← Filings of PPL
Table 1 after “Table of Contents”
| UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 | |
| FORM 10-Q | |
| [X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2018. |
| OR | |
| [ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from _________ to ___________ |
Table 2 after “Table of Contents”
| Commission FileNumber | Registrant; State of Incorporation;Address and Telephone Number | IRS EmployerIdentification No. |
| 1-11459 | PPL Corporation(Exact name of Registrant as specified in its charter)(Pennsylvania)Two North Ninth StreetAllentown, PA 18101-1179(610) 774-5151 | 23-2758192 |
| 1-905 | PPL Electric Utilities Corporation(Exact name of Registrant as specified in its charter)(Pennsylvania)Two North Ninth StreetAllentown, PA 18101-1179(610) 774-5151 | 23-0959590 |
| 333-173665 | LG&E and KU Energy LLC(Exact name of Registrant as specified in its charter)(Kentucky)220 West Main StreetLouisville, KY 40202-1377(502) 627-2000 | 20-0523163 |
| 1-2893 | Louisville Gas and Electric Company(Exact name of Registrant as specified in its charter)(Kentucky)220 West Main StreetLouisville, KY 40202-1377(502) 627-2000 | 61-0264150 |
| 1-3464 | Kentucky Utilities Company(Exact name of Registrant as specified in its charter)(Kentucky and Virginia)One Quality StreetLexington, KY 40507-1462(502) 627-2000 | 61-0247570 |
Table 3 after “Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.”
| PPL Corporation | Common stock, $0.01 par value, 699,042,874 shares outstanding at April 25, 2018. |
| PPL Electric Utilities Corporation | Common stock, no par value, 66,368,056 shares outstanding and all held by PPL Corporation at April 25, 2018. |
| LG&E and KU Energy LLC | PPL Corporation directly holds all of the membership interests in LG&E and KU Energy LLC. |
| Louisville Gas and Electric Company | Common stock, no par value, 21,294,223 shares outstanding and all held by LG&E and KU Energy LLC at April 25, 2018. |
| Kentucky Utilities Company | Common stock, no par value, 37,817,878 shares outstanding and all held by LG&E and KU Energy LLC at April 25, 2018. |
Table 4 after “Unless otherwise specified, references in this Report, individually, to PPL Corporation, PPL Electric Utilities Corporation, LG&E and KU Ene”
| | Page | | |
| GLOSSARY OF TERMS AND ABBREVIATIONS | i | | | |
| FORWARD-LOOKING INFORMATION | 1 | | | |
| PART I. FINANCIAL INFORMATION | | | | |
| Item 1. Financial Statements | | | |
| | PPL Corporation and Subsidiaries | | |
| | | Condensed Consolidated Statements of Income | 3 |
| | | Condensed Consolidated Statements of Comprehensive Income | 4 |
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Table 5 after “Table of Contents”
| Combined Notes to Condensed Financial Statements (Unaudited) | | | |
| | 1. Interim Financial Statements | 33 | |
| | 2. Summary of Significant Accounting Policies | 33 | |
| | 3. Segment and Related Information | 35 | |
| | 4. Revenue from Contracts with Customers | 35 | |
| | 5. Earnings Per Share | 38 | |
| | 6. Income Taxes | 39 | |
| | 7. Utility Rate Regulation | 41 | |
First 8 of 50 rows. The download has all of them.
Table 6 after “(Millions of Dollars, except share data)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Operating Revenues | $2,126 | | $1,951 |
| Operating Expenses | | | |
| Operation | | | |
| Fuel | 214 | | 191 |
| Energy purchases | 241 | | 215 |
| Other operation and maintenance | 468 | | 470 |
First 8 of 25 rows. The download has all of them.
Table 7 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Net income | $452 | | $403 |
| Other comprehensive income (loss): | | | |
| Amounts arising during the period - gains (losses), net of tax (expense) benefit: | | | |
| Foreign currency translation adjustments, net of tax of $0, ($1) | 116 | | (24) |
| Qualifying derivatives, net of tax of $4, $2 | (20) | | (6) |
| Defined benefit plans: | | | |
First 8 of 15 rows. The download has all of them.
Table 8 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Cash Flows from Operating Activities | | | |
| Net income | $452 | | $403 |
| Adjustments to reconcile net income to net cash provided by operating activities | | | |
| Depreciation | 269 | | 242 |
| Amortization | 21 | | 23 |
| Defined benefit plans - (income) | (50) | | (19) |
First 8 of 47 rows. The download has all of them.
Table 9 after “(Millions of Dollars, shares in thousands)”
| March 31, 2018 | December 31, 2017 | |
| Assets | | | |
| Current Assets | | | |
| Cash and cash equivalents | $629 | | $485 |
| Accounts receivable (less reserve: 2018, $56; 2017, $51) | | | |
| Customer | 760 | | 681 |
| Other | 89 | | 100 |
| Unbilled revenues | 489 | | 543 |
First 8 of 31 rows. The download has all of them.
Table 10 after “(Millions of Dollars, shares in thousands)”
| March 31, 2018 | December 31, 2017 | |
| Liabilities and Equity | | | |
| Current Liabilities | | | |
| Short-term debt | $1,457 | | $1,080 |
| Long-term debt due within one year | 250 | | 348 |
| Accounts payable | 836 | | 924 |
| Taxes | 128 | | 105 |
| Interest | 323 | | 282 |
First 8 of 30 rows. The download has all of them.
Table 11 after “(Millions of Dollars)”
| Common stock shares outstanding (a) | Common stock | | Additional paid-in capital | Earnings reinvested | Accumulatedothercomprehensiveloss | | Total | | | | |
| December 31, 2017 | 693,398 | | $7 | | $10,305 | | $3,871 | | | $(3,422) | | $10,761 |
| Common stock issued | 3,985 | | | | 115 | | | | | | 115 | |
| Stock-based compensation | | | | (9) | | | | | (9) | | | |
| Net income | | | | | 452 | | | | 452 | | | |
| Dividends and dividend equivalents | | | | | (286) | | | | (286) | | | |
| Other comprehensive income (loss) | | | | | | 143 | | | 143 | | | |
| March 31, 2018 | 697,383 | | $7 | | $10,411 | | $4,037 | | | $(3,279) | | $11,176 |
First 8 of 15 rows. The download has all of them.
Table 12 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Operating Revenues | $639 | | $573 |
| Operating Expenses | | | |
| Operation | | | |
| Energy purchases | 161 | | 146 |
| Other operation and maintenance | 133 | | 163 |
| Depreciation | 85 | | 75 |
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Table 13 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Cash Flows from Operating Activities | | | |
| Net income | $148 | | $79 |
| Adjustments to reconcile net income to net cash provided by operating activities | | | |
| Depreciation | 85 | | 75 |
| Amortization | 6 | | 8 |
| Defined benefit plans - expense | 2 | | 5 |
First 8 of 38 rows. The download has all of them.
Table 14 after “(Millions of Dollars, shares in thousands)”
| March 31, 2018 | December 31, 2017 | |
| Assets | | | |
| Current Assets | | | |
| Cash and cash equivalents | $20 | | $49 |
| Accounts receivable (less reserve: 2018, $27; 2017, $24) | | | |
| Customer | 328 | | 279 |
| Other | 10 | | 71 |
| Accounts receivable from affiliates | 42 | | — |
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Table 15 after “(Millions of Dollars, shares in thousands)”
| March 31, 2018 | December 31, 2017 | |
| Liabilities and Equity | | | |
| Current Liabilities | | | |
| Short-term debt | $213 | | $— |
| Accounts payable | 362 | | 386 |
| Accounts payable to affiliates | 32 | | 31 |
| Taxes | 12 | | 8 |
| Interest | 38 | | 36 |
First 8 of 25 rows. The download has all of them.
Table 16 after “(Millions of Dollars)”
| Common stock sharesoutstanding(a) | Common stock | | Additionalpaid-incapital | Earningsreinvested | Total | | |
| December 31, 2017 | 66,368 | | $364 | | $2,729 | | $899 | $3,992 |
| Net income | | | | | | | 148 | 148 |
| Dividends declared on common stock | | | | | | | (72) | (72) |
| March 31, 2018 | 66,368 | | $364 | | $2,729 | | $975 | $4,068 |
| December 31, 2016 | 66,368 | | $364 | | $2,154 | | $873 | $3,391 |
| Net income | | | | | | | 79 | 79 |
| Capital contributions from PPL | | | | | 100 | | | 100 |
First 8 of 10 rows. The download has all of them.
Table 17 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Operating Revenues | $872 | | $809 |
| Operating Expenses | | | |
| Operation | | | |
| Fuel | 214 | | 191 |
| Energy purchases | 80 | | 69 |
| Other operation and maintenance | 205 | | 205 |
First 8 of 18 rows. The download has all of them.
Table 18 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Cash Flows from Operating Activities | | | |
| Net income | $142 | | $103 |
| Adjustments to reconcile net income to net cash provided by operating activities | | | |
| Depreciation | 117 | | 105 |
| Amortization | 5 | | 7 |
| Defined benefit plans - expense | 3 | | 8 |
First 8 of 40 rows. The download has all of them.
Table 19 after “(Millions of Dollars)”
| March 31, 2018 | December 31, 2017 | |
| Assets | | | |
| Current Assets | | | |
| Cash and cash equivalents | $27 | | $30 |
| Accounts receivable (less reserve: 2018, $26; 2017, $25) | | | |
| Customer | 247 | | 246 |
| Other | 41 | | 44 |
| Accounts receivable from affiliates | 1 | | — |
First 8 of 27 rows. The download has all of them.
Table 20 after “(Millions of Dollars)”
| March 31, 2018 | December 31, 2017 | |
| Liabilities and Equity | | | |
| Current Liabilities | | | |
| Short-term debt | $215 | | $244 |
| Long-term debt due within one year | — | | 98 |
| Notes payable with affiliates | 237 | | 225 |
| Accounts payable | 292 | | 338 |
| Accounts payable to affiliates | 9 | | 7 |
First 8 of 32 rows. The download has all of them.
Table 21 after “(Millions of Dollars)”
| Member'sEquity |
| December 31, 2017 | $4,563 |
| Net income | 142 |
| Distributions to member | (69) |
| Other comprehensive income | 1 |
| March 31, 2018 | $4,637 |
| December 31, 2016 | $4,667 |
| Net income | 103 |
First 8 of 11 rows. The download has all of them.
Table 22 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Operating Revenues | | | |
| Retail and wholesale | $407 | | $374 |
| Electric revenue from affiliate | 12 | | 17 |
| Total Operating Revenues | 419 | | 391 |
| Operating Expenses | | | |
| Operation | | | |
First 8 of 21 rows. The download has all of them.
Table 23 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Cash Flows from Operating Activities | | | |
| Net income | $72 | | $54 |
| Adjustments to reconcile net income to net cash provided by operating activities | | | |
| Depreciation | 48 | | 44 |
| Amortization | 4 | | 3 |
| Defined benefit plans - expense | 1 | | 2 |
First 8 of 40 rows. The download has all of them.
Table 24 after “(Millions of Dollars, shares in thousands)”
| March 31, 2018 | December 31, 2017 | |
| Assets | | | |
| Current Assets | | | |
| Cash and cash equivalents | $14 | | $15 |
| Accounts receivable (less reserve: 2018, $1; 2017, $1) | | | |
| Customer | 111 | | 116 |
| Other | 14 | | 13 |
| Unbilled revenues | 75 | | 91 |
First 8 of 27 rows. The download has all of them.
Table 25 after “(Millions of Dollars, shares in thousands)”
| March 31, 2018 | December 31, 2017 | |
| Liabilities and Equity | | | |
| Current Liabilities | | | |
| Short-term debt | $137 | | $199 |
| Long-term debt due within one year | — | | 98 |
| Accounts payable | 170 | | 179 |
| Accounts payable to affiliates | 21 | | 23 |
| Customer deposits | 28 | | 27 |
First 8 of 32 rows. The download has all of them.
Table 26 after “(Millions of Dollars)”
| Common stock sharesoutstanding (a) | Common stock | | Additional paid-in capital | Earnings reinvested | Total | | |
| December 31, 2017 | 21,294 | | $424 | | $1,712 | | $391 | $2,527 |
| Net income | | | | | | | 72 | 72 |
| Cash dividends declared on common stock | | | | | | | (34) | (34) |
| March 31, 2018 | 21,294 | | $424 | | $1,712 | | $429 | $2,565 |
| December 31, 2016 | 21,294 | | $424 | | $1,682 | | $370 | $2,476 |
| Net income | | | | | | | 54 | 54 |
| Cash dividends declared on common stock | | | | | | | (87) | (87) |
First 8 of 9 rows. The download has all of them.
Table 27 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Operating Revenues | | | |
| Retail and wholesale | $465 | | $435 |
| Electric revenue from affiliate | 6 | | 2 |
| Total Operating Revenues | 471 | | 437 |
| Operating Expenses | | | |
| Operation | | | |
First 8 of 21 rows. The download has all of them.
Table 28 after “(Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2018 | 2017 | |
| Cash Flows from Operating Activities | | | |
| Net income | $87 | | $63 |
| Adjustments to reconcile net income to net cash provided by operating activities | | | |
| Depreciation | 68 | | 60 |
| Amortization | 1 | | 4 |
| Defined benefit plans - expense | — | | 2 |
First 8 of 37 rows. The download has all of them.
Table 29 after “(Millions of Dollars, shares in thousands)”
| March 31, 2018 | December 31, 2017 | |
| Assets | | | |
| Current Assets | | | |
| Cash and cash equivalents | $11 | | $15 |
| Accounts receivable (less reserve: 2018, $2; 2017, $1) | | | |
| Customer | 136 | | 130 |
| Other | 26 | | 30 |
| Unbilled revenues | 97 | | 112 |
First 8 of 26 rows. The download has all of them.
Table 30 after “(Millions of Dollars, shares in thousands)”
| March 31, 2018 | December 31, 2017 | |
| Liabilities and Equity | | | |
| Current Liabilities | | | |
| Short-term debt | $78 | | $45 |
| Accounts payable | 109 | | 137 |
| Accounts payable to affiliates | 54 | | 53 |
| Customer deposits | 31 | | 31 |
| Taxes | 33 | | 19 |
First 8 of 29 rows. The download has all of them.
Table 31 after “(Millions of Dollars)”
| Common stock shares outstanding (a) | Common stock | | Additional paid-in capital | Earnings reinvested | Accumulatedothercomprehensiveloss | | Total | | |
| December 31, 2017 | 37,818 | | $308 | | $2,616 | | $433 | | $— | $3,357 |
| Net income | | | | | | | 87 | | | 87 |
| Cash dividends declared on common stock | | | | | | | (79) | | | (79) |
| March 31, 2018 | 37,818 | | $308 | | $2,616 | | $441 | | $— | $3,365 |
| December 31, 2016 | 37,818 | | $308 | | $2,616 | | $400 | | $(1) | $3,323 |
| Net income | | | | | | | 63 | | | 63 |
| Cash dividends declared on common stock | | | | | | | (70) | | | (70) |
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Table 32 after “The following provides the non-service cost components of net periodic benefits (costs) or credits presented in "Other Income (Expense) - ne”
| Three Months | | |
| 2018 | 2017 | |
| PPL | $68 | | $38 |
| PPL Electric | 2 | | (1) |
| LKE | 2 | | (2) |
| LG&E | 1 | | (2) |
| KU | 1 | | (1) |
Table 33 after “The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the tot”
| PPL | PPL Electric | | | | |
| March 31, 2018 | December 31, 2017 | | March 31, 2018 | December 31, 2017 | |
| Cash and cash equivalents | $629 | | $485 | | $20 | $49 |
| Restricted cash - current (a) | 3 | | 3 | | 2 | 2 |
| Restricted cash - noncurrent (a) | 21 | | 23 | | — | — |
| Total Cash, Cash Equivalents and Restricted Cash | $653 | | $511 | | $22 | $51 |
Table 34 after “are as follows:”
| Three Months | | |
| 2018 | 2017 | |
| Operating Revenues from external customers | | | |
| U.K. Regulated | $615 | | $568 |
| Kentucky Regulated | 872 | | 809 |
| Pennsylvania Regulated | 639 | | 573 |
| Corporate and Other | — | | 1 |
| Total | $2,126 | | $1,951 |
First 8 of 14 rows. The download has all of them.
Table 35 after “The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated results as of:”
| March 31, 2018 | December 31, 2017 | |
| Assets | | | |
| U.K. Regulated (a) | $17,444 | | $16,813 |
| Kentucky Regulated | 14,500 | | 14,468 |
| Pennsylvania Regulated | 10,356 | | 10,082 |
| Corporate and Other (b) | 88 | | 116 |
| Total | $42,388 | | $41,479 |
Table 36 after “The following table reconciles "Operating Revenues" included in each Registrant's Statement of Income with revenues generated from contracts”
| Three Months | | | | | | | |
| PPL | PPL Electric | | LKE | LG&E | KU | | |
| Operating Revenues (a) | $2,126 | | $639 | | $872 | | $419 | $471 |
| Revenues derived from: | | | | | | | | |
| Alternative revenue programs (b) | 32 | | 2 | | 30 | | 14 | 16 |
| Other (c) | (16) | | (4) | | (5) | | (1) | (4) |
| Revenues from Contracts with Customers | $2,142 | | $637 | | $897 | | $432 | $483 |
| Three Months | | | | | | | |
| PPL | PPL Electric | | LKE | LG&E | KU | | |
| Licensed energy suppliers (a) | $584 | | $— | | $— | | $— | $— |
| Residential | 804 | | 408 | | 396 | | 197 | 199 |
| Commercial | 325 | | 98 | | 227 | | 124 | 103 |
| Industrial | 155 | | 13 | | 142 | | 44 | 98 |
| Other (b) | 105 | | 13 | | 68 | | 31 | 37 |
| Wholesale - municipal | 30 | | — | | 30 | | — | 30 |
First 8 of 11 rows. The download has all of them.
| Three Months |
| PPL | $10 |
| PPL Electric | 7 |
| LKE | 2 |
| LG&E | 1 |
| KU | 1 |
Table 39 after “The following table shows the balances and certain activity of contract liabilities resulting from contracts with customers.”
| PPL | PPL Electric | | LKE | LG&E | KU | | |
| Contract liabilities as of December 31, 2017 | $29 | | $19 | | $8 | | $4 | $4 |
| Contract liabilities as of March 31, 2018 | 20 | | 11 | | 7 | | 3 | 4 |
| Revenue recognized during the period that was included in the opening contract liability balance | 17 | | 8 | | 8 | | 4 | 4 |
Table 40 after “used in the EPS calculation are:”
| Three Months | | |
| 2018 | 2017 | |
| Income (Numerator) | | | |
| Net income | $452 | | $403 |
| Less amounts allocated to participating securities | 1 | | 1 |
| Net income available to PPL common shareowners - Basic and Diluted | $451 | | $402 |
| Shares of Common Stock (Denominator) | | | |
| Weighted-average shares - Basic EPS | 694,514 | | 680,882 |
First 8 of 11 rows. The download has all of them.
Table 41 after “Table of Contents”
| Three Months | | |
| 2018 | 2017 | |
| Basic EPS | | | |
| Net Income available to PPL common shareowners | $0.65 | | $0.59 |
| Diluted EPS | | | |
| Net Income available to PPL common shareowners | $0.65 | | $0.59 |
Table 42 after “, PPL issued common stock related to stock-based compensation plans and the DRIP as follows (in thousands):”
| Three Months | | |
| 2018 | 2017 | |
| Stock-based compensation plans (a) | 476 | | 887 |
| DRIP | 485 | | 445 |
Table 43 after “, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive.”
| Three Months | | |
| 2018 | 2017 | |
| Stock options | 230 | | 696 |
| Restricted stock units | 20 | | — |
Table 44 after “are as follows.”
| (PPL) | | | |
| Three Months | | |
| 2018 | 2017 | |
| Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $119 | | $186 |
| Increase (decrease) due to: | | | |
| State income taxes, net of federal income tax benefit | 15 | | 13 |
| Valuation allowance adjustments | 7 | | 5 |
| Impact of lower U.K. income tax rates relative to U.S. income tax rates (a) | (7) | | (48) |
First 8 of 16 rows. The download has all of them.
Table 45 after “Table of Contents”
| (PPL Electric) | | | |
| Three Months | | |
| 2018 | 2017 | |
| Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $41 | | $44 |
| Increase (decrease) due to: | | | |
| State income taxes, net of federal income tax benefit | 15 | | 8 |
| Depreciation and other items not normalized (a) | (7) | | (2) |
| Stock-based compensation | — | | (2) |
First 8 of 10 rows. The download has all of them.
Table 46 after “Table of Contents”
| (LKE) | | | |
| Three Months | | |
| 2018 | 2017 | |
| Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $38 | | $58 |
| Increase (decrease) due to: | | | |
| State income taxes, net of federal income tax benefit | 8 | | 6 |
| Amortization of excess deferred income taxes (a) | (5) | | — |
| Other | (2) | | (1) |
First 8 of 10 rows. The download has all of them.
Table 47 after “Table of Contents”
| (LG&E) | | | |
| Three Months | | |
| 2018 | 2017 | |
| Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $20 | | $30 |
| Increase (decrease) due to: | | | |
| State income taxes, net of federal income tax benefit | 4 | | 3 |
| Amortization of excess deferred income taxes (a) | (2) | | — |
| Other | (1) | | — |
First 8 of 10 rows. The download has all of them.
Table 48 after “Table of Contents”
| (KU) | | | |
| Three Months | | |
| 2018 | 2017 | |
| Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $23 | | $36 |
| Increase (decrease) due to: | | | |
| State income taxes, net of federal income tax benefit | 5 | | 4 |
| Amortization of excess deferred income taxes (a) | (3) | | — |
| Other | (1) | | (1) |
First 8 of 10 rows. The download has all of them.
Table 49 after “The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations.”
| PPL | PPL Electric | | | | |
| March 31, 2018 | December 31, 2017 | | March 31, 2018 | December 31, 2017 | |
| Current Regulatory Assets: | | | | | | |
| Environmental cost recovery | $— | | $5 | | $— | $— |
| Generation formula rate | 2 | | 6 | | — | — |
| Smart meter rider | 15 | | 15 | | 15 | 15 |
| Plant outage costs | 6 | | 3 | | — | — |
| Other | 5 | | 5 | | 1 | 1 |
First 8 of 21 rows. The download has all of them.
Table 50 after “Table of Contents”
| PPL | PPL Electric | | | | |
| March 31, 2018 | December 31, 2017 | | March 31, 2018 | December 31, 2017 | |
| Current Regulatory Liabilities: | | | | | | |
| Generation supply charge | $33 | | $34 | | $33 | $34 |
| Transmission service charge | 16 | | 9 | | 16 | 9 |
| Environmental cost recovery | 18 | | 1 | | — | — |
| Universal service rider | 24 | | 26 | | 24 | 26 |
| Transmission formula rate | 10 | | 9 | | 10 | 9 |
First 8 of 21 rows. The download has all of them.
Table 51 after “Table of Contents”
| LKE | LG&E | | KU | | | | | | |
| March 31, 2018 | December 31, 2017 | | March 31, 2018 | December 31, 2017 | March 31, 2018 | | December 31, 2017 | | |
| Current Regulatory Assets: | | | | | | | | | | |
| Environmental cost recovery | $— | | $5 | | $— | | $5 | | $— | $— |
| Generation formula rate | 2 | | 6 | | — | | — | | 2 | 6 |
| Plant outage costs | 6 | | 3 | | 6 | | 3 | | — | — |
| Other | 4 | | 4 | | 4 | | 4 | | — | — |
| Total current regulatory assets | $12 | | $18 | | $10 | | $12 | | $2 | $6 |
First 8 of 17 rows. The download has all of them.
Table 52 after “Table of Contents”
| LKE | LG&E | | KU | | | | | | |
| March 31, 2018 | December 31, 2017 | | March 31, 2018 | December 31, 2017 | March 31, 2018 | | December 31, 2017 | | |
| Current Regulatory Liabilities: | | | | | | | | | | |
| Environmental cost recovery | $18 | | $1 | | $7 | | $— | | $11 | $1 |
| Fuel adjustment clause | 2 | | 3 | | — | | — | | 2 | 3 |
| Gas line tracker | 2 | | 3 | | 2 | | 3 | | — | — |
| TCJA bill credit (c) | 34 | | — | | 16 | | — | | 18 | — |
| Other | 7 | | 2 | | 4 | | — | | 3 | 2 |
First 8 of 17 rows. The download has all of them.
Table 53 after “Table of Contents”
| March 31, 2018 | December 31, 2017 | | | | | | | | | | | | | | | | |
| ExpirationDate | Capacity | | Borrowed | | Letters ofCreditandCommercialPaperIssued | | UnusedCapacity | Borrowed | | Letters ofCreditandCommercialPaperIssued | | | | | | | |
| PPL | | | | | | | | | | | | | | | | | | |
| U.K. | | | | | | | | | | | | | | | | | | |
| WPD plc | | | | | | | | | | | | | | | | | | |
| Syndicated Credit Facility (a) | Jan. 2022 | £ | 210 | | | £ | 145 | | £ | — | | £ | 67 | | £ | 148 | £ | — |
| Term Loan Facility (b) | Dec. 2018 | 130 | | | 130 | | | — | | — | | — | | — | | | | |
| WPD (South West) | | | | | | | | | | | | | | | | | | |
First 8 of 33 rows. The download has all of them.
Table 54 after “PPL, PPL Electric, LG&E and KU maintain commercial paper programs to provide an additional financing source to fund short-term liquidity nee”
| March 31, 2018 | December 31, 2017 | | | | | | | |
| Weighted -AverageInterest Rate | Capacity | CommercialPaperIssuances | | UnusedCapacity | Weighted -AverageInterest Rate | CommercialPaperIssuances | | |
| PPL Capital Funding | 2.44% | $1,000 | | $345 | | $655 | | 1.64% | $230 |
| PPL Electric | 2.42% | 650 | | 213 | | 437 | | | — |
| LG&E | 2.23% | 350 | | 137 | | 213 | | 1.83% | 199 |
| KU | 2.35% | 350 | | 78 | | 272 | | 1.97% | 45 |
| Total | | $2,350 | | $773 | | $1,577 | | | $474 |
| Pension Benefits | | | | | |
| Three Months | | | | | |
| U.S. | U.K. | | | | |
| 2018 | 2017 | | 2018 | 2017 | |
| PPL | | | | | | |
| Service cost | $16 | | $17 | | $21 | $19 |
| Interest cost | 39 | | 42 | | 47 | 43 |
| Expected return on plan assets | (62) | | (57) | | (150) | (125) |
First 8 of 14 rows. The download has all of them.
| Pension Benefits | | |
| Three Months | | |
| 2018 | 2017 | |
| LKE | | | |
| Service cost | $7 | | $7 |
| Interest cost | 16 | | 16 |
| Expected return on plan assets | (26) | | (22) |
| Amortization of: | | | |
First 8 of 11 rows. The download has all of them.
Table 57 after “Table of Contents”
| Pension Benefits | | |
| Three Months | | |
| 2018 | 2017 | |
| LG&E | | | |
| Interest cost | $3 | | $3 |
| Expected return on plan assets | (5) | | (5) |
| Amortization of: | | | |
| Prior service cost | 1 | | 1 |
First 8 of 10 rows. The download has all of them.
Table 58 after “Table of Contents”
| Other Postretirement Benefits | | |
| Three Months | | |
| 2018 | 2017 | |
| PPL | | | |
| Service cost | $1 | | $2 |
| Interest cost | 3 | | 6 |
| Expected return on plan assets | (4) | | (6) |
| Amortization of prior service cost | (1) | | — |
First 8 of 14 rows. The download has all of them.
Table 59 after “, PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defi”
| Three Months | | |
| 2018 | 2017 | |
| PPL Electric | $4 | | $8 |
| LG&E | 2 | | 3 |
| KU | 1 | | 4 |
Table 60 after “for LKE. For reporting purposes, on a consolidated basis, all guarantees of PPL Electric, LKE, LG&E and KU also apply to PPL, and all guaran”
| Exposure at March 31, 2018 | | Expiration Date | |
| PPL | | | | |
| Indemnifications related to the WPD Midlands acquisition | | (a) | | |
| WPD indemnifications for entities in liquidation and sales of assets | $11 | | (b) | 2020 |
| WPD guarantee of pension and other obligations of unconsolidated entities | 99 | | (c) | |
| PPL Electric | | | | |
| Guarantee of inventory value | 17 | | (d) | 2020 |
| LKE | | | | |
First 8 of 11 rows. The download has all of them.
Table 61 after “Table of Contents”
| Three Months | | |
| 2018 | 2017 | |
| PPL Electric from PPL Services | $16 | | $51 |
| LKE from PPL Services | 7 | | 6 |
| PPL Electric from PPL EU Services | 35 | | 18 |
| LG&E from LKS | 38 | | 44 |
| KU from LKS | 42 | | 44 |
| PPL | | |
| 2018 | 2017 | |
| Other Income | | | |
| Defined benefit plans - non-service credits (Note 9) | $68 | | $38 |
| AFUDC - equity component | 5 | | 2 |
| Miscellaneous | 1 | | 9 |
| Total Other Income | 74 | | 49 |
| Other Expense | | | |
First 8 of 13 rows. The download has all of them.
| PPL Electric | | |
| 2018 | 2017 | |
| Other Income | | | |
| AFUDC - equity component | $5 | | $2 |
| Defined benefit plans - non-service credits (Note 9) | 2 | | — |
| Total Other Income | 7 | | 2 |
| Other Expense | | | |
| Charitable contributions | 1 | | 1 |
First 8 of 11 rows. The download has all of them.
Table 64 after “Table of Contents”
| March 31, 2018 | December 31, 2017 | | | | | | | | | | | |
| Total | Level 1 | | Level 2 | Level 3 | Total | | Level 1 | Level 2 | Level 3 | | | |
| PPL | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | |
| Cash and cash equivalents | $629 | | $629 | | $— | | $— | | $485 | | $485 | $— | $— |
| Restricted cash and cash equivalents (a) | 24 | | 24 | | — | | — | | 26 | | 26 | — | — |
| Price risk management assets (b): | | | | | | | | | | | | | |
| Foreign currency contracts | 97 | | — | | 97 | | — | | 163 | | — | 163 | — |
First 8 of 37 rows. The download has all of them.
Table 65 after “Table of Contents”
| March 31, 2018 | December 31, 2017 | | | | | | | | | | | |
| Total | Level 1 | | Level 2 | Level 3 | Total | | Level 1 | Level 2 | Level 3 | | | |
| KU | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | |
| Cash and cash equivalents | $11 | | $11 | | $— | | $— | | $15 | | $15 | $— | $— |
| Total assets | $11 | | $11 | | $— | | $— | | $15 | | $15 | $— | $— |
Table 66 after “The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. Long-term debt is classifi”
| March 31, 2018 | December 31, 2017 | | | | |
| Carrying Amount (a) | Fair Value | | Carrying Amount (a) | Fair Value | |
| PPL | $20,464 | | $23,577 | | $20,195 | $23,783 |
| PPL Electric | 3,298 | | 3,632 | | 3,298 | 3,769 |
| LKE | 5,259 | | 5,654 | | 5,159 | 5,670 |
| LG&E | 1,808 | | 1,925 | | 1,709 | 1,865 |
| KU | 2,329 | | 2,546 | | 2,328 | 2,605 |
Table 67 after “The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets.”
| March 31, 2018 | December 31, 2017 | | | | | | | | | | | |
| Derivatives designated ashedging instruments | Derivatives not designatedas hedging instruments | | Derivatives designated ashedging instruments | Derivatives not designatedas hedging instruments | | | | | | | | |
| Assets | Liabilities | | Assets | Liabilities | Assets | | Liabilities | Assets | Liabilities | | | |
| Current: | | | | | | | | | | | | | |
| Price Risk Management | | | | | | | | | | | | | |
| Assets/Liabilities (a): | | | | | | | | | | | | | |
| Interest rate swaps (b) | $— | | $— | | $— | | $4 | | $— | | $— | $— | $4 |
| Cross-currency swaps (b) | 4 | | — | | — | | — | | 4 | | — | — | — |
First 8 of 18 rows. The download has all of them.
Table 68 after “Table of Contents”
| | | | | Three Months | | | |
| Derivative Relationships | | Derivative Gain(Loss) Recognized inOCI (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative | | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |
| Three Months | | | | | | | |
| Cash Flow Hedges: | | | | | | | | |
| Interest rate swaps | | $— | | Interest expense | | $(2) | | $— |
| Cross-currency swaps | | (24) | | Other income (expense) - net | | (12) | | — |
| Total | | $(24) | | | | $(14) | | $— |
| Net Investment Hedges: | | | | | | | | |
First 8 of 9 rows. The download has all of them.
Table 69 after “Table of Contents”
| Derivatives Not Designated as | Location of Gain (Loss) Recognized in | |
| Hedging Instruments | Income on Derivative | Three Months |
| Foreign currency contracts | Other income (expense) - net | $(112) |
| Interest rate swaps | Interest expense | (1) |
| Total | $(113) |
| Derivatives Not Designated as | Location of Gain (Loss) Recognized as | |
| Hedging Instruments | Regulatory Liabilities/Assets | Three Months |
| Interest rate swaps | Regulatory assets - noncurrent | $4 |
| | | | | Three Months | | | | |
| Derivative Relationships | | Derivative Gain(Loss) Recognized inOCI (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative | | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | | |
| Three Months | | | | | | | | |
| Cash Flow Hedges: | | | | | | | | | |
| Interest rate swaps | | $— | | Interest expense | | $(2) | | | $(1) |
| Cross-currency swaps | | (8) | | Interest expense | | 1 | | | — |
| | | Other income (expense) - net | | 3 | | | — | |
| Total | | $(8) | | | | $2 | | | $(1) |
First 8 of 10 rows. The download has all of them.
| Derivatives Not Designated as | Location of Gain (Loss) Recognized in | |
| Hedging Instruments | Income on Derivative | Three Months |
| Foreign currency contracts | Other income (expense) - net | $(43) |
| Interest rate swaps | Interest expense | (2) |
| Total | $(45) |
| Derivatives Not Designated as | Location of Gain (Loss) Recognized as | |
| Hedging Instruments | Regulatory Liabilities/Assets | Three Months |
| Interest rate swaps | Regulatory assets - noncurrent | $2 |
Table 72 after “The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments.”
| March 31, 2018 | December 31, 2017 | | | | |
| Assets | Liabilities | | Assets | Liabilities | |
| Current: | | | | | | |
| Price Risk Management | | | | | | |
| Assets/Liabilities: | | | | | | |
| Interest rate swaps | $— | | $4 | | $— | $4 |
| Total current | — | | 4 | | — | 4 |
| Noncurrent: | | | | | | |
First 8 of 13 rows. The download has all of them.
Table 73 after “Table of Contents”
| Assets | Liabilities | | | | | | | | | | | |
| | Eligible for Offset | | | | Eligible for Offset | | | | | | | |
| Gross | DerivativeInstruments | | CashCollateralReceived | Net | Gross | | DerivativeInstruments | CashCollateralPledged | Net | | | |
| March 31, 2018 | | | | | | | | | | | | | |
| Treasury Derivatives | | | | | | | | | | | | | |
| PPL | $176 | | $78 | | $16 | | $82 | | $189 | | $78 | $5 | $106 |
| LKE | — | | — | | — | | — | | 22 | | — | — | 22 |
| LG&E | — | | — | | — | | — | | 22 | | — | — | 22 |
Table 74 after “Table of Contents”
| December 31, 2017 | | | | | | | | |
| Treasury Derivatives | | | | | | | | |
| PPL | $264 | $107 | $20 | $137 | $174 | $107 | $— | $67 |
| LKE | — | — | — | — | 26 | — | — | 26 |
| LG&E | — | — | — | — | 26 | — | — | 26 |
Table 75 after “, derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those position”
| PPL | LKE | | LG&E | |
| Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | $101 | | $8 | | $8 |
| Aggregate fair value of collateral posted on these derivative instruments | 10 | | — | | — |
| Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) | 91 | | 8 | | 8 |
Table 76 after “The changes in the carrying amounts of AROs were as follows.”
| PPL | LKE | | LG&E | KU | |
| Balance at December 31, 2017 | $397 | | $356 | | $121 | $235 |
| Accretion | 3 | | 3 | | — | 3 |
| Effect of foreign exchange rates | 1 | | — | | — | — |
| Changes in estimated timing or cost (a) | (10) | | (10) | | (5) | (5) |
| Obligations settled | (9) | | (9) | | (5) | (4) |
| Balance at March 31, 2018 | $382 | | $340 | | $111 | $229 |
Table 77 after “were as follows.”
| Foreigncurrencytranslationadjustments | Unrealized gains (losses) on qualifyingderivatives | | | Defined benefit plans | | | | |
| | Equityinvestees'AOCI | | Priorservicecosts | Actuarialgain(loss) | Total | | | |
| PPL | | | | | | | | | |
| December 31, 2017 | $(1,089) | | $(13) | | $— | | $(7) | $(2,313) | $(3,422) |
| Amounts arising during the period | 116 | | (20) | | — | | — | (1) | 95 |
| Reclassifications from AOCI | — | | 12 | | — | | — | 36 | 48 |
| Net OCI during the period | 116 | | (8) | | — | | — | 35 | 143 |
| March 31, 2018 | $(973) | | $(21) | | $— | | $(7) | $(2,278) | $(3,279) |
First 8 of 13 rows. The download has all of them.
Table 78 after “for additional information.”
| Three Months | Affected Line Item on the | | | |
| Details about AOCI | 2018 | 2017 | | Statements of Income | |
| Qualifying derivatives | | | | | |
| Interest rate swaps | $(2) | | $(3) | | Interest Expense |
| Cross-currency swaps | (12) | | 3 | | Other Income (Expense) - net |
| — | | 1 | | Interest Expense |
| Total Pre-tax | (14) | | 1 | | |
| Income Taxes | 2 | | — | | |
First 8 of 15 rows. The download has all of them.
Table 79 after “includes the following results.”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| Operating Revenues | $2,126 | | $1,951 | | $175 |
| Operating Expenses | | | | | |
| Operation | | | | | |
| Fuel | 214 | | 191 | | 23 |
| Energy purchases | 241 | | 215 | | 26 |
| Other operation and maintenance | 468 | | 470 | | (2) |
First 8 of 15 rows. The download has all of them.
Table 80 after “was due to:”
| Three Months |
| Domestic: | |
| PPL Electric Distribution volume | $20 |
| PPL Electric PLR Revenue (a) | 17 |
| PPL Electric Transmission Formula Rate | 28 |
| LKE Volumes | 67 |
| LKE Base rates | 30 |
| LKE TCJA (b) | (34) |
First 8 of 16 rows. The download has all of them.
Table 81 after “was due to:”
| Three Months |
| Domestic: | |
| PPL Electric Act 129 | $(3) |
| PPL Electric payroll-related costs | (13) |
| PPL Electric vegetation management | (5) |
| Other | (2) |
| U.K.: | |
| Foreign currency exchange rates | 11 |
First 8 of 11 rows. The download has all of them.
Table 82 after “was due to:”
| Three Months |
| Pennsylvania gross receipts tax | $3 |
| Foreign currency exchange rates | 3 |
| Other | 2 |
| Total | $8 |
Table 83 after “was due to:”
| Three Months |
| Long-term debt interest expense | $12 |
| Foreign currency exchange rates | 9 |
| Other | 1 |
| Total | $22 |
Table 84 after “was due to:”
| Three Months |
| Change in pre-tax income | $8 |
| Reduction in U.S. federal income tax rate | (32) |
| U.S. income tax on foreign earnings - net of foreign tax credit (a) | 10 |
| Depreciation and other items not normalized (b) | (9) |
| Stock-based compensation | 4 |
| Other | 7 |
| Total | $(12) |
Table 85 after “were as follows:”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| U.K. Regulated | $197 | | $286 | | $(89) |
| Kentucky Regulated | 133 | | 95 | | 38 |
| Pennsylvania Regulated | 148 | | 79 | | 69 |
| Corporate and Other (a) | (26) | | (57) | | 31 |
| Net Income | $452 | | $403 | | $49 |
Table 86 after “were as follows:”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| U.K. Regulated | $262 | | $307 | | $(45) |
| Kentucky Regulated | 133 | | 96 | | 37 |
| Pennsylvania Regulated | 148 | | 79 | | 69 |
| Corporate and Other | (26) | | (57) | | 31 |
| Earnings from Ongoing Operations | $517 | | $425 | | $92 |
Table 87 after “include the following results.”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| Operating revenues | $615 | | $568 | | $47 |
| Other operation and maintenance | 132 | | 107 | | 25 |
| Depreciation | 62 | | 55 | | 7 |
| Taxes, other than income | 34 | | 31 | | 3 |
| Total operating expenses | 228 | | 193 | | 35 |
| Other Income (Expense) - net | (47) | | — | | (47) |
First 8 of 13 rows. The download has all of them.
| Income Statement Line Item | | Three Months | | |
| | 2018 | | 2017 | |
| Foreign currency economic hedges, net of tax of $17, $12 (a) | Other Income (Expense) - net | | $(65) | | $(21) |
| Total Special Items | | | $(65) | | $(21) |
Table 89 after “Table of Contents”
| Three Months |
| U.K. | |
| U.K. Adjusted Gross Margins | $(17) |
| Other operation and maintenance | (5) |
| Depreciation | — |
| Other Income (Expense) - net | 15 |
| Interest expense | (4) |
| Other | (1) |
First 8 of 15 rows. The download has all of them.
Table 90 after “Table of Contents”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| Operating revenues | $872 | | $809 | | $63 |
| Fuel | 214 | | 191 | | 23 |
| Energy purchases | 80 | | 69 | | 11 |
| Other operation and maintenance | 205 | | 205 | | — |
| Depreciation | 117 | | 105 | | 12 |
| Taxes, other than income | 17 | | 16 | | 1 |
First 8 of 15 rows. The download has all of them.
| Income Statement Line Item | | Three Months | | |
| | 2018 | | 2017 | |
| Adjustment to investment, net of tax of $0, $0 (a) | Other Income (Expense) - net | | $— | | $(1) |
| Total Special Items | | | $— | | $(1) |
Table 92 after “The changes in the components of the Kentucky Regulated segment's results between these periods are due to the factors set forth below, whic”
| Three Months |
| Kentucky Adjusted Gross Margins | $28 |
| Other operation and maintenance | (1) |
| Depreciation | (11) |
| Interest Expense | (2) |
| Income Taxes | 23 |
| Earnings from Ongoing Operations | 37 |
| Special items, after-tax | 1 |
First 8 of 9 rows. The download has all of them.
Table 93 after “Table of Contents”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| Operating revenues | $639 | | $573 | | $66 |
| Energy purchases | 161 | | 146 | | 15 |
| Other operation and maintenance | 133 | | 163 | | (30) |
| Depreciation | 85 | | 75 | | 10 |
| Taxes, other than income | 32 | | 29 | | 3 |
| Total operating expenses | 411 | | 413 | | (2) |
First 8 of 14 rows. The download has all of them.
Table 94 after “The changes in the components of the Pennsylvania Regulated segment's results between these periods are due to the factors set forth below, ”
| Three Months |
| Pennsylvania Adjusted Gross Margins | $48 |
| Other operation and maintenance | 27 |
| Depreciation | (6) |
| Taxes, other than income | (1) |
| Other Income (Expense) - net | 6 |
| Interest Expense | (4) |
| Income Taxes | (1) |
First 8 of 9 rows. The download has all of them.
Table 95 after “Table of Contents”
| 2018 Three Months | | | | | | | |
| U.K. Regulated | KY Regulated | | PA Regulated | Corporate and Other | Total | | |
| Net Income | $197 | | $133 | | $148 | | $(26) | $452 |
| Less: Special Items (expense) benefit: | | | | | | | | |
| Foreign currency economic hedges, net of tax of $17 | (65) | | — | | — | | — | (65) |
| Total Special Items | (65) | | — | | — | | — | (65) |
| Earnings from Ongoing Operations | $262 | | $133 | | $148 | | $(26) | $517 |
| 2017 Three Months | | | | | | | |
First 8 of 15 rows. The download has all of them.
Table 96 after “as well as the change between periods. The factors that gave rise to the changes are described following the table.”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| U.K. Regulated | | | | | |
| U.K. Adjusted Gross Margins | $572 | | $536 | | $36 |
| Impact of changes in foreign currency exchange rates | | | | 53 | |
| U.K. Adjusted Gross Margins excluding impact of foreign currency exchange rates | | | | $(17) | |
| Kentucky Regulated | | | | | |
| Kentucky Adjusted Gross Margins | | | | | |
First 8 of 16 rows. The download has all of them.
Table 97 after “Table of Contents”
| 2018 Three Months | | | | | | | |
| U.K. Adjusted Gross Margins | Kentucky Adjusted Gross Margins | | Pennsylvania Adjusted Gross Margins | Other (a) | Operating Income (b) | | |
| Operating Revenues | $604 | (c) | $872 | | $639 | | $11 | $2,126 |
| Operating Expenses | | | | | | | | |
| Fuel | — | | 214 | | — | | — | 214 |
| Energy purchases | — | | 80 | | 161 | | — | 241 |
| Other operation and maintenance | 32 | | 25 | | 26 | | 385 | 468 |
| Depreciation | — | | 17 | | 8 | | 244 | 269 |
First 8 of 22 rows. The download has all of them.
Table 98 after “includes the following results.”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| Operating Revenues | $639 | | $573 | | $66 |
| Operating Expenses | | | | | |
| Operation | | | | | |
| Energy purchases | 161 | | 146 | | 15 |
| Other operation and maintenance | 133 | | 163 | | (30) |
| Depreciation | 85 | | 75 | | 10 |
First 8 of 14 rows. The download has all of them.
Table 99 after “was due to:”
| Three Months |
| Distribution volume | $20 |
| PLR (a) | 17 |
| Transmission Formula Rate | 28 |
| Other | 1 |
| Total | $66 |
Table 100 after “was due to:”
| Three Months |
| Corporate service costs | $(16) |
| Vegetation management | (5) |
| Storm costs | 4 |
| Payroll-related costs | (13) |
| Act 129 | (3) |
| Bad debts | 3 |
| Total | $(30) |
Table 101 after “was due to:”
| Three Months |
| Change in pre-tax income | $29 |
| Reduction in U.S. federal income tax rate | (25) |
| Depreciation and other items not normalized (a) | (5) |
| Other | 2 |
| Total | $1 |
Table 102 after “Earnings”
| Three Months Ended | | |
| March 31, | | |
| 2018 | 2017 | |
| Net Income | $148 | | $79 |
| Special items, gains (losses), after-tax (a) | — | | — |
Table 103 after “The table below quantifies the changes in the components of Net Income between these periods, which reflect amounts classified as Pennsylvan”
| Three Months |
| Pennsylvania Adjusted Gross Margins | $48 |
| Other operation and maintenance | 27 |
| Depreciation | (6) |
| Taxes, other than income | (1) |
| Other Income (Expense) - net | 6 |
| Interest Expense | (4) |
| Income Taxes | (1) |
First 8 of 9 rows. The download has all of them.
| 2018 Three Months | 2017 Three Months | | | | | | | | |
| Adjusted Gross Margins | Other (a) | | OperatingIncome (b) | Adjusted Gross Margins | Other (a) | | OperatingIncome (b) | | |
| Operating Revenues | $639 | | $— | | $639 | | $573 | | $— | $573 |
| Operating Expenses | | | | | | | | | | |
| Energy purchases | 161 | | — | | 161 | | 146 | | — | 146 |
| Other operation and maintenance | 26 | | 107 | | 133 | | 29 | | 134 | 163 |
| Depreciation | 8 | | 77 | | 85 | | 4 | | 71 | 75 |
| Taxes, other than income | 30 | | 2 | | 32 | | 28 | | 1 | 29 |
First 8 of 10 rows. The download has all of them.
Table 105 after “includes the following results.”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| Operating Revenues | $872 | | $809 | | $63 |
| Operating Expenses | | | | | |
| Operation | | | | | |
| Fuel | 214 | | 191 | | 23 |
| Energy purchases | 80 | | 69 | | 11 |
| Other operation and maintenance | 205 | | 205 | | — |
First 8 of 16 rows. The download has all of them.
Table 106 after “was due to:”
| Three Months |
| Volumes | $67 |
| Base rates | 30 |
| TCJA (a) | (34) |
| Total | $63 |
Table 107 after “Earnings”
| Three Months Ended | | |
| March 31, | | |
| 2018 | 2017 | |
| Net Income | $142 | | $103 |
| Special items, gains (losses), after-tax | — | | (1) |
Table 108 after “The table below quantifies the changes in the components of Net Income between these periods, which reflect amounts classified as Adjusted G”
| Three Months |
| Adjusted Gross Margins | $28 |
| Other operation and maintenance | (1) |
| Depreciation | (11) |
| Interest Expense | (2) |
| Income Taxes | 24 |
| Special items, gains (losses), after-tax (a) | 1 |
| Net Income | $39 |
| 2018 Three Months | 2017 Three Months | | | | | | | | |
| Adjusted Gross Margins | Other (a) | | Operating Income (b) | Adjusted Gross Margins | Other (a) | | Operating Income (b) | | |
| Operating Revenues | $872 | | $— | | $872 | | $809 | | $— | $809 |
| Operating Expenses | | | | | | | | | | |
| Fuel | 214 | | — | | 214 | | 191 | | — | 191 |
| Energy purchases | 80 | | — | | 80 | | 69 | | — | 69 |
| Other operation and maintenance | 25 | | 180 | | 205 | | 26 | | 179 | 205 |
| Depreciation | 17 | | 100 | | 117 | | 16 | | 89 | 105 |
First 8 of 11 rows. The download has all of them.
Table 110 after “includes the following results.”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| Operating Revenues | | | | | |
| Retail and wholesale | $407 | | $374 | | $33 |
| Electric revenue from affiliate | 12 | | 17 | | (5) |
| Total Operating Revenues | 419 | | 391 | | 28 |
| Operating Expenses | | | | | |
| Operation | | | | | |
First 8 of 19 rows. The download has all of them.
Table 111 after “was due to:”
| Three Months |
| Volumes | $28 |
| Base rates | 16 |
| TCJA (a) | (16) |
| Total | $28 |
Table 112 after “was due to:”
| Three Months |
| Timing and scope of generation maintenance outages | 1 |
| Storm costs | 1 |
| Other | 2 |
| Total | $4 |
Table 113 after “Earnings”
| Three Months Ended | | |
| March 31, | | |
| 2018 | 2017 | |
| Net Income | $72 | | $54 |
| Special items, gains (losses), after-tax (a) | — | | — |
Table 114 after “The table below quantifies the changes in the components of Net Income between these periods, which reflect amounts classified as Adjusted G”
| Three Months |
| Adjusted Gross Margins | $15 |
| Other operation and maintenance | (5) |
| Depreciation | (5) |
| Taxes, other than income | (1) |
| Other Income (Expense) - net | 3 |
| Interest Expense | (1) |
| Income Taxes | 12 |
First 8 of 9 rows. The download has all of them.
| 2018 Three Months | 2017 Three Months | | | | | | | | |
| Adjusted Gross Margins | Other (a) | | Operating Income (b) | Adjusted Gross Margins | Other (a) | | Operating Income (b) | | |
| Operating Revenues | $419 | | $— | | $419 | | $391 | | $— | $391 |
| Operating Expenses | | | | | | | | | | |
| Fuel | 79 | | — | | 79 | | 80 | | — | 80 |
| Energy purchases, including affiliate | 82 | | — | | 82 | | 66 | | — | 66 |
| Other operation and maintenance | 9 | | 80 | | 89 | | 10 | | 75 | 85 |
| Depreciation | 8 | | 40 | | 48 | | 9 | | 35 | 44 |
First 8 of 11 rows. The download has all of them.
Table 116 after “includes the following results.”
| Three Months | | | | |
| 2018 | 2017 | | $ Change | |
| Operating Revenues | | | | | |
| Retail and wholesale | $465 | | $435 | | $30 |
| Electric revenue from affiliate | 6 | | 2 | | 4 |
| Total Operating Revenues | 471 | | 437 | | 34 |
| Operating Expenses | | | | | |
| Operation | | | | | |
First 8 of 19 rows. The download has all of them.
Table 117 after “Table of Contents”
| Three Months |
| Volumes | $38 |
| Base rates | 14 |
| TCJA (a) | (18) |
| Total | $34 |
Table 118 after “Earnings”
| Three Months Ended | | |
| March 31, | | |
| 2018 | 2017 | |
| Net Income | $87 | | $63 |
| Special items, gains (losses), after-tax | — | | (1) |
Table 119 after “The table below quantifies the changes in the components of Net Income between these periods, which reflect amounts classified as Adjusted G”
| Three Months |
| Adjusted Gross Margins | $13 |
| Other operation and maintenance | 3 |
| Depreciation | (6) |
| Taxes, other than income | 1 |
| Other Income (Expense) - net | (2) |
| Interest Expense | (1) |
| Income Taxes | 15 |
First 8 of 10 rows. The download has all of them.
| 2018 Three Months | 2017 Three Months | | | | | | | | |
| Adjusted Gross Margins | Other (a) | | Operating Income (b) | Adjusted Gross Margins | Other (a) | | Operating Income (b) | | |
| Operating Revenues | $471 | | $— | | $471 | | $437 | | $— | $437 |
| Operating Expenses | | | | | | | | | | |
| Fuel | 135 | | — | | 135 | | 111 | | — | 111 |
| Energy purchases, including affiliate | 16 | | — | | 16 | | 22 | | — | 22 |
| Other operation and maintenance | 16 | | 89 | | 105 | | 16 | | 92 | 108 |
| Depreciation | 9 | | 59 | | 68 | | 7 | | 53 | 60 |
First 8 of 11 rows. The download has all of them.
Table 121 after “The Registrants had the following at:”
| PPL (a) | PPL Electric | | LKE | | LG&E | KU | | | |
| March 31, 2018 | | | | | | | | | | |
| Cash and cash equivalents | $629 | | $20 | | | $27 | | $14 | | $11 |
| Short-term debt | 1,457 | | 213 | | | 215 | | 137 | | 78 |
| Long-term debt due within one year | 250 | | — | | | — | | — | | — |
| Notes payable with affiliates | | — | | | 237 | | — | | — | |
| December 31, 2017 | | | | | | | | | | |
| Cash and cash equivalents | $485 | | $49 | | | $30 | | $15 | | $15 |
First 8 of 11 rows. The download has all of them.
Table 122 after “, and the changes between periods, were as follows.”
| PPL | PPL Electric | | LKE | LG&E | KU | | |
| 2018 | | | | | | | | |
| Operating activities | $566 | | $76 | | $278 | | $146 | $185 |
| Investing activities | (753) | | (246) | | (294) | | (150) | (143) |
| Financing activities | 331 | | 141 | | 13 | | 3 | (46) |
| 2017 | | | | | | | | |
| Operating activities | $135 | | $55 | | $312 | | $142 | $139 |
| Investing activities | (679) | | (276) | | (184) | | (94) | (89) |
First 8 of 13 rows. The download has all of them.
Table 123 after “were as follows.”
| PPL | PPL Electric | | LKE | LG&E | KU | | |
| Change - Cash Provided (Used) | | | | | | | | |
| Net income | $49 | | $69 | | $39 | | $18 | $24 |
| Non-cash components | (64) | | (20) | | (35) | | (20) | (33) |
| Working capital | 127 | | 4 | | 57 | | 63 | 84 |
| Defined benefit plan funding | 370 | | (4) | | (86) | | (54) | (28) |
| Other operating activities | (51) | | (28) | | (9) | | (3) | (1) |
| Total | $431 | | $21 | | $(34) | | $4 | $46 |
Table 124 after “was as follows.”
| PPL | PPL Electric | | LKE | LG&E | KU | | |
| Decrease (Increase) | $(73) | | $29 | | $(110) | | $(56) | $(54) |
Table 125 after “were as follows.”
| PPL | PPL Electric | | LKE | | LG&E | KU | | | |
| Change - Cash Provided (Used) | | | | | | | | | | |
| Debt issuance/retirement, net | $80 | | $— | | | $100 | | $100 | | $— |
| Stock issuances/redemptions, net | 27 | | — | | | — | | — | | — |
| Dividends | (15) | | 4 | | | — | | 53 | | (9) |
| Capital contributions/distributions, net | | (100) | | | 33 | | — | | — | |
| Change in short-term debt, net | (375) | | 9 | | | (87) | | (100) | | 13 |
| Notes payable with affiliate | | — | | | 93 | | — | | — | |
First 8 of 10 rows. The download has all of them.
Table 126 after “External”
| CommittedCapacity | | Borrowed | | Letters ofCreditandCommercialPaper Issued | | UnusedCapacity | | | | |
| PPL Capital Funding Credit Facilities | $1,350 | | | $— | | | $369 | | $981 | | |
| PPL Electric Credit Facility | 650 | | | — | | | 214 | | 436 | | |
| LKE Credit Facility | 75 | | | — | | | — | | 75 | | |
| LG&E Credit Facility | 700 | | | 200 | | | 137 | | 363 | | |
| KU Credit Facilities | 598 | | | — | | | 276 | | 322 | | |
| Total LKE | 1,373 | | | 200 | | | 413 | | 760 | | |
| Total U.S. Credit Facilities (a) | $3,373 | | | $200 | | | $996 | | $2,177 | | |
First 8 of 9 rows. The download has all of them.
Table 127 after “(LKE, LG&E and KU)”
| CommittedCapacity | Borrowed | | Non-affiliate UsedCapacity | UnusedCapacity | |
| LKE Credit Facility | $300 | | $237 | | $— | $63 |
| LG&E Money Pool (a) | 500 | | — | | 137 | 363 |
| KU Money Pool (a) | 500 | | — | | 78 | 422 |
| Capacity | CommercialPaperIssuances | | UnusedCapacity | |
| PPL Capital Funding | $1,000 | | $345 | | $655 |
| PPL Electric | 650 | | 213 | | 437 |
| LG&E | 350 | | 137 | | 213 |
| KU | 350 | | 78 | | 272 |
| Total LKE | 700 | | 215 | | 485 |
| Total PPL | $2,350 | | $773 | | $1,577 |
| ExposureHedged | Fair Value,Net - Asset(Liability) (a) | | Effect of a10% AdverseMovementin Rates (b) | MaturitiesRangingThrough | |
| PPL | | | | | | |
| Cash flow hedges | | | | | | |
| Cross-currency swaps (c) | 702 | | 80 | | (85) | 2028 |
| Economic hedges | | | | | | |
| Interest rate swaps (d) | 147 | | (23) | | (2) | 2033 |
| LKE | | | | | | |
| Economic hedges | | | | | | |
First 8 of 12 rows. The download has all of them.
Table 130 after “is shown below.”
| 10% AdverseMovementin Rates |
| PPL | $629 |
| PPL Electric | 163 |
| LKE | 171 |
| LG&E | 63 |
| KU | 94 |
| ExposureHedged | | Fair Value,Net - Asset(Liability) | | Effect of a10%AdverseMovementin ForeignCurrencyExchangeRates (a) | MaturitiesRangingThrough | | | |
| Net investment hedges (b) | £ | 140 | | | $(1) | | $(20) | | 2018 |
| Economic hedges (c) | 2,094 | | | (69) | | (276) | | 2020 | |
Table 132 after “Table of Contents”
| 1(a) | - | Distribution Agreement, dated February 23, 2018, by and among PPL Corporation and J.P. Morgan Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., JPMorgan Chase Bank, National Association, London Branch, Barclays Bank PLC and Citibank N.A. (Exhibit 1.1 to PPL Corporation Form 8-K Report (File No. 1-11459) dated February 23, 2018) |
| *1(b) | - | Final Terms, dated March 23, 2018, of Western Power Distribution (South Wales) plc £30,000,000 RPI Index Linked Senior Unsecured Notes due March 2036 |
| *4(a)-1 | - | Amended and Restated Trust Deed, relating to the £3,000,000,000 Euro Medium Term Note Programme of the Issuers, dated September 9, 2016, by and among Western Power Distribution (East Midlands) plc, Western Power Distribution (South Wales) plc, Western Power Distribution (South West) plc and Western Power Distribution (West Midlands) plc as Issuers, and HSBC Corporate Trustee Company (UK) Limited as Note Trustee |
| *4(a)-2 | - | Supplement Prospectus, dated March 15, 2018 to the £3,000,000,000 Euro Medium Term Note Programme, entered into by Western Power Distribution (East Midlands) plc, Western Power Distribution (South Wales) plc, Western Power Distribution (South West) plc and Western Power Distribution (West Midlands) plc, dated as of September 15, 2017 |
| *10(a) | - | Amendment Agreement, dated March 13, 2018, between Western Power Distribution (West Midlands) plc and the banks party thereto, as Bookrunners and Mandated Lead Arrangers, HSBC Bank plc and Mizuho Bank Ltd., as Joint Coordinators, and Bank of America Merrill Lynch International Limited, as Facility Agent, relating to the £300 million Multicurrency Revolving Credit Facility Agreement originally dated April 4, 2011 and amended and restated on July 29, 2014 |
| *10(b) | - | Amendment Agreement, dated March 13, 2018, between Western Power Distribution (East Midlands) plc and the banks party thereto, as Bookrunners and Mandated Lead Arrangers, HSBC Bank plc and Mizuho Bank Ltd., as Joint Coordinators, and Bank of America Merrill Lynch International Limited, as Facility Agent, relating to the £300 million Multicurrency Revolving Credit Facility Agreement originally dated April 4, 2011 and amended and restated on July 29, 2014 |
| *10(c) | - | £130,000,000 Term Facility Agreement, dated March 20, 2018, between Western Power Distribution plc and HSBC Bank plc and Mizuho Bank, Ltd., as Mandated Lead Arrangers, and Mizuho Bank, Ltd., as Facility Agent. |
| *10(d) | - | Amendment Agreement, dated March 21, 2018, between Western Power Distribution (South West) plc and the banks party thereto, as Bookrunners and Mandated Lead Arrangers, HSBC Bank plc and Mizuho Bank Ltd., as Joint Coordinators, and Mizuho Bank, Ltd., as Facility Agent, relating to the £245 million Multicurrency Revolving Credit Facility Agreement originally dated January 12, 2012 and amended and restated on July 29, 2014 |
First 8 of 24 rows. The download has all of them.
Table 133 after “Table of Contents”
| *31(h) | - | Louisville Gas and Electric Company's principal financial officer |
| *31(i) | - | Kentucky Utilities Company's principal executive officer |
| *31(j) | - | Kentucky Utilities Company's principal financial officer |
| Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, for the quarterly period ended March 31, 2018, furnished by the following officers for the following companies: | | |
| *32(a) | - | PPL Corporation's principal executive officer and principal financial officer |
| *32(b) | - | PPL Electric Utilities Corporation's principal executive officer and principal financial officer |
| *32(c) | - | LG&E and KU Energy LLC's principal executive officer and principal financial officer |
| *32(d) | - | Louisville Gas and Electric Company's principal executive officer and principal financial officer |
First 8 of 15 rows. The download has all of them.