations | 365 | 38 | |
Net cash provided by (used in) financing activities | (6,416) | 33 | |
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | 8 | (6) | |
Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | 284 | (72) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 4,325 | (156) | |
Cash and Cash Equivalents at Beginning of Period | 442 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 443 | 660 | |
Cash and Cash Equivalents at End of Period | 4,767 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | 4,768 | 504 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 214 | 228 | |
PPL Electric Utilities Corp [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [1] | 335 | 370 |
Depreciation | 322 | 301 | |
Amortization | 14 | 21 | |
Defined benefit plans - (income) expense | (7) | (1) | |
Deferred income taxes and investment tax credits | 75 | 68 | |
Other | (15) | 0 | |
Change in current assets and current liabilities | |||
Accounts receivable | (24) | (35) | |
Accounts payable | (39) | (7) | |
Unbilled revenues | 37 | 54 | |
Fuel, materials and supplies | 3 | (23) | |
Prepayments | (32) | (30) | |
Regulatory assets and liabilities, net | 81 | (31) | |
Other | 5 | 1 | |
Other operating activities | |||
Defined benefit plans - funding | (21) | (21) | |
Other assets | (18) | (20) | |
Other liabilities | (12) | 9 | |
Net cash provided by operating activities | 704 | 656 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (680) | (840) | |
Net (increase) decrease in notes receivable from affiliate | (575) | 0 | |
Other investing activities | (1) | (4) | |
Net cash provided by (used in) investing activities | (1,256) | (844) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 650 | 0 | |
Retirement of long-term debt | (400) | 0 | |
Payment of common stock dividends to parent | (251) | (323) | |
Net increase (decrease) in short-term debt | 0 | 280 | |
Contributions from parent | 1,075 | 740 | |
Return of capital to parent | (500) | (745) | |
Other financing activities | (3) | 0 | |
Net cash provided by (used in) financing activities | 571 | (48) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 19 | (236) | |
Cash and Cash Equivalents at Beginning of Period | 40 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 40 | 264 | |
Cash and Cash Equivalents at End of Period | 59 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | 59 | 28 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 131 | 150 | |
Louisville Gas And Electric Co [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [2] | 202 | 191 |
Depreciation | 206 | 193 | |
Amortization | 1 | 6 | |
Defined benefit plans - (income) expense | 0 | 2 | |
Deferred income taxes and investment tax credits | 4 | 1 | |
Change in current assets and current liabilities | |||
Accounts receivable | 4 | 6 | |
Accounts receivable from affiliates | (2) | 7 | |
Accounts payable | 19 | (23) | |
Increase (Decrease) in Accounts Payable, Related Parties | (13) | (8) | |
Unbilled revenues | 19 | 22 | |
Fuel, materials and supplies | (7) | 9 | |
Regulatory assets and liabilities, net | (14) | 5 | |
Taxes payable | 5 | (1) | |
Accrued interest | 17 | 18 | |
Other | (8) | (13) | |
Other operating activities | |||
Defined benefit plans - funding | (3) | (6) | |
Expenditures for asset retirement obligations | (19) | (12) | |
Other assets | (3) | (1) | |
Other liabilities | 4 | 23 | |
Net cash provided by operating activities | 412 | 419 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (339) | (329) | |
Net cash provided by (used in) investing activities | (339) | (329) | |
Cash Flows from Financing Activities | |||
Increase Decrease In Notes Payable To Affiliates | 284 | 0 | |
Retirement of commercial paper | (41) | 0 | |
Payment of common stock dividends to parent | (139) | (115) | |
Net increase (decrease) in short-term debt | (221) | (32) | |
Contributions from parent | 44 | 53 | |
Other financing activities | (2) | (1) | |
Net cash provided by (used in) financing activities | (75) | (95) | |
Cash and Cash Equivalents, Period Increase (Decrease) | (2) | (5) | |
Cash and Cash Equivalents at Beginning of Period | 7 | 15 | |
Cash and Cash Equivalents at End of Period | 5 | 10 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 40 | 43 | |
Kentucky Utilities Co [Member] | |||
Cash Flows from Operating Activities | |||
Net income (loss) | [3] | 241 | 217 |
Depreciation | 273 | 258 | |
Amortization | 5 | 6 | |
Defined benefit plans - (income) expense | (2) | 0 | |
Deferred income taxes and investment tax credits | 0 | 20 | |
Other | (1) | (1) | |
Change in current assets and current liabilities | |||
Accounts receivable | (6) | (22) | |
Accounts receivable from affiliates | 1 | 0 | |
Accounts payable | (4) | 7 | |
Increase (Decrease) in Accounts Payable, Related Parties | (4) | (18) | |
Unbilled revenues | 17 | 15 | |
Fuel, materials and supplies | 4 | 12 | |
Regulatory assets and liabilities, net | (16) | (20) | |
Taxes payable | 9 | 1 | |
Accrued interest | 25 | 23 | |
Other | (17) | (15) | |
Other operating activities | |||
Defined benefit plans - funding | (1) | (1) | |
Expenditures for asset retirement obligations | (27) | (47) | |
Other assets | 2 | 0 | |
Other liabilities | 5 | 11 | |
Net cash provided by operating activities | 504 | 446 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (400) | (381) | |
Other investing activities | 4 | 3 | |
Net cash provided by (used in) investing activities | (396) | (378) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 0 | 498 | |
Retirement of long-term debt | 0 | (500) | |
Increase Decrease In Notes Payable To Affiliates | 208 | 0 | |
Retirement of commercial paper | (32) | 0 | |
Payment of common stock dividends to parent | (186) | (145) | |
Net increase (decrease) in short-term debt | (171) | (11) | |
Contributions from parent | 60 | 98 | |
Other financing activities | (1) | (5) | |
Net cash provided by (used in) financing activities | (122) | (65) | |
Cash and Cash Equivalents, Period Increase (Decrease) | (14) | 3 | |
Cash and Cash Equivalents at Beginning of Period | 22 | 12 | |
Cash and Cash Equivalents at End of Period | 8 | 15 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | $ 43 | $ 35 | |
[1] | Net income equals comprehensive income. | ||
[2] | Net income equals comprehensive income. | ||
[3] | Net income equals comprehensive income. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 4,767 | $ 442 | |
Accounts receivable (less reserve:) | |||
Customer | 578 | 603 | |
Other | 73 | 86 | |
Unbilled revenues | 233 | 301 | |
Fuel, materials and supplies | 304 | 302 | |
Prepayments | 90 | 53 | |
Regulatory Assets, Current | 60 | 99 | |
Other current assets | 92 | 130 | |
Current assets held for sale | 0 | 18,983 | |
Total Current Assets | 6,137 | 20,900 | |
Property, Plant and Equipment | |||
Regulated utility plant | 30,056 | 29,040 | |
Less: accumulated depreciation - regulated utility plant | 6,434 | 6,008 | |
Regulated utility plant, net | 23,622 | 23,032 | |
Non-regulated property, plant and equipment | 269 | 237 | |
Less: accumulated depreciation - non-regulated property, plant and equipment | 41 | 37 | |
Non-regulated property, plant and equipment, net | 228 | 200 | |
Construction work in progress | 1,356 | 1,268 | |
Property, Plant and Equipment, net | 25,206 | 24,500 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,286 | 1,262 | |
Goodwill | 716 | 716 | |
Other intangibles | 344 | 351 | |
Other noncurrent assets | 482 | 387 | |
Assets, Noncurrent | 2,828 | 2,716 | |
Total Assets | 34,171 | 48,116 | |
Current Liabilities | |||
Short-term debt | 0 | 1,168 | |
Long-term debt due within one year | 474 | 1,074 | |
Accounts payable | 635 | 745 | |
Taxes | 144 | 69 | |
Interest | 138 | 113 | |
Dividends | 318 | 319 | |
Regulatory liabilities | 187 | 79 | |
Other current liabilities | 447 | 465 | |
Current liabilities held for sale | 0 | 11,023 | |
Liabilities, Current, Total | 2,343 | 15,055 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 10,665 | 13,615 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 3,108 | 2,536 | |
Investment tax credits | 120 | 122 | |
Accrued pension obligations | 195 | 189 | |
Asset retirement obligations | 160 | 132 | |
Regulatory liabilities | 2,452 | 2,530 | |
Other deferred credits and noncurrent liabilities | 552 | 564 | |
Total Deferred Credits and Other Noncurrent Liabilities | 6,587 | 6,073 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [1] | 8 | 8 |
Additional paid-in capital | 12,290 | 12,270 | |
Treasury Stock | (282) | 0 | |
Earnings reinvested | 2,743 | 5,315 | |
Accumulated other comprehensive loss | (183) | (4,220) | |
Total Equity | 14,576 | 13,373 | |
Total Liabilities and Equity | 34,171 | 48,116 | |
PPL Electric Utilities Corp [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 59 | 40 | |
Accounts receivable (less reserve:) | |||
Customer | 295 | 311 | |
Other | 27 | 17 | |
Accounts receivable from affiliates | 11 | 10 | |
Notes receivable from affiliate | 575 | 0 | |
Notes receivable from affiliate | 575 | 0 | |
Unbilled revenues | 84 | 121 | |
Fuel, materials and supplies | 59 | 59 | |
Prepayments | 41 | 9 | |
Regulatory Assets, Current | 32 | 40 | |
Other current assets | 16 | 13 | |
Total Current Assets | 1,199 | 620 | |
Property, Plant and Equipment | |||
Regulated utility plant | 13,927 | 13,514 | |
Less: accumulated depreciation - regulated utility plant | 3,387 | 3,297 | |
Regulated utility plant, net | 10,540 | 10,217 | |
Construction work in progress | 629 | 592 | |
Property, Plant and Equipment, net | 11,169 | 10,809 | |
Other Noncurrent Assets | |||
Regulatory assets | 510 | 541 | |
Other intangibles | 269 | 268 | |
Pension benefit asset | 49 | 12 | |
Other noncurrent assets | 124 | 74 | |
Assets, Noncurrent | 952 | 895 | |
Total Assets | 13,320 | 12,324 | |
Current Liabilities | |||
Long-term debt due within one year | 474 | 400 | |
Accounts payable | 351 | 428 | |
Accounts payable to affiliates | 44 | 39 | |
Taxes | 16 | 17 | |
Interest | 45 | 39 | |
Regulatory liabilities | 146 | 68 | |
Other current liabilities | 103 | 105 | |
Liabilities, Current, Total | 1,179 | 1,096 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 4,009 | 3,836 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,656 | 1,559 | |
Accrued pension obligations | 8 | 8 | |
Regulatory liabilities | 565 | 578 | |
Other deferred credits and noncurrent liabilities | 120 | 123 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,349 | 2,268 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [2] | 364 | 364 |
Additional paid-in capital | 4,328 | 3,753 | |
Earnings reinvested | 1,091 | 1,007 | |
Total Equity | 5,783 | 5,124 | |
Total Liabilities and Equity | 13,320 | 12,324 | |
Louisville Gas And Electric Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 5 | 7 | |
Accounts receivable (less reserve:) | |||
Customer | 121 | 127 | |
Other | 35 | 35 | |
Accounts receivable from affiliates | 19 | 16 | |
Unbilled revenues | 60 | 79 | |
Fuel, materials and supplies | 126 | 119 | |
Prepayments | 16 | 14 | |
Regulatory Assets, Current | 24 | 23 | |
Other current assets | 0 | 1 | |
Total Current Assets | 406 | 421 | |
Property, Plant and Equipment | |||
Regulated utility plant | 7,053 | 6,735 | |
Less: accumulated depreciation - regulated utility plant | 1,155 | 1,020 | |
Regulated utility plant, net | 5,898 | 5,715 | |
Construction work in progress | 290 | 320 | |
Property, Plant and Equipment, net | 6,188 | 6,035 | |
Other Noncurrent Assets | |||
Regulatory assets | 362 | 351 | |
Goodwill | 389 | 389 | |
Other intangibles | 31 | 35 | |
Other noncurrent assets | 115 | 114 | |
Assets, Noncurrent | 897 | 889 | |
Total Assets | 7,491 | 7,345 | |
Current Liabilities | |||
Short-term debt | 0 | 262 | |
Long-term debt due within one year | 0 | 292 | |
Notes Payable, Related Parties, Current | 284 | 0 | |
Accounts payable | 148 | 153 | |
Accounts payable to affiliates | 22 | 31 | |
Taxes | 37 | 32 | |
Price risk management liabilities current | 2 | 2 | |
Interest | 32 | 15 | |
Current Customer Deposits | 31 | 32 | |
Regulatory liabilities | 30 | 0 | |
Asset Retirement Obligation, Current | 12 | 10 | |
Other current liabilities | 48 | 50 | |
Liabilities, Current, Total | 646 | 879 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 2,006 | 1,715 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 737 | 716 | |
Investment tax credits | 32 | 33 | |
Asset retirement obligations | 77 | 57 | |
Regulatory liabilities | 830 | 882 | |
Price risk management liabilities | 17 | 21 | |
Other deferred credits and noncurrent liabilities | 91 | 94 | |
Total Deferred Credits and Other Noncurrent Liabilities | 1,784 | 1,803 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [3] | 424 | 424 |
Additional paid-in capital | 1,967 | 1,923 | |
Earnings reinvested | 664 | 601 | |
Total Equity | 3,055 | 2,948 | |
Total Liabilities and Equity | 7,491 | 7,345 | |
Kentucky Utilities Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 8 | 22 | |
Accounts receivable (less reserve:) | |||
Customer | 158 | 156 | |
Other | 7 | 30 | |
Accounts receivable from affiliates | 0 | 1 | |
Unbilled revenues | 80 | 97 | |
Fuel, materials and supplies | 120 | 123 | |
Prepayments | 18 | 15 | |
Regulatory Assets, Current | 4 | 36 | |
Other current assets | 0 | 1 | |
Total Current Assets | 395 | 481 | |
Property, Plant and Equipment | |||
Regulated utility plant | 9,093 | 8,808 | |
Less: accumulated depreciation - regulated utility plant | 1,892 | 1,690 | |
Regulated utility plant, net | 7,201 | 7,118 | |
Construction work in progress | 393 | 321 | |
Property, Plant and Equipment, net | 7,594 | 7,439 | |
Other Noncurrent Assets | |||
Regulatory assets | 414 | 370 | |
Goodwill | 607 | 607 | |
Other intangibles | 23 | 26 | |
Other noncurrent assets | 155 | 149 | |
Assets, Noncurrent | 1,199 | 1,152 | |
Total Assets | 9,188 | 9,072 | |
Current Liabilities | |||
Short-term debt | 0 | 203 | |
Long-term debt due within one year | 0 | 132 | |
Notes Payable, Related Parties, Current | 208 | 0 | |
Accounts payable | 92 | 121 | |
Accounts payable to affiliates | 44 | 43 | |
Taxes | 38 | 29 | |
Interest | 44 | 19 | |
Current Customer Deposits | 32 | 32 | |
Regulatory liabilities | 11 | 11 | |
Asset Retirement Obligation, Current | 29 | 40 | |
Other current liabilities | 48 | 59 | |
Liabilities, Current, Total | 546 | 689 | |
Long-term Debt, Unclassified [Abstract] | |||
Long-term Debt | 2,618 | 2,486 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 856 | 835 | |
Investment tax credits | 87 | 88 | |
Asset retirement obligations | 83 | 75 | |
Regulatory liabilities | 1,057 | 1,070 | |
Other deferred credits and noncurrent liabilities | 44 | 47 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,127 | 2,115 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [4] | 308 | 308 |
Additional paid-in capital | 2,917 | 2,857 | |
Earnings reinvested | 672 | 617 | |
Total Equity | 3,897 | 3,782 | |
Total Liabilities and Equity | $ 9,188 | $ 9,072 | |
[1] | 1,560,000 shares authorized, 769,723 shares issued and 760,109 shares outstanding at September 30, 2021. 1,560,000 shares authorized; 768,907 shares issued and outstanding at December 31, 2020. | ||
[2] | 170,000 shares authorized; 66,368 shares issued and outstanding at September 30, 2021 and December 31, 2020. | ||
[3] | 75,000 shares authorized; 21,294 shares issued and outstanding at September 30, 2021 and December 31, 2020. | ||
[4] | 80,000 shares authorized; 37,818 shares issued and outstanding at September 30, 2021 and December 31, 2020. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 61 | $ 71 |
Unbilled revenues, reserve | 2 | 4 |
Reserve for accounts receivable (noncurrent) | $ 5 | $ 0 |
Equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 1,560,000 | 1,560,000 |
Common stock shares issued (in shares) | 769,723 | 768,907 |
Common stock shares outstanding (in shares) | 760,109 | 768,907 |
PPL Electric Utilities Corp [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 30 | $ 41 |
Unbilled revenues, reserve | 1 | 2 |
Reserve for accounts receivable (noncurrent) | $ 5 | $ 0 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 170,000 | 170,000 |
Common stock shares issued (in shares) | 66,368 | 66,368 |
Common stock shares outstanding (in shares) | 66,368 | 66,368 |
Louisville Gas And Electric Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 2 | $ 2 |
Unbilled revenues, reserve | $ 1 | $ 1 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 75,000 | 75,000 |
Common stock shares issued (in shares) | 21,294 | 21,294 |
Common stock shares outstanding (in shares) | 21,294 | 21,294 |
Kentucky Utilities Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 1 | $ 1 |
Unbilled revenues, reserve | $ 1 | $ 1 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 80,000 | 80,000 |
Common stock shares issued (in shares) | 37,818 | 37,818 |
Common stock shares outstanding (in shares) | 37,818 | 37,818 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock [Member] | Additional Paid-in Capital [Member] | Earnings Reinvested [Member] | Earnings Reinvested [Member]Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, Common | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member]Common Stock [Member] | PPL Electric Utilities Corp [Member]Additional Paid-in Capital [Member] | PPL Electric Utilities Corp [Member]Earnings Reinvested [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member]Common Stock [Member] | Louisville Gas And Electric Co [Member]Additional Paid-in Capital [Member] | Louisville Gas And Electric Co [Member]Earnings Reinvested [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member]Common Stock [Member] | Kentucky Utilities Co [Member]Additional Paid-in Capital [Member] | Kentucky Utilities Co [Member]Earnings Reinvested [Member] | ||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 1.245 | |||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2019 | 767,233,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | ||||||||||||||||||||
Balance at beginning of period at Dec. 31, 2019 | $ 12,991 | $ 8 | $ 12,214 | $ 5,127 | $ (4,358) | $ 0 | $ 4,832 | $ 364 | $ 3,558 | $ 910 | $ 2,762 | $ 424 | $ 1,820 | $ 518 | $ 3,574 | $ 308 | $ 2,729 | $ 537 | ||||||||||
Common stock shares issued | [1] | 1,564,000 | ||||||||||||||||||||||||||
Common stock issued | 48 | 48 | ||||||||||||||||||||||||||
Stock-based compensation | (2) | (2) | ||||||||||||||||||||||||||
Net income (loss) | 1,179 | 1,179 | 370 | [5] | 370 | 191 | [6] | 191 | 217 | [7] | 217 | |||||||||||||||||
Capital contributions from parent | 740 | 740 | 53 | 53 | 98 | 98 | ||||||||||||||||||||||
Dividends and dividend equivalents | [8] | (959) | (959) | |||||||||||||||||||||||||
Dividends declared on common stock | (323) | (323) | (115) | (115) | (145) | (145) | ||||||||||||||||||||||
Other comprehensive income (loss) | 431 | 431 | ||||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2020 | 768,797,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | ||||||||||||||||||||
Balance at end of period at Sep. 30, 2020 | $ 13,686 | $ 8 | 12,260 | 5,345 | (3,927) | 0 | 4,874 | $ 364 | 3,553 | 957 | 2,891 | $ 424 | 1,873 | 594 | 3,744 | $ 308 | 2,827 | 609 | ||||||||||
Contributions from parent | 740 | 53 | 98 | |||||||||||||||||||||||||
Return of Capital to Parent | (745) | (745) | ||||||||||||||||||||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.415 | |||||||||||||||||||||||||||
Balance at beginning of period - shares at Jun. 30, 2020 | 768,783,000 | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||||
Balance at beginning of period at Jun. 30, 2020 | $ 13,044 | $ 8 | 12,255 | 5,383 | (4,602) | 0 | 4,817 | $ 364 | 3,553 | 900 | 2,859 | $ 424 | 1,873 | 562 | 3,655 | $ 308 | 2,766 | 581 | ||||||||||
Common stock shares issued | 14,000 | |||||||||||||||||||||||||||
Common stock issued | 1 | 1 | ||||||||||||||||||||||||||
Stock-based compensation | 4 | 4 | ||||||||||||||||||||||||||
Net income (loss) | 281 | 281 | 134 | [5] | 134 | 71 | [6] | 71 | 84 | [7] | 84 | |||||||||||||||||
Capital contributions from parent | 485 | 485 | 61 | 61 | ||||||||||||||||||||||||
Dividends and dividend equivalents | (319) | (319) | ||||||||||||||||||||||||||
Dividends declared on common stock | (77) | (77) | (39) | (39) | (56) | (56) | ||||||||||||||||||||||
Other comprehensive income (loss) | 675 | 675 | ||||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2020 | 768,797,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | ||||||||||||||||||||
Balance at end of period at Sep. 30, 2020 | $ 13,686 | $ 8 | 12,260 | 5,345 | (3,927) | 0 | 4,874 | $ 364 | 3,553 | 957 | $ 2,891 | $ 424 | 1,873 | 594 | $ 3,744 | $ 308 | 2,827 | 609 | ||||||||||
Return of Capital to Parent | $ (485) | (485) | ||||||||||||||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2) | $ (2) | ||||||||||||||||||||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 1.245 | |||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2020 | 768,907,000 | 768,907,000 | [1] | 66,368,000 | 66,368,000 | [2] | 21,294,000 | 21,294,000 | [3] | 37,818,000 | 37,818,000 | [4] | ||||||||||||||||
Balance at beginning of period at Dec. 31, 2020 | $ 13,373 | $ 8 | 12,270 | 5,315 | (4,220) | 0 | $ 5,124 | $ 364 | 3,753 | 1,007 | $ 2,948 | $ 424 | 1,923 | 601 | $ 3,782 | $ 308 | 2,857 | 617 | ||||||||||
Common stock shares issued | 0 | 816,000 | ||||||||||||||||||||||||||
Common stock issued | $ 24 | 24 | ||||||||||||||||||||||||||
Treasury stock acquired | $ (282) | $ (282) | ||||||||||||||||||||||||||
Treasury stock acquired | 9,600,000 | (9,614,000) | ||||||||||||||||||||||||||
Stock-based compensation | $ (4) | (4) | ||||||||||||||||||||||||||
Net income (loss) | (1,614) | (1,614) | 335 | [5] | 335 | 202 | [6] | 202 | 241 | [7] | 241 | |||||||||||||||||
Capital contributions from parent | 1,075 | 1,075 | 44 | 44 | 60 | 60 | ||||||||||||||||||||||
Dividends and dividend equivalents | [8] | (958) | (958) | |||||||||||||||||||||||||
Dividends declared on common stock | $ (251) | (251) | $ (139) | (139) | $ (186) | (186) | ||||||||||||||||||||||
Other comprehensive income (loss) | $ 4,037 | 4,037 | ||||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2021 | 760,109,000 | 760,109,000 | 66,368,000 | 66,368,000 | [2] | 21,294,000 | 21,294,000 | [3] | 37,818,000 | 37,818,000 | [4] | |||||||||||||||||
Balance at end of period at Sep. 30, 2021 | $ 14,576 | $ 8 | 12,290 | 2,743 | (183) | $ (282) | $ 5,783 | $ 364 | 4,328 | 1,091 | $ 3,055 | $ 424 | 1,967 | 664 | $ 3,897 | $ 308 | 2,917 | 672 | ||||||||||
Contributions from parent | 1,075 | 44 | 60 | |||||||||||||||||||||||||
Return of Capital to Parent | (500) | (500) | ||||||||||||||||||||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.415 | |||||||||||||||||||||||||||
Balance at beginning of period - shares at Jun. 30, 2021 | 769,564,000 | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||||
Balance at beginning of period at Jun. 30, 2021 | $ 14,952 | $ 8 | 12,281 | 2,854 | (191) | 0 | 5,882 | $ 364 | 4,503 | 1,015 | 3,003 | $ 424 | 1,967 | 612 | 3,873 | $ 308 | 2,917 | 648 | ||||||||||
Common stock shares issued | 159,000 | |||||||||||||||||||||||||||
Common stock issued | 4 | 4 | ||||||||||||||||||||||||||
Treasury stock acquired | $ (282) | $ (282) | ||||||||||||||||||||||||||
Treasury stock acquired | 9,600,000 | (9,614,000) | ||||||||||||||||||||||||||
Stock-based compensation | $ 5 | 5 | ||||||||||||||||||||||||||
Net income (loss) | 207 | 207 | 126 | [5] | 126 | 82 | [6] | 82 | 99 | [7] | 99 | |||||||||||||||||
Capital contributions from parent | 325 | 325 | ||||||||||||||||||||||||||
Dividends and dividend equivalents | (318) | (318) | ||||||||||||||||||||||||||
Dividends declared on common stock | $ (50) | (50) | $ (30) | (30) | $ (75) | (75) | ||||||||||||||||||||||
Other comprehensive income (loss) | $ 8 | 8 | ||||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2021 | 760,109,000 | 760,109,000 | 66,368,000 | 66,368,000 | [2] | 21,294,000 | 21,294,000 | [3] | 37,818,000 | 37,818,000 | [4] | |||||||||||||||||
Balance at end of period at Sep. 30, 2021 | $ 14,576 | $ 8 | $ 12,290 | $ 2,743 | $ (183) | $ (282) | $ 5,783 | $ 364 | 4,328 | $ 1,091 | $ 3,055 | $ 424 | $ 1,967 | $ 664 | $ 3,897 | $ 308 | $ 2,917 | $ 672 | ||||||||||
Return of Capital to Parent | $ (500) | $ (500) | ||||||||||||||||||||||||||
[1] | Shares in thousands. Each share entitles the holder to one vote on any question presented at any shareowners' meeting. | |||||||||||||||||||||||||||
[2] | Shares in thousands. All common shares of PPL Electric stock are owned by PPL. | |||||||||||||||||||||||||||
[3] | Shares in thousands. All common shares of LG&E stock are owned by LKE. | |||||||||||||||||||||||||||
[4] | Shares in thousands. All common shares of KU stock are owned by LKE. | |||||||||||||||||||||||||||
[5] | Net income equals comprehensive income. | |||||||||||||||||||||||||||
[6] | Net income equals comprehensive income. | |||||||||||||||||||||||||||
[7] | Net income equals comprehensive income. | |||||||||||||||||||||||||||
[8] | Dividends declared per share of common stock were $0.415 and $1.245 for the three and nine months ended September 30, 2021 and September 30, 2020. |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - vote | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Vote per share of PPL's common stock | 1 | 1 |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 3. Segment and Related Information (PPL) See Note 2 in PPL's 2020 Form 10-K for a discussion of reportable segments and related information. On March 17, 2021, PPL WPD Limited entered into a share purchase agreement to sell PPL's U.K. utility business, which substantially represented PPL's U.K. Regulated segment. As a result, PPL determined segment information for the U.K. Regulated segment would no longer be provided beginning with the March 31, 2021 Form 10-Q. The sale of the U.K. utility business was completed on June 14, 2021. See Note 9 for additional information . Income Statement data for the segments and reconciliation to PPL's consolidated results for the periods ended September 30 are as follows: Three Months Nine Months 2021 2020 2021 2020 Operating Revenues from external customers Kentucky Regulated $ 879 $ 806 $ 2,505 $ 2,331 Pennsylvania Regulated 627 586 1,769 1,748 Corporate and Other 6 8 24 24 Total $ 1,512 $ 1,400 $ 4,298 $ 4,103 Net Income Kentucky Regulated (a) $ 159 $ 129 $ 389 $ 330 Pennsylvania Regulated (a) 126 135 335 371 Corporate and Other (a)(b)(c) (76) (147) (848) (227) Discontinued Operations (d) (2) 164 (1,490) 705 Total $ 207 $ 281 $ (1,614) $ 1,179 (a) Beginning in 2021, corporate level financing costs are no longer allocated to the reportable segments and are being reported in Corporate and Other. For the three and nine months ended September 30, 2020, corporate level financing costs of $8 million, net of $2 million of income taxes, and $25 million, net of $6 million of income taxes, were allocated to the Kentucky Regulated segment. For the three and nine months ended September 30, 2020, an immaterial amount of financing costs were allocated to the Pennsylvania Regulated segment. (b) The amounts for the periods ended September 30, 2020 have been adjusted for certain costs that were previously included in the U.K. Regulated segment. (c) 2021 includes losses from the extinguishment of PPL Capital Funding debt. See Note 8 for additional information. (d) See Note 9 for additional information. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: September 30, December 31, Assets Kentucky Regulated $ 16,250 $ 15,943 Pennsylvania Regulated 13,350 12,347 Corporate and Other (a) 4,571 843 Assets Held for Sale (b) — 18,983 Total $ 34,171 $ 48,116 (a) Primarily consists of unallocated items, including cash, PP&E, goodwill, the elimination of inter-segment transactions as well as the assets of Safari Energy. (b) See Note 9 for additional information. (PPL Electric, LG&E and KU) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. Earnings Per Share (PPL) Basic EPS is computed by dividing income available to PPL common shareowners by the weighted-average number of common shares outstanding during the applicable period. Diluted EPS is computed by dividing income available to PPL common shareowners by the weighted-average number of common shares outstanding, increased by incremental shares that would be outstanding if potentially dilutive share-based payment awards were converted to common shares as calculated using the Two-Class Method or Treasury Stock Method. Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended September 30 used in the EPS calculation are: Three Months Nine Months 2021 2020 2021 2020 Income (Numerator) Income (loss) from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted $ 209 $ 117 $ (124) $ 474 Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted $ (2) $ 164 $ (1,490) $ 705 Net income (loss) available to PPL common shareowners - Basic and Diluted $ 207 $ 281 $ (1,614) $ 1,179 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 767,733 768,786 768,781 768,502 Add: Dilutive share-based payment awards (a) 2,116 874 — 768 Weighted-average shares - Diluted EPS 769,849 769,660 768,781 769,270 Basic and Diluted EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 0.27 $ 0.15 $ (0.16) $ 0.62 Income (loss) from discontinued operations (net of income taxes) — 0.22 (1.94) 0.91 Net Income (Loss) available to PPL common shareowners $ 0.27 $ 0.37 $ (2.10) $ 1.53 (a) All share-based payment awards were excluded from dilutive shares under the Treasury Stock Method for the nine months ended September 30, 2021, as their effect would have been anti-dilutive due to the loss from continuing operations. For the periods ended September 30, PPL issued common stock related to stock-based compensation plans and the DRIP as follows (in thousands): Three Months Nine Months 2021 2020 2021 2020 Stock-based compensation plans 158 14 816 621 DRIP — — — 943 See Note 8 for common stock repurchased under an authorized share repurchase program. For the periods ended September 30, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months Nine Months 2021 2020 2021 2020 Stock-based compensation awards 135 364 2,339 595 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (PPL) Three Months Nine Months 2021 2020 2021 2020 Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 21% $ 55 $ 59 $ 70 $ 155 Increase (decrease) due to: State income taxes, net of federal income tax benefit (a) 17 15 12 39 Valuation allowance adjustments (a) 5 7 39 19 Impact of the U.K. Finance Acts on deferred tax balances (b) — 104 383 101 Amortization of excess deferred federal and state income taxes (18) (11) (38) (34) Federal and state income tax return adjustments (4) (9) (4) (9) Other (4) — (7) (5) Total increase (decrease) (4) 106 385 111 Total income tax expense (benefit) $ 51 $ 165 $ 455 $ 266 (a) In 2021, PPL recorded a $31 million state deferred tax benefit on a net operating loss and an offsetting valuation allowance in connection with the loss on extinguishment associated with a tender offer to purchase and retire PPL Capital Funding's outstanding Senior Notes. See Note 8 for additional information on the tender offer. (b) The U.K. Finance Act 2020, formally enacted on July 22, 2020, cancelled the U.K. corporation tax rate reduction to 17%, thereby maintaining the corporation tax rate at 19% for financial years 2020 and 2021. The primary impact of the cancellation of the corporate tax rate reduction was an increase in deferred tax liabilities and a corresponding deferred tax expense of $102 million in the third quarter of 2020. The U.K. Finance Act 2021, formally enacted on June 10, 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. (PPL Electric) Three Months Nine Months 2021 2020 2021 2020 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 36 $ 37 $ 95 $ 104 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 14 36 39 Federal and state income tax return adjustments — (4) — (4) Depreciation and other items not normalized — — (4) (4) Amortization of excess deferred federal and state income taxes (5) (4) (11) (12) Other 1 1 — 2 Total increase (decrease) 9 7 21 21 Total income tax expense (benefit) $ 45 $ 44 $ 116 $ 125 (LG&E) Three Months Nine Months 2021 2020 2021 2020 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 21 $ 18 $ 53 $ 50 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 3 10 9 Amortization of excess deferred federal and state income taxes (7) (3) (13) (8) Federal and state income tax return adjustments — (2) — (2) Other (1) — (2) (2) Total increase (decrease) (4) (2) (5) (3) Total income tax expense (benefit) $ 17 $ 16 $ 48 $ 47 (KU) Three Months Nine Months 2021 2020 2021 2020 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 26 $ 22 $ 63 $ 56 Increase (decrease) due to: State income taxes, net of federal income tax benefit 5 4 12 11 Amortization of excess deferred federal and state income taxes (6) (4) (14) (12) Federal and state income tax return adjustments (1) (3) (1) (3) Other (1) — (3) (2) Total increase (decrease) (3) (3) (6) (6) Total income tax expense (benefit) $ 23 $ 19 $ 57 $ 50 Other Net Operating Loss and Tax Credit Carryforwards (All Registrants) |
Utility Rate Regulation
Utility Rate Regulation | 9 Months Ended |
Sep. 30, 2021 | |
Regulated Operations [Abstract] | |
Utility Rate Regulation | 7. Utility Rate Regulation (All Registrants) The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Assets: Plant outage costs $ — $ 46 $ — $ — Gas supply clause 12 4 — — Smart meter rider 15 17 15 17 Storm damage expense rider 4 — 4 — Transmission formula rate 11 15 11 15 Gas line tracker 7 4 — — Storm costs 2 7 2 7 Generation formula rate 3 2 — — Other 6 4 — 1 Total current regulatory assets $ 60 $ 99 $ 32 $ 40 Noncurrent Regulatory Assets: Defined benefit plans $ 555 $ 570 $ 274 $ 290 Storm costs 12 17 — — Unamortized loss on debt 25 30 4 8 Interest rate swaps 19 23 — — Terminated interest rate swaps 71 75 — — Accumulated cost of removal of utility plant 232 240 232 240 AROs 312 300 — — Plant outage costs 55 — — — Other 5 7 — 3 Total noncurrent regulatory assets $ 1,286 $ 1,262 $ 510 $ 541 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 11 $ 21 $ 11 $ 21 Transmission service charge 26 1 26 1 Environmental cost recovery — 4 — — Universal service rider 16 22 16 22 Fuel adjustment clause — 5 — — TCJA customer refund 22 11 22 11 Storm damage expense rider — 6 — 6 Act 129 compliance rider 7 7 7 7 Transmission formula rate return on equity reserve (a) 64 — 64 — Economic relief billing credit (b) 38 — — — Other 3 2 — — Total current regulatory liabilities $ 187 $ 79 $ 146 $ 68 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 669 $ 653 $ — $ — Power purchase agreement - OVEC 36 43 — — Net deferred taxes 1,609 1,690 539 560 Defined benefit plans 74 60 26 18 Terminated interest rate swaps 64 66 — — Other — 18 — — Total noncurrent regulatory liabilities $ 2,452 $ 2,530 $ 565 $ 578 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 12 $ 4 $ — $ — Gas line tracker 7 4 — — Plant outage costs — 12 — 34 Generation formula rate — — 3 2 Other 5 3 1 — Total current regulatory assets $ 24 $ 23 $ 4 $ 36 Noncurrent Regulatory Assets: Defined benefit plans $ 175 $ 174 $ 106 $ 106 Storm costs 8 11 4 6 Unamortized loss on debt 13 13 8 9 Interest rate swaps 19 23 — — Terminated interest rate swaps 42 44 29 31 AROs 87 85 225 215 Plant outage costs 15 — 40 — Other 3 1 2 3 Total noncurrent regulatory assets $ 362 $ 351 $ 414 $ 370 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Environmental cost recovery $ — $ — $ — $ 4 Fuel adjustment clause — — — 5 Economic relief billing credit (b) 29 — 9 — Other 1 — 2 2 Total current regulatory liabilities $ 30 $ — $ 11 $ 11 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 277 $ 274 $ 392 $ 379 Power purchase agreement - OVEC 25 30 11 13 Net deferred taxes 495 528 575 602 Defined benefit plans 1 — 47 42 Terminated interest rate swaps 32 33 32 33 Other — 17 — 1 Total noncurrent regulatory liabilities $ 830 $ 882 $ 1,057 $ 1,070 (a) See “Regulatory Matters - Federal Matters - PPL Electric Transmission Formula Rate Return on Equity” below for additional information. (b) Represents regulatory liabilities to be returned to customers through June 30, 2022, as agreed to in the Kentucky rate case, in recognition of the economic impact of COVID-19. See "Regulatory Matters – Kentucky Activities – Rate Case Proceedings" below for additional information. Regulatory Matters Kentucky Activities ( PPL, LG&E and KU ) Rate Case Proceedings On November 25, 2020, LG&E and KU filed requests with the KPSC for an increase in annual electricity and gas revenues of approximately $331 million ($131 million and $170 million in electricity revenues at LG&E and KU and $30 million in gas revenues at LG&E). The revenue increases would be an increase of 11.6% and 10.4% in electricity revenues at LG&E and KU, and an increase of 8.3% in gas revenues at LG&E. In recognition of the economic impact of COVID-19, LG&E and KU requested approval of a one-year billing credit which will credit customers approximately $53 million ($41 million at LG&E and $12 million at KU). The billing credit represents the return to customers of certain regulatory liabilities on LG&E’s and KU’s Balance Sheets and serves to partially mitigate the rate increases during the first year in which the new rates are in effect. LG&E’s and KU’s applications also included a request for a CPCN to deploy Advanced Metering Infrastructure across LG&E’s and KU’s service territories in Kentucky. The applications were based on a forecasted test year of July 1, 2021 through June 30, 2022 and requested an authorized return on equity of 10.0%. On April 19, 2021, LG&E and KU entered into an agreement with all intervening parties to the proceedings resolving all matters in their applications, with the explicit exception of LG&E's and KU's net metering proposals. The agreement proposed increases in annual revenues of $217 million ($77 million and $116 million in electricity revenues at LG&E and KU and $24 million in gas revenues at LG&E) based on an authorized return on equity of 9.55%. The proposal included an authorized 9.35% return on equity for the ECR and GLT mechanisms. The agreement did not modify the requested one-year billing credit. The agreement proposed that the KPSC should grant LG&E’s and KU’s request for a CPCN to deploy Advanced Metering Infrastructure and proposed the establishment of a Retired Asset Recovery rider (RAR) to provide for recovery of and return on the remaining investment in certain electric generating units upon their retirement over a ten-year period following retirement. In respect of the RAR rider, the agreement proposed that LG&E and KU will continue to use currently approved depreciation rates for Mill Creek Units 1 and 2 and Brown Unit 3. The agreement also proposed a four-year "stay-out" commitment from LG&E and KU to refrain from effective base rate increases before July 1, 2025, subject to certain exceptions. On June 30, 2021, the KPSC issued orders approving the proposed agreement filed in April 2021, with certain modifications. The orders provide for increases in annual revenues of $199 million ($73 million and $106 million in electricity revenues at LG&E and KU and $20 million in gas revenues at LG&E) based on an authorized return on equity of 9.425%. The order grants the requested authorized 9.35% return on equity for the ECR and GLT mechanisms and does not modify the requested one-year billing credit. The orders approve the CPCN to deploy Advanced Metering Infrastructure and provide regulatory asset treatment for the remaining net book value of legacy meters upon full implementation of the Advanced Metering Infrastructure program. The orders also approve the establishment of the RAR rider and accepted the four-year "stay-out". The orders, however, disallowed certain legal costs that were included in the settlement. On July 23, 2021, LG&E and KU filed motions for partial rehearing and clarification of the return on equity, the disallowed legal costs and certain other matters related to the KPSC's orders. On August 12, 2021, the KPSC granted rehearing and clarification of the disallowed legal costs and certain other matters and denied rehearing and clarification of the return on equity. On September 24, 2021, the KPSC issued orders providing adjustments to previous net metering proposals. These adjustments did not impact the previously ordered annual revenue increases. PPL, LG&E and KU cannot predict the outcome of the remaining issues subject to partial rehearing and clarification. Pennsylvania Activities ( PPL and PPL Electric ) Act 129 Act 129 requires Pennsylvania Electric Distribution Companies (EDCs) to meet, by specified dates, specified goals for reduction in customer electricity usage and peak demand. EDCs not meeting the requirements of Act 129 are subject to significant penalties. PPL Electric filed with the PUC its Act 129 Phase IV Energy Efficiency and Conservation Plan (Phase IV Act 129 Plan) on November 30, 2020, for the five-year period starting June 1, 2021 and ending on May 31, 2026. PPL Electric's Phase IV Act 129 Plan was approved by the PUC at its March 25, 2021, public meeting. Federal Matters PPL Electric Transmission Formula Rate Return on Equity (PPL and PPL Electric) On May 21, 2020, PP&L Industrial Customer Alliance (PPLICA) filed a complaint with the FERC alleging that PPL Electric's base return on equity (ROE) of 11.18% used to determine PPL Electric's formula transmission rate was unjust and unreasonable. On August 20, 2021, PPL Electric entered into a settlement agreement (the "Settlement") with PPLICA and all other parties, including intervenors, with respect to the complaint filed by PPLICA on May 21, 2020. The key aspects of the Settlement include: • changes to PPL Electric’s base ROE: ◦ beginning as of May 21, 2020 and continuing through May 31, 2022, the ROE shall be 9.90%; ◦ beginning on June 1, 2022 and continuing through May 31, 2023, the ROE shall be 9.95%; ◦ beginning on June 1, 2023, the ROE shall be 10.00%, which shall continue in effect unless and until changed as permitted by the terms of the Settlement; • changes the equity component of PPL Electric’s capital structure to be the lower of (i) PPL Electric’s actual equity component, calculated in accordance with the formula rate template, or (ii) 56.00%; • allows modification of the current rate year of June 1 to May 31 to a calendar year of January 1 to December 31; and • allows modification of the current formula rate based on a historic test year to a projected test year. Refunds will be paid by PPL Electric based on the difference between charges that were calculated using the ROE in effect at the time and reduced charges calculated using the ROE provided for in the Settlement, plus interest at the FERC interest rate. In the three and nine months ended September 30, 2021, PPL Electric recorded a revenue reserve of $13 million ($10 million after-tax) and $64 million ($46 million after-tax) representing revenue subject to refund for the period May 21, 2020 through September 30, 2021. The reserve recorded in the nine months ended September 30, 2021, includes $28 million ($20 million after-tax) related to the period from May 21, 2020 to December 31, 2020. The Settlement is subject to review and action by the FERC, including approval, denial or modification. PPL Electric cannot predict the outcome of the FERC’s review of the Settlement. While the FERC's review of the settlement is pending, on October 15, 2021, PPL Electric filed a request to the FERC Chief Administrative Law Judge for authorization to implement interim rates to reflect the agreed-to base ROE in the Settlement effective December 1, 2021. The requested interim settlement rates were accepted on October 20, 2021 . FERC Transmission Rate Filing (PPL, LG&E and KU) In 2018, LG&E and KU applied to the FERC requesting elimination of certain on-going credits to a sub-set of transmission customers relating to the 1998 merger of LG&E's and KU's parent entities and the 2006 withdrawal of LG&E and KU from the Midcontinent Independent System Operator, Inc. (MISO), a regional transmission operator and energy market. The application sought termination of LG&E's and KU's commitment to provide certain Kentucky municipalities mitigation for certain horizontal market power concerns arising out of the 1998 LG&E and KU merger and 2006 MISO withdrawal. The amounts at issue are generally waivers or credits granted to a limited number of Kentucky municipalities for either certain LG&E and KU or MISO transmission charges incurred for transmission service received. Due to the development of robust, accessible energy markets over time, LG&E and KU believe the mitigation commitments are no longer relevant or appropriate. In March 2019, the FERC granted LG&E's and KU's request to remove the ongoing credits, conditioned upon the implementation by LG&E and KU of a transition mechanism for certain existing power supply arrangements, subject to FERC review and approval. In July 2019, LG&E and KU proposed their transition mechanism to the FERC and in September 2019, the FERC rejected the proposed transition mechanism. In September 2020, the FERC issued orders in the rehearing process that modified various aspects of the September 2019 orders which had approved future termination of the credits, including adjusting which customer arrangements are covered by the transition mechanism and respective future periods or dates for termination of credits. In November 2020, the FERC denied the parties' rehearing requests. In November 2020 and January 2021, LG&E and KU and other parties appealed the September 2020 and November 2020 orders at the D.C. Circuit Court of Appeals. The appellate proceedings are continuing, and also include certain additional prior pending petitions for review relating to the matter. On January 15, 2021, LG&E and KU made a filing seeking FERC acceptance of a new proposal for a transition mechanism. On March 16, 2021, the FERC accepted the filed transition mechanism agreements effective on March 17, 2021 but subject to refund, and established hearing and settlement procedures. LG&E and KU cannot predict the outcome of the respective appellate and FERC proceedings. LG&E and KU currently receive recovery of the waivers and credits provided through other rate mechanisms and such rate recovery would be anticipated to be adjusted consistent with potential changes or terminations of the waivers and credits, as such become effective. Other Purchase of Receivables Program (PPL and PPL Electric) In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for uncollectible accounts. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. During the three and nine months ended September 30, 2021, PPL Electric purchased $309 million and $883 million of accounts receivable from alternative suppliers. During the three and nine months ended September 30, 2020, PPL Electric purchased $303 million and $854 million of accounts receivable from alternative suppliers. |
Financing Activities
Financing Activities | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Financing Activities | 8. Financing Activities Credit Arrangements and Short-term Debt (All Registrants) The Registrants maintain credit facilities to enhance liquidity, provide credit support and act as a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, PPL's arrangements listed below include the credit facilities and commercial paper programs of PPL Electric, LG&E and KU. The amounts listed in the borrowed column below are recorded as "Short-term debt" on the Balance Sheets except for borrowings under PPL Capital Funding’s term loan agreement due March 2022, which are reflected in “Long-term debt” at December 31, 2020. The following credit facilities were in place at: September 30, 2021 December 31, 2020 Expiration Capacity Borrowed Letters of Unused Borrowed Letters of PPL PPL Capital Funding Syndicated Credit Facility Jan. 2024 $ 1,450 $ — $ — $ 1,450 $ — $ 402 Bilateral Credit Facility Mar. 2022 50 — — 50 — — Bilateral Credit Facility Mar. 2022 50 — 15 35 — 15 Term Loan Credit Facility Mar. 2022 — — — — 100 — Term Loan Credit Facility Mar. 2021 — — — — 100 — Term Loan Credit Facility Mar. 2021 — — — — 200 — Total PPL Capital Funding Credit Facilities $ 1,550 $ — $ 15 $ 1,535 $ 400 $ 417 PPL Electric Syndicated Credit Facility Jan. 2024 $ 650 $ — $ 1 $ 649 $ — $ 1 LG&E Syndicated Credit Facility Jan. 2024 $ 500 $ — $ — $ 500 $ — $ 262 KU Syndicated Credit Facility Jan. 2024 $ 400 $ — $ — $ 400 $ — $ 203 PPL Capital Funding, PPL Electric, LG&E and KU maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facilities. The following commercial paper programs were in place at: September 30, 2021 December 31, 2020 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding $ 1,500 $ — $ 1,500 0.25% $ 402 PPL Electric 650 — 650 — LG&E (a) 425 — 425 0.28% 262 KU 350 — 350 0.28% 203 Total $ 2,925 $ — $ 2,925 $ 867 (a) In March 2021, the capacity for the LG&E commercial paper program was increased from $350 million to $425 million. (PPL Electric, LG&E, and KU) See Note 12 for discussion of intercompany borrowings. Long-term Debt (PPL) In April 2021, PPL Capital Funding repaid its $100 million term loan expiring in March 2022. In June 2021, PPL Capital Funding commenced a tender offer to purchase for cash and retire (1) any and all of its outstanding 4.20% Senior Notes due 2022, 3.50% Senior Notes due 2022, 3.40% Senior Notes due 2023 and 3.95% Senior Notes due 2024 and (2) up to $1 billion aggregate purchase price of its outstanding 4.70% Senior Notes due 2043, 5.00% Senior Notes due 2044, 4.00% Senior Notes due 2047, 4.125% Senior Notes due 2030 and 3.10% Senior Notes due 2026. In June 2021, in connection with the tender offer, PPL Capital Funding retired $1,962 million combined aggregate principal amount of its outstanding Senior Notes for $2,293 million aggregate cash purchase price that included the tender premium and accrued interest. These Senior Notes had a weighted average interest rate of 4.14%. The loss on extinguishment associated with the transaction was $322 million, which included the tender premium, bank fees and unamortized fees, hedges and discounts. This loss on extinguishment was recorded to "Interest Expense" on the Statements of Income. In July 2021, PPL Capital Funding redeemed the remaining $1,072 million combined aggregate principal amount of its outstanding 4.20% Senior Notes due 2022, 3.50% Senior Notes due 2022, 3.40% Senior Notes due 2023 and 3.95% Senior Notes due 2024 that had not been validly tendered for an aggregate cash purchase price of $1,133 million, which included make-whole premiums and accrued interest. These Senior Notes had a weighted average interest rate of 3.71%. The loss on extinguishment associated with the transaction was $58 million, which included make-whole premiums, unamortized fees, hedges and discounts. PPL Capital Funding also redeemed its $450 million of 5.90% Junior Subordinated Notes due in 2073 at par. The loss on extinguishment associated with this transaction was $15 million, which included unamortized fees. In July 2021, LKE redeemed at par the $250 million 4.375% Senior Notes due 2021. (PPL and LG&E) In April 2021, the Louisville/Jefferson County Metro Government of Kentucky remarketed $128 million of Pollution Control Revenue Bonds, 2003 Series A due 2033 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 2.00% through their maturity date of October 1, 2033. In May 2021, the County of Trimble, Kentucky remarketed $35 million of Pollution Control Revenue Bonds, 2001 Series B due 2027 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 1.35% through their maturity date of November 1, 2027. In May 2021, the Louisville/Jefferson County Metro Government of Kentucky remarketed $35 million of Pollution Control Revenue Bonds, 2001 Series B due 2027 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 1.35% through their maturity date of November 1, 2027. In June 2021, LG&E converted the $31 million of Louisville/Jefferson County Metro Government of Kentucky Environmental Facilities Revenue Refunding Bonds, 2007 Series A issued on its behalf to a weekly interest rate, as permitted under loan documents. The bonds mature on June 1, 2033. In June 2021, LG&E converted the $35 million of Louisville/Jefferson County Metro Government, of Kentucky Environmental Facilities Revenue Refunding Bonds, 2007 Series B issued on its behalf to a weekly interest rate, as permitted under loan documents. The bonds mature on June 1, 2033. In September 2021, the County of Trimble, Kentucky remarketed $28 million of Pollution Control Revenue Bonds, 2001 Series A due 2026, previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 0.625% through their maturity date of September 1, 2026. (PPL and KU) In June 2021, the County of Carroll, Kentucky remarketed $54 million of Environmental Facilities Revenue Refunding Bonds, 2006 Series B due 2034 previously issued on behalf of KU. The bonds were remarketed at a long-term rate and will bear interest at 2.125% though their maturity date of October 1, 2034. In June 2021, the County of Carroll, Kentucky remarketed $78 million of Environmental Facilities Revenue Bonds 2008 Series A due 2032 previously issued on behalf of KU. The bonds were remarketed at a long-term rate and will bear interest at 2.00% through their maturity date of February 1, 2032. (PPL and PPL Electric) In June 2021, PPL Electric issued $650 million of First Mortgage Bonds, Floating Rate Series due 2024. PPL Electric received proceeds of $647 million, net of underwriting fees, which were used to redeem its $400 million outstanding First Mortgage Bonds, 3% Series due 2021 in July 2021 and for general corporate purposes. (PPL) Equity Securities Share Repurchase In August 2021, PPL's Board of Directors authorized share repurchases of up to $3 billion of PPL common shares. PPL currently expects to repurchase approximately $1 billion by the end of 2021. The actual amount repurchased will depend on various factors, including PPL’s share price, market conditions, and the determination of other uses for the proceeds from the sale of the U.K. utility business, including for incremental capital expenditures. PPL may purchase shares on each trading day subject to market conditions and principles of best execution. During the three and nine months ended September 30, 2021, PPL repurchased 9.6 million shares at a cost of $282 million. From October 1 to October 31, 2021, PPL repurchased an additional 9.4 million shares at a cost of $269 million. Commission fees incurred, which have been included in the cost of repurchases above, were insignificant through October 31, 2021. ATM Program In February 2018, PPL entered into an equity distribution agreement, pursuant to which PPL may sell, from time to time, up to an aggregate of $1.0 billion of its common stock through an at-the-market offering program, including a forward sales component. The compensation paid to the selling agents by PPL may be up to 2% of the gross offering proceeds of the shares. There were no issuances under the ATM program for the nine months ended September 30, 2021. The ATM program expired in February 2021. Distributions In August 2021, PPL declared a quarterly common stock dividend, payable October 1, 2021, of 41.5 cents per share (equivalent to $1.66 per annum). Future dividends, declared at the discretion of the Board of Directors, will depend upon future earnings, cash flows, financial and legal requirements and other factors. |
Defined Benefits
Defined Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefits | 10. Defined Benefits (PPL) Certain net periodic defined benefit costs are applied to accounts that are further distributed among capital, expense, regulatory assets and regulatory liabilities, including certain costs allocated to applicable subsidiaries for plans sponsored by PPL Services and LKE. Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL and its subsidiaries for the periods ended September 30: Pension Benefits Three Months Nine Months 2021 2020 2021 2020 PPL Service cost $ 14 $ 14 $ 42 $ 42 Interest cost 30 35 91 109 Expected return on plan assets (64) (62) (191) (185) Amortization of: Prior service cost 2 3 6 7 Actuarial loss 21 23 70 67 Net periodic defined benefit costs (credits) before settlements 3 13 18 40 Settlements (a) 14 13 14 13 Net periodic defined benefit costs (credits) $ 17 $ 26 $ 32 $ 53 (a) Settlement charges were incurred due to the amount of lump sum payment distributions from the LKE qualified pension plan. In accordance with existing regulatory accounting treatment, LG&E and KU have primarily maintained the settlement charge in regulatory assets to be amortized over fifteen years. Other Postretirement Benefits Three Months Nine Months 2021 2020 2021 2020 PPL Service cost $ 2 $ 2 $ 5 $ 5 Interest cost 4 4 12 14 Expected return on plan assets (6) (5) (18) (16) Amortization of: Prior service cost — — 1 1 Actuarial loss (1) — (1) — Net periodic defined benefit costs $ (1) $ 1 $ (1) $ 4 (PPL Electric, LG&E and KU) PPL Electric is allocated costs of defined benefit plans sponsored by PPL Services and LG&E and KU are allocated costs of defined benefit plans sponsored by LKE. LG&E and KU are also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 12 for additional information on costs allocated to LG&E and KU from LKS. These allocations are based on participation in those plans, which management believes are reasonable. For the periods ended September 30, PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU: Three Months Nine Months 2021 2020 2021 2020 PPL Electric $ — $ 3 $ 2 $ 9 LG&E 6 9 7 14 KU 1 4 — 5 (All Registrants) The non-service cost components of net periodic defined benefit costs (credits) (interest cost, expected return on plan assets, amortization of prior service cost and amortization of actuarial gain and loss) are presented in "Other Income (Expense) - net" on the Statements of Income. See Note 13 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal Matters (All Registrants) PPL and its subsidiaries are involved in legal proceedings, claims and litigation in the ordinary course of business. PPL and its subsidiaries cannot predict the outcome of such matters, or whether such matters may result in material liabilities, unless otherwise noted. Talen Litigation (PPL) Background In September 2013, one of PPL's former subsidiaries, PPL Montana entered into an agreement to sell its hydroelectric generating facilities. In June 2014, PPL and PPL Energy Supply, the parent company of PPL Montana, entered into various definitive agreements with affiliates of Riverstone to spin off PPL Energy Supply and ultimately combine it with Riverstone's competitive power generation businesses to form a stand-alone company named Talen Energy. In November 2014, after executing the spinoff agreements but prior to the closing of the spinoff transaction, PPL Montana closed the sale of its hydroelectric generating facilities. Subsequently, on June 1, 2015, the spinoff of PPL Energy Supply was completed. Following the spinoff transaction, PPL had no continuing ownership interest in or control of PPL Energy Supply. In connection with the spinoff transaction, PPL Montana became Talen Montana, LLC (Talen Montana), a subsidiary of Talen Energy. Talen Energy Marketing also became a subsidiary of Talen Energy as a result of the June 2015 spinoff of PPL Energy Supply. Talen Energy has owned and operated both Talen Montana and Talen Energy Marketing since the spinoff. At the time of the spinoff, affiliates of Riverstone acquired a 35% ownership interest in Talen Energy. Riverstone subsequently acquired the remaining interests in Talen Energy in a take private transaction in December 2016. Talen Montana Retirement Plan and Talen Energy Marketing, LLC, Individually and on Behalf of All Others Similarly Situated v. PPL Corporation et al. On October 29, 2018, Talen Montana Retirement Plan and Talen Energy Marketing filed a putative class action complaint on behalf of current and contingent creditors of Talen Montana who allegedly suffered harm or allegedly will suffer reasonably foreseeable harm as a result of a November 2014 distribution of proceeds from the sale of then-PPL Montana's hydroelectric generating facilities. The action was filed in the Sixteenth Judicial District of the State of Montana, Rosebud County, against PPL and certain of its affiliates and current and former officers and directors (Talen Putative Class Action). Plaintiff asserts claims for, among other things, fraudulent transfer, both actual and constructive; recovery against subsequent transferees; civil conspiracy; aiding and abetting tortious conduct; and unjust enrichment. Plaintiff is seeking avoidance of the purportedly fraudulent transfer, unspecified damages, including punitive damages, the imposition of a constructive trust, and other relief. In December 2018, PPL removed the Talen Putative Class Action from the Sixteenth Judicial District of the State of Montana to the United States District Court for the District of Montana, Billings Division (MT Federal Court). In January 2019, the plaintiff moved to remand the Talen Putative Class Action back to state court, and dismissed without prejudice all current and former PPL Corporation directors from the case. In September 2019, the MT Federal Court granted plaintiff's motion to remand the case back to state court. Although, the PPL defendants petitioned the Ninth Circuit Court of Appeals to grant an appeal of the remand decision, in November 2019, the Ninth Circuit Court of Appeals denied that request and in December 2019, Talen Montana Retirement Plan filed a Second Amended Complaint in the Sixteenth Judicial District of the State of Montana, Rosebud County, which removed Talen Energy Marketing as a plaintiff. In January 2020, PPL defendants filed a motion to dismiss the Second Amended Complaint or, in the alternative, to stay the proceedings pending the resolution of the below mentioned Delaware Action. The Court held a hearing on June 24, 2020 regarding the motions. On September 11, 2020, the Court granted PPL defendants' alternative Motion for a Stay of the proceedings. PPL Corporation et al. vs. Riverstone Holdings LLC, Talen Energy Corporation et al. On November 30, 2018, PPL, certain PPL affiliates, and certain current and former officers and directors (PPL plaintiffs) filed a complaint in the Court of Chancery of the State of Delaware seeking various forms of relief against Riverstone, Talen Energy and certain of their affiliates (Delaware Action), in response to and as part of the defense strategy for an action filed by Talen Montana, LLC (the Talen Direct Action, since dismissed) and the Talen Putative Class Action described above (together, the Montana Actions) originally filed in Montana state court in October 2018. In the complaint, the PPL plaintiffs ask the Delaware Court of Chancery for declaratory and injunctive relief. This includes a declaratory judgment that, under the separation agreement governing the spinoff of PPL Energy Supply, all related claims that arise must be heard in Delaware; that the statute of limitations in Delaware and the spinoff agreement bar these claims at this time; that PPL is not liable for the claims in either the Talen Direct Action or the Talen Putative Class Action as PPL Montana was solvent at all relevant times; and that the separation agreement requires that Talen Energy indemnify PPL for all losses arising from the debts of Talen Montana, among other things. PPL's complaint also seeks damages against Riverstone for interfering with the separation agreement and against Riverstone affiliates for breach of the implied covenant of good faith and fair dealing. The complaint was subsequently amended on January 11, 2019 and March 20, 2019, to include, among other things, claims related to indemnification with respect to the Montana Actions, request a declaration that the Montana Actions are time-barred under the spinoff agreements, and allege additional facts to support the tortious interference claim. In April 2019, the defendants filed motions to dismiss the amended complaint. In July 2019, the Court heard oral arguments from the parties regarding the motions to dismiss, and in October 2019, the Delaware Court of Chancery issued an opinion sustaining all of the PPL plaintiffs' claims except for the claim for breach of implied covenant of good faith and fair dealing. As a result of the dismissal of the Talen Direct Action in December 2019, in January 2020, Talen Energy filed a new motion to dismiss five of the remaining eight claims in the amended complaint. The Court heard oral argument on Talen's motion to dismiss on May 28, 2020, and on June 22, 2020, issued an opinion denying the motion in its entirety. Discovery is proceeding, and a trial has been scheduled for February 2022. With respect to each of the Talen-related matters described above, PPL believes that the 2014 distribution of proceeds was made in compliance with all applicable laws and that PPL Montana was solvent at all relevant times. Additionally, the agreements entered into in connection with the spinoff, which PPL and affiliates of Talen Energy and Riverstone negotiated and executed prior to the 2014 distribution, directly address the treatment of the proceeds from the sale of PPL Montana's hydroelectric generating facilities; in those agreements, Talen Energy and Riverstone definitively agreed that PPL was entitled to retain the proceeds. PPL believes that it has meritorious defenses to the claims made in the Talen Putative Class Action and intends to continue to vigorously defend against this action. The Talen Putative Class Action was stayed at an early stage of litigation. While the Delaware Action is progressing, at this time PPL cannot predict the outcome of either of these matters or estimate the range of possible losses, if any, that PPL might incur as a result of the claims, although they could be material. (PPL and LG&E) Cane Run Environmental Claims In December 2013, six residents, on behalf of themselves and others similarly situated, filed a class action complaint against LG&E and PPL in the U.S. District Court for the Western District of Kentucky (U.S. District Court) alleging violations of the Clean Air Act, RCRA, and common law claims of nuisance, trespass and negligence. In July 2014, the U.S. District Court dismissed the RCRA claims and all but one Clean Air Act claim, but declined to dismiss the common law tort claims. In February 2017, the U.S. District Court dismissed PPL as a defendant and dismissed the final federal claim against LG&E, and in April 2017, issued an Order declining to exercise supplemental jurisdiction on the state law claims dismissing the case in its entirety. In June 2017, the plaintiffs filed a class action complaint in Jefferson County, Kentucky Circuit Court, against LG&E alleging state law nuisance, negligence and trespass tort claims. The plaintiffs seek compensatory and punitive damages for alleged property damage due to purported plant emissions on behalf of a class of residents within one to three miles of the plant. On January 8, 2020, the Jefferson Circuit Court issued an order denying the plaintiffs’ request for class certification. On January 14, 2020, the plaintiffs filed a notice of appeal in the Kentucky Court of Appeals. On December 11, 2020, the Court of Appeals issued an order affirming the lower court’s denial of class certification. In December 2020, plaintiffs filed a petition for discretionary review with the Kentucky Supreme Court. On April 20, 2021, the Kentucky Supreme Court denied further review of the lower court order. The case was remanded to the Jefferson Circuit Court for the claims of the three remaining petitioners. LG&E has agreed to a settlement with each of the three remaining petitioners for an amount that will not have a significant impact on LG&E's operations or financial condition. ( PPL and KU) E.W. Brown Environmental Claims In July 2017, the Kentucky Waterways Alliance and the Sierra Club filed a citizen suit complaint against KU in the U.S. District Court for the Eastern District of Kentucky (U.S. District Court) alleging discharges at the E.W. Brown plant in violation of the Clean Water Act and the plant's water discharge permit and alleging contamination that may present an imminent and substantial endangerment in violation of the RCRA. The plaintiffs' suit relates to prior notices of intent to file a citizen suit submitted in October and November 2015 and October 2016. These plaintiffs sought injunctive relief ordering KU to take all actions necessary to comply with the Clean Water Act and RCRA, including ceasing the discharges in question, abating effects associated with prior discharges and eliminating the alleged imminent and substantial endangerment. These plaintiffs also sought assessment of civil penalties and an award of litigation costs and attorney fees. In December 2017, the U.S. District Court issued an Order dismissing the Clean Water Act and RCRA complaints against KU in their entirety. In January 2018, the plaintiffs appealed the dismissal Order to the U.S. Court of Appeals for the Sixth Circuit. In September 2018, the U.S. Court of Appeals for the Sixth Circuit issued its ruling affirming the lower court's decision to dismiss the Clean Water Act claims but reversing its dismissal of the RCRA claims against KU and remanding the latter to the U.S. District Court. In January 2019, KU filed an answer to plaintiffs’ complaint in the U.S. District Court. In May 2021, the U.S. District Court issued an order granting KU's motion for summary judgment and dismissed the case. In June 2021, the plaintiffs appealed the district court's order to the U.S. Court of Appeals for the Sixth Circuit. In September 2021, the parties entered into a settlement agreement, providing for dismissal of the appellate proceedings and release of other claims. KU is undertaking extensive remedial measures at the E.W. Brown plant including closure of the former ash pond, implementation of a groundwater remedial action plan and performance of a corrective action plan including aquatic study of adjacent surface waters and risk assessment. The aquatic study and risk assessment are being undertaken pursuant to a 2017 agreed Order with the Kentucky Energy and Environment Cabinet (KEEC). KU conducted sampling of Herrington Lake in 2017 and 2018. In June 2019, KU submitted to the KEEC the required aquatic study and risk assessment, conducted by an independent third-party consultant, finding that discharges from the E.W. Brown plant have not had any significant impact on Herrington Lake and that the water in the lake is safe for recreational use and meets safe drinking water standards. On May 31, 2021, the KEEC approved the report and released a response to public comments. On August 6, 2021, KU submitted a Supplemental Remedial Alternatives Analysis (SRAA) report to the KEEC that outlines proposed additional fish, water, and sediment testing. The KEEC will review the submitted SRAA report. Air Sulfuric Acid Mist Emissions (PPL and LG&E) In June 2016, the EPA issued a notice of violation under the Clean Air Act alleging that LG&E violated applicable rules relating to sulfuric acid mist emissions at its Mill Creek plant. The notice alleges failure to install proper controls, failure to operate the facility consistent with good air pollution control practice and causing emissions exceeding applicable requirements or constituting a nuisance or endangerment. LG&E believes it has complied with applicable regulations during the relevant time period. On July 31, 2020, the U.S. Department of Justice and Louisville Metro Air Pollution Control District filed a complaint in the U.S. District Court for the Western District of Kentucky alleging violations specified in the EPA notice of violation and seeking civil penalties and injunctive relief. In October 2020, LG&E filed a motion to dismiss the complaint. In December 2020, the U.S. Department of Justice and the Louisville Metro Air Pollution Control District filed an amended complaint. In February 2021, LG&E filed a renewed motion to dismiss regarding the amended complaint. In June 2021, the U.S. District Court approved the parties' request for a three-month stay in connection with settlement discussions occurring among the parties. In September 2021, the parties reached a tentative agreement providing for dismissal of the court action, the payment by LG&E of a penalty amount and performance of a supplemental environmental project (SEP). The parties are currently in the process of obtaining required approvals from the U.S. Department of Justice, the U.S. District Court, the EPA and Louisville Metro Air Pollution Control District for the resulting consent decree. PPL and LG&E are unable to predict the final outcome of this matter but do not believe the matter, including the agreed penalty and SEP, will have a significant impact on LG&E's operations or financial condition. Water/Waste (PPL, LG&E and KU) ELGs In 2015, the EPA finalized ELGs for wastewater discharge permits for new and existing steam electricity generating facilities. These guidelines require deployment of additional control technologies providing physical, chemical and biological treatment and mandate operational changes including "no discharge" requirements for certain wastewaters. The implementation date for individual generating stations was to be determined by the states on a case-by-case basis according to criteria provided by the EPA. Legal challenges to the final rule were consolidated before the U.S. Court of Appeals for the Fifth Circuit. In April 2017, the EPA announced that it would grant petitions for reconsideration of the rule. In September 2017, the EPA issued a rule to postpone the compliance date for certain requirements. On October 13, 2020, the EPA published final revisions to its best available technology standards for certain wastewaters and potential extensions to compliance dates (the Reconsideration Rule). The rule is expected to be implemented by the states or applicable permitting authorities in the course of their normal permitting activities. LG&E and KU are currently implementing responsive compliance strategies and schedules. Certain aspects of these compliance plans and estimates relate to developments in state water quality standards, which are separate from the ELG rule or its implementation. Certain costs are included in the Registrants' capital plans and expected to be recovered from customers through rate recovery mechanisms, but additional costs and recovery will depend on further regulatory developments at the state level. In August 2021, the EPA published a notice of rulemaking initiative announcing that it will propose revisions to the Reconsideration Rule and determine "whether more stringent limitations and standards are appropriate." Compliance with the Reconsideration Rule is required during the pendency of the rulemaking process. CCRs In 2015, the EPA issued a final rule governing management of CCRs which include fly ash, bottom ash and sulfur dioxide scrubber wastes. The CCR Rule imposes extensive new requirements for certain CCR impoundments and landfills, including public notifications, location restrictions, design and operating standards, groundwater monitoring and corrective action requirements, and closure and post-closure care requirements, and specifies restrictions relating to the beneficial use of CCRs. In July 2018, the EPA issued a final rule extending the deadline for closure of certain impoundments and adopting other substantive changes. In August 2018, the D.C. Circuit Court of Appeals vacated and remanded portions of the CCR Rule. In December 2019, the EPA addressed the deficiencies identified by the court and proposed amendments to change the closure deadline. In August 2020, the EPA published a final rule extending the deadline to initiate closure to April 11, 2021, while providing for certain extensions. The EPA is conducting ongoing rulemaking actions regarding various other amendments to the rule. Certain ongoing legal challenges to various provisions of the CCR Rule have been held in abeyance pending review by the EPA pursuant to the President's executive order. PPL, LG&E and KU are unable to predict the outcome of the ongoing litigation and rulemaking or potential impacts on current LG&E and KU compliance plans. The Registrants are currently finalizing closure plans and schedules. In January 2017, Kentucky issued a new state rule relating to CCR management, effective May 2017, aimed at reflecting the requirements of the federal CCR rule. As a result of a subsequent legal challenge, in January 2018, the Franklin County, Kentucky Circuit Court issued an opinion invalidating certain procedural elements of the rule. LG&E and KU presently operate their facilities under continuing permits authorized under the former program and do not currently anticipate material impacts as a result of the judicial ruling. Associated costs are expected to be subject to rate recovery. LG&E and KU received KPSC approval for a compliance plan providing for the closure of impoundments at the Mill Creek, Trimble County, E.W. Brown, and Ghent stations, and construction of process water management facilities at those plants. In addition to the foregoing measures required for compliance with the federal CCR rule, KU also received KPSC approval for its plans to close impoundments at the retired Green River, Pineville and Tyrone plants to comply with applicable state law. As of April 2021, LG&E and KU have commenced closure of all of the subject impoundments and have completed closure of some of their smaller impoundments. LG&E and KU generally expect to complete impoundment closures within five years of commencement, although a longer period may be required to complete closure of some facilities. Associated costs are expected to be subject to rate recovery. In connection with the final CCR rule, LG&E and KU recorded adjustments to existing AROs beginning in 2015 and continue to record adjustments as required. See Note 16 for additional information. Further changes to AROs, current capital plans or operating costs may be required as estimates are refined based on closure developments, groundwater monitoring results, and regulatory or legal proceedings. Costs relating to this rule are subject to rate recovery. (All Registrants) Superfund and Other Remediation PPL Electric, LG&E and KU are potentially responsible for investigating and remediating contamination under the federal Superfund program and similar state programs. Actions are under way at certain sites including former coal gas manufacturing plants in Pennsylvania and Kentucky previously owned or operated by, or currently owned by predecessors or affiliates of, PPL Electric, LG&E and KU. PPL Electric is potentially responsible for a share of clean-up costs at certain sites including the Columbia Gas Plant site and the Brodhead site. Cleanup actions have been or are being undertaken at these sites as requested by governmental agencies, the costs of which have not been and are not expected to be significant to PPL Electric. As of September 30, 2021 and December 31, 2020, PPL Electric had a recorded liability of $10 million representing its best estimate of the probable loss incurred to remediate the sites identified above. Depending on the outcome of investigations at identified sites where investigations have not begun or been completed, or developments at sites for which information is incomplete, additional costs of remediation could be incurred. PPL Electric, LG&E and KU lack sufficient information about such additional sites to estimate any potential liability or range of reasonably possible losses, if any, related to these sites. Such costs, however, are not currently expected to be significant. The EPA is evaluating the risks associated with polycyclic aromatic hydrocarbons and naphthalene, chemical by-products of coal gas manufacturing. As a result, individual states may establish stricter standards for water quality and soil cleanup, that could require several PPL subsidiaries to take more extensive assessment and remedial actions at former coal gas manufacturing plants. The Registrants cannot reasonably estimate a range of possible losses, if any, related to these matters. Regulatory Issues ( All Registrants) See Note 7 for information on regulatory matters related to utility rate regulation. Electricity - Reliability Standards The NERC is responsible for establishing and enforcing mandatory reliability standards (Reliability Standards) regarding the bulk electric system in North America. The FERC oversees this process and independently enforces the Reliability Standards. The Reliability Standards have the force and effect of law and apply to certain users of the bulk electric system, including electric utility companies, generators and marketers. Under the Federal Power Act, the FERC may assess civil penalties for certain violations. PPL Electric, LG&E and KU monitor their compliance with the Reliability Standards and self-report or self-log potential violations of applicable reliability requirements whenever identified, and submit accompanying mitigation plans, as required. The resolution of a small number of potential violations is pending. Penalties incurred to date have not been significant. Any Regional Reliability Entity determination concerning the resolution of violations of the Reliability Standards remains subject to the approval of the NERC and the FERC. In the course of implementing their programs to ensure compliance with the Reliability Standards by those PPL affiliates subject to the standards, certain other instances of potential non-compliance may be identified from time to time. The Registrants cannot predict the outcome of these matters, and an estimate or range of possible losses cannot be determined. Gas - Security Directives (PPL and LG&E) In May and July of 2021, the Department of Homeland Security’s (DHS) Transportation Security Administration (TSA) released two security directives applicable to certain notified owners and operators of natural gas pipeline facilities (including local distribution companies) that TSA has determined to be critical. The first security directive required notified owners/operators to implement cybersecurity incident reporting to the DHS, designate a cybersecurity coordinator, and perform a gap assessment of current entity cybersecurity practices against certain voluntary TSA security guidelines and report relevant results and proposed mitigation to applicable DHS agencies. The second security directive requires notified entities to implement a significant number of specified cyber security controls and processes. LG&E does not believe the security directives will have a significant impact on LG&E’s operations or financial condition. Other Labor Union Agreements (PPL and PPL Electric) For PPL and PPL Electric, labor agreement negotiations with the IBEW are expected to commence in the first quarter of 2022. The current five-year agreement expires in May 2022. (KU) KU has 70 employees that are represented by the IBEW labor union. On August 1, 2021, KU and the IBEW ratified a three-year labor agreement through August 2024. The terms of the new labor agreement are not expected to have a significant impact on the financial results of KU. Guarantees and Other Assurances (All Registrants) In the normal course of business, the Registrants enter into agreements that provide financial performance assurance to third parties on behalf of certain subsidiaries. Such agreements include, for example, guarantees, stand-by letters of credit issued by financial institutions and surety bonds issued by insurance companies. These agreements are entered into primarily to support or enhance the creditworthiness attributed to a subsidiary on a stand-alone basis or to facilitate the commercial activities in which these subsidiaries engage. (PPL) PPL fully and unconditionally guarantees all of the debt securities and loan obligations of PPL Capital Funding. (All Registrants) The table below details guarantees provided as of September 30, 2021. "Exposure" represents the estimated maximum potential amount of future payments that could be required to be made under the guarantee. The probability of expected payment/performance under each of these guarantees is remote. For reporting purposes, on a consolidated basis, the guarantees of PPL include the guarantees of its subsidiary Registrants. Exposure at September 30, 2021 Expiration PPL Indemnifications related to the sale of the U.K. utility business £ 7,881 (a) 2021 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) (a) PPL WPD Limited agreed to provide a standard indemnity regarding “leakage” amounts, which includes amounts taken out of the sold assets through dividends, return of capital, bonuses or similar method, received or waived by WPD (or its affiliates defined as members of the Sellers Group in the SPA) during the period from April 1, 2020 through June 14, 2021, except such amounts permitted under the WPD SPA. The amount of the cap on this indemnity is the amount paid to PPL WPD Limited at closing. (b) PPL WPD Limited entered into a Tax Deed dated June 9, 2021 in which it agreed to a tax indemnity regarding certain potential tax liabilities of the entities sold with respect to periods prior to the completion of the sale, subject to customary exclusions and limitations. Because National Grid Holdings One plc, the buyer, agreed to purchase indemnity insurance, the amount of the cap on the indemnity for these liabilities is £1, except with respect to certain surrenders of tax losses, for which the amount of the cap on the indemnity is £50 million. (c) Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement and decommissioning costs, as well as any shortfall from amounts included within a demand charge designed and expected to cover these costs over the term of the contract. PPL's proportionate share of OVEC's outstanding debt was $94 million at September 30, 2021, consisting of LG&E's share of $65 million and KU's share of $29 million. The maximum exposure and the expiration date of these potential obligations are not presently determinable. See "Energy Purchase Commitments" in Note 14 in PPL's, LG&E's and KU's 2020 Form 10-K for additional information on the OVEC power purchase contract. In March 2018, a sponsor with a 4.85% pro-rata share of OVEC obligations filed for bankruptcy under Chapter 11 and, in August 2018, received a rejection order for the OVEC power purchase contract in the bankruptcy proceeding. OVEC and other entities challenged the contract rejection, the bankruptcy plan confirmation and regulatory aspects of the plan in various forums. In May 2020, OVEC and the relevant sponsor announced a settlement resolving all disputed matters in the bankruptcy and other proceedings, including providing that the sponsor will withdraw its request to reject the power purchase agreement. The settlement was implemented in July 2020. The Registrants provide other miscellaneous guarantees through contracts entered into in the normal course of business. These guarantees are primarily in the form of indemnification or warranties related to services or equipment and vary in duration. The amounts of these guarantees often are not explicitly stated, and the overall maximum amount of the obligation under such guarantees cannot be reasonably estimated. Historically, no significant payments have been made with respect to these types of guarantees and the probability of payment/performance under these guarantees is remote. PPL, on behalf of itself and certain of its subsidiaries, maintains insurance that covers liability assumed under contract for bodily injury and property damage. The coverage provides maximum aggregate coverage of $225 million. This insurance may be applicable to obligations under certain of these contractual arrangements. Risks and Uncertainties (All Registrants) The COVID-19 pandemic has disrupted the U.S. and global economies and continues to present challenges to businesses, communities, workforces and markets. In the U.S. and throughout the world, governmental authorities have taken actions to contain the spread of the virus and mitigate known or foreseeable impacts. In the Registrants’ service territories, mitigation measures included quarantines, stay-at-home orders, travel restrictions, reduced operations or closures of businesses, schools and governmental agencies, and legislative or regulatory actions to address health or other pandemic-related concerns. Many restrictions that had been imposed are in the process of being lifted but may be reenacted in the future. These actions have the potential to adversely impact the Registrants' business and operations, especially if these measures remain in effect for a prolonged period of time. To date, there has been no material impact on the Registrants’ operations, financial condition, liquidity or on their supply chain as a result of COVID-19; however, the duration and severity of the outbreak and its ultimate effects on the global economy, the financial markets, or the Registrants’ workforce, customers and suppliers are uncertain. A protracted slowdown of broad sectors of the economy, prolonged or pervasive restrictions on businesses and their workforces, or significant changes in legislation or regulatory policy to address the COVID-19 pandemic all present significant risks to the Registrants. These or other unpredictable events resulting from the pandemic could reduce customer demand for electricity and gas, impact the Registrants’ employees and supply chains, result in an increase in certain costs, delay payments or increase bad debts, or result in changes in the fair value of their assets and liabilities, which could materially and adversely affect the Registrants’ business, results of operations, financial condition or liquidity. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 12. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services, PPL EU Services and LKS provide the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2021 2020 2021 2020 PPL Electric from PPL Services $ 15 $ 11 $ 36 $ 37 PPL Electric from PPL EU Services 48 44 147 126 LG&E from LKS 40 43 126 125 KU from LKS 43 45 132 132 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $1,200 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2021, PPL Energy Funding had borrowings outstanding in the amount of $575 million. This balance is reflected in "Notes receivable from affiliate" on the PPL Electric balance sheet. No balance was outstanding at December 31, 2020. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper limit at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. LG&E's money pool borrowing limit is $325 million. At September 30, 2021, LG&E had borrowings outstanding from LKE in the amount of $284 million. This balance is reflected in "Notes payable to affiliates" on the LG&E balance sheets. No balances were outstanding at December 31, 2020. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper limit at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. KU's money pool borrowing limit is $300 million. At September 30, 2021, KU had borrowings outstanding from LKE in the amount of $208 million. This balance is reflected in "Notes payable to affiliates" on the KU balance sheets. No balances were outstanding at December 31, 2020. VEBA Funds Receivable (PPL Electric) In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $14 million as of September 30, 2021, of which $10 million was reflected in "Accounts receivable from affiliates" and $4 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheet. The intercompany receivable balance associated with these funds was $22 million as of December 31, 2020, of which $10 million was reflected in "Accounts receivable from affiliates" and $12 million was reflected in "Other noncurrent assets" on the PPL Electric balance sheets. Other (PPL Electric, LG&E and KU) |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 12. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services, PPL EU Services and LKS provide the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2021 2020 2021 2020 PPL Electric from PPL Services $ 15 $ 11 $ 36 $ 37 PPL Electric from PPL EU Services 48 44 147 126 LG&E from LKS 40 43 126 125 KU from LKS 43 45 132 132 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $1,200 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2021, PPL Energy Funding had borrowings outstanding in the amount of $575 million. This balance is reflected in "Notes receivable from affiliate" on the PPL Electric balance sheet. No balance was outstanding at December 31, 2020. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper limit at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. LG&E's money pool borrowing limit is $325 million. At September 30, 2021, LG&E had borrowings outstanding from LKE in the amount of $284 million. This balance is reflected in "Notes payable to affiliates" on the LG&E balance sheets. No balances were outstanding at December 31, 2020. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper limit at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. KU's money pool borrowing limit is $300 million. At September 30, 2021, KU had borrowings outstanding from LKE in the amount of $208 million. This balance is reflected in "Notes payable to affiliates" on the KU balance sheets. No balances were outstanding at December 31, 2020. VEBA Funds Receivable (PPL Electric) In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $14 million as of September 30, 2021, of which $10 million was reflected in "Accounts receivable from affiliates" and $4 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheet. The intercompany receivable balance associated with these funds was $22 million as of December 31, 2020, of which $10 million was reflected in "Accounts receivable from affiliates" and $12 million was reflected in "Other noncurrent assets" on the PPL Electric balance sheets. Other (PPL Electric, LG&E and KU) |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 12. Related Party Transactions Support Costs (PPL Electric, LG&E and KU) PPL Services, PPL EU Services and LKS provide the Registrants, their respective subsidiaries and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2021 2020 2021 2020 PPL Electric from PPL Services $ 15 $ 11 $ 36 $ 37 PPL Electric from PPL EU Services 48 44 147 126 LG&E from LKS 40 43 126 125 KU from LKS 43 45 132 132 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between PPL and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $1,200 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2021, PPL Energy Funding had borrowings outstanding in the amount of $575 million. This balance is reflected in "Notes receivable from affiliate" on the PPL Electric balance sheet. No balance was outstanding at December 31, 2020. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the Income Statements. (LG&E and KU) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to the difference between LG&E's FERC borrowing limit and LG&E's commercial paper limit at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. LG&E's money pool borrowing limit is $325 million. At September 30, 2021, LG&E had borrowings outstanding from LKE in the amount of $284 million. This balance is reflected in "Notes payable to affiliates" on the LG&E balance sheets. No balances were outstanding at December 31, 2020. KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to the difference between KU's FERC borrowing limit and KU's commercial paper limit at an interest rate based on the lower of a market index of commercial paper issues and two additional rate options based on LIBOR. KU's money pool borrowing limit is $300 million. At September 30, 2021, KU had borrowings outstanding from LKE in the amount of $208 million. This balance is reflected in "Notes payable to affiliates" on the KU balance sheets. No balances were outstanding at December 31, 2020. VEBA Funds Receivable (PPL Electric) In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $14 million as of September 30, 2021, of which $10 million was reflected in "Accounts receivable from affiliates" and $4 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheet. The intercompany receivable balance associated with these funds was $22 million as of December 31, 2020, of which $10 million was reflected in "Accounts receivable from affiliates" and $12 million was reflected in "Other noncurrent assets" on the PPL Electric balance sheets. Other (PPL Electric, LG&E and KU) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements (All Registrants) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). A market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models) and/or a cost approach (generally, replacement cost) are used to measure the fair value of an asset or liability, as appropriate. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. The fair value of a group of financial assets and liabilities is measured on a net basis. See Note 1 in each Registrant's 2020 Form 10-K for information on the levels in the fair value hierarchy. Recurring Fair Value Measurements The assets and liabilities measured at fair value were: September 30, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 4,767 $ 4,767 $ — $ — $ 442 $ 442 $ — $ — Restricted cash and cash equivalents (a) 1 1 — — 1 1 — — Special use funds (a): Money market fund 3 3 — — — — — — Commingled debt fund measured at NAV (b) 23 — — — 26 — — — Commingled equity fund measured at NAV (b) 20 — — — 25 — — — Total special use funds 46 3 — — 51 — — — Total assets $ 4,814 $ 4,771 $ — $ — $ 494 $ 443 $ — $ — Liabilities Price risk management liabilities (c): Interest rate swaps $ 19 $ — $ 19 $ — $ 23 $ — $ 23 $ — Total price risk management liabilities $ 19 $ — $ 19 $ — $ 23 $ — $ 23 $ — September 30, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Electric Assets Cash and cash equivalents $ 59 $ 59 $ — $ — $ 40 $ 40 $ — $ — Total assets $ 59 $ 59 $ — $ — $ 40 $ 40 $ — $ — LG&E Assets Cash and cash equivalents $ 5 $ 5 $ — $ — $ 7 $ 7 $ — $ — Total assets $ 5 $ 5 $ — $ — $ 7 $ 7 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 19 $ — $ 19 $ — $ 23 $ — $ 23 $ — Total price risk management liabilities $ 19 $ — $ 19 $ — $ 23 $ — $ 23 $ — KU Assets Cash and cash equivalents $ 8 $ 8 $ — $ — $ 22 $ 22 $ — $ — Total assets $ 8 $ 8 $ — $ — $ 22 $ 22 $ — $ — (a) Included in "Other current assets" on the Balance Sheets. (b) In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Balance Sheets. (c) Current portion is included in "Other current liabilities" and noncurrent portion is included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. Special Use Funds (PPL) The special use funds are investments restricted for paying active union employee medical costs. In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA to be used to pay medical claims of active bargaining unit employees. The funds are invested primarily in commingled debt and equity funds measured at NAV and are classified as investments in equity securities. Changes in fair value of the funds are recorded to the Statements of Income. Price Risk Management Assets/Liabilities - Interest Rate Swaps/Foreign Currency Contracts/Cross-Currency Swaps ( PPL, LG&E and KU) To manage interest rate risk, PPL, LG&E and KU use interest rate contracts such as forward-starting swaps, floating-to-fixed swaps and fixed-to-floating swaps. To manage foreign currency exchange risk, PPL used foreign currency contracts such as forwards, options and cross-currency swaps that contain characteristics of both interest rate and foreign currency contracts. An income approach is used to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., LIBOR and government security rates) and forward foreign currency exchange rates (e.g., GBP), as well as inputs that may not be observable, such as credit valuation adjustments. In certain cases, market information cannot practicably be obtained to value credit risk and therefore internal models are relied upon. These models use projected probabilities of default and estimated recovery rates based on historical observances. When the credit valuation adjustment is significant to the overall valuation, the contracts are classified as Level 3. Financial Instruments Not Recorded at Fair Value (All Registrants) The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. Long-term debt is classified as Level 2. The effect of third-party credit enhancements is not included in the fair value measurement. September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value PPL $ 11,139 $ 13,091 $ 14,689 $ 17,774 PPL Electric 4,483 5,296 4,236 5,338 LG&E 2,006 2,387 2,007 2,499 KU 2,618 3,157 2,618 3,334 (a) Amounts are net of debt issuance costs. The carrying amounts of other current financial instruments (except for long-term debt due within one year) approximate their fair values because of their short-term nature. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 15. Derivative Instruments and Hedging Activities Risk Management Objectives (All Registrants) PPL has a risk management policy approved by the Board of Directors to manage market risk associated with commodities, interest rates on debt issuances and foreign exchange (including price, liquidity and volumetric risk) and credit risk (including non-performance risk and payment default risk). The Risk Management Committee, comprised of senior management and chaired by the Senior Director-Risk Management, oversees the risk management function. Key risk control activities designed to ensure compliance with the risk policy and detailed programs include, but are not limited to, credit review and approval, validation of transactions, verification of risk and transaction limits, value-at-risk analyses (VaR, a statistical model that attempts to estimate the value of potential loss over a given holding period under normal market conditions at a given confidence level) and the coordination and reporting of the Enterprise Risk Management program. Market Risk Market risk includes the potential loss that may be incurred as a result of price changes associated with a particular financial or commodity instrument as well as market liquidity and volumetric risks. Forward contracts, futures contracts, options, swaps and structured transactions are utilized as part of risk management strategies to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and foreign currency exchange rates. Many of these contracts meet the definition of a derivative. All derivatives are recognized on the Balance Sheets at their fair value, unless NPNS is elected. The following summarizes the market risks that affect PPL and its subsidiaries. Interest Rate Risk • PPL and its subsidiaries are exposed to interest rate risk associated with forecasted fixed-rate and existing floating-rate debt issuances. Prior to the sale of the U.K. utility business on June 14, 2021, PPL and WPD held over-the-counter cross currency swaps to limit exposure to market fluctuations on interest and principal payments from changes in foreign currency exchange rates and interest rates. PPL and LG&E utilize over-the-counter interest rate swaps to limit exposure to market fluctuations on floating-rate debt. PPL, LG&E and KU utilize forward starting interest rate swaps to hedge changes in benchmark interest rates, when appropriate, in connection with future debt issuances. • PPL and its subsidiaries are exposed to interest rate risk associated with debt securities and derivatives held by defined benefit plans. This risk is significantly mitigated to the extent that the plans are sponsored at, or sponsored on behalf of, the regulated domestic utilities and, prior to the sale of the U.K. utility business on June 14, 2021, for certain plans at WPD due to the recovery methods in place. Foreign Currency Risk (PPL) • Prior to the sale of the U.K. utility business on June 14, 2021, PPL was exposed to foreign currency exchange risk primarily associated with its investments in and earnings of U.K. affiliates. (All Registrants) Commodity Price Risk PPL is exposed to commodity price risk through its domestic subsidiaries as described below. • PPL Electric is required to purchase electricity to fulfill its obligation as a PLR. Potential commodity price risk is insignificant and mitigated through its PUC-approved cost recovery mechanism and full-requirement supply agreements to serve its PLR customers which transfer the risk to energy suppliers. • LG&E's and KU's rates include certain mechanisms for fuel, fuel-related expenses and energy purchases. In addition, LG&E's rates include a mechanism for natural gas supply expenses. These mechanisms generally provide for timely recovery of market price fluctuations associated with these expenses. Volumetric Risk Volumetric risk is the risk related to the changes in volume of retail sales due to weather, economic conditions or other factors. PPL is exposed to volumetric risk through its subsidiaries as described below. • Prior to the sale of the U.K. utility business on June 14, 2021, WPD was exposed to volumetric risk which was significantly mitigated as a result of the method of regulation in the U.K. Under the RIIO-ED1 price control regulations, recovery of such exposure occurs on a two year lag. See Note 1 in PPL's 2020 Form 10-K for additional information on revenue recognition under RIIO-ED1. • PPL Electric, LG&E and KU are exposed to volumetric risk on retail sales, mainly due to weather and other economic conditions for which there is limited mitigation between rate cases. Equity Securities Price Risk • PPL and its subsidiaries are exposed to equity securities price risk associated with the fair value of the defined benefit plans' assets. This risk is significantly mitigated at the regulated domestic utilities and, prior to the sale of the U.K. utility business on June 14, 2021, for certain plans at WPD due to the recovery methods in place. • PPL is exposed to equity securities price risk from future stock sales and/or purchases. Credit Risk Credit risk is the potential loss that may be incurred due to a counterparty's non-performance. PPL is exposed to credit risk from "in-the-money" interest rate derivatives with financial institutions, as well as additional credit risk through certain of its subsidiaries, as discussed below. In the event a supplier of PPL Electric, LG&E or KU defaults on its obligation, those Registrants would be required to seek replacement power or replacement fuel in the market. In general, subject to regulatory review or other processes, appropriate incremental costs incurred by these entities would be recoverable from customers through applicable rate mechanisms, thereby mitigating the financial risk for these entities. PPL and its subsidiaries have credit policies in place to manage credit risk, including the use of an established credit approval process, daily monitoring of counterparty positions and the use of master netting agreements or provisions. These agreements generally include credit mitigation provisions, such as margin, prepayment or collateral requirements. PPL and its subsidiaries may request additional credit assurance, in certain circumstances, in the event that the counterparties' credit ratings fall below investment grade, their tangible net worth falls below specified percentages or their exposures exceed an established credit limit. Master Netting Arrangements (PPL, LG&E and KU) Net derivative positions on the balance sheets are not offset against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. PPL had no obligation and an immaterial obligation to return cash collateral under master netting arrangements at September 30, 2021 and December 31, 2020. PPL had no obligation to post cash collateral under master netting arrangements at September 30, 2021 and December 31, 2020. LG&E and KU had no obligation to return cash collateral under master netting arrangements at September 30, 2021 and December 31, 2020. LG&E and KU had no obligation to post cash collateral under master netting arrangements at September 30, 2021 and December 31, 2020. See "Offsetting Derivative Instruments" below for a summary of derivative positions presented in the balance sheets where a right of setoff exists under these arrangements. Interest Rate Risk (All Registrants) PPL and its subsidiaries issue debt to finance their operations, which exposes them to interest rate risk. A variety of financial derivative instruments are utilized to adjust the mix of fixed and floating interest rates in their debt portfolios, adjust the duration of the debt portfolios and lock in benchmark interest rates in anticipation of future financing, when appropriate. Risk limits under PPL's risk management program are designed to balance risk exposure to volatility in interest expense and changes in the fair value of the debt portfolio due to changes in benchmark interest rates. In addition, the interest rate risk of certain subsidiaries is potentially mitigated as a result of the existing regulatory framework or the timing of rate cases. Cash Flow Hedges (PPL) Interest rate risks include exposure to adverse interest rate movements for outstanding variable rate debt and for future anticipated financings. Financial interest rate swap contracts that qualify as cash flow hedges may be entered into to hedge floating interest rate risk associated with both existing and anticipated debt issuances. PPL had no such contracts at September 30, 2021. As of September 30, 2021, PPL had no aggregate notional value in cross-currency interest rate swap contracts. In March 2021, $500 million of WPD's U.S. dollar-denominated senior notes were repaid prior to maturity and $500 million notional value of cross-currency interest rate swap contracts matured. Cash flow hedges are discontinued if it is no longer probable that the original forecasted transaction will occur by the end of the originally specified time period and any amounts previously recorded in AOCI are reclassified into earnings once it is determined that the hedged transaction is not probable of occurring. For the three and nine months ended September 30, 2021 and 2020, PPL had no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges. At September 30, 2021, the amount of accumulated net unrecognized after-tax gains (losses) on qualifying derivatives expected to be reclassified into earnings during the next 12 months is insignificant. Amounts are reclassified as the hedged interest expense is recorded. Economic Activity (PPL and LG&E) LG&E enters into interest rate swap contracts that economically hedge interest payments. Because realized gains and losses from the swaps, including terminated swap contracts, are recoverable through regulated rates, any subsequent changes in fair value of these derivatives are included in regulatory assets or liabilities until they are realized as interest expense. Realized gains and losses are recognized in "Interest Expense" on the Statements of Income at the time the underlying hedged interest expense is recorded. At September 30, 2021, LG&E held contracts with a notional amount of $64 million that mature in 2033. Foreign Currency Risk (PPL) Prior to the sale of the U.K. utility business on June 14, 2021, PPL was exposed to foreign currency risk, primarily through investments in and earnings of U.K. affiliates. PPL had adopted a foreign currency risk management program designed to hedge certain foreign currency exposures, including firm commitments, recognized assets or liabilities, anticipated transactions, including the sale of its U.K. utility business and net investments. In addition, PPL entered into financial instruments to protect against foreign currency translation risk of expected GBP earnings. Net Investment Hedges Prior to the sale of the U.K. utility business on June 14, 2021, PPL entered into foreign currency contracts on behalf of a subsidiary to protect the value of a portion of its net investment in WPD. There were no contracts outstanding at September 30, 2021. At December 31, 2020, PPL had $33 million of accumulated net investment hedge after tax gains (losses) that were included in the foreign currency translation adjustment component of AOCI. The remaining balance was transferred out of AOCI and realized in discontinued operations as a result of the sale of the U.K. utility business. Economic Activity Prior to the sale of the U.K. utility business on June 14, 2021, PPL entered into foreign currency contracts on behalf of a subsidiary to economically hedge GBP-denominated anticipated earnings and anticipated transactions, including the sale of its U.K. utility business. Accounting and Reporting (All Registrants) All derivative instruments are recorded at fair value on the Balance Sheet as an asset or liability unless NPNS is elected. NPNS contracts include certain full requirement purchase contracts and other physical purchase contracts. Changes in the fair value of derivatives not designated as NPNS are recognized in earnings unless specific hedge accounting criteria are met and designated as such, except for the changes in fair values of LG&E's interest rate swaps that are recognized as regulatory assets or regulatory liabilities. See Note 7 for amounts recorded in regulatory assets and regulatory liabilities at September 30, 2021 and December 31, 2020. See Note 1 in each Registrant's 2020 Form 10-K for additional information on accounting policies related to derivative instruments. (PPL) The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. September 30, 2021 December 31, 2020 Derivatives designated as Derivatives not designated Derivatives designated as Derivatives not designated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps (a) (b) $ — $ — $ — $ 2 $ — $ — $ — $ 2 Cross-currency swaps (c) — — — — 94 — — — Foreign currency contracts (c) — — — — — — — 137 Total current — — — 2 94 — — 139 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps (a) (b) — — — 17 — — — 21 Cross-currency swaps (c) — — — — 52 — — — Total noncurrent — — — 17 52 — — 21 Total derivatives $ — $ — $ — $ 19 $ 146 $ — $ — $ 160 (a) Current portion is included in "Price risk management assets" and "Other current liabilities" and noncurrent portion is included in "Price risk management assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. (b) Excludes accrued interest, if applicable. (c) Included in "Current assets held for sale" and "Current liabilities held for sale" on the Balance Sheets. The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2021. Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (1) $ 12 Income (Loss) from Discontinued Operations (net of taxes) — (2) Cross-currency swaps — (50) Income (Loss) from Discontinued Operations (net of taxes) — (39) Total $ — $ (50) $ (1) $ (29) Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Nine Months Foreign currency contracts Income (Loss) from Discontinued Operations (net of taxes) $ — $ (266) Interest rate swaps Interest expense — (2) Total $ — $ (268) Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 1 $ 4 The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2020. Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ 3 $ (7) Interest expense $ (3) $ (7) Income (Loss) from Discontinued Operations (net of taxes) (1) (2) Cross-currency swaps (67) (13) Income (Loss) from Discontinued Operations (net of taxes) (56) (24) Total $ (64) $ (20) $ (60) $ (33) Net Investment Hedges: Foreign currency contracts in discontinued operations $ — $ 1 Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Nine Months Foreign currency contracts Income (Loss) from Discontinued operations (net of taxes) $ (19) $ 44 Interest rate swaps Interest expense (1) (4) Total $ (20) $ 40 Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ (5) The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2021. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Nine Months Interest Expense Income (Loss) from Discontinued Operations (net of income taxes) 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 $ 183 $ (2) $ 810 $ (1,490) 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) — 12 (2) Cross-currency swaps: Hedged items — — — 39 Amount of gain (loss) reclassified from AOCI to Income — — — (39) The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2020. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Nine Months Interest Expense Income (Loss) from Discontinued Operations (net of taxes) Interest Expense Income (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 $ 161 $ 164 $ 479 $ 705 The effects of cash flow hedges: Gain (Loss) on cash flow hedging relationships: Interest rate swaps: Amount of gain (loss) reclassified from AOCI to income (3) (1) (7) (2) Cross-currency swaps: Hedged items — 56 — 24 Amount of gain (loss) reclassified from AOCI to Income — (56) — (24) (LG&E) The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. September 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 2 $ — $ 2 Total current — 2 — 2 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 17 — 21 Total noncurrent — 17 — 21 Total derivatives $ — $ 19 $ — $ 23 The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended September 30, 2021. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ — $ (2) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 1 $ 4 The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended September 30, 2020. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (1) $ (4) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ (5) (PPL, LG&E and KU) Offsetting Derivative Instruments PPL, LG&E and KU or certain of their subsidiaries have master netting arrangements in place and also enter into agreements pursuant to which they purchase or sell certain energy and other products. Under the agreements, upon termination of the agreement as a result of a default or other termination event, the non-defaulting party typically would have a right to set off amounts owed under the agreement against any other obligations arising between the two parties (whether under the agreement or not), whether matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation. PPL, LG&E and KU have elected not to offset derivative assets and liabilities and not to offset net derivative positions against the right to reclaim cash collateral pledged (an asset) or the obligation to return cash collateral received (a liability) under derivatives agreements. The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net September 30, 2021 Treasury Derivatives PPL $ — $ — $ — $ — $ 19 $ — $ — $ 19 LG&E — — — — 19 — — 19 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2020 Treasury Derivatives PPL $ 146 $ 34 $ — $ 112 $ 160 $ 34 $ — $ 126 LG&E — — — — 23 — — 23 Credit Risk-Related Contingent Features Certain derivative contracts contain credit risk-related contingent features which, when in a net liability position, would permit the counterparties to require the transfer of additional collateral upon a decrease in the credit ratings of PPL, LG&E and KU or certain of their subsidiaries. Most of these features would require the transfer of additional collateral or permit the counterparty to terminate the contract if the applicable credit rating were to fall below investment grade. Some of these features also would allow the counterparty to require additional collateral upon each downgrade in credit rating at levels that remain above investment grade. In either case, if the applicable credit rating were to fall below investment grade, and assuming no assignment to an investment grade affiliate were allowed, most of these credit contingent features require either immediate payment of the net liability as a termination payment or immediate and ongoing full collateralization on derivative instruments in net liability positions. Additionally, certain derivative contracts contain credit risk-related contingent features that require adequate assurance of performance be provided if the other party has reasonable concerns regarding the performance of PPL's, LG&E's and KU's obligations under the contracts. A counterparty demanding adequate assurance could require a transfer of additional collateral or other security, including letters of credit, cash and guarantees from a creditworthy entity. This would typically involve negotiations among the parties. However, amounts disclosed below represent assumed immediate payment or immediate and ongoing full collateralization for derivative instruments in net liability positions with "adequate assurance" features. (PPL) At September 30, 2021, there were no derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the related effect of a decrease in credit ratings below investment grade. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 16. Asset Retirement Obligations (PPL, LG&E and KU) PPL's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 11 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2020 $ 182 $ 67 $ 115 Accretion 12 4 8 Changes in estimated timing or cost 50 34 16 Obligations settled (43) (16) (27) Balance at September 30, 2021 $ 201 $ 89 $ 112 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 16. Asset Retirement Obligations (PPL, LG&E and KU) PPL's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 11 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2020 $ 182 $ 67 $ 115 Accretion 12 4 8 Changes in estimated timing or cost 50 34 16 Obligations settled (43) (16) (27) Balance at September 30, 2021 $ 201 $ 89 $ 112 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 16. Asset Retirement Obligations (PPL, LG&E and KU) PPL's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 11 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2020 $ 182 $ 67 $ 115 Accretion 12 4 8 Changes in estimated timing or cost 50 34 16 Obligations settled (43) (16) (27) Balance at September 30, 2021 $ 201 $ 89 $ 112 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | 17. Accumulated Other Comprehensive Income (Loss) (PPL) The after-tax changes in AOCI by component for the periods ended September 30 were as follows. Foreign Unrealized gains (losses) Defined benefit plans Prior Actuarial Total PPL June 30, 2021 $ — $ — $ (15) $ (176) $ (191) Amounts arising during the period — — — (12) (12) Reclassifications from AOCI — 1 9 10 20 Net OCI during the period — 1 9 (2) 8 September 30, 2021 $ — $ 1 $ (6) $ (178) $ (183) December 31, 2020 $ (1,158) $ — $ (16) $ (3,046) $ (4,220) Amounts arising during the period 372 (39) — (18) 315 Reclassifications from AOCI — 25 2 117 144 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 period 1,158 1 10 2,868 4,037 September 30, 2021 $ — $ 1 $ (6) $ (178) $ (183) June 30, 2020 $ (1,777) $ 8 $ (16) $ (2,817) $ (4,602) Amounts arising during the period 643 (52) — (16) 575 Reclassifications from AOCI — 48 — 52 100 Net OCI during the period 643 (4) — 36 675 September 30, 2020 $ (1,134) $ 4 $ (16) $ (2,781) $ (3,927) December 31, 2019 $ (1,425) $ (5) $ (18) $ (2,910) $ (4,358) Amounts arising during the period 291 (16) — (17) 258 Reclassifications from AOCI — 25 2 146 173 Net OCI during the period 291 9 2 129 431 September 30, 2020 $ (1,134) $ 4 $ (16) $ (2,781) $ (3,927) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended September 30. Three Months Nine Months Affected Line Item on the Details about AOCI 2021 2020 2021 2020 Statements of Income Qualifying derivatives Interest rate swaps $ (1) $ (3) $ 12 $ (7) Interest Expense — (1) (2) (2) Income (Loss) from Discontinued Operations (net of income taxes) Cross-currency swaps — (56) (39) (24) Income (Loss) from Discontinued Operations (net of income taxes) Total Pre-tax (1) (60) (29) (33) Income Taxes — 12 4 8 Total After-tax (1) (48) (25) (25) Defined benefit plans Prior service costs (a) (12) (1) (3) (3) Net actuarial loss (a) (14) (64) (147) (181) Total Pre-tax (26) (65) (150) (184) Income Taxes 7 13 31 36 Total After-tax (19) (52) (119) (148) Sale of the U.K. utility business (Note 9) Foreign currency translation adjustments — — (646) — Income (Loss) from Discontinued Operations (net of income taxes) Qualifying derivatives — — (15) — Income (Loss) from Discontinued Operations (net of income taxes) Defined benefit plans — — (3,577) — Income (Loss) from Discontinued Operations (net of income taxes) Total Pre-tax — — (4,238) — Income Taxes — — 660 — Total After-tax — — (3,578) — Total reclassifications during the period $ (20) $ (100) $ (3,722) $ (173) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 10 for additional information. |
Acquisitions, Development and D
Acquisitions, Development and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Disposal Group, Including Discontinued Operation, Income Statement Line Items | Following are the components of discontinued operations in the Statements of Income for the periods ended September 30: Three Months Nine Months 2021 2020 2021 2020 Operating Revenues $ — $ 485 $ 1,344 $ 1,575 Operating Expenses — 235 466 684 Other Income (Expense) - net — 46 202 242 Interest Expense (a) — 88 209 271 Income before income taxes — 208 871 862 Gain (Loss) on sale — — (1,609) — Income taxes 2 44 752 157 Income (Loss) from Discontinued Operations (net of income taxes) $ (2) $ 164 $ (1,490) $ 705 (a) No interest from corporate level debt was allocated to discontinued operations. |
Disposal Group, Including Discontinued Operation, Assets and Liabilities | The following major classes of assets and liabilities of the U.K. utility business were reclassified on PPL's Balance Sheet to "Current assets held for sale" and "Current liabilities held for sale" as of December 31, 2020: 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 (a) Depreciation of fixed assets ceased upon classification as held for sale in the first quarter of 2021. |
Disposal Group, Including Discontinued Operation, Components of Gain (loss) on Sale | The following table summarizes the pre-tax loss recorded upon completion of the sale. Loss on sale for the nine month period ended September 30, 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) (a) Includes the fixed and additional consideration of £7,881 million specified in the WPD SPA, converted at a spot rate of $1.4107 per GBP, offset by $386 million of realized foreign currency hedge losses to hedge the proceeds from the sale. (b) I ncludes bank advisory, legal and accounting fees to facilitate the transaction. (c) Represents the carrying value of the U.K. utility business at the time of sale and includes the realization of AOCI of $3.6 billion, which arose primarily from currency translation adjustments and defined benefit plans associated with the U.K. utility business. |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Interim Financial Statements [Abstract] | |
Interim Financial Statements | 1. Interim Financial Statements (All Registrants) Capitalized terms and abbreviations appearing in the unaudited combined notes to condensed financial statements are defined in the glossary. Dollars are in millions, except per share data, unless otherwise noted. The specific Registrant to which disclosures are applicable is identified in parenthetical headings in italics above the applicable disclosure or within the applicable disclosure for each Registrant's related activities and disclosures. Within combined disclosures, amounts are disclosed for any Registrant when significant. The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnote disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation in accordance with GAAP are reflected in the condensed financial statements. All adjustments are of a normal recurring nature, except as otherwise disclosed. Each Registrant's Balance Sheet at December 31, 2020 is derived from that Registrant's 2020 audited Balance Sheet. The financial statements and notes thereto should be read in conjunction with the financial statements and notes contained in each Registrant's 2020 Form 10-K. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or other future periods, because results for interim periods can be disproportionately influenced by various factors, developments and seasonal variations. (PPL ) On March 17, 2021, PPL WPD Limited entered into a share purchase agreement to sell PPL's U.K. utility business, which substantially represented PPL's U.K. Regulated segment, to a subsidiary of National Grid plc. The sale was completed on June 14, 2021. The results of operations of the U.K. utility business are classified as Discontinued Operations on PPL's Statements of Income. The assets and liabilities of the U.K. utility business as of December 31, 2020 have been classified as assets and liabilities held for sale on PPL's Balance Sheets. PPL has elected to separately report the cash flows of continuing and discontinued operations on the Statements of Cash Flows. Unless otherwise noted, the notes to these financial statements exclude amounts related to discontinued operations and assets and liabilities held for sale for all periods presented. See Note 9 for additional information. On July 1, 2021, LKE redeemed, at par, its $250 million 4.375% Senior Notes due 2021 and on July 9, 2021, LKE filed a Form 15 with the SEC to suspend its duty to file reports under sections 13 and 15(d) of the Securities Exchange Act of 1934. As a result, beginning with the June 30, 2021 Form 10-Q, LKE was no longer reported as a Registrant. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (All Registrants) The following accounting policy disclosures represent updates to Note 1 in each Registrant's 2020 Form 10-K and should be read in conjunction with those disclosures. Restricted Cash and Cash Equivalents (PPL) Reconciliation of Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows: PPL September 30, December 31, Cash and cash equivalents $ 4,767 $ 442 Restricted cash - current (a) 1 1 Total Cash, Cash Equivalents and Restricted Cash $ 4,768 $ 443 (a) Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets." Current Expected Credit Losses (All Registrants) The following table shows changes in the allowance for credit losses for the nine months ended September 30, 2021: Balance at Charged to Income Deductions (a) Balance at PPL Accounts Receivable - Customer and Unbilled Revenue (c) $ 44 $ 9 $ 17 $ 36 Other (b) 28 1 — 29 PPL Electric Accounts Receivable - Customer and Unbilled Revenue (c) $ 39 $ 4 $ 11 $ 32 Other 1 — — 1 LG&E Accounts Receivable - Customer and Unbilled Revenue $ 3 $ 1 $ 2 $ 2 Other — 1 — 1 KU Accounts Receivable - Customer and Unbilled Revenue $ 2 $ 4 $ 4 $ 2 (a) Primarily related to uncollectible accounts receivable written off. (b) Primarily related to receivables at Western Kentucky Energy Corp., a subsidiary of LKE, which are fully reserved. (c) Includes $5 million related to Noncurrent Accounts Receivable – Customer included in “Other noncurrent assets” on the PPL and PPL Electric Balance Sheets at September 30, 2021. Income Taxes The TCJA included new provisions requiring that certain income, referred to as global intangible low-tax income (GILTI), earned by certain foreign subsidiaries must be included in the gross income of their U.S. shareholder. Accounting guidance allows a policy election regarding the timing of inclusion of GILTI in an entity’s financial statements. The election may be either to record deferred taxes for expected GILTI in future periods or record such taxes as a current-period expense when incurred. PPL has elected to record the tax effect of expected GILTI inclusions and thus, records deferred taxes relating to such inclusions. In light of the disposition of PPL's U.K. utility business, indefinite reinvestment is no longer relevant. As such, PPL realized the outside book-tax basis difference in those assets. Accordingly, in June 2021, a current tax liability was recorded to reflect the estimated tax cost associated with the realization of that basis difference. See Note 6 for additional discussion regarding income taxes. Asset Impairment (Excluding Investments) (PPL) During the three month-period ended June 30, 2021, Safari Energy determined that the carrying value of its solar panel inventory would not be fully recoverable due to a decrease in the net realizable value of the modules. The decrease was due primarily to the combination of the three following factors: (1) a continued decrease in the fair value of the modules on hand due to more efficient modules being available on the market, (2) the federal government's extension of certain investment tax credits which make modules on the open market eligible for those credits at higher levels of credits and (3) an increase in commodity prices for materials used in various types of solar projects, all of which place pressure on the economics of those projects, making the cost of Safari's solar panels uncompetitive. As a result, Safari Energy recorded a loss of $37 million ($28 million after-tax) in June 2021 to record the solar panels at fair value. The loss was recorded to "Other operation and maintenance" expense on the Statement of Income. Solar panel inventories of $49 million are included in "Other noncurrent assets" on PPL's Balance Sheet at September 30, 2021. PPL considered whether the events and circumstances that led to the impairment of Safari Energy's solar panels would more likely than not reduce the fair value of PPL's Distributed Energy Resources reporting unit below its carrying amount. Based on PPL's assessment, a quantitative impairment test was not required, however, a goodwill impairment charge could occur in future periods if there is a degradation of expected future cash flows or unfavorable movements in discount rates or market multiples used in determining fair value. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 4. Revenue from Contracts with Customers (All Registrants) See Note 3 in the Registrants' 2020 Form 10-K for a discussion of the principal activities from which the Registrants and PPL’s segments generate their revenues. The following tables reconcile "Operating Revenues" included in each Registrant's Statement of Income with revenues generated from contracts with customers for the periods ended September 30. 2021 Three Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 1,512 $ 627 $ 395 $ 494 Revenues derived from: Alternative revenue programs (b) 19 22 (1) (2) Other (c) (4) — (2) (2) Revenues from Contracts with Customers $ 1,527 $ 649 $ 392 $ 490 2020 Three Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 1,400 $ 586 $ 363 $ 452 Revenues derived from: Alternative revenue programs (b) (1) (5) 2 2 Other (c) (4) — (2) (2) Revenues from Contracts with Customers $ 1,395 $ 581 $ 363 $ 452 2021 Nine Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 4,298 $ 1,769 $ 1,165 $ 1,374 Revenues derived from: Alternative revenue programs (b) 62 68 (2) (4) Other (c) (15) — (7) (8) Revenues from Contracts with Customers $ 4,345 $ 1,837 $ 1,156 $ 1,362 2020 Nine Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 4,103 $ 1,748 $ 1,092 $ 1,272 Revenues derived from: Alternative revenue programs (b) (12) (6) (2) (4) Other (c) (17) (3) (6) (8) Revenues from Contracts with Customers $ 4,074 $ 1,739 $ 1,084 $ 1,260 (a) PPL Electric represents revenues from external customers reported by the Pennsylvania Regulated segment and LG&E and KU, net of intercompany power sales and transmission revenues, represent revenues from external customers reported by the Kentucky Regulated segment. Kentucky Regulated segment revenues from contracts with customers were $872 million and $2,484 million for the three and nine month periods ended September 30, 2021 and $806 million and $2,311 million for the three and nine month periods ended September 30, 2020. See Note 3 for additional information. (b) Alternative revenue programs include the transmission formula rate for PPL Electric, the ECR and DSM programs for LG&E and KU, the GLT program and gas supply clause incentive mechanism for LG&E, and the generation formula rate for KU. For PPL Electric, the three months and nine months ended September 30, 2021 include a $13 million and $64 million reserve recorded for a reduction in the transmission formula rate return on equity. See Note 7 for additional information. This line item shows the over/under collection of these rate mechanisms with over-collections of revenue shown as positive amounts in the table above and under-collections shown as negative amounts. (c) Represents additional revenues outside the scope of revenues from contracts with customers, such as lease and other miscellaneous revenues. The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended September 30. 2021 Three Months PPL PPL Electric LG&E KU Residential $ 684 $ 324 $ 180 $ 180 Commercial 345 95 123 127 Industrial 168 14 46 108 Other (a) 100 13 37 44 Wholesale - municipality 7 — — 7 Wholesale - other (b) 20 — 6 24 Transmission 203 203 — — Revenues from Contracts with Customers $ 1,527 $ 649 $ 392 $ 490 2020 Three Months PPL PPL Electric LG&E KU Residential $ 651 $ 303 $ 173 $ 175 Commercial 310 79 112 119 Industrial 156 13 47 96 Other (a) 86 12 28 38 Wholesale - municipality 7 — — 7 Wholesale - other (b) 11 — 3 17 Transmission 174 174 — — Revenues from Contracts with Customers $ 1,395 $ 581 $ 363 $ 452 2021 Nine Months PPL PPL Electric LG&E KU Residential $ 2,025 $ 964 $ 529 $ 532 Commercial 955 260 351 344 Industrial 474 39 135 300 Other (a) 284 38 102 120 Wholesale - municipality 18 — — 18 Wholesale - other (b) 53 — 39 48 Transmission 536 536 — — Revenues from Contracts with Customers $ 4,345 $ 1,837 $ 1,156 $ 1,362 2020 Nine Months PPL PPL Electric LG&E KU Residential $ 1,948 $ 937 $ 509 $ 502 Commercial 896 234 336 326 Industrial 434 33 130 271 Other (a) 256 38 84 110 Wholesale - municipality 15 — — 15 Wholesale - other (b) 28 — 25 36 Transmission 497 497 — — Revenues from Contracts with Customers $ 4,074 $ 1,739 $ 1,084 $ 1,260 (a) Primarily includes revenues from pole attachments, street lighting, other public authorities and other non-core businesses. (b) Includes wholesale power and transmission revenues. LG&E and KU amounts include intercompany power sales and transmission revenues, which are eliminated upon consolidation at the Kentucky Regulated segment. As discussed in Note 2 in PPL's 2020 Form 10-K, PPL segments its business by geographic location. Revenues from external customers for each segment/geographic location are reconciled to revenues from contracts with customers in the footnotes to the tables above. Contract receivables from customers are primarily included in "Accounts receivable - Customer", "Unbilled revenues", and "Other noncurrent assets" on the Balance Sheets. The following table shows the accounts receivable and unbilled revenues balances that were impaired for the periods ended September 30. Three Months Nine Months 2021 2020 2021 2020 PPL $ 7 $ 7 $ 9 $ 19 PPL Electric 3 3 4 12 LG&E 1 3 1 4 KU 3 1 4 3 The following table shows the balances and certain activity of contract liabilities resulting from contracts with customers. PPL PPL Electric LG&E KU Contract liabilities at December 31, 2020 $ 40 $ 23 $ 5 $ 6 Contract liabilities at September 30, 2021 37 21 6 6 Revenue recognized during the nine months ended September 30, 2021 that was included in the contract liability balance at December 31, 2020 24 11 5 6 Contract liabilities at December 31, 2019 $ 37 $ 21 $ 5 $ 4 Contract liabilities at September 30, 2020 32 18 5 4 Revenue recognized during the nine months ended September 30, 2020 that was included in the contract liability balance at December 31, 2019 21 9 5 4 Contract liabilities result from recording contractual billings in advance for customer attachments to the Registrants' infrastructure and payments received in excess of revenues earned to date. Advanced billings for customer attachments are recognized as revenue ratably over the billing period. Payments received in excess of revenues earned to date are recognized as revenue as services are delivered in subsequent periods. At September 30, 2021, PPL had $48 million of performance obligations attributable to Corporate and Other that have not been satisfied. Of this amount, PPL expects to recognize approximately $42 million within the next 12 months. |
Acquisitions, Development and_2
Acquisitions, Development and Divestitures | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | 9. Acquisitions, Development and Divestitures (PPL) Discontinued Operations Sale of the U.K. Utility Business On March 17, 2021, PPL WPD Limited (WPD Limited) entered into a share purchase agreement (WPD SPA) to sell PPL's U.K. utility business to National Grid Holdings One plc (National Grid U.K.), a subsidiary of National Grid plc. Pursuant to the WPD SPA, National Grid U.K. would acquire 100% of the issued share capital of PPL WPD Investments Limited (WPD Investments) for £7.8 billion in cash. WPD Limited would also receive an additional amount of £548,000 for each day during the period from January 1, 2021 to the closing date if the dividends usually declared by WPD Investments to WPD Limited are not paid for that period. On June 14, 2021, the sale of the U.K. utility business was completed. The transaction resulted in cash proceeds of $10.7 billion inclusive of foreign currency hedges executed by PPL. PPL received net proceeds, after taxes and fees, of $10.4 billion. WPD Limited and National Grid U.K. each made customary representations and warranties in the WPD SPA. National Grid U.K., at its expense, purchased warranty and indemnity insurance. WPD Limited agreed to indemnify National Grid U.K. for certain tax related matters. See Note 11 for additional information. PPL has not had and will not have any significant involvement with the U.K. utility business after completion of the sale. Loss on Sale The following table summarizes the pre-tax loss recorded upon completion of the sale. Loss on sale for the nine month period ended September 30, 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) (a) Includes the fixed and additional consideration of £7,881 million specified in the WPD SPA, converted at a spot rate of $1.4107 per GBP, offset by $386 million of realized foreign currency hedge losses to hedge the proceeds from the sale. (b) I ncludes bank advisory, legal and accounting fees to facilitate the transaction. (c) Represents the carrying value of the U.K. utility business at the time of sale and includes the realization of AOCI of $3.6 billion, which arose primarily from currency translation adjustments and defined benefit plans associated with the U.K. utility business. Summarized Results of Discontinued Operations The operations of the U.K. utility business are included in "Income (Loss) from Discontinued Operations (net of income taxes)" on the Statements of Income. Following are the components of discontinued operations in the Statements of Income for the periods ended September 30: Three Months Nine Months 2021 2020 2021 2020 Operating Revenues $ — $ 485 $ 1,344 $ 1,575 Operating Expenses — 235 466 684 Other Income (Expense) - net — 46 202 242 Interest Expense (a) — 88 209 271 Income before income taxes — 208 871 862 Gain (Loss) on sale — — (1,609) — Income taxes 2 44 752 157 Income (Loss) from Discontinued Operations (net of income taxes) $ (2) $ 164 $ (1,490) $ 705 (a) No interest from corporate level debt was allocated to discontinued operations. Summarized Assets and Liabilities Held for Sale The following major classes of assets and liabilities of the U.K. utility business were reclassified on PPL's Balance Sheet to "Current assets held for sale" and "Current liabilities held for sale" as of December 31, 2020: 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 (a) Depreciation of fixed assets ceased upon classification as held for sale in the first quarter of 2021. (b) The net assets and liabilities held for sale exclude $4.0 billion of AOCI related to the U.K. utility business that are required to be included in the carrying value of an entity classified as held for sale when assessing impairment and determining the gain or loss on sale. Prior to the sale, AOCI related to the U.K. utility business was reported as a component of PPL’s equity. Acquisitions Share Purchase Agreement to Acquire Narragansett Electric On March 17, 2021, PPL and its subsidiary, PPL Energy Holdings, entered into a share purchase agreement (Narragansett SPA) with National Grid USA (National Grid U.S.), a subsidiary of National Grid plc to acquire 100% of the outstanding shares of common stock of Narragansett Electric for approximately $3.8 billion in cash. On May 3, 2021, an Assignment and Assumption Agreement was entered into by PPL, PPL Energy Holdings, PPL Rhode Island Holdings and National Grid U.S. whereby certain interests of PPL Energy Holdings in the Narragansett SPA were assigned to and assumed by PPL Rhode Island Holdings. Pursuant to that Assignment and Assumption Agreement, PPL Rhode Island Holdings became the purchasing entity under the Narragansett SPA. The acquisition is expected to be funded with proceeds from the sale of the U.K. utility business. PPL has agreed to guarantee all obligations of PPL Energy Holdings and PPL Rhode Island Holdings under the Narragansett SPA and the related Assignment and Assumption Agreement. The closing of the acquisition, which is currently expected to occur by March 2022, is subject to the receipt of certain U.S. regulatory approvals or waivers, including, among others, authorizations or waivers from the Rhode Island Division of Public Utilities and Carriers, the Massachusetts Department of Public Utilities, the Federal Communications Commission (FCC), and the FERC, as well as review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary conditions to closing, including the execution and delivery of certain related transaction documents. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the acquisition, expired on June 2, 2021. On July 14, 2021, the FCC consented to the Transfer of Control Application for the transfer of control of certain communications licenses held by Narragansett Electric from National Grid U.S. to PPL. The Massachusetts Department of Public Utilities granted a waiver of jurisdiction with respect to the acquisition on July 16, 2021. On September 23, 2021, the FERC issued an order authorizing, as consistent with the public interest, the disposition of jurisdictional facilities that will result in PPL Rhode Island Holdings, LLC, acquiring 100% of the outstanding shares of common stock of Narragansett Electric. The regulatory approvals and waiver remain subject to any applicable appeal periods. The remaining required regulatory approval from the Rhode Island Division of Public Utilities and Carriers is proceeding as expected. PPL Energy Holdings and PPL Rhode Island Holdings and National Grid U.S. have each made customary representations, warranties and covenants in the Narragansett SPA, including, among others, customary indemnification provisions and covenants by National Grid U.S. to conduct the Narragansett Electric business in the ordinary course between the execution of the Narragansett SPA and the closing of the acquisition. The consummation of the transaction is not subject to a financing condition. In connection with the acquisition, National Grid U.S. and one or more of its subsidiaries and Narragansett Electric will enter into a transition services agreement, pursuant to which National Grid U.S. and/or one or more of its affiliates will agree to provide certain transition services to Narragansett Electric and its affiliates to facilitate the operation of Narragansett Electric following the consummation of the acquisition and the transition of operations to PPL, as agreed upon in the Narragansett SPA. |
Other Income (Expense) - net
Other Income (Expense) - net | 9 Months Ended |
Sep. 30, 2021 | |
Other Income (Expense) Net [Line Items] | |
Other Income (Expense) - net | 13. Other Income (Expense) - net (PPL) The details of "Other Income (Expense) - net" for the periods ended September 30, were: Three Months Nine Months 2021 2020 2021 2020 Other Income Defined benefit plans - non-service credits (Note 10) $ 6 $ 1 $ 18 $ 4 Interest Income 6 — 10 1 AFUDC - equity component 4 7 13 15 Miscellaneous 2 1 7 3 Total Other Income 18 9 48 23 Other Expense Charitable contributions — — 2 2 Miscellaneous 6 3 21 10 Total Other Expense 6 3 23 12 Other Income (Expense) - net $ 12 $ 6 $ 25 $ 11 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Offsetting Fair Value Amounts, Policy | Net derivative positions on the balance sheets are not offset against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. |
Adoption of Accounting Guidance
Adoption of Accounting Guidance (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table shows changes in the allowance for credit losses for the nine months ended September 30, 2021: Balance at Charged to Income Deductions (a) Balance at PPL Accounts Receivable - Customer and Unbilled Revenue (c) $ 44 $ 9 $ 17 $ 36 Other (b) 28 1 — 29 PPL Electric Accounts Receivable - Customer and Unbilled Revenue (c) $ 39 $ 4 $ 11 $ 32 Other 1 — — 1 LG&E Accounts Receivable - Customer and Unbilled Revenue $ 3 $ 1 $ 2 $ 2 Other — 1 — 1 KU Accounts Receivable - Customer and Unbilled Revenue $ 2 $ 4 $ 4 $ 2 (a) Primarily related to uncollectible accounts receivable written off. (b) Primarily related to receivables at Western Kentucky Energy Corp., a subsidiary of LKE, which are fully reserved. (c) Includes $5 million related to Noncurrent Accounts Receivable – Customer included in “Other noncurrent assets” on the PPL and PPL Electric Balance Sheets at September 30, 2021. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement | The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows: PPL September 30, December 31, Cash and cash equivalents $ 4,767 $ 442 Restricted cash - current (a) 1 1 Total Cash, Cash Equivalents and Restricted Cash $ 4,768 $ 443 (a) Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets." |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Income Statement data for the segments and reconciliation to PPL's consolidated results for the periods ended September 30 are as follows: Three Months Nine Months 2021 2020 2021 2020 Operating Revenues from external customers Kentucky Regulated $ 879 $ 806 $ 2,505 $ 2,331 Pennsylvania Regulated 627 586 1,769 1,748 Corporate and Other 6 8 24 24 Total $ 1,512 $ 1,400 $ 4,298 $ 4,103 Net Income Kentucky Regulated (a) $ 159 $ 129 $ 389 $ 330 Pennsylvania Regulated (a) 126 135 335 371 Corporate and Other (a)(b)(c) (76) (147) (848) (227) Discontinued Operations (d) (2) 164 (1,490) 705 Total $ 207 $ 281 $ (1,614) $ 1,179 (a) Beginning in 2021, corporate level financing costs are no longer allocated to the reportable segments and are being reported in Corporate and Other. For the three and nine months ended September 30, 2020, corporate level financing costs of $8 million, net of $2 million of income taxes, and $25 million, net of $6 million of income taxes, were allocated to the Kentucky Regulated segment. For the three and nine months ended September 30, 2020, an immaterial amount of financing costs were allocated to the Pennsylvania Regulated segment. (b) The amounts for the periods ended September 30, 2020 have been adjusted for certain costs that were previously included in the U.K. Regulated segment. (c) 2021 includes losses from the extinguishment of PPL Capital Funding debt. See Note 8 for additional information. (d) See Note 9 for additional information. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: September 30, December 31, Assets Kentucky Regulated $ 16,250 $ 15,943 Pennsylvania Regulated 13,350 12,347 Corporate and Other (a) 4,571 843 Assets Held for Sale (b) — 18,983 Total $ 34,171 $ 48,116 (a) Primarily consists of unallocated items, including cash, PP&E, goodwill, the elimination of inter-segment transactions as well as the assets of Safari Energy. (b) See Note 9 for additional information. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contracts with Customers [Line Items] | |
Reconciliation of Revenue from Contracts with Customers [Table Text Block] | The following tables reconcile "Operating Revenues" included in each Registrant's Statement of Income with revenues generated from contracts with customers for the periods ended September 30. 2021 Three Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 1,512 $ 627 $ 395 $ 494 Revenues derived from: Alternative revenue programs (b) 19 22 (1) (2) Other (c) (4) — (2) (2) Revenues from Contracts with Customers $ 1,527 $ 649 $ 392 $ 490 2020 Three Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 1,400 $ 586 $ 363 $ 452 Revenues derived from: Alternative revenue programs (b) (1) (5) 2 2 Other (c) (4) — (2) (2) Revenues from Contracts with Customers $ 1,395 $ 581 $ 363 $ 452 2021 Nine Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 4,298 $ 1,769 $ 1,165 $ 1,374 Revenues derived from: Alternative revenue programs (b) 62 68 (2) (4) Other (c) (15) — (7) (8) Revenues from Contracts with Customers $ 4,345 $ 1,837 $ 1,156 $ 1,362 2020 Nine Months PPL PPL Electric LG&E KU Operating Revenues (a) $ 4,103 $ 1,748 $ 1,092 $ 1,272 Revenues derived from: Alternative revenue programs (b) (12) (6) (2) (4) Other (c) (17) (3) (6) (8) Revenues from Contracts with Customers $ 4,074 $ 1,739 $ 1,084 $ 1,260 (a) PPL Electric represents revenues from external customers reported by the Pennsylvania Regulated segment and LG&E and KU, net of intercompany power sales and transmission revenues, represent revenues from external customers reported by the Kentucky Regulated segment. Kentucky Regulated segment revenues from contracts with customers were $872 million and $2,484 million for the three and nine month periods ended September 30, 2021 and $806 million and $2,311 million for the three and nine month periods ended September 30, 2020. See Note 3 for additional information. (b) Alternative revenue programs include the transmission formula rate for PPL Electric, the ECR and DSM programs for LG&E and KU, the GLT program and gas supply clause incentive mechanism for LG&E, and the generation formula rate for KU. For PPL Electric, the three months and nine months ended September 30, 2021 include a $13 million and $64 million reserve recorded for a reduction in the transmission formula rate return on equity. See Note 7 for additional information. This line item shows the over/under collection of these rate mechanisms with over-collections of revenue shown as positive amounts in the table above and under-collections shown as negative amounts. (c) Represents additional revenues outside the scope of revenues from contracts with customers, such as lease and other miscellaneous revenues. |
Disaggregation of Revenue [Table Text Block] | The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended September 30. 2021 Three Months PPL PPL Electric LG&E KU Residential $ 684 $ 324 $ 180 $ 180 Commercial 345 95 123 127 Industrial 168 14 46 108 Other (a) 100 13 37 44 Wholesale - municipality 7 — — 7 Wholesale - other (b) 20 — 6 24 Transmission 203 203 — — Revenues from Contracts with Customers $ 1,527 $ 649 $ 392 $ 490 2020 Three Months PPL PPL Electric LG&E KU Residential $ 651 $ 303 $ 173 $ 175 Commercial 310 79 112 119 Industrial 156 13 47 96 Other (a) 86 12 28 38 Wholesale - municipality 7 — — 7 Wholesale - other (b) 11 — 3 17 Transmission 174 174 — — Revenues from Contracts with Customers $ 1,395 $ 581 $ 363 $ 452 2021 Nine Months PPL PPL Electric LG&E KU Residential $ 2,025 $ 964 $ 529 $ 532 Commercial 955 260 351 344 Industrial 474 39 135 300 Other (a) 284 38 102 120 Wholesale - municipality 18 — — 18 Wholesale - other (b) 53 — 39 48 Transmission 536 536 — — Revenues from Contracts with Customers $ 4,345 $ 1,837 $ 1,156 $ 1,362 2020 Nine Months PPL PPL Electric LG&E KU Residential $ 1,948 $ 937 $ 509 $ 502 Commercial 896 234 336 326 Industrial 434 33 130 271 Other (a) 256 38 84 110 Wholesale - municipality 15 — — 15 Wholesale - other (b) 28 — 25 36 Transmission 497 497 — — Revenues from Contracts with Customers $ 4,074 $ 1,739 $ 1,084 $ 1,260 (a) Primarily includes revenues from pole attachments, street lighting, other public authorities and other non-core businesses. (b) Includes wholesale power and transmission revenues. LG&E and KU amounts include intercompany power sales and transmission revenues, which are eliminated upon consolidation at the Kentucky Regulated segment. |
Credit Loss Recognized from Contracts with Customers [Table Text Block] | The following table shows the accounts receivable and unbilled revenues balances that were impaired for the periods ended September 30. Three Months Nine Months 2021 2020 2021 2020 PPL $ 7 $ 7 $ 9 $ 19 PPL Electric 3 3 4 12 LG&E 1 3 1 4 KU 3 1 4 3 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table shows the balances and certain activity of contract liabilities resulting from contracts with customers. PPL PPL Electric LG&E KU Contract liabilities at December 31, 2020 $ 40 $ 23 $ 5 $ 6 Contract liabilities at September 30, 2021 37 21 6 6 Revenue recognized during the nine months ended September 30, 2021 that was included in the contract liability balance at December 31, 2020 24 11 5 6 Contract liabilities at December 31, 2019 $ 37 $ 21 $ 5 $ 4 Contract liabilities at September 30, 2020 32 18 5 4 Revenue recognized during the nine months ended September 30, 2020 that was included in the contract liability balance at December 31, 2019 21 9 5 4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted EPS Computations | Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended September 30 used in the EPS calculation are: Three Months Nine Months 2021 2020 2021 2020 Income (Numerator) Income (loss) from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted $ 209 $ 117 $ (124) $ 474 Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted $ (2) $ 164 $ (1,490) $ 705 Net income (loss) available to PPL common shareowners - Basic and Diluted $ 207 $ 281 $ (1,614) $ 1,179 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 767,733 768,786 768,781 768,502 Add: Dilutive share-based payment awards (a) 2,116 874 — 768 Weighted-average shares - Diluted EPS 769,849 769,660 768,781 769,270 Basic and Diluted EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 0.27 $ 0.15 $ (0.16) $ 0.62 Income (loss) from discontinued operations (net of income taxes) — 0.22 (1.94) 0.91 Net Income (Loss) available to PPL common shareowners $ 0.27 $ 0.37 $ (2.10) $ 1.53 (a) All share-based payment awards were excluded from dilutive shares under the Treasury Stock Method for the nine months ended September 30, 2021, as their effect would have been anti-dilutive due to the loss from continuing operations. |
Common Stock Issuances | For the periods ended September 30, PPL issued common stock related to stock-based compensation plans and the DRIP as follows (in thousands): Three Months Nine Months 2021 2020 2021 2020 Stock-based compensation plans 158 14 816 621 DRIP — — — 943 |
Antidilutive Securities Excluded From Diluted EPS | For the periods ended September 30, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months Nine Months 2021 2020 2021 2020 Stock-based compensation awards 135 364 2,339 595 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (PPL) Three Months Nine Months 2021 2020 2021 2020 Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 21% $ 55 $ 59 $ 70 $ 155 Increase (decrease) due to: State income taxes, net of federal income tax benefit (a) 17 15 12 39 Valuation allowance adjustments (a) 5 7 39 19 Impact of the U.K. Finance Acts on deferred tax balances (b) — 104 383 101 Amortization of excess deferred federal and state income taxes (18) (11) (38) (34) Federal and state income tax return adjustments (4) (9) (4) (9) Other (4) — (7) (5) Total increase (decrease) (4) 106 385 111 Total income tax expense (benefit) $ 51 $ 165 $ 455 $ 266 (a) In 2021, PPL recorded a $31 million state deferred tax benefit on a net operating loss and an offsetting valuation allowance in connection with the loss on extinguishment associated with a tender offer to purchase and retire PPL Capital Funding's outstanding Senior Notes. See Note 8 for additional information on the tender offer. (b) The U.K. Finance Act 2020, formally enacted on July 22, 2020, cancelled the U.K. corporation tax rate reduction to 17%, thereby maintaining the corporation tax rate at 19% for financial years 2020 and 2021. The primary impact of the cancellation of the corporate tax rate reduction was an increase in deferred tax liabilities and a corresponding deferred tax expense of $102 million in the third quarter of 2020. |
PPL Electric Utilities Corp [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (PPL Electric) Three Months Nine Months 2021 2020 2021 2020 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 36 $ 37 $ 95 $ 104 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 14 36 39 Federal and state income tax return adjustments — (4) — (4) Depreciation and other items not normalized — — (4) (4) Amortization of excess deferred federal and state income taxes (5) (4) (11) (12) Other 1 1 — 2 Total increase (decrease) 9 7 21 21 Total income tax expense (benefit) $ 45 $ 44 $ 116 $ 125 |
Louisville Gas And Electric Co [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (LG&E) Three Months Nine Months 2021 2020 2021 2020 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 21 $ 18 $ 53 $ 50 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 3 10 9 Amortization of excess deferred federal and state income taxes (7) (3) (13) (8) Federal and state income tax return adjustments — (2) — (2) Other (1) — (2) (2) Total increase (decrease) (4) (2) (5) (3) Total income tax expense (benefit) $ 17 $ 16 $ 48 $ 47 |
Kentucky Utilities Co [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the periods ended September 30 are as follows. (KU) Three Months Nine Months 2021 2020 2021 2020 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 26 $ 22 $ 63 $ 56 Increase (decrease) due to: State income taxes, net of federal income tax benefit 5 4 12 11 Amortization of excess deferred federal and state income taxes (6) (4) (14) (12) Federal and state income tax return adjustments (1) (3) (1) (3) Other (1) — (3) (2) Total increase (decrease) (3) (3) (6) (6) Total income tax expense (benefit) $ 23 $ 19 $ 57 $ 50 |
Utility Rate Regulation (Tables
Utility Rate Regulation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Utility Rate Regulation [Line Items] | |
Regulatory Assets and Liabilities | The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Assets: Plant outage costs $ — $ 46 $ — $ — Gas supply clause 12 4 — — Smart meter rider 15 17 15 17 Storm damage expense rider 4 — 4 — Transmission formula rate 11 15 11 15 Gas line tracker 7 4 — — Storm costs 2 7 2 7 Generation formula rate 3 2 — — Other 6 4 — 1 Total current regulatory assets $ 60 $ 99 $ 32 $ 40 Noncurrent Regulatory Assets: Defined benefit plans $ 555 $ 570 $ 274 $ 290 Storm costs 12 17 — — Unamortized loss on debt 25 30 4 8 Interest rate swaps 19 23 — — Terminated interest rate swaps 71 75 — — Accumulated cost of removal of utility plant 232 240 232 240 AROs 312 300 — — Plant outage costs 55 — — — Other 5 7 — 3 Total noncurrent regulatory assets $ 1,286 $ 1,262 $ 510 $ 541 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 11 $ 21 $ 11 $ 21 Transmission service charge 26 1 26 1 Environmental cost recovery — 4 — — Universal service rider 16 22 16 22 Fuel adjustment clause — 5 — — TCJA customer refund 22 11 22 11 Storm damage expense rider — 6 — 6 Act 129 compliance rider 7 7 7 7 Transmission formula rate return on equity reserve (a) 64 — 64 — Economic relief billing credit (b) 38 — — — Other 3 2 — — Total current regulatory liabilities $ 187 $ 79 $ 146 $ 68 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 669 $ 653 $ — $ — Power purchase agreement - OVEC 36 43 — — Net deferred taxes 1,609 1,690 539 560 Defined benefit plans 74 60 26 18 Terminated interest rate swaps 64 66 — — Other — 18 — — Total noncurrent regulatory liabilities $ 2,452 $ 2,530 $ 565 $ 578 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 12 $ 4 $ — $ — Gas line tracker 7 4 — — Plant outage costs — 12 — 34 Generation formula rate — — 3 2 Other 5 3 1 — Total current regulatory assets $ 24 $ 23 $ 4 $ 36 Noncurrent Regulatory Assets: Defined benefit plans $ 175 $ 174 $ 106 $ 106 Storm costs 8 11 4 6 Unamortized loss on debt 13 13 8 9 Interest rate swaps 19 23 — — Terminated interest rate swaps 42 44 29 31 AROs 87 85 225 215 Plant outage costs 15 — 40 — Other 3 1 2 3 Total noncurrent regulatory assets $ 362 $ 351 $ 414 $ 370 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Environmental cost recovery $ — $ — $ — $ 4 Fuel adjustment clause — — — 5 Economic relief billing credit (b) 29 — 9 — Other 1 — 2 2 Total current regulatory liabilities $ 30 $ — $ 11 $ 11 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 277 $ 274 $ 392 $ 379 Power purchase agreement - OVEC 25 30 11 13 Net deferred taxes 495 528 575 602 Defined benefit plans 1 — 47 42 Terminated interest rate swaps 32 33 32 33 Other — 17 — 1 Total noncurrent regulatory liabilities $ 830 $ 882 $ 1,057 $ 1,070 (a) See “Regulatory Matters - Federal Matters - PPL Electric Transmission Formula Rate Return on Equity” below for additional information. (b) Represents regulatory liabilities to be returned to customers through June 30, 2022, as agreed to in the Kentucky rate case, in recognition of the economic impact of COVID-19. See "Regulatory Matters – Kentucky Activities – Rate Case Proceedings" below for additional information. |
Financing Activities (Tables)
Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following credit facilities were in place at: September 30, 2021 December 31, 2020 Expiration Capacity Borrowed Letters of Unused Borrowed Letters of PPL PPL Capital Funding Syndicated Credit Facility Jan. 2024 $ 1,450 $ — $ — $ 1,450 $ — $ 402 Bilateral Credit Facility Mar. 2022 50 — — 50 — — Bilateral Credit Facility Mar. 2022 50 — 15 35 — 15 Term Loan Credit Facility Mar. 2022 — — — — 100 — Term Loan Credit Facility Mar. 2021 — — — — 100 — Term Loan Credit Facility Mar. 2021 — — — — 200 — Total PPL Capital Funding Credit Facilities $ 1,550 $ — $ 15 $ 1,535 $ 400 $ 417 PPL Electric Syndicated Credit Facility Jan. 2024 $ 650 $ — $ 1 $ 649 $ — $ 1 LG&E Syndicated Credit Facility Jan. 2024 $ 500 $ — $ — $ 500 $ — $ 262 KU Syndicated Credit Facility Jan. 2024 $ 400 $ — $ — $ 400 $ — $ 203 |
Schedule of Short-term Debt | The following commercial paper programs were in place at: September 30, 2021 December 31, 2020 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding $ 1,500 $ — $ 1,500 0.25% $ 402 PPL Electric 650 — 650 — LG&E (a) 425 — 425 0.28% 262 KU 350 — 350 0.28% 203 Total $ 2,925 $ — $ 2,925 $ 867 (a) In March 2021, the capacity for the LG&E commercial paper program was increased from $350 million to $425 million. |
Defined Benefits (Tables)
Defined Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL and its subsidiaries for the periods ended September 30: Pension Benefits Three Months Nine Months 2021 2020 2021 2020 PPL Service cost $ 14 $ 14 $ 42 $ 42 Interest cost 30 35 91 109 Expected return on plan assets (64) (62) (191) (185) Amortization of: Prior service cost 2 3 6 7 Actuarial loss 21 23 70 67 Net periodic defined benefit costs (credits) before settlements 3 13 18 40 Settlements (a) 14 13 14 13 Net periodic defined benefit costs (credits) $ 17 $ 26 $ 32 $ 53 (a) Settlement charges were incurred due to the amount of lump sum payment distributions from the LKE qualified pension plan. In accordance with existing regulatory accounting treatment, LG&E and KU have primarily maintained the settlement charge in regulatory assets to be amortized over fifteen years. Other Postretirement Benefits Three Months Nine Months 2021 2020 2021 2020 PPL Service cost $ 2 $ 2 $ 5 $ 5 Interest cost 4 4 12 14 Expected return on plan assets (6) (5) (18) (16) Amortization of: Prior service cost — — 1 1 Actuarial loss (1) — (1) — Net periodic defined benefit costs $ (1) $ 1 $ (1) $ 4 |
PPL Electric Utilities Corp [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Allocation of Net Periodic Benefit Costs | For the periods ended September 30, PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU: Three Months Nine Months 2021 2020 2021 2020 PPL Electric $ — $ 3 $ 2 $ 9 LG&E 6 9 7 14 KU 1 4 — 5 |
Louisville Gas And Electric Co [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Allocation of Net Periodic Benefit Costs | For the periods ended September 30, PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU: Three Months Nine Months 2021 2020 2021 2020 PPL Electric $ — $ 3 $ 2 $ 9 LG&E 6 9 7 14 KU 1 4 — 5 |
Kentucky Utilities Co [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Allocation of Net Periodic Benefit Costs | For the periods ended September 30, PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU: Three Months Nine Months 2021 2020 2021 2020 PPL Electric $ — $ 3 $ 2 $ 9 LG&E 6 9 7 14 KU 1 4 — 5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees | The table below details guarantees provided as of September 30, 2021. Exposure at September 30, 2021 Expiration PPL Indemnifications related to the sale of the U.K. utility business £ 7,881 (a) 2021 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) (a) PPL WPD Limited agreed to provide a standard indemnity regarding “leakage” amounts, which includes amounts taken out of the sold assets through dividends, return of capital, bonuses or similar method, received or waived by WPD (or its affiliates defined as members of the Sellers Group in the SPA) during the period from April 1, 2020 through June 14, 2021, except such amounts permitted under the WPD SPA. The amount of the cap on this indemnity is the amount paid to PPL WPD Limited at closing. (b) PPL WPD Limited entered into a Tax Deed dated June 9, 2021 in which it agreed to a tax indemnity regarding certain potential tax liabilities of the entities sold with respect to periods prior to the completion of the sale, subject to customary exclusions and limitations. Because National Grid Holdings One plc, the buyer, agreed to purchase indemnity insurance, the amount of the cap on the indemnity for these liabilities is £1, except with respect to certain surrenders of tax losses, for which the amount of the cap on the indemnity is £50 million. (c) Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement and decommissioning costs, as well as any shortfall from amounts included within a demand charge designed and expected to cover these costs over the term of the contract. PPL's proportionate share of OVEC's outstanding debt was $94 million at September 30, 2021, consisting of LG&E's share of $65 million and KU's share of $29 million. The maximum exposure and the expiration date of these potential obligations are not presently determinable. See "Energy Purchase Commitments" in Note 14 in PPL's, LG&E's and KU's 2020 Form 10-K for additional information on the OVEC power purchase contract. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2021 2020 2021 2020 PPL Electric from PPL Services $ 15 $ 11 $ 36 $ 37 PPL Electric from PPL EU Services 48 44 147 126 LG&E from LKS 40 43 126 125 KU from LKS 43 45 132 132 |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2021 2020 2021 2020 PPL Electric from PPL Services $ 15 $ 11 $ 36 $ 37 PPL Electric from PPL EU Services 48 44 147 126 LG&E from LKS 40 43 126 125 KU from LKS 43 45 132 132 |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended September 30, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months Nine Months 2021 2020 2021 2020 PPL Electric from PPL Services $ 15 $ 11 $ 36 $ 37 PPL Electric from PPL EU Services 48 44 147 126 LG&E from LKS 40 43 126 125 KU from LKS 43 45 132 132 |
Other Income (Expense) - net (T
Other Income (Expense) - net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income (Expense) Net [Line Items] | |
Schedule of Other Nonoperating Income (Expense) | The details of "Other Income (Expense) - net" for the periods ended September 30, were: Three Months Nine Months 2021 2020 2021 2020 Other Income Defined benefit plans - non-service credits (Note 10) $ 6 $ 1 $ 18 $ 4 Interest Income 6 — 10 1 AFUDC - equity component 4 7 13 15 Miscellaneous 2 1 7 3 Total Other Income 18 9 48 23 Other Expense Charitable contributions — — 2 2 Miscellaneous 6 3 21 10 Total Other Expense 6 3 23 12 Other Income (Expense) - net $ 12 $ 6 $ 25 $ 11 |
PPL Electric Utilities Corp [Member] | |
Other Income (Expense) Net [Line Items] | |
Schedule of Other Nonoperating Income (Expense) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The assets and liabilities measured at fair value were: September 30, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 4,767 $ 4,767 $ — $ — $ 442 $ 442 $ — $ — Restricted cash and cash equivalents (a) 1 1 — — 1 1 — — Special use funds (a): Money market fund 3 3 — — — — — — Commingled debt fund measured at NAV (b) 23 — — — 26 — — — Commingled equity fund measured at NAV (b) 20 — — — 25 — — — Total special use funds 46 3 — — 51 — — — Total assets $ 4,814 $ 4,771 $ — $ — $ 494 $ 443 $ — $ — Liabilities Price risk management liabilities (c): Interest rate swaps $ 19 $ — $ 19 $ — $ 23 $ — $ 23 $ — Total price risk management liabilities $ 19 $ — $ 19 $ — $ 23 $ — $ 23 $ — September 30, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Electric Assets Cash and cash equivalents $ 59 $ 59 $ — $ — $ 40 $ 40 $ — $ — Total assets $ 59 $ 59 $ — $ — $ 40 $ 40 $ — $ — LG&E Assets Cash and cash equivalents $ 5 $ 5 $ — $ — $ 7 $ 7 $ — $ — Total assets $ 5 $ 5 $ — $ — $ 7 $ 7 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 19 $ — $ 19 $ — $ 23 $ — $ 23 $ — Total price risk management liabilities $ 19 $ — $ 19 $ — $ 23 $ — $ 23 $ — KU Assets Cash and cash equivalents $ 8 $ 8 $ — $ — $ 22 $ 22 $ — $ — Total assets $ 8 $ 8 $ — $ — $ 22 $ 22 $ — $ — (a) Included in "Other current assets" on the Balance Sheets. (b) In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Balance Sheets. (c) Current portion is included in "Other current liabilities" and noncurrent portion is included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. |
Fair Value, by Balance Sheet Grouping | The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value PPL $ 11,139 $ 13,091 $ 14,689 $ 17,774 PPL Electric 4,483 5,296 4,236 5,338 LG&E 2,006 2,387 2,007 2,499 KU 2,618 3,157 2,618 3,334 (a) Amounts are net of debt issuance costs. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. September 30, 2021 December 31, 2020 Derivatives designated as Derivatives not designated Derivatives designated as Derivatives not designated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps (a) (b) $ — $ — $ — $ 2 $ — $ — $ — $ 2 Cross-currency swaps (c) — — — — 94 — — — Foreign currency contracts (c) — — — — — — — 137 Total current — — — 2 94 — — 139 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps (a) (b) — — — 17 — — — 21 Cross-currency swaps (c) — — — — 52 — — — Total noncurrent — — — 17 52 — — 21 Total derivatives $ — $ — $ — $ 19 $ 146 $ — $ — $ 160 (a) Current portion is included in "Price risk management assets" and "Other current liabilities" and noncurrent portion is included in "Price risk management assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. (b) Excludes accrued interest, if applicable. (c) Included in "Current assets held for sale" and "Current liabilities held for sale" on the Balance Sheets. |
Derivative Instruments, Gain (Loss) | The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2021. Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (1) $ 12 Income (Loss) from Discontinued Operations (net of taxes) — (2) Cross-currency swaps — (50) Income (Loss) from Discontinued Operations (net of taxes) — (39) Total $ — $ (50) $ (1) $ (29) Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Nine Months Foreign currency contracts Income (Loss) from Discontinued Operations (net of taxes) $ — $ (266) Interest rate swaps Interest expense — (2) Total $ — $ (268) Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 1 $ 4 The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended September 30, 2020. Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ 3 $ (7) Interest expense $ (3) $ (7) Income (Loss) from Discontinued Operations (net of taxes) (1) (2) Cross-currency swaps (67) (13) Income (Loss) from Discontinued Operations (net of taxes) (56) (24) Total $ (64) $ (20) $ (60) $ (33) Net Investment Hedges: Foreign currency contracts in discontinued operations $ — $ 1 Derivatives Not Designated as Location of Gain (Loss) Recognized in Three Months Nine Months Foreign currency contracts Income (Loss) from Discontinued operations (net of taxes) $ (19) $ 44 Interest rate swaps Interest expense (1) (4) Total $ (20) $ 40 Derivatives Not Designated as Location of Gain (Loss) Recognized as Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ (5) The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2021. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Nine Months Interest Expense Income (Loss) from Discontinued Operations (net of income taxes) 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 $ 183 $ (2) $ 810 $ (1,490) 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) — 12 (2) Cross-currency swaps: Hedged items — — — 39 Amount of gain (loss) reclassified from AOCI to Income — — — (39) The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended September 30, 2020. Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Nine Months Interest Expense Income (Loss) from Discontinued Operations (net of taxes) Interest Expense Income (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 $ 161 $ 164 $ 479 $ 705 The effects of cash flow hedges: Gain (Loss) on cash flow hedging relationships: Interest rate swaps: Amount of gain (loss) reclassified from AOCI to income (3) (1) (7) (2) Cross-currency swaps: Hedged items — 56 — 24 Amount of gain (loss) reclassified from AOCI to Income — (56) — (24) |
Derivative Positions Eligible for Offset with Related Cash Collateral | The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net September 30, 2021 Treasury Derivatives PPL $ — $ — $ — $ — $ 19 $ — $ — $ 19 LG&E — — — — 19 — — 19 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2020 Treasury Derivatives PPL $ 146 $ 34 $ — $ 112 $ 160 $ 34 $ — $ 126 LG&E — — — — 23 — — 23 |
Louisville Gas And Electric Co [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. September 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 2 $ — $ 2 Total current — 2 — 2 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 17 — 21 Total noncurrent — 17 — 21 Total derivatives $ — $ 19 $ — $ 23 |
Derivative Instruments, Gain (Loss) | The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended September 30, 2021. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ — $ (2) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 1 $ 4 The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended September 30, 2020. Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (1) $ (4) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ (5) |
Derivative Positions Eligible for Offset with Related Cash Collateral | The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net September 30, 2021 Treasury Derivatives PPL $ — $ — $ — $ — $ 19 $ — $ — $ 19 LG&E — — — — 19 — — 19 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Cash Net Gross Derivative Cash Net December 31, 2020 Treasury Derivatives PPL $ 146 $ 34 $ — $ 112 $ 160 $ 34 $ — $ 126 LG&E — — — — 23 — — 23 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2020 $ 182 $ 67 $ 115 Accretion 12 4 8 Changes in estimated timing or cost 50 34 16 Obligations settled (43) (16) (27) Balance at September 30, 2021 $ 201 $ 89 $ 112 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2020 $ 182 $ 67 $ 115 Accretion 12 4 8 Changes in estimated timing or cost 50 34 16 Obligations settled (43) (16) (27) Balance at September 30, 2021 $ 201 $ 89 $ 112 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LG&E KU Balance at December 31, 2020 $ 182 $ 67 $ 115 Accretion 12 4 8 Changes in estimated timing or cost 50 34 16 Obligations settled (43) (16) (27) Balance at September 30, 2021 $ 201 $ 89 $ 112 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The after-tax changes in AOCI by component for the periods ended September 30 were as follows. Foreign Unrealized gains (losses) Defined benefit plans Prior Actuarial Total PPL June 30, 2021 $ — $ — $ (15) $ (176) $ (191) Amounts arising during the period — — — (12) (12) Reclassifications from AOCI — 1 9 10 20 Net OCI during the period — 1 9 (2) 8 September 30, 2021 $ — $ 1 $ (6) $ (178) $ (183) December 31, 2020 $ (1,158) $ — $ (16) $ (3,046) $ (4,220) Amounts arising during the period 372 (39) — (18) 315 Reclassifications from AOCI — 25 2 117 144 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 period 1,158 1 10 2,868 4,037 September 30, 2021 $ — $ 1 $ (6) $ (178) $ (183) June 30, 2020 $ (1,777) $ 8 $ (16) $ (2,817) $ (4,602) Amounts arising during the period 643 (52) — (16) 575 Reclassifications from AOCI — 48 — 52 100 Net OCI during the period 643 (4) — 36 675 September 30, 2020 $ (1,134) $ 4 $ (16) $ (2,781) $ (3,927) December 31, 2019 $ (1,425) $ (5) $ (18) $ (2,910) $ (4,358) Amounts arising during the period 291 (16) — (17) 258 Reclassifications from AOCI — 25 2 146 173 Net OCI during the period 291 9 2 129 431 September 30, 2020 $ (1,134) $ 4 $ (16) $ (2,781) $ (3,927) |
Reclassification out of Other Comprehensive Income (Loss) | The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended September 30. Three Months Nine Months Affected Line Item on the Details about AOCI 2021 2020 2021 2020 Statements of Income Qualifying derivatives Interest rate swaps $ (1) $ (3) $ 12 $ (7) Interest Expense — (1) (2) (2) Income (Loss) from Discontinued Operations (net of income taxes) Cross-currency swaps — (56) (39) (24) Income (Loss) from Discontinued Operations (net of income taxes) Total Pre-tax (1) (60) (29) (33) Income Taxes — 12 4 8 Total After-tax (1) (48) (25) (25) Defined benefit plans Prior service costs (a) (12) (1) (3) (3) Net actuarial loss (a) (14) (64) (147) (181) Total Pre-tax (26) (65) (150) (184) Income Taxes 7 13 31 36 Total After-tax (19) (52) (119) (148) Sale of the U.K. utility business (Note 9) Foreign currency translation adjustments — — (646) — Income (Loss) from Discontinued Operations (net of income taxes) Qualifying derivatives — — (15) — Income (Loss) from Discontinued Operations (net of income taxes) Defined benefit plans — — (3,577) — Income (Loss) from Discontinued Operations (net of income taxes) Total Pre-tax — — (4,238) — Income Taxes — — 660 — Total After-tax — — (3,578) — Total reclassifications during the period $ (20) $ (100) $ (3,722) $ (173) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 10 for additional information. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | $ 716 | $ 716 | |||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | |||||
Cash and cash equivalents | 4,767 | 442 | |||
Restricted Cash, Current | 1 | 1 | |||
Cash, Cash Equivalents and Restricted Cash | 4,768 | 443 | $ 504 | $ 660 | |
Cash, Cash Equivalents and Restricted Cash | 443 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Asset Impairment Charges | $ 37 | ||||
Asset Impairment Impairment Charges (After-Tax) | $ 28 | ||||
Financing Receivable, Allowance for Credit Loss [Table] | |||||
Solar Panel Inventory | 49 | ||||
Accounts Receivable - Customer and Unbilled Revenue [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance | 36 | 44 | |||
Charged to Income | 9 | ||||
Deductions | 17 | ||||
Other [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance | 29 | 28 | |||
Charged to Income | 1 | ||||
Deductions | 0 | ||||
PPL Electric Utilities Corp [Member] | |||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | |||||
Cash and cash equivalents | 59 | 40 | |||
Cash, Cash Equivalents and Restricted Cash | 59 | 40 | 28 | 264 | |
PPL Electric Utilities Corp [Member] | Accounts Receivable - Customer and Unbilled Revenue [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance | 32 | 39 | |||
Charged to Income | 4 | ||||
Deductions | 11 | ||||
PPL Electric Utilities Corp [Member] | Other [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance | 1 | 1 | |||
Charged to Income | 0 | ||||
Deductions | 0 | ||||
Louisville Gas And Electric Co [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 389 | 389 | |||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | |||||
Cash and cash equivalents | 5 | 7 | 10 | 15 | |
Louisville Gas And Electric Co [Member] | Accounts Receivable - Customer and Unbilled Revenue [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance | 2 | 3 | |||
Charged to Income | 1 | ||||
Deductions | 2 | ||||
Louisville Gas And Electric Co [Member] | Other [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance | 1 | 0 | |||
Charged to Income | 1 | ||||
Deductions | 0 | ||||
Kentucky Utilities Co [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 607 | 607 | |||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | |||||
Cash and cash equivalents | 8 | 22 | $ 15 | $ 12 | |
Kentucky Utilities Co [Member] | Accounts Receivable - Customer and Unbilled Revenue [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance | 2 | $ 2 | |||
Charged to Income | 4 | ||||
Deductions | $ 4 |
Segment and Related Informati_3
Segment and Related Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Integer | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | $ 1,512 | $ 1,400 | $ 4,298 | $ 4,103 | ||
Net income (loss) | 207 | 281 | (1,614) | 1,179 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 34,171 | 34,171 | $ 48,116 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | 716 | 716 | 716 | |||
Kentucky Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 879 | 806 | 2,505 | 2,331 | ||
Net income (loss) | 159 | 129 | 389 | 330 | ||
Financing Costs Allocated to Segment, Net of Tax | 8 | 25 | ||||
Income Taxes Allocated to Segment | 2 | 6 | ||||
Balance Sheet Data [Abstract] | ||||||
Assets | 16,250 | 16,250 | 15,943 | |||
Pennsylvania Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 627 | 586 | 1,769 | 1,748 | ||
Net income (loss) | 126 | 135 | 335 | 371 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 13,350 | 13,350 | 12,347 | |||
Corporate and Other [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 6 | 8 | 24 | 24 | ||
Net income (loss) | (76) | (147) | (848) | (227) | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 4,571 | 4,571 | 843 | |||
DiscontinuedOperationsSegment | ||||||
Income Statement Data [Abstract] | ||||||
Net income (loss) | (2) | 164 | (1,490) | 705 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 0 | 0 | 18,983 | |||
PPL Electric Utilities Corp [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 627 | 586 | 1,769 | 1,748 | ||
Net income (loss) | [1] | 126 | 134 | 335 | 370 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 13,320 | $ 13,320 | 12,324 | |||
Segment (Numeric) [Abstract] | ||||||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 2 | |||||
Louisville Gas And Electric Co [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 395 | 363 | $ 1,165 | 1,092 | ||
Net income (loss) | [2] | 82 | 71 | 202 | 191 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 7,491 | 7,491 | 7,345 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | 389 | $ 389 | 389 | |||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 1 | |||||
Kentucky Utilities Co [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Operating Revenues from external customers | 494 | 452 | $ 1,374 | 1,272 | ||
Net income (loss) | [3] | 99 | $ 84 | 241 | $ 217 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 9,188 | 9,188 | 9,072 | |||
Segment (Numeric) [Abstract] | ||||||
Goodwill | $ 607 | $ 607 | $ 607 | |||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 1 | |||||
[1] | Net income equals comprehensive income. | |||||
[2] | Net income equals comprehensive income. | |||||
[3] | Net income equals comprehensive income. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | $ 1,512 | $ 1,400 | $ 4,298 | $ 4,103 | |||
Alternative Revenue Programs | 19 | (1) | 62 | (12) | |||
Other Revenue | (4) | (4) | (15) | (17) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 1,527 | 1,395 | 4,345 | 4,074 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 7 | 7 | 9 | 19 | |||
Contract with Customer, Liability | 37 | 32 | 37 | 32 | $ 40 | $ 37 | |
Contract with Customer, Liability, Revenue Recognized | 24 | 21 | |||||
Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 684 | 651 | 2,025 | 1,948 | |||
Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 345 | 310 | 955 | 896 | |||
Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 168 | 156 | 474 | 434 | |||
Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 100 | 86 | 284 | 256 | |||
Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 7 | 7 | 18 | 15 | |||
Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 20 | 11 | 53 | 28 | |||
Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 203 | 174 | 536 | 497 | |||
PPL Electric [Member] | |||||||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Revenue Reserve for ROE Challenge | 13 | 64 | |||||
Pennsylvania Regulated [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 627 | 586 | 1,769 | 1,748 | |||
Kentucky Regulated [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 879 | 806 | 2,505 | 2,331 | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 872 | 806 | 2,484 | 2,311 | |||
Corporate and Other [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 6 | 8 | 24 | 24 | |||
Corporate and Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-09-30 | |||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | 48 | 48 | |||||
Corporate and Other [Member] | Forecast [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-09-30 | |||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | $ 42 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months | ||||||
PPL Electric Utilities Corp [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 627 | 586 | 1,769 | 1,748 | |||
Alternative Revenue Programs | 22 | (5) | 68 | (6) | |||
Other Revenue | 0 | 0 | 0 | (3) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 649 | 581 | 1,837 | 1,739 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 3 | 3 | 4 | 12 | |||
Contract with Customer, Liability | 21 | 18 | 21 | 18 | 23 | 21 | |
Contract with Customer, Liability, Revenue Recognized | 11 | 9 | |||||
Revenue Reserve for ROE Challenge | 13 | 64 | |||||
PPL Electric Utilities Corp [Member] | Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 324 | 303 | 964 | 937 | |||
PPL Electric Utilities Corp [Member] | Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 95 | 79 | 260 | 234 | |||
PPL Electric Utilities Corp [Member] | Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 14 | 13 | 39 | 33 | |||
PPL Electric Utilities Corp [Member] | Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 13 | 12 | 38 | 38 | |||
PPL Electric Utilities Corp [Member] | Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
PPL Electric Utilities Corp [Member] | Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
PPL Electric Utilities Corp [Member] | Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 203 | 174 | 536 | 497 | |||
Louisville Gas And Electric Co [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 395 | 363 | 1,165 | 1,092 | |||
Alternative Revenue Programs | (1) | 2 | (2) | (2) | |||
Other Revenue | (2) | (2) | (7) | (6) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 392 | 363 | 1,156 | 1,084 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 1 | 3 | 1 | 4 | |||
Contract with Customer, Liability | 6 | 5 | 6 | 5 | 5 | 5 | |
Contract with Customer, Liability, Revenue Recognized | 5 | 5 | |||||
Louisville Gas And Electric Co [Member] | Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 180 | 173 | 529 | 509 | |||
Louisville Gas And Electric Co [Member] | Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 123 | 112 | 351 | 336 | |||
Louisville Gas And Electric Co [Member] | Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 46 | 47 | 135 | 130 | |||
Louisville Gas And Electric Co [Member] | Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 37 | 28 | 102 | 84 | |||
Louisville Gas And Electric Co [Member] | Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 6 | 3 | 39 | 25 | |||
Louisville Gas And Electric Co [Member] | Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Kentucky Utilities Co [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 494 | 452 | 1,374 | 1,272 | |||
Alternative Revenue Programs | (2) | 2 | (4) | (4) | |||
Other Revenue | (2) | (2) | (8) | (8) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 490 | 452 | 1,362 | 1,260 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 3 | 1 | 4 | 3 | |||
Contract with Customer, Liability | 6 | 4 | 6 | 4 | $ 6 | $ 4 | |
Contract with Customer, Liability, Revenue Recognized | 6 | 4 | |||||
Kentucky Utilities Co [Member] | Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 180 | 175 | 532 | 502 | |||
Kentucky Utilities Co [Member] | Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 127 | 119 | 344 | 326 | |||
Kentucky Utilities Co [Member] | Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 108 | 96 | 300 | 271 | |||
Kentucky Utilities Co [Member] | Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 44 | 38 | 120 | 110 | |||
Kentucky Utilities Co [Member] | Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 7 | 7 | 18 | 15 | |||
Kentucky Utilities Co [Member] | Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 24 | 17 | 48 | 36 | |||
Kentucky Utilities Co [Member] | Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income (Numerator) [Abstract] | ||||
Net income (loss) | $ 207 | $ 281 | $ (1,614) | $ 1,179 |
Net income (loss) available to PPL common shareowners - Basic | 207 | 281 | (1,614) | 1,179 |
Net income (loss) available to PPL common shareowners - Diluted | $ 207 | $ 281 | $ (1,614) | $ 1,179 |
Shares of Common Stock (Denominator) [Abstract] | ||||
Weighted-average shares - Basic EPS (in shares) | 767,733 | 768,786 | 768,781 | 768,502 |
Add incremental non-participating securities: [Abstract] | ||||
Share-based payment awards (in shares) | 2,116 | 874 | 0 | 768 |
Weighted-average shares - Diluted EPS (in shares) | 769,849 | 769,660 | 768,781 | 769,270 |
Shares Issued (Numeric) [Abstract] | ||||
Common stock issued under stock-based compensation plans (in shares) | 158 | 14 | 816 | 621 |
Common stock issued under DRIP (in shares) | 0 | 0 | 0 | 943 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted | $ 209 | $ 117 | $ (124) | $ 474 |
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted | $ (2) | $ 164 | $ (1,490) | $ 705 |
Income (loss) from Discontinued Operations (net of income taxes) | $ 0 | $ 0.22 | $ (1.94) | $ 0.91 |
Income from Continuing Operations after income taxes | $ 0.27 | $ 0.15 | $ (0.16) | $ 0.62 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computations of diluted EPS | 135 | 364 | 2,339 | 595 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | $ 55 | $ 59 | $ 70 | $ 155 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 17 | 15 | 12 | 39 |
Valuation allowance adjustments | 5 | 7 | 39 | 19 |
Amortization of excess deferred income taxes | (18) | (11) | (38) | (34) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | (4) | (9) | (4) | (9) |
Other | (4) | 0 | (7) | (5) |
Total increase (decrease) | (4) | 106 | 385 | 111 |
Total income tax expense (benefit) | 51 | 165 | 455 | 266 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | 104 | 383 | 101 |
Deferred Tax Assets, Valuation Allowance | 31 | 31 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, U.K. Finance Act 2021, Amount | 102 | 383 | ||
Domestic Tax Authority [Member] | ||||
Increase (decrease) due to: [Abstract] | ||||
Net Operating Loss Carryforwards, Used During the Period | 1,111 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Adjustment, Domestic | 506 | 506 | ||
Domestic Tax Authority [Member] | Investment Tax Credit Carryforward [Member] | ||||
Increase (decrease) due to: [Abstract] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Used during the period | 272 | |||
PPL Electric Utilities Corp [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 36 | 37 | 95 | 104 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 13 | 14 | 36 | 39 |
Depreciation and other items not normalized | 0 | 0 | (4) | (4) |
Amortization of excess deferred income taxes | (5) | (4) | (11) | (12) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 0 | (4) | 0 | (4) |
Other | 1 | 1 | 0 | 2 |
Total increase (decrease) | 9 | 7 | 21 | 21 |
Total income tax expense (benefit) | 45 | 44 | 116 | 125 |
Louisville Gas And Electric Co [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 21 | 18 | 53 | 50 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 4 | 3 | 10 | 9 |
Amortization of excess deferred income taxes | (7) | (3) | (13) | (8) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 0 | (2) | 0 | (2) |
Other | (1) | 0 | (2) | (2) |
Total increase (decrease) | (4) | (2) | (5) | (3) |
Total income tax expense (benefit) | 17 | 16 | 48 | 47 |
Kentucky Utilities Co [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 26 | 22 | 63 | 56 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 5 | 4 | 12 | 11 |
Amortization of excess deferred income taxes | (6) | (4) | (14) | (12) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | (1) | (3) | (1) | (3) |
Other | (1) | 0 | (3) | (2) |
Total increase (decrease) | (3) | (3) | (6) | (6) |
Total income tax expense (benefit) | $ 23 | $ 19 | $ 57 | $ 50 |
Utility Rate Regulation - Regul
Utility Rate Regulation - Regulatory Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 60 | $ 99 |
Noncurrent regulatory assets | 1,286 | 1,262 |
Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 46 |
Noncurrent regulatory assets | 55 | 0 |
Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 12 | 4 |
Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 15 | 17 |
Transmission Formula Rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 11 | 15 |
Gas line tracker [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 7 | 4 |
Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 555 | 570 |
Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 2 | 7 |
Noncurrent regulatory assets | 12 | 17 |
Generation formula rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 2 |
Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 25 | 30 |
Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 19 | 23 |
Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 71 | 75 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 232 | 240 |
Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 312 | 300 |
Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 4 |
Noncurrent regulatory assets | 5 | 7 |
Storm Damage Expense Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 0 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 32 | 40 |
Noncurrent regulatory assets | 510 | 541 |
PPL Electric Utilities Corp [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Noncurrent regulatory assets | 0 | |
PPL Electric Utilities Corp [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 15 | 17 |
PPL Electric Utilities Corp [Member] | Transmission Formula Rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 11 | 15 |
PPL Electric Utilities Corp [Member] | Gas line tracker [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 274 | 290 |
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 2 | 7 |
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Generation formula rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 4 | 8 |
PPL Electric Utilities Corp [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 232 | 240 |
PPL Electric Utilities Corp [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 1 |
Noncurrent regulatory assets | 0 | 3 |
PPL Electric Utilities Corp [Member] | Storm Damage Expense Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 0 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 24 | 23 |
Noncurrent regulatory assets | 362 | 351 |
Louisville Gas And Electric Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 12 |
Noncurrent regulatory assets | 15 | 0 |
Louisville Gas And Electric Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 12 | 4 |
Louisville Gas And Electric Co [Member] | Gas line tracker [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 7 | 4 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 175 | 174 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 8 | 11 |
Louisville Gas And Electric Co [Member] | Generation formula rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 13 | 13 |
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 19 | 23 |
Louisville Gas And Electric Co [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 42 | 44 |
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 87 | 85 |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 3 |
Noncurrent regulatory assets | 3 | 1 |
Kentucky Utilities Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 36 |
Noncurrent regulatory assets | 414 | 370 |
Kentucky Utilities Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 34 |
Noncurrent regulatory assets | 40 | 0 |
Kentucky Utilities Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Gas line tracker [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 106 | 106 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 4 | 6 |
Kentucky Utilities Co [Member] | Generation formula rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 2 |
Kentucky Utilities Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 8 | 9 |
Kentucky Utilities Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 29 | 31 |
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 225 | 215 |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 0 |
Noncurrent regulatory assets | $ 2 | $ 3 |
Utility Rate Regulation - Reg_2
Utility Rate Regulation - Regulatory Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | $ 187 | $ 187 | $ 79 |
Noncurrent regulatory liabilities | 2,452 | $ 2,452 | 2,530 |
Utility Rate Regulation | 7. Utility Rate Regulation (All Registrants) The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Assets: Plant outage costs $ — $ 46 $ — $ — Gas supply clause 12 4 — — Smart meter rider 15 17 15 17 Storm damage expense rider 4 — 4 — Transmission formula rate 11 15 11 15 Gas line tracker 7 4 — — Storm costs 2 7 2 7 Generation formula rate 3 2 — — Other 6 4 — 1 Total current regulatory assets $ 60 $ 99 $ 32 $ 40 Noncurrent Regulatory Assets: Defined benefit plans $ 555 $ 570 $ 274 $ 290 Storm costs 12 17 — — Unamortized loss on debt 25 30 4 8 Interest rate swaps 19 23 — — Terminated interest rate swaps 71 75 — — Accumulated cost of removal of utility plant 232 240 232 240 AROs 312 300 — — Plant outage costs 55 — — — Other 5 7 — 3 Total noncurrent regulatory assets $ 1,286 $ 1,262 $ 510 $ 541 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 11 $ 21 $ 11 $ 21 Transmission service charge 26 1 26 1 Environmental cost recovery — 4 — — Universal service rider 16 22 16 22 Fuel adjustment clause — 5 — — TCJA customer refund 22 11 22 11 Storm damage expense rider — 6 — 6 Act 129 compliance rider 7 7 7 7 Transmission formula rate return on equity reserve (a) 64 — 64 — Economic relief billing credit (b) 38 — — — Other 3 2 — — Total current regulatory liabilities $ 187 $ 79 $ 146 $ 68 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 669 $ 653 $ — $ — Power purchase agreement - OVEC 36 43 — — Net deferred taxes 1,609 1,690 539 560 Defined benefit plans 74 60 26 18 Terminated interest rate swaps 64 66 — — Other — 18 — — Total noncurrent regulatory liabilities $ 2,452 $ 2,530 $ 565 $ 578 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 12 $ 4 $ — $ — Gas line tracker 7 4 — — Plant outage costs — 12 — 34 Generation formula rate — — 3 2 Other 5 3 1 — Total current regulatory assets $ 24 $ 23 $ 4 $ 36 Noncurrent Regulatory Assets: Defined benefit plans $ 175 $ 174 $ 106 $ 106 Storm costs 8 11 4 6 Unamortized loss on debt 13 13 8 9 Interest rate swaps 19 23 — — Terminated interest rate swaps 42 44 29 31 AROs 87 85 225 215 Plant outage costs 15 — 40 — Other 3 1 2 3 Total noncurrent regulatory assets $ 362 $ 351 $ 414 $ 370 LG&E KU September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Environmental cost recovery $ — $ — $ — $ 4 Fuel adjustment clause — — — 5 Economic relief billing credit (b) 29 — 9 — Other 1 — 2 2 Total current regulatory liabilities $ 30 $ — $ 11 $ 11 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 277 $ 274 $ 392 $ 379 Power purchase agreement - OVEC 25 30 11 13 Net deferred taxes 495 528 575 602 Defined benefit plans 1 — 47 42 Terminated interest rate swaps 32 33 32 33 Other — 17 — 1 Total noncurrent regulatory liabilities $ 830 $ 882 $ 1,057 $ 1,070 (a) See “Regulatory Matters - Federal Matters - PPL Electric Transmission Formula Rate Return on Equity” below for additional information. (b) Represents regulatory liabilities to be returned to customers through June 30, 2022, as agreed to in the Kentucky rate case, in recognition of the economic impact of COVID-19. See "Regulatory Matters – Kentucky Activities – Rate Case Proceedings" below for additional information. Regulatory Matters Kentucky Activities ( PPL, LG&E and KU ) Rate Case Proceedings On November 25, 2020, LG&E and KU filed requests with the KPSC for an increase in annual electricity and gas revenues of approximately $331 million ($131 million and $170 million in electricity revenues at LG&E and KU and $30 million in gas revenues at LG&E). The revenue increases would be an increase of 11.6% and 10.4% in electricity revenues at LG&E and KU, and an increase of 8.3% in gas revenues at LG&E. In recognition of the economic impact of COVID-19, LG&E and KU requested approval of a one-year billing credit which will credit customers approximately $53 million ($41 million at LG&E and $12 million at KU). The billing credit represents the return to customers of certain regulatory liabilities on LG&E’s and KU’s Balance Sheets and serves to partially mitigate the rate increases during the first year in which the new rates are in effect. LG&E’s and KU’s applications also included a request for a CPCN to deploy Advanced Metering Infrastructure across LG&E’s and KU’s service territories in Kentucky. The applications were based on a forecasted test year of July 1, 2021 through June 30, 2022 and requested an authorized return on equity of 10.0%. On April 19, 2021, LG&E and KU entered into an agreement with all intervening parties to the proceedings resolving all matters in their applications, with the explicit exception of LG&E's and KU's net metering proposals. The agreement proposed increases in annual revenues of $217 million ($77 million and $116 million in electricity revenues at LG&E and KU and $24 million in gas revenues at LG&E) based on an authorized return on equity of 9.55%. The proposal included an authorized 9.35% return on equity for the ECR and GLT mechanisms. The agreement did not modify the requested one-year billing credit. The agreement proposed that the KPSC should grant LG&E’s and KU’s request for a CPCN to deploy Advanced Metering Infrastructure and proposed the establishment of a Retired Asset Recovery rider (RAR) to provide for recovery of and return on the remaining investment in certain electric generating units upon their retirement over a ten-year period following retirement. In respect of the RAR rider, the agreement proposed that LG&E and KU will continue to use currently approved depreciation rates for Mill Creek Units 1 and 2 and Brown Unit 3. The agreement also proposed a four-year "stay-out" commitment from LG&E and KU to refrain from effective base rate increases before July 1, 2025, subject to certain exceptions. On June 30, 2021, the KPSC issued orders approving the proposed agreement filed in April 2021, with certain modifications. The orders provide for increases in annual revenues of $199 million ($73 million and $106 million in electricity revenues at LG&E and KU and $20 million in gas revenues at LG&E) based on an authorized return on equity of 9.425%. The order grants the requested authorized 9.35% return on equity for the ECR and GLT mechanisms and does not modify the requested one-year billing credit. The orders approve the CPCN to deploy Advanced Metering Infrastructure and provide regulatory asset treatment for the remaining net book value of legacy meters upon full implementation of the Advanced Metering Infrastructure program. The orders also approve the establishment of the RAR rider and accepted the four-year "stay-out". The orders, however, disallowed certain legal costs that were included in the settlement. On July 23, 2021, LG&E and KU filed motions for partial rehearing and clarification of the return on equity, the disallowed legal costs and certain other matters related to the KPSC's orders. On August 12, 2021, the KPSC granted rehearing and clarification of the disallowed legal costs and certain other matters and denied rehearing and clarification of the return on equity. On September 24, 2021, the KPSC issued orders providing adjustments to previous net metering proposals. These adjustments did not impact the previously ordered annual revenue increases. PPL, LG&E and KU cannot predict the outcome of the remaining issues subject to partial rehearing and clarification. Pennsylvania Activities ( PPL and PPL Electric ) Act 129 Act 129 requires Pennsylvania Electric Distribution Companies (EDCs) to meet, by specified dates, specified goals for reduction in customer electricity usage and peak demand. EDCs not meeting the requirements of Act 129 are subject to significant penalties. PPL Electric filed with the PUC its Act 129 Phase IV Energy Efficiency and Conservation Plan (Phase IV Act 129 Plan) on November 30, 2020, for the five-year period starting June 1, 2021 and ending on May 31, 2026. PPL Electric's Phase IV Act 129 Plan was approved by the PUC at its March 25, 2021, public meeting. Federal Matters PPL Electric Transmission Formula Rate Return on Equity (PPL and PPL Electric) On May 21, 2020, PP&L Industrial Customer Alliance (PPLICA) filed a complaint with the FERC alleging that PPL Electric's base return on equity (ROE) of 11.18% used to determine PPL Electric's formula transmission rate was unjust and unreasonable. On August 20, 2021, PPL Electric entered into a settlement agreement (the "Settlement") with PPLICA and all other parties, including intervenors, with respect to the complaint filed by PPLICA on May 21, 2020. The key aspects of the Settlement include: • changes to PPL Electric’s base ROE: ◦ beginning as of May 21, 2020 and continuing through May 31, 2022, the ROE shall be 9.90%; ◦ beginning on June 1, 2022 and continuing through May 31, 2023, the ROE shall be 9.95%; ◦ beginning on June 1, 2023, the ROE shall be 10.00%, which shall continue in effect unless and until changed as permitted by the terms of the Settlement; • changes the equity component of PPL Electric’s capital structure to be the lower of (i) PPL Electric’s actual equity component, calculated in accordance with the formula rate template, or (ii) 56.00%; • allows modification of the current rate year of June 1 to May 31 to a calendar year of January 1 to December 31; and • allows modification of the current formula rate based on a historic test year to a projected test year. Refunds will be paid by PPL Electric based on the difference between charges that were calculated using the ROE in effect at the time and reduced charges calculated using the ROE provided for in the Settlement, plus interest at the FERC interest rate. In the three and nine months ended September 30, 2021, PPL Electric recorded a revenue reserve of $13 million ($10 million after-tax) and $64 million ($46 million after-tax) representing revenue subject to refund for the period May 21, 2020 through September 30, 2021. The reserve recorded in the nine months ended September 30, 2021, includes $28 million ($20 million after-tax) related to the period from May 21, 2020 to December 31, 2020. The Settlement is subject to review and action by the FERC, including approval, denial or modification. PPL Electric cannot predict the outcome of the FERC’s review of the Settlement. While the FERC's review of the settlement is pending, on October 15, 2021, PPL Electric filed a request to the FERC Chief Administrative Law Judge for authorization to implement interim rates to reflect the agreed-to base ROE in the Settlement effective December 1, 2021. The requested interim settlement rates were accepted on October 20, 2021 . FERC Transmission Rate Filing (PPL, LG&E and KU) In 2018, LG&E and KU applied to the FERC requesting elimination of certain on-going credits to a sub-set of transmission customers relating to the 1998 merger of LG&E's and KU's parent entities and the 2006 withdrawal of LG&E and KU from the Midcontinent Independent System Operator, Inc. (MISO), a regional transmission operator and energy market. The application sought termination of LG&E's and KU's commitment to provide certain Kentucky municipalities mitigation for certain horizontal market power concerns arising out of the 1998 LG&E and KU merger and 2006 MISO withdrawal. The amounts at issue are generally waivers or credits granted to a limited number of Kentucky municipalities for either certain LG&E and KU or MISO transmission charges incurred for transmission service received. Due to the development of robust, accessible energy markets over time, LG&E and KU believe the mitigation commitments are no longer relevant or appropriate. In March 2019, the FERC granted LG&E's and KU's request to remove the ongoing credits, conditioned upon the implementation by LG&E and KU of a transition mechanism for certain existing power supply arrangements, subject to FERC review and approval. In July 2019, LG&E and KU proposed their transition mechanism to the FERC and in September 2019, the FERC rejected the proposed transition mechanism. In September 2020, the FERC issued orders in the rehearing process that modified various aspects of the September 2019 orders which had approved future termination of the credits, including adjusting which customer arrangements are covered by the transition mechanism and respective future periods or dates for termination of credits. In November 2020, the FERC denied the parties' rehearing requests. In November 2020 and January 2021, LG&E and KU and other parties appealed the September 2020 and November 2020 orders at the D.C. Circuit Court of Appeals. The appellate proceedings are continuing, and also include certain additional prior pending petitions for review relating to the matter. On January 15, 2021, LG&E and KU made a filing seeking FERC acceptance of a new proposal for a transition mechanism. On March 16, 2021, the FERC accepted the filed transition mechanism agreements effective on March 17, 2021 but subject to refund, and established hearing and settlement procedures. LG&E and KU cannot predict the outcome of the respective appellate and FERC proceedings. LG&E and KU currently receive recovery of the waivers and credits provided through other rate mechanisms and such rate recovery would be anticipated to be adjusted consistent with potential changes or terminations of the waivers and credits, as such become effective. Other Purchase of Receivables Program (PPL and PPL Electric) In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for uncollectible accounts. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. During the three and nine months ended September 30, 2021, PPL Electric purchased $309 million and $883 million of accounts receivable from alternative suppliers. During the three and nine months ended September 30, 2020, PPL Electric purchased $303 million and $854 million of accounts receivable from alternative suppliers. | ||
PPL Electric [Member] | |||
Regulatory Liabilities [Line Items] | |||
Regulatory Liability due to ROE Reserve, After Tax | 10 | $ 46 | |
Generation Supply Charge [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 11 | 11 | 21 |
Environmental Cost Recovery [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 4 |
Universal Service Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 16 | 16 | 22 |
Fuel adjustment clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 5 |
TCJA customer refund [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 22 | 22 | 11 |
Storm Damage Expense Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 6 |
Act 129 Compliance Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 7 | 7 | 7 |
Economic relief billing credit | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 38 | 38 | 0 |
Change in Regulatory Liability due to ROE Adjustment | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 64 | 64 | 0 |
Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 669 | 669 | 653 |
Power Purchase Agreement OVEC [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 36 | 36 | 43 |
Net deferred taxes [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 1,609 | 1,609 | 1,690 |
Defined Benefit Plans [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 74 | 74 | 60 |
Terminated interest rate swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 64 | 64 | 66 |
Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 3 | 3 | 2 |
Noncurrent regulatory liabilities | 0 | 0 | 18 |
Transmission Service Charge [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 26 | 26 | 1 |
PPL Electric Utilities Corp [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 146 | 146 | 68 |
Noncurrent regulatory liabilities | 565 | 565 | 578 |
Regulatory Liability due to ROE Reserve, After Tax | 10 | 46 | |
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 11 | 11 | 21 |
PPL Electric Utilities Corp [Member] | Environmental Cost Recovery [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 0 |
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 16 | 16 | 22 |
PPL Electric Utilities Corp [Member] | Fuel adjustment clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 0 |
PPL Electric Utilities Corp [Member] | TCJA customer refund [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 22 | 22 | 11 |
PPL Electric Utilities Corp [Member] | Storm Damage Expense Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 6 |
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 7 | 7 | 7 |
PPL Electric Utilities Corp [Member] | Economic relief billing credit | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 0 |
PPL Electric Utilities Corp [Member] | Change in Regulatory Liability due to ROE Adjustment | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 64 | 64 | 0 |
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 0 | 0 | 0 |
PPL Electric Utilities Corp [Member] | Power Purchase Agreement OVEC [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 0 | 0 | 0 |
PPL Electric Utilities Corp [Member] | Net deferred taxes [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 539 | 539 | 560 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 26 | 26 | 18 |
PPL Electric Utilities Corp [Member] | Terminated interest rate swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 0 | 0 | 0 |
PPL Electric Utilities Corp [Member] | Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 0 |
Noncurrent regulatory liabilities | 0 | 0 | 0 |
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 26 | 26 | 1 |
Louisville Gas And Electric Co [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 30 | 30 | 0 |
Noncurrent regulatory liabilities | 830 | 830 | 882 |
Louisville Gas And Electric Co [Member] | Environmental Cost Recovery [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 0 |
Louisville Gas And Electric Co [Member] | Fuel adjustment clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 0 |
Louisville Gas And Electric Co [Member] | Economic relief billing credit | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 29 | 29 | 0 |
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 277 | 277 | 274 |
Louisville Gas And Electric Co [Member] | Power Purchase Agreement OVEC [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 25 | 25 | 30 |
Louisville Gas And Electric Co [Member] | Net deferred taxes [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 495 | 495 | 528 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 1 | 1 | 0 |
Louisville Gas And Electric Co [Member] | Terminated interest rate swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 32 | 32 | 33 |
Louisville Gas And Electric Co [Member] | Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 1 | 1 | 0 |
Noncurrent regulatory liabilities | 0 | 0 | 17 |
Kentucky Utilities Co [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 11 | 11 | 11 |
Noncurrent regulatory liabilities | 1,057 | 1,057 | 1,070 |
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 4 |
Kentucky Utilities Co [Member] | Fuel adjustment clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | 5 |
Kentucky Utilities Co [Member] | Economic relief billing credit | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 9 | 9 | 0 |
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 392 | 392 | 379 |
Kentucky Utilities Co [Member] | Power Purchase Agreement OVEC [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 11 | 11 | 13 |
Kentucky Utilities Co [Member] | Net deferred taxes [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 575 | 575 | 602 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 47 | 47 | 42 |
Kentucky Utilities Co [Member] | Terminated interest rate swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 32 | 32 | 33 |
Kentucky Utilities Co [Member] | Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 2 | 2 | 2 |
Noncurrent regulatory liabilities | $ 0 | $ 0 | $ 1 |
Utility Rate Regulation - Reg_3
Utility Rate Regulation - Regulatory Matters (Details) - USD ($) $ in Millions | Jun. 01, 2023 | Jun. 30, 2021 | Apr. 19, 2021 | Nov. 25, 2020 | May 21, 2020 | Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | May 31, 2023 | Jun. 30, 2022 | May 31, 2022 | May 31, 2026 |
Kentucky Public Service Commission [Member] | Electric and Gas Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 331 | |||||||||||
Public Utilities, Requested Bill Credit | $ 53 | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 199 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 217 | |||||||||||
PPL Electric [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 11.18% | |||||||||||
Amended Proposed Return On Equity From Complaint | 10.00% | 9.95% | 9.90% | |||||||||
Regulatory Liability due to ROE Reserve, After Tax | $ 10 | $ 46 | ||||||||||
Regulatory Liability due to ROE Reserve, Before Tax | 13 | 64 | ||||||||||
PPL Electric [Member] | Maximum [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Proposed Equity Capital Structure, Percentage | 56.00% | |||||||||||
PPL Electric [Member] | Period of 05-21-2020 to 12-31-2020 | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Regulatory Liability due to ROE Reserve, After Tax | 20 | |||||||||||
Regulatory Liability due to ROE Reserve, Before Tax | 28 | |||||||||||
LGE [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
RAR Rider post-retirement recovery period | 10 years | |||||||||||
Stay Out Commitment Period | 4 years | 4 years | ||||||||||
Requested Billing Credit Period | 1 year | 1 year | 1 year | |||||||||
LGE [Member] | Kentucky Public Service Commission [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.425% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 9.55% | |||||||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Forecast [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | |||||||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Electric and Gas Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Bill Credit | $ 41 | |||||||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Electric Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 131 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 11.60% | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 73 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 77 | |||||||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Gas Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 30 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 8.30% | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 20 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 24 | |||||||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery and Gas Line Tracker | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.35% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 9.35% | |||||||||||
KU [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
RAR Rider post-retirement recovery period | 10 years | |||||||||||
Stay Out Commitment Period | 4 years | 4 years | ||||||||||
Requested Billing Credit Period | 1 year | 1 year | 1 year | |||||||||
KU [Member] | Kentucky Public Service Commission [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.425% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 9.55% | |||||||||||
KU [Member] | Kentucky Public Service Commission [Member] | Forecast [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | |||||||||||
KU [Member] | Kentucky Public Service Commission [Member] | Electric Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 170 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 10.40% | |||||||||||
Public Utilities, Requested Bill Credit | $ 12 | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 106 | $ 116 | ||||||||||
KU [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.35% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 9.35% | |||||||||||
PPL Electric Utilities Corp [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 11.18% | |||||||||||
Amended Proposed Return On Equity From Complaint | 10.00% | 9.95% | 9.90% | |||||||||
Regulatory Liability due to ROE Reserve, After Tax | 10 | 46 | ||||||||||
Regulatory Liability due to ROE Reserve, Before Tax | $ 13 | 64 | ||||||||||
PPL Electric Utilities Corp [Member] | Maximum [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Proposed Equity Capital Structure, Percentage | 56.00% | |||||||||||
PPL Electric Utilities Corp [Member] | Period of 05-21-2020 to 12-31-2020 | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Regulatory Liability due to ROE Reserve, After Tax | 20 | |||||||||||
Regulatory Liability due to ROE Reserve, Before Tax | $ 28 | |||||||||||
PPL Electric Utilities Corp [Member] | PPL Electric [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Act 129 Recovery Period Under Phase IV Plan | 5 years | |||||||||||
Louisville Gas And Electric Co [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
RAR Rider post-retirement recovery period | 10 years | |||||||||||
Stay Out Commitment Period | 4 years | 4 years | ||||||||||
Requested Billing Credit Period | 1 year | 1 year | 1 year | |||||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.425% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 9.55% | |||||||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Forecast [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | |||||||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Electric and Gas Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Bill Credit | $ 41 | |||||||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Electric Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 131 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 11.60% | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 73 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 77 | |||||||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Gas Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 30 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 8.30% | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 20 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 24 | |||||||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery and Gas Line Tracker | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.35% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 9.35% | |||||||||||
Kentucky Utilities Co [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
RAR Rider post-retirement recovery period | 10 years | |||||||||||
Stay Out Commitment Period | 4 years | 4 years | ||||||||||
Requested Billing Credit Period | 1 year | 1 year | 1 year | |||||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.425% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 9.55% | |||||||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Forecast [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.00% | |||||||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Electric Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 170 | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 10.40% | |||||||||||
Public Utilities, Requested Bill Credit | $ 12 | |||||||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.35% | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 9.35% | |||||||||||
KU [Member] | Kentucky Public Service Commission [Member] | Electric Rates | ||||||||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 106 | $ 116 |
Utility Rate Regulation - Other
Utility Rate Regulation - Other (Details) - Unaffiliated Third Party Entity [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
PPL Electric [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Purchases of Accounts Receivable | $ 309 | $ 883 | ||
PPL Electric Utilities Corp [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Purchases of Accounts Receivable | $ 309 | $ 883 | ||
PPL Electric Utilities Corp [Member] | PPL Electric [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Purchases of Accounts Receivable | $ 303 | $ 854 |
Financing Activities - Credit A
Financing Activities - Credit Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
PPL Capital Funding [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | $ 1,550 | |
Borrowed | 0 | $ 400 |
Letters of Credit and Commercial Paper Issued | 15 | 417 |
Unused Capacity | 1,535 | |
PPL Capital Funding [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 1,450 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 0 | 402 |
Unused Capacity | 1,450 | |
PPL Capital Funding [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 100 |
Letters of Credit and Commercial Paper Issued | 0 | 0 |
Unused Capacity | 0 | |
PPL Capital Funding [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 100 |
Letters of Credit and Commercial Paper Issued | 0 | 0 |
Unused Capacity | 0 | |
PPL Capital Funding [Member] | Term Loan Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 0 | |
Borrowed | 0 | 200 |
Letters of Credit and Commercial Paper Issued | 0 | 0 |
Unused Capacity | 0 | |
PPL Capital Funding [Member] | Bilateral Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 50 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 15 | 15 |
Unused Capacity | 35 | |
PPL Capital Funding [Member] | Bilateral Credit Facility #2 | ||
Line of Credit Facility [Line Items] | ||
Capacity | 50 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 0 | 0 |
Unused Capacity | 50 | |
PPL Electric [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 650 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 1 | 1 |
Unused Capacity | 649 | |
LGE [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 500 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 0 | 262 |
Unused Capacity | 500 | |
KU [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 400 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 0 | 203 |
Unused Capacity | 400 | |
PPL Electric Utilities Corp [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 650 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 1 | 1 |
Unused Capacity | 649 | |
Louisville Gas And Electric Co [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 500 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 0 | 262 |
Unused Capacity | 500 | |
Kentucky Utilities Co [Member] | Syndicated Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Capacity | 400 | |
Borrowed | 0 | 0 |
Letters of Credit and Commercial Paper Issued | 0 | $ 203 |
Unused Capacity | $ 400 |
Financing Activities - Short-te
Financing Activities - Short-term Debt (Details) - Commercial Paper [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | |||
Capacity | $ 2,925 | ||
Commercial Paper Issuances | 0 | $ 867 | |
Unused Capacity | 2,925 | ||
PPL Capital Funding [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 0.25% | ||
Capacity | 1,500 | ||
Commercial Paper Issuances | 0 | $ 402 | |
Unused Capacity | 1,500 | ||
PPL Electric [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 650 | ||
Commercial Paper Issuances | 0 | $ 0 | |
Unused Capacity | 650 | ||
LGE [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 0.28% | ||
Capacity | 425 | $ 425 | $ 350 |
Commercial Paper Issuances | 0 | $ 262 | |
Unused Capacity | 425 | ||
KU [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 0.28% | ||
Capacity | 350 | ||
Commercial Paper Issuances | 0 | $ 203 | |
Unused Capacity | 350 | ||
PPL Electric Utilities Corp [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 650 | ||
Commercial Paper Issuances | 0 | $ 0 | |
Unused Capacity | 650 | ||
Louisville Gas And Electric Co [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 0.28% | ||
Capacity | 425 | $ 425 | $ 350 |
Commercial Paper Issuances | 0 | $ 262 | |
Unused Capacity | 425 | ||
Kentucky Utilities Co [Member] | |||
Short-term Debt [Line Items] | |||
Weighted - Average Interest Rate | 0.28% | ||
Capacity | 350 | ||
Commercial Paper Issuances | 0 | $ 203 | |
Unused Capacity | $ 350 |
Financing Activities - Long-ter
Financing Activities - Long-term Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Jul. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 31, 2021 | Jul. 01, 2021 | Jun. 24, 2021 | May 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | |
Long-term Debt (Numeric) [Abstract] | |||||||||||
Loss on extinguishment of debt | $ (395,000) | $ 0 | |||||||||
PPL Electric [Member] | First Mortgage Bond [Member] | First Mortgage Bonds, Floating Rate Series due 2024 | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 650,000 | ||||||||||
Proceeds from Issuance of Debt | $ 647,000 | ||||||||||
PPL Electric [Member] | First Mortgage Bond [Member] | First Mortgage Bonds, 3% Series due 2021 | Redemption [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 400,000 | ||||||||||
Stated interest rate | 3.00% | ||||||||||
PPL Capital Funding [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Capacity | 1,550,000 | ||||||||||
Borrowed | 0 | $ 400,000 | |||||||||
PPL Capital Funding [Member] | Term Loan Facility [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Capacity | 0 | ||||||||||
Borrowed | $ 0 | $ 100,000 | |||||||||
PPL Capital Funding [Member] | Term Loan Facility [Member] | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 100,000 | ||||||||||
PPL Capital Funding [Member] | Senior Notes due 2023 | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 3.40% | 3.40% | 3.40% | ||||||||
PPL Capital Funding [Member] | Senior Notes due 2024 | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 3.95% | 3.95% | 3.95% | ||||||||
PPL Capital Funding [Member] | Senior Notes due 2043 | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 4.70% | 4.70% | |||||||||
PPL Capital Funding [Member] | Senior Notes due 2044 | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 5.00% | 5.00% | |||||||||
PPL Capital Funding [Member] | Senior Notes due 2047 | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 4.00% | 4.00% | |||||||||
PPL Capital Funding [Member] | Senior Notes Due 2030 [Member] | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 4.125% | 4.125% | |||||||||
PPL Capital Funding [Member] | Senior Notes due 2026 | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 3.10% | 3.10% | |||||||||
PPL Capital Funding [Member] | Junior Subordinated Notes due 2073 | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 450,000 | ||||||||||
Stated interest rate | 5.90% | ||||||||||
Loss on extinguishment of debt | $ 15,000 | ||||||||||
PPL Capital Funding [Member] | Senior Notes [Member] | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Loss on extinguishment of debt | 58,000 | $ 322,000 | |||||||||
Extinguishment of Debt, Amount | 1,072,000 | $ 1,962,000 | |||||||||
Extinguishment of Debt, Aggregate Purchase Price | $ 1,133,000 | $ 1,000,000 | |||||||||
PPL Capital Funding [Member] | Senior Notes due 2022 (4.20%) | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 4.20% | 4.20% | 4.20% | ||||||||
PPL Capital Funding [Member] | Senior Notes due 2022 (3.50%) | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 3.50% | 3.50% | 3.50% | ||||||||
PPL Capital Funding [Member] | Senior Notes 2 | Repayment | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Extinguishment of Debt, Aggregate Purchase Price | $ 2,293,000 | ||||||||||
PPL Capital Funding [Member] | Senior Notes [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.14% | 3.71% | |||||||||
LKE [Member] | Senior Notes [Member] | Senior Notes Due 2021 | Bond Redemption [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 250,000 | ||||||||||
Stated interest rate | 4.375% | ||||||||||
LGE [Member] | Trimble County Pollution Control Revenue Bonds, 2001 Series B | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 35,000 | ||||||||||
Stated interest rate | 1.35% | ||||||||||
LGE [Member] | Jefferson County Pollution Control Revenue Bonds, 2001 Series B | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 35,000 | ||||||||||
Stated interest rate | 1.35% | ||||||||||
LGE [Member] | Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2003 Series A | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 128,000 | ||||||||||
Stated interest rate | 2.00% | ||||||||||
LGE [Member] | Jefferson County Environmental Facilities Revenue Refunding Bonds, 2001 Series B | Conversion to Weekly Interest Rate [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | 35,000 | $ 35,000 | |||||||||
LGE [Member] | Jefferson County Environmental Facilities Revenue Refunding Bond, 2007 Series A | Conversion to Weekly Interest Rate [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | 31,000 | 31,000 | |||||||||
LGE [Member] | Trimble County Pollution Control Revenue Bonds, 2001 Series A | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 28,000 | ||||||||||
Stated interest rate | 0.625% | ||||||||||
KU [Member] | Carroll County Environmental Facilities Revenue Refunding Bonds, 2006 Series B | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 54,000 | ||||||||||
Stated interest rate | 2.125% | ||||||||||
KU [Member] | Carroll County Environmental Facilities Revenue Bonds, 2008 series A | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 78,000 | ||||||||||
Stated interest rate | 2.00% | ||||||||||
PPL Electric Utilities Corp [Member] | First Mortgage Bond [Member] | First Mortgage Bonds, Floating Rate Series due 2024 | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 650,000 | ||||||||||
Proceeds from Issuance of Debt | 647,000 | ||||||||||
PPL Electric Utilities Corp [Member] | First Mortgage Bond [Member] | First Mortgage Bonds, 3% Series due 2021 | Redemption [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 400,000 | ||||||||||
Stated interest rate | 3.00% | ||||||||||
Louisville Gas And Electric Co [Member] | Trimble County Pollution Control Revenue Bonds, 2001 Series B | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 35,000 | ||||||||||
Stated interest rate | 1.35% | ||||||||||
Louisville Gas And Electric Co [Member] | Jefferson County Pollution Control Revenue Bonds, 2001 Series B | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 35,000 | ||||||||||
Stated interest rate | 1.35% | ||||||||||
Louisville Gas And Electric Co [Member] | Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2003 Series A | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 128,000 | ||||||||||
Stated interest rate | 2.00% | ||||||||||
Louisville Gas And Electric Co [Member] | Jefferson County Environmental Facilities Revenue Refunding Bonds, 2001 Series B | Conversion to Weekly Interest Rate [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | 35,000 | 35,000 | |||||||||
Louisville Gas And Electric Co [Member] | Jefferson County Environmental Facilities Revenue Refunding Bond, 2007 Series A | Conversion to Weekly Interest Rate [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 31,000 | $ 31,000 | |||||||||
Louisville Gas And Electric Co [Member] | Trimble County Pollution Control Revenue Bonds, 2001 Series A | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 28,000 | ||||||||||
Stated interest rate | 0.625% | ||||||||||
Kentucky Utilities Co [Member] | Carroll County Environmental Facilities Revenue Refunding Bonds, 2006 Series B | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 54,000 | ||||||||||
KU [Member] | Carroll County Environmental Facilities Revenue Bonds, 2008 series A | Remarketed [Member] | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Principal amount | $ 78,000 | ||||||||||
Stated interest rate | 2.00% | ||||||||||
KU [Member] | Remarketed [Member] | Carroll County Environmental Facilities Revenue Refunding Bonds, 2006 Series B | |||||||||||
Long-term Debt (Numeric) [Abstract] | |||||||||||
Stated interest rate | 2.125% |
Financing Activities - Equity S
Financing Activities - Equity Securities (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Jul. 01, 2021 | Feb. 28, 2018 | |
Securities Financing Transaction [Line Items] | |||||
Common Stock Aggregate Sales Price | $ 1,000 | ||||
Common stock issued | 0 | ||||
Stock Repurchase Program, Authorized Amount | $ 3,000 | ||||
Treasury stock acquired | 9,600,000 | 9,600,000 | |||
Maximum Percentage Paid To Selling Agents | 2.00% | ||||
Treasury Stock, Value, Acquired | $ 282 | $ 282 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,000 | $ 1,000 | |||
Subsequent Event [Member] | |||||
Securities Financing Transaction [Line Items] | |||||
Treasury stock acquired | 9,400,000 | ||||
Treasury Stock, Value, Acquired | $ 269 |
Financing Activities - Distribu
Financing Activities - Distributions (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Distributions (Numeric) [Abstract] | |||||
Current quarterly common stock dividend (in dollars per share) | $ 0.415 | $ 0.415 | $ 0.415 | $ 1.245 | $ 1.245 |
Annualized current quarterly common stock dividend (in dollars per share) | $ 1.66 |
Acquisitions, Development and_3
Acquisitions, Development and Divestitures - Discontinued Operations (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021GBP (£) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 14, 2021USD ($) | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | $ (2) | $ 164 | $ (1,490) | $ 705 | |||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||
Total Assets | 0 | 0 | $ 18,983 | ||||||
Total Liabilities | 0 | 0 | 11,023 | ||||||
Discontinued Operations, Held-for-sale | WPD | |||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||||||
Sales proceeds, net of realized foreign currency hedge losses | $ 10,732 | £ 7,800,000,000 | |||||||
Proceeds from Daily Dividend, Divestiture of Business | £ | 548,000 | ||||||||
Loss on Sale | 0 | 0 | (1,609) | 0 | |||||
Carrying value | $ 12,397 | ||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Sale of Disposal Group, Net of Tax | 4,000 | 3,600 | |||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||
Operating Revenues | 0 | 485 | 1,344 | 1,575 | |||||
Operating Expenses | 0 | 235 | 466 | 684 | |||||
Other Income (Expense) - net | 0 | 46 | 202 | 242 | |||||
Interest Expense | 0 | 88 | 209 | 271 | |||||
Income before income taxes | 0 | 208 | 871 | 862 | |||||
Gain (Loss) on Sale | 0 | 0 | (1,609) | 0 | |||||
Income tax expense | 2 | 44 | 752 | 157 | |||||
Income (Loss) from Discontinued Operations (net of income taxes) | (2) | 164 | (1,490) | 705 | |||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||
Cash and cash equivalents | 266 | ||||||||
Accounts receivable and unbilled revenues | 389 | ||||||||
Price risk management assets | 146 | ||||||||
Property, plant and equipment, net | 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 | 7,960 | ||||||||
Gain (Loss) on Sale | $ 0 | $ 0 | $ (1,609) | $ 0 | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Sale of Disposal Group, Net of Tax | 4,000 | $ 3,600 | |||||||
Net Proceeds From Divestiture Of Businesses | 10,400 | ||||||||
Proceeds from Divestiture of Businesses, before Foreign Currency Hedge Losses | £ | £ 7,881,000,000 | ||||||||
Disposal Group, Including Discontinued Operation, Loss on Foreign Currency Hedge Against Sale or Disposition | $ 386 | ||||||||
Costs to sell | $ 69 | ||||||||
Disposal Group, Including Discontinued Operation, Unrealized Gain (Loss) on Derivatives | $ 125 |
Acquisitions, Development and_4
Acquisitions, Development and Divestitures - Development (Details) $ in Billions | Mar. 31, 2022USD ($) |
Forecast [Member] | |
Business Acquisition [Line Items] | |
Payments to Acquire Businesses, Gross | $ 3.8 |
Defined Benefits (Details)
Defined Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | $ 41 | $ 61 | ||
Pension Plan [Member] | U.S. | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 14 | $ 14 | 42 | 42 |
Interest cost | 30 | 35 | 91 | 109 |
Expected return on plan assets | (64) | (62) | (191) | (185) |
Amortization of: [Abstract] | ||||
Prior service cost | 2 | 3 | 6 | 7 |
Actuarial loss | 21 | 23 | 70 | 67 |
Net Periodic Defined Benefit Costs (Credits) Prior To Settlements | 3 | 13 | 18 | 40 |
Settlements | 14 | 13 | 14 | 13 |
Net periodic defined benefit costs (credits) | 17 | 26 | 32 | 53 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 2 | 2 | 5 | 5 |
Interest cost | 4 | 4 | 12 | 14 |
Expected return on plan assets | (6) | (5) | (18) | (16) |
Amortization of: [Abstract] | ||||
Prior service cost | 0 | 0 | 1 | 1 |
Actuarial loss | (1) | 0 | (1) | 0 |
Net periodic defined benefit costs (credits) | (1) | 1 | (1) | 4 |
PPL Electric Utilities Corp [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | 21 | 21 | ||
PPL Electric Utilities Corp [Member] | PPL Services [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Costs allocated to subsidiary by plan sponsors | 0 | 3 | 2 | 9 |
Louisville Gas And Electric Co [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | 3 | 6 | ||
Louisville Gas And Electric Co [Member] | LKE [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Costs allocated to subsidiary by plan sponsors | 6 | 9 | 7 | 14 |
Kentucky Utilities Co [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Defined benefit plans - funding | 1 | 1 | ||
Kentucky Utilities Co [Member] | LKE [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Costs allocated to subsidiary by plan sponsors | $ 1 | $ 4 | $ 0 | $ 5 |
Commitments and Contingencies -
Commitments and Contingencies - Legal Matters and Regulatory Issues (Details) $ in Millions | 1 Months Ended | |||||
Jun. 30, 2017mi | Jul. 31, 2014claim | Dec. 31, 2013resident | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 01, 2015 | |
Claim By Former Affiliate [Abstract] | ||||||
Percent of ownership of Talen Energy by Riverstone | 35.00% | |||||
PPL Electric [Member] | PPL Electric Additional Sites [Member] | ||||||
Claim By Former Affiliate [Abstract] | ||||||
Accrual for Environmental Loss Contingencies | $ | $ 10 | $ 10 | ||||
LGE [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of residents that filed class action suit | resident | 6 | |||||
Number of remaining unresolved Clean Air Act violation claims after July 2014 court ruling | claim | 1 | |||||
LGE [Member] | Minimum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 1 | |||||
LGE [Member] | Maximum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 3 | |||||
PPL Electric Utilities Corp [Member] | PPL Electric Additional Sites [Member] | ||||||
Claim By Former Affiliate [Abstract] | ||||||
Accrual for Environmental Loss Contingencies | $ | $ 10 | $ 10 | ||||
Louisville Gas And Electric Co [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of residents that filed class action suit | resident | 6 | |||||
Number of remaining unresolved Clean Air Act violation claims after July 2014 court ruling | claim | 1 | |||||
Louisville Gas And Electric Co [Member] | Minimum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 1 | |||||
Louisville Gas And Electric Co [Member] | Maximum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 3 |
Commitments and Contingencies_2
Commitments and Contingencies - Environmental Matters and Other (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)vote | Dec. 31, 2020USD ($) | |
PPL Electric [Member] | PPL Electric Additional Sites [Member] | ||
Environmental Matters - Superfund and Other Remediation (Numeric) [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 10 | $ 10 |
PPL Electric Utilities Corp [Member] | PPL Electric Additional Sites [Member] | ||
Environmental Matters - Superfund and Other Remediation (Numeric) [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 10 | $ 10 |
Kentucky Utilities Co [Member] | ||
Other - Labor Union Agreements (Numeric) [Abstract] | ||
Concentration Risk Number Of Union Employees | vote | 70 |
Commitments and Contingencies_3
Commitments and Contingencies - Guarantees and Other Assurances (Details) - 9 months ended Sep. 30, 2021 £ in Millions, $ in Millions | GBP (£) | USD ($) |
Other Guarantee (Numeric) [Abstract] | ||
Maximum aggregate coverage bodily injury and property damage | $ 225 | |
Indemnification Cap, Surrenders of Tax Losses | £ | £ 50 | |
PPL Guarantee [Member] | Indemnification Guarantee [Member] | Indemnifications related to the sale of the U.K. utility business [Domain] | ||
Other Guarantee (Numeric) [Abstract] | ||
Maximum exposure | £ | 7,881 | |
PPL Guarantee [Member] | Indemnification Guarantee [Member] | Indemnifications related to certain tax liabilities related to the sale of the U.K. utility business [Domain] | ||
Other Guarantee (Numeric) [Abstract] | ||
Maximum exposure | £ | £ 50 | |
LKE Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | 94 | |
Louisville Gas And Electric Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable | |
Contingent proportionate share of OVEC's outstanding debt | 65 | |
Kentucky Utilities Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable | |
Contingent proportionate share of OVEC's outstanding debt | $ 29 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
PPL Electric Utilities Corp [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes receivable from affiliate | $ 575 | $ 575 | $ 0 | ||
PPL Electric Utilities Corp [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 15 | $ 11 | 36 | $ 37 | |
Intercompany Borrowings (Numeric) [Abstract] | |||||
VEBA Funds Receivable | 14 | 14 | 22 | ||
PPL Electric Utilities Corp [Member] | PPL EU Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 48 | 44 | 147 | 126 | |
PPL Electric Utilities Corp [Member] | PPL Energy Funding [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany note with affiliate maximum borrowing capacity | 1,200 | 1,200 | |||
Notes receivable from affiliate | 575 | 575 | 0 | ||
PPL Electric Utilities Corp [Member] | Accounts receivable from affiliates [Member] | PPL Services [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
VEBA Funds Receivable | 10 | 10 | 10 | ||
PPL Electric Utilities Corp [Member] | Other Noncurrent Assets [Member] | PPL Services [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
VEBA Funds Receivable | 4 | 4 | 12 | ||
Louisville Gas And Electric Co [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes Payable, Related Parties, Current | 284 | 284 | 0 | ||
Louisville Gas And Electric Co [Member] | Parent And Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany Money Pool Agreement Maximum Borrowing Capacity | 325 | 325 | |||
Notes Payable, Related Parties, Current | 0 | ||||
Louisville Gas And Electric Co [Member] | LKS [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 40 | 43 | 126 | 125 | |
Kentucky Utilities Co [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes Payable, Related Parties, Current | 208 | 208 | 0 | ||
Kentucky Utilities Co [Member] | Parent And Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany Money Pool Agreement Maximum Borrowing Capacity | 300 | 300 | |||
Notes Payable, Related Parties, Current | $ 0 | ||||
Kentucky Utilities Co [Member] | LKS [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 43 | $ 45 | 132 | $ 132 | |
LGE [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany Borrowings Outstanding | 284 | 284 | |||
KU [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany Borrowings Outstanding | $ 208 | $ 208 |
Other Income (Expense) - net (D
Other Income (Expense) - net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income | ||||
Defined benefit plans - non-service credits | $ 6 | $ 1 | $ 18 | $ 4 |
Interest Income | 6 | 0 | 10 | 1 |
AFUDC - equity component | 4 | 7 | 13 | 15 |
Miscellaneous | 2 | 1 | 7 | 3 |
Total Other Income | 18 | 9 | 48 | 23 |
Other Expense | ||||
Charitable Contributions | 0 | 0 | 2 | 2 |
Miscellaneous | 6 | 3 | 21 | 10 |
Total Other Expense | 6 | 3 | 23 | 12 |
Other Income (Expense) - net | 12 | 6 | 25 | 11 |
PPL Electric Utilities Corp [Member] | ||||
Other Expense | ||||
Other Income (Expense) - net | $ 6 | $ 7 | $ 16 | $ 15 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis Table (Details) - Recurring Fair Value Measurements [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 4,767 | $ 442 |
Restricted cash and cash equivalents | 1 | 1 |
Special Use Funds [Abstract] | ||
Money market fund | 3 | 0 |
Commingled debt fund measured at NAV | 23 | 26 |
Commingled equity fund measured at NAV | 20 | 25 |
Total special use funds | 46 | 51 |
Price risk management assets: | ||
Total Assets | 4,814 | 494 |
Price risk management liabilities: | ||
Interest rate swaps | 19 | 23 |
Total price risk management liabilities | 19 | 23 |
Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 4,767 | 442 |
Restricted cash and cash equivalents | 1 | 1 |
Special Use Funds [Abstract] | ||
Money market fund | 3 | 0 |
Total special use funds | 3 | 0 |
Price risk management assets: | ||
Total Assets | 4,771 | 443 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Special Use Funds [Abstract] | ||
Money market fund | 0 | 0 |
Total special use funds | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 19 | 23 |
Total price risk management liabilities | 19 | 23 |
Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Special Use Funds [Abstract] | ||
Money market fund | 0 | 0 |
Total special use funds | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | ||
Assets | ||
Cash and cash equivalents | 59 | 40 |
Price risk management assets: | ||
Total Assets | 59 | 40 |
PPL Electric Utilities Corp [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 59 | 40 |
Price risk management assets: | ||
Total Assets | 59 | 40 |
PPL Electric Utilities Corp [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | ||
Assets | ||
Cash and cash equivalents | 5 | 7 |
Price risk management assets: | ||
Total Assets | 5 | 7 |
Price risk management liabilities: | ||
Interest rate swaps | 19 | 23 |
Total price risk management liabilities | 19 | 23 |
Louisville Gas And Electric Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 5 | 7 |
Price risk management assets: | ||
Total Assets | 5 | 7 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 19 | 23 |
Total price risk management liabilities | 19 | 23 |
Louisville Gas And Electric Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | ||
Assets | ||
Cash and cash equivalents | 8 | 22 |
Price risk management assets: | ||
Total Assets | 8 | 22 |
Kentucky Utilities Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 8 | 22 |
Price risk management assets: | ||
Total Assets | 8 | 22 |
Kentucky Utilities Co [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Kentucky Utilities Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 11,139 | $ 14,689 |
Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 13,091 | 17,774 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 4,483 | 4,236 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 5,296 | 5,338 |
Louisville Gas And Electric Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,006 | 2,007 |
Louisville Gas And Electric Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,387 | 2,499 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,618 | 2,618 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 3,157 | $ 3,334 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Intro (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | $ 0 | $ 0 |
Cash collateral posted under master netting arrangements | 0 | 0 |
Louisville Gas And Electric Co [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | 0 | 0 |
Cash collateral posted under master netting arrangements | 0 | 0 |
Kentucky Utilities Co [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | 0 | 0 |
Cash collateral posted under master netting arrangements | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Risk Disclosures (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | |
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | ||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | ||||
Cash collateral obligation under master netting arrangements | 0 | $ 0 | ||
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | ||||
Derivative Notional Amount Matured | $ 500 | |||
Principal amount | $ 500 | |||
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | ||||
Foreign Currency Risk - Net Investment Hedges (Numeric) [Abstract] | ||||
Net after tax gains (losses) on net investment hedges recognized in the foreign currency translation adjustment component of AOCI | 33 | |||
LGE [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Derivative, Notional Amount | 64 | |||
Louisville Gas And Electric Co [Member] | ||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | ||||
Cash collateral obligation under master netting arrangements | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Derivative, Notional Amount | 64 | |||
Kentucky Utilities Co [Member] | ||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | ||||
Cash collateral obligation under master netting arrangements | $ 0 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Fair Values (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | $ 0 | $ 146 |
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 94 |
Designated As Hedging Instruments [Member] | Other current liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current assets held for sale [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 94 |
Designated As Hedging Instruments [Member] | Current assets held for sale [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 52 |
Designated As Hedging Instruments [Member] | Price risk management assets, noncurrent [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Designated As Hedging Instruments [Member] | Other deferred credits and noncurrent liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current liabilities held for sale [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current liabilities held for sale [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Price risk management assets, current [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current assets held for sale via noncurrent assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 52 |
Designated As Hedging Instruments [Member] | Current liabilities held for sale via noncurrent liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 19 | 160 |
Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Other current liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 2 | 2 |
Not Designated As Hedging Instruments [Member] | Current assets held for sale [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Current assets held for sale [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Price risk management assets, noncurrent [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Other deferred credits and noncurrent liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 17 | 21 |
Not Designated As Hedging Instruments [Member] | Current liabilities held for sale [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Current liabilities held for sale [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 137 |
Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 2 | 139 |
Not Designated As Hedging Instruments [Member] | Price risk management assets, current [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 17 | 21 |
Not Designated As Hedging Instruments [Member] | Current assets held for sale via noncurrent assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Current liabilities held for sale via noncurrent liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 19 | 23 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 2 | 2 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 2 | 2 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 17 | 21 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | $ 17 | $ 21 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Expense | $ 183 | $ 161 | $ 810 | $ 479 | |
Other Income (Expense) - net | 12 | 6 | 25 | 11 | |
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Income (Loss) from Discontinued Operations (net of income taxes) | (2) | 164 | (1,490) | 705 | |
Cash Flow Hedges [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (Loss) Reclassified from AOCI into Income | (1) | (60) | (29) | (33) | |
Cash Flow Hedges [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Derivative Gain (Loss) Recognized in OCI | 0 | (64) | (50) | (20) | |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Derivative Gain (Loss) Recognized in OCI | 0 | 3 | 0 | (7) | |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (Loss) Reclassified from AOCI into Income | (1) | (3) | 12 | (7) | |
Amount of gain (loss) reclassified from AOCI to income | (1) | (3) | 12 | (7) | |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Income (Loss) from Discontinued Operations (net of income taxes) | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (Loss) Reclassified from AOCI into Income | 0 | (1) | (2) | (2) | |
Amount of gain (loss) reclassified from AOCI to income | 0 | (1) | (2) | (2) | |
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Derivative Gain (Loss) Recognized in OCI | 0 | (67) | (50) | (13) | |
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Interest Expense [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Amount of gain (loss) reclassified from AOCI to income | 0 | 0 | 0 | 0 | |
Hedged items | 0 | 0 | 0 | 0 | |
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Income (Loss) from Discontinued Operations (net of income taxes) | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (Loss) Reclassified from AOCI into Income | 0 | (56) | (39) | (24) | |
Amount of gain (loss) reclassified from AOCI to income | 0 | (56) | (39) | (24) | |
Hedged items | 0 | 56 | 39 | 24 | |
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Derivative Gain (Loss) Recognized in OCI | 0 | 1 | |||
Not Designated As Hedging Instruments [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | 0 | (20) | (268) | 40 | |
Asset value | 0 | 0 | $ 0 | ||
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | 0 | ||
Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Regulatory Assets Noncurrent [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized as regulatory liabilities/assets | 1 | 2 | 4 | (5) | |
Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | 0 | (1) | (2) | (4) | |
Not Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Income (Loss) from Discontinued Operations (net of income taxes) | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | 0 | (19) | (266) | 44 | |
Designated As Hedging Instruments [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | 146 | ||
Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | 52 | ||
Louisville Gas And Electric Co [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Expense | 20 | 22 | 61 | 66 | |
Other Income (Expense) - net | 2 | (1) | 3 | (1) | |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Noncurrent Assets [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Asset value | 0 | 0 | $ 0 | ||
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Regulatory Assets Noncurrent [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized as regulatory liabilities/assets | 1 | 2 | 4 | (5) | |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | |||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||||
Gain (loss) recognized in income on derivative | 0 | (1) | (2) | (4) | |
Kentucky Utilities Co [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest Expense | 27 | 28 | 81 | 85 | |
Other Income (Expense) - net | $ 1 | $ 1 | $ 5 | $ 2 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments and Credit Risk-Related Features (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Cash collateral received - eligible for offset | $ 0 | $ 0 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 0 | 0 |
Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 0 | 146 |
Derivative instruments - eligible for offset | 0 | 34 |
Cash collateral received - eligible for offset | 0 | 0 |
Net | 0 | 112 |
Liabilities [Abstract] | ||
Gross | 19 | 160 |
Derivative instruments - eligible for offset | 0 | 34 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | 19 | 126 |
Louisville Gas And Electric Co [Member] | ||
Assets [Abstract] | ||
Cash collateral received - eligible for offset | 0 | 0 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 0 | 0 |
Louisville Gas And Electric Co [Member] | Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 0 | 0 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral received - eligible for offset | 0 | 0 |
Net | 0 | 0 |
Liabilities [Abstract] | ||
Gross | 19 | 23 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | $ 19 | $ 23 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 182 |
Accretion | 12 |
Changes in estimated timing or cost | 50 |
Obligations settled | (43) |
Balance at End of Period | 201 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 67 |
Accretion | 4 |
Changes in estimated timing or cost | 34 |
Obligations settled | (16) |
Balance at End of Period | 89 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 115 |
Accretion | 8 |
Changes in estimated timing or cost | 16 |
Obligations settled | (27) |
Balance at End of Period | $ 112 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - After-tax Changes by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (191) | $ (4,602) | $ (4,220) | $ (4,358) |
Amounts arising during the period | (12) | 575 | 315 | 258 |
Reclassifications from AOCI | 20 | 100 | 144 | 173 |
Net OCI during the period | 8 | 675 | 4,037 | 431 |
Balance at end of period | (183) | (3,927) | (183) | (3,927) |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 3,578 | |||
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 0 | (1,777) | (1,158) | (1,425) |
Amounts arising during the period | 0 | 643 | 372 | 291 |
Reclassifications from AOCI | 0 | 0 | 0 | 0 |
Net OCI during the period | 0 | 643 | 1,158 | 291 |
Balance at end of period | 0 | (1,134) | 0 | (1,134) |
Foreign currency translation adjustments [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 786 | |||
Unrealized gains (losses) on qualifying derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 0 | 8 | 0 | (5) |
Amounts arising during the period | 0 | (52) | (39) | (16) |
Reclassifications from AOCI | 1 | 48 | 25 | 25 |
Net OCI during the period | 1 | (4) | 1 | 9 |
Balance at end of period | 1 | 4 | 1 | 4 |
Unrealized gains (losses) on qualifying derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 15 | |||
Defined benefit plans Prior service costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (15) | (16) | (16) | (18) |
Amounts arising during the period | 0 | 0 | 0 | 0 |
Reclassifications from AOCI | 9 | 0 | 2 | 2 |
Net OCI during the period | 9 | 0 | 10 | 2 |
Balance at end of period | (6) | (16) | (6) | (16) |
Defined benefit plans Prior service costs [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | 8 | |||
Defined benefit plans Actuarial gain (loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (176) | (2,817) | (3,046) | (2,910) |
Amounts arising during the period | (12) | (16) | (18) | (17) |
Reclassifications from AOCI | 10 | 52 | 117 | 146 |
Net OCI during the period | (2) | 36 | 2,868 | 129 |
Balance at end of period | $ (178) | $ (2,781) | (178) | $ (2,781) |
Defined benefit plans Actuarial gain (loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications from AOCI | $ 2,769 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Income (Expense) Effect of Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Affected Line Item on the Statements of Income [Line Items] | ||||
Interest Expense | $ (183) | $ (161) | $ (810) | $ (479) |
Other Income (Expense) - net | 12 | 6 | 25 | 11 |
Income Tax Expense (Benefit) | (51) | (165) | (455) | (266) |
Income (Loss) from Discontinued Operations (net of income taxes) | (2) | 164 | (1,490) | 705 |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Total After-tax | (20) | (100) | (3,722) | (173) |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income Tax Expense (Benefit) | 0 | 0 | (660) | 0 |
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | 0 | (3,578) | 0 |
Income before income taxes | 0 | 0 | (4,238) | 0 |
Defined Benefit Plans [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (26) | (65) | (150) | (184) |
Income Tax Expense (Benefit) | 7 | 13 | 31 | 36 |
Total After-tax | (19) | (52) | (119) | (148) |
Defined Benefit Plans [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income before income taxes | 0 | 0 | (3,577) | 0 |
Defined Benefit Plans [Member] | Prior Service Costs [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (12) | (1) | (3) | (3) |
Defined Benefit Plans [Member] | Net Actuarial Loss [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (14) | (64) | (147) | (181) |
Foreign currency translation adjustments [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income before income taxes | 0 | 0 | (646) | 0 |
Unrealized gains (losses) on qualifying derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (1) | (60) | (29) | (33) |
Income Tax Expense (Benefit) | 0 | 12 | 4 | 8 |
Total After-tax | (1) | (48) | (25) | (25) |
Unrealized gains (losses) on qualifying derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) due to Sale of U.K. Utility Business [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income before income taxes | 0 | 0 | (15) | 0 |
Unrealized gains (losses) on qualifying derivatives [Member] | Interest Rate Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Interest Expense | (1) | (3) | 12 | (7) |
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | (1) | (2) | (2) |
Unrealized gains (losses) on qualifying derivatives [Member] | Cross Currency Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Income (Loss) from Discontinued Operations (net of income taxes) | $ 0 | $ (56) | $ (39) | $ (24) |