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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income (loss) $ 888 $ 740 $ 756
Loss (income) from discontinued operations (net of income taxes) 0 0 (42)
Income from Continuing Operations After Income Taxes 888 740 714
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 1,279 1,254 1,181
Amortization 78 81 52
Defined benefit plans - expense (income) (72) (73) (16)
Deferred income taxes and investment tax credits 196 322 179
Loss on sale of Safari Holdings 0 0 60
Stock compensation expense 46 33 37
Other (17) (29) 14
Change in current assets and current liabilities      
Accounts receivable 254 (170) (176)
Accounts payable (41) (72) 358
Unbilled Revenues (57) 128 (197)
Fuel, materials and supplies (2) (60) (90)
Prepayments (34) 1 (13)
Taxes payable (27) 6 (80)
Regulatory assets and liabilities, net (68) (37) (119)
Other (65) 38 (76)
Defined benefits plans - funding (10) (13) (12)
Other operating activities      
Proceeds from transfer of excess benefit plan funds 13 0 0
Other assets (96) (69) (126)
Other liabilities 42 (349) 39
Net cash provided by operating activities 2,340 1,758 1,730
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (2,805) (2,390) (2,155)
Proceeds from sale of Safari Holdings, net of cash divested 0 0 146
Acquisition of Narragansett Electric, net of cash acquired 0 0 (3,660)
Other investing activities (13) 7 15
Net cash provided by (used in) investing activities (2,818) (2,383) (5,654)
Cash Flows from Financing Activities      
Issuance of long-term debt 1,894 3,252 850
Retirement of long-term debt 0 (1,854) (264)
Payment of common stock dividends (747) (704) (787)
Net increase (decrease) in short-term debt (689) 7 916
Other investing activities (23) (51) (6)
Net cash provided by (used in) financing activities 435 650 709
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (43) 25 (3,215)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 382 357 3,572
Cash, Cash Equivalents and Restricted Cash at End of Period 339 382 357
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 670 604 462
Income taxes - net (123) 281 163
Accrued expenditures for property, plant and equipment at December 31, 358 220 269
Accrued interest 33 27 1
PPL Electric Utilities Corp [Member]      
Cash Flows from Operating Activities      
Net income (loss) [1] 574 519 525
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 401 397 393
Amortization 45 41 22
Defined benefit plans - expense (income) (39) (42) (23)
Deferred income taxes and investment tax credits 129 46 91
Other 1 (24) (11)
Change in current assets and current liabilities      
Accounts receivable 89 (78) (47)
Accounts payable 64 13 46
Unbilled Revenues (10) 75 (95)
Fuel, materials and supplies 6 (30) (11)
Prepayments (32) 2 (2)
Taxes payable (49) 15 5
Regulatory assets and liabilities, net (101) (38) (59)
Other (25) 9 (19)
Defined benefits plans - funding 0 (5) 0
Other operating activities      
Other assets (32) 3 (47)
Other liabilities 9 1 (11)
Net cash provided by operating activities 1,042 912 757
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (1,229) (956) (886)
Expenditures for intangible assets (9) (6) (2)
Net (increase) decrease in notes receivable from affiliate (222) 0 499
Other investing activities 5 4 2
Net cash provided by (used in) investing activities (1,455) (958) (387)
Cash Flows from Financing Activities      
Issuance of long-term debt 649 1,329 250
Retirement of long-term debt 0 (1,240) (250)
Contributions from parent 688 206 0
Payment of common stock dividends to parent (375) (323) (340)
Return of Capital to Parent (60) (250) (170)
Net increase (decrease) in short-term debt (509) 364 145
Debt Issuance Costs (7) (14) 0
Other investing activities 0 0 (1)
Net cash provided by (used in) financing activities 386 72 (366)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (27) 26 4
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 51 25 21
Cash, Cash Equivalents and Restricted Cash at End of Period 24 51 25
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 224 205 164
Income taxes - net 83 92 111
Accrued expenditures for property, plant and equipment at December 31, 173 122 133
Accrued interest 12 8 0
Louisville Gas And Electric Co [Member]      
Cash Flows from Operating Activities      
Net income (loss) [2] 297 266 272
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 305 302 298
Amortization 16 14 5
Deferred income taxes and investment tax credits 6 (14) (6)
Other (6) (7) 4
Change in current assets and current liabilities      
Accounts receivable (25) 40 (19)
Accounts receivable from affiliates (11) 7 (5)
Accounts payable 12 (40) 22
Accounts payable to affiliates 15 (8) 30
Unbilled Revenues 1 24 (32)
Fuel, materials and supplies (13) 24 (28)
Taxes payable (1) 0 7
Regulatory assets and liabilities, net (3) 25 17
Other 0 1 5
Defined benefits plans - funding 0 1 (2)
Other operating activities      
Expenditures for asset retirement obligations (11) (11) (13)
Other assets (27) (21) (8)
Other liabilities (1) 1 (4)
Net cash provided by operating activities 554 609 543
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (444) (378) (371)
Other investing activities 0 0 (11)
Net cash provided by (used in) investing activities (444) (378) (360)
Cash Flows from Financing Activities      
Issuance of long-term debt 0 464 300
Retirement of long-term debt 0 (300) 0
Net increase (decrease) in short-term debt 25 (179) 110
Contributions from parent 65 67 90
Payment of common stock dividends to parent (187) (166) (275)
Return of Capital to Parent (76) (161) 0
Other investing activities 0 (5) 0
Net cash provided by (used in) financing activities (130) (280) (99)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (20) (49) 84
Proceeds from (Repayments of) Related Party Debt 43 0 (324)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 44 93 9
Cash, Cash Equivalents and Restricted Cash at End of Period 24 44 93
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 101 93 83
Income taxes - net 73 84 57
Accrued expenditures for property, plant and equipment at December 31, 64 30 43
Accrued interest 0 5 0
Kentucky Utilities Co [Member]      
Cash Flows from Operating Activities      
Net income (loss) [3] 356 312 322
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 403 392 386
Amortization 21 20 18
Defined benefit plans - expense (income) (5) (5) (4)
Deferred income taxes and investment tax credits (15) (10) 2
Other (4) (2) 3
Change in current assets and current liabilities      
Accounts receivable (21) 16 (16)
Accounts payable (23) (26) 26
Accounts payable to affiliates 29 (24) 37
Unbilled Revenues (5) 17 (23)
Fuel, materials and supplies 14 (17) (41)
Taxes payable 5 5 7
Regulatory assets and liabilities, net 23 25 (19)
Other (5) (4) (3)
Defined benefits plans - funding 0 0 (1)
Other operating activities      
Expenditures for asset retirement obligations (10) (28) (29)
Other assets (41) (25) (1)
Other liabilities 1 (4) (4)
Net cash provided by operating activities 723 647 661
Cash Flows from Investing Activities      
Expenditures for property, plant and equipment (643) (572) (547)
Other investing activities 0 6 0
Net cash provided by (used in) investing activities (643) (566) (547)
Cash Flows from Financing Activities      
Issuance of long-term debt 0 459 300
Retirement of long-term debt 0 (313) 0
Net increase (decrease) in short-term debt 47 (8) 101
Contributions from parent 126 76 84
Payment of common stock dividends to parent (232) (190) (296)
Return of Capital to Parent (103) (84) 0
Other investing activities 0 (4) (1)
Net cash provided by (used in) financing activities (89) (64) (106)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (9) 17 8
Proceeds from (Repayments of) Related Party Debt 73 0 (294)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 38 21 13
Cash, Cash Equivalents and Restricted Cash at End of Period 29 38 21
Supplemental Disclosures of Cash Flow Information:      
Interest - net of amount capitalized 135 125 112
Income taxes - net 102 78 78
Accrued expenditures for property, plant and equipment at December 31, 74 38 56
Accrued interest $ 0 $ 5 $ 1
[1] Net income equals comprehensive income.
[2] Net income equals comprehensive income.
[3] Net income equals comprehensive income.