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SCHEDULE I - CONDENSED UNCONSOLICATED FINANCIAL STATEMENTS AND NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2020
LG&E and KU Energy LLC 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)
 202020192018
Other Income (Expense) - net
Equity in Earnings of Subsidiaries$490 $477 $470 
Interest Income with Affiliate12 28 25 
Total502 505 495 
Interest Expense23 30 29 
Interest Expense with Affiliate37 32 28 
Income Before Income Taxes442 443 438 
Income Tax Expense (Benefit)(8)(25)(7)
Net Income$450 $468 $445 
Total other comprehensive income (loss)7 (4)17 
Comprehensive Income Attributable to Member$457 $464 $462 

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)
 202020192018
Cash Flows from Operating Activities   
Net cash provided by (used in) operating activities$371 $368 $346 
Cash Flows from Investing Activities   
Capital contributions to affiliated subsidiaries(231)(93)(128)
Net decrease (increase) in notes receivable from affiliates5 (44)(26)
Net cash provided by (used in) investing activities(226)(137)(154)
Cash Flows from Financing Activities   
Net increase (decrease) in notes payable with affiliates613 14 110 
Retirement of long-term debt(475)— — 
Contribution from member— 63 — 
Distribution to member(283)(308)(302)
Net cash provided by (used in) financing activities(145)(231)(192)
Net Increase (Decrease) in Cash and Cash Equivalents— — — 
Cash and Cash Equivalents at Beginning of Period— — — 
Cash and Cash Equivalents at End of Period$— $— $— 
Supplemental disclosures of cash flow information:   
Cash Dividends Received from Subsidiaries$361 $411 $402 

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)
 20202019
Assets  
Current Assets  
Accounts receivable from affiliates$4 $3 
Income taxes receivable2 3 
Notes receivable from affiliates1,100 1,105 
Total Current Assets1,106 1,111 
Investments  
Affiliated companies at equity5,944 5,577 
Other Noncurrent Assets  
Deferred income taxes276 314 
Total Assets$7,326 $7,002 
Liabilities and Equity  
Current Liabilities  
Notes payable to affiliates$251 $150 
Long-term debt due within one year250 475 
Accounts payable to affiliates499 489 
Taxes5 — 
Other current liabilities2 6 
Total Current Liabilities1,007 1,120 
Long-term Debt  
Long-term debt— 249 
Notes payable to affiliates1,203 691 
Total Long-term Debt1,203 940 
Deferred Credits and Other Noncurrent Liabilities— — 
Equity5,116 4,942 
Total Liabilities and Equity$7,326 $7,002 

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. LKE uses the equity method to account for its investments in entities in which it has a controlling financial interest. LKE's 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 distributions to its member and to meet its other cash requirements. See Note 8 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 14 to LKE's consolidated financial statements for commitments and contingencies of its subsidiaries.
 
Guarantees
 
LKE provides certain indemnifications covering the due and punctual payment, performance and discharge by each party of its respective obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under a 2009 Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a maximum exposure of $200 million, exclusive of certain items such as government fines and penalties that may exceed the maximum.

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. LKE cannot predict the ultimate outcomes of the various indemnification scenarios, but does not expect such outcomes to result in significant losses above the amounts recorded.

3. Long-Term Debt
See Note 8 to LKE's consolidated financial statements for the terms of LKE's outstanding long-term debt and maturities.