Commission File Number | Registrant; State of Incorporation; Address and Telephone Number | IRS Employer Identification No. | |||||||||||||||
(Exact name of Registrant as specified in its charter) | |||||||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol: | Name of each exchange on which registered | ||||||
Junior Subordinated Notes of PPL Capital Funding, Inc. | ||||||||
(d) | Exhibits | ||||||||||||||||
99.1 - | Press Release, dated August 5, 2021, announcing PPL's financial results for the quarter ended June 30, 2021, and other business matters, including the recently authorized share repurchase program. | ||||||||||||||||
104 - | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |
PPL CORPORATION | |||||||||||
By: | /s/ Marlene C. Beers | ||||||||||
Marlene C. Beers Vice President and Controller |
news release | ![]() | |||||||
www.pplnewsroom.com | ||||||||
Contacts: | For news media: Ryan Hill, 610-774-4033 | ||||
For financial analysts: Andy Ludwig, 610-774-3389 |
(Dollars in millions, except for per-share amounts) | 2nd Quarter | Year to Date | |||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Reported earnings | $ | 19 | $ | 344 | (94) | % | $ | (1,821) | $ | 898 | NM* | ||||||||||||||||||||||||
Reported earnings per share | $ | 0.03 | $ | 0.45 | (93) | % | $ | (2.37) | $ | 1.17 | NM* | ||||||||||||||||||||||||
2nd Quarter | Year to Date | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Earnings from ongoing operations | $ | 147 | $ | 159 | (8) | % | $ | 366 | $ | 365 | 0 | % | |||||||||||||||||||||||
Earnings from ongoing operations per share | $ | 0.19 | $ | 0.20 | (5) | % | $ | 0.47 | $ | 0.47 | 0 | % | |||||||||||||||||||||||
*NM: Not meaningful |
2nd Quarter | Year to Date | ||||||||||||||||||||||
Per share | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Reported earnings | |||||||||||||||||||||||
Kentucky Regulated | $ | 0.11 | $ | 0.10 | $ | 0.30 | $ | 0.26 | |||||||||||||||
Pennsylvania Regulated | 0.12 | 0.15 | 0.27 | 0.31 | |||||||||||||||||||
Corporate and Other | (0.92) | (0.05) | (1.01) | (0.10) | |||||||||||||||||||
Discontinued Operations | 0.72 | 0.25 | (1.93) | 0.70 | |||||||||||||||||||
Total | $ | 0.03 | $ | 0.45 | $ | (2.37) | $ | 1.17 | |||||||||||||||
2nd Quarter | Year to Date | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Special items (expense) benefit | |||||||||||||||||||||||
Kentucky Regulated | $ | — | $ | — | $ | 0.01 | $ | — | |||||||||||||||
Pennsylvania Regulated | (0.01) | — | (0.03) | — | |||||||||||||||||||
Corporate and Other | (0.87) | — | (0.89) | — | |||||||||||||||||||
Discontinued Operations | 0.72 | 0.25 | (1.93) | 0.70 | |||||||||||||||||||
Total | $ | (0.16) | $ | 0.25 | $ | (2.84) | $ | 0.70 | |||||||||||||||
2nd Quarter | Year to Date | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings from ongoing operations | |||||||||||||||||||||||
Kentucky Regulated | $ | 0.11 | $ | 0.10 | $ | 0.29 | $ | 0.26 | |||||||||||||||
Pennsylvania Regulated | 0.13 | 0.15 | 0.30 | 0.31 | |||||||||||||||||||
Corporate and Other | (0.05) | (0.05) | (0.12) | (0.10) | |||||||||||||||||||
Discontinued Operations | — | — | — | — | |||||||||||||||||||
Total | $ | 0.19 | $ | 0.20 | $ | 0.47 | $ | 0.47 |
PPL CORPORATION AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION(1) | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(Millions of Dollars) | |||||||||||
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 7,629 | $ | 442 | |||||||
Accounts receivable | 658 | 689 | |||||||||
Unbilled revenues | 247 | 301 | |||||||||
Fuel, materials and supplies | 265 | 302 | |||||||||
Other current assets | 219 | 183 | |||||||||
Current assets held for sale | — | 18,983 | |||||||||
Property, Plant and Equipment | |||||||||||
Regulated utility plant | 29,757 | 29,040 | |||||||||
Less: Accumulated depreciation - regulated utility plant | 6,314 | 6,008 | |||||||||
Regulated utility plant, net | 23,443 | 23,032 | |||||||||
Non-regulated property, plant and equipment | 246 | 237 | |||||||||
Less: Accumulated depreciation - non-regulated property, plant and equipment | 40 | 37 | |||||||||
Non-regulated property, plant and equipment, net | 206 | 200 | |||||||||
Construction work in progress | 1,296 | 1,268 | |||||||||
Property, Plant and Equipment, net | 24,945 | 24,500 | |||||||||
Noncurrent regulatory assets | 1,281 | 1,262 | |||||||||
Goodwill and other intangibles | 1,063 | 1,067 | |||||||||
Pension benefit asset | 67 | 24 | |||||||||
Other noncurrent assets | 385 | 363 | |||||||||
Total Assets | $ | 36,759 | $ | 48,116 | |||||||
Liabilities and Equity | |||||||||||
Short-term debt | $ | — | $ | 1,168 | |||||||
Long-term debt due within one year | 2,200 | 1,074 | |||||||||
Accounts payable | 683 | 745 | |||||||||
Other current liabilities | 1,289 | 1,045 | |||||||||
Current liabilities held for sale | — | 11,023 | |||||||||
Long-term debt | 11,095 | 13,615 | |||||||||
Deferred income taxes and investment tax credits | 3,199 | 2,658 | |||||||||
Accrued pension obligations | 189 | 189 | |||||||||
Asset retirement obligations | 140 | 132 | |||||||||
Noncurrent regulatory liabilities | 2,468 | 2,530 | |||||||||
Other deferred credits and noncurrent liabilities | 544 | 564 | |||||||||
Common stock and additional paid-in capital | 12,289 | 12,278 | |||||||||
Earnings reinvested | 2,854 | 5,315 | |||||||||
Accumulated other comprehensive loss | (191) | (4,220) | |||||||||
Total Liabilities and Equity | $ | 36,759 | $ | 48,116 |
PPL CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||||||||||
(Millions of Dollars, except share data) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating Revenues | $ | 1,288 | $ | 1,263 | $ | 2,786 | $ | 2,703 | |||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Operation | |||||||||||||||||||||||
Fuel | 159 | 138 | 336 | 301 | |||||||||||||||||||
Energy purchases | 137 | 133 | 357 | 334 | |||||||||||||||||||
Other operation and maintenance | 404 | 353 | 771 | 708 | |||||||||||||||||||
Depreciation | 269 | 255 | 536 | 505 | |||||||||||||||||||
Taxes, other than income | 49 | 37 | 101 | 84 | |||||||||||||||||||
Total Operating Expenses | 1,018 | 916 | 2,101 | 1,932 | |||||||||||||||||||
Operating Income | 270 | 347 | 685 | 771 | |||||||||||||||||||
Other Income (Expense) - net | 13 | 10 | 13 | 5 | |||||||||||||||||||
Interest Expense | 474 | 164 | 627 | 318 | |||||||||||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | (191) | 193 | 71 | 458 | |||||||||||||||||||
Income Taxes | 345 | 40 | 404 | 101 | |||||||||||||||||||
Income (Loss) from Continuing Operations After Income Taxes | (536) | 153 | (333) | 357 | |||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | 555 | 191 | (1,488) | 541 | |||||||||||||||||||
Net Income (Loss) | $ | 19 | $ | 344 | $ | (1,821) | $ | 898 | |||||||||||||||
Earnings Per Share of Common Stock: | |||||||||||||||||||||||
Basic and Diluted | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Income Taxes | $ | (0.69) | $ | 0.20 | $ | (0.44) | $ | 0.47 | |||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | 0.72 | 0.25 | (1.93) | 0.70 | |||||||||||||||||||
Net Income (Loss) Available to PPL Common Shareowners | $ | 0.03 | $ | 0.45 | $ | (2.37) | $ | 1.17 | |||||||||||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||||||||||||||
Basic | 769,466 | 768,768 | 769,313 | 768,358 | |||||||||||||||||||
Diluted | 769,466 | 769,408 | 769,313 | 769,073 |
PPL CORPORATION AND SUBSIDIARIES | |||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
(Millions of Dollars) | |||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income (loss) | $ | (1,821) | $ | 898 | |||||||
Loss (income) from discontinued operations (net of income taxes) | 1,488 | (541) | |||||||||
Income from continuing operations (net of income taxes) | (333) | 357 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities - continuing operations | |||||||||||
Depreciation | 536 | 505 | |||||||||
Amortization | 40 | 22 | |||||||||
Deferred income taxes and investment tax credits | 29 | 113 | |||||||||
Loss on extinguishment of debt | 322 | — | |||||||||
Other | 28 | 22 | |||||||||
Change in current assets and current liabilities | |||||||||||
Accounts payable | (26) | (81) | |||||||||
Prepayments | (62) | (67) | |||||||||
Taxes payable | 192 | (34) | |||||||||
Unbilled revenues | 53 | 61 | |||||||||
Regulatory assets and liabilities, net | 39 | (47) | |||||||||
Other | 59 | 76 | |||||||||
Other operating activities | |||||||||||
Defined benefit plans - funding | (36) | (56) | |||||||||
Other | (46) | (5) | |||||||||
Net cash provided by operating activities - continuing operations | 795 | 866 | |||||||||
Net cash provided by operating activities - discontinued operations | 726 | 433 | |||||||||
Net cash provided by operating activities | 1,521 | 1,299 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Expenditures for property, plant and equipment | (969) | (1,158) | |||||||||
Proceeds from sale of discontinued operations, net of cash divested | 10,560 | — | |||||||||
Other investing activities | (8) | 9 | |||||||||
Net cash provided by (used in) investing activities - continuing operations | 9,583 | (1,149) | |||||||||
Net cash provided by (used in) investing activities - discontinued operations | (607) | (424) | |||||||||
Net cash provided by (used in) investing activities | 8,976 | (1,573) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Issuance of long-term debt | 650 | 1,598 | |||||||||
Retirement of long-term debt | (2,379) | — | |||||||||
Issuance of common stock | — | 33 | |||||||||
Payment of common stock dividends | (640) | (636) | |||||||||
Issuance of term loan | — | 300 | |||||||||
Retirement of term loan | (300) | — | |||||||||
Retirement of commercial paper | (73) | — | |||||||||
Net increase (decrease) in short-term debt | (795) | (638) | |||||||||
Other financing activities | (19) | 73 | |||||||||
Net cash provided by (used in) financing activities - continuing operations | (3,556) | 730 | |||||||||
Net cash provided by (used in) financing activities - discontinued operations | (411) | (23) | |||||||||
Contributions (to) from discontinued operations | 365 | 38 | |||||||||
Net cash provided by (used in) financing activities | (3,602) | 745 | |||||||||
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | 8 | (6) | |||||||||
Net (Increase) Decrease in Cash, Cash Equivalents and Restricted Cash included in Discontinued Operations | 284 | 20 | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 7,187 | 485 | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 443 | 660 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 7,630 | $ | 1,145 | |||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at June 30, | $ | 222 | $ | 250 | |||||||
Operating - Electricity Sales (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Percent | Percent | ||||||||||||||||||||||||||||||||||
(GWh) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
PA Regulated Segment | |||||||||||||||||||||||||||||||||||
Retail Delivered | 8,543 | 8,089 | 5.6 | % | 18,404 | 17,535 | 5.0 | % | |||||||||||||||||||||||||||
KY Regulated Segment | |||||||||||||||||||||||||||||||||||
Retail Delivered | 6,921 | 6,404 | 8.1 | % | 14,493 | 13,632 | 6.3 | % | |||||||||||||||||||||||||||
Wholesale(1) | 191 | 104 | 83.7 | % | 467 | 230 | 103.0 | % | |||||||||||||||||||||||||||
Total | 7,112 | 6,508 | 9.3 | % | 14,960 | 13,862 | 7.9 | % | |||||||||||||||||||||||||||
Total | 15,655 | 14,597 | 7.2 | % | 33,364 | 31,397 | 6.3 | % | |||||||||||||||||||||||||||
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
(After-Tax) | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
2nd Quarter 2021 | (millions of dollars) | ||||||||||||||||||||||||||||
KY | PA | Corp. | Disc. | ||||||||||||||||||||||||||
Reg. | Reg. | & Other | Ops.(2) | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 84 | $ | 96 | $ | (716) | $ | 555 | $ | 19 | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | 555 | 555 | ||||||||||||||||||||||||
Talen litigation costs, net of tax of $1 | — | — | (6) | — | (6) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $1 | — | — | (2) | — | (2) | ||||||||||||||||||||||||
Challenge to transmission formula rate return on equity reserve, net of tax of $2 | — | (7) | — | — | (7) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $1 | — | — | (2) | — | (2) | ||||||||||||||||||||||||
U.K. tax rate change | — | — | (383) | — | (383) | ||||||||||||||||||||||||
Solar panel impairment, net of tax of $9(3) | — | — | (28) | — | (28) | ||||||||||||||||||||||||
Loss on early extinguishment of debt, net of tax of $67 | — | — | (255) | — | (255) | ||||||||||||||||||||||||
Total Special Items | — | (7) | (676) | 555 | (128) | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 84 | $ | 103 | $ | (40) | $ | — | $ | 147 | |||||||||||||||||||
(per share - diluted) | |||||||||||||||||||||||||||||
KY | PA | Corp. | Disc. | ||||||||||||||||||||||||||
Reg. | Reg. | & Other | Ops.(2) | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.11 | $ | 0.12 | $ | (0.92) | $ | 0.72 | $ | 0.03 | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | 0.72 | 0.72 | ||||||||||||||||||||||||
Challenge to transmission formula rate return on equity reserve | — | (0.01) | — | — | (0.01) | ||||||||||||||||||||||||
U.K. tax rate change | — | — | (0.50) | — | (0.50) | ||||||||||||||||||||||||
Solar panel impairment(3) | — | — | (0.04) | — | (0.04) | ||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | (0.33) | — | (0.33) | ||||||||||||||||||||||||
Total Special Items | — | (0.01) | (0.87) | 0.72 | (0.16) | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 0.11 | $ | 0.13 | $ | (0.05) | $ | — | $ | 0.19 |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
(After-Tax) | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Year-to-Date June 30, 2021 | (millions of dollars) | ||||||||||||||||||||||||||||
KY | PA | Corp. | Disc. | ||||||||||||||||||||||||||
Reg. | Reg. | & Other | Ops.(2) | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 230 | $ | 209 | $ | (772) | $ | (1,488) | $ | (1,821) | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | (1,492) | (1,492) | ||||||||||||||||||||||||
Talen litigation costs, net of tax of $2 | — | — | (9) | — | (9) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $1 | — | — | (2) | — | (2) | ||||||||||||||||||||||||
Valuation allowance adjustment | 4 | — | (4) | 4 | 4 | ||||||||||||||||||||||||
Challenge to transmission formula rate return on equity reserve, net of tax of $8 | — | (20) | — | — | (20) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $1 | — | — | (2) | — | (2) | ||||||||||||||||||||||||
U.K. tax rate change | — | — | (383) | — | (383) | ||||||||||||||||||||||||
Solar panel impairment, net of tax of $9(3) | — | — | (28) | — | (28) | ||||||||||||||||||||||||
Loss on early extinguishment of debt, net of tax of $67 | — | — | (255) | — | (255) | ||||||||||||||||||||||||
Total Special Items | 4 | (20) | (683) | (1,488) | (2,187) | ||||||||||||||||||||||||
Earning from Ongoing Operations | $ | 226 | $ | 229 | $ | (89) | $ | — | $ | 366 | |||||||||||||||||||
(per share - diluted) | |||||||||||||||||||||||||||||
KY | PA | Corp. | Disc. | ||||||||||||||||||||||||||
Reg. | Reg. | & Other | Ops.(2) | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.30 | $ | 0.27 | $ | (1.01) | $ | (1.93) | $ | (2.37) | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | (1.94) | (1.94) | ||||||||||||||||||||||||
Talen litigation costs | — | — | (0.01) | — | (0.01) | ||||||||||||||||||||||||
Valuation allowance adjustment | 0.01 | — | (0.01) | 0.01 | 0.01 | ||||||||||||||||||||||||
Challenge to transmission formula rate return on equity reserve | — | (0.03) | — | — | (0.03) | ||||||||||||||||||||||||
U.K. tax rate change | — | — | (0.50) | — | (0.50) | ||||||||||||||||||||||||
Solar panel impairment(3) | — | — | (0.04) | — | (0.04) | ||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | (0.33) | — | (0.33) | ||||||||||||||||||||||||
Total Special Items | 0.01 | (0.03) | (0.89) | (1.93) | (2.84) | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 0.29 | $ | 0.30 | $ | (0.12) | $ | — | $ | 0.47 |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
(After-Tax) | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
2nd Quarter 2020 | (millions of dollars) | ||||||||||||||||||||||||||||
KY | PA | Corp. | Disc. | ||||||||||||||||||||||||||
Reg. | Reg. | & Other(2) | Ops.(3) | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 74 | $ | 118 | $ | (39) | $ | 191 | $ | 344 | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | 191 | 191 | ||||||||||||||||||||||||
Talen litigation costs, net of tax of $0 | — | — | (2) | — | (2) | ||||||||||||||||||||||||
COVID-19 impact, net of tax of $1 | (4) | — | — | — | (4) | ||||||||||||||||||||||||
Total Special Items | (4) | — | (2) | 191 | 185 | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 78 | $ | 118 | $ | (37) | $ | — | $ | 159 | |||||||||||||||||||
(per share - diluted) | |||||||||||||||||||||||||||||
KY | PA | Corp. | Disc. | ||||||||||||||||||||||||||
Reg. | Reg. | & Other(2) | Ops.(3) | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.10 | $ | 0.15 | $ | (0.05) | $ | 0.25 | $ | 0.45 | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | 0.25 | 0.25 | ||||||||||||||||||||||||
Total Special Items | — | — | — | 0.25 | 0.25 | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 0.10 | $ | 0.15 | $ | (0.05) | $ | — | $ | 0.20 |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
(After-Tax) | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Year-to-Date June 30, 2020 | (millions of dollars) | ||||||||||||||||||||||||||||
KY | PA | Corp. | Disc. | ||||||||||||||||||||||||||
Reg. | Reg. | & Other(2) | Ops.(3) | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 201 | $ | 236 | $ | (80) | $ | 541 | $ | 898 | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | 541 | 541 | ||||||||||||||||||||||||
Talen litigation costs, net of tax of $1 | — | — | (4) | — | (4) | ||||||||||||||||||||||||
COVID-19 impact, net of tax of $1 | (4) | — | — | — | (4) | ||||||||||||||||||||||||
Total Special Items | (4) | — | (4) | 541 | 533 | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 205 | $ | 236 | $ | (76) | $ | — | $ | 365 | |||||||||||||||||||
(per share - diluted) | |||||||||||||||||||||||||||||
KY | PA | Corp. | Disc. | ||||||||||||||||||||||||||
Reg. | Reg. | & Other(2) | Ops.(3) | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.26 | $ | 0.31 | $ | (0.10) | $ | 0.70 | $ | 1.17 | |||||||||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | 0.70 | 0.70 | ||||||||||||||||||||||||
Total Special Items | — | — | — | 0.70 | 0.70 | ||||||||||||||||||||||||
Earnings from Ongoing Operations | $ | 0.26 | $ | 0.31 | $ | (0.10) | $ | — | $ | 0.47 |
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