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As Of Filer Filing For·On·As Docs:Size 7/31/14 PPL Corp 10-Q 6/30/14 124:67M Kentucky Utilities Co Louisville Gas & Electric Co/KY LG&E & KU Energy LLC PPL Electric Utilities Corp PPL Energy Supply LLC |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report -- form10q HTML 5.49M 2: EX-10.A Material Contract HTML 39K 3: EX-10.C Material Contract HTML 53K 4: EX-10.D Material Contract HTML 468K 5: EX-10.E Material Contract HTML 421K 6: EX-10.F Material Contract HTML 417K 7: EX-10.G Material Contract HTML 458K 8: EX-10.H Material Contract HTML 738K 9: EX-10.I Material Contract HTML 723K 10: EX-10.J Material Contract HTML 731K 11: EX-12.A Statement re: Computation of Ratios HTML 116K 12: EX-12.B Statement re: Computation of Ratios HTML 103K 13: EX-12.C Statement re: Computation of Ratios HTML 88K 14: EX-12.D Statement re: Computation of Ratios HTML 114K 15: EX-12.E Statement re: Computation of Ratios HTML 95K 16: EX-12.F Statement re: Computation of Ratios HTML 103K 17: EX-31.A Certification -- §302 - SOA'02 HTML 42K 18: EX-31.B Certification -- §302 - SOA'02 HTML 42K 19: EX-31.C Certification -- §302 - SOA'02 HTML 42K 20: EX-31.D Certification -- §302 - SOA'02 HTML 42K 21: EX-31.E Certification -- §302 - SOA'02 HTML 42K 22: EX-31.F Certification -- §302 - SOA'02 HTML 42K 23: EX-31.G Certification -- §302 - SOA'02 HTML 42K 24: EX-31.H Certification -- §302 - SOA'02 HTML 42K 25: EX-31.I Certification -- §302 - SOA'02 HTML 42K 26: EX-31.J Certification -- §302 - SOA'02 HTML 42K 27: EX-31.K Certification -- §302 - SOA'02 HTML 42K 28: EX-31.L Certification -- §302 - SOA'02 HTML 42K 29: EX-32.A Certification -- §906 - SOA'02 HTML 37K 30: EX-32.B Certification -- §906 - SOA'02 HTML 37K 31: EX-32.C Certification -- §906 - SOA'02 HTML 38K 32: EX-32.D Certification -- §906 - SOA'02 HTML 38K 33: EX-32.E Certification -- §906 - SOA'02 HTML 37K 34: EX-32.F Certification -- §906 - SOA'02 HTML 37K 94: R1 Document and Entity Information HTML 73K 81: R2 Condensed Consolidated Statements of Income HTML 212K (Unaudited) 92: R3 Condensed Consolidated Statements of Comprehensive HTML 97K Income (Unaudited) 97: R4 Condensed Consolidated Statements of Comprehensive HTML 62K Income (Unaudited) (Parenthetical) 116: R5 Condensed Consolidated Statements of Cash Flows HTML 267K (Unaudited) 83: R6 Condensed Consolidated Balance Sheets (Unaudited) HTML 365K 91: R7 Condensed Consolidated Balance Sheets (Unaudited) HTML 63K (Parenthetical) 76: R8 Condensed Consolidated Statements of Equity HTML 213K (Unaudited) 66: R9 Condensed Consolidated Statements of Equity HTML 41K (Unaudited) (Parenthetical) 117: R10 Interim Financial Statements HTML 44K 99: R11 Summary of Significant Accounting Policies HTML 53K 98: R12 Segment and Related Information HTML 92K 104: R13 Earnings Per Share HTML 119K 105: R14 Income Taxes HTML 191K 102: R15 Utility Rate Regulation HTML 953K 106: R16 Financing Activities HTML 199K 93: R17 Acquisitions, Development and Divestitures HTML 69K 95: R18 Defined Benefits HTML 171K 101: R19 Commitments and Contingencies HTML 217K 124: R20 Related Party Transactions HTML 188K 112: R21 Other Income (Expense) - net HTML 70K 87: R22 Fair Value Measurements and Credit Concentration HTML 636K 100: R23 Derivative Instruments and Hedging Activities HTML 692K 89: R24 Goodwill HTML 36K 57: R25 Asset Retirement Obligations HTML 193K 113: R26 Available-for-Sale Securities HTML 197K 120: R27 Accumulated Other Comprehensive Income (Loss) HTML 592K 71: R28 New Accounting Guidance Pending Adoption HTML 44K 70: R29 Summary of Significant Accounting Policies HTML 66K (Policies) 74: R30 Fair Value Measurements and Credit Concentration HTML 37K (Policies) 75: R31 Derivative Instruments and Hedging Activities HTML 37K (Policies) 77: R32 Available-for-Sale Securities (Policies) HTML 42K 49: R33 Segment and Related Information (Tables) HTML 85K 110: R34 Earnings Per Share (Tables) HTML 120K 85: R35 Income Taxes (Tables) HTML 196K 88: R36 Utility Rate Regulation (Tables) HTML 821K 61: R37 Financing Activities (Tables) HTML 253K 123: R38 Defined Benefits (Tables) HTML 328K 41: R39 Commitments and Contingencies (Tables) HTML 104K 78: R40 Related Party Transactions (Tables) HTML 100K 115: R41 Other Income (Expense) - net (Tables) HTML 67K 59: R42 Fair Value Measurements and Credit Concentration HTML 867K (Tables) 69: R43 Derivative Instruments and Hedging Activities HTML 1.04M (Tables) 73: R44 Asset Retirement Obligations (Tables) HTML 177K 82: R45 Available-for-Sale Securities (Tables) HTML 189K 48: R46 Accumulated Other Comprehensive Income (Loss) HTML 588K (Tables) 65: R47 Summary of Significant Accounting Policies HTML 39K (Details) 43: R48 Segment and Related Information (Details) HTML 71K 114: R49 Earnings Per Share (Details) HTML 129K 58: R50 Income Taxes (Reconciliation of Income Tax HTML 137K Expense) (Details) 111: R51 Utility Rate Regulation (Regulatory Assets) HTML 87K (Details) 62: R52 Utility Rate Regulation (Regulatory Liabilities) HTML 110K (Details) 79: R53 Utility Rate Regulation (Regulatory Matters) HTML 103K (Details) 42: R54 Financing Activities (Credit Arrangements) HTML 137K (Details) 46: R55 Financing Activities (Short-term Debt) (Details) HTML 62K 72: R56 Financing Activities (Long-term Debt and Equity HTML 69K Securities) (Details) 53: R57 Financing Activities (Distributions and Capital HTML 44K Contributions) (Details) 118: R58 Acquisitions, Development and Divestures (Details) HTML 104K 84: R59 Defined Benefits (Details) HTML 97K 103: R60 Commitments and Contingencies (Energy Purchases, HTML 92K Other Commitments, Legal Matters and Regulatory Issues) (Details) 64: R61 Commitments and Contingencies (Environmental HTML 167K Matter and Other) (Details) 67: R62 Commitments and Contingencies (Guarantees and HTML 88K Other Assurances) (Details) 109: R63 Related Party Transactions (Details) HTML 68K 107: R64 Other Income (Expense) - net (Details) HTML 72K 86: R65 Fair Value Measurements and Credit Concentration HTML 257K (Assets and Liabilities Measured on Recurring Basis Table) (Details) 108: R66 Fair Value Measurements and Credit Concentration HTML 95K (Net Asset and Liability Measured on Recurring Basis Level 3 Unobservable Inputs Reconciliation Rollforward) (Details) 63: R67 Fair Value Measurements and Credit Concentration HTML 114K (Net Assets and Liabilities Measured on Recurring Basis Level 3 Significant Unobservable Inputs) (Details) 90: R68 Fair Value Measurements and Credit Concentration HTML 52K (Net Asset and Liability Measured on Recurring Basis Level 3 Gain Loss Included in Earnings and Other Recurring Numeric Data) (Details) 119: R69 Fair Value Measurements and Credit Concentration HTML 45K (Nonrecurring Fair Value Measurements) (Details) 45: R70 Fair Value Measurements and Credit Concentration HTML 70K (Financial Instruments Not Recorded at Fair Value and Credit Concentration) (Details) 56: R71 Derivative Instruments and Hedging Activities HTML 87K (Intro) (Details) 80: R72 Derivative Instruments and Hedging Activities HTML 73K (Commodity Volumes) (Details) 52: R73 Derivative Instruments and Hedging Activities HTML 94K (Risk Disclosures) (Details) 122: R74 Derivative Instruments and Hedging Activities HTML 132K (Fair Values) (Details) 60: R75 Derivative Instruments and Hedging Activities HTML 113K (Gains and Losses) (Details) 54: R76 Derivative Instruments and Hedging Activities HTML 100K (Offseting Derivative Instruments and Credit Risk-Related Features) (Details) 55: R77 Asset Retirement Obligations (Details) HTML 57K 47: R78 Available-for-Sale Securities (Details) HTML 127K 51: R79 Accumulated Other Comprehensive Income (Loss) HTML 86K (After-tax Changes by Component) (Details) 96: R80 Accumulated Other Comprehensive Income (Loss) HTML 88K (Income (Expense) Effect of Reclassifications) (Details) 121: XML IDEA XML File -- Filing Summary XML 155K 44: EXCEL IDEA Workbook of Financial Reports XLSX 813K 68: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 10.86M 35: EX-101.INS XBRL Instance -- ppl-20140630 XML 17.25M 37: EX-101.CAL XBRL Calculations -- ppl-20140630_cal XML 660K 38: EX-101.DEF XBRL Definitions -- ppl-20140630_def XML 3.03M 39: EX-101.LAB XBRL Labels -- ppl-20140630_lab XML 4.71M 40: EX-101.PRE XBRL Presentations -- ppl-20140630_pre XML 3.28M 36: EX-101.SCH XBRL Schema -- ppl-20140630 XSD 624K 50: ZIP XBRL Zipped Folder -- 0000922224-14-000091-xbrl Zip 802K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
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[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2014
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OR
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from _________ to ___________
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Commission File
Number
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Registrant; State of Incorporation;
Address and Telephone Number
|
IRS Employer
Identification No.
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PPL Corporation
(Exact name of Registrant as specified in its charter)
(Pennsylvania)
Two North Ninth Street
(610) 774-5151
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23-2758192
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PPL Energy Supply, LLC
(Exact name of Registrant as specified in its charter)
(Delaware)
Two North Ninth Street
(610) 774-5151
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23-3074920
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|
PPL Electric Utilities Corporation
(Exact name of Registrant as specified in its charter)
(Pennsylvania)
Two North Ninth Street
(610) 774-5151
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23-0959590
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LG&E and KU Energy LLC
(Exact name of Registrant as specified in its charter)
(Kentucky)
220 West Main Street
(502) 627-2000
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20-0523163
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Louisville Gas and Electric Company
(Exact name of Registrant as specified in its charter)
(Kentucky)
220 West Main Street
(502) 627-2000
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61-0264150
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Kentucky Utilities Company
(Exact name of Registrant as specified in its charter)
(Kentucky and Virginia)
One Quality Street
(502) 627-2000
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61-0247570
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PPL Corporation
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Yes X
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No
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||
PPL Energy Supply, LLC
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Yes X
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No
|
||
PPL Electric Utilities Corporation
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Yes X
|
No
|
||
LG&E and KU Energy LLC
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Yes X
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No
|
||
Louisville Gas and Electric Company
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Yes X
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No
|
||
Kentucky Utilities Company
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Yes X
|
No
|
PPL Corporation
|
Yes X
|
No
|
||
PPL Energy Supply, LLC
|
Yes X
|
No
|
||
PPL Electric Utilities Corporation
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Yes X
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No
|
||
LG&E and KU Energy LLC
|
Yes X
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No
|
||
Louisville Gas and Electric Company
|
Yes X
|
No
|
||
Kentucky Utilities Company
|
Yes X
|
No
|
Large accelerated
filer
|
Accelerated
filer
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Non-accelerated
filer
|
Smaller reporting
company
|
||
PPL Corporation
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[ X ]
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[ ]
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[ ]
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[ ]
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|
PPL Energy Supply, LLC
|
[ ]
|
[ ]
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[ X ]
|
[ ]
|
|
PPL Electric Utilities Corporation
|
[ ]
|
[ ]
|
[ X ]
|
[ ]
|
|
LG&E and KU Energy LLC
|
[ ]
|
[ ]
|
[ X ]
|
[ ]
|
|
Louisville Gas and Electric Company
|
[ ]
|
[ ]
|
[ X ]
|
[ ]
|
|
Kentucky Utilities Company
|
[ ]
|
[ ]
|
[ X ]
|
[ ]
|
PPL Corporation
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Yes
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No X
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||
PPL Energy Supply, LLC
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Yes
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No X
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||
PPL Electric Utilities Corporation
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Yes
|
No X
|
||
LG&E and KU Energy LLC
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Yes
|
No X
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||
Louisville Gas and Electric Company
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Yes
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No X
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||
Kentucky Utilities Company
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Yes
|
No X
|
PPL Corporation
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Common stock, $0.01 par value, 664,381,143 shares outstanding at July 25, 2014.
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PPL Energy Supply, LLC
|
PPL Corporation indirectly holds all of the membership interests in PPL Energy Supply, LLC.
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PPL Electric Utilities Corporation
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Common stock, no par value, 66,368,056 shares outstanding and all held by PPL Corporation at July 25, 2014.
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LG&E and KU Energy LLC
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PPL Corporation directly holds all of the membership interests in LG&E and KU Energy LLC.
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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 July 25, 2014.
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Kentucky Utilities Company
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Common stock, no par value, 37,817,878 shares outstanding and all held by LG&E and KU Energy LLC at July 25, 2014.
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Page
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|||||||
i
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|||||||
1
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|||||||
PART I. FINANCIAL INFORMATION
|
|||||||
Item 1. Financial Statements
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|||||||
PPL Corporation and Subsidiaries
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|||||||
3
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|||||||
4
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|||||||
5
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|||||||
6
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|||||||
8
|
|||||||
PPL Energy Supply, LLC and Subsidiaries
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|||||||
9
|
|||||||
10
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|||||||
11
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|||||||
12
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|||||||
14
|
|||||||
PPL Electric Utilities Corporation and Subsidiaries
|
|||||||
16
|
|||||||
17
|
|||||||
18
|
|||||||
20
|
|||||||
LG&E and KU Energy LLC and Subsidiaries
|
|||||||
22
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|||||||
23
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|||||||
24
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|||||||
26
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Louisville Gas and Electric Company
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|||||
28
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|||||
29
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|||||
30
|
|||||
32
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|||||
Kentucky Utilities Company
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|||||
34
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|||||
35
|
|||||
36
|
|||||
38
|
|||||
Combined Notes to Condensed Financial Statements (Unaudited)
|
|||||
39
|
|||||
39
|
|||||
40
|
|||||
41
|
|||||
42
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|||||
44
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|||||
47
|
|||||
50
|
|||||
52
|
|||||
53
|
|||||
67
|
|||||
68
|
|||||
69
|
|||||
76
|
|||||
88
|
|||||
88
|
|||||
88
|
|||||
89
|
|||||
91
|
|||||
Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|||||
93
|
|||||
93
|
|||||
95
|
|||||
96
|
|||||
96
|
|||||
97
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|||||
98
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|||||
101
|
|||||
102
|
|||||
112
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|||||
115
|
|||||
117
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|||||
119
|
|||||
120
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|||||
122
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|||||
122
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|||||
128
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|||||
132
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|||||
132
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|||||
133
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|||||
133
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|||||
136
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|||||
136
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137
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|||
137
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|||
PART II. OTHER INFORMATION
|
|||
137
|
|||
137
|
|||
138
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|||
138
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|||
140
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|||
142
|
|||
143
|
|||
149
|
|||
161
|
·
|
continuing ability to recover fuel costs and environmental expenditures in a timely manner at LG&E and KU, and natural gas supply costs at LG&E;
|
·
|
the duration of and cost, including lost revenue, associated with scheduled and unscheduled outages at our generating facilities;
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·
|
laws or regulations to reduce emissions of "greenhouse" gases or the physical effects of climate change;
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·
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potential effects of threatened or actual terrorism, war or other hostilities, cyber-based intrusions or natural disasters;
|
·
|
volatility in market demand and prices for energy, capacity, transmission services, emission allowances and RECs;
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·
|
capital market conditions, including the availability of capital or credit, changes in interest rates and certain economic indices, and decisions regarding capital structure;
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·
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volatility in the fair value of debt and equity securities and its impact on the value of assets in the NDT funds and in defined benefit plans, and the potential cash funding requirements if fair value declines;
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·
|
interest rates and their effect on pension, retiree medical, nuclear decommissioning liabilities and interest payable on certain debt securities;
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·
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volatility in or the impact of other changes in financial or commodity markets and economic conditions;
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·
|
current and future environmental conditions, regulations and other requirements and the related costs of compliance, including environmental capital expenditures, emission allowance costs and other expenses;
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·
|
legal, regulatory, political, market or other reactions to the 2011 incident at the nuclear generating facility at Fukushima, Japan, including additional NRC requirements;
|
·
|
changes in political, regulatory or economic conditions in states, regions or countries where the Registrants or their subsidiaries conduct business;
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·
|
the outcome of any rate cases or other cost recovery or revenue filings by PPL Electric, LG&E, KU or WPD;
|
·
|
the impact of any state, federal or foreign investigations applicable to the Registrants and their subsidiaries and the energy industry;
|
·
|
business dispositions or acquisitions, including the PPL Energy Supply spinoff transaction with Riverstone and the anticipated formation of Talen Energy and our ability to realize expected benefits from such business transactions.
|
ITEM 1. Financial Statements
|
|||||||||||||||
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|
|
|
|
|
|
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|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|||||||||||||||
PPL Corporation and Subsidiaries
|
|||||||||||||||
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(Millions of Dollars, except share data)
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
$
|
1,830
|
|
$
|
1,655
|
|
$
|
3,992
|
|
$
|
3,605
|
|||
|
|
|
591
|
|
|
1,401
|
|
|
(838)
|
|
|
1,544
|
|||
|
|
|
280
|
|
|
257
|
|
|
629
|
|
|
494
|
|||
|
|
|
173
|
|
|
137
|
|
|
314
|
|
|
264
|
|||
|
|
|
2,874
|
|
|
3,450
|
|
|
4,097
|
|
|
5,907
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
491
|
|
|
441
|
|
|
1,249
|
|
|
970
|
||
|
|
|
|
351
|
|
|
1,051
|
|
|
(1,143)
|
|
|
1,108
|
||
|
|
|
|
741
|
|
|
698
|
|
|
1,438
|
|
|
1,374
|
||
|
|
|
312
|
|
|
286
|
|
|
617
|
|
|
570
|
|||
|
|
|
93
|
|
|
86
|
|
|
197
|
|
|
182
|
|||
|
|
|
168
|
|
|
130
|
|
|
306
|
|
|
252
|
|||
|
|
|
2,156
|
|
|
2,692
|
|
|
2,664
|
|
|
4,456
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
718
|
|
|
758
|
|
|
1,433
|
|
|
1,451
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(82)
|
|
|
13
|
|
|
(105)
|
|
|
135
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
258
|
|
|
258
|
|
|
522
|
|
|
509
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
378
|
|
|
513
|
|
|
806
|
|
|
1,077
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
149
|
|
|
109
|
|
|
261
|
|
|
260
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
229
|
|
|
404
|
|
|
545
|
|
|
817
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
229
|
|
$
|
405
|
|
$
|
545
|
|
$
|
818
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Attributable to PPL Shareowners:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
$
|
229
|
|
$
|
404
|
|
$
|
545
|
|
$
|
817
|
|||
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|||
|
|
$
|
229
|
|
$
|
405
|
|
$
|
545
|
|
$
|
818
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Income from Continuing Operations After Income Taxes Available to PPL
|
|
|
||||||||||||
|
Common Shareowners:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
$
|
0.35
|
|
$
|
0.68
|
|
$
|
0.84
|
|
$
|
1.39
|
||
|
|
|
$
|
0.34
|
|
$
|
0.63
|
|
$
|
0.83
|
|
$
|
1.28
|
||
|
Net Income Available to PPL Common Shareowners:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
$
|
0.35
|
|
$
|
0.68
|
|
$
|
0.84
|
|
$
|
1.39
|
||
|
|
|
$
|
0.34
|
|
$
|
0.63
|
|
$
|
0.83
|
|
$
|
1.28
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.3725
|
|
$
|
0.3675
|
|
$
|
0.7450
|
|
$
|
0.7350
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Shares of Common Stock Outstanding (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
653,132
|
|
|
589,834
|
|
|
642,002
|
|
|
586,683
|
||
|
|
|
|
665,792
|
|
|
664,615
|
|
|
664,927
|
|
|
661,263
|
||
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
PPL Corporation and Subsidiaries
|
|||||||||||||||
(Unaudited)
|
|||||||||||||||
(Millions of Dollars)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
229
|
|
$
|
405
|
|
$
|
545
|
|
$
|
818
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Amounts arising during the period - gains (losses), net of tax (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
benefit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
(3)
|
|
|
(7)
|
|
|
128
|
|
|
(252)
|
||
|
|
|
|
14
|
|
|
2
|
|
|
19
|
|
|
25
|
||
|
|
|
|
(1)
|
|
|
24
|
|
|
(47)
|
|
|
86
|
||
|
|
Defined benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
(2)
|
|
|
|
|
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
(1)
|
|
|
(1)
|
|
|
(2)
|
|
|
(2)
|
||
|
|
|
|
(5)
|
|
|
(36)
|
|
|
14
|
|
|
(116)
|
||
|
|
Defined benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
|
|
|
|
28
|
|
|
34
|
|
|
55
|
|
|
68
|
|
Total other comprehensive income (loss) attributable to PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
31
|
|
|
18
|
|
|
167
|
|
|
(188)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
260
|
|
$
|
423
|
|
$
|
712
|
|
$
|
630
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
PPL Corporation and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
||||
|
|
|
|
|
|
2013
|
|||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|||
|
|
$
|
545
|
|
$
|
818
|
|||
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
||
|
|
|
|
617
|
|
|
570
|
||
|
|
|
|
112
|
|
|
113
|
||
|
|
|
|
59
|
|
|
91
|
||
|
|
|
|
133
|
|
|
291
|
||
|
|
|
|
301
|
|
|
(11)
|
||
|
|
|
|
65
|
|
|
24
|
||
|
|
|
|
51
|
|
|
26
|
||
|
Change in current assets and current liabilities
|
|
|
|
|
|
|
||
|
|
|
|
(73)
|
|
|
(189)
|
||
|
|
|
|
(99)
|
|
|
(75)
|
||
|
|
|
|
161
|
|
|
144
|
||
|
|
|
|
52
|
|
|
29
|
||
|
|
|
|
(35)
|
|
|
(64)
|
||
|
|
|
|
(15)
|
|
|
(61)
|
||
|
|
|
|
51
|
|
|
128
|
||
|
|
|
|
|
|
|
(98)
|
||
|
|
|
|
(107)
|
|
|
(119)
|
||
|
|
|
|
(82)
|
|
|
(142)
|
||
|
Other operating activities
|
|
|
|
|
|
|
||
|
|
|
|
(218)
|
|
|
(468)
|
||
|
|
|
|
1
|
|
|
(64)
|
||
|
|
|
|
64
|
|
|
4
|
||
|
|
|
|
|
1,583
|
|
|
947
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|||
|
|
|
(1,854)
|
|
|
(1,797)
|
|||
|
|
|
(48)
|
|
|
(40)
|
|||
|
|
|
(73)
|
|
|
(66)
|
|||
|
|
|
65
|
|
|
59
|
|||
|
|
|
56
|
|
|
4
|
|||
|
|
|
(251)
|
|
|
(17)
|
|||
|
|
|
2
|
|
|
23
|
|||
|
|
|
|
|
(2,103)
|
|
|
(1,834)
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|||
|
|
|
296
|
|
|
450
|
|||
|
|
|
(239)
|
|
|
(9)
|
|||
|
|
|
|
|
|
(28)
|
|||
|
|
|
1,017
|
|
|
259
|
|||
|
|
|
(470)
|
|
|
(426)
|
|||
|
|
|
(21)
|
|
|
(48)
|
|||
|
|
|
107
|
|
|
563
|
|||
|
|
|
(19)
|
|
|
(51)
|
|||
|
|
|
|
|
671
|
|
|
710
|
|
|
|
16
|
|
|
(13)
|
||||
|
|
167
|
|
|
(190)
|
||||
|
|
1,102
|
|
|
901
|
||||
|
$
|
1,269
|
|
$
|
711
|
||||
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
PPL Corporation and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars, shares in thousands)
|
|||||||||
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Assets
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|||
|
|
$
|
1,269
|
|
$
|
1,102
|
|||
|
|
|
332
|
|
|
83
|
|||
|
Accounts receivable (less reserve: 2014, $47; 2013, $64)
|
|
|
|
|
|
|
||
|
|
|
|
981
|
|
|
923
|
||
|
|
|
|
115
|
|
|
97
|
||
|
|
|
680
|
|
|
835
|
|||
|
|
|
651
|
|
|
702
|
|||
|
|
|
160
|
|
|
153
|
|||
|
|
|
317
|
|
|
246
|
|||
|
|
|
954
|
|
|
942
|
|||
|
|
|
29
|
|
|
33
|
|||
|
|
|
49
|
|
|
37
|
|||
|
|
|
5,537
|
|
|
5,153
|
|||
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
|||
|
|
|
911
|
|
|
864
|
|||
|
|
|
39
|
|
|
43
|
|||
|
|
|
950
|
|
|
907
|
|||
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
|
|
|
|
|
|||
|
|
|
29,473
|
|
|
27,755
|
|||
|
|
|
5,291
|
|
|
4,873
|
|||
|
|
|
|
24,182
|
|
|
22,882
|
||
|
Non-regulated property, plant and equipment
|
|
|
|
|
|
|
||
|
|
|
|
11,858
|
|
|
11,881
|
||
|
|
|
|
624
|
|
|
591
|
||
|
|
|
|
864
|
|
|
834
|
||
|
|
|
6,294
|
|
|
6,172
|
|||
|
|
|
|
7,052
|
|
|
7,134
|
||
|
|
|
3,197
|
|
|
3,071
|
|||
|
|
|
34,431
|
|
|
33,087
|
|||
|
|
|
|
|
|
|
|
|
|
Other Noncurrent Assets
|
|
|
|
|
|
|
|||
|
|
|
1,242
|
|
|
1,246
|
|||
|
|
|
4,301
|
|
|
4,225
|
|||
|
|
|
952
|
|
|
947
|
|||
|
|
|
423
|
|
|
337
|
|||
|
|
|
357
|
|
|
357
|
|||
|
|
|
7,275
|
|
|
7,112
|
|||
|
|
|
|
|
|
|
|||
|
$
|
48,193
|
|
$
|
46,259
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||||
PPL Corporation and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars, shares in thousands)
|
|||||||||
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Liabilities and Equity
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|||
|
|
$
|
808
|
|
$
|
701
|
|||
|
|
|
304
|
|
|
315
|
|||
|
|
|
1,178
|
|
|
1,308
|
|||
|
|
|
124
|
|
|
114
|
|||
|
|
|
223
|
|
|
325
|
|||
|
|
|
248
|
|
|
232
|
|||
|
|
|
1,259
|
|
|
829
|
|||
|
|
|
82
|
|
|
90
|
|||
|
|
|
930
|
|
|
998
|
|||
|
|
|
5,156
|
|
|
4,912
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
20,819
|
|
|
20,592
|
||||
|
|
|
|
|
|
|
|
|
|
Deferred Credits and Other Noncurrent Liabilities
|
|
|
|
|
|
|
|||
|
|
|
4,261
|
|
|
3,928
|
|||
|
|
|
278
|
|
|
342
|
|||
|
|
|
498
|
|
|
415
|
|||
|
|
|
1,080
|
|
|
1,286
|
|||
|
|
|
712
|
|
|
687
|
|||
|
|
|
1,026
|
|
|
1,048
|
|||
|
|
|
628
|
|
|
583
|
|||
|
|
|
8,483
|
|
|
8,289
|
|||
|
|
|
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Notes 6 and 10)
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|||
|
|
|
|
7
|
|
|
6
|
||
|
|
|
|
9,358
|
|
|
8,316
|
||
|
|
|
|
5,768
|
|
|
5,709
|
||
|
|
|
|
(1,398)
|
|
|
(1,565)
|
||
|
|
|
13,735
|
|
|
12,466
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
48,193
|
|
$
|
46,259
|
(a)
|
780,000 shares authorized; 664,018 and 630,321 shares issued and outstanding at June 30, 2014 and December 31, 2013.
|
PPL Corporation and Subsidiaries
|
||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||
(Millions of Dollars)
|
||||||||||||||||||||||
|
|
|
|
PPL Shareowners
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
Common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
stock
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
shares
|
|
|
|
|
|
Additional
|
|
|
|
|
|
other
|
|
|
Non-
|
|
|
|
|
|
|
|
outstanding
|
|
|
Common
|
|
|
paid-in
|
|
|
Earnings
|
|
|
comprehensive
|
|
|
controlling
|
|
|
|
|
|
|
|
(a)
|
|
|
stock
|
|
|
capital
|
|
|
reinvested
|
|
|
loss
|
|
|
interests
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
631,417
|
|
$
|
6
|
|
$
|
8,352
|
|
$
|
5,788
|
|
$
|
(1,429)
|
|
|
|
|
$
|
12,717
|
|||
|
32,601
|
|
|
1
|
|
|
997
|
|
|
|
|
|
|
|
|
|
|
|
998
|
|||
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|||
|
|
|
|
|
|
|
|
|
|
229
|
|
|
|
|
|
|
|
|
229
|
|||
Dividends and dividend
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
(249)
|
|
|
|
|
|
|
|
|
(249)
|
||
Other comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31
|
|
|
|
|
|
31
|
||
|
664,018
|
|
$
|
7
|
|
$
|
9,358
|
|
$
|
5,768
|
|
$
|
(1,398)
|
|
|
|
|
$
|
13,735
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
630,321
|
|
$
|
6
|
|
$
|
8,316
|
|
$
|
5,709
|
|
$
|
(1,565)
|
|
|
|
|
$
|
12,466
|
|||
|
33,697
|
|
|
1
|
|
|
1,027
|
|
|
|
|
|
|
|
|
|
|
|
1,028
|
|||
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
15
|
|||
|
|
|
|
|
|
|
|
|
|
545
|
|
|
|
|
|
|
|
|
545
|
|||
Dividends and dividend
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
(486)
|
|
|
|
|
|
|
|
|
(486)
|
||
Other comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167
|
|
|
|
|
|
167
|
||
|
664,018
|
|
$
|
7
|
|
$
|
9,358
|
|
$
|
5,768
|
|
$
|
(1,398)
|
|
|
|
|
$
|
13,735
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
583,214
|
|
$
|
6
|
|
$
|
6,988
|
|
$
|
5,676
|
|
$
|
(2,146)
|
|
$
|
18
|
|
$
|
10,542
|
|||
|
9,338
|
|
|
|
|
|
245
|
|
|
|
|
|
|
|
|
|
|
|
245
|
|||
|
(930)
|
|
|
|
|
|
(28)
|
|
|
|
|
|
|
|
|
|
|
|
(28)
|
|||
Cash settlement of equity forward
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
(13)
|
||
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|||
|
|
|
|
|
|
|
|
|
|
405
|
|
|
|
|
|
|
|
|
405
|
|||
Dividends and dividend
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
(218)
|
|
|
|
|
|
|
|
|
(218)
|
||
Other comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
|
|
|
|
18
|
||
|
591,622
|
|
$
|
6
|
|
$
|
7,195
|
|
$
|
5,863
|
|
$
|
(2,128)
|
|
$
|
18
|
|
$
|
10,954
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
581,944
|
|
$
|
6
|
|
$
|
6,936
|
|
$
|
5,478
|
|
$
|
(1,940)
|
|
$
|
18
|
|
$
|
10,498
|
|||
|
10,608
|
|
|
|
|
|
282
|
|
|
|
|
|
|
|
|
|
|
|
282
|
|||
|
(930)
|
|
|
|
|
|
(28)
|
|
|
|
|
|
|
|
|
|
|
|
(28)
|
|||
Cash settlement of equity forward
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
(13)
|
||
|
|
|
|
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|||
|
|
|
|
|
|
|
|
|
|
818
|
|
|
|
|
|
|
|
|
818
|
|||
Dividends and dividend
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
(433)
|
|
|
|
|
|
|
|
|
(433)
|
||
Other comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(188)
|
|
|
|
|
|
(188)
|
||
|
591,622
|
|
$
|
6
|
|
$
|
7,195
|
|
$
|
5,863
|
|
$
|
(2,128)
|
|
$
|
18
|
|
$
|
10,954
|
(a)
|
Shares in thousands. Each share entitles the holder to one vote on any question presented at any shareowners' meeting.
|
(b)
|
Each period includes shares of common stock issued through various stock and incentive compensation plans. The 2014 periods include the May issuance of shares of common stock to settle the 2011 Purchase Contracts. See Note 7 for additional information. The 2013 periods include the April issuance of shares of common stock to settle the forward sales agreements.
|
(c)
|
The three and six months ended June 30, 2014 include $12 million and $39 million and the three and six months ended June 30, 2013 include $8 million and $36 million of stock-based compensation expense related to new and existing unvested equity awards. The three and six months ended June 30, 2014 include $(3) million and $(24) million and the three and six months ended June 30, 2013 include $(5) million and $(18) million related primarily to the reclassification from "Stock-based compensation" to "Common stock issued" for the issuance of common stock after applicable equity award vesting periods and tax adjustments related to stock-based compensation.
|
PPL Energy Supply, LLC and Subsidiaries
|
|||||||||||||||
(Unaudited)
|
|
|
|
|
|
|
|||||||||
(Millions of Dollars)
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
$
|
591
|
|
$
|
1,401
|
|
$
|
(838)
|
|
$
|
1,544
|
|||
|
|
|
21
|
|
|
12
|
|
|
48
|
|
|
26
|
|||
|
|
|
281
|
|
|
257
|
|
|
632
|
|
|
495
|
|||
|
|
|
155
|
|
|
122
|
|
|
280
|
|
|
235
|
|||
|
|
|
1,048
|
|
|
1,792
|
|
|
122
|
|
|
2,300
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
259
|
|
|
224
|
|
|
741
|
|
|
522
|
||
|
|
|
|
203
|
|
|
898
|
|
|
(1,601)
|
|
|
699
|
||
|
|
|
|
296
|
|
|
270
|
|
|
554
|
|
|
505
|
||
|
|
|
82
|
|
|
79
|
|
|
162
|
|
|
157
|
|||
|
|
|
16
|
|
|
16
|
|
|
37
|
|
|
33
|
|||
|
|
|
155
|
|
|
118
|
|
|
279
|
|
|
228
|
|||
|
|
|
1,011
|
|
|
1,605
|
|
|
172
|
|
|
2,144
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37
|
|
|
187
|
|
|
(50)
|
|
|
156
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
12
|
|
|
14
|
|
|
16
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35
|
|
|
46
|
|
|
69
|
|
|
92
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
153
|
|
|
(105)
|
|
|
80
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
67
|
|
|
(52)
|
|
|
32
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13
|
|
$
|
86
|
|
$
|
(53)
|
|
$
|
48
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
PPL Energy Supply, LLC and Subsidiaries
|
|||||||||||||||
(Unaudited)
|
|||||||||||||||
(Millions of Dollars)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13
|
|
$
|
86
|
|
$
|
(53)
|
|
$
|
48
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Amounts arising during the period - gains (losses), net of tax (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
benefit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
14
|
|
|
2
|
|
|
19
|
|
|
25
|
||
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
(1)
|
|
|
(1)
|
|
|
(2)
|
|
|
(2)
|
||
|
|
|
|
(8)
|
|
|
(37)
|
|
|
(13)
|
|
|
(67)
|
||
|
|
Defined benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
|
|
|
|
2
|
|
|
4
|
|
|
3
|
|
|
8
|
|
Total other comprehensive income (loss) attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
7
|
|
|
(31)
|
|
|
8
|
|
|
(34)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to PPL Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
$
|
20
|
|
$
|
55
|
|
$
|
(45)
|
|
$
|
14
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
PPL Energy Supply, LLC and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
||||
|
|
|
|
|
|
2013
|
|||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|||
|
|
$
|
(53)
|
|
$
|
48
|
|||
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities
|
|
|
|
|
|
|
||
|
|
|
|
162
|
|
|
157
|
||
|
|
|
|
77
|
|
|
71
|
||
|
|
|
|
32
|
|
|
26
|
||
|
|
|
|
(120)
|
|
|
98
|
||
|
|
|
|
18
|
|
|
|
||
|
|
|
|
232
|
|
|
91
|
||
|
|
|
|
10
|
|
|
5
|
||
|
Change in current assets and current liabilities
|
|
|
|
|
|
|
||
|
|
|
|
25
|
|
|
6
|
||
|
|
|
|
(55)
|
|
|
(62)
|
||
|
|
|
|
67
|
|
|
96
|
||
|
|
|
|
(16)
|
|
|
(67)
|
||
|
|
|
|
(15)
|
|
|
(61)
|
||
|
|
|
|
(33)
|
|
|
(2)
|
||
|
|
|
|
(20)
|
|
|
(15)
|
||
|
Other operating activities
|
|
|
|
|
|
|
||
|
|
|
|
(32)
|
|
|
(106)
|
||
|
|
|
|
(1)
|
|
|
(38)
|
||
|
|
|
|
12
|
|
|
(20)
|
||
|
|
|
|
|
290
|
|
|
227
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|||
|
|
|
(176)
|
|
|
(241)
|
|||
|
|
|
(24)
|
|
|
(23)
|
|||
|
|
|
(73)
|
|
|
(66)
|
|||
|
|
|
65
|
|
|
59
|
|||
|
|
|
56
|
|
|
3
|
|||
|
|
|
(258)
|
|
|
(24)
|
|||
|
|
|
7
|
|
|
10
|
|||
|
|
|
|
|
(403)
|
|
|
(282)
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|||
|
|
|
730
|
|
|
105
|
|||
|
|
|
(914)
|
|
|
(408)
|
|||
|
|
|
324
|
|
|
219
|
|||
|
|
|
(2)
|
|
|
(9)
|
|||
|
|
|
|
|
138
|
|
|
(93)
|
|
|
|
25
|
|
|
(148)
|
||||
|
|
|
239
|
|
|
413
|
|||
|
|
$
|
264
|
|
$
|
265
|
|||
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||||
PPL Energy Supply, LLC and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Assets
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|||
|
|
$
|
264
|
|
$
|
239
|
|||
|
|
|
326
|
|
|
68
|
|||
|
Accounts receivable (less reserve: 2014, $2; 2013, $21)
|
|
|
|
|
|
|
||
|
|
|
|
206
|
|
|
233
|
||
|
|
|
|
102
|
|
|
97
|
||
|
|
|
42
|
|
|
45
|
|||
|
|
|
219
|
|
|
286
|
|||
|
|
|
349
|
|
|
358
|
|||
|
|
|
36
|
|
|
20
|
|||
|
|
|
105
|
|
|
|
|||
|
|
|
954
|
|
|
860
|
|||
|
|
|
31
|
|
|
27
|
|||
|
|
|
2,634
|
|
|
2,233
|
|||
|
|
|
|
|
|
|
|
||
Investments
|
|
|
|
|
|
|
|||
|
|
|
911
|
|
|
864
|
|||
|
|
|
34
|
|
|
37
|
|||
|
|
|
945
|
|
|
901
|
|||
|
|
|
|
|
|
|
|
||
Property, Plant and Equipment
|
|
|
|
|
|
|
|||
|
Non-regulated property, plant and equipment
|
|
|
|
|
|
|
||
|
|
|
|
11,866
|
|
|
11,891
|
||
|
|
|
|
624
|
|
|
591
|
||
|
|
|
|
291
|
|
|
288
|
||
|
|
|
6,139
|
|
|
6,046
|
|||
|
|
|
|
6,642
|
|
|
6,724
|
||
|
|
|
386
|
|
|
450
|
|||
|
|
|
7,028
|
|
|
7,174
|
|||
|
|
|
|
|
|
|
|
||
Other Noncurrent Assets
|
|
|
|
|
|
|
|||
|
|
|
86
|
|
|
86
|
|||
|
|
|
267
|
|
|
266
|
|||
|
|
|
420
|
|
|
328
|
|||
|
|
|
79
|
|
|
86
|
|||
|
|
|
852
|
|
|
766
|
|||
|
|
|
|
|
|
|
|
||
|
$
|
11,459
|
|
$
|
11,074
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||||
PPL Energy Supply, LLC and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Liabilities and Equity
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|||
|
|
$
|
324
|
|
|
|
|||
|
|
|
304
|
|
$
|
304
|
|||
|
|
|
309
|
|
|
393
|
|||
|
|
|
2
|
|
|
4
|
|||
|
|
|
30
|
|
|
31
|
|||
|
|
|
22
|
|
|
22
|
|||
|
|
|
1,133
|
|
|
750
|
|||
|
|
|
229
|
|
|
278
|
|||
|
|
|
2,353
|
|
|
1,782
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
2,219
|
|
|
2,221
|
||||
|
|
|
|
|
|
|
|||
Deferred Credits and Other Noncurrent Liabilities
|
|
|
|
|
|
|
|||
|
|
|
1,183
|
|
|
1,114
|
|||
|
|
|
144
|
|
|
205
|
|||
|
|
|
347
|
|
|
320
|
|||
|
|
|
104
|
|
|
111
|
|||
|
|
|
406
|
|
|
393
|
|||
|
|
|
134
|
|
|
130
|
|||
|
|
|
2,318
|
|
|
2,273
|
|||
|
|
|
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Note 10)
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
4,569
|
|
|
4,798
|
||||
|
|
|
|
|
|
|
|
|
|
|
$
|
11,459
|
|
$
|
11,074
|
||||
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
PPL Energy Supply, LLC and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-
|
|
|
|
|
|
|
Member's
|
|
controlling
|
|
|
|
||
|
|
equity
|
|
interests
|
|
Total
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
4,079
|
|
|
|
|
$
|
4,079
|
|
|
|
13
|
|
|
|
|
|
13
|
|
|
|
7
|
|
|
|
|
|
7
|
|
|
|
730
|
|
|
|
|
|
730
|
|
|
|
(260)
|
|
|
|
|
|
(260)
|
|
|
$
|
4,569
|
|
|
|
|
$
|
4,569
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,798
|
|
|
|
|
$
|
4,798
|
|
|
|
(53)
|
|
|
|
|
|
(53)
|
|
|
|
8
|
|
|
|
|
|
8
|
|
|
|
730
|
|
|
|
|
|
730
|
|
|
|
(914)
|
|
|
|
|
|
(914)
|
|
|
$
|
4,569
|
|
|
|
|
$
|
4,569
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,476
|
|
$
|
18
|
|
$
|
3,494
|
|
|
|
86
|
|
|
|
|
|
86
|
|
|
|
(31)
|
|
|
|
|
|
(31)
|
|
|
|
105
|
|
|
|
|
|
105
|
|
|
|
(95)
|
|
|
|
|
|
(95)
|
|
|
$
|
3,541
|
|
$
|
18
|
|
$
|
3,559
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,830
|
|
$
|
18
|
|
$
|
3,848
|
|
|
|
48
|
|
|
|
|
|
48
|
|
|
|
(34)
|
|
|
|
|
|
(34)
|
|
|
|
105
|
|
|
|
|
|
105
|
|
|
|
(408)
|
|
|
|
|
|
(408)
|
|
|
$
|
3,541
|
|
$
|
18
|
|
$
|
3,559
|
PPL Electric Utilities Corporation and Subsidiaries
|
||||||||||||||
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(Millions of Dollars)
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
$
|
449
|
|
$
|
414
|
|
$
|
1,041
|
|
$
|
927
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114
|
|
|
120
|
|
|
303
|
|
|
292
|
|
|
|
|
|
21
|
|
|
12
|
|
|
48
|
|
|
26
|
|
|
|
|
|
135
|
|
|
124
|
|
|
269
|
|
|
257
|
|
|
|
|
45
|
|
|
44
|
|
|
90
|
|
|
87
|
||
|
|
|
23
|
|
|
22
|
|
|
55
|
|
|
52
|
||
|
|
|
338
|
|
|
322
|
|
|
765
|
|
|
714
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111
|
|
|
92
|
|
|
276
|
|
|
213
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
3
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
25
|
|
|
58
|
|
|
50
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83
|
|
|
69
|
|
|
221
|
|
|
166
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31
|
|
|
24
|
|
|
84
|
|
|
57
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
52
|
|
$
|
45
|
|
$
|
137
|
|
$
|
109
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
PPL Electric Utilities Corporation and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
||||
|
|
|
|
|
|||||
|
|
|
|
|
|
2013
|
|||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|||
|
|
$
|
137
|
|
$
|
109
|
|||
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
||
|
|
|
|
90
|
|
|
87
|
||
|
|
|
|
9
|
|
|
10
|
||
|
|
|
|
11
|
|
|
10
|
||
|
|
|
|
44
|
|
|
81
|
||
|
|
|
|
(17)
|
|
|
(5)
|
||
|
Change in current assets and current liabilities
|
|
|
|
|
|
|
||
|
|
|
|
(80)
|
|
|
(56)
|
||
|
|
|
|
(33)
|
|
|
(37)
|
||
|
|
|
|
34
|
|
|
36
|
||
|
|
|
|
(40)
|
|
|
(18)
|
||
|
|
|
|
8
|
|
|
18
|
||
|
|
|
|
2
|
|
|
(38)
|
||
|
Other operating activities
|
|
|
|
|
|
|
||
|
|
|
|
(19)
|
|
|
(88)
|
||
|
|
|
|
5
|
|
|
|
||
|
|
|
|
(3)
|
|
|
6
|
||
|
|
|
|
|
148
|
|
|
115
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|||
|
|
|
(436)
|
|
|
(451)
|
|||
|
|
|
(22)
|
|
|
(13)
|
|||
|
|
|
150
|
|
|
|
|||
|
|
|
13
|
|
|
9
|
|||
|
|
|
|
|
(295)
|
|
|
(455)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|||
|
|
|
296
|
|
|
|
|||
|
|
|
(10)
|
|
|
|
|||
|
|
|
95
|
|
|
205
|
|||
|
|
|
(87)
|
|
|
(66)
|
|||
|
|
|
(20)
|
|
|
85
|
|||
|
|
|
(3)
|
|
|
|
|||
|
|
|
|
|
271
|
|
|
224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
124
|
|
|
(116)
|
||||
|
|
25
|
|
|
140
|
||||
|
$
|
149
|
|
$
|
24
|
||||
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
PPL Electric Utilities Corporation and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars, shares in thousands)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Assets
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|||
|
|
$
|
149
|
|
$
|
25
|
|||
|
Accounts receivable (less reserve: 2014, $17; 2013, $18)
|
|
|
|
|
|
|
||
|
|
|
|
361
|
|
|
284
|
||
|
|
|
|
8
|
|
|
5
|
||
|
|
|
4
|
|
|
4
|
|||
|
|
|
|
|
|
150
|
|||
|
|
|
82
|
|
|
116
|
|||
|
|
|
35
|
|
|
35
|
|||
|
|
|
51
|
|
|
40
|
|||
|
|
|
84
|
|
|
85
|
|||
|
|
|
13
|
|
|
22
|
|||
|
|
|
787
|
|
|
766
|
|||
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
|
|
|
|
|
|||
|
|
|
7,168
|
|
|
6,886
|
|||
|
|
|
2,488
|
|
|
2,417
|
|||
|
|
|
|
4,680
|
|
|
4,469
|
||
|
|
|
2
|
|
|
2
|
|||
|
|
|
744
|
|
|
591
|
|||
|
|
|
5,426
|
|
|
5,062
|
|||
|
|
|
|
|
|
|
|
|
|
Other Noncurrent Assets
|
|
|
|
|
|
|
|||
|
|
|
771
|
|
|
772
|
|||
|
|
|
233
|
|
|
211
|
|||
|
|
|
35
|
|
|
35
|
|||
|
|
|
1,039
|
|
|
1,018
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
7,252
|
|
$
|
6,846
|
||||
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||||
PPL Electric Utilities Corporation and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars, shares in thousands)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Liabilities and Equity
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|||
|
|
|
|
|
$
|
20
|
|||
|
|
|
|
|
|
10
|
|||
|
|
$
|
292
|
|
|
295
|
|||
|
|
|
50
|
|
|
57
|
|||
|
|
|
15
|
|
|
51
|
|||
|
|
|
34
|
|
|
34
|
|||
|
|
|
72
|
|
|
76
|
|||
|
|
|
75
|
|
|
82
|
|||
|
|
|
538
|
|
|
625
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
2,602
|
|
|
2,305
|
||||
|
|
|
|
|
|
|
|
|
|
Deferred Credits and Other Noncurrent Liabilities
|
|
|
|
|
|
|
|||
|
|
|
1,463
|
|
|
1,399
|
|||
|
|
|
85
|
|
|
96
|
|||
|
|
|
12
|
|
|
15
|
|||
|
|
|
58
|
|
|
57
|
|||
|
|
|
1,618
|
|
|
1,567
|
|||
|
|
|
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Notes 6 and 10)
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Stockholder's Equity
|
|
|
|
|
|
|
|||
|
|
|
364
|
|
|
364
|
|||
|
|
|
1,435
|
|
|
1,340
|
|||
|
|
|
695
|
|
|
645
|
|||
|
|
|
2,494
|
|
|
2,349
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
7,252
|
|
$
|
6,846
|
(a)
|
170,000 shares authorized; 66,368 shares issued and outstanding at June 30, 2014 and December 31, 2013.
|
PPL Electric Utilities Corporation and Subsidiaries
|
|||||||||||||||
(Unaudited)
|
|||||||||||||||
(Millions of Dollars)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Common
|
|
|
|
|
|
|
|
|
||||
|
|
|
stock
|
|
|
|
|
|
|
|
|
||||
|
|
|
shares
|
|
|
|
Additional
|
|
|
|
|
||||
|
|
|
outstanding
|
|
Common
|
|
paid-in
|
|
Earnings
|
|
|
||||
|
|
|
(a)
|
stock
|
capital
|
reinvested
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,368
|
|
$
|
364
|
|
$
|
1,405
|
|
$
|
698
|
|
$
|
2,467
|
||
|
|
|
|
|
|
|
|
|
|
52
|
|
|
52
|
||
|
|
|
|
|
|
|
30
|
|
|
|
|
|
30
|
||
|
|
|
|
|
|
|
|
|
|
(55)
|
|
|
(55)
|
||
|
66,368
|
|
$
|
364
|
|
$
|
1,435
|
|
$
|
695
|
|
$
|
2,494
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,368
|
|
$
|
364
|
|
$
|
1,340
|
|
$
|
645
|
|
$
|
2,349
|
||
|
|
|
|
|
|
|
|
|
|
137
|
|
|
137
|
||
|
|
|
|
|
|
|
95
|
|
|
|
|
|
95
|
||
|
|
|
|
|
|
|
|
|
|
(87)
|
|
|
(87)
|
||
|
66,368
|
|
$
|
364
|
|
$
|
1,435
|
|
$
|
695
|
|
$
|
2,494
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,368
|
|
$
|
364
|
|
$
|
1,195
|
|
$
|
602
|
|
$
|
2,161
|
||
|
|
|
|
|
|
|
|
|
|
45
|
|
|
45
|
||
|
|
|
|
|
|
|
145
|
|
|
|
|
|
145
|
||
|
|
|
|
|
|
|
|
|
|
(41)
|
|
|
(41)
|
||
|
66,368
|
|
$
|
364
|
|
$
|
1,340
|
|
$
|
606
|
|
$
|
2,310
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,368
|
|
$
|
364
|
|
$
|
1,135
|
|
$
|
563
|
|
$
|
2,062
|
||
|
|
|
|
|
|
|
|
|
|
109
|
|
|
109
|
||
|
|
|
|
|
|
|
205
|
|
|
|
|
|
205
|
||
|
|
|
|
|
|
|
|
|
|
(66)
|
|
|
(66)
|
||
|
66,368
|
|
$
|
364
|
|
$
|
1,340
|
|
$
|
606
|
|
$
|
2,310
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
LG&E and KU Energy LLC and Subsidiaries
|
|||||||||||||||
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(Millions of Dollars)
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
$
|
722
|
|
$
|
682
|
|
$
|
1,656
|
|
$
|
1,482
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
231
|
|
|
216
|
|
|
508
|
|
|
447
|
||
|
|
|
|
36
|
|
|
37
|
|
|
160
|
|
|
123
|
||
|
|
|
|
206
|
|
|
197
|
|
|
412
|
|
|
394
|
||
|
|
|
87
|
|
|
83
|
|
|
173
|
|
|
165
|
|||
|
|
|
13
|
|
|
12
|
|
|
26
|
|
|
24
|
|||
|
|
|
573
|
|
|
545
|
|
|
1,279
|
|
|
1,153
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
149
|
|
|
137
|
|
|
377
|
|
|
329
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
(4)
|
|
|
(2)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
41
|
|
|
36
|
|
|
83
|
|
|
73
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106
|
|
|
100
|
|
|
290
|
|
|
253
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
|
37
|
|
|
110
|
|
|
94
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65
|
|
|
63
|
|
|
180
|
|
|
159
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
65
|
|
$
|
64
|
|
$
|
180
|
|
$
|
160
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
LG&E and KU Energy LLC and Subsidiaries
|
||||||||||
(Unaudited)
|
||||||||||
(Millions of Dollars)
|
||||||||||
|
|
|
|
|
|
|
|
|||
|
|
Six Months Ended June 30,
|
||||||||
|
|
|
|
|
|
|
2013
|
|||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|||
|
|
$
|
180
|
|
|
$
|
160
|
|||
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
|
||
|
|
|
|
173
|
|
|
|
165
|
||
|
|
|
|
12
|
|
|
|
14
|
||
|
|
|
|
12
|
|
|
|
27
|
||
|
|
|
|
149
|
|
|
|
95
|
||
|
|
|
|
1
|
|
|
|
(6)
|
||
|
Change in current assets and current liabilities
|
|
|
|
|
|
|
|
||
|
|
|
|
(24)
|
|
|
|
(62)
|
||
|
|
|
|
(5)
|
|
|
|
36
|
||
|
|
|
|
(2)
|
|
|
|
|
||
|
|
|
|
27
|
|
|
|
(2)
|
||
|
|
|
|
43
|
|
|
|
25
|
||
|
|
|
|
(10)
|
|
|
|
|
||
|
|
|
|
1
|
|
|
|
2
|
||
|
Other operating activities
|
|
|
|
|
|
|
|
||
|
|
|
|
(40)
|
|
|
|
(156)
|
||
|
|
|
|
(3)
|
|
|
|
(3)
|
||
|
|
|
|
2
|
|
|
|
2
|
||
|
|
|
|
|
516
|
|
|
|
297
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|||
|
|
|
(556)
|
|
|
|
(579)
|
|||
|
|
|
54
|
|
|
|
|
|||
|
|
|
1
|
|
|
|
10
|
|||
|
|
|
|
|
|
|
1
|
|||
|
|
|
|
|
(501)
|
|
|
|
(568)
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
47
|
|||
|
|
|
75
|
|
|
|
127
|
|||
|
|
|
(221)
|
|
|
|
(69)
|
|||
|
|
|
119
|
|
|
|
146
|
|||
|
|
|
|
|
(27)
|
|
|
|
251
|
|
|
|
(12)
|
|
|
|
(20)
|
||||
|
|
35
|
|
|
|
43
|
||||
|
$
|
23
|
|
|
$
|
23
|
||||
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
LG&E and KU Energy LLC and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Assets
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|||
|
|
$
|
23
|
|
$
|
35
|
|||
|
Accounts receivable (less reserve: 2014, $26; 2013, $22)
|
|
|
|
|
|
|
||
|
|
|
|
238
|
|
|
224
|
||
|
|
|
|
23
|
|
|
20
|
||
|
|
|
153
|
|
|
180
|
|||
|
|
|
235
|
|
|
278
|
|||
|
|
|
27
|
|
|
21
|
|||
|
|
|
16
|
|
|
70
|
|||
|
|
|
108
|
|
|
159
|
|||
|
|
|
27
|
|
|
27
|
|||
|
|
|
4
|
|
|
3
|
|||
|
|
|
854
|
|
|
1,017
|
|||
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
|
|
|
|
|
|||
|
|
|
9,036
|
|
|
8,526
|
|||
|
|
|
922
|
|
|
778
|
|||
|
|
|
|
8,114
|
|
|
7,748
|
||
|
|
|
3
|
|
|
3
|
|||
|
|
|
1,809
|
|
|
1,793
|
|||
|
|
|
9,926
|
|
|
9,544
|
|||
|
|
|
|
|
|
|
|
|
|
Other Noncurrent Assets
|
|
|
|
|
|
|
|||
|
|
|
471
|
|
|
474
|
|||
|
|
|
996
|
|
|
996
|
|||
|
|
|
197
|
|
|
221
|
|||
|
|
|
101
|
|
|
98
|
|||
|
|
|
1,765
|
|
|
1,789
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
12,545
|
|
$
|
12,350
|
||||
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||||
LG&E and KU Energy LLC and Subsidiaries
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars)
|
|||||||||
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Liabilities and Equity
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|||
|
|
$
|
320
|
|
$
|
245
|
|||
|
|
|
335
|
|
|
346
|
|||
|
|
|
1
|
|
|
3
|
|||
|
|
|
50
|
|
|
50
|
|||
|
|
|
29
|
|
|
39
|
|||
|
|
|
4
|
|
|
4
|
|||
|
|
|
10
|
|
|
14
|
|||
|
|
|
23
|
|
|
23
|
|||
|
|
|
121
|
|
|
111
|
|||
|
|
|
893
|
|
|
835
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
4,566
|
|
|
4,565
|
||||
|
|
|
|
|
|
|
|||
Deferred Credits and Other Noncurrent Liabilities
|
|
|
|
|
|
|
|||
|
|
|
1,065
|
|
|
965
|
|||
|
|
|
133
|
|
|
135
|
|||
|
|
|
114
|
|
|
152
|
|||
|
|
|
255
|
|
|
245
|
|||
|
|
|
1,014
|
|
|
1,033
|
|||
|
|
|
38
|
|
|
32
|
|||
|
|
|
242
|
|
|
238
|
|||
|
|
|
2,861
|
|
|
2,800
|
|||
|
|
|
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Notes 6 and 10)
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
4,225
|
|
|
4,150
|
||||
|
|
|
|
|
|
|
|
|
|
|
$
|
12,545
|
|
$
|
12,350
|
||||
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
LG&E and KU Energy LLC and Subsidiaries
|
|||
(Unaudited)
|
|||
(Millions of Dollars)
|
|||
|
|
|
|
|
|
|
Member's
|
|
|
|
Equity
|
|
|
|
|
|
$
|
4,200
|
|
|
|
65
|
|
|
|
79
|
|
|
|
(117)
|
|
|
|
(2)
|
|
|
$
|
4,225
|
|
|
|
|
|
|
$
|
4,150
|
|
|
|
180
|
|
|
|
119
|
|
|
|
(221)
|
|
|
|
(3)
|
|
|
$
|
4,225
|
|
|
|
|
|
|
$
|
3,952
|
|
|
|
64
|
|
|
|
71
|
|
|
|
(65)
|
|
|
$
|
4,022
|
|
|
|
|
|
|
$
|
3,786
|
|
|
|
160
|
|
|
|
146
|
|
|
|
(69)
|
|
|
|
(1)
|
|
|
$
|
4,022
|
Louisville Gas and Electric Company
|
|||||||||||||||
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(Millions of Dollars)
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
$
|
320
|
|
$
|
302
|
|
$
|
762
|
|
$
|
671
|
|||
|
|
|
24
|
|
|
14
|
|
|
61
|
|
|
35
|
|||
|
|
|
344
|
|
|
316
|
|
|
823
|
|
|
706
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
104
|
|
|
88
|
|
|
221
|
|
|
184
|
||
|
|
|
|
29
|
|
|
31
|
|
|
147
|
|
|
111
|
||
|
|
|
|
2
|
|
|
3
|
|
|
8
|
|
|
4
|
||
|
|
|
|
94
|
|
|
94
|
|
|
192
|
|
|
185
|
||
|
|
|
39
|
|
|
37
|
|
|
77
|
|
|
73
|
|||
|
|
|
7
|
|
|
6
|
|
|
13
|
|
|
12
|
|||
|
|
|
275
|
|
|
259
|
|
|
658
|
|
|
569
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69
|
|
|
57
|
|
|
165
|
|
|
137
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
|
|
(3)
|
|
|
(2)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
10
|
|
|
24
|
|
|
20
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56
|
|
|
46
|
|
|
138
|
|
|
115
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
17
|
|
|
51
|
|
|
42
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35
|
|
$
|
29
|
|
$
|
87
|
|
$
|
73
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
Louisville Gas and Electric Company
|
||||||||||
(Unaudited)
|
||||||||||
(Millions of Dollars)
|
||||||||||
|
|
|
|
|
|
|
|
|||
|
|
Six Months Ended June 30,
|
||||||||
|
|
|
|
|
|
|
2013
|
|||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|||
|
|
$
|
87
|
|
|
$
|
73
|
|||
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
|
||
|
|
|
|
77
|
|
|
|
73
|
||
|
|
|
|
6
|
|
|
|
6
|
||
|
|
|
|
5
|
|
|
|
9
|
||
|
|
|
|
20
|
|
|
|
21
|
||
|
|
|
|
(4)
|
|
|
|
|
||
|
Change in current assets and current liabilities
|
|
|
|
|
|
|
|
||
|
|
|
|
(25)
|
|
|
|
(9)
|
||
|
|
|
|
(5)
|
|
|
|
13
|
||
|
|
|
|
(4)
|
|
|
|
(2)
|
||
|
|
|
|
19
|
|
|
|
2
|
||
|
|
|
|
44
|
|
|
|
25
|
||
|
|
|
|
2
|
|
|
|
12
|
||
|
|
|
|
(4)
|
|
|
|
6
|
||
|
Other operating activities
|
|
|
|
|
|
|
|
||
|
|
|
|
(10)
|
|
|
|
(44)
|
||
|
|
|
|
(2)
|
|
|
|
(1)
|
||
|
|
|
|
(4)
|
|
|
|
2
|
||
|
|
|
|
|
202
|
|
|
|
186
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|||
|
|
|
(249)
|
|
|
|
(236)
|
|||
|
|
|
1
|
|
|
|
10
|
|||
|
|
|
|
|
(248)
|
|
|
|
(226)
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|||
|
|
|
50
|
|
|
|
25
|
|||
|
|
|
(60)
|
|
|
|
(48)
|
|||
|
|
|
53
|
|
|
|
54
|
|||
|
|
|
|
|
43
|
|
|
|
31
|
|
|
|
(3)
|
|
|
|
(9)
|
||||
|
|
8
|
|
|
|
22
|
||||
|
$
|
5
|
|
|
$
|
13
|
||||
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
Louisville Gas and Electric Company
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars, shares in thousands)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Assets
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|||
|
|
$
|
5
|
|
$
|
8
|
|||
|
Accounts receivable (less reserve: 2014, $2; 2013, $2)
|
|
|
|
|
|
|
||
|
|
|
|
102
|
|
|
102
|
||
|
|
|
|
14
|
|
|
9
|
||
|
|
|
66
|
|
|
85
|
|||
|
|
|
17
|
|
|
|
|||
|
|
|
110
|
|
|
154
|
|||
|
|
|
9
|
|
|
7
|
|||
|
|
|
24
|
|
|
17
|
|||
|
|
|
3
|
|
|
3
|
|||
|
|
|
350
|
|
|
385
|
|||
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
|
|
|
|
|
|||
|
|
|
3,564
|
|
|
3,383
|
|||
|
|
|
397
|
|
|
332
|
|||
|
|
|
|
3,167
|
|
|
3,051
|
||
|
|
|
750
|
|
|
651
|
|||
|
|
|
3,917
|
|
|
3,702
|
|||
|
|
|
|
|
|
|
|
|
|
Other Noncurrent Assets
|
|
|
|
|
|
|
|||
|
|
|
306
|
|
|
303
|
|||
|
|
|
389
|
|
|
389
|
|||
|
|
|
108
|
|
|
120
|
|||
|
|
|
35
|
|
|
35
|
|||
|
|
|
838
|
|
|
847
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
5,105
|
|
$
|
4,934
|
||||
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
CONDENSED BALANCE SHEETS
|
|||||||||
Louisville Gas and Electric Company
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars, shares in thousands)
|
|||||||||
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Liabilities and Equity
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|||
|
|
$
|
70
|
|
$
|
20
|
|||
|
|
|
200
|
|
|
166
|
|||
|
|
|
20
|
|
|
24
|
|||
|
|
|
24
|
|
|
24
|
|||
|
|
|
13
|
|
|
11
|
|||
|
|
|
4
|
|
|
4
|
|||
|
|
|
9
|
|
|
9
|
|||
|
|
|
6
|
|
|
6
|
|||
|
|
|
30
|
|
|
32
|
|||
|
|
|
376
|
|
|
296
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
1,353
|
|
|
1,353
|
||||
|
|
|
|
|
|
|
|||
Deferred Credits and Other Noncurrent Liabilities
|
|
|
|
|
|
|
|||
|
|
|
603
|
|
|
582
|
|||
|
|
|
37
|
|
|
38
|
|||
|
|
|
10
|
|
|
19
|
|||
|
|
|
70
|
|
|
68
|
|||
|
|
|
472
|
|
|
482
|
|||
|
|
|
38
|
|
|
32
|
|||
|
|
|
106
|
|
|
104
|
|||
|
|
|
1,336
|
|
|
1,325
|
|||
|
|
|
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Notes 6 and 10)
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Stockholder's Equity
|
|
|
|
|
|
|
|||
|
|
|
424
|
|
|
424
|
|||
|
|
|
1,417
|
|
|
1,364
|
|||
|
|
|
199
|
|
|
172
|
|||
|
|
|
2,040
|
|
|
1,960
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
5,105
|
|
$
|
4,934
|
(a)
|
75,000 shares authorized; 21,294 shares issued and outstanding at June 30, 2014 and December 31, 2013.
|
Louisville Gas and Electric Company
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
Common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
|
|
|
|
outstanding
|
|
|
Common
|
|
|
paid-in
|
|
|
Earnings
|
|
|
|
|
|
|
|
(a)
|
|
|
stock
|
|
|
capital
|
|
|
reinvested
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,294
|
|
$
|
424
|
|
$
|
1,364
|
|
$
|
197
|
|
$
|
1,985
|
|||
|
|
|
|
|
|
|
|
|
|
35
|
|
|
35
|
|||
|
|
|
|
|
|
|
53
|
|
|
|
|
|
53
|
|||
|
|
|
|
|
|
|
|
|
|
(33)
|
|
|
(33)
|
|||
|
21,294
|
|
$
|
424
|
|
$
|
1,417
|
|
$
|
199
|
|
$
|
2,040
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,294
|
|
$
|
424
|
|
$
|
1,364
|
|
$
|
172
|
|
$
|
1,960
|
|||
|
|
|
|
|
|
|
|
|
|
87
|
|
|
87
|
|||
|
|
|
|
|
|
|
53
|
|
|
|
|
|
53
|
|||
|
|
|
|
|
|
|
|
|
|
(60)
|
|
|
(60)
|
|||
|
21,294
|
|
$
|
424
|
|
$
|
1,417
|
|
$
|
199
|
|
$
|
2,040
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,294
|
|
$
|
424
|
|
$
|
1,303
|
|
$
|
133
|
|
$
|
1,860
|
|||
|
|
|
|
|
|
|
|
|
|
29
|
|
|
29
|
|||
|
|
|
|
|
|
|
29
|
|
|
|
|
|
29
|
|||
|
|
|
|
|
|
|
|
|
|
(29)
|
|
|
(29)
|
|||
|
21,294
|
|
$
|
424
|
|
$
|
1,332
|
|
$
|
133
|
|
$
|
1,889
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,294
|
|
$
|
424
|
|
$
|
1,278
|
|
$
|
108
|
|
$
|
1,810
|
|||
|
|
|
|
|
|
|
|
|
|
73
|
|
|
73
|
|||
|
|
|
|
|
|
|
54
|
|
|
|
|
|
54
|
|||
|
|
|
|
|
|
|
|
|
|
(48)
|
|
|
(48)
|
|||
|
21,294
|
|
$
|
424
|
|
$
|
1,332
|
|
$
|
133
|
|
$
|
1,889
|
Kentucky Utilities Company
|
|||||||||||||||
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(Millions of Dollars)
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
$
|
402
|
|
$
|
380
|
|
$
|
894
|
|
$
|
811
|
|||
|
|
|
2
|
|
|
3
|
|
|
8
|
|
|
4
|
|||
|
|
|
404
|
|
|
383
|
|
|
902
|
|
|
815
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
127
|
|
|
128
|
|
|
287
|
|
|
263
|
||
|
|
|
|
7
|
|
|
6
|
|
|
13
|
|
|
12
|
||
|
|
|
|
24
|
|
|
14
|
|
|
61
|
|
|
35
|
||
|
|
|
|
107
|
|
|
98
|
|
|
205
|
|
|
195
|
||
|
|
|
47
|
|
|
46
|
|
|
95
|
|
|
92
|
|||
|
|
|
6
|
|
|
6
|
|
|
13
|
|
|
12
|
|||
|
|
|
318
|
|
|
298
|
|
|
674
|
|
|
609
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86
|
|
|
85
|
|
|
228
|
|
|
206
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
1
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
17
|
|
|
39
|
|
|
34
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66
|
|
|
70
|
|
|
189
|
|
|
173
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26
|
|
|
26
|
|
|
72
|
|
|
65
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
40
|
|
$
|
44
|
|
$
|
117
|
|
$
|
108
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
Kentucky Utilities Company
|
||||||||||
(Unaudited)
|
||||||||||
(Millions of Dollars)
|
||||||||||
|
|
|
|
|
|
|
|
|||
|
|
Six Months Ended June 30,
|
||||||||
|
|
|
|
|
|
|
2013
|
|||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|||
|
|
$
|
117
|
|
|
$
|
108
|
|||
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
|
||
|
|
|
|
95
|
|
|
|
92
|
||
|
|
|
|
4
|
|
|
|
7
|
||
|
|
|
|
2
|
|
|
|
12
|
||
|
|
|
|
89
|
|
|
|
72
|
||
|
|
|
|
5
|
|
|
|
(2)
|
||
|
Change in current assets and current liabilities
|
|
|
|
|
|
|
|
||
|
|
|
|
(44)
|
|
|
|
(39)
|
||
|
|
|
|
10
|
|
|
|
33
|
||
|
|
|
|
13
|
|
|
|
(7)
|
||
|
|
|
|
8
|
|
|
|
(4)
|
||
|
|
|
|
(1)
|
|
|
|
|
||
|
|
|
|
(19)
|
|
|
|
(10)
|
||
|
|
|
|
16
|
|
|
|
5
|
||
|
Other operating activities
|
|
|
|
|
|
|
|
||
|
|
|
|
(3)
|
|
|
|
(61)
|
||
|
|
|
|
(1)
|
|
|
|
(3)
|
||
|
|
|
|
6
|
|
|
|
(13)
|
||
|
|
|
|
|
297
|
|
|
|
190
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|||
|
|
|
(305)
|
|
|
|
(341)
|
|||
|
|
|
|
|
|
|
1
|
|||
|
|
|
|
|
(305)
|
|
|
|
(340)
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|||
|
|
|
25
|
|
|
|
102
|
|||
|
|
|
(86)
|
|
|
|
(55)
|
|||
|
|
|
66
|
|
|
|
92
|
|||
|
|
|
|
|
5
|
|
|
|
139
|
|
|
|
(3)
|
|
|
|
(11)
|
||||
|
|
21
|
|
|
|
21
|
||||
|
$
|
18
|
|
|
$
|
10
|
||||
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
Kentucky Utilities Company
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars, shares in thousands)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Assets
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|||
|
|
$
|
18
|
|
$
|
21
|
|||
|
Accounts receivable (less reserve: 2014, $4; 2013, $4)
|
|
|
|
|
|
|
||
|
|
|
|
136
|
|
|
122
|
||
|
|
|
|
34
|
|
|
9
|
||
|
|
|
87
|
|
|
95
|
|||
|
|
|
125
|
|
|
124
|
|||
|
|
|
8
|
|
|
4
|
|||
|
|
|
3
|
|
|
10
|
|||
|
|
|
5
|
|
|
6
|
|||
|
|
|
416
|
|
|
391
|
|||
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
|
|
|
|
|
|||
|
|
|
5,472
|
|
|
5,143
|
|||
|
|
|
525
|
|
|
446
|
|||
|
|
|
|
4,947
|
|
|
4,697
|
||
|
|
|
1
|
|
|
1
|
|||
|
|
|
1,055
|
|
|
1,139
|
|||
|
|
|
6,003
|
|
|
5,837
|
|||
|
|
|
|
|
|
|
|
|
|
Other Noncurrent Assets
|
|
|
|
|
|
|
|||
|
|
|
165
|
|
|
171
|
|||
|
|
|
607
|
|
|
607
|
|||
|
|
|
89
|
|
|
101
|
|||
|
|
|
59
|
|
|
56
|
|||
|
|
|
920
|
|
|
935
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
7,339
|
|
$
|
7,163
|
||||
|
|
|
|
|
|
|
|
|
|
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
|
CONDENSED BALANCE SHEETS
|
|||||||||
Kentucky Utilities Company
|
|||||||||
(Unaudited)
|
|||||||||
(Millions of Dollars, shares in thousands)
|
|||||||||
|
|
|
|
|
June 30,
|
|
|||
|
|
|
|
|
|
2013
|
|||
Liabilities and Equity
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|||
|
|
$
|
175
|
|
$
|
150
|
|||
|
|
|
125
|
|
|
159
|
|||
|
|
|
38
|
|
|
25
|
|||
|
|
|
26
|
|
|
26
|
|||
|
|
|
14
|
|
|
33
|
|||
|
|
|
1
|
|
|
5
|
|||
|
|
|
11
|
|
|
11
|
|||
|
|
|
58
|
|
|
36
|
|||
|
|
|
448
|
|
|
445
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
2,091
|
|
|
2,091
|
||||
|
|
|
|
|
|
|
|||
Deferred Credits and Other Noncurrent Liabilities
|
|
|
|
|
|
|
|||
|
|
|
747
|
|
|
658
|
|||
|
|
|
96
|
|
|
97
|
|||
|
|
|
2
|
|
|
11
|
|||
|
|
|
185
|
|
|
177
|
|||
|
|
|
542
|
|
|
551
|
|||
|
|
|
88
|
|
|
89
|
|||
|
|
|
1,660
|
|
|
1,583
|
|||
|
|
|
|
|
|
|
|
|
|
Commitments and Contingent Liabilities (Notes 6 and 10)
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Stockholder's Equity
|
|
|
|
|
|
|
|||
|
|
|
308
|
|
|
308
|
|||
|
|
|
2,571
|
|
|
2,505
|
|||
|
|
|
|
|
|
1
|
|||
|
|
|
261
|
|
|
230
|
|||
|
|
|
3,140
|
|
|
3,044
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
7,339
|
|
$
|
7,163
|
(a)
|
80,000 shares authorized; 37,818 shares issued and outstanding at June 30, 2014 and December 31, 2013.
|
Kentucky Utilities Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Common
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
stock
|
|
|
|
|
|
|
|
|
|
|
other
|
|
|
|
|
|
|
shares
|
|
|
|
|
Additional
|
|
|
|
|
comprehensive
|
|
|
|
||
|
|
outstanding
|
|
Common
|
|
paid-in
|
|
Earnings
|
|
income
|
|
|
|
||||
|
|
(a)
|
|
stock
|
|
capital
|
|
reinvested
|
|
(loss)
|
|
Total
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,818
|
|
$
|
308
|
|
$
|
2,545
|
|
$
|
270
|
|
|
|
|
$
|
3,123
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
|
|
|
40
|
|
|
|
|
|
|
|
|
26
|
|
|
|
|
|
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
(49)
|
|
|
|
|
|
(49)
|
|
|
37,818
|
|
$
|
308
|
|
$
|
2,571
|
|
$
|
261
|
|
|
|
|
$
|
3,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,818
|
|
$
|
308
|
|
$
|
2,505
|
|
$
|
230
|
|
$
|
1
|
|
$
|
3,044
|
|
|
|
|
|
|
|
|
|
|
|
117
|
|
|
|
|
|
117
|
|
|
|
|
|
|
|
|
66
|
|
|
|
|
|
|
|
|
66
|
|
|
|
|
|
|
|
|
|
|
|
(86)
|
|
|
|
|
|
(86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
|
|
37,818
|
|
$
|
308
|
|
$
|
2,571
|
|
$
|
261
|
|
$
|
|
|
$
|
3,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,818
|
|
$
|
308
|
|
$
|
2,398
|
|
$
|
177
|
|
$
|
1
|
|
$
|
2,884
|
|
|
|
|
|
|
|
|
|
|
|
44
|
|
|
|
|
|
44
|
|
|
|
|
|
|
|
|
42
|
|
|
|
|
|
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
(42)
|
|
|
|
|
|
(42)
|
|
|
37,818
|
|
$
|
308
|
|
$
|
2,440
|
|
$
|
179
|
|
$
|
1
|
|
$
|
2,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,818
|
|
$
|
308
|
|
$
|
2,348
|
|
$
|
126
|
|
$
|
1
|
|
$
|
2,783
|
|
|
|
|
|
|
|
|
|
|
|
108
|
|
|
|
|
|
108
|
|
|
|
|
|
|
|
|
92
|
|
|
|
|
|
|
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
(55)
|
|
|
|
|
|
(55)
|
|
|
37,818
|
|
$
|
308
|
|
$
|
2,440
|
|
$
|
179
|
|
$
|
1
|
|
$
|
2,928
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Income Statement Data
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues from external customers
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
U.K. Regulated
|
|
$
|
672
|
|
$
|
572
|
|
$
|
1,320
|
|
$
|
1,220
|
|||
|
Kentucky Regulated
|
|
|
722
|
|
|
682
|
|
|
1,656
|
|
|
1,482
|
|||
|
Pennsylvania Regulated
|
|
|
448
|
|
|
413
|
|
|
1,039
|
|
|
925
|
|||
|
Supply (a)
|
|
|
1,027
|
|
|
1,780
|
|
|
74
|
|
|
2,274
|
|||
|
Corporate and Other
|
|
|
5
|
|
|
3
|
|
|
8
|
|
|
6
|
|||
Total
|
|
$
|
2,874
|
|
$
|
3,450
|
|
$
|
4,097
|
|
$
|
5,907
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment electric revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Supply
|
|
$
|
21
|
|
$
|
12
|
|
$
|
48
|
|
$
|
26
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to PPL Shareowners
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
U.K. Regulated (a)
|
|
$
|
187
|
|
$
|
245
|
|
$
|
393
|
|
$
|
558
|
|||
|
Kentucky Regulated
|
|
|
58
|
|
|
49
|
|
|
165
|
|
|
134
|
|||
|
Pennsylvania Regulated
|
|
|
52
|
|
|
45
|
|
|
137
|
|
|
109
|
|||
|
Supply (a)
|
|
|
5
|
|
|
77
|
|
|
(70)
|
|
|
31
|
|||
|
Corporate and Other (c)
|
|
|
(73)
|
|
|
(11)
|
|
|
(80)
|
|
|
(14)
|
|||
Total
|
|
$
|
229
|
|
$
|
405
|
|
$
|
545
|
|
$
|
818
|
|
|
|
June 30,
|
|
|||
|
|
|
|
2013
|
|||
Balance Sheet Data
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
U.K. Regulated
|
|
$
|
16,496
|
|
$
|
15,895
|
|
Kentucky Regulated
|
|
|
12,211
|
|
|
12,016
|
|
Pennsylvania Regulated
|
|
|
7,252
|
|
|
6,846
|
|
Supply
|
|
|
11,793
|
|
|
11,408
|
|
Corporate and Other (b)
|
|
|
441
|
|
|
94
|
Total assets
|
|
$
|
48,193
|
|
$
|
46,259
|
(a)
|
Includes unrealized gains and losses from economic activity. See Note 14 for additional information.
|
(b)
|
Primarily consists of unallocated items, including cash, PP&E and the elimination of inter-segment transactions.
|
(c)
|
2014 includes certain costs related to the anticipated spinoff of PPL Energy Supply, including deferred income tax expense and third party costs. See Note 8 for additional information.
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Income (Numerator)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations after income taxes attributable to PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
shareowners
|
|
$
|
229
|
|
$
|
404
|
|
$
|
545
|
|
$
|
817
|
||
Less amounts allocated to participating securities
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|||
Income from continuing operations after income taxes available to PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
common shareowners - Basic
|
|
|
228
|
|
|
402
|
|
|
542
|
|
|
813
|
||
Plus interest charges (net of tax) related to Equity Units (a)
|
|
|
|
|
|
15
|
|
|
9
|
|
|
30
|
|||
Income from continuing operations after income taxes available to PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
common shareowners - Diluted
|
|
$
|
228
|
|
$
|
417
|
|
$
|
551
|
|
$
|
843
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations (net of income taxes) available
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
to PPL common shareowners - Basic and Diluted
|
|
$
|
|
|
$
|
1
|
|
$
|
|
|
$
|
1
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to PPL shareowners
|
|
$
|
229
|
|
$
|
405
|
|
$
|
545
|
|
$
|
818
|
|||
Less amounts allocated to participating securities
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|||
Net income available to PPL common shareowners - Basic
|
|
|
228
|
|
|
403
|
|
|
542
|
|
|
814
|
|||
Plus interest charges (net of tax) related to Equity Units (a)
|
|
|
|
|
|
15
|
|
|
9
|
|
|
30
|
|||
Net income available to PPL common shareowners - Diluted
|
|
$
|
228
|
|
$
|
418
|
|
$
|
551
|
|
$
|
844
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of Common Stock (Denominator)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Weighted-average shares - Basic EPS
|
|
|
653,132
|
|
|
589,834
|
|
|
642,002
|
|
|
586,683
|
|||
Add incremental non-participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Share-based payment awards
|
|
|
2,100
|
|
|
1,133
|
|
|
1,806
|
|
|
971
|
|
|
|
Equity Units (a)
|
|
|
10,560
|
|
|
73,388
|
|
|
21,119
|
|
|
72,689
|
|
|
|
Forward sale agreements
|
|
|
|
|
|
260
|
|
|
|
|
|
920
|
|
Weighted-average shares - Diluted EPS
|
|
|
665,792
|
|
|
664,615
|
|
|
664,927
|
|
|
661,263
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Net Income Available to PPL common shareowners
|
|
$
|
0.35
|
|
$
|
0.68
|
|
$
|
0.84
|
|
$
|
1.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Net Income Available to PPL common shareowners
|
|
$
|
0.34
|
|
$
|
0.63
|
|
$
|
0.83
|
|
$
|
1.28
|
(a)
|
The If-Converted Method was applied to the Equity Units prior to settlement. See Note 7 for additional information on the 2011 Equity Units, including the issuance of PPL common stock on May 1, 2014 to settle the 2011 Purchase Contracts.
|
|
|
Three Months
|
|
Six Months
|
||||||||||
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation plans (a)
|
|
|
922
|
|
|
938
|
|
|
2,018
|
|
|
1,384
|
||
ESOP
|
|
|
|
|
|
|
|
|
|
|
|
275
|
||
DRIP
|
|
|
|
|
|
|
|
|
|
|
|
549
|
(a)
|
Includes stock options exercised, vesting of restricted stock and restricted stock units and conversion of stock units granted to directors.
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options
|
|
|
790
|
|
|
2,192
|
|
|
2,060
|
|
|
5,486
|
Performance units
|
|
|
1
|
|
|
5
|
|
|
1
|
|
|
108
|
Restricted stock units
|
|
|
|
|
|
|
|
|
61
|
|
|
58
|
(PPL)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal income tax on Income from Continuing Operations Before
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income Taxes at statutory tax rate - 35%
|
|
$
|
132
|
|
$
|
180
|
|
$
|
282
|
|
$
|
377
|
|||
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
State income taxes, net of federal income tax benefit
|
|
|
(7)
|
|
|
14
|
|
|
(5)
|
|
|
17
|
||
|
|
State valuation allowance adjustments (a)
|
|
|
46
|
|
|
|
|
|
46
|
|
|
|
||
|
|
Impact of lower U.K. income tax rates
|
|
|
(31)
|
|
|
(25)
|
|
|
(76)
|
|
|
(63)
|
||
|
|
U.S. income tax on foreign earnings - net of foreign tax credit (b)
|
|
|
10
|
|
|
(7)
|
|
|
21
|
|
|
(5)
|
||
|
|
Federal and state tax reserve adjustments (c)
|
|
|
|
|
|
(39)
|
|
|
|
|
|
(40)
|
||
|
|
Federal income tax credits
|
|
|
(1)
|
|
|
(2)
|
|
|
(2)
|
|
|
(5)
|
||
|
|
Amortization of investment tax credit
|
|
|
(1)
|
|
|
(2)
|
|
|
(3)
|
|
|
(5)
|
||
|
|
Depreciation not normalized
|
|
|
(2)
|
|
|
(1)
|
|
|
(4)
|
|
|
(4)
|
||
|
|
State deferred tax rate change
|
|
|
3
|
|
|
|
|
|
3
|
|
|
|
||
|
|
Other
|
|
|
|
|
|
(9)
|
|
|
(1)
|
|
|
(12)
|
||
|
|
|
Total increase (decrease)
|
|
|
17
|
|
|
(71)
|
|
|
(21)
|
|
|
(117)
|
|
Total income taxes
|
|
$
|
149
|
|
$
|
109
|
|
$
|
261
|
|
$
|
260
|
(a)
|
As a result of the spinoff announcement, PPL recorded deferred income tax expense during the three and six months ended June 30, 2014 to adjust valuation allowances on deferred tax assets primarily for state net operating loss carryforwards that were previously supported by the future earnings of PPL Energy Supply. See Note 8 for additional information on the anticipated spinoff.
|
(b)
|
During the three and six months ended June 30, 2014, PPL recorded income tax expense primarily attributable to the expected taxable amount of cash repatriation in 2014.
|
(c)
|
In 1997, the U.K. imposed a Windfall Profits Tax (WPT) on privatized utilities, including WPD. PPL filed its tax returns for years subsequent to its 1997 and 1998 claims for refund on the basis that the U.K. WPT was creditable. In September 2010, the U.S. Tax Court (Tax Court) ruled in PPL's favor in a dispute with the IRS, concluding that the U.K. WPT is a creditable tax for U.S. tax purposes. In January 2011, the IRS appealed the Tax Court's decision to the U.S. Court of Appeals for the Third Circuit (Third Circuit). In December 2011, the Third Circuit issued its opinion reversing the Tax Court's decision, holding that the U.K. WPT is not a creditable tax. As a result of the Third Circuit's adverse determination, PPL recorded a $39 million expense in 2011. In June 2012, the U.S. Court of Appeals for the Fifth Circuit issued a contrary opinion in an identical case involving another company. In July 2012, PPL filed a petition for
a writ of certiorari seeking U.S. Supreme Court review of the Third Circuit's opinion. The Supreme Court granted PPL's petition and oral argument was held in February 2013. In May 2013, the Supreme Court reversed the Third Circuit's opinion and ruled that the WPT is a creditable tax. As a result of the Supreme Court ruling, PPL recorded a tax benefit of $44 million during the three and six months ended June 30, 2013, of which $19 million relates to interest.
|
(PPL Energy Supply)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Federal income tax on Income (Loss) Before Income Taxes at statutory
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
tax rate - 35%
|
|
$
|
4
|
|
$
|
54
|
|
$
|
(37)
|
|
$
|
28
|
|||
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
State income taxes, net of federal income tax benefit (a)
|
|
|
(9)
|
|
|
9
|
|
|
(18)
|
|
|
3
|
||
|
|
Federal and state tax reserve adjustments
|
|
|
1
|
|
|
7
|
|
|
1
|
|
|
6
|
||
|
|
Federal income tax credits
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(3)
|
||
|
|
State deferred tax rate change
|
|
|
3
|
|
|
|
|
|
3
|
|
|
|
||
|
|
Other
|
|
|
(2)
|
|
|
(3)
|
|
|
|
|
|
(2)
|
||
|
|
|
Total increase (decrease)
|
|
|
(7)
|
|
|
13
|
|
|
(15)
|
|
|
4
|
|
Total income taxes
|
|
$
|
(3)
|
|
$
|
67
|
|
$
|
(52)
|
|
$
|
32
|
(a)
|
During the second quarter of 2014, PPL Energy Supply recorded a $9 million credit to income tax expense, comprised of a $4 million credit to income tax expense recorded in 2013 and a $5 million credit related to an adjustment to the annual estimated effective income tax rate utilized to calculate income tax expense for the three months ended March 31, 2014. The adjustment to the annual estimated effective income tax rate had no impact on income tax expense for the six months ended June 30, 2014. The adjustment related to 2013 is not material to previously-issued financial statements and is not expected to be material to the full year results for 2014.
|
(PPL Electric)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal income tax on Income Before Income Taxes at statutory
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
tax rate - 35%
|
|
$
|
29
|
|
$
|
24
|
|
$
|
77
|
|
$
|
58
|
|||
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
State income taxes, net of federal income tax benefit
|
|
|
4
|
|
|
3
|
|
|
12
|
|
|
8
|
||
|
|
Federal and state tax reserve adjustments
|
|
|
(1)
|
|
|
(2)
|
|
|
(1)
|
|
|
(4)
|
||
|
|
Depreciation not normalized
|
|
|
(1)
|
|
|
(1)
|
|
|
(3)
|
|
|
(4)
|
||
|
|
Other
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
||
|
|
|
Total increase (decrease)
|
|
|
2
|
|
|
|
|
|
7
|
|
|
(1)
|
|
Total income taxes
|
|
$
|
31
|
|
$
|
24
|
|
$
|
84
|
|
$
|
57
|
(LKE)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal income tax on Income from Continuing Operations Before
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income Taxes at statutory tax rate - 35%
|
|
$
|
37
|
|
$
|
35
|
|
$
|
102
|
|
$
|
89
|
|||
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
State income taxes, net of federal income tax benefit
|
|
|
4
|
|
|
3
|
|
|
10
|
|
|
8
|
||
|
|
Other
|
|
|
|
|
|
(1)
|
|
|
(2)
|
|
|
(3)
|
||
|
|
|
Total increase (decrease)
|
|
|
4
|
|
|
2
|
|
|
8
|
|
|
5
|
|
Total income taxes from continuing operations
|
|
$
|
41
|
|
$
|
37
|
|
$
|
110
|
|
$
|
94
|
(LG&E)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal income tax on Income Before Income Taxes at statutory
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
tax rate - 35%
|
|
$
|
20
|
|
$
|
16
|
|
$
|
48
|
|
$
|
40
|
|||
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
State income taxes, net of federal income tax benefit
|
|
|
2
|
|
|
1
|
|
|
5
|
|
|
4
|
||
|
|
Other
|
|
|
(1)
|
|
|
|
|
|
(2)
|
|
|
(2)
|
||
|
|
|
Total increase (decrease)
|
|
|
1
|
|
|
1
|
|
|
3
|
|
|
2
|
|
Total income taxes
|
|
$
|
21
|
|
$
|
17
|
|
$
|
51
|
|
$
|
42
|
(KU)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Federal income tax on Income Before Income Taxes at statutory
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
tax rate - 35%
|
|
$
|
23
|
|
$
|
25
|
|
$
|
66
|
|
$
|
61
|
|||
Increase (decrease) due to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
State income taxes, net of federal income tax benefit
|
|
|
2
|
|
|
2
|
|
|
7
|
|
|
6
|
||
|
|
Other
|
|
|
1
|
|
|
(1)
|
|
|
(1)
|
|
|
(2)
|
||
|
|
|
Total increase (decrease)
|
|
|
3
|
|
|
1
|
|
|
6
|
|
|
4
|
|
Total income taxes
|
|
$
|
26
|
|
$
|
26
|
|
$
|
72
|
|
$
|
65
|
|
|
|
PPL
|
|
PPL Electric
|
||||||||
|
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|
|||||
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental cost recovery
|
|
$
|
1
|
|
$
|
7
|
|
|
|
|
|
|
|
Gas supply clause
|
|
|
20
|
|
|
10
|
|
|
|
|
|
|
|
Fuel adjustment clause
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
Demand side management
|
|
|
3
|
|
|
8
|
|
|
|
|
|
|
|
Other
|
|
|
5
|
|
|
6
|
|
$
|
2
|
|
$
|
6
|
Total current regulatory assets
|
|
$
|
29
|
|
$
|
33
|
|
$
|
2
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plans
|
|
$
|
493
|
|
$
|
509
|
|
$
|
252
|
|
$
|
257
|
|
Taxes recoverable through future rates
|
|
|
312
|
|
|
306
|
|
|
312
|
|
|
306
|
|
Storm costs
|
|
|
135
|
|
|
147
|
|
|
49
|
|
|
53
|
|
Unamortized loss on debt
|
|
|
80
|
|
|
85
|
|
|
53
|
|
|
57
|
|
Interest rate swaps
|
|
|
51
|
|
|
44
|
|
|
|
|
|
|
|
Accumulated cost of removal of utility plant
|
|
|
105
|
|
|
98
|
|
|
105
|
|
|
98
|
|
AROs
|
|
|
58
|
|
|
44
|
|
|
|
|
|
|
|
Other
|
|
|
8
|
|
|
13
|
|
|
|
|
|
1
|
Total noncurrent regulatory assets
|
|
$
|
1,242
|
|
$
|
1,246
|
|
$
|
771
|
|
$
|
772
|
Current Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation supply charge
|
|
$
|
30
|
|
$
|
23
|
|
$
|
30
|
|
$
|
23
|
|
Environmental cost recovery
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
Gas supply clause
|
|
|
2
|
|
|
3
|
|
|
|
|
|
|
|
Transmission service charge
|
|
|
6
|
|
|
8
|
|
|
6
|
|
|
8
|
|
Fuel adjustment clause
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
Transmission formula rate
|
|
|
32
|
|
|
20
|
|
|
32
|
|
|
20
|
|
Universal service rider
|
|
|
|
|
|
10
|
|
|
|
|
|
10
|
|
Storm damage expense
|
|
|
2
|
|
|
14
|
|
|
2
|
|
|
14
|
|
Gas line tracker
|
|
|
7
|
|
|
6
|
|
|
|
|
|
|
|
Other
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
1
|
Total current regulatory liabilities
|
|
$
|
82
|
|
$
|
90
|
|
$
|
72
|
|
$
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated cost of removal of utility plant
|
|
$
|
694
|
|
$
|
688
|
|
|
|
|
|
|
|
Coal contracts (a)
|
|
|
78
|
|
|
98
|
|
|
|
|
|
|
|
Power purchase agreement - OVEC (a)
|
|
|
96
|
|
|
100
|
|
|
|
|
|
|
|
Net deferred tax assets
|
|
|
28
|
|
|
30
|
|
|
|
|
|
|
|
Act 129 compliance rider
|
|
|
12
|
|
|
15
|
|
$
|
12
|
|
$
|
15
|
|
Defined benefit plans
|
|
|
28
|
|
|
26
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
84
|
|
|
86
|
|
|
|
|
|
|
|
Other
|
|
|
6
|
|
|
5
|
|
|
|
|
|
|
Total noncurrent regulatory liabilities
|
|
$
|
1,026
|
|
$
|
1,048
|
|
$
|
12
|
|
$
|
15
|
|
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||||||||
|
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|
|||||||
|
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental cost recovery
|
|
$
|
1
|
|
$
|
7
|
|
$
|
1
|
|
$
|
2
|
|
|
|
|
$
|
5
|
|
Gas supply clause
|
|
|
20
|
|
|
10
|
|
|
20
|
|
|
10
|
|
|
|
|
|
|
|
Fuel adjustment clause
|
|
|
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
Demand side management
|
|
|
3
|
|
|
8
|
|
|
2
|
|
|
3
|
|
$
|
1
|
|
|
5
|
|
Other
|
|
|
3
|
|
|
|
|
|
1
|
|
|
|
|
|
2
|
|
|
|
Total current regulatory assets
|
|
$
|
27
|
|
$
|
27
|
|
$
|
24
|
|
$
|
17
|
|
$
|
3
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plans
|
|
$
|
241
|
|
$
|
252
|
|
$
|
162
|
|
$
|
164
|
|
$
|
79
|
|
$
|
88
|
|
Storm costs
|
|
|
86
|
|
|
94
|
|
|
47
|
|
|
51
|
|
|
39
|
|
|
43
|
|
Unamortized loss on debt
|
|
|
27
|
|
|
28
|
|
|
18
|
|
|
18
|
|
|
9
|
|
|
10
|
|
Interest rate swaps
|
|
|
51
|
|
|
44
|
|
|
51
|
|
|
44
|
|
|
|
|
|
|
|
AROs
|
|
|
58
|
|
|
44
|
|
|
25
|
|
|
21
|
|
|
33
|
|
|
23
|
|
Other
|
|
|
8
|
|
|
12
|
|
|
3
|
|
|
5
|
|
|
5
|
|
|
7
|
Total noncurrent regulatory assets
|
|
$
|
471
|
|
$
|
474
|
|
$
|
306
|
|
$
|
303
|
|
$
|
165
|
|
$
|
171
|
Current Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Environmental cost recovery
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
$
|
1
|
|
|
|
|
|
Gas supply clause
|
|
|
2
|
|
$
|
3
|
|
$
|
2
|
|
$
|
3
|
|
|
|
|
|
|
|
|
Fuel adjustment clause
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
$
|
4
|
|
|
Gas line tracker
|
|
|
7
|
|
|
6
|
|
|
7
|
|
|
6
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Total current regulatory liabilities
|
|
$
|
10
|
|
$
|
14
|
|
$
|
9
|
|
$
|
9
|
|
$
|
1
|
|
$
|
5
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Accumulated cost of removal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of utility plant
|
|
$
|
694
|
|
$
|
688
|
|
$
|
303
|
|
$
|
299
|
|
$
|
391
|
|
$
|
389
|
|
Coal contracts (a)
|
|
|
78
|
|
|
98
|
|
|
34
|
|
|
43
|
|
|
44
|
|
|
55
|
|
|
Power purchase agreement - OVEC (a)
|
|
|
96
|
|
|
100
|
|
|
66
|
|
|
69
|
|
|
30
|
|
|
31
|
|
|
Net deferred tax assets
|
|
|
28
|
|
|
30
|
|
|
25
|
|
|
26
|
|
|
3
|
|
|
4
|
|
|
Defined benefit plans
|
|
|
28
|
|
|
26
|
|
|
|
|
|
|
|
|
28
|
|
|
26
|
|
|
Interest rate swaps
|
|
|
84
|
|
|
86
|
|
|
42
|
|
|
43
|
|
|
42
|
|
|
43
|
|
|
Other
|
|
|
6
|
|
|
5
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
3
|
|
Total noncurrent regulatory liabilities
|
|
$
|
1,014
|
|
$
|
1,033
|
|
$
|
472
|
|
$
|
482
|
|
$
|
542
|
|
$
|
551
|
(a)
|
These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL.
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Letters of
|
|
|
|
|
|
|
Letters of
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
|
|
|
|
|
|
|
|
Credit
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
|
|
|
and
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
Commercial
|
||
|
|
|
|
|
|
|
Expiration
|
|
|
|
|
|
|
Paper
|
|
Unused
|
|
|
|
Paper
|
||||||
|
|
|
|
|
|
|
Date
|
|
Capacity
|
|
Borrowed
|
|
Issued
|
|
Capacity
|
|
Borrowed
|
|
Issued
|
|||||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.K.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
PPL WW Syndicated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Credit Facility
|
|
Dec. 2016
|
|
£
|
210
|
|
£
|
97
|
|
|
|
|
£
|
113
|
|
£
|
103
|
|
|
|
|||
|
|
WPD (South West)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Syndicated Credit Facility (c)
|
|
Jan. 2017
|
|
|
245
|
|
|
|
|
|
|
|
|
245
|
|
|
|
|
|
|
|||
|
|
WPD (East Midlands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Syndicated Credit Facility (c)
|
|
Apr. 2016
|
|
|
300
|
|
|
|
|
|
|
|
|
300
|
|
|
|
|
|
|
|||
|
|
WPD (West Midlands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Syndicated Credit Facility (c)
|
|
Apr. 2016
|
|
|
300
|
|
|
|
|
|
|
|
|
300
|
|
|
|
|
|
|
|||
|
|
Uncommitted Credit Facilities
|
|
|
|
|
105
|
|
|
|
|
£
|
5
|
|
|
100
|
|
|
|
|
£
|
5
|
||||
|
|
|
Total U.K. Credit Facilities (a)
|
|
|
|
£
|
1,160
|
|
£
|
97
|
|
£
|
5
|
|
£
|
1,058
|
|
£
|
103
|
|
£
|
5
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
PPL Capital Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Syndicated Credit Facility (b)
|
|
Nov. 2018
|
|
$
|
300
|
|
|
|
|
|
|
|
$
|
300
|
|
$
|
270
|
|
|
|
||||
|
|
Bilateral Credit Facility
|
|
Mar. 2015
|
|
|
150
|
|
|
|
|
$
|
11
|
|
|
139
|
|
|
|
|
|
|
||||
|
|
|
Total PPL Capital Funding Credit Facilities
|
|
|
|
$
|
450
|
|
|
|
|
$
|
11
|
|
$
|
439
|
|
$
|
270
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Syndicated Credit Facility (b)
|
|
Nov. 2017
|
|
$
|
3,000
|
|
$
|
175
|
|
$
|
264
|
|
$
|
2,561
|
|
|
|
|
$
|
29
|
|||||
|
Letter of Credit Facility
|
|
Mar. 2015
|
|
|
150
|
|
|
|
|
|
143
|
|
|
7
|
|
|
|
|
|
138
|
|||||
|
Uncommitted Credit Facilities (c)
|
|
|
|
|
175
|
|
|
|
|
|
77
|
|
|
98
|
|
|
|
|
|
77
|
|||||
|
|
|
Total PPL Energy Supply Credit Facilities
|
|
$
|
3,325
|
|
$
|
175
|
|
$
|
484
|
|
$
|
2,666
|
|
|
|
|
$
|
244
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Electric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Syndicated Credit Facility (c)
|
|
Oct. 2017
|
|
$
|
300
|
|
|
|
|
$
|
1
|
|
$
|
299
|
|
|
|
|
$
|
21
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LKE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Syndicated Credit Facility (b)
|
|
Oct. 2018
|
|
$
|
75
|
|
$
|
75
|
|
|
|
|
|
|
|
$
|
75
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LG&E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Syndicated Credit Facility (c)
|
|
Nov. 2017
|
|
$
|
500
|
|
|
|
|
$
|
70
|
|
$
|
430
|
|
|
|
|
$
|
20
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Syndicated Credit Facility (c)
|
|
Nov. 2017
|
|
$
|
400
|
|
|
|
|
$
|
175
|
|
$
|
225
|
|
|
|
|
$
|
150
|
|||||
|
Letter of Credit Facility
|
|
May 2016
|
|
|
198
|
|
|
|
|
|
198
|
|
|
|
|
|
|
|
|
198
|
|||||
|
|
|
Total KU Credit Facilities
|
|
|
|
$
|
598
|
|
|
|
|
$
|
373
|
|
$
|
225
|
|
|
|
|
$
|
348
|
(a)
|
PPL WW's amounts borrowed at June 30, 2014 and December 31, 2013 were USD-denominated borrowings of $164 million and $166 million, which bore interest at 1.85% and 1.87%. At June 30, 2014, the unused capacity under the U.K. credit facilities was $1.8 billion.
|
(b)
|
At June 30, 2014, interest rates on outstanding borrowings were 2.04% for PPL Energy Supply and 1.65% for LKE. At December 31, 2013, interest rates on outstanding borrowings were 1.79% for PPL Capital Funding and 1.67% for LKE.
|
(c)
|
In July 2014, the expiration dates for the WPD (South West), WPD (East Midlands), WPD (West Midlands), LG&E and KU syndicated credit facilities were extended to July 2019 and the PPL Electric syndicated credit facility was extended to October 2018. Also, in July 2014, PPL Energy Supply extended the expiration date for its uncommitted credit facility to July 2015.
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
Weighted -
|
|
|
|
|
Commercial
|
|
|
|
Weighted -
|
|
Commercial
|
|||||
|
|
|
|
|
|
|
Average
|
|
|
|
|
Paper
|
|
Unused
|
|
Average
|
|
Paper
|
|||||
|
|
|
|
|
|
|
Interest Rate
|
|
Capacity
|
|
Issuances
|
|
Capacity
|
|
Interest Rate
|
|
Issuances
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
0.75%
|
|
$
|
750
|
|
$
|
149
|
|
$
|
601
|
|
|
|
|
|
|
|||||
|
PPL Electric
|
|
|
|
|
300
|
|
|
|
|
|
300
|
|
|
0.23%
|
|
$
|
20
|
|||||
|
LG&E
|
|
0.29%
|
|
|
350
|
|
|
70
|
|
|
280
|
|
|
0.29%
|
|
|
20
|
|||||
|
KU
|
|
0.29%
|
|
|
350
|
|
|
175
|
|
|
175
|
|
|
0.32%
|
|
|
150
|
|||||
|
|
|
Total
|
|
|
|
$
|
1,750
|
|
$
|
394
|
|
$
|
1,356
|
|
|
|
|
$
|
190
|
|
|
|
|
Pension Benefits
|
||||||||||||||||||||||
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||||||||||
|
|
|
|
U.S.
|
|
U.K.
|
|
U.S.
|
|
U.K.
|
||||||||||||||||
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Service cost
|
|
$
|
25
|
|
$
|
32
|
|
$
|
18
|
|
$
|
16
|
|
$
|
51
|
|
$
|
63
|
|
$
|
36
|
|
$
|
34
|
||
Interest cost
|
|
|
58
|
|
|
53
|
|
|
90
|
|
|
78
|
|
|
117
|
|
|
107
|
|
|
178
|
|
|
159
|
||
Expected return on plan assets
|
|
|
(75)
|
|
|
(73)
|
|
|
(132)
|
|
|
(113)
|
|
|
(149)
|
|
|
(147)
|
|
|
(262)
|
|
|
(231)
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Prior service cost
|
|
|
5
|
|
|
5
|
|
|
|
|
|
|
|
|
10
|
|
|
11
|
|
|
|
|
|
|
|
|
Actuarial (gain) loss
|
|
|
8
|
|
|
20
|
|
|
33
|
|
|
37
|
|
|
15
|
|
|
40
|
|
|
66
|
|
|
75
|
Net periodic defined benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
costs (credits) prior to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
termination benefits
|
|
|
21
|
|
|
37
|
|
|
9
|
|
|
18
|
|
|
44
|
|
|
74
|
|
|
18
|
|
|
37
|
|
Termination benefits (a)
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
||
Net periodic defined benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
costs (credits)
|
|
$
|
41
|
|
$
|
37
|
|
$
|
9
|
|
$
|
18
|
|
$
|
64
|
|
$
|
74
|
|
$
|
18
|
|
$
|
37
|
|
|
|
|
Pension Benefits
|
||||||||||
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Service cost
|
|
$
|
2
|
|
$
|
2
|
|
$
|
3
|
|
$
|
4
|
||
Interest cost
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
4
|
||
Expected return on plan assets
|
|
|
(3)
|
|
|
(2)
|
|
|
(5)
|
|
|
(5)
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Actuarial (gain) loss
|
|
|
1
|
|
|
|
|
|
1
|
|
|
1
|
Net periodic defined benefit costs (credits)
|
|
$
|
2
|
|
$
|
2
|
|
$
|
3
|
|
$
|
4
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LKE
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Service cost
|
|
$
|
5
|
|
$
|
6
|
|
$
|
11
|
|
$
|
13
|
||
Interest cost
|
|
|
16
|
|
|
15
|
|
|
33
|
|
|
31
|
||
Expected return on plan assets
|
|
|
(21)
|
|
|
(20)
|
|
|
(41)
|
|
|
(41)
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Prior service cost
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
Actuarial (gain) loss
|
|
|
3
|
|
|
9
|
|
|
6
|
|
|
17
|
Net periodic defined benefit costs (credits)
|
|
$
|
4
|
|
$
|
11
|
|
$
|
11
|
|
$
|
22
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LG&E
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Service cost
|
|
$
|
1
|
|
|
|
|
$
|
1
|
|
$
|
1
|
||
Interest cost
|
|
|
3
|
|
$
|
4
|
|
|
7
|
|
|
7
|
||
Expected return on plan assets
|
|
|
(5)
|
|
|
(5)
|
|
|
(10)
|
|
|
(10)
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Prior service cost
|
|
|
|
|
|
|
|
|
1
|
|
|
1
|
|
|
Actuarial (gain) loss
|
|
|
2
|
|
|
4
|
|
|
3
|
|
|
7
|
Net periodic defined benefit costs (credits)
|
|
$
|
1
|
|
$
|
3
|
|
$
|
2
|
|
$
|
6
|
(a)
|
See Note 10 for details of a one-time voluntary retirement window offered to certain bargaining unit employees.
|
|
|
|
Other Postretirement Benefits
|
||||||||||
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$
|
3
|
|
$
|
3
|
|
$
|
6
|
|
$
|
7
|
|
Interest cost
|
|
|
8
|
|
|
7
|
|
|
16
|
|
|
14
|
|
Expected return on plan assets
|
|
|
(7)
|
|
|
(6)
|
|
|
(13)
|
|
|
(12)
|
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial (gain) loss
|
|
|
|
|
|
2
|
|
|
|
|
|
3
|
Net periodic defined benefit costs (credits)
|
|
$
|
4
|
|
$
|
6
|
|
$
|
9
|
|
$
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LKE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$
|
1
|
|
$
|
1
|
|
$
|
2
|
|
$
|
2
|
|
Interest cost
|
|
|
3
|
|
|
2
|
|
|
5
|
|
|
4
|
|
Expected return on plan assets
|
|
|
(2)
|
|
|
(1)
|
|
|
(3)
|
|
|
(2)
|
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost
|
|
|
|
|
|
|
|
|
1
|
|
|
1
|
Net periodic defined benefit costs (credits)
|
|
$
|
2
|
|
$
|
2
|
|
$
|
5
|
|
$
|
5
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply (a)
|
|
$
|
23
|
|
$
|
12
|
|
$
|
30
|
|
$
|
23
|
PPL Electric (a)
|
|
|
10
|
|
|
9
|
|
|
15
|
|
|
18
|
LG&E
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
6
|
KU
|
|
|
1
|
|
|
5
|
|
|
4
|
|
|
9
|
(a)
|
The three and six months ended June 30, 2014 include $16 million and $4 million of termination benefits for PPL Energy Supply and PPL Electric related to a one-time voluntary retirement window offered to certain bargaining unit employees. See Note 10 for additional information.
|
|
|
|
|
|
|
PPL Energy
|
|
|
PPL
|
|
|
|
PPL
|
|
|
Supply
|
|
|
Electric
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
$
|
20
|
|
$
|
16
|
|
$
|
4
|
Severance Compensation
|
|
|
9
|
|
|
7
|
|
|
2
|
Total Separation Benefits
|
|
$
|
29
|
|
$
|
23
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
|
Number of Employees
|
|
|
155
|
|
|
124
|
|
|
30
|
|
|
Exposure at
|
|
Expiration
|
||
|
|
|
Date
|
|||
PPL
|
|
|
|
|
|
|
Indemnifications related to the WPD Midlands acquisition
|
|
|
|
(a)
|
|
|
WPD indemnifications for entities in liquidation and sales of assets
|
|
$
|
12
|
(b)
|
|
2017 - 2018
|
WPD guarantee of pension and other obligations of unconsolidated entities
|
|
|
131
|
(c)
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
Letters of credit issued on behalf of affiliates
|
|
|
45
|
(d)
|
|
2014 - 2015
|
Indemnifications for sales of assets
|
|
|
250
|
(e)
|
|
2025
|
Guarantee of a portion of a divested unconsolidated entity's debt
|
|
|
22
|
(f)
|
|
2018
|
|
|
|
|
|
|
|
PPL Electric
|
|
|
|
|
|
|
Guarantee of inventory value
|
|
|
38
|
(g)
|
|
2017
|
|
|
|
|
|
|
|
LKE
|
|
|
|
|
|
|
Indemnification of lease termination and other divestitures
|
|
|
301
|
(h)
|
|
2021 - 2023
|
|
|
|
|
|
|
|
LG&E and KU
|
|
|
|
|
|
|
LG&E and KU guarantee of shortfall related to OVEC
|
|
|
|
(i)
|
|
|
(a)
|
Indemnifications related to certain liabilities, including a specific unresolved tax issue and those relating to properties and assets owned by the seller that were transferred to WPD Midlands in connection with the acquisition. A cross indemnity has been received from the seller on the tax issue. The maximum exposure and expiration of these indemnifications cannot be estimated because the maximum potential liability is not capped and the expiration date is not specified in the transaction documents.
|
(b)
|
Indemnification to the liquidators and certain others for existing liabilities or expenses or liabilities arising during the liquidation process. The indemnifications are limited to distributions made from the subsidiary to its parent either prior or subsequent to liquidation or are not explicitly stated in the agreements. The indemnifications generally expire two to seven years subsequent to the date of dissolution of the entities. The exposure noted only includes those cases where the agreements provide for specific limits.
|
(c)
|
Relates to certain obligations of discontinued or modified electric associations that were guaranteed at the time of privatization by the participating members. Costs are allocated to the members and can be reallocated if an existing member becomes insolvent. At June 30, 2014, WPD has recorded an estimated discounted liability for which the expected payment/performance is probable. Neither the expiration date nor the maximum amount of potential payments for certain obligations is explicitly stated in the related agreements, and as a result, the exposure has been estimated.
|
(d)
|
Standby letter of credit arrangements under PPL Energy Supply's credit facilities for the purposes of protecting various third parties against nonperformance by PPL. This is not a guarantee by PPL on a consolidated basis.
|
(e)
|
Indemnifications are governed by the specific sales agreement and include breach of the representations, warranties and covenants, and liabilities for certain other matters. PPL Energy Supply's maximum exposure with respect to certain indemnifications and the expiration of the indemnifications cannot be estimated because the maximum potential liability is not capped by the transaction documents and the expiration date is based on the applicable statute of limitations. The exposure and expiration date noted is based on those cases in which the agreements provide for specific limits.
|
(f)
|
Relates to a guarantee of one-third of the divested entity's debt. The purchaser provided a cross-indemnity, secured by a lien on the purchaser's stock of the divested entity. The exposure noted reflects principal only.
|
(g)
|
A third party logistics firm provides inventory procurement and fulfillment services. The logistics firm has title to the inventory, however, upon termination of the contracts, PPL Electric has guaranteed to purchase any remaining inventory that has not been used or sold.
|
(h)
|
LKE provides certain indemnifications, the most significant of which relate to the termination of the WKE lease in July 2009. These guarantees cover the due and punctual payment, performance and discharge by each party of its respective present and future obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under the WKE Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a cumulative maximum exposure of $200 million. Certain items such as government fines and penalties fall outside the cumulative cap. LKE has contested the applicability of the indemnification requirement relating to one matter presented by a counterparty under this guarantee. Another guarantee with a maximum exposure of $100 million covering other indemnifications expires in 2023. In May 2012, LKE's indemnitee
received an arbitration panel's decision affecting this matter, which granted LKE's indemnitee certain rights of first refusal to purchase excess power at a market-based price rather than at an absolute fixed price. In January 2013, LKE's indemnitee commenced a proceeding in the Kentucky Court of Appeals appealing the December 2012 order of the Henderson Circuit Court, confirming the arbitration award. On May 30, 2014, the Court of Appeals issued an opinion affirming the lower court decision, but LKE's indemnitee has filed a Petition for Rehearing with the Court of Appeals. LKE believes its indemnification obligations in this matter remain subject to various uncertainties, including potential for additional legal challenges regarding the arbitration decision as well as future prices, availability and demand for the subject excess power. LKE continues to evaluate various legal and commercial options with respect to
this indemnification matter. The ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum; however, LKE is not aware of formal claims under such indemnities made by any party at this time. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of such indemnification circumstances, but does not currently expect such outcomes to result in significant losses above the amounts recorded.
|
(i)
|
Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement and decommissioning costs, as well as any shortfall from amounts currently included within a demand charge designed and currently expected to cover these costs over the term of the contract. The maximum exposure and the expiration date of these potential obligations are not presently determinable. See "Energy Purchase Commitments" and "Guarantees and Other Assurances" in Note 15 in PPL's, LKE's, LG&E's and KU's 2013 Form 10-K for additional information on the OVEC power purchase contract.
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply from PPL Services
|
|
$
|
54
|
|
$
|
52
|
|
$
|
112
|
|
$
|
109
|
PPL Electric from PPL Services
|
|
|
38
|
|
|
34
|
|
|
79
|
|
|
72
|
LKE from PPL Services
|
|
|
4
|
|
|
4
|
|
|
8
|
|
|
8
|
LG&E from LKS
|
|
|
57
|
|
|
67
|
|
|
105
|
|
|
106
|
KU from LKS
|
|
|
59
|
|
|
44
|
|
|
112
|
|
|
110
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Earnings on securities in NDT funds
|
|
$
|
6
|
|
$
|
5
|
|
$
|
12
|
|
$
|
10
|
|
|
Interest income
|
|
|
3
|
|
|
|
|
|
4
|
|
|
1
|
|
|
AFUDC - equity component
|
|
|
2
|
|
|
2
|
|
|
5
|
|
|
5
|
|
|
Miscellaneous - Domestic
|
|
|
2
|
|
|
7
|
|
|
4
|
|
|
9
|
|
|
Miscellaneous - U.K.
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
Total Other Income
|
|
|
13
|
|
|
14
|
|
|
25
|
|
|
26
|
|
Other Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Economic foreign currency exchange contracts (Note 14)
|
|
|
72
|
|
|
(4)
|
|
|
96
|
|
|
(123)
|
|
|
Charitable contributions
|
|
|
2
|
|
|
4
|
|
|
9
|
|
|
8
|
|
|
Spinoff of PPL Energy Supply transaction costs (Note 8)
|
|
16
|
|
|
|
|
|
16
|
|
|
|
||
|
Miscellaneous - Domestic
|
|
|
5
|
|
|
1
|
|
|
8
|
|
|
5
|
|
|
Miscellaneous - U.K.
|
|
|
|
|
|
|
|
|
1
|
|
|
1
|
|
|
Total Other Expense
|
|
|
95
|
|
|
1
|
|
|
130
|
|
|
(109)
|
|
Other Income (Expense) - net
|
|
$
|
(82)
|
|
$
|
13
|
|
$
|
(105)
|
|
$
|
135
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents
|
|
$
|
1,269
|
|
$
|
1,269
|
|
|
|
|
|
|
|
$
|
1,102
|
|
$
|
1,102
|
|
|
|
|
|
|
||
|
Restricted cash and cash equivalents (a)
|
|
|
408
|
|
|
408
|
|
|
|
|
|
|
|
|
156
|
|
|
156
|
|
|
|
|
|
|
||
|
Price risk management assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Energy commodities
|
|
|
1,374
|
|
|
2
|
|
$
|
1,206
|
|
$
|
166
|
|
|
1,188
|
|
|
3
|
|
$
|
1,123
|
|
$
|
62
|
|
|
|
Interest rate swaps
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
|
91
|
|
|
|
|
|
91
|
|
|
|
|
|
|
Foreign currency contracts
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total price risk management assets
|
|
|
1,377
|
|
|
2
|
|
|
1,209
|
|
|
166
|
|
|
1,279
|
|
|
3
|
|
|
1,214
|
|
|
62
|
||
|
NDT funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Cash and cash equivalents
|
|
|
16
|
|
|
16
|
|
|
|
|
|
|
|
|
14
|
|
|
14
|
|
|
|
|
|
|
|
|
|
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. large-cap
|
|
|
580
|
|
|
432
|
|
|
148
|
|
|
|
|
|
547
|
|
|
409
|
|
|
138
|
|
|
|
|
|
|
U.S. mid/small-cap
|
|
|
85
|
|
|
35
|
|
|
50
|
|
|
|
|
|
81
|
|
|
33
|
|
|
48
|
|
|
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
|
|
|
97
|
|
|
97
|
|
|
|
|
|
|
|
|
95
|
|
|
95
|
|
|
|
|
|
|
|
|
|
U.S. government sponsored agency
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
|
Municipality
|
|
|
78
|
|
|
|
|
|
78
|
|
|
|
|
|
77
|
|
|
|
|
|
77
|
|
|
|
|
|
|
Investment-grade corporate
|
|
|
41
|
|
|
|
|
|
41
|
|
|
|
|
|
38
|
|
|
|
|
|
38
|
|
|
|
|
|
|
Other
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
Receivables (payables), net
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
|
|
1
|
|
|
(1)
|
|
|
2
|
|
|
|
|
|
Total NDT funds
|
|
|
911
|
|
|
580
|
|
|
331
|
|
|
|
|
|
864
|
|
|
550
|
|
|
314
|
|
|
|
||
Auction rate securities (b)
|
|
|
16
|
|
|
|
|
|
|
|
|
16
|
|
|
19
|
|
|
|
|
|
|
|
|
19
|
|||
Total assets
|
|
$
|
3,981
|
|
$
|
2,259
|
|
$
|
1,540
|
|
$
|
182
|
|
$
|
3,420
|
|
$
|
1,811
|
|
$
|
1,528
|
|
$
|
81
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Price risk management liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Energy commodities
|
|
$
|
1,480
|
|
$
|
2
|
|
$
|
1,386
|
|
$
|
92
|
|
$
|
1,070
|
|
$
|
4
|
|
$
|
1,028
|
|
$
|
38
|
|
|
|
Interest rate swaps
|
|
|
54
|
|
|
|
|
|
54
|
|
|
|
|
|
36
|
|
|
|
|
|
36
|
|
|
|
|
|
|
Foreign currency contracts
|
|
|
176
|
|
|
|
|
|
176
|
|
|
|
|
|
106
|
|
|
|
|
|
106
|
|
|
|
|
|
|
Cross-currency swaps
|
|
|
47
|
|
|
|
|
|
47
|
|
|
|
|
|
32
|
|
|
|
|
|
32
|
|
|
|
|
|
Total price risk management liabilities
|
|
$
|
1,757
|
|
$
|
2
|
|
$
|
1,663
|
|
$
|
92
|
|
$
|
1,244
|
|
$
|
4
|
|
$
|
1,202
|
|
$
|
38
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents
|
|
$
|
264
|
|
$
|
264
|
|
|
|
|
|
|
|
$
|
239
|
|
$
|
239
|
|
|
|
|
|
|
||
|
Restricted cash and cash equivalents (a)
|
|
|
343
|
|
|
343
|
|
|
|
|
|
|
|
|
85
|
|
|
85
|
|
|
|
|
|
|
||
|
Price risk management assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Energy commodities
|
|
|
1,374
|
|
|
2
|
|
$
|
1,206
|
|
$
|
166
|
|
|
1,188
|
|
|
3
|
|
$
|
1,123
|
|
$
|
62
|
|
|
Total price risk management assets
|
|
|
1,374
|
|
|
2
|
|
|
1,206
|
|
|
166
|
|
|
1,188
|
|
|
3
|
|
|
1,123
|
|
|
62
|
||
|
NDT funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Cash and cash equivalents
|
|
|
16
|
|
|
16
|
|
|
|
|
|
|
|
|
14
|
|
|
14
|
|
|
|
|
|
|
|
|
|
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. large-cap
|
|
|
580
|
|
|
432
|
|
|
148
|
|
|
|
|
|
547
|
|
|
409
|
|
|
138
|
|
|
|
|
|
|
U.S. mid/small-cap
|
|
|
85
|
|
|
35
|
|
|
50
|
|
|
|
|
|
81
|
|
|
33
|
|
|
48
|
|
|
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
|
|
|
97
|
|
|
97
|
|
|
|
|
|
|
|
|
95
|
|
|
95
|
|
|
|
|
|
|
|
|
|
U.S. government sponsored agency
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
|
Municipality
|
|
|
78
|
|
|
|
|
|
78
|
|
|
|
|
|
77
|
|
|
|
|
|
77
|
|
|
|
|
|
|
Investment-grade corporate
|
|
|
41
|
|
|
|
|
|
41
|
|
|
|
|
|
38
|
|
|
|
|
|
38
|
|
|
|
|
|
|
Other
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
Receivables (payables), net
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
|
|
1
|
|
|
(1)
|
|
|
2
|
|
|
|
|
|
Total NDT funds
|
|
|
911
|
|
|
580
|
|
|
331
|
|
|
|
|
|
864
|
|
|
550
|
|
|
314
|
|
|
|
||
|
Auction rate securities (b)
|
|
|
13
|
|
|
|
|
|
|
|
|
13
|
|
|
16
|
|
|
|
|
|
|
|
|
16
|
||
Total assets
|
|
$
|
2,905
|
|
$
|
1,189
|
|
$
|
1,537
|
|
$
|
179
|
|
$
|
2,392
|
|
$
|
877
|
|
$
|
1,437
|
|
$
|
78
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Price risk management liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Energy commodities
|
|
$
|
1,480
|
|
$
|
2
|
|
$
|
1,386
|
|
$
|
92
|
|
$
|
1,070
|
|
$
|
4
|
|
$
|
1,028
|
|
$
|
38
|
|
|
Total price risk management liabilities
|
|
$
|
1,480
|
|
$
|
2
|
|
$
|
1,386
|
|
$
|
92
|
|
$
|
1,070
|
|
$
|
4
|
|
$
|
1,028
|
|
$
|
38
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Electric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents
|
|
$
|
149
|
|
$
|
149
|
|
|
|
|
|
|
|
$
|
25
|
|
$
|
25
|
|
|
|
|
|
|
||
|
Restricted cash and cash equivalents (c)
|
|
|
3
|
|
|
3
|
|
|
|
|
|
|
|
|
12
|
|
|
12
|
|
|
|
|
|
|
||
Total assets
|
|
$
|
152
|
|
$
|
152
|
|
|
|
|
|
|
|
$
|
37
|
|
$
|
37
|
|
|
|
|
|
|
LKE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents
|
|
$
|
23
|
|
$
|
23
|
|
|
|
|
|
|
|
$
|
35
|
|
$
|
35
|
|
|
|
|
|
|
||
|
Restricted cash and cash equivalents (d)
|
|
|
21
|
|
|
21
|
|
|
|
|
|
|
|
|
22
|
|
|
22
|
|
|
|
|
|
|
||
Total assets
|
|
$
|
44
|
|
$
|
44
|
|
|
|
|
|
|
|
$
|
57
|
|
$
|
57
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Price risk management liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Interest rate swaps
|
|
$
|
42
|
|
|
|
|
$
|
42
|
|
|
|
|
$
|
36
|
|
|
|
|
$
|
36
|
|
|
|
|
Total price risk management liabilities
|
|
$
|
42
|
|
|
|
|
$
|
42
|
|
|
|
|
$
|
36
|
|
|
|
|
$
|
36
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LG&E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents
|
|
$
|
5
|
|
$
|
5
|
|
|
|
|
|
|
|
$
|
8
|
|
$
|
8
|
|
|
|
|
|
|
||
|
Restricted cash and cash equivalents (d)
|
|
|
21
|
|
|
21
|
|
|
|
|
|
|
|
|
22
|
|
|
22
|
|
|
|
|
|
|
||
Total assets
|
|
$
|
26
|
|
$
|
26
|
|
|
|
|
|
|
|
$
|
30
|
|
$
|
30
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Price risk management liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Interest rate swaps
|
|
$
|
42
|
|
|
|
|
$
|
42
|
|
|
|
|
$
|
36
|
|
|
|
|
$
|
36
|
|
|
|
|
Total price risk management liabilities
|
|
$
|
42
|
|
|
|
|
$
|
42
|
|
|
|
|
$
|
36
|
|
|
|
|
$
|
36
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents
|
|
$
|
18
|
|
$
|
18
|
|
|
|
|
|
|
|
$
|
21
|
|
$
|
21
|
|
|
|
|
|
|
||
Total assets
|
|
$
|
18
|
|
$
|
18
|
|
|
|
|
|
|
|
$
|
21
|
|
$
|
21
|
|
|
|
|
|
|
(a)
|
Current portion is included in "Restricted cash and cash equivalents" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets.
|
(c)
|
Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets.
|
A reconciliation of net assets and liabilities classified as Level 3 for the periods ended June 30, 2014 is as follows:
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||||||||||
|
|
|
|
|
|
Energy
|
|
Auction
|
|
Cross-
|
|
|
|
|
Energy
|
|
Auction
|
|
Cross-
|
|
|
|
||||||
|
|
|
|
|
|
Commodities,
|
|
Rate
|
|
Currency
|
|
|
|
|
Commodities,
|
|
Rate
|
|
Currency
|
|
|
|
||||||
|
|
|
|
|
|
net
|
|
Securities
|
|
Swaps
|
|
Total
|
|
net
|
|
Securities
|
|
Swaps
|
|
Total
|
||||||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at beginning of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
period
|
|
$
|
17
|
|
$
|
16
|
|
|
|
|
$
|
33
|
|
$
|
24
|
|
$
|
19
|
|
|
|
|
$
|
43
|
|||
|
|
Total realized/unrealized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in earnings
|
|
|
72
|
|
|
|
|
|
|
|
|
72
|
|
|
(63)
|
|
|
|
|
|
|
|
|
(63)
|
|
|
|
|
Included in OCI (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1)
|
|
|
(1)
|
|
|
Purchases
|
|
|
(6)
|
|
|
|
|
|
|
|
|
(6)
|
|
|
(6)
|
|
|
|
|
|
|
|
|
(6)
|
||
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
|
(3)
|
||
|
|
Settlements
|
|
|
(9)
|
|
|
|
|
|
|
|
|
(9)
|
|
|
119
|
|
|
|
|
|
|
|
|
119
|
||
|
|
Transfers out of Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
1
|
||
Balance at end of period
|
|
$
|
74
|
|
$
|
16
|
|
|
|
|
$
|
90
|
|
$
|
74
|
|
$
|
16
|
|
$
|
|
|
$
|
90
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at beginning of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
period
|
|
$
|
17
|
|
$
|
13
|
|
|
|
|
$
|
30
|
|
$
|
24
|
|
$
|
16
|
|
|
|
|
$
|
40
|
|||
|
|
Total realized/unrealized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in earnings
|
|
|
72
|
|
|
|
|
|
|
|
|
72
|
|
|
(63)
|
|
|
|
|
|
|
|
|
(63)
|
|
|
Purchases
|
|
|
(6)
|
|
|
|
|
|
|
|
|
(6)
|
|
|
(6)
|
|
|
|
|
|
|
|
|
(6)
|
||
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
|
(3)
|
||
|
|
Settlements
|
|
|
(9)
|
|
|
|
|
|
|
|
|
(9)
|
|
|
119
|
|
|
|
|
|
|
|
|
119
|
||
Balance at end of period
|
|
$
|
74
|
|
$
|
13
|
|
|
|
|
$
|
87
|
|
$
|
74
|
|
$
|
13
|
|
|
|
|
$
|
87
|
(a)
|
"Energy Commodities, net" and "Cross-Currency Swaps" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income.
|
A reconciliation of net assets and liabilities classified as Level 3 for the periods ended June 30, 2013 is as follows:
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||||||||||
|
|
|
|
|
|
Energy
|
|
Auction
|
|
Cross-
|
|
|
|
|
Energy
|
|
Auction
|
|
Cross-
|
|
|
|
||||||
|
|
|
|
|
|
Commodities,
|
|
Rate
|
|
Currency
|
|
|
|
|
Commodities,
|
|
Rate
|
|
Currency
|
|
|
|
||||||
|
|
|
|
|
|
net
|
|
Securities
|
|
Swaps
|
|
Total
|
|
net
|
|
Securities
|
|
Swaps
|
|
Total
|
||||||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at beginning of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
period
|
|
$
|
14
|
|
$
|
16
|
|
|
|
|
$
|
30
|
|
$
|
22
|
|
$
|
16
|
|
$
|
1
|
|
$
|
39
|
|||
|
|
Total realized/unrealized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in earnings
|
|
|
14
|
|
|
|
|
|
|
|
|
14
|
|
|
6
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
Included in OCI (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
3
|
|
|
Sales
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(2)
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(2)
|
||
|
|
Settlements
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
|
|
3
|
|
|
|
|
|
|
|
|
3
|
||
|
|
Transfers into Level 3
|
|
|
6
|
|
|
3
|
|
$
|
3
|
|
|
12
|
|
|
7
|
|
|
3
|
|
|
3
|
|
|
13
|
||
|
|
Transfers out of Level 3
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
|
|
4
|
|
|
|
|
|
(4)
|
|
|
|
||
Balance at end of period
|
|
$
|
40
|
|
$
|
19
|
|
$
|
3
|
|
$
|
62
|
|
$
|
40
|
|
$
|
19
|
|
$
|
3
|
|
$
|
62
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at beginning of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
period
|
|
$
|
14
|
|
$
|
13
|
|
|
|
|
$
|
27
|
|
$
|
22
|
|
$
|
13
|
|
|
|
|
$
|
35
|
|||
|
|
Total realized/unrealized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in earnings
|
|
|
14
|
|
|
|
|
|
|
|
|
14
|
|
|
6
|
|
|
|
|
|
|
|
|
6
|
|
|
Sales
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(2)
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(2)
|
||
|
|
Settlements
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
|
|
3
|
|
|
|
|
|
|
|
|
3
|
||
|
|
Transfers into Level 3
|
|
|
6
|
|
|
3
|
|
|
|
|
|
9
|
|
|
7
|
|
|
3
|
|
|
|
|
|
10
|
||
|
|
Transfers out of Level 3
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
||
Balance at end of period
|
|
$
|
40
|
|
$
|
16
|
|
|
|
|
$
|
56
|
|
$
|
40
|
|
$
|
16
|
|
|
|
|
$
|
56
|
(a)
|
"Energy Commodities, net" and "Cross-Currency Swaps" are included in "Qualifying derivatives" and "Auction Rate Securities" are included in "Available-for-sale securities" on the Statements of Comprehensive Income.
|
|
|
|
|
||||||||||
|
|
|
|
Fair Value, net
|
|
|
|
|
|
Range
|
|||
|
|
|
|
Asset
|
|
Valuation
|
|
Unobservable
|
|
(Weighted
|
|||
|
|
|
|
(Liability)
|
|
Technique
|
|
Input(s)
|
|
Average) (a)
|
|||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy commodities
|
|
|
|
|
|
|
|
||||||
|
Natural gas contracts (b)
|
|
$
|
7
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
14% - 100% (35%)
|
|||
|
Power sales contracts (c)
|
|
|
(63)
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
14% - 100% (79%)
|
|||
|
FTR purchase contracts (d)
|
|
|
6
|
|
Discounted cash flow
|
|
Historical settled prices used to model forward prices
|
|
100% (100%)
|
|||
|
Heat rate options (e)
|
|
|
124
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
22% - 100% (44%)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
Auction rate securities (f)
|
|
|
16
|
|
Discounted cash flow
|
|
Modeled from SIFMA Index
|
|
58% - 75% (67%)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy commodities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas contracts (b)
|
|
$
|
7
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
14% - 100% (35%)
|
|||
|
Power sales contracts (c)
|
|
|
(63)
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
14% - 100% (79%)
|
|||
|
FTR purchase contracts (d)
|
|
|
6
|
|
Discounted cash flow
|
|
Historical settled prices used to model forward prices
|
|
100% (100%)
|
|||
|
Heat rate options (e)
|
|
|
124
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
22% - 100% (44%)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
Auction rate securities (f)
|
|
|
13
|
|
Discounted cash flow
|
|
Modeled from SIFMA Index
|
|
59% - 75% (68%)
|
|
|
|
|
||||||||||
|
|
|
|
Fair Value, net
|
|
|
|
|
|
Range
|
|||
|
|
|
|
Asset
|
|
Valuation
|
|
Unobservable
|
|
(Weighted
|
|||
|
|
|
|
(Liability)
|
|
Technique
|
|
Input(s)
|
|
Average) (a)
|
|||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy commodities
|
|
|
|
|
|
|
|
||||||
|
Natural gas contracts (b)
|
|
$
|
36
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
10% - 100% (86%)
|
|||
|
Power sales contracts (c)
|
|
|
(12)
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
100% - 100% (100%)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
Auction rate securities (f)
|
|
|
19
|
|
Discounted cash flow
|
|
Modeled from SIFMA Index
|
|
10% - 80% (63%)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy commodities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas contracts (b)
|
|
$
|
36
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
10% - 100% (86%)
|
|||
|
Power sales contracts (c)
|
|
|
(12)
|
|
Discounted cash flow
|
|
Proprietary model used to calculate forward prices
|
|
100% - 100% (100%)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
Auction rate securities (f)
|
|
|
16
|
|
Discounted cash flow
|
|
Modeled from SIFMA Index
|
|
10% - 80% (63%)
|
(a)
|
For energy commodities and auction rate securities, the range and weighted average represent the percentage of fair value derived from the unobservable inputs.
|
(b)
|
As the forward price of natural gas increases/(decreases), the fair value of purchase contracts increases/(decreases). As the forward price of natural gas increases/(decreases), the fair value of sales contracts (decreases)/increases.
|
(c)
|
As forward market prices increase/(decrease), the fair value of contracts (decreases)/increases. As volumetric assumptions for contracts in a gain position increase/(decrease), the fair value of contracts increases/(decreases). As volumetric assumptions for contracts in a loss position increase/(decrease), the fair value of the contracts (decreases)/increases.
|
(d)
|
As the forward implied spread increases/(decreases), the fair value of the contracts increases/(decreases).
|
(e)
|
The proprietary model used to calculate fair value incorporates market heat rates, correlations and volatilities. As the market implied heat rate increases/(decreases), the fair value of the contracts increases/(decreases).
|
(f)
|
The model used to calculate fair value incorporates an assumption that the auctions will continue to fail. As the modeled forward rates of the SIFMA Index increase/(decrease), the fair value of the securities increases/(decreases).
|
|
|
|
Three Months
|
||||||||||||||||
|
|
|
Energy Commodities, net
|
||||||||||||||||
|
|
|
Unregulated
|
|
Unregulated
|
|
Energy
|
||||||||||||
|
|
|
Wholesale Energy
|
|
Retail Energy
|
|
Purchases
|
||||||||||||
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||
PPL and PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gains (losses) included in earnings
|
|
$
|
58
|
|
$
|
(7)
|
|
$
|
12
|
|
$
|
22
|
|
$
|
2
|
|
$
|
(1)
|
|
Change in unrealized gains (losses) relating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to positions still held at the reporting date
|
|
|
47
|
|
|
(7)
|
|
|
10
|
|
|
22
|
|
|
(4)
|
|
|
1
|
|
|
|
Six Months
|
||||||||||||||||
|
|
|
Energy Commodities, net
|
||||||||||||||||
|
|
|
Unregulated
|
|
Unregulated
|
|
Energy
|
||||||||||||
|
|
|
Wholesale Energy
|
|
Retail Energy
|
|
Purchases
|
||||||||||||
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||
PPL and PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gains (losses) included in earnings
|
|
$
|
(31)
|
|
$
|
(9)
|
|
$
|
(51)
|
|
$
|
15
|
|
$
|
19
|
|
|
|
|
Change in unrealized gains (losses) relating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to positions still held at the reporting date
|
|
|
44
|
|
|
(9)
|
|
|
(21)
|
|
|
17
|
|
|
(3)
|
|
$
|
2
|
·
|
The fair value measurements of equity securities classified as Level 1 are based on quoted prices in active markets.
|
·
|
The fair value measurements of investments in commingled equity funds are classified as Level 2. These fair value measurements are based on firm quotes of net asset values per share, which are not obtained from a quoted price in an active market.
|
|
|
|
Carrying
|
Fair Value Measurement Using
|
|
|
|
|||
|
|
|
Amount (a)
|
|
Level 3
|
|
Loss (b)
|
|||
PPL and PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
Kerr Dam Project
|
|
$
|
47
|
|
$
|
29
|
|
$
|
18
|
(b)
|
The loss on the Kerr Dam Project was recorded in the Supply segment and included in "Other operation and maintenance" on PPL's and PPL Energy Supply's Statement of Income.
|
The significant unobservable inputs used in and the quantitative information about the nonrecurring fair value measurement of assets and liabilities classified as Level 3 are as follows:
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Fair Value, net
|
|
|
|
Significant
|
|
Range
|
|||
|
|
|
Asset
|
|
Valuation
|
|
Unobservable
|
|
(Weighted
|
|||
|
|
|
(Liability)
|
|
Technique
|
|
Input(s)
|
|
Average)(a)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL and PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
Kerr Dam Project
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29
|
|
Discounted cash flow
|
|
Proprietary model used to calculate plant value
|
|
38% (38%)
|
(a)
|
The range and weighted average represent the percentage of fair value derived from the unobservable inputs.
|
|
|
|
|
||||||||||
|
|
|
Carrying
|
|
|
|
|
Carrying
|
|
|
|
||
|
|
|
Amount
|
|
Fair Value
|
|
Amount
|
|
Fair Value
|
||||
Contract adjustment payments (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
|
|
|
|
|
|
$
|
21
|
|
$
|
22
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
$
|
21,123
|
|
$
|
22,958
|
|
|
20,907
|
|
|
22,177
|
|
PPL Energy Supply
|
|
|
2,523
|
|
|
2,630
|
|
|
2,525
|
|
|
2,658
|
|
PPL Electric
|
|
|
2,602
|
|
|
2,915
|
|
|
2,315
|
|
|
2,483
|
|
LKE
|
|
|
4,566
|
|
|
4,879
|
|
|
4,565
|
|
|
4,672
|
|
LG&E
|
|
|
1,353
|
|
|
1,428
|
|
|
1,353
|
|
|
1,372
|
|
KU
|
|
|
2,091
|
|
|
2,264
|
|
|
2,091
|
|
|
2,155
|
|
|
|
|
|
|
PPL
|
|
PPL
|
|
|
|
|
|
|
|
|
|
||
|
|
|
PPL
|
|
Energy Supply
|
|
Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||
Commodity price risk (including basis and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
volumetric risk)
|
|
X
|
|
X
|
|
M
|
|
M
|
|
M
|
|
M
|
||||||
Interest rate risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuances
|
|
X
|
|
X
|
|
M
|
|
M
|
|
M
|
|
M
|
||||||
|
Defined benefit plans
|
|
X
|
|
X
|
|
M
|
|
M
|
|
M
|
|
M
|
||||||
|
NDT securities
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
||||||
Equity securities price risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plans
|
|
X
|
|
X
|
|
M
|
|
M
|
|
M
|
|
M
|
||||||
|
NDT securities
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
||||||
|
Future stock transactions
|
|
X
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency risk - WPD investment and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings
|
|
X
|
|
|
|
|
|
|
|
|
|
|
X
|
= PPL and PPL Energy Supply actively mitigate market risks through their risk management programs described above.
|
M
|
= The regulatory environments for PPL's regulated entities, by definition, significantly mitigate market risk.
|
·
|
PPL is exposed to commodity price risk through its domestic subsidiaries as described below. Volumetric risk is significantly mitigated at WPD as a result of the method of regulation in the U.K.
|
·
|
PPL Energy Supply is exposed to commodity price risk for energy and energy-related products associated with the sale of electricity from its generating assets and other electricity and gas marketing activities and the purchase of fuel and fuel-related commodities for generating assets, as well as for proprietary trading activities.
|
·
|
PPL Electric is exposed to commodity price risk from its obligation as PLR; however, its PUC-approved cost recovery mechanism substantially eliminates its exposure to this risk. PPL Electric also mitigates its exposure to volumetric risk by entering into full-requirement supply agreements to serve its PLR customers. These supply agreements transfer the volumetric risk associated with the PLR obligation to the energy suppliers.
|
·
|
LG&E's and KU's rates include certain mechanisms for fuel, gas supply and environmental expenses. These mechanisms generally provide for timely recovery of market price and volumetric fluctuations associated with these expenses.
|
·
|
PPL and its subsidiaries are exposed to interest rate risk associated with forecasted fixed-rate and existing floating-rate debt issuances. WPD holds over-the-counter cross currency swaps to limit exposure to market fluctuations on interest and principal payments from changes in foreign currency exchange rates and interest rates. LG&E utilizes over-the-counter interest rate swaps to limit exposure to market fluctuations on floating-rate debt and LG&E and KU utilize forward starting interest rate swaps to hedge changes in benchmark interest rates, when appropriate, in connection with future debt issuances. This risk for PPL Electric, LG&E and KU is significantly mitigated due to recovery mechanisms in place.
|
·
|
PPL and its subsidiaries are exposed to interest rate risk associated with debt securities held by defined benefit plans. This risk is significantly mitigated to the extent that the plans are sponsored at, or sponsored on behalf of, the regulated domestic utilities and for certain plans at WPD due to the recovery mechanisms in place. Additionally, PPL Energy Supply is exposed to interest rate risk associated with debt securities held by the NDT.
|
·
|
PPL and its subsidiaries are exposed to equity securities price risk associated with defined benefit plans. This risk is significantly mitigated at the regulated domestic utilities and for certain plans at WPD due to the recovery mechanisms in place. Additionally, PPL and PPL Energy Supply are exposed to equity securities price risk in the NDT funds.
|
·
|
PPL is exposed to foreign currency exchange risk primarily associated with its investments and earnings in U.K. affiliates.
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unregulated wholesale energy
|
|
$
|
(91)
|
|
$
|
590
|
|
$
|
(880)
|
|
$
|
(232)
|
|
Unregulated retail energy
|
|
|
4
|
|
|
20
|
|
|
(22)
|
|
|
12
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
|
7
|
|
|
(4)
|
|
|
6
|
|
|
(5)
|
|
Energy purchases
|
|
|
39
|
|
|
(479)
|
|
|
619
|
|
|
155
|
|
|
|
|
Volumes (a)
|
||||||
Commodity
|
|
Unit of Measure
|
|
2014 (b)
|
|
2015
|
|
2016
|
|
Thereafter
|
|
|
|
|
|
|
|
|
|
|
|
Power
|
|
MWh
|
|
(20,439,732)
|
|
(26,034,375)
|
|
(2,187,131)
|
|
12,845,473
|
Capacity
|
|
MW-Month
|
|
(8,589)
|
|
(5,120)
|
|
501
|
|
9
|
Gas
|
|
MMBtu
|
|
66,064,719
|
|
40,183,723
|
|
55,354,593
|
|
37,786,174
|
Coal
|
|
Tons
|
|
45,000
|
|
|
|
|
|
|
FTRs
|
|
MW-Month
|
|
4,283
|
|
3,364
|
|
|
|
|
Oil
|
|
Barrels
|
|
68,966
|
|
363,660
|
|
322,777
|
|
269,438
|
(a)
|
Volumes for option contracts factor in the probability of an option being exercised and may be less than the notional amount of the option.
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
Derivatives designated as
|
|
Derivatives not designated
|
|
Derivatives designated as
|
|
Derivatives not designated
|
||||||||||||||||
|
|
|
|
|
|
|
hedging instruments
|
|
as hedging instruments
|
|
hedging instruments
|
|
as hedging instruments
|
||||||||||||||||
|
|
|
|
|
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Price Risk Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Assets/Liabilities (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Interest rate swaps (b)
|
|
|
|
|
|
|
|
|
|
|
$
|
4
|
|
$
|
82
|
|
|
|
|
|
|
|
$
|
4
|
||
|
|
|
Cross-currency swaps (b)
|
|
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
$
|
4
|
|
|
|
|
|
|
||
|
|
|
Foreign currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
contracts
|
|
|
|
|
|
22
|
|
|
|
|
|
95
|
|
|
|
|
|
16
|
|
|
|
|
|
55
|
|
|
|
|
Commodity contracts
|
|
|
|
|
|
|
|
$
|
954
|
|
|
1,133
|
|
|
|
|
|
|
|
$
|
860
|
|
|
750
|
||
|
|
|
|
|
Total current
|
|
|
|
|
|
27
|
|
|
954
|
|
|
1,232
|
|
|
82
|
|
|
20
|
|
|
860
|
|
|
809
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Price Risk Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Assets/Liabilities (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Interest rate swaps (b)
|
|
$
|
1
|
|
|
12
|
|
|
|
|
|
38
|
|
|
9
|
|
|
|
|
|
|
|
|
32
|
||
|
|
|
Cross-currency swaps (b)
|
|
|
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
28
|
|
|
|
|
|
|
||
|
|
|
Foreign currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
contracts
|
|
|
|
|
|
5
|
|
|
2
|
|
|
54
|
|
|
|
|
|
4
|
|
|
|
|
|
31
|
|
|
|
|
Commodity contracts
|
|
|
|
|
|
|
|
|
420
|
|
|
347
|
|
|
|
|
|
|
|
|
328
|
|
|
320
|
||
|
|
|
|
|
Total noncurrent
|
|
|
1
|
|
|
59
|
|
|
422
|
|
|
439
|
|
|
9
|
|
|
32
|
|
|
328
|
|
|
383
|
Total derivatives
|
|
$
|
1
|
|
$
|
86
|
|
$
|
1,376
|
|
$
|
1,671
|
|
$
|
91
|
|
$
|
52
|
|
$
|
1,188
|
|
$
|
1,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
|
|
|
Gain (Loss)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized
|
|
|
|
|
Recognized
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Income
|
|
|
|
|
in Income
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on Derivative
|
|
Gain (Loss)
|
|
on Derivative
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
(Ineffective
|
|
Reclassified
|
|
(Ineffective
|
|||||||
|
|
|
|
|
|
|
|
Location of
|
|
Reclassified
|
|
Portion and
|
|
from AOCI
|
|
Portion and
|
||||||||
|
|
|
|
|
Derivative Gain
|
|
Gain (Loss)
|
|
from AOCI
|
|
Amount
|
|
into
|
|
Amount
|
|||||||||
|
|
|
|
|
(Loss) Recognized in
|
|
Recognized
|
|
into Income
|
|
Excluded from
|
|
Income
|
|
Excluded from
|
|||||||||
Derivative
|
|
OCI (Effective Portion)
|
|
|
in Income
|
(Effective
|
|
Effectiveness
|
|
(Effective
|
|
Effectiveness
|
||||||||||||
Relationships
|
|
Three Months
|
|
Six Months
|
|
on Derivative
|
|
Portion)
|
|
Testing)
|
|
Portion)
|
|
Testing)
|
||||||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest rate swaps
|
|
$
|
(14)
|
|
$
|
(60)
|
|
Interest expense
|
|
$
|
(4)
|
|
|
|
|
$
|
(9)
|
|
$
|
2
|
|||
|
Cross-currency swaps
|
|
|
9
|
|
|
(16)
|
|
Interest expense
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expense) - net
|
|
|
|
|
|
|
|
|
(29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
|
|
|
Gain (Loss)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized
|
|
|
|
|
Recognized
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Income
|
|
|
|
|
in Income
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on Derivative
|
|
Gain (Loss)
|
|
on Derivative
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
(Ineffective
|
|
Reclassified
|
|
(Ineffective
|
|||||||
|
|
|
|
|
|
|
|
Location of
|
|
Reclassified
|
|
Portion and
|
|
from AOCI
|
|
Portion and
|
||||||||
|
|
|
|
|
Derivative Gain
|
|
Gain (Loss)
|
|
from AOCI
|
|
Amount
|
|
into
|
|
Amount
|
|||||||||
|
|
|
|
|
(Loss) Recognized in
|
|
Recognized
|
|
into Income
|
|
Excluded from
|
|
Income
|
|
Excluded from
|
|||||||||
Derivative
|
|
OCI (Effective Portion)
|
|
|
in Income
|
(Effective
|
|
Effectiveness
|
|
(Effective
|
|
Effectiveness
|
||||||||||||
Relationships
|
|
Three Months
|
|
Six Months
|
|
on Derivative
|
|
Portion)
|
|
Testing)
|
|
Portion)
|
|
Testing)
|
||||||||||
|
Commodity contracts
|
|
|
|
|
|
|
|
Unregulated wholesale
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
energy
|
|
|
5
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy purchases
|
|
|
8
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
Total
|
|
$
|
(5)
|
|
$
|
(76)
|
|
|
|
|
$
|
10
|
|
|
|
|
$
|
(15)
|
|
$
|
2
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Foreign currency contracts
|
|
$
|
(14)
|
|
$
|
(18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives Not Designated as
|
|
Location of Gain (Loss) Recognized in
|
|
|
|
|
|
|
Hedging Instruments
|
|
Income on Derivative
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Foreign currency contracts
|
|
Other income (expense) - net
|
|
$
|
(72)
|
|
$
|
(96)
|
Interest rate swaps
|
|
Interest expense
|
|
|
(2)
|
|
|
(4)
|
Commodity contracts
|
|
Unregulated wholesale energy (a)
|
|
|
(91)
|
|
|
(3,135)
|
|
|
Unregulated retail energy
|
|
|
12
|
|
|
(52)
|
|
|
Fuel
|
|
|
8
|
|
|
7
|
|
|
Energy purchases (b)
|
|
|
78
|
|
|
2,442
|
|
|
Total
|
|
$
|
(67)
|
|
$
|
(838)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives Not Designated as
|
|
Location of Gain (Loss) Recognized as
|
|
|
|
|
|
|
Hedging Instruments
|
|
Regulatory Liabilities/Assets
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Regulatory assets - noncurrent
|
|
$
|
(2)
|
|
$
|
(6)
|
(a)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
(b)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
|
|
|
Gain (Loss)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized
|
|
|
|
|
Recognized
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Income
|
|
|
|
|
in Income
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on Derivative
|
|
Gain (Loss)
|
|
on Derivative
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
(Ineffective
|
|
Reclassified
|
|
(Ineffective
|
|||||||
|
|
|
|
|
|
|
|
Location of
|
|
Reclassified
|
|
Portion and
|
|
from AOCI
|
|
Portion and
|
||||||||
|
|
|
|
|
Derivative Gain
|
|
Gain (Loss)
|
|
from AOCI
|
|
Amount
|
|
into
|
|
Amount
|
|||||||||
|
|
|
|
|
(Loss) Recognized in
|
|
Recognized
|
|
into Income
|
|
Excluded from
|
|
Income
|
|
Excluded from
|
|||||||||
Derivative
|
|
OCI (Effective Portion)
|
|
|
in Income
|
(Effective
|
|
Effectiveness
|
|
(Effective
|
|
Effectiveness
|
||||||||||||
Relationships
|
|
Three Months
|
|
Six Months
|
|
on Derivative
|
|
Portion)
|
|
Testing)
|
|
Portion)
|
|
Testing)
|
||||||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest rate swaps
|
|
$
|
68
|
|
$
|
77
|
|
Interest expense
|
|
$
|
(4)
|
|
|
|
|
$
|
(9)
|
|
|
|
|||
|
Cross-currency swaps
|
|
|
(21)
|
|
|
52
|
|
Interest expense
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expense) - net
|
|
|
1
|
|
|
|
|
|
70
|
|
|
|
|
Commodity contracts
|
|
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
wholesale energy
|
|
|
73
|
|
|
|
|
|
140
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
Energy purchases
|
|
|
(14)
|
|
|
|
|
|
(30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
Total
|
|
$
|
47
|
|
$
|
129
|
|
|
|
|
$
|
58
|
|
|
|
|
$
|
173
|
|
$
|
1
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Foreign currency contracts
|
|
$
|
1
|
|
$
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives Not Designated as
|
|
Location of Gain (Loss) Recognized in
|
|
|
|
|
|
|
Hedging Instruments
|
|
Income on Derivative
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Foreign currency contracts
|
|
Other income (expense) - net
|
|
$
|
4
|
|
$
|
123
|
Interest rate swaps
|
|
Interest expense
|
|
|
(2)
|
|
|
(4)
|
Commodity contracts
|
|
Unregulated wholesale energy
|
|
|
740
|
|
|
34
|
|
|
Unregulated retail energy
|
|
|
22
|
|
|
15
|
|
|
Fuel
|
|
|
(3)
|
|
|
(2)
|
|
|
Energy purchases
|
|
|
(599)
|
|
|
(13)
|
|
|
Total
|
|
$
|
162
|
|
$
|
153
|
|
|
|
|
|
|
|
|
|
Derivatives Not Designated as
|
|
Location of Gain (Loss) Recognized as
|
|
|
|
|
|
|
Hedging Instruments
|
|
Regulatory Liabilities/Assets
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Regulatory assets - noncurrent
|
|
$
|
11
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives Designated as
|
|
Location of Gain (Loss) Recognized as
|
|
|
|
|
|
|
Hedging Instruments
|
|
Regulatory Liabilities/Assets
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Regulatory liabilities - noncurrent
|
|
$
|
48
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
Derivatives not designated
|
|
|
Derivatives not designated
|
||||||||
|
|
|
|
|
|
|
as hedging instruments
|
|
|
as hedging instruments
|
||||||||
|
|
|
|
|
|
|
Assets
|
|
Liabilities
|
|
|
Assets
|
|
Liabilities
|
||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Price Risk Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Assets/Liabilities (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Commodity contracts
|
|
$
|
954
|
|
$
|
1,133
|
|
|
$
|
860
|
|
$
|
750
|
||
|
|
|
|
|
Total current
|
|
|
954
|
|
|
1,133
|
|
|
|
860
|
|
|
750
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Price Risk Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Assets/Liabilities (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Commodity contracts
|
|
|
420
|
|
|
347
|
|
|
|
328
|
|
|
320
|
||
|
|
|
|
|
Total noncurrent
|
|
|
420
|
|
|
347
|
|
|
|
328
|
|
|
320
|
Total derivatives
|
|
$
|
1,374
|
|
$
|
1,480
|
|
|
$
|
1,188
|
|
$
|
1,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
|
|
|
Gain (Loss)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized
|
|
|
|
|
Recognized
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Income
|
|
|
|
|
in Income
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on Derivative
|
|
|
|
|
on Derivative
|
|||
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
(Ineffective
|
|
Gain (Loss)
|
|
(Ineffective
|
||||||||
|
|
|
|
|
|
|
|
Location of
|
|
Reclassified
|
|
Portion and
|
|
Reclassified
|
|
Portion and
|
||||||||
|
|
|
|
|
Derivative Gain
|
|
Gains (Losses)
|
|
from AOCI
|
|
Amount
|
|
from AOCI
|
|
Amount
|
|||||||||
|
|
|
|
|
(Loss) Recognized in
|
|
Recognized
|
|
into Income
|
|
Excluded from
|
|
into Income
|
|
Excluded from
|
|||||||||
Derivative
|
|
OCI (Effective Portion)
|
|
|
in Income
|
(Effective
|
|
Effectiveness
|
|
(Effective
|
|
Effectiveness
|
||||||||||||
Relationships
|
|
Three Months
|
|
Six Months
|
|
on Derivative
|
|
Portion)
|
|
Testing)
|
|
Portion)
|
|
Testing)
|
||||||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Commodity contracts
|
|
|
|
|
|
|
|
Unregulated wholesale
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
energy
|
|
$
|
5
|
|
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy purchases
|
|
|
8
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
$
|
13
|
|
|
|
|
$
|
22
|
|
|
|
Derivatives Not Designated as
|
|
Location of Gain (Loss) Recognized in
|
|
|
|
|
|
|
Hedging Instruments
|
|
Income on Derivative
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Commodity contracts
|
|
Unregulated wholesale energy (a)
|
|
$
|
(91)
|
|
$
|
(3,135)
|
|
|
Unregulated retail energy
|
|
|
12
|
|
|
(52)
|
|
|
Fuel
|
|
|
8
|
|
|
7
|
|
|
Energy purchases (b)
|
|
|
78
|
|
|
2,442
|
|
|
Total
|
|
$
|
7
|
|
$
|
(738)
|
(a)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
(b)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
|
|
|
Gain (Loss)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized
|
|
|
|
|
Recognized
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Income
|
|
|
|
|
in Income
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on Derivative
|
|
|
|
|
on Derivative
|
|||
|
|
|
|
|
|
|
|
|
|
Gain (Loss)
|
|
(Ineffective
|
|
Gain (Loss)
|
|
(Ineffective
|
||||||||
|
|
|
|
|
|
|
|
Location of
|
|
Reclassified
|
|
Portion and
|
|
Reclassified
|
|
Portion and
|
||||||||
|
|
|
|
|
Derivative Gain
|
|
Gains (Losses)
|
|
from AOCI
|
|
Amount
|
|
from AOCI
|
|
Amount
|
|||||||||
|
|
|
|
|
(Loss) Recognized in
|
|
Recognized
|
|
into Income
|
|
Excluded from
|
|
into Income
|
|
Excluded from
|
|||||||||
Derivative
|
|
OCI (Effective Portion)
|
|
|
in Income
|
(Effective
|
|
Effectiveness
|
|
(Effective
|
|
Effectiveness
|
||||||||||||
Relationships
|
|
Three Months
|
|
Six Months
|
|
on Derivative
|
|
Portion)
|
|
Testing)
|
|
Portion)
|
|
Testing)
|
||||||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Commodity contracts
|
|
|
|
|
|
|
|
|
wholesale energy
|
|
$
|
73
|
|
|
|
|
$
|
140
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy purchases
|
|
|
(14)
|
|
|
|
|
|
(30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
$
|
60
|
|
|
|
|
$
|
111
|
|
$
|
1
|
Derivatives Not Designated as
|
|
Location of Gain (Loss) Recognized in
|
|
|
|
|
|
|
Hedging Instruments
|
|
Income on Derivative
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Commodity contracts
|
|
Unregulated wholesale energy
|
|
$
|
740
|
|
$
|
34
|
|
|
Unregulated retail energy
|
|
|
22
|
|
|
15
|
|
|
Fuel
|
|
|
(3)
|
|
|
(2)
|
|
|
Energy purchases
|
|
|
(599)
|
|
|
(13)
|
|
|
Total
|
|
$
|
160
|
|
$
|
34
|
Derivative Instruments
|
|
Location of Gain (Loss)
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Regulatory liabilities - noncurrent
|
|
$
|
48
|
|
$
|
58
|
Derivative Instruments
|
|
Location of Gain (Loss)
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Regulatory liabilities - noncurrent
|
|
$
|
24
|
|
$
|
29
|
Derivative Instruments
|
|
Location of Gain (Loss)
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Regulatory liabilities - noncurrent
|
|
$
|
24
|
|
$
|
29
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
Assets
|
|
Liabilities
|
|
|
Assets
|
|
Liabilities
|
|
||||
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Price Risk Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Assets/Liabilities (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Interest rate swaps
|
|
|
|
|
$
|
4
|
|
|
|
|
|
$
|
4
|
|
||
|
|
|
|
|
Total current
|
|
|
|
|
|
4
|
|
|
|
|
|
|
4
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Price Risk Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Assets/Liabilities (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Interest rate swaps
|
|
|
|
|
|
38
|
|
|
|
|
|
|
32
|
|
||
|
|
|
|
|
Total noncurrent
|
|
|
|
|
|
38
|
|
|
|
|
|
|
32
|
|
Total derivatives
|
|
|
|
|
$
|
42
|
|
|
|
|
|
$
|
36
|
|
|
|
Location of Gain (Loss) Recognized in
|
|
|
|
|
||
Derivative Instruments
|
|
Income on Derivatives
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Interest expense
|
|
$
|
(2)
|
|
$
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
Location of Gain (Loss) Recognized in
|
|
|
|
|
||
Derivative Instruments
|
|
Regulatory Assets
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Regulatory assets - noncurrent
|
|
$
|
(2)
|
|
$
|
(6)
|
|
|
Location of Gain (Loss) Recognized in
|
|
|
|
|
||
Derivative Instruments
|
|
Income on Derivatives
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Interest expense
|
|
$
|
(2)
|
|
$
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
Location of Gain (Loss) Recognized in
|
|
|
|
|
||
Derivative Instruments
|
|
Regulatory Assets
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
Regulatory assets - noncurrent
|
|
$
|
11
|
|
$
|
15
|
|
|
|
|
|
Assets
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Eligible for Offset
|
|
|
|
|
|
|
|
Eligible for Offset
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
||
|
|
|
|
|
|
|
|
Derivative
|
|
Collateral
|
|
|
|
|
|
|
|
Derivative
|
|
Collateral
|
|
|
|
||||
|
|
|
|
|
Gross
|
|
Instruments
|
|
Received
|
|
Net
|
|
Gross
|
|
Instruments
|
|
Pledged
|
|
Net
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Energy Commodities
|
|
$
|
1,374
|
|
$
|
1,176
|
|
$
|
12
|
|
$
|
186
|
|
$
|
1,480
|
|
$
|
1,176
|
|
$
|
148
|
|
$
|
156
|
||
|
Treasury Derivatives
|
|
|
3
|
|
|
3
|
|
|
|
|
|
|
|
|
277
|
|
|
3
|
|
|
55
|
|
|
219
|
||
Total
|
|
$
|
1,377
|
|
$
|
1,179
|
|
$
|
12
|
|
$
|
186
|
|
$
|
1,757
|
|
$
|
1,179
|
|
$
|
203
|
|
$
|
375
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Energy Commodities
|
|
$
|
1,374
|
|
$
|
1,176
|
|
$
|
12
|
|
$
|
186
|
|
$
|
1,480
|
|
$
|
1,176
|
|
$
|
148
|
|
$
|
156
|
LKE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Treasury Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
42
|
|
|
|
|
$
|
21
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LG&E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Treasury Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
42
|
|
|
|
|
$
|
21
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Energy Commodities
|
|
$
|
1,188
|
|
$
|
912
|
|
$
|
7
|
|
$
|
269
|
|
$
|
1,070
|
|
$
|
912
|
|
$
|
1
|
|
$
|
157
|
|
|
Treasury Derivatives
|
|
|
91
|
|
|
61
|
|
|
|
|
|
30
|
|
|
174
|
|
|
61
|
|
|
23
|
|
|
90
|
|
Total
|
|
$
|
1,279
|
|
$
|
973
|
|
$
|
7
|
|
$
|
299
|
|
$
|
1,244
|
|
$
|
973
|
|
$
|
24
|
|
$
|
247
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Energy Commodities
|
|
$
|
1,188
|
|
$
|
912
|
|
$
|
7
|
|
$
|
269
|
|
$
|
1,070
|
|
$
|
912
|
|
$
|
1
|
|
$
|
157
|
LKE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Treasury Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
36
|
|
|
|
|
$
|
20
|
|
$
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LG&E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Treasury Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
36
|
|
|
|
|
$
|
20
|
|
$
|
16
|
|
|
|
|
|
|
|
PPL
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
Energy Supply
|
|
LKE
|
|
LG&E
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate fair value of derivative instruments in a net liability
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
position with credit risk-related contingent features
|
|
$
|
373
|
|
$
|
155
|
|
$
|
28
|
|
$
|
28
|
|
Aggregate fair value of collateral posted on these derivative instruments
|
|
|
155
|
|
|
134
|
|
|
21
|
|
|
21
|
||
Aggregate fair value of additional collateral requirements in the event of
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
a credit downgrade below investment grade (a)
|
|
|
265
|
(b)
|
68
|
(b)
|
8
|
|
|
8
|
(b)
|
During the second quarter of 2014, PPL Energy Supply experienced a downgrade in its corporate credit ratings to below investment grade. Amounts related to PPL Energy Supply represent net liability positions subject to further adequate assurance features.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(All Registrants except PPL Electric)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The changes in the carrying amounts of AROs were as follows.
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
Energy Supply
|
|
LKE
|
|
LG&E
|
|
KU
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2013
|
|
$
|
705
|
|
$
|
404
|
|
$
|
252
|
|
$
|
74
|
|
$
|
178
|
||
|
Accretion expense
|
|
|
22
|
|
|
15
|
|
|
6
|
|
|
2
|
|
|
4
|
|
|
Obligations incurred
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|
|
Changes in estimated cash flow or settlement date
|
|
|
4
|
|
|
|
|
|
4
|
|
|
1
|
|
|
3
|
|
|
Effect of foreign currency exchange rates
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations settled
|
|
|
(5)
|
|
|
(3)
|
|
|
(2)
|
|
|
(2)
|
|
|
|
|
Balance at June 30, 2014
|
|
$
|
728
|
|
$
|
416
|
|
$
|
261
|
|
$
|
75
|
|
$
|
186
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
||||||
|
|
|
|
|
|
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
|
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
|
||||||||
|
|
|
|
|
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
NDT funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PPL and PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Cash and cash equivalents
|
|
$
|
16
|
|
|
|
|
|
|
|
$
|
16
|
|
$
|
14
|
|
|
|
|
|
|
|
$
|
14
|
||
|
|
|
Equity securities
|
|
|
272
|
|
$
|
393
|
|
|
|
|
|
665
|
|
|
265
|
|
$
|
363
|
|
|
|
|
|
628
|
||
|
|
|
Debt securities
|
|
|
218
|
|
|
11
|
|
$
|
1
|
|
|
228
|
|
|
217
|
|
|
7
|
|
$
|
3
|
|
|
221
|
||
|
|
|
Receivables/payables, net
|
|
|
2
|
|
|
|
|
|
|
|
|
2
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
||
|
|
|
Total NDT funds
|
|
$
|
508
|
|
$
|
404
|
|
$
|
1
|
|
$
|
911
|
|
$
|
497
|
|
$
|
370
|
|
$
|
3
|
|
$
|
864
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction rate securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
PPL
|
|
$
|
17
|
|
|
|
|
$
|
1
|
|
$
|
16
|
|
$
|
20
|
|
|
|
|
$
|
1
|
|
$
|
19
|
||||
|
PPL Energy Supply
|
|
|
14
|
|
|
|
|
|
1
|
|
|
13
|
|
|
17
|
|
|
|
|
|
1
|
|
|
16
|
|
|
|
Maturity
|
|
Maturity
|
|
Maturity
|
|
Maturity
|
|
|
|
||||
|
|
|
Less Than
|
1-5
|
6-10
|
in Excess
|
|
|
||||||||
|
|
|
1 Year
|
Years
|
Years
|
of 10 Years
|
Total
|
|||||||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost
|
|
$
|
8
|
|
$
|
89
|
|
$
|
60
|
|
$
|
78
|
|
$
|
235
|
|
Fair value
|
|
|
8
|
|
|
91
|
|
|
63
|
|
|
82
|
|
|
244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost
|
|
$
|
8
|
|
$
|
89
|
|
$
|
60
|
|
$
|
75
|
|
$
|
232
|
|
Fair value
|
|
|
8
|
|
|
91
|
|
|
63
|
|
|
79
|
|
|
241
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
PPL and PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of NDT securities (a)
|
|
$
|
38
|
|
$
|
35
|
|
$
|
65
|
|
$
|
59
|
|
Other proceeds from sales
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
Gross realized gains (b)
|
|
|
5
|
|
|
3
|
|
|
8
|
|
|
7
|
|
Gross realized losses (b)
|
|
|
3
|
|
|
2
|
|
|
4
|
|
|
4
|
(a)
|
These proceeds are used to pay income taxes and fees related to managing the trust. Remaining proceeds are reinvested in the trust.
|
(b)
|
Excludes the impact of other-than-temporary impairment charges recognized on the Statements of Income.
|
|
|
Foreign
|
|
Unrealized gains (losses)
|
|
|
|
|
Defined benefit plans
|
|
|
|
||||||||||||
|
|
currency
|
|
Available-
|
|
|
|
|
Equity
|
|
Prior
|
|
Actuarial
|
|
Transition
|
|
|
|
||||||
|
|
translation
|
|
for-sale
|
|
Qualifying
|
|
investees'
|
|
service
|
|
gain
|
|
asset
|
|
|
|
|||||||
|
|
adjustments
|
|
securities
|
|
derivatives
|
|
AOCI
|
|
costs
|
|
(loss)
|
|
(obligation)
|
|
Total
|
||||||||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
120
|
|
$
|
177
|
|
$
|
67
|
|
$
|
1
|
|
$
|
(5)
|
|
$
|
(1,790)
|
|
$
|
1
|
|
$
|
(1,429)
|
||
Amounts arising during the period
|
|
(3)
|
|
|
14
|
|
|
(1)
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
8
|
|
Reclassifications from AOCI
|
|
|
|
|
(1)
|
|
|
(5)
|
|
|
|
|
|
1
|
|
|
28
|
|
|
|
|
|
23
|
|
Net OCI during the period
|
|
(3)
|
|
|
13
|
|
|
(6)
|
|
|
|
|
|
1
|
|
|
26
|
|
|
|
|
|
31
|
|
$
|
117
|
|
$
|
190
|
|
$
|
61
|
|
$
|
1
|
|
$
|
(4)
|
|
$
|
(1,764)
|
|
$
|
1
|
|
$
|
(1,398)
|
|
Foreign
|
|
Unrealized gains (losses)
|
|
|
|
|
Defined benefit plans
|
|
|
|
|||||||||||||
|
|
currency
|
|
Available-
|
|
|
|
|
Equity
|
|
Prior
|
|
Actuarial
|
|
Transition
|
|
|
|
||||||
|
|
translation
|
|
for-sale
|
|
Qualifying
|
|
investees'
|
|
service
|
|
gain
|
|
asset
|
|
|
|
|||||||
|
|
adjustments
|
|
securities
|
|
derivatives
|
|
AOCI
|
|
costs
|
|
(loss)
|
|
(obligation)
|
|
Total
|
||||||||
$
|
(11)
|
|
$
|
173
|
|
$
|
94
|
|
$
|
1
|
|
$
|
(6)
|
|
$
|
(1,817)
|
|
$
|
1
|
|
$
|
(1,565)
|
||
Amounts arising during the period
|
|
128
|
|
|
19
|
|
|
(47)
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
98
|
|
Reclassifications from AOCI
|
|
|
|
|
(2)
|
|
|
14
|
|
|
|
|
|
2
|
|
|
55
|
|
|
|
|
|
69
|
|
Net OCI during the period
|
|
128
|
|
|
17
|
|
|
(33)
|
|
|
|
|
|
2
|
|
|
53
|
|
|
|
|
|
167
|
|
$
|
117
|
|
$
|
190
|
|
$
|
61
|
|
$
|
1
|
|
$
|
(4)
|
|
$
|
(1,764)
|
|
$
|
1
|
|
$
|
(1,398)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(394)
|
|
$
|
134
|
|
$
|
114
|
|
$
|
1
|
|
$
|
(13)
|
|
$
|
(1,989)
|
|
$
|
1
|
|
$
|
(2,146)
|
||
Amounts arising during the period
|
|
(7)
|
|
|
2
|
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19
|
|
Reclassifications from AOCI
|
|
|
|
|
(1)
|
|
|
(36)
|
|
|
|
|
|
2
|
|
|
34
|
|
|
|
|
|
(1)
|
|
Net OCI during the period
|
|
(7)
|
|
|
1
|
|
|
(12)
|
|
|
|
|
|
2
|
|
|
34
|
|
|
|
|
|
18
|
|
$
|
(401)
|
|
$
|
135
|
|
$
|
102
|
|
$
|
1
|
|
$
|
(11)
|
|
$
|
(1,955)
|
|
$
|
1
|
|
$
|
(2,128)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(149)
|
|
$
|
112
|
|
$
|
132
|
|
$
|
1
|
|
$
|
(14)
|
|
$
|
(2,023)
|
|
$
|
1
|
|
$
|
(1,940)
|
||
Amounts arising during the period
|
|
(252)
|
|
|
25
|
|
|
86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(141)
|
|
Reclassifications from AOCI
|
|
|
|
|
(2)
|
|
|
(116)
|
|
|
|
|
|
3
|
|
|
68
|
|
|
|
|
|
(47)
|
|
Net OCI during the period
|
|
(252)
|
|
|
23
|
|
|
(30)
|
|
|
|
|
|
3
|
|
|
68
|
|
|
|
|
|
(188)
|
|
$
|
(401)
|
|
$
|
135
|
|
$
|
102
|
|
$
|
1
|
|
$
|
(11)
|
|
$
|
(1,955)
|
|
$
|
1
|
|
$
|
(2,128)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177
|
|
$
|
83
|
|
|
|
|
$
|
(3)
|
|
$
|
(179)
|
|
|
|
|
$
|
78
|
||
Amounts arising during the period
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14
|
|
Reclassifications from AOCI
|
|
|
|
|
(1)
|
|
|
(8)
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
(7)
|
|
Net OCI during the period
|
|
|
|
|
13
|
|
|
(8)
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
7
|
|
|
|
|
$
|
190
|
|
$
|
75
|
|
|
|
|
$
|
(3)
|
|
$
|
(177)
|
|
|
|
|
$
|
85
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
173
|
|
$
|
88
|
|
|
|
|
$
|
(4)
|
|
$
|
(180)
|
|
|
|
|
$
|
77
|
||
Amounts arising during the period
|
|
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19
|
|
Reclassifications from AOCI
|
|
|
|
|
(2)
|
|
|
(13)
|
|
|
|
|
|
1
|
|
|
3
|
|
|
|
|
|
(11)
|
|
Net OCI during the period
|
|
|
|
|
17
|
|
|
(13)
|
|
|
|
|
|
1
|
|
|
3
|
|
|
|
|
|
8
|
|
|
|
|
$
|
190
|
|
$
|
75
|
|
|
|
|
$
|
(3)
|
|
$
|
(177)
|
|
|
|
|
$
|
85
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
134
|
|
$
|
181
|
|
|
|
|
$
|
(9)
|
|
$
|
(261)
|
|
|
|
|
$
|
45
|
||
Amounts arising during the period
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
Reclassifications from AOCI
|
|
|
|
|
(1)
|
|
|
(37)
|
|
|
|
|
|
1
|
|
|
4
|
|
|
|
|
|
(33)
|
|
Net OCI during the period
|
|
|
|
|
1
|
|
|
(37)
|
|
|
|
|
|
1
|
|
|
4
|
|
|
|
|
|
(31)
|
|
|
|
|
$
|
135
|
|
$
|
144
|
|
|
|
|
$
|
(8)
|
|
$
|
(257)
|
|
|
|
|
$
|
14
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
112
|
|
$
|
211
|
|
|
|
|
$
|
(10)
|
|
$
|
(265)
|
|
|
|
|
$
|
48
|
||
Amounts arising during the period
|
|
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25
|
|
Reclassifications from AOCI
|
|
|
|
|
(2)
|
|
|
(67)
|
|
|
|
|
|
2
|
|
|
8
|
|
|
|
|
|
(59)
|
|
Net OCI during the period
|
|
|
|
|
23
|
|
|
(67)
|
|
|
|
|
|
2
|
|
|
8
|
|
|
|
|
|
(34)
|
|
|
|
|
$
|
135
|
|
$
|
144
|
|
|
|
|
$
|
(8)
|
|
$
|
(257)
|
|
|
|
|
$
|
14
|
|
|
|
Three Months
|
|
|
||||||||||
|
|
|
PPL
|
|
PPL Energy Supply
|
|
Affected Line Item on the
|
||||||||
Details about AOCI
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Statements of Income
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities
|
|
$
|
2
|
|
$
|
1
|
|
$
|
2
|
|
$
|
1
|
|
Other Income (Expense) - net
|
|
Total Pre-tax
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
|
Income Taxes
|
|
|
(1)
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
Total After-tax
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualifying derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
(4)
|
|
|
(4)
|
|
|
|
|
|
|
|
Interest Expense
|
|
Cross-currency swaps
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
Other Income (Expense) - net
|
|
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
Interest Expense
|
|
Energy commodities
|
|
|
5
|
|
|
73
|
|
|
5
|
|
|
73
|
|
Unregulated wholesale energy
|
|
|
|
|
8
|
|
|
(14)
|
|
|
8
|
|
|
(14)
|
|
Energy purchases
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|
Other
|
Total Pre-tax
|
|
|
10
|
|
|
58
|
|
|
13
|
|
|
60
|
|
|
|
|
|
Three Months
|
|
|
||||||||||
|
|
|
PPL
|
|
PPL Energy Supply
|
|
Affected Line Item on the
|
||||||||
Details about AOCI
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Statements of Income
|
|||||
Income Taxes
|
|
|
(5)
|
|
|
(22)
|
|
|
(5)
|
|
|
(23)
|
|
|
|
Total After-tax
|
|
|
5
|
|
|
36
|
|
|
8
|
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service costs
|
|
|
(2)
|
|
|
(3)
|
|
|
|
|
|
(1)
|
|
|
|
Net actuarial loss
|
|
|
(36)
|
|
|
(46)
|
|
|
(3)
|
|
|
(7)
|
|
|
Total Pre-tax
|
|
|
(38)
|
|
|
(49)
|
|
|
(3)
|
|
|
(8)
|
|
|
|
Income Taxes
|
|
|
9
|
|
|
13
|
|
|
1
|
|
|
3
|
|
|
|
Total After-tax
|
|
|
(29)
|
|
|
(36)
|
|
|
(2)
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications during the period
|
|
$
|
(23)
|
|
$
|
1
|
|
$
|
7
|
|
$
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
|
||||||||||
|
|
|
PPL
|
|
PPL Energy Supply
|
|
Affected Line Item on the
|
||||||||
Details about AOCI
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Statements of Income
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities
|
|
$
|
4
|
|
$
|
3
|
|
$
|
4
|
|
$
|
3
|
|
Other Income (Expense) - net
|
|
Total Pre-tax
|
|
|
4
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
|
Income Taxes
|
|
|
(2)
|
|
|
(1)
|
|
|
(2)
|
|
|
(1)
|
|
|
|
Total After-tax
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualifying derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
(7)
|
|
|
(9)
|
|
|
|
|
|
|
|
Interest Expense
|
|
Cross-currency swaps
|
|
|
(29)
|
|
|
70
|
|
|
|
|
|
|
|
Other Income (Expense) - net
|
|
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
Interest Expense
|
|
Energy commodities
|
|
|
6
|
|
|
140
|
|
|
6
|
|
|
140
|
|
Unregulated wholesale energy
|
|
|
|
|
15
|
|
|
(30)
|
|
|
15
|
|
|
(30)
|
|
Energy purchases
|
|
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
Other
|
Total Pre-tax
|
|
|
(13)
|
|
|
173
|
|
|
22
|
|
|
111
|
|
|
|
Income Taxes
|
|
|
(1)
|
|
|
(57)
|
|
|
(9)
|
|
|
(44)
|
|
|
|
Total After-tax
|
|
|
(14)
|
|
|
116
|
|
|
13
|
|
|
67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service costs
|
|
|
(4)
|
|
|
(5)
|
|
|
(2)
|
|
|
(3)
|
|
|
|
Net actuarial loss
|
|
|
(72)
|
|
|
(93)
|
|
|
(5)
|
|
|
(13)
|
|
|
Total Pre-tax
|
|
|
(76)
|
|
|
(98)
|
|
|
(7)
|
|
|
(16)
|
|
|
|
Income Taxes
|
|
|
19
|
|
|
27
|
|
|
3
|
|
|
6
|
|
|
|
Total After-tax
|
|
|
(57)
|
|
|
(71)
|
|
|
(4)
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications during the period
|
|
$
|
(69)
|
|
$
|
47
|
|
$
|
11
|
|
$
|
59
|
|
|
·
|
"Overview" provides a description of each Registrant's business strategy, a summary of PPL's earnings, a description of key factors expected to impact future earnings and a discussion of important financial and operational developments.
|
·
|
"Results of Operations" for PPL provides a more detailed analysis of earnings by segment, and for the Subsidiary Registrants includes a summary of earnings. For all Registrants, "Margins" provides explanations of non-GAAP financial measures and "Statement of Income Analysis" addresses significant changes in principal line items on the Statements of Income, comparing the three and six months ended June 30, 2014 with the same periods in 2013.
|
·
|
"Financial Condition - Liquidity and Capital Resources" provides an analysis of the Registrants' liquidity positions and credit profiles. This section also includes a discussion of rating agency actions.
|
·
|
"Financial Condition - Risk Management" provides an explanation of the Registrants' risk management programs relating to market and credit risk.
|
PPL Corporation*
|
|||||||||||||||||||||||||||
PPL Capital Funding
|
|||||||||||||||||||||||||||
PPL Global
● Engages in the regulated distribution of electricity in the U.K.
|
LKE*
|
PPL Electric*
● Engages in the regulated transmission and distribution of electricity in Pennsylvania
|
PPL Energy Supply*
|
||||||||||||||||||||||||
LG&E*
● Engages in the regulated generation, transmission, distribution and sale of electricity and distribution and sale of natural gas in Kentucky
|
KU*
● Engages in the regulated generation, transmission, distribution and sale of electricity, primarily in Kentucky
|
PPL EnergyPlus
● Performs energy marketing and trading activities
● Purchases fuel
|
PPL Generation
● Engages in the competitive generation of electricity, primarily in Pennsylvania and Montana
|
||||||||||||||||||||||||
U.K. Regulated
Segment
|
Kentucky Regulated Segment
|
Pennsylvania Regulated Segment
|
Supply
Segment
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||||
|
|
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.K. Regulated
|
|
$
|
187
|
|
$
|
245
|
|
|
(24)
|
|
$
|
393
|
|
$
|
558
|
|
|
(30)
|
|
Kentucky Regulated
|
|
|
58
|
|
|
49
|
|
|
18
|
|
|
165
|
|
|
134
|
|
|
23
|
|
Pennsylvania Regulated
|
|
|
52
|
|
|
45
|
|
|
16
|
|
|
137
|
|
|
109
|
|
|
26
|
|
Supply
|
|
|
5
|
|
|
77
|
|
|
(94)
|
|
|
(70)
|
|
|
31
|
|
|
(326)
|
|
Corporate and Other (a)
|
|
|
(73)
|
|
|
(11)
|
|
|
564
|
|
|
(80)
|
|
|
(14)
|
|
|
471
|
|
Net Income Attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL Shareowners
|
|
$
|
229
|
|
$
|
405
|
|
|
(43)
|
|
$
|
545
|
|
$
|
818
|
|
|
(33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS - basic
|
|
$
|
0.35
|
|
$
|
0.68
|
|
|
(49)
|
|
$
|
0.84
|
|
$
|
1.39
|
|
|
(40)
|
|
EPS - diluted (b)
|
|
$
|
0.34
|
|
$
|
0.63
|
|
|
(46)
|
|
$
|
0.83
|
|
$
|
1.28
|
|
|
(35)
|
(a)
|
Primarily represents financing and certain other costs incurred at the corporate level that have not been allocated or assigned to the segments, which are presented to reconcile segment information to PPL's consolidated results. 2014 includes certain costs related to the anticipated spinoff of PPL Energy Supply. See the following table of special items for additional information.
|
(b)
|
See "2011 Equity Units" below and Note 4 to the Financial Statements for information on the Equity Units' impact on the calculation of diluted EPS.
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||||
|
|
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.K. Regulated
|
|
$
|
(33)
|
|
$
|
19
|
|
$
|
(52)
|
|
$
|
(91)
|
|
$
|
94
|
|
$
|
(185)
|
|
Kentucky Regulated
|
|
|
1
|
|
|
1
|
|
|
|
|
|
1
|
|
|
2
|
|
|
(1)
|
|
Pennsylvania Regulated
|
|
|
(4)
|
|
|
|
|
|
(4)
|
|
|
(4)
|
|
|
|
|
|
(4)
|
|
Supply
|
|
|
(36)
|
|
|
74
|
|
|
(110)
|
|
|
(185)
|
|
|
(43)
|
|
|
(142)
|
|
Corporate and Other (a)
|
|
|
(56)
|
|
|
|
|
|
(56)
|
|
|
(56)
|
|
|
|
|
|
(56)
|
|
Total PPL
|
|
$
|
(128)
|
|
$
|
94
|
|
$
|
(222)
|
|
$
|
(335)
|
|
$
|
53
|
|
$
|
(388)
|
(a)
|
Includes $46 million of deferred income tax expense to adjust valuation allowances on deferred tax assets for state net operating loss carryforwards and $10 million, after-tax, of transactions costs related to the anticipated spinoff of PPL Energy Supply. See Note 8 to the Financial Statements for additional information.
|
·
|
Decrease at the U.K. Regulated segment for the three-month period was primarily due to higher U.S. income taxes due to a 2013 favorable tax ruling and the adverse impact of weather on utility revenues, partially offset by higher utility revenues from the April 1, 2014 and 2013 price increases and lower pension expense. Increase for the six-month period was primarily due to higher utility revenues from the April 1, 2014 and 2013 price increases, lower pension expense and lower U.K. income taxes, partially offset by the adverse impact of weather on utility revenues, higher U.S. income taxes due to a 2013 favorable tax ruling, higher network maintenance and higher depreciation expense.
|
·
|
Increase at the Kentucky Regulated segment for the three-month period was primarily due to returns on additional environmental capital investments, partially offset by higher operation and maintenance expense. Increase for the six-month period was primarily due to returns on additional capital investments and higher sales volumes due to unusually cold weather in the first quarter of 2014, partially offset by higher operation and maintenance expense driven by storm-related expenses and timing of generation maintenance outages.
|
·
|
Increases at the Pennsylvania Regulated segment for the three and six-month periods were primarily due to higher transmission margins from returns on additional capital investments and the recovery of additional costs through FERC formula based rates, partially offset by higher interest expense. Increase for the six-month period also includes higher distribution margins primarily due to unusually cold weather in the first quarter of 2014, returns on additional distribution improvement capital investments and a benefit from a change in estimate of a regulatory liability.
|
·
|
Increases at the Supply segment for the three and six-month periods were primarily due to unrealized gains on certain commodity positions, higher Eastern margins from higher capacity prices, improved availability of baseload power plants and lower interest expense, partially offset by lower baseload energy prices. Earnings for the six-month period were also favorably impacted by net benefits from unusually cold weather in the first quarter of 2014, partially offset by lower western U.S. margins.
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||
|
|
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility revenues
|
|
$
|
659
|
|
$
|
559
|
|
18
|
|
$
|
1,296
|
|
$
|
1,197
|
|
8
|
|
Energy-related businesses
|
|
|
13
|
|
|
13
|
|
|
|
|
24
|
|
|
23
|
|
4
|
|
|
Total operating revenues
|
|
|
672
|
|
|
572
|
|
17
|
|
|
1,320
|
|
|
1,220
|
|
8
|
Other operation and maintenance
|
|
|
117
|
|
|
112
|
|
4
|
|
|
225
|
|
|
229
|
|
(2)
|
|
Depreciation
|
|
|
87
|
|
|
72
|
|
21
|
|
|
170
|
|
|
146
|
|
16
|
|
Taxes, other than income
|
|
|
40
|
|
|
36
|
|
11
|
|
|
78
|
|
|
73
|
|
7
|
|
Energy-related businesses
|
|
|
8
|
|
|
7
|
|
14
|
|
|
15
|
|
|
14
|
|
7
|
|
|
Total operating expenses
|
|
|
252
|
|
|
227
|
|
11
|
|
|
488
|
|
|
462
|
|
6
|
Other Income (Expense) - net
|
|
|
(72)
|
|
|
4
|
|
(1,900)
|
|
|
(96)
|
|
|
124
|
|
(177)
|
|
Interest Expense
|
|
|
115
|
|
|
104
|
|
11
|
|
|
237
|
|
|
211
|
|
12
|
|
Income Taxes
|
|
|
46
|
|
|
|
|
n/a
|
|
|
106
|
|
|
113
|
|
(6)
|
|
Net Income Attributable to PPL Shareowners
|
|
$
|
187
|
|
$
|
245
|
|
(24)
|
|
$
|
393
|
|
$
|
558
|
|
(30)
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
U.K.
|
|
|
|
|
|
|
|
|
Utility revenues
|
|
$
|
14
|
|
$
|
54
|
|
Other operation and maintenance
|
|
|
6
|
|
|
13
|
|
Depreciation
|
|
|
(7)
|
|
|
(13)
|
|
Interest expense
|
|
|
(5)
|
|
|
(9)
|
|
Other
|
|
|
|
|
|
(3)
|
|
Income taxes
|
|
|
|
|
|
(3)
|
U.S.
|
|
|
|
|
|
|
|
|
Interest expense and other
|
|
|
1
|
|
|
(3)
|
|
Income taxes
|
|
|
(18)
|
|
|
(21)
|
Foreign currency exchange, after-tax
|
|
|
3
|
|
|
5
|
|
Special items, after-tax
|
|
|
(52)
|
|
|
(185)
|
|
Total
|
|
$
|
(58)
|
|
$
|
(165)
|
·
|
Higher utility revenues for the three-month period primarily due to a $52 million impact from the April 1, 2014 and 2013 price increases, partially offset by $33 million of lower volume due primarily to weather.
|
|
Higher utility revenues for the six-month period primarily due to a $120 million impact from the April 1, 2014 and 2013 price increases, partially offset by $56 million of lower volume due primarily to weather and $7 million from adverse customer mix.
|
·
|
Lower other operation and maintenance for the six-month period primarily due to $17 million of lower pension expense and $9 million of lower engineering management expense, partially offset by $16 million of higher network maintenance expense.
|
·
|
Higher interest expense for the three and six-month periods primarily due to the October 2013 debt issuance.
|
·
|
Higher income taxes for the three and six-month periods primarily due to a $19 million 2013 adjustment related to a ruling obtained from the IRS impacting the recalculation of 2010 U.K. earnings and profits.
|
|
|
|
Income Statement
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
Line Item
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Foreign currency-related economic hedges, net of tax of $18, $3, $21, ($39) (a)
|
(Expense)-net
|
|
$
|
(33)
|
|
$
|
(5)
|
|
$
|
(39)
|
|
$
|
73
|
||
WPD Midlands acquisition-related adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Other Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation benefits, net of tax of $0, $0, $0, $1
|
and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
Other Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other acquisition-related adjustments, net of tax of $0, $0, $0, $0
|
and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Windfall Profits Tax litigation (b)
|
Income Taxes
|
|
|
|
|
|
43
|
|
|
|
|
|
43
|
|
|
Change in WPD line loss accrual, net of tax of $0, $5, $13, $5 (c)
|
Utility Revenues
|
|
|
|
|
|
(19)
|
|
|
(52)
|
|
|
(19)
|
|
Total
|
|
|
$
|
(33)
|
|
$
|
19
|
|
$
|
(91)
|
|
$
|
94
|
(a)
|
Represents unrealized gains (losses) on contracts that economically hedge anticipated earnings denominated in GBP.
|
(b)
|
In May 2013, the U.S. Supreme Court reversed the December 2011 ruling, by the U.S. Court of Appeals for the Third Circuit, concerning the creditability for income tax purposes of the U.K. Windfall Profits Tax. As a result of the U.S. Supreme Court ruling, PPL recorded an income tax benefit during the three and six months ended June 30, 2013. See Note 5 to the Financial Statements for additional information.
|
(c)
|
WPD Midlands recorded an adjustment to its line loss accrual in June 2013 based on information provided by Ofgem regarding the calculation of line loss incentive/penalty for all network operators related to DPCR4, a price control period that ended prior to PPL's acquisition of WPD Midlands. In March 2014, Ofgem issued its final decision on the DPCR4 line loss incentives and penalties mechanism. As a result, WPD increased its existing liability by $65 million for over-recovery of line losses. See Note 6 to the Financial Statements for additional information.
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||
|
|
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility revenues
|
|
$
|
722
|
|
$
|
682
|
|
6
|
|
$
|
1,656
|
|
$
|
1,482
|
|
12
|
|
Fuel
|
|
|
231
|
|
|
216
|
|
7
|
|
|
508
|
|
|
447
|
|
14
|
|
Energy purchases
|
|
|
36
|
|
|
37
|
|
(3)
|
|
|
160
|
|
|
123
|
|
30
|
|
Other operation and maintenance
|
|
|
206
|
|
|
197
|
|
5
|
|
|
412
|
|
|
394
|
|
5
|
|
Depreciation
|
|
|
87
|
|
|
83
|
|
5
|
|
|
173
|
|
|
165
|
|
5
|
|
Taxes, other than income
|
|
|
13
|
|
|
12
|
|
8
|
|
|
26
|
|
|
24
|
|
8
|
|
|
Total operating expenses
|
|
|
573
|
|
|
545
|
|
5
|
|
|
1,279
|
|
|
1,153
|
|
11
|
Other Income (Expense) - net
|
|
|
(2)
|
|
|
|
|
n/a
|
|
|
(4)
|
|
|
(2)
|
|
100
|
|
Interest Expense
|
|
|
53
|
|
|
61
|
|
(13)
|
|
|
108
|
|
|
116
|
|
(7)
|
|
Income Taxes
|
|
|
36
|
|
|
28
|
|
29
|
|
|
100
|
|
|
78
|
|
28
|
|
Income (Loss) from Discontinued Operations
|
|
|
|
|
|
1
|
|
(100)
|
|
|
|
|
|
1
|
|
(100)
|
|
Net Income Attributable to PPL Shareowners
|
|
$
|
58
|
|
$
|
49
|
|
18
|
|
$
|
165
|
|
$
|
134
|
|
23
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Kentucky Gross Margins
|
|
$
|
24
|
|
$
|
74
|
Other operation and maintenance
|
|
|
(7)
|
|
|
(18)
|
Depreciation
|
|
|
(4)
|
|
|
(7)
|
Interest expense
|
|
|
8
|
|
|
8
|
Other
|
|
|
(4)
|
|
|
(3)
|
Income taxes
|
|
|
(8)
|
|
|
(22)
|
Special items, after-tax
|
|
|
|
|
|
(1)
|
Total
|
|
$
|
9
|
|
$
|
31
|
·
|
See "Margins - Changes in Non-GAAP Financial Measures" for an explanation of Kentucky Gross Margins.
|
·
|
Higher other operation and maintenance for the three month period primarily due to $3 million of higher costs due to the timing and scope of scheduled generation maintenance outages and higher storm expenses of $3 million.
|
·
|
Higher other operation and maintenance for the six month period primarily due to $6 million of higher costs due to the timing and scope of scheduled generation maintenance outages and higher storm expenses of $9 million.
|
·
|
Higher depreciation expense for the three and six month periods primarily due to PP&E additions, net.
|
·
|
Lower interest expense for the three and six month periods primarily due to the remarketing of the PPL Capital Funding Junior Subordinated Notes component of the 2010 Equity Units and simultaneous exchange into Senior Notes in the second quarter of 2013 partially offset by increased expense due to the issuance of $500 million First Mortgage Bonds in November 2013.
|
|
|
|
Income Statement
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
Line Item
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EEI adjustments, net of tax of $0, $0, $0, $0 (a)
|
Other Income (Expense)-net
|
|
$
|
1
|
|
|
|
|
$
|
1
|
|
$
|
1
|
||
LKE discontinued operations
|
Discontinued Operations
|
|
|
|
|
$
|
1
|
|
|
|
|
|
1
|
||
Total
|
|
|
$
|
1
|
|
$
|
1
|
|
$
|
1
|
|
$
|
2
|
Net Income Attributable to PPL Shareowners for the periods ended June 30 includes the following results:
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||
|
|
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility revenues
|
|
$
|
449
|
|
$
|
414
|
|
8
|
|
$
|
1,041
|
|
$
|
927
|
|
12
|
|
Energy purchases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External
|
|
|
114
|
|
|
120
|
|
(5)
|
|
|
303
|
|
|
292
|
|
4
|
|
Intersegment
|
|
|
21
|
|
|
12
|
|
75
|
|
|
48
|
|
|
26
|
|
85
|
Other operation and maintenance
|
|
|
135
|
|
|
124
|
|
9
|
|
|
269
|
|
|
257
|
|
5
|
|
Depreciation
|
|
|
45
|
|
|
44
|
|
2
|
|
|
90
|
|
|
87
|
|
3
|
|
Taxes, other than income
|
|
|
23
|
|
|
22
|
|
5
|
|
|
55
|
|
|
52
|
|
6
|
|
|
Total operating expenses
|
|
|
338
|
|
|
322
|
|
5
|
|
|
765
|
|
|
714
|
|
7
|
Other Income (Expense) - net
|
|
|
1
|
|
|
2
|
|
(50)
|
|
|
3
|
|
|
3
|
|
|
|
Interest Expense
|
|
|
29
|
|
|
25
|
|
16
|
|
|
58
|
|
|
50
|
|
16
|
|
Income Taxes
|
|
|
31
|
|
|
24
|
|
29
|
|
|
84
|
|
|
57
|
|
47
|
|
Net Income Attributable to PPL Shareowners
|
|
$
|
52
|
|
$
|
45
|
|
16
|
|
$
|
137
|
|
$
|
109
|
|
26
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Pennsylvania Gross Delivery Margins
|
|
$
|
28
|
|
$
|
73
|
Depreciation
|
|
|
(2)
|
|
|
(4)
|
Interest expense
|
|
|
(4)
|
|
|
(8)
|
Other
|
|
|
(1)
|
|
|
|
Income taxes
|
|
|
(10)
|
|
|
(29)
|
Special item, after-tax
|
|
|
(4)
|
|
|
(4)
|
Total
|
|
$
|
7
|
|
$
|
28
|
·
|
See "Margins - Changes in Non-GAAP Financial Measures" for an explanation of Pennsylvania Gross Delivery Margins.
|
·
|
Higher interest expense for the three and six-month periods primarily due to the issuance of first mortgage bonds in July 2013.
|
|
|
|
Income Statement
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
Line Item
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation benefits, net of tax of $2, $0, $2, $0 (a)
|
and Maintenance
|
|
$
|
(4)
|
|
|
|
|
$
|
(4)
|
|
|
|
(a)
|
In June 2014, PPL Electric's largest IBEW local ratified a new three-year labor agreement. In connection with the new agreement, estimated bargaining unit one-time voluntary retirement benefits were recorded. See Note 10 to the Financial Statements for additional information.
|
Net Income Attributable to PPL Shareowners for the periods ended June 30 includes the following results:
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||
|
|
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
||||
Energy revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External (a) (b)
|
|
$
|
872
|
|
$
|
1,658
|
|
(47)
|
|
$
|
(206)
|
|
$
|
2,039
|
|
(110)
|
|
Intersegment
|
|
|
21
|
|
|
12
|
|
75
|
|
|
48
|
|
|
26
|
|
85
|
Energy-related businesses
|
|
|
155
|
|
|
122
|
|
27
|
|
|
280
|
|
|
235
|
|
19
|
|
|
Total operating revenues
|
|
|
1,048
|
|
|
1,792
|
|
(42)
|
|
|
122
|
|
|
2,300
|
|
(95)
|
Fuel (a)
|
|
|
259
|
|
|
224
|
|
16
|
|
|
741
|
|
|
522
|
|
42
|
|
Energy purchases (a) (c)
|
|
|
203
|
|
|
898
|
|
(77)
|
|
|
(1,601)
|
|
|
699
|
|
(329)
|
|
Other operation and maintenance
|
|
|
296
|
|
|
270
|
|
10
|
|
|
554
|
|
|
505
|
|
10
|
|
Depreciation
|
|
|
82
|
|
|
79
|
|
4
|
|
|
162
|
|
|
157
|
|
3
|
|
Taxes, other than income
|
|
|
16
|
|
|
16
|
|
|
|
|
37
|
|
|
33
|
|
12
|
|
Energy-related businesses
|
|
|
155
|
|
|
118
|
|
31
|
|
|
279
|
|
|
228
|
|
22
|
|
|
Total operating expenses
|
|
|
1,011
|
|
|
1,605
|
|
(37)
|
|
|
172
|
|
|
2,144
|
|
(92)
|
Other Income (Expense) - net
|
|
|
8
|
|
|
12
|
|
(33)
|
|
|
14
|
|
|
16
|
|
(13)
|
|
Interest Expense
|
|
|
50
|
|
|
60
|
|
(17)
|
|
|
98
|
|
|
120
|
|
(18)
|
|
Income Taxes
|
|
|
(10)
|
|
|
62
|
|
(116)
|
|
|
(64)
|
|
|
21
|
|
(405)
|
|
Net Income Attributable to PPL Shareowners
|
|
$
|
5
|
|
$
|
77
|
|
(94)
|
|
$
|
(70)
|
|
$
|
31
|
|
(326)
|
(a)
|
Includes the impact from energy-related economic activity. See "Commodity Price Risk (Non-trading) - Economic Activity" in Note 14 to the Financial Statements for additional information.
|
(b)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
(c)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Unregulated Gross Energy Margins
|
|
$
|
47
|
|
$
|
54
|
Other operation and maintenance
|
|
|
|
|
|
(3)
|
Depreciation
|
|
|
(3)
|
|
|
(5)
|
Interest expense
|
|
|
11
|
|
|
23
|
Other
|
|
|
(8)
|
|
|
(8)
|
Income taxes
|
|
|
(9)
|
|
|
(20)
|
Special items, after-tax
|
|
|
(110)
|
|
|
(142)
|
Total
|
|
$
|
(72)
|
|
$
|
(101)
|
·
|
See "Margins - Changes in Non-GAAP Financial Measures" for an explanation of Unregulated Gross Energy Margins.
|
·
|
Lower interest expense for the three and six-month periods primarily due to the repayment of debt in July and December 2013.
|
|
|
|
Income Statement
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
|
Line Item
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted energy-related economic activity - net, net of tax of $16, ($51), $111, $28
|
(a)
|
|
$
|
(23)
|
|
$
|
76
|
|
$
|
(162)
|
|
$
|
(41)
|
||
|
|
|
Other Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
Kerr Dam Project impairment, net of tax of $0, $0, $7, $0 (b)
|
and Maintenance
|
|
|
|
|
|
|
|
|
(10)
|
|
|
|
||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Change in tax accounting method related to repairs
|
Income Taxes
|
|
|
|
|
|
(3)
|
|
|
|
|
|
(3)
|
|
|
|
Other Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty bankruptcy, net of tax of $0, ($1), $0, ($1)
|
and Maintenance
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
Other Operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation benefits, net of tax of $9, $0, $9, $0 (c)
|
and Maintenance
|
|
|
(13)
|
|
|
|
|
|
(13)
|
|
|
|
|
Total
|
|
|
$
|
(36)
|
|
$
|
74
|
|
$
|
(185)
|
|
$
|
(43)
|
(a)
|
Represents unrealized gains (losses), after-tax, on economic activity. See "Commodity Price Risk (Non-trading) - Economic Activity" in Note 14 to the Financial Statements for additional information. Amounts have been adjusted for option premiums of $2 million, $0, $4 million and $1 million.
|
(c)
|
In June 2014, PPL Energy Supply's largest IBEW local ratified a new three-year labor agreement. In connection with the new agreement, estimated bargaining unit one-time voluntary retirement benefits were recorded. See Note 10 to the Financial Statements for additional information.
|
·
|
"Kentucky Gross Margins" is a single financial performance measure of the Kentucky Regulated segment's, LKE's, LG&E's and KU's electricity generation, transmission and distribution operations as well as LKE's and LG&E's distribution and sale of natural gas. In calculating this measure, fuel, energy purchases and certain variable costs of production (recorded as "Other operation and maintenance" on the Statements of Income) are deducted from revenues. In addition, certain other expenses, recorded as "Other operation and maintenance" and "Depreciation" on the Statements of Income, associated with approved cost recovery mechanisms are offset against the recovery of those expenses, which are included in revenues. These mechanisms allow for direct recovery of these expenses and, in some cases, returns on capital investments and performance incentives. As a result, this measure represents the net revenues
from the electricity and gas operations.
|
·
|
"Pennsylvania Gross Delivery Margins" is a single financial performance measure of the Pennsylvania Regulated segment's and PPL Electric's electricity delivery operations, which includes transmission and distribution activities. In calculating this measure, utility revenues and expenses associated with approved recovery mechanisms, including energy provided as a PLR, are offset with minimal impact on earnings. Costs associated with these mechanisms are recorded in "Energy purchases," "Other operation and maintenance," which is primarily Act 129 costs, and "Taxes, other than income," which is primarily gross receipts tax. This performance measure includes PLR energy purchases by PPL Electric from PPL EnergyPlus, which are reflected in "PLR intersegment utility revenue (expense)" in the reconciliation table below (in "Energy purchases from affiliate" in PPL Electric's reconciliation table). As
a result, this measure represents the net revenues from the Pennsylvania Regulated segment's and PPL Electric's electricity delivery operations.
|
·
|
"Unregulated Gross Energy Margins" is a single financial performance measure of the Supply segment's and PPL Energy Supply's competitive energy activities, which are managed on a geographic basis. In calculating this measure, energy revenues, including operating revenues associated with certain businesses classified as discontinued operations, are offset by the cost of fuel, energy purchases, certain other operation and maintenance expenses, primarily ancillary charges, gross receipts tax, recorded in "Taxes, other than income," and operating expenses associated with certain businesses classified as discontinued operations. This performance measure is relevant due to the volatility in the individual revenue and expense lines on the Statements of Income that comprise "Unregulated Gross Energy Margins." This volatility stems from a number of factors, including the required netting of certain transactions with ISOs
and significant fluctuations in unrealized gains and losses. Such factors could result in gains or losses being recorded in either "Unregulated wholesale energy", "Unregulated retail energy" or "Energy purchases" on the Statements of Income. This performance measure includes PLR revenues from energy sales to PPL Electric by PPL EnergyPlus, which are reflected in "PLR intersegment utility revenue (expense)" in the reconciliation table below (in "Unregulated wholesale energy to affiliate" in PPL Energy Supply's reconciliation table). "Unregulated Gross Energy Margins" excludes adjusted energy-related economic activity, which includes the changes in fair value of positions used to economically hedge a portion of the economic value of the competitive generation assets, full-requirement sales contracts and retail activities. This economic value is subject to changes in fair value due to market price volatility of the input and
output commodities (e.g., fuel and power) prior to the
|
|
|
|
|
|
|
2014 Three Months
|
|
2013 Three Months
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
Kentucky
|
|
PA Gross
|
|
Gross
|
|
|
|
|
|
|
|
Kentucky
|
|
PA Gross
|
|
Gross
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
Gross
|
|
Delivery
|
|
Energy
|
|
|
|
|
Operating
|
|
Gross
|
|
Delivery
|
|
Energy
|
|
|
|
|
|
Operating
|
|||||||||
|
|
|
|
|
|
Margins
|
|
Margins
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
Margins
|
|
Margins
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||||||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Utility
|
|
$
|
722
|
|
$
|
449
|
|
|
|
|
$
|
659
|
(c)
|
|
$
|
1,830
|
|
$
|
682
|
|
$
|
414
|
|
|
|
|
$
|
559
|
(c)
|
|
$
|
1,655
|
|||
|
PLR intersegment utility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
revenue (expense) (d)
|
|
|
|
|
|
(21)
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
(12)
|
|
$
|
12
|
|
|
|
|
|
|
|
||
|
Unregulated wholesale energy
|
|
|
|
|
|
|
|
|
684
|
|
|
(93)
|
(e)
|
|
|
591
|
|
|
|
|
|
|
|
|
812
|
|
|
589
|
(e)
|
|
|
1,401
|
|||
|
Unregulated retail energy
|
|
|
|
|
|
|
|
|
277
|
|
|
3
|
(e)
|
|
|
280
|
|
|
|
|
|
|
|
|
237
|
|
|
20
|
(e)
|
|
|
257
|
|||
|
Energy-related businesses
|
|
|
|
|
|
|
|
|
|
|
|
173
|
|
|
|
173
|
|
|
|
|
|
|
|
|
|
|
|
137
|
|
|
|
137
|
|||
|
|
|
Total Operating Revenues
|
|
|
722
|
|
|
428
|
|
|
982
|
|
|
742
|
|
|
|
2,874
|
|
|
682
|
|
|
402
|
|
|
1,061
|
|
|
1,305
|
|
|
|
3,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fuel
|
|
|
231
|
|
|
|
|
|
266
|
|
|
(6)
|
(e)
|
|
|
491
|
|
|
216
|
|
|
|
|
|
223
|
|
|
2
|
(e)
|
|
|
441
|
|||
|
Energy purchases
|
|
|
36
|
|
|
114
|
|
|
246
|
|
|
(45)
|
(e)
|
|
|
351
|
|
|
37
|
|
|
120
|
|
|
420
|
|
|
474
|
(e)
|
|
|
1,051
|
|||
|
Other operation and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
maintenance
|
|
|
25
|
|
|
23
|
|
|
6
|
|
|
687
|
|
|
|
741
|
|
|
23
|
|
|
21
|
|
|
3
|
|
|
651
|
|
|
|
698
|
||
|
Depreciation
|
|
|
2
|
|
|
|
|
|
|
|
|
310
|
|
|
|
312
|
|
|
2
|
|
|
|
|
|
|
|
|
284
|
|
|
|
286
|
|||
|
Taxes, other than income
|
|
|
|
|
|
21
|
|
|
10
|
|
|
62
|
|
|
|
93
|
|
|
|
|
|
19
|
|
|
10
|
|
|
57
|
|
|
|
86
|
|||
|
Energy-related businesses
|
|
|
|
|
|
|
|
|
2
|
|
|
166
|
|
|
|
168
|
|
|
|
|
|
|
|
|
|
|
|
130
|
|
|
|
130
|
|||
|
|
|
Total Operating Expenses
|
|
|
294
|
|
|
158
|
|
|
530
|
|
|
1,174
|
|
|
|
2,156
|
|
|
278
|
|
|
160
|
|
|
656
|
|
|
1,598
|
|
|
|
2,692
|
|
Total
|
|
$
|
428
|
|
$
|
270
|
|
$
|
452
|
|
$
|
(432)
|
|
|
$
|
718
|
|
$
|
404
|
|
$
|
242
|
|
$
|
405
|
|
$
|
(293)
|
|
|
$
|
758
|
|
|
|
|
|
|
2014 Six Months
|
|
2013 Six Months
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
Kentucky
|
|
PA Gross
|
|
Gross
|
|
|
|
|
|
|
Kentucky
|
|
PA Gross
|
|
Gross
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
Gross
|
|
Delivery
|
|
Energy
|
|
|
|
|
Operating
|
|
Gross
|
|
Delivery
|
|
Energy
|
|
|
|
|
|
Operating
|
|||||||||
|
|
|
|
|
|
Margins
|
|
Margins
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
Margins
|
|
Margins
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||||||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Utility
|
|
$
|
1,656
|
|
$
|
1,041
|
|
|
|
|
$
|
1,295
|
(c)
|
|
$
|
3,992
|
|
$
|
1,482
|
|
$
|
927
|
|
|
|
|
$
|
1,196
|
(c)
|
|
$
|
3,605
|
|||
|
PLR intersegment utility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
revenue (expense) (d)
|
|
|
|
|
|
(48)
|
|
$
|
48
|
|
|
|
|
|
|
|
|
|
|
|
|
(26)
|
|
$
|
26
|
|
|
|
|
|
|
|
||
|
Unregulated wholesale energy
|
|
|
|
|
|
|
|
|
47
|
|
|
(885)
|
(e)
|
|
|
(838)
|
|
|
|
|
|
|
|
|
1,778
|
|
|
(234)
|
(e)
|
|
|
1,544
|
|||
|
Unregulated retail energy
|
|
|
|
|
|
|
|
|
655
|
|
|
(26)
|
(e)
|
|
|
629
|
|
|
|
|
|
|
|
|
483
|
|
|
11
|
(e)
|
|
|
494
|
|||
|
Energy-related businesses
|
|
|
|
|
|
|
|
|
|
|
|
314
|
|
|
|
314
|
|
|
|
|
|
|
|
|
|
|
|
264
|
|
|
|
264
|
|||
|
|
|
Total Operating Revenues
|
|
|
1,656
|
|
|
993
|
|
|
750
|
|
|
698
|
|
|
|
4,097
|
|
|
1,482
|
|
|
901
|
|
|
2,287
|
|
|
1,237
|
|
|
|
5,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fuel
|
|
|
508
|
|
|
|
|
|
747
|
|
|
(6)
|
(e)
|
|
|
1,249
|
|
|
447
|
|
|
|
|
|
522
|
|
|
1
|
(e)
|
|
|
970
|
|||
|
Energy purchases
|
|
|
160
|
|
|
303
|
|
|
(973)
|
|
|
(633)
|
(e)
|
|
|
(1,143)
|
|
|
123
|
|
|
292
|
|
|
857
|
|
|
(164)
|
(e)
|
|
|
1,108
|
|||
|
Other operation and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
maintenance
|
|
|
48
|
|
|
48
|
|
|
13
|
|
|
1,329
|
|
|
|
1,438
|
|
|
48
|
|
|
43
|
|
|
8
|
|
|
1,275
|
|
|
|
1,374
|
||
|
Depreciation
|
|
|
3
|
|
|
|
|
|
|
|
|
614
|
|
|
|
617
|
|
|
2
|
|
|
|
|
|
|
|
|
568
|
|
|
|
570
|
|||
|
Taxes, other than income
|
|
|
1
|
|
|
50
|
|
|
23
|
|
|
123
|
|
|
|
197
|
|
|
|
|
|
47
|
|
|
18
|
|
|
117
|
|
|
|
182
|
|||
|
Energy-related businesses
|
|
|
|
|
|
|
|
|
4
|
|
|
302
|
|
|
|
306
|
|
|
|
|
|
|
|
|
|
|
|
252
|
|
|
|
252
|
|||
|
|
|
Total Operating Expenses
|
|
|
720
|
|
|
401
|
|
|
(186)
|
|
|
1,729
|
|
|
|
2,664
|
|
|
620
|
|
|
382
|
|
|
1,405
|
|
|
2,049
|
|
|
|
4,456
|
|
Total
|
|
$
|
936
|
|
$
|
592
|
|
$
|
936
|
|
$
|
(1,031)
|
|
|
$
|
1,433
|
|
$
|
862
|
|
$
|
519
|
|
$
|
882
|
|
$
|
(812)
|
|
|
$
|
1,451
|
(e)
|
Includes energy-related economic activity, which is subject to fluctuations in value due to market price volatility. See "Commodity Price Risk (Non-trading) - Economic Activity" in Note 14 to the Financial Statements.
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||||||||
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Regulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Kentucky Gross Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
LG&E
|
|
$
|
196
|
|
$
|
183
|
|
$
|
13
|
|
$
|
422
|
|
$
|
385
|
|
$
|
37
|
|
|
KU
|
|
|
232
|
|
|
221
|
|
|
11
|
|
|
514
|
|
|
477
|
|
|
37
|
LKE
|
|
$
|
428
|
|
$
|
404
|
|
$
|
24
|
|
$
|
936
|
|
$
|
862
|
|
$
|
74
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Regulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Pennsylvania Gross Delivery Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Distribution
|
|
$
|
189
|
|
$
|
183
|
|
$
|
6
|
|
$
|
438
|
|
$
|
407
|
|
$
|
31
|
|
|
Transmission
|
|
|
81
|
|
|
59
|
|
|
22
|
|
|
154
|
|
|
112
|
|
|
42
|
|
Total
|
|
$
|
270
|
|
$
|
242
|
|
$
|
28
|
|
$
|
592
|
|
$
|
519
|
|
$
|
73
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supply
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Unregulated Gross Energy Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Eastern U.S.
|
|
$
|
400
|
|
$
|
349
|
|
$
|
51
|
|
$
|
835
|
|
$
|
769
|
|
$
|
66
|
|
|
Western U.S.
|
|
|
52
|
|
|
56
|
|
|
(4)
|
|
|
101
|
|
|
113
|
|
|
(12)
|
|
Total
|
|
$
|
452
|
|
$
|
405
|
|
$
|
47
|
|
$
|
936
|
|
$
|
882
|
|
$
|
54
|
Statement of Income Analysis --
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
Utility Revenues
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
The increase (decrease) in utility revenues for the periods ended June 30, 2014 compared with 2013 was due to:
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||
Domestic:
|
|
|
|
|
|
|
|||
|
PPL Electric (a)
|
|
$
|
35
|
|
$
|
114
|
||
|
LKE (b)
|
|
|
40
|
|
|
174
|
||
|
Total Domestic
|
|
|
75
|
|
|
288
|
||
|
|
|
|
|
|
|
|
|
|
U.K.:
|
|
|
|
|
|
|
|||
|
Price (c)
|
|
|
52
|
|
|
120
|
||
|
Foreign currency exchange rates
|
|
|
59
|
|
|
85
|
||
|
Volume (d)
|
|
|
(33)
|
|
|
(56)
|
||
|
Line loss accrual adjustments (e)
|
|
|
24
|
|
|
(41)
|
||
|
Other
|
|
|
(2)
|
|
|
(9)
|
||
|
Total U.K.
|
|
|
100
|
|
|
99
|
||
Total
|
|
$
|
175
|
|
$
|
387
|
(c)
|
The three and six-month periods were impacted by price increases effective April 1, 2014 and April 1, 2013.
|
(d)
|
The decrease for the three and six-month periods was primarily due to the unusually cold weather in 2013.
|
(e)
|
The three and six-month periods were impacted by unfavorable accrual adjustments in 2013 based on Ofgem's consultation documents on the DPCR4 line loss incentives and penalties. The six-month period was also impacted by unfavorable accrual adjustments in 2014 based on Ofgem's final decision on this matter in March 2014. See Note 6 to the Financial Statements for additional information.
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Unregulated wholesale energy (a)
|
|
$
|
(810)
|
|
$
|
(2,382)
|
|
Unregulated retail energy
|
|
|
23
|
|
|
135
|
|
Fuel
|
|
|
50
|
|
|
279
|
|
Energy purchases (b)
|
|
|
(700)
|
|
|
(2,251)
|
(a)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
(b)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
Other Operation and Maintenance
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
The increase (decrease) in other operation and maintenance for the periods ended June 30, 2014 compared with 2013 was due to:
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||
Domestic:
|
|
|
|
|
|
||
|
PPL Susquehanna (a)
|
$
|
11
|
|
$
|
18
|
|
|
PPL Energy Supply fossil and hydroelectric plants (b)
|
|
(9)
|
|
|
11
|
|
|
PPL Electric PUC-reportable storms
|
|
1
|
|
|
10
|
|
|
PPL Electric payroll-related costs
|
|
(5)
|
|
|
(8)
|
|
|
LKE generation maintenance outages
|
|
3
|
|
|
6
|
|
|
LKE storm expense
|
|
3
|
|
|
9
|
|
|
Separation benefits (c)
|
|
29
|
|
|
29
|
|
|
Other
|
|
6
|
|
|
(6)
|
|
U.K.:
|
|
|
|
|
|
||
|
Network maintenance (d)
|
|
7
|
|
|
16
|
|
|
Foreign currency exchange rates
|
|
10
|
|
|
14
|
|
|
Pension
|
|
(8)
|
|
|
(17)
|
|
|
Engineering management
|
|
(3)
|
|
|
(9)
|
|
|
Separation benefits
|
|
|
|
|
(3)
|
|
|
Other
|
|
(2)
|
|
|
(6)
|
|
Total
|
$
|
43
|
|
$
|
64
|
(b)
|
The decrease for the three-month period was primarily due to the elimination of rent expense associated with the Colstrip lease which was terminated in December 2013. The increase for the six-month period was due to the Kerr Dam Project impairment of $18 million recorded in March 2014, partially offset by the elimination of rent expense associated with the Colstrip lease termination of $10 million. See Note 13 to the Financial Statements for additional information on the Kerr Dam Project impairment.
|
(c)
|
Bargaining unit one-time voluntary retirement benefits were recorded as a result of the ratification of the IBEW Local 1600 three year labor agreement in June 2014. See Note 10 to the Financial Statements for additional information.
|
(d)
|
The increase for the three-and six-month periods was primarily due to vegetation management and fault repair due to increased 2014 storm activity.
|
Taxes, Other Than Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase (decrease) in taxes, other than income for the periods ended June 30, 2014 compared with 2013 was due to:
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Pennsylvania gross receipts tax (a)
|
|
$
|
3
|
|
$
|
9
|
|
Foreign currency exchange rates
|
|
|
4
|
|
|
5
|
|
Domestic property tax
|
|
|
|
|
|
1
|
|
Total
|
|
$
|
7
|
|
$
|
15
|
(a)
|
The increase for the three- and six-month periods is primarily due to higher retail electric revenues. This tax is included in "Unregulated Gross Energy Margins" and "Pennsylvania Gross Delivery Margins."
|
Interest Expense
|
|
|
|
||||
|
|
|
|
|
|
|
|
The increase (decrease) in interest expense for the periods ended June 30, 2014 compared with 2013 was due to:
|
|||||||
|
|
|
|
|
|||
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Loss on extinguishment of debt (a)
|
|
$
|
(10)
|
|
$
|
(1)
|
|
Net amortization of debt discounts, premiums and issuance costs
|
|
|
|
|
|
(4)
|
|
Capitalized interest and debt component of AFUDC (b)
|
|
|
4
|
|
|
9
|
|
Foreign currency exchange rates
|
|
|
9
|
|
|
13
|
|
Other
|
|
|
(3)
|
|
|
(4)
|
|
Total
|
|
$
|
|
|
$
|
13
|
(a)
|
In March 2014, a $9 million loss was recorded related to PPL Capital Funding's remarketing and debt exchange of the junior subordinated notes issued as a component of the 2011 Equity Units compared with a $10 million loss recorded in May 2013 related to a similar transaction for the 2010 Equity Units.
|
(b)
|
Primarily due to the Holtwood hydroelectric expansion project placed in service in November 2013.
|
Income Taxes
|
|
|
|||||
|
|
|
|
|
|
|
|
The increase (decrease) in income taxes for the periods ended June 30, 2014 compared with 2013 was due to:
|
|||||||
|
|
|
|
||||
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Change in pre-tax income at current period tax rates
|
|
$
|
(68)
|
|
$
|
(120)
|
|
State valuation allowance adjustments (a)
|
|
|
46
|
|
|
46
|
|
Federal income tax credits
|
|
|
2
|
|
|
5
|
|
Federal and state tax reserve adjustments (b)
|
|
|
39
|
|
|
40
|
|
U.S. income tax on foreign earnings - net of foreign tax credit (c)
|
|
|
17
|
|
|
26
|
|
Foreign tax return adjustments
|
|
|
4
|
|
|
4
|
|
State deferred tax rate change
|
|
|
3
|
|
|
3
|
|
Impact of lower UK income tax rates
|
|
|
(3)
|
|
|
(8)
|
|
Other
|
|
|
|
|
|
5
|
|
Total
|
|
$
|
40
|
|
$
|
1
|
(a)
|
As a result of the spinoff announcement, PPL recorded deferred income tax expense during the three and six months ended June 30, 2014 to adjust valuation allowances on deferred tax assets primarily for state net operating loss carryforwards that were previously supported by the future earnings of PPL Energy Supply.
|
(b)
|
In May 2013, the U.S. Supreme Court reversed the December 2011 ruling by the U.S. Court of Appeals for the Third Circuit, concerning the creditability, for income tax purposes, of the U.K. Windfall Profits Tax. As a result of this decision, PPL recorded a tax benefit of $44 million during the three and six months ended June 30, 2013. See Note 5 to the Financial Statements for additional information.
|
(c)
|
During the three and six months ended June 30, 2013, PPL recorded a tax benefit of $19 million associated with a ruling obtained from the IRS impacting the recalculation of 2010 U.K. earnings and profits.
|
Earnings
|
|||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to PPL Energy Supply Member
|
|
$
|
13
|
|
$
|
86
|
|
$
|
(53)
|
|
$
|
48
|
|
Special items, gains (losses), after-tax
|
|
|
(36)
|
|
|
74
|
|
|
(185)
|
|
|
(43)
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Unregulated Gross Energy Margins
|
|
$
|
47
|
|
$
|
54
|
Other operation and maintenance
|
|
|
|
|
|
(3)
|
Depreciation
|
|
|
(3)
|
|
|
(5)
|
Interest expense
|
|
|
11
|
|
|
23
|
Other
|
|
|
(8)
|
|
|
(8)
|
Income taxes
|
|
|
(10)
|
|
|
(20)
|
Special items, after-tax
|
|
|
(110)
|
|
|
(142)
|
Total
|
|
$
|
(73)
|
|
$
|
(101)
|
|
|
|
|
|
2014 Three Months
|
|
2013 Three Months
|
||||||||||||||||
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
||||
|
|
|
|
|
Gross Energy
|
|
|
|
|
Operating
|
|
Gross Energy
|
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Unregulated wholesale energy
|
$
|
684
|
|
$
|
(93)
|
(c)
|
|
$
|
591
|
|
$
|
812
|
|
$
|
589
|
(c)
|
|
$
|
1,401
|
|||
|
Unregulated wholesale energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
to affiliate
|
|
21
|
|
|
|
|
|
|
21
|
|
|
12
|
|
|
|
|
|
|
12
|
||
|
Unregulated retail energy
|
|
277
|
|
|
4
|
(c)
|
|
|
281
|
|
|
237
|
|
|
20
|
(c)
|
|
|
257
|
|||
|
Energy-related businesses
|
|
|
|
|
155
|
|
|
|
155
|
|
|
|
|
|
122
|
|
|
|
122
|
|||
|
|
|
Total Operating Revenues
|
|
982
|
|
|
66
|
|
|
|
1,048
|
|
|
1,061
|
|
|
731
|
|
|
|
1,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fuel
|
|
266
|
|
|
(7)
|
(c)
|
|
|
259
|
|
|
223
|
|
|
1
|
(c)
|
|
|
224
|
|||
|
Energy purchases
|
|
246
|
|
|
(43)
|
(c)
|
|
|
203
|
|
|
420
|
|
|
478
|
(c)
|
|
|
898
|
|||
|
Other operation and maintenance
|
|
6
|
|
|
290
|
|
|
|
296
|
|
|
3
|
|
|
267
|
|
|
|
270
|
|||
|
Depreciation
|
|
|
|
|
82
|
|
|
|
82
|
|
|
|
|
|
79
|
|
|
|
79
|
|||
|
Taxes, other than income
|
|
10
|
|
|
6
|
|
|
|
16
|
|
|
10
|
|
|
6
|
|
|
|
16
|
|||
|
Energy-related businesses
|
|
2
|
|
|
153
|
|
|
|
155
|
|
|
|
|
|
118
|
|
|
|
118
|
|||
|
|
|
Total Operating Expenses
|
|
530
|
|
|
481
|
|
|
|
1,011
|
|
|
656
|
|
|
949
|
|
|
|
1,605
|
|
Total
|
$
|
452
|
|
$
|
(415)
|
|
|
$
|
37
|
|
$
|
405
|
|
$
|
(218)
|
|
|
$
|
187
|
|
|
|
|
|
|
2014 Six Months
|
|
2013 Six Months
|
||||||||||||||||
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
|
Unregulated
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
Gross Energy
|
|
|
|
|
Operating
|
|
Gross Energy
|
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Unregulated wholesale energy
|
|
$
|
47
|
|
$
|
(885)
|
(c)
|
|
$
|
(838)
|
|
$
|
1,778
|
|
$
|
(234)
|
(c)
|
|
$
|
1,544
|
|||
|
Unregulated wholesale energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
to affiliate
|
|
|
48
|
|
|
|
|
|
|
48
|
|
|
26
|
|
|
|
|
|
|
26
|
||
|
Unregulated retail energy
|
|
|
655
|
|
|
(23)
|
(c)
|
|
|
632
|
|
|
483
|
|
|
12
|
(c)
|
|
|
495
|
|||
|
Energy-related businesses
|
|
|
|
|
|
280
|
|
|
|
280
|
|
|
|
|
|
235
|
|
|
|
235
|
|||
|
|
|
Total Operating Revenues
|
|
|
750
|
|
|
(628)
|
|
|
|
122
|
|
|
2,287
|
|
|
13
|
|
|
|
2,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fuel
|
|
|
747
|
|
|
(6)
|
(c)
|
|
|
741
|
|
|
522
|
|
|
|
(c)
|
|
|
522
|
|||
|
Energy purchases
|
|
|
(973)
|
|
|
(628)
|
(c)
|
|
|
(1,601)
|
|
|
857
|
|
|
(158)
|
(c)
|
|
|
699
|
|||
|
Other operation and maintenance
|
|
|
13
|
|
|
541
|
|
|
|
554
|
|
|
8
|
|
|
497
|
|
|
|
505
|
|||
|
Depreciation
|
|
|
|
|
|
162
|
|
|
|
162
|
|
|
|
|
|
157
|
|
|
|
157
|
|||
|
Taxes, other than income
|
|
|
23
|
|
|
14
|
|
|
|
37
|
|
|
18
|
|
|
15
|
|
|
|
33
|
|||
|
Energy-related businesses
|
|
|
4
|
|
|
275
|
|
|
|
279
|
|
|
|
|
|
228
|
|
|
|
228
|
|||
|
|
|
Total Operating Expenses
|
|
|
(186)
|
|
|
358
|
|
|
|
172
|
|
|
1,405
|
|
|
739
|
|
|
|
2,144
|
|
Total
|
|
$
|
936
|
|
$
|
(986)
|
|
|
$
|
(50)
|
|
$
|
882
|
|
$
|
(726)
|
|
|
$
|
156
|
(c)
|
Includes energy-related economic activity, which is subject to fluctuations in value due to market price volatility. See "Commodity Price Risk (Non-trading) - Economic Activity" within Note 14 to the Financial Statements.
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Unregulated wholesale energy (a)
|
|
$
|
(810)
|
|
$
|
(2,382)
|
|
Unregulated wholesale energy to affiliate
|
|
|
9
|
|
|
22
|
|
Unregulated retail energy
|
|
|
24
|
|
|
137
|
|
Fuel
|
|
|
35
|
|
|
219
|
|
Energy purchases (b)
|
|
|
(695)
|
|
|
(2,300)
|
(a)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized losses on physical and financial commodity sales contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
(b)
|
The six-month period ended June 30, 2014 includes significant realized and unrealized gains on physical and financial commodity purchase contracts due to the unusually cold weather experienced in the first quarter of 2014.
|
Other Operation and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase (decrease) in other operation and maintenance for the periods ended June 30, 2014 compared with 2013 was due to:
|
||||||
|
|
|
||||
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
PPL Susquehanna (a)
|
$
|
11
|
|
$
|
18
|
|
Fossil hydroelectric plants (b)
|
|
(9)
|
|
|
11
|
|
PPL EnergyPlus
|
|
4
|
|
|
4
|
|
Separation benefits (c)
|
|
23
|
|
|
23
|
|
Other
|
|
(3)
|
|
|
(7)
|
|
Total
|
$
|
26
|
|
$
|
49
|
(b)
|
The decrease for the three-month period is primarily due to the elimination of rent expense associated with the Colstrip lease which was terminated in December 2013. The increase for the six-month period is primarily due to the Kerr Dam Project impairment of $18 million, recorded in March 2014, partially offset by the elimination of rent expense associated with the Colstrip lease termination of $10 million. See Note 13 to the Financial Statements for additional information on the Kerr Dam Project impairment.
|
(c)
|
Bargaining unit one-time voluntary retirement benefits were recorded as a result of the ratification of the IBEW Local 1600 three year labor agreement in June 2014. See Note 10 to the Financial Statements for additional information.
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase (decrease) in interest expense for the periods ended June 30, 2014 compared with 2013 was due to:
|
|||||||
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
|||
|
|
|
|
|
|
|
|
Long-term debt interest expense (a)
|
|
$
|
(14)
|
|
$
|
(28)
|
|
Capitalized interest (b)
|
|
|
4
|
|
|
8
|
|
Other
|
|
|
(1)
|
|
|
(3)
|
|
Total
|
|
$
|
(11)
|
|
$
|
(23)
|
(b)
|
The increase was primarily due to the Holtwood hydroelectric expansion project placed in service in November 2013.
|
Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase (decrease) in income taxes for the periods ended June 30, 2014 compared with 2013 was due to:
|
||||||
|
|
|
|
|||
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Change in pre-tax income at current period tax rates
|
|
$
|
(68)
|
|
$
|
(86)
|
Federal and state tax reserve adjustments
|
|
|
(6)
|
|
|
(5)
|
State deferred tax rate change
|
|
|
3
|
|
|
3
|
Other
|
|
|
1
|
|
|
4
|
Total
|
|
$
|
(70)
|
|
$
|
(84)
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
52
|
|
$
|
45
|
|
$
|
137
|
|
$
|
109
|
|
Special item, gains (losses), after-tax
|
|
|
(4)
|
|
|
|
|
|
(4)
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Pennsylvania Gross Delivery Margins
|
|
$
|
28
|
|
$
|
73
|
Depreciation
|
|
|
(2)
|
|
|
(4)
|
Interest expense
|
|
|
(4)
|
|
|
(8)
|
Other
|
|
|
(1)
|
|
|
|
Income taxes
|
|
|
(10)
|
|
|
(29)
|
Special item, after-tax
|
|
|
(4)
|
|
|
(4)
|
Total
|
|
$
|
7
|
|
$
|
28
|
|
|
|
|
|
2014 Three Months
|
|
2013 Three Months
|
||||||||||||||
|
|
|
|
|
PA Gross
|
|
|
|
|
|
|
PA Gross
|
|
|
|
|
|
||||
|
|
|
|
|
Delivery
|
|
|
|
Operating
|
|
Delivery
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||
Operating Revenues
|
$
|
449
|
|
|
|
|
$
|
449
|
|
$
|
414
|
|
|
|
|
$
|
414
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Energy purchases
|
|
114
|
|
|
|
|
|
114
|
|
|
120
|
|
|
|
|
|
120
|
|||
|
Energy purchases from affiliate
|
|
21
|
|
|
|
|
|
21
|
|
|
12
|
|
|
|
|
|
12
|
|||
|
Other operation and maintenance
|
|
23
|
|
$
|
112
|
|
|
135
|
|
|
21
|
|
$
|
103
|
|
|
124
|
|||
|
Depreciation
|
|
|
|
|
45
|
|
|
45
|
|
|
|
|
|
44
|
|
|
44
|
|||
|
Taxes, other than income
|
|
21
|
|
|
2
|
|
|
23
|
|
|
19
|
|
|
3
|
|
|
22
|
|||
|
|
|
Total Operating Expenses
|
|
179
|
|
|
159
|
|
|
338
|
|
|
172
|
|
|
150
|
|
|
322
|
|
Total
|
$
|
270
|
|
$
|
(159)
|
|
$
|
111
|
|
$
|
242
|
|
$
|
(150)
|
|
$
|
92
|
|
|
|
|
|
2014 Six Months
|
|
2013 Six Months
|
||||||||||||||
|
|
|
|
|
PA Gross
|
|
|
|
|
|
|
PA Gross
|
|
|
|
|
|
||||
|
|
|
|
|
Delivery
|
|
|
|
Operating
|
|
Delivery
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||
Operating Revenues
|
$
|
1,041
|
|
|
|
|
$
|
1,041
|
|
$
|
927
|
|
|
|
|
$
|
927
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Energy purchases
|
|
303
|
|
|
|
|
|
303
|
|
|
292
|
|
|
|
|
|
292
|
|||
|
Energy purchases from affiliate
|
|
48
|
|
|
|
|
|
48
|
|
|
26
|
|
|
|
|
|
26
|
|||
|
Other operation and maintenance
|
|
48
|
|
$
|
221
|
|
|
269
|
|
|
43
|
|
$
|
214
|
|
|
257
|
|||
|
Depreciation
|
|
|
|
|
90
|
|
|
90
|
|
|
|
|
|
87
|
|
|
87
|
|||
|
Taxes, other than income
|
|
50
|
|
|
5
|
|
|
55
|
|
|
47
|
|
|
5
|
|
|
52
|
|||
|
|
|
Total Operating Expenses
|
|
449
|
|
|
316
|
|
|
765
|
|
|
408
|
|
|
306
|
|
|
714
|
|
Total
|
$
|
592
|
|
$
|
(316)
|
|
$
|
276
|
|
$
|
519
|
|
$
|
(306)
|
|
$
|
213
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Operating revenues
|
|
$
|
35
|
|
$
|
114
|
|
Energy purchases
|
|
|
(6)
|
|
|
11
|
|
Energy purchases from affiliate
|
|
|
9
|
|
|
22
|
Other Operation and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase (decrease) in other operation and maintenance for the periods ended June 30, 2014 compared with 2013 was due to:
|
||||||
|
|
|
||||
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll-related costs
|
$
|
(5)
|
|
$
|
(8)
|
|
Vegetation management
|
|
2
|
|
|
5
|
|
PUC-reportable storms
|
|
1
|
|
|
10
|
|
Act 129
|
|
3
|
|
|
(1)
|
|
Separation benefits (a)
|
|
6
|
|
|
6
|
|
Other
|
|
4
|
|
|
|
|
Total
|
$
|
11
|
|
$
|
12
|
(a)
|
Bargaining unit one-time voluntary retirement benefits were recorded as a result of the ratification of the IBEW Local 1600 three year labor agreement in June 2014. See Note 10 to the Financial Statements for additional information.
|
Earnings
|
|||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
65
|
|
$
|
64
|
|
$
|
180
|
|
$
|
160
|
|
Special items, gains (losses), after-tax
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Margins
|
|
$
|
24
|
|
$
|
74
|
Other operation and maintenance
|
|
|
(7)
|
|
|
(18)
|
Depreciation
|
|
|
(4)
|
|
|
(7)
|
Interest expense
|
|
|
(4)
|
|
|
(9)
|
Other
|
|
|
(4)
|
|
|
(3)
|
Income taxes
|
|
|
(4)
|
|
|
(16)
|
Special items, after-tax
|
|
|
|
|
|
(1)
|
Total
|
|
$
|
1
|
|
$
|
20
|
|
|
|
|
|
|
2014 Three Months
|
|
|
2013 Three Months
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues
|
|
$
|
722
|
|
|
|
|
$
|
722
|
|
|
$
|
682
|
|
|
|
|
$
|
682
|
||||
Operating Expenses | |||||||||||||||||||||||
|
Fuel
|
|
|
231
|
|
|
|
|
|
231
|
|
|
|
216
|
|
|
|
|
|
216
|
|||
|
Energy purchases
|
|
|
36
|
|
|
|
|
|
36
|
|
|
|
37
|
|
|
|
|
|
37
|
|||
|
Other operation and maintenance
|
|
|
25
|
|
$
|
181
|
|
|
206
|
|
|
|
23
|
|
$
|
174
|
|
|
197
|
|||
|
Depreciation
|
|
|
2
|
|
|
85
|
|
|
87
|
|
|
|
2
|
|
|
81
|
|
|
83
|
|||
|
Taxes, other than income
|
|
|
|
|
|
13
|
|
|
13
|
|
|
|
|
|
|
12
|
|
|
12
|
|||
|
|
|
Total Operating Expenses
|
|
|
294
|
|
|
279
|
|
|
573
|
|
|
|
278
|
|
|
267
|
|
|
545
|
|
Total
|
|
$
|
428
|
|
$
|
(279)
|
|
$
|
149
|
|
|
$
|
404
|
|
$
|
(267)
|
|
$
|
137
|
|
|
|
|
|
|
2014 Six Months
|
|
|
2013 Six Months
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues
|
|
$
|
1,656
|
|
|
|
|
$
|
1,656
|
|
|
$
|
1,482
|
|
|
|
|
$
|
1,482
|
||||
|
Fuel
|
|
|
508
|
|
|
|
|
|
508
|
|
|
|
447
|
|
|
|
|
|
447
|
|||
|
Energy purchases
|
|
|
160
|
|
|
|
|
|
160
|
|
|
|
123
|
|
|
|
|
|
123
|
|||
|
Other operation and maintenance
|
|
|
48
|
|
$
|
364
|
|
|
412
|
|
|
|
48
|
|
$
|
346
|
|
|
394
|
|||
|
Depreciation
|
|
|
3
|
|
|
170
|
|
|
173
|
|
|
|
2
|
|
|
163
|
|
|
165
|
|||
|
Taxes, other than income
|
|
|
1
|
|
|
25
|
|
|
26
|
|
|
|
|
|
|
24
|
|
|
24
|
|||
|
|
|
Total Operating Expenses
|
|
|
720
|
|
|
559
|
|
|
1,279
|
|
|
|
620
|
|
|
533
|
|
|
1,153
|
|
Total
|
|
$
|
936
|
|
$
|
(559)
|
|
$
|
377
|
|
|
$
|
862
|
|
$
|
(533)
|
|
$
|
329
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Operating revenues
|
|
$
|
40
|
|
$
|
174
|
|
Fuel
|
|
|
15
|
|
|
61
|
|
Energy purchases
|
|
|
(1)
|
|
|
37
|
Other Operation and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase (decrease) in other operation and maintenance expense for the periods ended June 30, 2014 compared with 2013 was due to:
|
||||||
|
|
|
||||
|
Three Months
|
|
Six Months
|
|||
|
|
|
|
|
|
|
Timing and scope of generation maintenance outages
|
$
|
3
|
|
$
|
6
|
|
Storm expenses
|
|
3
|
|
|
9
|
|
Other
|
|
3
|
|
|
3
|
|
Total
|
$
|
9
|
|
$
|
18
|
Earnings
|
|||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
35
|
|
$
|
29
|
|
$
|
87
|
|
$
|
73
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Margins
|
|
$
|
13
|
|
$
|
37
|
Other operation and maintenance
|
|
|
2
|
|
|
(4)
|
Depreciation
|
|
|
(2)
|
|
|
(4)
|
Interest expense
|
|
|
(2)
|
|
|
(4)
|
Other
|
|
|
(1)
|
|
|
(2)
|
Income taxes
|
|
|
(4)
|
|
|
(9)
|
Total
|
|
$
|
6
|
|
$
|
14
|
|
|
|
|
|
|
2014 Three Months
|
|
|
2013 Three Months
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues
|
|
$
|
344
|
|
|
|
|
$
|
344
|
|
|
$
|
316
|
|
|
|
|
$
|
316
|
||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fuel
|
|
|
104
|
|
|
|
|
|
104
|
|
|
|
88
|
|
|
|
|
|
88
|
|||
|
Energy purchases, including affiliate
|
|
|
31
|
|
|
|
|
|
31
|
|
|
|
34
|
|
|
|
|
|
34
|
|||
|
Other operation and maintenance
|
|
|
12
|
|
$
|
82
|
|
|
94
|
|
|
|
10
|
|
$
|
84
|
|
|
94
|
|||
|
Depreciation
|
|
|
1
|
|
|
38
|
|
|
39
|
|
|
|
1
|
|
|
36
|
|
|
37
|
|||
|
Taxes, other than income
|
|
|
|
|
|
7
|
|
|
7
|
|
|
|
|
|
|
6
|
|
|
6
|
|||
|
|
|
Total Operating Expenses
|
|
|
148
|
|
|
127
|
|
|
275
|
|
|
|
133
|
|
|
126
|
|
|
259
|
|
Total
|
|
$
|
196
|
|
$
|
(127)
|
|
$
|
69
|
|
|
$
|
183
|
|
$
|
(126)
|
|
$
|
57
|
|
|
|
|
|
|
2014 Six Months
|
|
|
2013 Six Months
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Revenues
|
|
$
|
823
|
|
|
|
|
$
|
823
|
|
|
$
|
706
|
|
|
|
|
$
|
706
|
||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fuel
|
|
|
221
|
|
|
|
|
|
221
|
|
|
|
184
|
|
|
|
|
|
184
|
|||
|
Energy purchases, including affiliate
|
|
|
155
|
|
|
|
|
|
155
|
|
|
|
115
|
|
|
|
|
|
115
|
|||
|
Other operation and maintenance
|
|
|
24
|
|
$
|
168
|
|
|
192
|
|
|
|
21
|
|
$
|
164
|
|
|
185
|
|||
|
Depreciation
|
|
|
1
|
|
|
76
|
|
|
77
|
|
|
|
1
|
|
|
72
|
|
|
73
|
|||
|
Taxes, other than income
|
|
|
|
|
|
13
|
|
|
13
|
|
|
|
|
|
|
12
|
|
|
12
|
|||
|
|
|
Total Operating Expenses
|
|
|
401
|
|
|
257
|
|
|
658
|
|
|
|
321
|
|
|
248
|
|
|
569
|
|
Total
|
|
$
|
422
|
|
$
|
(257)
|
|
$
|
165
|
|
|
$
|
385
|
|
$
|
(248)
|
|
$
|
137
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Retail and wholesale
|
|
$
|
18
|
|
$
|
91
|
|
Electric revenue from affiliate
|
|
|
10
|
|
|
26
|
|
Fuel
|
|
|
16
|
|
|
37
|
|
Energy purchases
|
|
|
(2)
|
|
|
36
|
|
Energy purchases from affiliate
|
|
|
(1)
|
|
|
4
|
Earnings
|
|||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
|
June 30,
|
|
|||||||||
|
|
|
|
2013
|
|
2014
|
|
2013
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
40
|
|
$
|
44
|
|
$
|
117
|
|
$
|
108
|
|
Special item, gains (losses), after-tax
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Margins
|
|
$
|
11
|
|
$
|
37
|
Other operation and maintenance
|
|
|
(9)
|
|
|
(13)
|
Depreciation
|
|
|
(1)
|
|
|
(2)
|
Interest expense
|
|
|
(3)
|
|
|
(5)
|
Other
|
|
|
(3)
|
|
|
(1)
|
Income taxes
|
|
|
|
|
|
(7)
|
Special item - EEI adjustments, after-tax
|
|
|
1
|
|
|
|
Total
|
|
$
|
(4)
|
|
$
|
9
|
|
|
|
|
|
|
2014 Three Months
|
|
|
2013 Three Months
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues
|
|
$
|
404
|
|
|
|
|
$
|
404
|
|
|
$
|
383
|
|
|
|
|
$
|
383
|
||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fuel
|
|
|
127
|
|
|
|
|
|
127
|
|
|
|
128
|
|
|
|
|
|
128
|
|||
|
Energy purchases, including affiliate
|
|
|
31
|
|
|
|
|
|
31
|
|
|
|
20
|
|
|
|
|
|
20
|
|||
|
Other operation and maintenance
|
|
|
13
|
|
$
|
94
|
|
|
107
|
|
|
|
13
|
|
$
|
85
|
|
|
98
|
|||
|
Depreciation
|
|
|
1
|
|
|
46
|
|
|
47
|
|
|
|
1
|
|
|
45
|
|
|
46
|
|||
|
Taxes, other than income
|
|
|
|
|
|
6
|
|
|
6
|
|
|
|
|
|
|
6
|
|
|
6
|
|||
|
|
|
Total Operating Expenses
|
|
|
172
|
|
|
146
|
|
|
318
|
|
|
|
162
|
|
|
136
|
|
|
298
|
|
Total
|
|
$
|
232
|
|
$
|
(146)
|
|
$
|
86
|
|
|
$
|
221
|
|
$
|
(136)
|
|
$
|
85
|
|
|
|
|
|
|
2014 Six Months
|
|
|
2013 Six Months
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
Operating
|
|||||
|
|
|
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
|
|
Margins
|
|
Other (a)
|
|
Income (b)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues
|
|
$
|
902
|
|
|
|
|
$
|
902
|
|
|
$
|
815
|
|
|
|
|
$
|
815
|
||||
Operating Expenses | |||||||||||||||||||||||
|
Fuel
|
|
|
287
|
|
|
|
|
|
287
|
|
|
|
263
|
|
|
|
|
|
263
|
|||
|
Energy purchases, including affiliate
|
|
|
74
|
|
|
|
|
|
74
|
|
|
|
47
|
|
|
|
|
|
47
|
|||
|
Other operation and maintenance
|
|
|
24
|
|
$
|
181
|
|
|
205
|
|
|
|
27
|
|
$
|
168
|
|
|
195
|
|||
|
Depreciation
|
|
|
2
|
|
|
93
|
|
|
95
|
|
|
|
1
|
|
|
91
|
|
|
92
|
|||
|
Taxes, other than income
|
|
|
1
|
|
|
12
|
|
|
13
|
|
|
|
|
|
|
12
|
|
|
12
|
|||
|
|
|
Total Operating Expenses
|
|
|
388
|
|
|
286
|
|
|
674
|
|
|
|
338
|
|
|
271
|
|
|
609
|
|
Total
|
|
$
|
514
|
|
$
|
(286)
|
|
$
|
228
|
|
|
$
|
477
|
|
$
|
(271)
|
|
$
|
206
|
|
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
|
Retail and wholesale
|
|
$
|
22
|
|
$
|
83
|
|
Electric revenue from affiliate
|
|
|
(1)
|
|
|
4
|
|
Fuel
|
|
|
(1)
|
|
|
24
|
|
Energy purchases
|
|
|
1
|
|
|
1
|
|
Energy purchases from affiliate
|
|
|
10
|
|
|
26
|
Other Operation and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase (decrease) in other operation and maintenance expense for the periods ended June 30, 2014 compared with 2013 was due to:
|
||||||
|
|
|
||||
|
|
Three Months
|
|
Six Months
|
||
|
|
|
|
|
|
|
Timing and scope of generation maintenance outages
|
$
|
4
|
|
$
|
7
|
|
Storm expenses
|
|
2
|
|
|
2
|
|
Other
|
|
3
|
|
|
1
|
|
Total
|
$
|
9
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The remainder of this Item 2 in this Form 10-Q is presented on a combined basis, providing information, as applicable, for all Registrants.
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(All Registrants)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Registrants had the following at:
|
||||||||||||||||||
|
|
|
|
|
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL (a)
|
|
Energy Supply
|
|
PPL Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,269
|
|
$
|
264
|
|
$
|
149
|
|
$
|
23
|
|
$
|
5
|
|
$
|
18
|
Notes receivable from affiliates
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
Short-term debt
|
|
|
808
|
|
|
324
|
|
|
|
|
|
320
|
|
|
70
|
|
|
175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,102
|
|
$
|
239
|
|
$
|
25
|
|
$
|
35
|
|
$
|
8
|
|
$
|
21
|
Notes receivable from affiliates
|
|
|
|
|
|
|
|
|
150
|
|
|
70
|
|
|
|
|
|
|
Short-term debt
|
|
|
701
|
|
|
|
|
|
20
|
|
|
245
|
|
|
20
|
|
|
150
|
(a)
|
At June 30, 2014, $462 million of cash and cash equivalents were denominated in GBP. If these amounts would be remitted as dividends, PPL may be subject to additional U.S. taxes, net of allowable foreign income tax credits. Historically, dividends paid by foreign subsidiaries have been limited to distributions of the current year's earnings. See Note 5 to the Financial Statements in PPL's 2013 Form 10-K for additional information on undistributed earnings of WPD.
|
|
|
|
|
|
PPL Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
Supply
|
|
PPL Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
$
|
1,583
|
|
$
|
290
|
|
$
|
148
|
|
$
|
516
|
|
$
|
202
|
|
$
|
297
|
Investing activities
|
|
|
(2,103)
|
|
|
(403)
|
|
|
(295)
|
|
|
(501)
|
|
|
(248)
|
|
|
(305)
|
Financing activities
|
|
|
671
|
|
|
138
|
|
|
271
|
|
|
(27)
|
|
|
43
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
$
|
947
|
|
$
|
227
|
|
$
|
115
|
|
$
|
297
|
|
$
|
186
|
|
$
|
190
|
Investing activities
|
|
|
(1,834)
|
|
|
(282)
|
|
|
(455)
|
|
|
(568)
|
|
|
(226)
|
|
|
(340)
|
Financing activities
|
|
|
710
|
|
|
(93)
|
|
|
224
|
|
|
251
|
|
|
31
|
|
|
139
|
|
|
|
|
PPL Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
PPL
|
|
Supply
|
|
PPL Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||
Change - Cash Provided (Used)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
$
|
636
|
|
$
|
63
|
|
$
|
33
|
|
$
|
219
|
|
$
|
16
|
|
$
|
107
|
Investing activities
|
|
|
(269)
|
|
|
(121)
|
|
|
160
|
|
|
67
|
|
|
(22)
|
|
|
35
|
Financing activities
|
|
|
(39)
|
|
|
231
|
|
|
47
|
|
|
(278)
|
|
|
12
|
|
|
(134)
|
|
|
|
|
|
|
|
|
PPL Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
Supply
|
|
PPL Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change - Cash Provided (Used)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Net income
|
|
$
|
(273)
|
|
$
|
(101)
|
|
$
|
28
|
|
$
|
20
|
|
$
|
14
|
|
$
|
9
|
|
|
|
Non-cash components
|
|
|
234
|
|
|
(37)
|
|
|
(46)
|
|
|
52
|
|
|
(5)
|
|
|
14
|
|
|
|
Working capital
|
|
|
300
|
|
|
58
|
|
|
(14)
|
|
|
31
|
|
|
(20)
|
|
|
5
|
|
|
|
Defined benefit funding
|
|
|
250
|
|
|
74
|
|
|
69
|
|
|
116
|
|
|
34
|
|
|
58
|
|
|
|
Other operating activities
|
|
|
125
|
|
|
69
|
|
|
(4)
|
|
|
|
|
|
(7)
|
|
|
21
|
|
|
Total
|
|
$
|
636
|
|
$
|
63
|
|
$
|
33
|
|
$
|
219
|
|
$
|
16
|
|
$
|
107
|
|
|
|
|
|
PPL Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
Supply
|
|
PPL Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) Decrease
|
|
$
|
(57)
|
|
$
|
65
|
|
$
|
15
|
|
$
|
23
|
|
$
|
(13)
|
|
$
|
36
|
|
|
|
|
|
|
PPL Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
Supply
|
|
PPL Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change - Cash Provided (Used)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt issuances/retirements, net
|
|
$
|
(384)
|
|
|
|
|
$
|
286
|
|
|
|
|
|
|
|
|
|
|
Stock issuances/redemptions, net
|
|
|
786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(44)
|
|
|
|
|
|
(21)
|
|
|
|
|
$
|
(12)
|
|
$
|
(31)
|
|
Capital contributions/distributions, net
|
|
|
|
|
$
|
119
|
|
|
(110)
|
|
$
|
(179)
|
|
|
(1)
|
|
|
(26)
|
|
Change in short-term debt, net
|
|
|
(456)
|
|
|
105
|
|
|
(105)
|
|
|
(52)
|
|
|
25
|
|
|
(77)
|
|
Other financing activities
|
|
|
59
|
|
|
7
|
|
|
(3)
|
|
|
(47)
|
|
|
|
|
|
|
|
Total
|
|
$
|
(39)
|
|
$
|
231
|
|
$
|
47
|
|
$
|
(278)
|
|
$
|
12
|
|
$
|
(134)
|
|
|
|
|
|
|
|
|
|
Letters of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
|
|
|
Committed
|
|
|
|
Commercial
|
|
Unused
|
||||
|
|
|
Capacity
|
|
Borrowed
|
|
Paper Issued
|
|
Capacity
|
||||
|
|
|
|
|
|
|
|
|
|
||||
PPL Capital Funding Credit Facilities
|
|
$
|
450
|
|
|
|
|
$
|
11
|
|
$
|
439
|
|
PPL Energy Supply Credit Facilities
|
|
|
3,150
|
|
$
|
175
|
|
|
407
|
|
|
2,568
|
|
PPL Electric Credit Facility
|
|
|
300
|
|
|
|
|
|
1
|
|
|
299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LKE Credit Facility
|
|
|
75
|
|
|
75
|
|
|
|
|
|
|
|
LG&E Credit Facility
|
|
|
500
|
|
|
|
|
|
70
|
|
|
430
|
|
KU Credit Facilities
|
|
|
598
|
|
|
|
|
|
373
|
|
|
225
|
|
Total LKE
|
|
|
1,173
|
|
|
75
|
|
|
443
|
|
|
655
|
|
|
Total U.S. Credit Facilities (a)
|
|
$
|
5,073
|
|
$
|
250
|
|
$
|
862
|
|
$
|
3,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.K. Credit Facilities (b)
|
|
£
|
1,055
|
|
£
|
97
|
|
|
|
|
£
|
958
|
(a)
|
The commitments under the U.S. credit facilities are provided by a diverse bank group, with no one bank and its affiliates providing an aggregate commitment of more than the following percentages of the total committed capacity: PPL - 10%, PPL Energy Supply - 10%, PPL Electric - 6%, LKE - 12%, LG&E - 6% and KU - 22%.
|
(b)
|
The amount borrowed at June 30, 2014 was a USD-denominated borrowing of $164 million. At June 30, 2014, the USD equivalent of unused capacity under the U.K. committed credit facilities was $1.6 billion.
|
|
The commitments under the U.K. credit facilities are provided by a diverse bank group, with no one bank providing more than 13% of the total committed capacity.
|
|
|
Committed
|
|
|
|
|
Unused
|
||
|
|
Capacity
|
|
Borrowed
|
|
Capacity
|
|||
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply Credit Facility
|
|
$
|
200
|
|
|
|
|
$
|
200
|
PPL Electric Credit Facility
|
|
|
100
|
|
|
|
|
|
100
|
LKE Credit Facility
|
|
|
225
|
|
|
|
|
|
225
|
LG&E Money Pool (a)
|
|
|
500
|
|
|
|
|
|
500
|
KU Money Pool (a)
|
|
|
500
|
|
|
|
|
|
500
|
(a)
|
LG&E and KU participate in an intercompany money pool agreement whereby LKE, LG&E and/or KU make available funds up to $500 million at an interest rate based on a market index of commercial paper issues.
|
|
|
|
|
|
|
Commercial
|
|
|
||
|
|
|
|
|
|
Paper
|
|
Unused
|
||
|
|
|
Capacity
|
|
Issuances
|
|
Capacity
|
|||
|
|
|
|
|
|
|
|
|
|
|
PPL Energy Supply
|
|
$
|
750
|
|
$
|
149
|
|
$
|
601
|
|
PPL Electric
|
|
|
300
|
|
|
|
|
|
300
|
|
|
|
|
|
|
|
|
|
|
|
|
LG&E
|
|
|
350
|
|
|
70
|
|
|
280
|
|
KU
|
|
|
350
|
|
|
175
|
|
|
175
|
|
Total LKE
|
|
|
700
|
|
|
245
|
|
|
455
|
|
|
Total PPL
|
|
$
|
1,750
|
|
$
|
394
|
|
$
|
1,356
|
|
|
|
|
Debt
|
|
Net Stock
|
|||||
|
|
|
|
Issuances (a)
|
|
Retirements
|
|
Issuances
|
|||
|
|
|
|
|
|
|
|
|
|
||
|
PPL
|
|
$
|
296
|
|
$
|
239
|
|
$
|
1,017
|
|
|
PPL Electric
|
|
|
296
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash Transactions:
|
|
|
|
|
|
|
|
|
|
||
|
PPL (b)
|
|
$
|
750
|
|
$
|
750
|
|
|
|
(a)
|
Issuances are net of pricing discounts, where applicable and exclude the impact of debt issuance costs.
|
(b)
|
Represents the remarketing of Junior Subordinated Notes that were issued as a component of PPL's 2011 Equity Units.
|
|
|
Gains (Losses)
|
||||||||||
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of contracts outstanding at the beginning of the period
|
|
$
|
(141)
|
|
$
|
229
|
|
$
|
107
|
|
$
|
473
|
Contracts realized or otherwise settled during the period
|
|
|
(20)
|
|
|
(100)
|
|
|
485
|
|
|
(237)
|
Fair value of new contracts entered into during the period (a)
|
|
|
19
|
|
|
37
|
|
|
3
|
|
|
46
|
Other changes in fair value
|
|
|
(36)
|
|
|
119
|
|
|
(773)
|
|
|
3
|
Fair value of contracts outstanding at the end of the period
|
|
$
|
(178)
|
|
$
|
285
|
|
$
|
(178)
|
|
$
|
285
|
|
|
|
Net Asset (Liability)
|
|||||||||||||
|
|
|
Maturity
|
|
|
|
|
|
|
|
Maturity
|
|
|
|
||
|
|
|
Less Than
|
|
Maturity
|
|
Maturity
|
|
in Excess
|
|
Total Fair
|
|||||
|
|
|
1 Year
|
|
1-3 Years
|
|
4-5 Years
|
|
of 5 Years
|
|
Value
|
|||||
Source of Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices based on significant observable inputs (Level 2)
|
|
$
|
(159)
|
|
$
|
(12)
|
|
$
|
8
|
|
$
|
1
|
|
$
|
(162)
|
|
Prices based on significant unobservable inputs (Level 3)
|
|
|
(21)
|
|
|
4
|
|
|
1
|
|
|
|
|
|
(16)
|
|
Fair value of contracts outstanding at the end of the period
|
|
$
|
(180)
|
|
$
|
(8)
|
|
$
|
9
|
|
$
|
1
|
|
$
|
(178)
|
|
|
Gains (Losses)
|
||||||||||
|
|
Three Months
|
|
Six Months
|
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of contracts outstanding at the beginning of the period
|
|
$
|
31
|
|
$
|
15
|
|
$
|
11
|
|
$
|
29
|
Contracts realized or otherwise settled during the period
|
|
|
(3)
|
|
|
|
|
|
(3)
|
|
|
(2)
|
Fair value of new contracts entered into during the period (a)
|
|
|
(5)
|
|
|
(4)
|
|
|
(18)
|
|
|
(16)
|
Other changes in fair value
|
|
|
49
|
|
|
7
|
|
|
82
|
|
|
7
|
Fair value of contracts outstanding at the end of the period
|
|
$
|
72
|
|
$
|
18
|
|
$
|
72
|
|
$
|
18
|
|
|
Net Asset (Liability)
|
|||||||||||||
|
|
Maturity
|
|
|
|
|
|
|
Maturity
|
|
|
||||
|
|
Less Than
|
|
Maturity
|
|
Maturity
|
|
in Excess
|
|
Total Fair
|
|||||
|
|
1 Year
|
|
1-3 Years
|
|
4-5 Years
|
|
of 5 Years
|
|
Value
|
|||||
Source of Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices based on significant observable inputs (Level 2)
|
|
$
|
(2)
|
|
$
|
(19)
|
|
|
|
|
$
|
3
|
|
$
|
(18)
|
Prices based on significant unobservable inputs (Level 3)
|
|
|
4
|
|
|
29
|
|
$
|
36
|
|
|
21
|
|
|
90
|
Fair value of contracts outstanding at the end of the period
|
|
$
|
2
|
|
$
|
10
|
|
$
|
36
|
|
$
|
24
|
|
$
|
72
|
|
|
|
|
|
|
Non-Trading
|
|
|
|
|
Trading VaR
|
|
VaR
|
||
95% Confidence Level, Five-Day Holding Period
|
|
|
|
|
|
|
|
|
Period End
|
|
$
|
9
|
|
$
|
15
|
|
Average for the Period
|
|
|
9
|
|
|
10
|
|
High
|
|
|
10
|
|
|
15
|
|
Low
|
|
|
8
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of a
|
|
|
|||
|
|
|
|
|
Fair Value,
|
|
10% Adverse
|
|
Maturities
|
|||
|
|
|
Exposure
|
|
Net - Asset
|
|
Movement
|
|
Ranging
|
|||
|
|
|
Hedged
|
|
(Liability) (a)
|
|
in Rates (b)
|
|
Through
|
|||
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps (c)
|
|
$
|
475
|
|
$
|
(11)
|
|
$
|
(15)
|
|
2026
|
|
Cross-currency swaps (d)
|
|
|
1,262
|
|
|
(48)
|
|
|
(177)
|
|
2028
|
Economic hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps (e)
|
|
|
179
|
|
|
(43)
|
|
|
(3)
|
|
2033
|
LKE and LG&E
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps (e)
|
|
|
179
|
|
|
(43)
|
|
|
(3)
|
|
2033
|
(b)
|
Effects of adverse movements decrease assets or increase liabilities, as applicable, which could result in an asset becoming a liability. Sensitivities represent a 10% adverse movement in interest rates, except for cross-currency swaps which also includes foreign currency exchange rates.
|
(c)
|
Changes in the fair value of such cash flow hedges are recorded in equity or as regulatory assets or regulatory liabilities, if recoverable through regulated rates and reclassified into earnings in the same period during which the item being hedged affects earnings.
|
(d)
|
Cross-currency swaps are utilized to hedge the principal and interest payments of WPD's U.S. dollar-denominated senior notes. Changes in the fair value of these instruments are recorded in equity and reclassified into earnings in the same period during which the item being hedged affects earnings.
|
(e)
|
Realized changes in the fair value of such economic hedges are recoverable through regulated rates and any subsequent changes in fair value of these derivatives are included in regulatory assets or regulatory liabilities.
|
|
|
|
|
|
|
PPL Energy
|
|
|
PPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPL
|
|
Supply
|
|
|
Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in interest
|
|
Not
|
|
Not
|
|
Not
|
|
Not
|
|
Not
|
|
Not
|
|||||||
|
expense
|
|
Significant
|
|
Significant
|
|
Significant
|
|
Significant
|
|
Significant
|
|
Significant
|
||||||
Increase in fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of debt
|
|
$
|
768
|
|
$
|
45
|
|
$
|
135
|
|
$
|
141
|
|
$
|
44
|
|
$
|
83
|
|
|
|
|
|
|
|
Effect of a
|
|
|
|||
|
|
|
|
|
|
|
10%
|
|
|
|||
|
|
|
|
|
|
|
Adverse
|
|
|
|||
|
|
|
|
|
|
|
Movement
|
|
|
|||
|
|
|
|
|
|
|
in Foreign
|
|
|
|||
|
|
|
|
|
Fair Value,
|
|
Currency
|
|
Maturities
|
|||
|
|
|
Exposure
|
|
Net - Asset
|
|
Exchange
|
|
Ranging
|
|||
|
|
|
Hedged
|
|
(Liability)
|
|
Rates (a)
|
|
Through
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment hedges (b)
|
|
£
|
306
|
|
$
|
(27)
|
|
$
|
(52)
|
|
2016
|
|
Economic hedges (c)
|
|
|
1,750
|
|
|
(147)
|
|
|
(285)
|
|
2016
|
(a)
|
Effects of adverse movements decrease assets or increase liabilities, as applicable, which could result in an asset becoming a liability.
|
(b)
|
To protect the value of a portion of its net investment in WPD, PPL executes forward contracts to sell GBP. The positions outstanding exclude the amount of intercompany loans classified as net investment hedges. See Note 14 to the Financial Statements for additional information.
|
(c)
|
To economically hedge the translation of expected earnings denominated in GBP to U.S. dollars, PPL enters into a combination of average rate forwards and average rate options to sell GBP.
|
|
|
|
|
|
|
PPL
|
|
PPL
|
|
|
|
|
|
|
|
|
|
||
|
|
|
PPL
|
|
Energy Supply
|
|
Electric
|
|
LKE
|
|
LG&E
|
|
KU
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefits
|
|
X
|
|
X
|
|
X
|
|
X
|
|
X
|
|
X
|
|||||||
Loss Accruals
|
|
X
|
|
X
|
|
X
|
|
X
|
|
X
|
|
X
|
|||||||
Income Taxes
|
|
X
|
|
X
|
|
X
|
|
X
|
|
X
|
|
X
|
|||||||
Asset Impairments (Excluding Investments)
|
|
X
|
|
X
|
|
|
|
X
|
|
X
|
|
X
|
|||||||
AROs
|
|
X
|
|
X
|
|
|
|
X
|
|
X
|
|
X
|
|||||||
Price Risk Management
|
|
X
|
|
X
|
|
|
|
X
|
|
X
|
|
X
|
|||||||
Regulatory Assets and Liabilities
|
|
X
|
|
|
|
X
|
|
X
|
|
X
|
|
X
|
|||||||
Revenue Recognition - unbilled revenue
|
|
|
|
|
|
|
|
X
|
|
X
|
|
X
|
|
X
|
·
|
"Item 3. Legal Proceedings" in each Registrant's 2013 Form 10-K; and
|
||
·
|
Notes 6 and 10 to the Financial Statements.
|
2(a)
|
-
|
Separation Agreement among PPL Corporation, Talen Energy Holdings, Inc., Talen Energy Corporation, PPL Energy Supply, LLC, Raven Power Holdings LLC, C/R Energy Jade, LLC and Sapphire Power Holdings LLC., dated as of June 9, 2014 (Exhibit 2.1 to PPL Energy Supply, LLC Form 8-K Report (File No. 1-32944) dated June 12, 2014)
|
2(b)
|
-
|
Transaction Agreement among PPL Corporation, Talen Energy Holdings, Inc., Talen Energy Corporation, PPL Energy Supply, LLC, Talen Energy Merger Sub, Inc., C/R Energy Jade, LLC, Sapphire Power Holdings LLC. and Raven Power Holdings LLC, dated as of June 9, 2014 (Exhibit 2.2 to PPL Energy Supply, LLC Form 8-K Report (File No. 1-32944) dated June 12, 2014)
|
4(a)
|
-
|
Supplemental Indenture No. 16, dated as of June 1, 2014, of PPL Electric Utilities Corporation to The Bank of New York Mellon, as Trustee (Exhibit 4(a) to PPL Electric Utilities Corporation Form 8-K Report (File No. 1-905) dated June 5, 2014)
|
|
-
|
Amendment No. 5 to Executive Deferred Compensation Plan, dated as of May 8, 2014
|
10(b)
|
-
|
Employee Matters Agreement among PPL Corporation, Talen Energy Corporation, C/R Energy Jade, LLC, Sapphire Power Holdings LLC. and Raven Power Holdings LLC, dated as of June 9, 2014 (Exhibit 10.1 to PPL Energy Supply, LLC Form 8-K Report (File No. 1-32944) dated June 12, 2014)
|
|
-
|
First Amendment, dated as of July 22, 2014, to Amended and Restated Letter of Credit Issuance and Reimbursement Agreement, dated as of August 30, 2013, by and between PPL Energy Supply, LLC and Canadian Imperial Bank of Commerce, New York Agency
|
|
-
|
$300,000,000 Revolving Credit Agreement, dated as of July 28, 2014, among PPL Capital Funding, Inc., as the Borrower, PPL Corporation, as the Guarantor, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender
|
|
-
|
$300,000,000 Amended and Restated Revolving Credit Agreement, dated as of July 28, 2014, among PPL Electric Utilities Corporation, as the Borrower, the Lenders from time to time thereto and Wells Fargo Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender
|
|
-
|
$400,000,000 Amended and Restated Revolving Credit Agreement, dated as of July 28, 2014, among Kentucky Utilities Company, as the Borrower, the Lenders from time to time thereto and Wells Fargo Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender
|
|
-
|
$500,000,000 Amended and Restated Revolving Credit Agreement, dated as of July 28, 2014, among Louisville Gas and Electric Company, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender
|
|
-
|
Amendment and Restatement Agreement, dated July 29, 2014, 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 £245,000,000 Multicurrency Revolving Credit Facility Agreement originally dated January 12, 2012
|
|
-
|
Amendment and Restatement Agreement, dated July 29, 2014, 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 £300,000,000 Multicurrency Revolving Credit Facility Agreement originally dated April 4, 2011
|
|
-
|
Amendment and Restatement Agreement, dated July 29, 2014, 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 £300,000,000 Multicurrency Revolving Credit Facility Agreement originally dated April 4, 2011
|
|
-
|
PPL Corporation and Subsidiaries Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
|
|
-
|
PPL Energy Supply, LLC and Subsidiaries Computation of Ratio of Earnings to Fixed Charges
|
|
-
|
PPL Electric Utilities Corporation and Subsidiaries Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
|
|
-
|
LG&E and KU Energy LLC and Subsidiaries Computation of Ratio of Earnings to Fixed Charges
|
|
-
|
Louisville Gas and Electric Company Computation of Ratio of Earnings to Fixed Charges
|
|
-
|
Kentucky Utilities Company Computation of Ratio of Earnings to Fixed Charges
|
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, for the quarterly period ended June 30, 2014, filed by the following officers for the following companies:
|
||
|
-
|
PPL Corporation's principal executive officer
|
|
-
|
PPL Corporation's principal financial officer
|
|
-
|
PPL Energy Supply, LLC's principal executive officer
|
|
-
|
PPL Energy Supply, LLC's principal financial officer
|
|
-
|
PPL Electric Utilities Corporation's principal executive officer
|
|
-
|
PPL Electric Utilities Corporation's principal financial officer
|
|
-
|
LG&E and KU Energy LLC's principal executive officer
|
|
-
|
LG&E and KU Energy LLC's principal financial officer
|
|
-
|
Louisville Gas and Electric Company's principal executive officer
|
|
-
|
Louisville Gas and Electric Company's principal financial officer
|
|
-
|
Kentucky Utilities Company's principal executive officer
|
|
-
|
Kentucky Utilities Company's principal financial officer
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, for the quarterly period ended June 30, 2014, furnished by the following officers for the following companies:
|
||
|
-
|
PPL Corporation's principal executive officer and principal financial officer
|
|
-
|
PPL Energy Supply, LLC's principal executive officer and principal financial officer
|
|
-
|
PPL Electric Utilities Corporation's principal executive officer and principal financial officer
|
|
-
|
LG&E and KU Energy LLC's principal executive officer and principal financial officer
|
|
-
|
Louisville Gas and Electric Company's principal executive officer and principal financial officer
|
|
-
|
Kentucky Utilities Company's principal executive officer and principal financial officer
|
101.INS
|
-
|
XBRL Instance Document for PPL Corporation, PPL Energy Supply, LLC, PPL Electric Utilities Corporation, LG&E and KU Energy LLC, Louisville Gas and Electric Company and Kentucky Utilities Company
|
101.SCH
|
-
|
XBRL Taxonomy Extension Schema for PPL Corporation, PPL Energy Supply, LLC, PPL Electric Utilities Corporation, LG&E and KU Energy LLC, Louisville Gas and Electric Company and Kentucky Utilities Company
|
101.CAL
|
-
|
XBRL Taxonomy Extension Calculation Linkbase for PPL Corporation, PPL Energy Supply, LLC, PPL Electric Utilities Corporation, LG&E and KU Energy LLC, Louisville Gas and Electric Company and Kentucky Utilities Company
|
101.DEF
|
-
|
XBRL Taxonomy Extension Definition Linkbase for PPL Corporation, PPL Energy Supply, LLC, PPL Electric Utilities Corporation, LG&E and KU Energy LLC, Louisville Gas and Electric Company and Kentucky Utilities Company
|
101.LAB
|
-
|
XBRL Taxonomy Extension Label Linkbase for PPL Corporation, PPL Energy Supply, LLC, PPL Electric Utilities Corporation, LG&E and KU Energy LLC, Louisville Gas and Electric Company and Kentucky Utilities Company
|
101.PRE
|
-
|
XBRL Taxonomy Extension Presentation Linkbase for PPL Corporation, PPL Energy Supply, LLC, PPL Electric Utilities Corporation, LG&E and KU Energy LLC, Louisville Gas and Electric Company and Kentucky Utilities Company
|
PPL Corporation
|
||
(Registrant)
|
||
PPL Energy Supply, LLC
|
||
(Registrant)
|
||
Date: July 31, 2014
|
||
Controller
|
||
(Principal Accounting Officer)
|
||
PPL Electric Utilities Corporation
|
||
(Registrant)
|
||
Date: July 31, 2014
|
||
Controller
|
||
|
(Principal Financial Officer and Principal Accounting Officer)
|
LG&E and KU Energy LLC
|
||
(Registrant)
|
||
Louisville Gas and Electric Company
|
||
(Registrant)
|
||
Kentucky Utilities Company
|
||
(Registrant)
|
||
Date: July 31, 2014
|
/s/ Kent W. Blake
|
|
Chief Financial Officer
|
||
(Principal Financial Officer and Principal Accounting Officer)
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/31/19 | 10-Q | |||
5/31/17 | ||||
1/1/17 | ||||
12/15/16 | 4 | |||
6/30/16 | 10-Q | |||
4/1/16 | 4, 4/A, 8-K | |||
12/31/15 | 10-K | |||
9/30/15 | 10-Q | |||
6/30/15 | 10-Q, 8-K | |||
6/1/15 | 4, 4/A, 8-K | |||
5/31/15 | ||||
4/16/15 | ||||
4/1/15 | 4 | |||
1/22/15 | 4 | |||
1/1/15 | ||||
12/31/14 | 10-K, 4, ARS | |||
12/19/14 | ||||
12/15/14 | ||||
10/20/14 | ||||
10/16/14 | ||||
8/1/14 | 3, 4 | |||
Filed on: | 7/31/14 | 4, 8-K | ||
7/29/14 | ||||
7/28/14 | ||||
7/25/14 | S-8 | |||
7/22/14 | ||||
7/17/14 | ||||
7/14/14 | ||||
7/1/14 | ||||
For Period end: | 6/30/14 | |||
6/26/14 | ||||
6/23/14 | ||||
6/20/14 | ||||
6/19/14 | ||||
6/18/14 | ||||
6/12/14 | 3, 3/A, 4, 8-K | |||
6/9/14 | 8-K | |||
6/6/14 | ||||
6/5/14 | 8-K | |||
6/1/14 | ||||
5/30/14 | 4, 8-K | |||
5/28/14 | ||||
5/22/14 | ||||
5/19/14 | ||||
5/16/14 | ||||
5/9/14 | 4 | |||
5/8/14 | ||||
5/1/14 | 10-Q, 4, 8-K, DEFA14A | |||
4/29/14 | ||||
4/23/14 | DEFA14A | |||
4/21/14 | 4 | |||
4/17/14 | 4 | |||
4/10/14 | ||||
4/3/14 | 4 | |||
4/1/14 | 4, 8-K | |||
3/31/14 | 10-Q, 4 | |||
3/27/14 | ||||
1/8/14 | ||||
1/1/14 | 3 | |||
12/31/13 | 10-K, 11-K, 4, ARS | |||
12/16/13 | ||||
11/30/13 | ||||
9/20/13 | ||||
9/10/13 | ||||
9/3/13 | ||||
8/30/13 | 4 | |||
7/27/13 | ||||
7/1/13 | 25-NSE, 8-K | |||
6/30/13 | 10-Q | |||
6/1/13 | ||||
5/23/13 | ||||
5/16/13 | ||||
4/1/13 | 4 | |||
3/31/13 | 10-Q | |||
3/6/13 | 4 | |||
1/1/13 | ||||
12/31/12 | 10-K, 11-K, 4, ARS | |||
12/28/12 | 8-K | |||
4/16/12 | 8-K, DEFA14A | |||
1/12/12 | 8-K | |||
4/4/11 | 4, 8-K | |||
4/1/10 | 4 | |||
4/1/05 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/16/24 PPL Corp. 10-K 12/31/23 135:50M 2/17/23 PPL Corp. 10-K 12/31/22 139:53M 2/18/22 PPL Corp. 10-K 12/31/21 146:52M 2/18/21 PPL Corp. 10-K 12/31/20 146:110M |