XML 62 R5.htm IDEA: XBRL DOCUMENT v3.24.0.1Close
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net income (loss) $ 740 $ 756 $ (1,480)
Loss (income) from discontinued operations (net of income taxes) 0 (42) 1,498
Income from Continuing Operations After Income Taxes 740 714 18
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 1,254 1,181 1,082
Amortization 81 52 39
Defined benefit plans - expense (income) (73) (16) 10
Deferred income taxes and investment tax credits 322 179 87
Loss on sale of Safari Holdings 0 60 0
Impairment of solar panels 0 0 37
Loss on Extinguishment of Debt 0 0 395
Stock compensation expense 33 37 37
Other (29) 14 (27)
Change in current assets and current liabilities      
Accounts receivable (170) (176) (14)
Accounts payable (72) 358 24
Unbilled Revenues 128 (197) (5)
Fuel, materials and supplies (60) (90) (21)
Taxes payable 6 (80) 27
Regulatory assets and liabilities, net (37) (119) 52
Other 39 (89) (9)
Defined benefit plans - funding (13) (12) (53)
Other operating activities      
Other assets (69) (126) (111)
Other liabilities (349) 39 8
Net cash provided by operating activities - continuing operations 1,758 1,730 1,544
Net cash provided by operating activities - discontinued operations 0 0 726
Net cash provided by operating activities 1,758 1,730 2,270 Close
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (2,390) (2,155) (1,973)
Proceeds from sale of Safari Holdings, net of cash divested 0 146 0
Proceeds from sale of U.K. utility business, net of cash divested 0 0 10,560
Acquisition of Narragansett Electric, net of cash acquired 0 (3,660) 0
Other investing activities 7 15 (23)
Net cash provided by (used in) investing activities - continuing operations (2,383) (5,654) 8,564
Net cash provided by (used in) investing activities - discontinued operations 0 0 (607)
Net cash provided by (used in) investing activities (2,383) (5,654) 7,957 Close
Cash Flows from Financing Activities      
Issuance of long-term debt 3,252 850 650
Retirement of long-term debt (1,854) (264) (4,606)
Payment of common stock dividends (704) (787) (1,279)
Purchase of treasury stock 0 0 (1,003)
Retirement of term loan 0 0 (300)
Retirement of commercial paper 0 0 (73)
Net increase (decrease) in short-term debt 7 916 (726)
Other investing activities (51) (6) (7)
Net cash provided by (used in) financing activities - continuing operations 650 709 (7,344)
Net cash provided by (used in) financing activities - discontinued operations 0 0 (411)
Contributions from discontinued operations 0 0 365
Net cash provided by (used in) financing activities 650 709 (7,390) Close
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations 0 0 8 Close
Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations 0 0 284
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 25 (3,215) 3,129 Close
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 357 3,572 443
Cash, Cash Equivalents and Restricted Cash at End of Period 382 357 3,572
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 604 462 191
Income taxes - net 281 163 284
Accrued expenditures for property, plant and equipment at December 31, 220 269 245
Accrued interest 27 1 (32)
PPL Electric Utilities Corp [Member]      
Cash Flows from Operating Activities      
Net income (loss) [1] 519 525 445
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 397 393 424
Amortization 41 22 19
Defined benefit plans - expense (income) (42) (23) (10)
Deferred income taxes and investment tax credits 46 91 79
Other (24) (11) (19)
Change in current assets and current liabilities      
Accounts receivable (78) (47) (9)
Accounts payable 13 46 (3)
Unbilled Revenues 75 (95) (8)
Fuel, materials and supplies (30) (11) (5)
Prepayments 2 (2) (4)
Taxes payable 15 5 14
Regulatory assets and liabilities, net (38) (59) 96
Other 9 (19) (1)
Defined benefit plans - funding (5) 0 (21)
Other operating activities      
Other assets 3 (47) (12)
Other liabilities 1 (11) (16)
Net cash provided by operating activities 912 757 969
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (956) (886) (898)
Expenditures for intangible assets (6) (2) (6)
Net (increase) decrease in notes receivable from affiliate 0 499 (499)
Other investing activities 4 2 3
Net cash provided by (used in) investing activities (958) (387) (1,400)
Cash Flows from Financing Activities      
Issuance of long-term debt 1,329 250 650
Retirement of long-term debt (1,240) (250) (400)
Contributions from parent 206 0 1,075
Payment of common stock dividends to parent (323) (340) (334)
Return of Capital to Parent (250) (170) (574)
Net increase (decrease) in short-term debt 364 145 0
Debt Issuance Costs (14) 0 0
Other investing activities 0 (1) (5)
Net cash provided by (used in) financing activities 72 (366) 412
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 26 4 (19)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 25 21 40
Cash, Cash Equivalents and Restricted Cash at End of Period 51 25 21
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 205 164 156
Income taxes - net 92 111 64
Accrued expenditures for property, plant and equipment at December 31, 122 133 118
Accrued interest 8 0 0
Louisville Gas And Electric Co [Member]      
Cash Flows from Operating Activities      
Net income (loss) [2] 266 272 249
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 302 298 279
Amortization 14 5 2
Defined benefit plans - expense (income) 0 0 1
Deferred income taxes and investment tax credits (14) (6) 8
Other (7) 4 0
Change in current assets and current liabilities      
Accounts receivable 40 (19) (11)
Accounts receivable from affiliates 7 (5) (13)
Accounts payable (40) 22 32
Accounts payable to affiliates (8) 30 (4)
Unbilled Revenues 24 (32) (1)
Fuel, materials and supplies 24 (28) (17)
Taxes payable 0 7 2
Regulatory assets and liabilities, net 25 17 (23)
Other 1 5 (18)
Defined benefit plans - funding 1 (2) (3)
Other operating activities      
Expenditures for asset retirement obligations (11) (13) (27)
Other assets (21) (8) 2
Other liabilities 1 (4) 0
Net cash provided by operating activities 609 543 458
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (378) (371) (466)
Other investing activities 0 (11) 0
Net cash provided by (used in) investing activities (378) (360) (466)
Cash Flows from Financing Activities      
Issuance of long-term debt 464 300 0
Retirement of long-term debt (300) 0 0
Retirement of commercial paper 0 0 (41)
Net increase (decrease) in short-term debt (179) 110 (152)
Contributions from parent 67 90 74
Payment of common stock dividends to parent (166) (275) (192)
Return of Capital to Parent (161) 0 0
Other investing activities (5) 0 (3)
Net cash provided by (used in) financing activities (280) (99) 10
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (49) 84 2
Proceeds from (Repayments of) Related Party Debt 0 (324) 324
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 93 9 7
Cash, Cash Equivalents and Restricted Cash at End of Period 44 93 9
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 93 83 77
Income taxes - net 84 57 52
Accrued expenditures for property, plant and equipment at December 31, 30 43 60
Accrued interest 5 0 0
Kentucky Utilities Co [Member]      
Cash Flows from Operating Activities      
Net income (loss) [3] 312 322 296
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 392 386 366
Amortization 20 18 12
Defined benefit plans - expense (income) (5) (4) (3)
Deferred income taxes and investment tax credits (10) 2 1
Other (2) 3 (3)
Change in current assets and current liabilities      
Accounts receivable 16 (16) 6
Accounts receivable from affiliates 0 0 1
Accounts payable (26) 26 (12)
Accounts payable to affiliates (24) 37 15
Unbilled Revenues 17 (23) 6
Fuel, materials and supplies (17) (41) 1
Taxes payable 5 7 (10)
Regulatory assets and liabilities, net 25 (19) (22)
Other (4) (3) (18)
Defined benefit plans - funding 0 (1) (1)
Other operating activities      
Expenditures for asset retirement obligations (28) (29) (36)
Other assets (25) (1) 9
Other liabilities (4) (4) 0
Net cash provided by operating activities 647 661 608
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (572) (547) (560)
Other investing activities 6 0 4
Net cash provided by (used in) investing activities (566) (547) (556)
Cash Flows from Financing Activities      
Issuance of long-term debt 459 300 0
Retirement of long-term debt (313) 0 0
Retirement of commercial paper 0 0 (32)
Net increase (decrease) in short-term debt (8) 101 (171)
Contributions from parent 76 84 100
Payment of common stock dividends to parent (190) (296) (250)
Return of Capital to Parent (84) 0 0
Other investing activities (4) (1) (2)
Net cash provided by (used in) financing activities (64) (106) (61)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 17 8 (9)
Proceeds from (Repayments of) Related Party Debt 0 (294) 294
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 21 13 22
Cash, Cash Equivalents and Restricted Cash at End of Period 38 21 13
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 125 112 105
Income taxes - net 78 78 72
Accrued expenditures for property, plant and equipment at December 31, 38 56 67
Accrued interest $ 5 $ 1 $ 0
[1] Net income equals comprehensive income.
[2] Net income equals comprehensive income.
[3] Net income equals comprehensive income.