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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net income (loss) $ 756 $ (1,480) $ 1,469
Loss (income) from discontinued operations (net of income taxes) (42) 1,498 (829)
Income from Continuing Operations After Income Taxes 714 18 640
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 1,181 1,082 1,022
Amortization 52 39 58
Deferred income taxes and investment tax credits 179 87 169
Loss on sale of Safari Holdings 60 0 0
Impairment of solar panels 0 37 0
Loss on Extinguishment of Debt 0 395 0
Other 35 20 67
Change in current assets and current liabilities      
Accounts receivable (176) (14) (70)
Accounts payable 358 24 (1)
Unbilled Revenues (197) (5) 3
Fuel, materials and supplies (90) (21) (9)
Taxes payable (80) 27 131
Regulatory assets and liabilities, net (119) 52 (63)
Other (88) (41) 124
Other operating activities      
Defined benefit plans - funding (12) (53) (119)
Other assets (126) (111) (59)
Other liabilities 39 8 (21)
Net cash provided by operating activities - continuing operations 1,730 1,544 1,872
Net cash provided by operating activities - discontinued operations 0 726 874
Net cash provided by operating activities 1,730 2,270 2,746
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (2,155) (1,973) (2,270)
Proceeds from sale of Safari Holdings, net of cash divested 146 0 0
Proceeds from sale of U.K. utility business, net of cash divested 0 10,560 0
Acquisition of Narragansett Electric, net of cash acquired (3,660) 0 0
Other investing activities 15 (23) 4
Net cash provided by (used in) investing activities - continuing operations (5,654) 8,564 (2,266)
Net cash provided by (used in) investing activities - discontinued operations 0 (607) (992)
Net cash provided by (used in) investing activities (5,654) 7,957 (3,258)
Cash Flows from Financing Activities      
Issuance of long-term debt 850 650 1,848
Retirement of long-term debt (264) (4,606) (975)
Payment of common stock dividends (787) (1,279) (1,275)
Purchase of treasury stock 0 (1,003) 0
Issuance of term loan 0 0 300
Issuance of commercial paper 0 0 73
Retirement of term loan 0 (300) 0
Retirement of commercial paper 0 (73) 0
Net increase (decrease) in short-term debt 916 (726) (43)
Other investing activities (6) (7) 171
Net cash provided by (used in) financing activities - continuing operations 709 (7,344) 99
Net cash provided by (used in) financing activities - discontinued operations 0 (411) 209
Contributions from discontinued operations 0 365 78
Net cash provided by (used in) financing activities 709 (7,390) 386
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations 0 8 17
Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations 0 284 (108)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (3,215) 3,129 (217)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 3,572 443 660
Cash, Cash Equivalents and Restricted Cash at End of Period 357 3,572 443
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 462 191 586
Income taxes - net 163 284 4
Accrued expenditures for property, plant and equipment at December 31, 269 245 257
PPL Electric Utilities Corp [Member]      
Cash Flows from Operating Activities      
Net income (loss) [1] 525 445 497
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 393 424 403
Amortization 22 19 26
Defined benefit plans - expense (income) (23) (10) (1)
Deferred income taxes and investment tax credits 91 79 83
Other (11) (19) (5)
Change in current assets and current liabilities      
Accounts receivable (47) (9) (47)
Accounts payable 46 (3) 21
Unbilled Revenues (95) (8) 13
Fuel, materials and supplies (11) (5) (18)
Prepayments (2) (4) (3)
Taxes payable 5 14 4
Regulatory assets and liabilities, net (59) 96 (40)
Other (19) (1) (10)
Other operating activities      
Defined benefit plans - funding 0 (21) (21)
Other assets (47) (12) (28)
Other liabilities (11) (16) 10
Net cash provided by operating activities 757 969 884
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (886) (898) (1,145)
Expenditures for intangible assets (2) (6) (9)
Net (increase) decrease in notes receivable from affiliate 499 (499) 0
Other investing activities 2 3 3
Net cash provided by (used in) investing activities (387) (1,400) (1,151)
Cash Flows from Financing Activities      
Issuance of long-term debt 250 650 250
Retirement of long-term debt (250) (400) 0
Contributions from parent 0 1,075 940
Payment of common stock dividends to parent (340) (334) (400)
Return of Capital to Parent (170) (574) (745)
Net increase (decrease) in short-term debt 145 0 0
Other investing activities (1) (5) (2)
Net cash provided by (used in) financing activities (366) 412 43
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 4 (19) (224)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 21 40 264
Cash, Cash Equivalents and Restricted Cash at End of Period 25 21 40
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 164 156 158
Income taxes - net 111 64 67
Accrued expenditures for property, plant and equipment at December 31, 133 118 156
Louisville Gas And Electric Co [Member]      
Cash Flows from Operating Activities      
Net income (loss) [2] 272 249 244
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 298 279 259
Amortization 5 2 9
Defined benefit plans - expense (income) 0 1 3
Deferred income taxes and investment tax credits (6) 8 3
Other 4 0 0
Change in current assets and current liabilities      
Accounts receivable (19) (11) (3)
Accounts receivable from affiliates (5) (13) 4
Accounts payable 22 32 (18)
Accounts payable to affiliates 30 (4) (5)
Unbilled Revenues (32) (1) (3)
Fuel, materials and supplies (28) (17) 4
Taxes payable 7 2 (1)
Regulatory assets and liabilities, net 17 (23) 0
Other 5 (18) (3)
Other operating activities      
Defined benefit plans - funding (2) (3) (11)
Expenditures for asset retirement obligations (13) (27) (20)
Other assets (8) 2 (2)
Other liabilities (4) 0 23
Net cash provided by operating activities 543 458 483
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (371) (466) (456)
Other investing activities (11) 0 0
Net cash provided by (used in) investing activities (360) (466) (456)
Cash Flows from Financing Activities      
Net increase (decrease) in notes payable with affiliates (324) 324 0
Issuance of long-term debt 300 0 0
Issuance of commercial paper 0 0 41
Retirement of commercial paper 0 (41) 0
Net increase (decrease) in short-term debt 110 (152) (17)
Contributions from parent 90 74 103
Payment of common stock dividends to parent (275) (192) (161)
Other investing activities 0 (3) (1)
Net cash provided by (used in) financing activities (99) 10 (35)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 84 2 (8)
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 83 77 82
Income taxes - net 57 52 63
Accrued expenditures for property, plant and equipment at December 31, 43 60 60
Kentucky Utilities Co [Member]      
Cash Flows from Operating Activities      
Net income (loss) [3] 322 296 280
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 386 366 346
Amortization 18 12 8
Defined benefit plans - expense (income) (4) (3) 0
Deferred income taxes and investment tax credits 2 1 20
Other 3 (3) (1)
Change in current assets and current liabilities      
Accounts receivable (16) 6 (13)
Accounts receivable from affiliates 0 1 (1)
Accounts payable 26 (12) 9
Accounts payable to affiliates 37 15 (16)
Unbilled Revenues (23) 6 (9)
Fuel, materials and supplies (41) 1 6
Taxes payable 7 (10) 2
Regulatory assets and liabilities, net (19) (22) (26)
Other (3) (18) (5)
Other operating activities      
Defined benefit plans - funding (1) (1) (3)
Expenditures for asset retirement obligations (29) (36) (64)
Other assets (1) 9 (2)
Other liabilities (4) 0 12
Net cash provided by operating activities 661 608 543
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (547) (560) (510)
Other investing activities 0 4 3
Net cash provided by (used in) investing activities (547) (556) (507)
Cash Flows from Financing Activities      
Net increase (decrease) in notes payable with affiliates (294) 294 0
Issuance of long-term debt 300 0 498
Retirement of long-term debt 0 0 (500)
Issuance of commercial paper 0 0 32
Retirement of commercial paper 0 (32) 0
Net increase (decrease) in short-term debt 101 (171) 21
Contributions from parent 84 100 128
Payment of common stock dividends to parent (296) (250) (200)
Other investing activities (1) (2) (5)
Net cash provided by (used in) financing activities (106) (61) (26)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 8 (9) 10
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 112 105 109
Income taxes - net 78 72 44
Accrued expenditures for property, plant and equipment at December 31, 56 67 40
Accrued interest $ 1 $ 0 $ 0
[1] Net income equals comprehensive income.
[2] Net income equals comprehensive income.
[3] Net income equals comprehensive income.