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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net income $ 1,469 $ 1,746 $ 1,827
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 1,287 1,199 1,094
Amortization 72 81 78
Defined benefit plans - expense (income) (201) (263) (192)
Deferred income taxes and investment tax credits 402 309 355
Unrealized (gains) losses on derivatives, and other hedging activities 280 73 (186)
Stock compensation expense 29 36 26
Other (12) (22) (3)
Change in current assets and current liabilities      
Accounts receivable (82) 4 28
Accounts payable 10 (77) 78
Unbilled Revenues 10 (5) 41
Fuel, materials and supplies (17) (26) 17
Regulatory assets and liabilities, net (63) (88) 13
Other current liabilities (23) (73) (22)
Other (1) (33) (2)
Other operating activities      
Defined benefit plans - funding (390) (350) (361)
Proceeds from transfer of excess benefit plan funds 0 0 65
Other assets (59) (100) (75)
Other liabilities 35 16 40
Net cash provided by operating activities 2,746 2,427 2,821
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (3,249) (3,083) (3,238)
Purchases of investments 0 55 65
Proceeds from the sale of investments 9 69 6
Other investing activities (18) (11) (64)
Net cash provided by (used in) investing activities (3,258) (3,080) (3,361)
Cash Flows from Financing Activities      
Issuance of long-term debt 2,167 1,465 1,059
Retirement of long-term debt (1,172) (300) (277)
Proceeds from project financing 173 0 0
Issuance of common stock 34 1,167 698
Payment of common stock dividends (1,275) (1,192) (1,133)
Issuance of term loan 300 0 0
Issuance of commercial paper 73 0 0
Net increase (decrease) in short-term debt 127 (278) 363
Other financing activities (41) (26) (20)
Net cash provided by (used in) financing activities 386 836 690
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 17 10 (18)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (109) 193 132
Cash and Cash Equivalents at Beginning of Period 815    
Cash and Cash Equivalents at End of Period 708 815  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 836 643 511
Cash, Cash Equivalents and Restricted Cash at End of Period 727 836 643
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 939 905 910
Income taxes - net 95 93 127
Accrued expenditures for property, plant and equipment at December 31, 319 340 345
Accrued expenditures for intangible assets at December 31, 85 79 64
PPL Electric Utilities Corp [Member]      
Cash Flows from Operating Activities      
Net income [1] 497 457 430
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 403 386 352
Amortization 26 24 22
Deferred income taxes and investment tax credits 83 90 125
Other (6) (19) (1)
Change in current assets and current liabilities      
Accounts receivable (47) 33 47
Accounts payable 21 5 10
Unbilled Revenues 13 (14) 7
Fuel, materials and supplies (18) (8) 9
Regulatory assets and liabilities, net (40) (43) (19)
Other (9) (3) 6
Other operating activities      
Defined benefit plans - funding (21) (21) (28)
Other assets (28) 15 (37)
Other liabilities 10 11 55
Net cash provided by operating activities 884 913 978
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (1,145) (1,114) (1,192)
Expenditures for intangible assets (9) (7) (4)
Other investing activities 3 4 3
Net cash provided by (used in) investing activities (1,151) (1,117) (1,193)
Cash Flows from Financing Activities      
Issuance of long-term debt 250 393 398
Retirement of long-term debt 0 (100) 0
Contributions from parent 940 400 429
Payment of common stock dividends to parent (400) (486) (390)
Return of Capital to Parent (745) 0 0
Other financing activities (2) (8) (4)
Net cash provided by (used in) financing activities 43 199 433
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (224) (5) 218
Cash and Cash Equivalents at Beginning of Period 262    
Cash and Cash Equivalents at End of Period 40 262  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 264 269 51
Cash, Cash Equivalents and Restricted Cash at End of Period 40 264 269
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 158 154 144
Income taxes - net 67 32 (20)
Accrued expenditures for property, plant and equipment at December 31, 156 180 158
LG And E And KU Energy LLC [Member]      
Cash Flows from Operating Activities      
Net income 450 468 445
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 606 547 475
Amortization 19 27 18
Defined benefit plans - expense (income) 15 11 17
Deferred income taxes and investment tax credits 64 82 94
Other (2) (3) (4)
Change in current assets and current liabilities      
Accounts receivable (17) (16) 1
Accounts payable (11) (26) 39
Unbilled Revenues (12) 5 34
Accounts payable to affiliates 5 2 2
Fuel, materials and supplies 10 0 7
Taxes payable 13 (5) (3)
Regulatory assets and liabilities, net (26) (45) 32
Other (13) (8) (24)
Other operating activities      
Defined benefit plans - funding (54) (34) (131)
Other assets (5) (3) (24)
Expenditures for asset retirement obligations (84) (89) (72)
Other liabilities 45 25 9
Net cash provided by operating activities 1,003 938 915
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (966) (1,094) (1,117)
Other investing activities 3 0 1
Net cash provided by (used in) investing activities (963) (1,094) (1,116)
Cash Flows from Financing Activities      
Issuance of long-term debt 498 705 118
Issuance of long-term note with affiliate 550 0 250
Retirement of long-term debt (975) (200) (27)
Acquisition of outstanding bonds 0 (40) 0
Remarketing of reacquired bonds 0 40 0
Issuance of commercial paper 73 0 0
Contributions from member 0 63 0
Distributions to member (283) (308) (302)
Net increase (decrease) in notes payable to affiliates 101 37 (112)
Net increase (decrease) in short-term debt 4 (126) 270
Other financing activities (6) (12) (2)
Net cash provided by (used in) financing activities (38) 159 195
Net Increase (Decrease) in Cash and Cash Equivalents 2 3 (6)
Cash and Cash Equivalents at Beginning of Period 27 24 30
Cash and Cash Equivalents at End of Period 29 27 24
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 248 237 218
Income taxes - net 38 29 46
Accrued expenditures for property, plant and equipment at December 31, 100 113 150
Louisville Gas And Electric Co [Member]      
Cash Flows from Operating Activities      
Net income [2] 244 232 233
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 259 231 195
Amortization 9 15 14
Defined benefit plans - expense (income) 3 3 3
Deferred income taxes and investment tax credits 3 56 60
Change in current assets and current liabilities      
Accounts receivable (3) (9) 4
Accounts receivable from affiliates 4 6 0
Accounts payable (18) (10) 10
Unbilled Revenues (3) 1 14
Accounts payable to affiliates (5) 5 1
Fuel, materials and supplies 4 5 4
Taxes payable (1) 7 1
Regulatory assets and liabilities, net 0 (19) 5
Other (3) (5) (10)
Other operating activities      
Defined benefit plans - funding (11) (6) (61)
Other assets (2) (1) (12)
Expenditures for asset retirement obligations (20) (30) (22)
Other liabilities 23 11 4
Net cash provided by operating activities 483 492 443
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (456) (482) (554)
Net cash provided by (used in) investing activities (456) (482) (554)
Cash Flows from Financing Activities      
Issuance of long-term debt 0 399 100
Retirement of long-term debt 0 (200) 0
Acquisition of outstanding bonds 0 (40) 0
Remarketing of reacquired bonds 0 40 0
Issuance of commercial paper 41 0 0
Contributions from parent 103 25 83
Payment of common stock dividends to parent (161) (182) (156)
Net increase (decrease) in short-term debt (17) (41) 80
Other financing activities (1) (6) (1)
Net cash provided by (used in) financing activities (35) (5) 106
Net Increase (Decrease) in Cash and Cash Equivalents (8) 5 (5)
Cash and Cash Equivalents at Beginning of Period 15 10 15
Cash and Cash Equivalents at End of Period 7 15 10
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 82 77 71
Income taxes - net 63 2 7
Accrued expenditures for property, plant and equipment at December 31, 60 59 61
Kentucky Utilities Co [Member]      
Cash Flows from Operating Activities      
Net income [3] 280 293 286
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 346 315 279
Amortization 8 10 3
Defined benefit plans - expense (income) 0 (1) 0
Deferred income taxes and investment tax credits 20 39 48
Other (1) (3) (4)
Change in current assets and current liabilities      
Accounts receivable (13) (3) (4)
Accounts receivable from affiliates (1) 0 0
Accounts payable 9 (15) 29
Unbilled Revenues (9) 4 20
Accounts payable to affiliates (16) (2) (3)
Fuel, materials and supplies 6 (6) 3
Taxes payable 2 2 5
Regulatory assets and liabilities, net (26) (26) 27
Other (5) (6) (3)
Other operating activities      
Defined benefit plans - funding (3) (3) (54)
Other assets (2) (2) (12)
Expenditures for asset retirement obligations (64) (59) (50)
Other liabilities 12 16 11
Net cash provided by operating activities 543 553 581
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (510) (610) (562)
Other investing activities 3 0 1
Net cash provided by (used in) investing activities (507) (610) (561)
Cash Flows from Financing Activities      
Issuance of long-term debt 498 306 18
Retirement of long-term debt (500) 0 (27)
Issuance of commercial paper 32 0 0
Contributions from parent 128 68 45
Payment of common stock dividends to parent (200) (229) (246)
Net increase (decrease) in short-term debt 21 (85) 190
Other financing activities (5) (5) (1)
Net cash provided by (used in) financing activities (26) 55 (21)
Net Increase (Decrease) in Cash and Cash Equivalents 10 (2) (1)
Cash and Cash Equivalents at Beginning of Period 12 14 15
Cash and Cash Equivalents at End of Period 22 12 14
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 109 101 95
Income taxes - net 44 39 25
Accrued expenditures for property, plant and equipment at December 31, $ 40 $ 54 $ 88
[1] Net income equals comprehensive income.
[2] Net income equals comprehensive income.
[3] Net income equals comprehensive income.