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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities      
Net income $ 1,746 $ 1,827 $ 1,128
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 1,199 1,094 1,008
Amortization 81 78 97
Defined benefit plans - expense (income) (263) (192) (95)
Deferred income taxes and investment tax credits 309 355 707
Unrealized (gains) losses on derivatives, and other hedging activities 73 (186) 178
Stock compensation expense 36 26 38
Other (22) (3) (9)
Change in current assets and current liabilities      
Accounts receivable 4 28 (33)
Accounts payable (77) 78 (10)
Unbilled Revenues (5) 41 (48)
Fuel, materials and supplies (26) 17 40
Regulatory assets and liabilities, net (88) 13 (12)
Other current liabilities (73) (22) 6
Other (33) (2) 11
Other operating activities      
Defined benefit plans - funding (350) (361) (565)
Proceeds from transfer of excess benefit plan funds 0 65 0
Other assets (100) (75) 32
Other liabilities 16 40 (12)
Net cash provided by operating activities 2,427 2,821 2,461
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (3,083) (3,238) (3,133)
Purchases of investments 55 65 0
Proceeds from the sale of investments 69 6 0
Other investing activities (11) (64) (28)
Net cash provided by (used in) investing activities (3,080) (3,361) (3,161)
Cash Flows from Financing Activities      
Issuance of long-term debt 1,465 1,059 1,515
Retirement of long-term debt (300) (277) (168)
Issuance of common stock 1,167 698 453
Payment of common stock dividends (1,192) (1,133) (1,072)
Net increase (decrease) in short-term debt (278) 363 115
Other financing activities (26) (20) (19)
Net cash provided by (used in) financing activities 836 690 824
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 10 (18) 15
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 193 132 139
Cash and Cash Equivalents at Beginning of Period 621    
Cash and Cash Equivalents at End of Period 815 621  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511 372
Cash, Cash Equivalents and Restricted Cash at End of Period 836 643 511
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 905 910 845
Income taxes - net 93 127 65
Accrued expenditures for property, plant and equipment at December 31, 340 345 360
Accrued expenditures for intangible assets at December 31, 79 64 68
PPL Electric Utilities Corp [Member]      
Cash Flows from Operating Activities      
Net income [1] 457 430 362
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 386 352 309
Amortization 24 22 33
Defined benefit plans - expense (income) 0 3 12
Deferred income taxes and investment tax credits 90 125 258
Other (19) (4) (8)
Change in current assets and current liabilities      
Accounts receivable 33 47 (57)
Accounts payable 5 10 3
Unbilled Revenues (14) 7 (13)
Prepayments (1) 1 3
Taxes payable 1 4 (4)
Regulatory assets and liabilities, net (43) (19) (5)
Other (11) 10 (1)
Other operating activities      
Defined benefit plans - funding (21) (28) (24)
Other assets 15 (37) 15
Other liabilities 11 55 (3)
Net cash provided by operating activities 913 978 880
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (1,114) (1,192) (1,244)
Expenditures for intangible assets (7) (4) (10)
Other investing activities 4 3 2
Net cash provided by (used in) investing activities (1,117) (1,193) (1,252)
Cash Flows from Financing Activities      
Issuance of long-term debt 393 398 470
Retirement of long-term debt (100) 0 0
Contributions from parent 400 429 575
Payment of common stock dividends to parent (486) (390) (336)
Net increase (decrease) in short-term debt 0 (295)
Other financing activities (8) (4) (6)
Net cash provided by (used in) financing activities 199 433 408
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (5) 218 36
Cash and Cash Equivalents at Beginning of Period 267    
Cash and Cash Equivalents at End of Period 262 267  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 269 51 15
Cash, Cash Equivalents and Restricted Cash at End of Period 264 269 51
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 154 144 128
Income taxes - net 32 (20) 4
Accrued expenditures for property, plant and equipment at December 31, 180 158 133
LG And E And KU Energy LLC [Member]      
Cash Flows from Operating Activities      
Net income 468 445 316
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 547 475 439
Amortization 27 18 24
Defined benefit plans - expense (income) 11 17 25
Deferred income taxes and investment tax credits 82 94 294
Other (3) (4) 0
Change in current assets and current liabilities      
Accounts receivable (16) 1 (12)
Accounts payable (26) 39 (9)
Unbilled Revenues 5 34 (33)
Accounts payable to affiliates 2 2 2
Fuel, materials and supplies 0 7 45
Taxes payable (5) (3) 27
Regulatory assets and liabilities, net (45) 32 (7)
Other (8) (24) 41
Other operating activities      
Defined benefit plans - funding (34) (131) (35)
Other assets (3) (24) 8
Expenditures for asset retirement obligations (89) (72) (34)
Other liabilities 25 9 8
Net cash provided by operating activities 938 915 1,099
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (1,094) (1,117) (892)
Other investing activities 0 1 4
Net cash provided by (used in) investing activities (1,094) (1,116) (888)
Cash Flows from Financing Activities      
Issuance of long-term debt 705 118 160
Issuance of long-term note with affiliate 0 250 0
Retirement of long-term debt (200) (27) (70)
Acquisition of outstanding bonds (40) 0 0
Remarketing of reacquired bonds 40 0 0
Contributions from member 63 0 0
Distributions to member (308) (302) (402)
Net increase (decrease) in notes payable to affiliates 37 (112) 62
Net increase (decrease) in short-term debt (126) 270 59
Other financing activities (12) (2) (3)
Net cash provided by (used in) financing activities 159 195 (194)
Net Increase (Decrease) in Cash and Cash Equivalents 3 (6) 17
Cash and Cash Equivalents at Beginning of Period 24 30 13
Cash and Cash Equivalents at End of Period 27 24 30
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 237 218 204
Income taxes - net 29 46 48
Accrued expenditures for property, plant and equipment at December 31, 113 150 174
Louisville Gas And Electric Co [Member]      
Cash Flows from Operating Activities      
Net income [2] 232 233 213
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 231 195 183
Amortization 15 14 14
Defined benefit plans - expense (income) 3 3 7
Deferred income taxes and investment tax credits 56 60 126
Other 0 0 1
Change in current assets and current liabilities      
Accounts receivable (9) 4 (7)
Accounts receivable from affiliates 6 0 4
Accounts payable (10) 10 (7)
Unbilled Revenues 1 14 (16)
Accounts payable to affiliates 5 1 (4)
Fuel, materials and supplies 5 4 12
Taxes payable 7 1 (15)
Regulatory assets and liabilities, net (19) 5 (5)
Other (5) (10) 16
Other operating activities      
Defined benefit plans - funding (6) (61) (4)
Other assets (1) (12) 5
Expenditures for asset retirement obligations (30) (22) (15)
Other liabilities 11 4 4
Net cash provided by operating activities 492 443 512
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (482) (554) (458)
Net cash provided by (used in) investing activities (482) (554) (458)
Cash Flows from Financing Activities      
Issuance of long-term debt 399 100 160
Retirement of long-term debt (200) 0 (70)
Acquisition of outstanding bonds (40) 0 0
Remarketing of reacquired bonds 40 0 0
Contributions from parent 25 83 30
Payment of common stock dividends to parent (182) (156) (192)
Net increase (decrease) in short-term debt (41) 80 30
Other financing activities (6) (1) (2)
Net cash provided by (used in) financing activities (5) 106 (44)
Net Increase (Decrease) in Cash and Cash Equivalents 5 (5) 10
Cash and Cash Equivalents at Beginning of Period 10 15 5
Cash and Cash Equivalents at End of Period 15 10 15
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 77 71 65
Income taxes - net 2 7 22
Accrued expenditures for property, plant and equipment at December 31, 59 61 92
Kentucky Utilities Co [Member]      
Cash Flows from Operating Activities      
Net income [3] 293 286 259
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 315 279 255
Amortization 10 3 9
Defined benefit plans - expense (income) (1) 0 4
Deferred income taxes and investment tax credits 39 48 152
Other (3) (4) 0
Change in current assets and current liabilities      
Accounts receivable (3) (4) (5)
Accounts payable (15) 29 0
Unbilled Revenues 4 20 (17)
Accounts payable to affiliates (2) (3) (6)
Fuel, materials and supplies (6) 3 32
Taxes payable 2 5 (26)
Regulatory assets and liabilities, net (26) 27 (2)
Other (6) (3) 9
Other operating activities      
Defined benefit plans - funding (3) (54) (23)
Other assets (2) (12) 3
Expenditures for asset retirement obligations (59) (50) (19)
Other liabilities 16 11 9
Net cash provided by operating activities 553 581 634
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (610) (562) (432)
Other investing activities 0 1 4
Net cash provided by (used in) investing activities (610) (561) (428)
Cash Flows from Financing Activities      
Issuance of long-term debt 306 18 0
Retirement of long-term debt 0 (27) 0
Contributions from parent 68 45 0
Payment of common stock dividends to parent (229) (246) (226)
Net increase (decrease) in short-term debt (85) 190 29
Other financing activities (5) (1) (1)
Net cash provided by (used in) financing activities 55 (21) (198)
Net Increase (Decrease) in Cash and Cash Equivalents (2) (1) 8
Cash and Cash Equivalents at Beginning of Period 14 15 7
Cash and Cash Equivalents at End of Period 12 14 15
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 101 95 92
Income taxes - net 39 25 34
Accrued expenditures for property, plant and equipment at December 31, $ 54 $ 88 $ 82
[1]
Net income equals comprehensive income.
[2]
Net income equals comprehensive income.
[3]
Net income approximates comprehensive income.