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SCHEDULE I - CONDENSED UNCONSOLICATED FINANCIAL STATEMENTS AND NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2014
PPL Corp [Member]  
Condensed Unconsolidated Financial Information [Line Items]  
Schedule I - Condensed Unconsolidated Financial Information
SCHEDULE I - PPL CORPORATION
CONDENSED UNCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31,
(Millions of Dollars, except share data)
201420132012
Operating Revenues
Operating Expenses
Other operation and maintenance$ 16 $ 1 $ 11
Total Operating Expenses 16 1 11
Operating Loss (16) (1) (11)
Other Income (Expense) - net
Equity in earnings of subsidiaries 1,776 1,171 1,580
Other income (expense) (18) (13) 1
Total 1,758 1,158 1,581
Interest Expense 15 21 22
Interest Expense with Affiliates 10 29 43
Income Before Income Taxes 1,717 1,107 1,505
Income Taxes (20) (23) (21)
Net Income Attributable to PPL Shareowners$ 1,737 $ 1,130 $ 1,526
Comprehensive Income (Loss) Attributable to PPL Shareowners$ 1,028 $ 1,505 $ 374
Earnings Per Share of Common Stock:
Net Income Available to PPL Common Shareowners:
Basic$ 2.64 $ 1.85 $ 2.61
Diluted$ 2.61 $ 1.76 $ 2.60
Weighted-Average Shares of Common Stock Outstanding (in thousands)
Basic 653,504 608,983 580,276
Diluted 665,973 663,073 581,626
The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements.

SCHEDULE I - PPL CORPORATION
CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,
(Millions of Dollars)
201420132012
Cash Flows from Operating Activities
Net cash provided by (used in) operating activities$ 1,633 $ 968 $ 937
Cash Flows from Investing Activities
Capital contributions to affiliated subsidiaries (1,045) (496) (221)
Return of capital from affiliated subsidiaries 247 213
Net cash provided by (used in) investing activities (798) (283) (221)
Cash Flows from Financing Activities
Issuance of equity, net of issuance costs 1,074 1,411 72
Net increase (decrease) in short-term debt with affiliates (913) (1,057) 149
Payment of common stock dividends (967) (878) (833)
Contract adjustment payments on Equity Units (22) (82) (94)
Repurchase of common stock (74)
Other (7) (5) (10)
Net cash provided by (used in) financing activities (835) (685) (716)
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period$ $ $
Supplemental Disclosures of Cash Flow Information:
Cash Dividends Received from Affiliated Subsidiaries$ 1,388 $ 960 $ 720
The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements.

SCHEDULE I - PPL CORPORATION
CONDENSED UNCONSOLIDATED BALANCE SHEETS AT DECEMBER 31,
(Millions of Dollars, shares in thousands)
20142013
Assets
Current Assets
Accounts Receivable
Other$ 53 $ 28
Affiliates 149 24
Prepayments 2
Deferred income taxes 34
Price risk management assets 148 190
Total Current Assets 384 244
Investments
Affiliated companies at equity 15,426 14,892
Other Noncurrent Assets 88 73
Total Assets$ 15,898 $ 15,209
Liabilities and Equity
Current Liabilities
Short-term debt with affiliates$ 170 $ 1,083
Accounts payable with affiliates 1,513 1,251
Dividends 249 233
Price risk management liabilities 227 75
Other current liabilities 70 46
Total Current Liabilities 2,229 2,688
Deferred Credits and Other Noncurrent Liabilities 41 55
Equity
Common stock - $0.01 par value (a) 7 6
Additional paid-in capital 9,433 8,316
Earnings reinvested 6,462 5,709
Accumulated other comprehensive loss (2,274) (1,565)
Total Equity 13,628 12,466
Total Liabilities and Equity$ 15,898 $ 15,209

(a) 780,000 shares authorized; 665,849 and 630,321 shares issued and outstanding at December 31, 2014 and 2013.

The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements.

SCHEDULE I - PPL CORPORATION

NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

PPL Corporation is a holding company and conducts substantially all of its business operations through its subsidiaries. Substantially all of its consolidated assets are held by such subsidiaries. Accordingly, its cash flow and its ability to meet its obligations are largely dependent upon the earnings of these subsidiaries and the distribution or other payment of such earnings to it in the form of dividends, loans or advances or repayment of loans and advances from it. These condensed financial statements and related footnotes have been prepared in accordance with Reg. §210.12-04 of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements and notes thereto of PPL Corporation.

PPL Corporation indirectly or directly owns all of the ownership interests of its significant subsidiaries. PPL Corporation relies on dividends or loans from its subsidiaries to fund PPL Corporation's dividends to its common shareholders and to meet its other cash requirements. See Note 7 to PPL Corporation’s consolidated financial statements for discussions related to restricted net assets of its subsidiaries for the purposes of transferring funds to PPL in the form of distributions, loans or advances.

2. Commitments and Contingencies

See Note 13 to PPL Corporation’s consolidated financial statements for commitments and contingencies of its subsidiaries.

Guarantees and Other Assurances

PPL Corporation's subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts that may become due under PPL Corporation's guarantees or other assurances or to make any funds available for such payment.

PPL Corporation fully and unconditionally guarantees the payment of principal, premium and interest on all of the debt securities of PPL Capital Funding. The estimated maximum potential amount of future payments that could be required under the guarantees at December 31, 2014 was $8.1 billion. These guarantees will expire in 2073. The probability of expected payment under these guarantees is remote.

L G And E And K U Energy L L C Unconsolidated [Member]  
Condensed Unconsolidated Financial Information [Line Items]  
Schedule I - Condensed Unconsolidated Financial Information
SCHEDULE I - LG&E and KU Energy LLC
CONDENSED UNCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31,
(Millions of Dollars)
201420132012
Operating Expenses
Other operation and maintenance $ 3
Total Operating Expenses 3
Operating Income (Loss) (3)
Equity in Earnings of Subsidiaries$ 368 $ 376 234
Interest Income with Affiliate 5 5 10
Interest Expense 41 39 39
Interest Expense with Affiliate 3 3 2
Income (Loss) Before Income Taxes 329 339 200
Income Tax Expense (Benefit) (15) (8) (19)
Net Income (Loss) Attributable to Member$ 344 $ 347 $ 219
Comprehensive Income (Loss) Attributable to Member$ 286 $ 375 $ 200
The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements.

SCHEDULE I - LG&E and KU Energy LLC
CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,
(Millions of Dollars)
201420132012
Cash Flows from Operating Activities
Net cash provided by (used in) operating activities$ (183)$ 136 $ 364
Cash Flows from Investing Activities
Capital contributions to affiliated subsidiaries (248) (243)
Net decrease (increase) in notes receivable from affiliates 555 (122) (15)
Net cash provided by (used in) investing activities 307 (365) (15)
Cash Flows from Financing Activities
Net increase (decrease) in notes payable with affiliates 58 171 (196)
Net increase (decrease) in short-term debt 75
Contribution from member 248 243
Distribution to member (436) (254) (155)
Net cash provided by (used in) financing activities (130) 235 (351)
Net Increase (Decrease) in Cash and Cash Equivalents (6) 6 (2)
Cash and Cash Equivalents at Beginning of Period 6 2
Cash and Cash Equivalents at End of Period$ $ 6 $
Supplemental disclosures of cash flow information:
Cash Dividends Received from Affiliated Subsidiaries$ 260 $ 223 $ 175
The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements.

SCHEDULE I - LG&E and KU Energy LLC
CONDENSED UNCONSOLIDATED BALANCE SHEETS AT DECEMBER 31,
(Millions of Dollars)
20142013
Assets
Current Assets
Cash and cash equivalents $ 6
Accounts receivable$ 8 2
Accounts receivable from affiliates 11
Notes receivable from affiliates 1,127 1,682
Deferred income taxes 2 10
Total Current Assets 1,137 1,711
Investments
Affiliated companies at equity 4,818 4,519
Other Noncurrent Assets
Deferred income taxes 203 170
Other noncurrent assets 5 6
Total Other Noncurrent Assets 208 176
Total Assets$ 6,163 $ 6,406
Liabilities and Equity
Current Liabilities
Short-term debt$ 75 $ 75
Notes payable to affiliates 58
Long-term debt due within one year 400
Accounts payable to affiliates 451 843
Taxes 2 12
Other current liabilities 8 6
Total Current Liabilities 994 936
Long-term Debt
Long-term debt 722 1,121
Notes payable to affiliates 196 196
Total Long-term Debt 918 1,317
Deferred Credits and Other Noncurrent Liabilities 3 3
Equity 4,248 4,150
Total Liabilities and Equity$ 6,163 $ 6,406
The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements.

Schedule I – LG&E and KU Energy LLC

Notes to Condensed Unconsolidated Financial Statements

1. Basis of Presentation

LG&E and KU Energy LLC (LKE) is a holding company and conducts substantially all of its business operations through its subsidiaries. Substantially all of its consolidated assets are held by such subsidiaries. Accordingly, its cash flow and its ability to meet its obligations are largely dependent upon the earnings of these subsidiaries and the distribution or other payment of such earnings to it in the form of dividends or repayment of loans and advances from the subsidiaries. These condensed financial statements and related footnotes have been prepared in accordance with Reg. §210.12-04 of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements and notes thereto of LKE.

LKE indirectly or directly owns all of the ownership interests of its significant subsidiaries. LKE relies primarily on dividends from its subsidiaries to fund LKE's dividends to its member and to meet its other cash requirements. See Note 7 to LKE’s consolidated financial statements for discussions related to restricted net assets of its subsidiaries for the purposes of transferring funds to LKE in the form of distributions, loans or advances.

2. Commitments and Contingencies

See Note 13 to LKE’s consolidated financial statements for commitments and contingencies of its subsidiaries.

Guarantees

LKE provides certain indemnifications, the most significant of which relate to the termination of the WKE lease in July 2009. These guarantees cover the due and punctual payment, performance and discharge by each party of its respective present and future obligations. The most comprehensive of these WKE-related guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under the WKE Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a cumulative maximum exposure of $200 million. Certain items such as government fines and penalties fall outside the cumulative cap. Another WKE-related LKE guarantee covers other indemnifications, has a term expiring in 2023 and a maximum exposure of $100 million. In May 2012, LKE's indemnitee received an unfavorable arbitration panel's decision interpreting this matter, which granted LKE’s indemnitee certain rights of first refusal to purchase excess power at a market-based price rather than at an absolute fixed price. In January 2013, LKE's indemnitee commenced a proceeding in the Kentucky Court of Appeals appealing a December 2012 order of the Henderson Circuit Court, confirming the arbitration award. In May 2014, the Court of Appeals issued an opinion affirming the lower court decision. LKE's indemnitee filed a Motion for Discretionary Review with the Kentucky Supreme Court on October 2, 2014. LKE believes its indemnification obligations in this matter remain subject to various uncertainties, including potential for additional legal challenges regarding the arbitration decision as well as future prices, availability and demand for the subject excess power. LKE continues to evaluate various legal and commercial options with respect to this indemnification matter. The ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. In the second quarter of 2012, LKE adjusted its estimated liability for the WKE-related indemnifications by $9 million ($5 million after-tax), which is reflected in "Equity in Earnings of Subsidiaries" on the Statement of Income. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum; LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. However, LKE is not aware of formal claims under such indemnities made by any party at this time. LKE cannot predict the ultimate outcomes of indemnification circumstances, but does not currently expect such outcomes to result in significant losses above the amounts recorded.

3. Long-Term Debt

See Note 7 to LKE’s consolidated financial statements for the terms of LKE’s outstanding senior unsecured notes outstanding. Of the total outstanding, $400 million matures in 2015 and $722 million matures after 2019. These maturities are based on stated maturities.