The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations at December 31: | | | | | | | | | | | | | | | | | | | | | | | | | PPL | | PPL Electric | | 2020 | | 2019 | | 2020 | | 2019 | Current Regulatory Assets: | | | | | | | | Plant outage costs | $ | 46 | | | $ | 32 | | | $ | — | | | $ | — | | Gas supply clause | 4 | | | 8 | | | — | | | — | | Smart meter rider | 17 | | | 13 | | | 17 | | | 13 | | Storm costs | 7 | | | — | | | 7 | | | — | | Transmission formula rate | 15 | | | 3 | | | 15 | | | 3 | | Transmission service charge | — | | | 10 | | | — | | | 10 | | Other | 10 | | | 1 | | | 1 | | | — | | Total current regulatory assets (a) | $ | 99 | | | $ | 67 | | | $ | 40 | | | $ | 26 | | | | | | | | | | Noncurrent Regulatory Assets: | | | | | | | | Defined benefit plans | $ | 570 | | | $ | 800 | | | $ | 290 | | | $ | 467 | | Storm costs | 17 | | | 39 | | | — | | | 15 | | Unamortized loss on debt | 30 | | | 41 | | | 8 | | | 18 | | Interest rate swaps | 23 | | | 22 | | | — | | | — | | Terminated interest rate swaps | 75 | | | 81 | | | — | | | — | | Accumulated cost of removal of utility plant | 240 | | | 220 | | | 240 | | | 220 | | AROs | 300 | | | 279 | | | — | | | — | | Act 129 compliance rider | — | | | 6 | | | — | | | 6 | | Other | 7 | | | 4 | | | 3 | | | — | | Total noncurrent regulatory assets | $ | 1,262 | | | $ | 1,492 | | | $ | 541 | | | $ | 726 | |
| | | | | | | | | | | | | | | | | | | | | | | | | PPL | | PPL Electric | | 2020 | | 2019 | | 2020 | | 2019 | Current Regulatory Liabilities: | | | | | | | | Generation supply charge | $ | 21 | | | $ | 23 | | | $ | 21 | | | $ | 23 | | | | | | | | | | Environmental cost recovery | 4 | | | 5 | | | — | | | — | | Universal service rider | 22 | | | 9 | | | 22 | | | 9 | | Fuel adjustment clause | 5 | | | 8 | | | — | | | — | | TCJA customer refund | 11 | | | 61 | | | 11 | | | 59 | | Storm damage expense rider | 6 | | | 5 | | | 6 | | | 5 | | Act 129 compliance rider | 7 | | | — | | | 7 | | | — | | Other | 3 | | | 4 | | | 1 | | | — | | Total current regulatory liabilities | $ | 79 | | | $ | 115 | | | $ | 68 | | | $ | 96 | | | | | | | | | | | | | | | | | | | | | | Noncurrent Regulatory Liabilities: | | | | | | | | Accumulated cost of removal of utility plant | $ | 653 | | | $ | 640 | | | $ | — | | | $ | — | | Power purchase agreement - OVEC | 43 | | | 51 | | | — | | | — | | Net deferred taxes | 1,690 | | | 1,756 | | | 560 | | | 588 | | Defined benefit plans | 60 | | | 51 | | | 18 | | | 11 | | Terminated interest rate swaps | 66 | | | 68 | | | — | | | — | | Other | 18 | | | 6 | | | — | | | — | | Total noncurrent regulatory liabilities | $ | 2,530 | | | $ | 2,572 | | | $ | 578 | | | $ | 599 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | LKE | | LG&E | | KU | | 2020 | | 2019 | | 2020 | | 2019 | | 2020 | | 2019 | Current Regulatory Assets: | | | | | | | | | | | | | | | | | | | | | | | | Plant outage costs | $ | 46 | | | $ | 32 | | | $ | 12 | | | $ | 16 | | | $ | 34 | | | $ | 16 | | | | | | | | | | | | | | Gas supply clause | 4 | | | 8 | | | 4 | | | 8 | | | — | | | — | | Other | 9 | | | 1 | | | 7 | | | 1 | | | 2 | | | — | | Total current regulatory assets | $ | 59 | | | $ | 41 | | | $ | 23 | | | $ | 25 | | | $ | 36 | | | $ | 16 | | | | | | | | | | | | | | Noncurrent Regulatory Assets: | | | | | | | | | | | | Defined benefit plans | $ | 280 | | | $ | 333 | | | $ | 174 | | | $ | 206 | | | $ | 106 | | | $ | 127 | | Storm costs | 17 | | | 24 | | | 11 | | | 14 | | | 6 | | | 10 | | Unamortized loss on debt | 22 | | | 23 | | | 13 | | | 14 | | | 9 | | | 9 | | Interest rate swaps | 23 | | | 22 | | | 23 | | | 22 | | | — | | | — | | Terminated interest rate swaps | 75 | | | 81 | | | 44 | | | 47 | | | 31 | | | 34 | | AROs | 300 | | | 279 | | | 85 | | | 76 | | | 215 | | | 203 | | | | | | | | | | | | | | Other | 4 | | | 4 | | | 1 | | | 1 | | | 3 | | | 3 | | Total noncurrent regulatory assets | $ | 721 | | | $ | 766 | | | $ | 351 | | | $ | 380 | | | $ | 370 | | | $ | 386 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | LKE | | LG&E | | KU | | 2020 | | 2019 | | 2020 | | 2019 | | 2020 | | 2019 | Current Regulatory Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | Environmental cost recovery | $ | 4 | | | $ | 5 | | | $ | — | | | $ | 1 | | | $ | 4 | | | $ | 4 | | | | | | | | | | | | | | Fuel adjustment clauses | 5 | | | 8 | | | — | | | — | | | 5 | | | 8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | 2 | | | 6 | | | — | | | 1 | | | 2 | | | 5 | | Total current regulatory liabilities | $ | 11 | | | $ | 19 | | | $ | — | | | $ | 2 | | | $ | 11 | | | $ | 17 | | | | | | | | | | | | | | Noncurrent Regulatory Liabilities: | | | | | | | | | | | | Accumulated cost of removal of utility plant | $ | 653 | | | $ | 640 | | | $ | 274 | | | $ | 266 | | | $ | 379 | | | $ | 374 | | | | | | | | | | | | | | Power purchase agreement - OVEC | 43 | | | 51 | | | 30 | | | 35 | | | 13 | | | 16 | | Net deferred taxes | 1,130 | | | 1,168 | | | 528 | | | 544 | | | 602 | | | 624 | | Defined benefit plans | 42 | | | 40 | | | — | | | — | | | 42 | | | 40 | | | | | | | | | | | | | | Terminated interest rate swaps | 66 | | | 68 | | | 33 | | | 34 | | | 33 | | | 34 | | Other | 18 | | | 6 | | | 17 | | | 4 | | | 1 | | | 2 | | Total noncurrent regulatory liabilities | $ | 1,952 | | | $ | 1,973 | | | $ | 882 | | | $ | 883 | | | $ | 1,070 | | | $ | 1,090 | |
(a)For PPL, these amounts are included in "Other current assets" on the Balance Sheets.
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