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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities      
Net income $ (1,480) $ 1,469 $ 1,746
Loss (income) from discontinued operations (net of income taxes) 1,498 (829) (1,010)
Income (Loss) from Continuing Operations After Income Taxes 18 640 736
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 1,082 1,022 949
Amortization 39 58 58
Deferred income taxes and investment tax credits 87 169 169
Impairment of solar panels 37 0 0
Loss on Extinguishment of Debt 395 0 0
Other 20 67 69
Change in current assets and current liabilities      
Accounts receivable (14) (70) (3)
Accounts payable 24 (1) (66)
Taxes payable 27 131 9
Regulatory assets and liabilities, net 52 (63) (88)
Other (67) 118 (29)
Other operating activities      
Defined benefit plans - funding (53) (119) (73)
Other assets (111) (59) (100)
Other liabilities 8 (21) (24)
Net cash provided by operating activities - continuing operations 1,544 1,872 1,607
Net cash provided by operating activities - discontinued operations 726 874 820
Net cash provided by operating activities 2,270 2,746 2,427
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (1,973) (2,270) (2,243)
Proceeds from sale of discontinued operations, net of cash divested 10,560 0 0
Other investing activities (23) 4 10
Net cash provided by (used in) investing activities - continuing operations 8,564 (2,266) (2,233)
Net cash provided by (used in) investing activities - discontinued operations (607) (992) (847)
Net cash provided by (used in) investing activities 7,957 (3,258) (3,080)
Cash Flows from Financing Activities      
Issuance of long-term debt 650 1,848 1,099
Retirement of long-term debt (4,606) (975) (300)
Issuance of common stock 9 34 1,167
Proceeds from project financing 19 173 0
Payment of common stock dividends (1,279) (1,275) (1,192)
Purchase of treasury stock (1,003) 0 0
Issuance of term loan 0 300 0
Issuance of commercial paper 0 73 0
Retirement of term loan (300) 0 0
Retirement of commercial paper (73) 0 0
Net increase (decrease) in short-term debt (726) (43) (341)
Other financing activities (35) (36) (25)
Net cash provided by (used in) financing activities - continuing operations (7,344) 99 408
Net cash provided by (used in) financing activities - discontinued operations (411) 209 171
Contributions from discontinued operations 365 78 257
Net cash provided by (used in) financing activities (7,390) 386 836
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations 8 17 10
Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations 284 (108) (154)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 3,129 (217) 39
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 443 660 621
Cash, Cash Equivalents and Restricted Cash at End of Period 3,572 443 660
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 191 586 552
Income taxes - net 284 4 (12)
Accrued expenditures for property, plant and equipment at December 31, 245 257 292
PPL Electric Utilities Corp [Member]      
Cash Flows from Operating Activities      
Net income [1] 445 497 457
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 424 403 386
Amortization 19 26 24
Defined benefit plans - expense (income) (10) (1) 0
Deferred income taxes and investment tax credits 79 83 90
Other (19) (5) (19)
Change in current assets and current liabilities      
Accounts receivable (9) (47) 33
Accounts payable (3) 21 5
Unbilled Revenues (8) 13 (14)
Fuel, materials and supplies (5) (18) (8)
Prepayments (4) (3) (1)
Taxes payable 14 4 1
Regulatory assets and liabilities, net 96 (40) (43)
Other (1) (10) (3)
Other operating activities      
Defined benefit plans - funding (21) (21) (21)
Other assets (12) (28) 15
Other liabilities (16) 10 11
Net cash provided by operating activities 969 884 913
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (898) (1,145) (1,114)
Expenditures for intangible assets (6) (9) (7)
Net decrease in notes receivable from affiliates (499) 0 0
Other investing activities 3 3 4
Net cash provided by (used in) investing activities (1,400) (1,151) (1,117)
Cash Flows from Financing Activities      
Issuance of long-term debt 650 250 393
Retirement of long-term debt (400) 0 (100)
Contributions from parent 1,075 940 400
Payment of common stock dividends to parent (334) (400) (486)
Return of Capital to Parent (574) (745) 0
Other financing activities (5) (2) (8)
Net cash provided by (used in) financing activities 412 43 199
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (19) (224) (5)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 40 264 269
Cash, Cash Equivalents and Restricted Cash at End of Period 21 40 264
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 156 158 154
Income taxes - net 64 67 32
Accrued expenditures for property, plant and equipment at December 31, 118 156 180
Louisville Gas And Electric Co [Member]      
Cash Flows from Operating Activities      
Net income [2] 249 244 232
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 279 259 231
Amortization 2 9 15
Defined benefit plans - expense (income) 1 3 3
Deferred income taxes and investment tax credits 8 3 56
Change in current assets and current liabilities      
Accounts receivable (11) (3) (9)
Accounts receivable from affiliates (13) 4 6
Accounts payable 32 (18) (10)
Unbilled Revenues (1) (3) 1
Accounts payable to affiliates (4) (5) 5
Fuel, materials and supplies (17) 4 5
Taxes payable 2 (1) 7
Regulatory assets and liabilities, net (23) 0 (19)
Other (18) (3) (5)
Other operating activities      
Defined benefit plans - funding (3) (11) (6)
Other assets 2 (2) (1)
Expenditures for asset retirement obligations (27) (20) (30)
Other liabilities 0 23 11
Net cash provided by operating activities 458 483 492
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (466) (456) (482)
Net cash provided by (used in) investing activities (466) (456) (482)
Increase (Decrease) in Due to Related Parties 324 0 0
Cash Flows from Financing Activities      
Issuance of long-term debt 0 0 399
Retirement of long-term debt 0 0 (200)
Acquisition of outstanding bonds 0 0 (40)
Remarketing of reacquired bonds 0 0 40
Issuance of commercial paper 0 41 0
Retirement of commercial paper (41) 0 0
Contributions from parent 74 103 25
Payment of common stock dividends to parent (192) (161) (182)
Other financing activities (3) (1) (6)
Net cash provided by (used in) financing activities 10 (35) (5)
Net Increase (Decrease) in Cash and Cash Equivalents 2 (8) 5
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 77 82 77
Income taxes - net 52 63 2
Accrued expenditures for property, plant and equipment at December 31, 60 60 59
Net increase (decrease) in short-term debt (152) (17) (41)
Kentucky Utilities Co [Member]      
Cash Flows from Operating Activities      
Net income [3] 296 280 293
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 366 346 315
Amortization 12 8 10
Defined benefit plans - expense (income) (3) 0 (1)
Deferred income taxes and investment tax credits 1 20 39
Other (3) (1) (3)
Change in current assets and current liabilities      
Accounts receivable 6 (13) (3)
Accounts receivable from affiliates 1 (1) 0
Accounts payable (12) 9 (15)
Unbilled Revenues 6 (9) 4
Accounts payable to affiliates 15 (16) (2)
Fuel, materials and supplies 1 6 (6)
Taxes payable (10) 2 2
Regulatory assets and liabilities, net (22) (26) (26)
Other (18) (5) (6)
Other operating activities      
Defined benefit plans - funding (1) (3) (3)
Other assets 9 (2) (2)
Expenditures for asset retirement obligations (36) (64) (59)
Other liabilities 0 12 16
Net cash provided by operating activities 608 543 553
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (560) (510) (610)
Other investing activities 4 3 0
Net cash provided by (used in) investing activities (556) (507) (610)
Increase (Decrease) in Due to Related Parties 294 0 0
Cash Flows from Financing Activities      
Issuance of long-term debt 0 498 306
Retirement of long-term debt 0 (500) 0
Issuance of commercial paper 0 32 0
Retirement of commercial paper (32) 0 0
Contributions from parent 100 128 68
Payment of common stock dividends to parent (250) (200) (229)
Other financing activities (2) (5) (5)
Net cash provided by (used in) financing activities (61) (26) 55
Net Increase (Decrease) in Cash and Cash Equivalents (9) 10 (2)
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 105 109 101
Income taxes - net 72 44 39
Accrued expenditures for property, plant and equipment at December 31, 67 40 54
Net increase (decrease) in short-term debt $ (171) $ 21 $ (85)
[1] Net income equals comprehensive income.
[2] Net income equals comprehensive income.
[3] Net income equals comprehensive income.