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Income and Other Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes [Line Items] |
Tax Reform | The Balance Sheets at December 31, 2017 reflected the increase to the Registrants' net regulatory liabilities as a result of the TCJA as follows:
| PPL |  | PPL Electric |  | LKE |  | LG&E |  | KU
Net Increase in Regulatory Liabilities | $ | 2,185 |  |  | $ | 1,019 |  |  | $ | 1,166 |  |  | $ | 532 |  |  | $ | 634 |
The tax rate reduction impacts on non-regulated deferred tax assets and liabilities were recorded as an adjustment to the Registrants' deferred tax provisions, and were reflected in "Income Taxes" on the Statement of Income for the year ended December 31, 2017 as follows:
| PPL |  | PPL Electric |  | LKE |  | LG&E |  | KU
Income tax expense (benefit) | $ | 220 |  |  | $ | (13 | ) |  | $ | 112 |  |  | $ | — |  |  | $ | — |
The final amounts reported in PPL's 2017 federal income tax return, provisional amounts for the year ended December 31, 2017, the related measurement period adjustments, and the resulting tax impact for the year ended December 31, 2018 were as follows:
| Taxable Income (Loss) (a)
| Adjustments per 2017 Tax Return |  | Adjustments per 2017 Tax Provision |  | 2018 Adjustments
PPL |  |  |  |  |
Deemed Dividend | $ | 397 |  |  | $ | 462 |  |  | $ | (65 | )
Bonus Depreciation (b) | (67 | ) |  | — |  |  | (67 | )
Consolidated Federal Net Operating Loss due to the TCJA (c) | (330 | ) |  | (462 | ) |  | 132 |
Total | $ | — |  |  | $ | — |  |  | $ | — |
PPL Electric |  |  |  |  |
Bonus Depreciation (b) | $ | (39 | ) |  | $ | — |  |  | $ | (39 | )
Consolidated Federal Net Operating Loss reallocated due to the TCJA (c) | (68 | ) |  | (105 | ) |  | 37 |
Total | $ | (107 | ) |  | $ | (105 | ) |  | $ | (2 | )
LKE |  |  |  |  |
Bonus Depreciation (b) | $ | (28 | ) |  | $ | — |  |  | $ | (28 | )
Consolidated Federal Net Operating Loss reallocated due to the TCJA (c) | (32 | ) |  | (45 | ) |  | 13 |
Total | $ | (60 | ) |  | $ | (45 | ) |  | $ | (15 | )
LG&E |  |  |  |  |
Bonus Depreciation (b) | $ | (17 | ) |  | $ | — |  |  | $ | (17 | )
Consolidated Federal Net Operating Loss reallocated due to the TCJA (c) | 17 |  |  | — |  |  | 17 |
Total | $ | — |  |  | $ | — |  |  | $ | — |
KU |  |  |  |  |
Bonus Depreciation (b) | $ | (11 | ) |  | $ | — |  |  | $ | (11 | )
Consolidated Federal Net Operating Loss reallocated due to the TCJA (c) | 11 |  |  | — |  |  | 11 |
Total | $ | — |  |  | $ | — |  |  | $ | — |
(a) | The above table reflects, for each item, the amount subject to change as a result of the TCJA and does not reflect the total amount of each item included in the return and the provision.
(b) | The TCJA increased the bonus depreciation percentage from 50% to 100% for qualified property acquired and placed in service after September 27, 2017 and before January 1, 2018. Increases in tax depreciation reduce the Registrants' taxes payable and increase net deferred tax liabilities with no impact to “Income Taxes” on the Statements of Income.
(c) | An increase in the consolidated federal net operating loss reduces net deferred tax liabilities with the opposite effect if there is a decrease in the consolidated federal net operating loss. These increases or decreases have no impact to “Income Taxes” on the Statements of Income.
| Income Tax Expense (Benefit)
| Adjustments per 2017 Tax Return |  | Adjustments per 2017 Tax Provision |  | 2018 Adjustments
PPL |  |  |  |  |
Deemed Dividend | $ | 139 |  |  | $ | 161 |  |  | $ | (22 | )
Foreign Tax Credits | (157 | ) |  | (205 | ) |  | 48 |
Valuation of Foreign Tax Credit Carryforward | 110 |  |  | 145 |  |  | (35 | )
Reduction in U.S. federal income tax rate | 229 |  |  | 220 |  |  | 9 |
Total | $ | 321 |  |  | $ | 321 |  |  | $ | — |
PPL Electric |  |  |  |  |
Reduction in U.S. federal income tax rate | $ | (13 | ) |  | $ | (13 | ) |  | $ | — |
LKE |  |  |  |  |
Reduction in U.S. federal income tax rate | $ | 110 |  |  | $ | 112 |  |  | $ | (2 | )
The changes enacted by the TCJA were recorded as an adjustment to the Registrants' deferred tax provisions, and were reflected in "Income Taxes" on the Statement of Income for the year ended December 31, 2017 as follows:
| PPL |  | PPL Electric |  | LKE |  | LG&E |  | KU
Income tax expense (benefit) | $ | 321 |  |  | $ | (13 | ) |  | $ | 112 |  |  | $ | — |  |  | $ | — |
Components of Income (Loss) Before Income Taxes | "Income Before Income Taxes" included the following:
| 2019 |  | 2018 |  | 2017
Domestic income | $ | 964 |  |  | $ | 1,127 |  |  | $ | 874 |
Foreign income | 1,191 |  |  | 1,158 |  |  | 1,038 |
Total | $ | 2,155 |  |  | $ | 2,285 |  |  | $ | 1,912 |
Components of Deferred Tax Assets and Liabilities | Significant components of PPL's deferred income tax assets and liabilities were as follows:
| 2019 |  | 2018
Deferred Tax Assets |  |  |
Deferred investment tax credits | $ | 31 |  |  | $ | 31 |
Regulatory liabilities | 75 |  |  | 87 |
Income taxes due to customer | 462 |  |  | 479 |
Accrued pension and postretirement costs | 211 |  |  | 277 |
Federal loss carryforwards | 324 |  |  | 325 |
State loss carryforwards | 432 |  |  | 419 |
Federal and state tax credit carryforwards | 402 |  |  | 392 |
Foreign capital loss carryforwards | 320 |  |  | 313 |
Foreign - other | 8 |  |  | 10 |
Contributions in aid of construction | 112 |  |  | 139 |
Domestic - other | 99 |  |  | 88 |
Valuation allowances | (834 | ) |  | (808 | )
Total deferred tax assets | 1,642 |  |  | 1,752 |
Deferred Tax Liabilities |  |  |
Domestic plant - net | 3,546 |  |  | 3,359 |
Regulatory assets | 262 |  |  | 314 |
Foreign plant - net | 765 |  |  | 724 |
Foreign - pensions | 72 |  |  | 83 |
Domestic - other | 61 |  |  | 40 |
Total deferred tax liabilities | 4,706 |  |  | 4,520 |
Net deferred tax liability | $ | 3,064 |  |  | $ | 2,768 |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2019, PPL had the following loss and tax credit carryforwards, related deferred tax assets and valuation allowances recorded against the deferred tax assets:
| Gross |  | Deferred Tax Asset |  | Valuation Allowance |  | Expiration
Loss carryforwards |  |  |  |  |  |  |
Federal net operating losses | $ | 1,499 |  |  | $ | 315 |  |  | $ | — |  |  | 2032-2037
Federal charitable contributions | 42 |  |  | 9 |  |  | — |  |  | 2020-2024
State net operating losses | 5,879 |  |  | 432 |  |  | (393 | ) |  | 2021-2039
State charitable contributions | 1 |  |  | — |  |  | — |  |  | 2020-2024
Foreign net operating losses | 3 |  |  | — |  |  | — |  |  | Indefinite
Foreign capital losses | 1,880 |  |  | 320 |  |  | (320 | ) |  | Indefinite
Federal - Other | 7 |  |  | 1 |  |  | — |  |  | Indefinite
Credit carryforwards |  |  |  |  |  |  |
Federal investment tax credit |  |  | 133 |  |  | — |  |  | 2025-2039
Federal alternative minimum tax credit (a) |  |  | 8 |  |  | — |  |  | Indefinite
Federal foreign tax credits (b) |  |  | 218 |  |  | (113 | ) |  | 2024-2027
Federal - other |  |  | 24 |  |  | (6 | ) |  | 2020-2039
State Recycling Credit |  |  | 18 |  |  | — |  |  | 2028
State - other |  |  | 1 |  |  | — |  |  | Indefinite
(a) | The TCJA repealed the corporate alternative minimum tax (AMT) for tax years beginning after December 31, 2017. The existing indefinite carryforward period for AMT credits was retained.
(b) Includes $62 million of foreign tax credits carried forward from 2016 and $156 million of additional foreign tax credits from 2017 related to the taxable deemed dividend associated with the TCJA.
Schedule of Valuation and Qualifying Accounts of Deferred Tax Assets | The changes in deferred tax valuation allowances were as follows:
|  |  | Additions |  |  |  |
| Balance at Beginning of Period |  | Charged to Income |  | Charged to Other Accounts |  | Deductions |  | Balance at End of Period
2019 | $ | 808 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 834 |
2018 | 838 |  |  | 26 |  |  | — |  |  | 56 |  | (a) | 808 |
2017 | 593 |  |  | 256 |  | (b) | — |  |  | 11 |  |  | 838 |
(a) | Decrease in the valuation allowance of approximately $35 million due to the change in the total foreign tax credits available after finalization of the deemed dividend calculation required by the TCJA in 2017. In addition, the deferred tax assets and corresponding valuation allowances were reduced in 2018 by approximately $19 million due to the effect of foreign currency exchange rates.
(b) | Increase in valuation allowance of approximately $145 million related to expected future utilization of both 2017 foreign tax credits and pre-2017 foreign tax credits carried forward. For additional information, see the "Reconciliation of Income Tax Expense" and associated notes below.
In addition, the reduction of the U.S. federal corporate income tax rate enacted by the TCJA in 2017 resulted in a $62 million increase in federal deferred tax assets and a corresponding valuation allowance related to the federal tax benefits of state net operating losses.
Components of Income Tax Expense (Benefit) | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows:
| 2019 |  | 2018 |  | 2017
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | (10 | ) |  | $ | (19 | ) |  | $ | 6 |
Current - State | 19 |  |  | 17 |  |  | 25 |
Current - Foreign | 91 |  |  | 104 |  |  | 45 |
Total Current Expense (Benefit) | 100 |  |  | 102 |  |  | 76 |
Deferred - Federal (a) | 139 |  |  | 203 |  |  | 532 |
Deferred - State | 76 |  |  | 100 |  |  | 88 |
Deferred - Foreign | 123 |  |  | 107 |  |  | 133 |
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 338 |  |  | 410 |  |  | 753 |
Amortization of investment tax credit | (3 | ) |  | (3 | ) |  | (3 | )
Tax expense (benefit) of operating loss carryforwards |  |  |  |  |
Deferred - Federal | 7 |  |  | (20 | ) |  | (16 | )
Deferred - State | (33 | ) |  | (31 | ) |  | (26 | )
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (26 | ) |  | (51 | ) |  | (42 | )
Total income tax expense (benefit) | $ | 409 |  |  | $ | 458 |  |  | $ | 784 |
Total income tax expense (benefit) - Federal | $ | 133 |  |  | $ | 161 |  |  | $ | 519 |
Total income tax expense (benefit) - State | 62 |  |  | 86 |  |  | 87 |
Total income tax expense (benefit) - Foreign | 214 |  |  | 211 |  |  | 178 |
Total income tax expense (benefit) | $ | 409 |  |  | $ | 458 |  |  | $ | 784 |
(a) | Due to the enactment of the TCJA, PPL recorded the following in 2017:
• | $220 million of deferred income tax expense related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities;
• | $162 million of deferred tax expense related to the utilization of current year losses resulting from the taxable deemed dividend; partially offset by,
$60 million of deferred tax benefits related to the $205 million of 2017 foreign tax credits partially offset by $145 million of valuation allowances. In the table above, the following income tax expense (benefit) are excluded from income taxes:
| 2019 |  | 2018 |  | 2017
Other comprehensive income | $ | (93 | ) |  | $ | (6 | ) |  | $ | (34 | )
Valuation allowance on state deferred taxes recorded to other comprehensive income | — |  |  | — |  |  | (1 | )
Total | $ | (93 | ) |  | $ | (6 | ) |  | $ | (35 | )
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate |
| 2019 |  | 2018 |  | 2017
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 453 |  |  | $ | 480 |  |  | $ | 669 |
Increase (decrease) due to: |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit (a) | 45 |  |  | 40 |  |  | 46 |
Valuation allowance adjustments (b) | 22 |  |  | 21 |  |  | 36 |
Impact of lower U.K. income tax rates (c) | (25 | ) |  | (25 | ) |  | (176 | )
U.S. income tax on foreign earnings - net of foreign tax credit (a)(d) | 2 |  |  | 3 |  |  | 47 |
Foreign income return adjustments | — |  |  | — |  |  | (8 | )
Impact of the U.K. Finance Act on deferred tax balances (e) | (14 | ) |  | (13 | ) |  | (16 | )
Depreciation and other items not normalized | (10 | ) |  | (11 | ) |  | (10 | )
Amortization of excess deferred federal and state income taxes (f) | (40 | ) |  | (37 | ) |  | — |
Interest benefit on U.K. financing entities | (12 | ) |  | (17 | ) |  | (16 | )
Deferred tax impact of U.S. tax reform (g) | — |  |  | — |  |  | 220 |
Deferred tax impact of Kentucky tax reform (h) | — |  |  | 9 |  |  | — |
Kentucky recycling credit, net of federal income tax expense (i) | (18 | ) |  | — |  |  | — |
Other | 6 |  |  | 8 |  |  | (8 | )
Total increase (decrease) | (44 | ) |  | (22 | ) |  | 115 |
Total income tax expense (benefit) | $ | 409 |  |  | $ | 458 |  |  | $ | 784 |
Effective income tax rate | 19.0 | % |  | 20.0 | % |  | 41.0 | %
(a) | The U.S. federal corporate tax rate was reduced from 35% to 21%, as enacted by the TCJA, effective January 1, 2018.
(b) | In 2017, PPL recorded an increase in valuation allowances of $23 million primarily related to foreign tax credits recorded in 2016. The future utilization of these credits is expected to be lower as a result of the TCJA.
In 2019, 2018 and 2017, PPL recorded deferred income tax expense of $25 million, $24 million and $16 million for valuation allowances primarily related to increased Pennsylvania net operating loss carryforwards expected to be unutilized.
(c) | The reduction in the U.S. federal corporate income tax rate from 35% to 21% significantly reduced the difference between the U.K. and U.S. income tax rates in 2019 and 2018 compared with 2017.
(d) | In 2017, PPL recorded a federal income tax benefit of $35 million primarily attributable to U.K. pension contributions.
In 2017, PPL recorded deferred income tax expense of $83 million primarily related to enactment of the TCJA. The enacted tax law included a conversion from a worldwide tax system to a territorial tax system, effective January 1, 2018. In the transition to the territorial regime, a one-time transition tax was imposed on PPL’s unrepatriated accumulated foreign earnings in 2017. These earnings were treated as a taxable deemed dividend to PPL of approximately $462 million, including $205 million of foreign tax credits. As the PPL consolidated U.S. group had a taxable loss for 2017, inclusive of the taxable deemed dividend, these credits were recorded as a deferred tax asset. However, it is expected that under the TCJA, only $83 million of the $205 million of foreign tax credits will be realized in the carry forward period. Accordingly, a valuation allowance on the current year foreign tax credits in the amount of $122 million has been recorded to reflect the reduction in the future utilization of the credits. The foreign tax credits associated with the deemed repatriation result in a gross carryforward and corresponding deferred tax asset of $205 million offset by a valuation allowance of $122 million.
(e) | The U.K. Finance Act 2016, enacted in September 2016, reduced the U.K. statutory income tax rate effective April 1, 2020 to 17%. As a result, PPL reduced its net deferred tax liabilities each year as it revalued its balances at the 17% tax rate.
(f) | In 2019 and 2018, PPL recorded lower income tax expense for the amortization of excess deferred income taxes that primarily resulted from the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. This amortization represents each year's refund amount, prior to a tax gross-up, to be paid to customers for previously collected deferred taxes at higher income tax rates.
(g) | In 2017, PPL recorded deferred income tax expense related to the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA.
In 2018, PPL recorded deferred income tax expense, primarily associated with LKE’s non-regulated entities, due to the Kentucky corporate income tax rate reduction from 6% to 5%, as enacted by HB 487, effective January 1, 2018.
(h) | In 2019, LKE recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service.
(i) In 2018, PPL filed its consolidated federal income tax return, which included updates to the TCJA provisional amounts recorded in 2017. The adjustments to the various provisional amounts that are considered complete as of the filed tax return resulted in an immaterial impact to income tax expense and are discussed in the TCJA section below. Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows:
Details of Taxes Other Than Income | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows:
| 2019 |  | 2018 |  | 2017
Taxes, other than income |  |  |  |  |
State gross receipts | $ | 107 |  |  | $ | 103 |  |  | $ | 102 |
State capital stock | — |  |  | — |  |  | (6 | )
Foreign property | 127 |  |  | 134 |  |  | 127 |
Domestic Other | 79 |  |  | 75 |  |  | 69 |
Total | $ | 313 |  |  | $ | 312 |  |  | $ | 292 |
Summary of Income Tax Examinations | With few exceptions, at December 31, 2019, these jurisdictions, as well as the tax years that are no longer subject to examination, were as follows.
| PPL |  | PPL Electric |  | LKE |  | LG&E |  | KU
U.S. (federal) | 2015 and prior |  | 2015 and prior |  | 2015 and prior |  | 2015 and prior |  | 2015 and prior
Pennsylvania (state) (a) | 2015 and prior |  | 2015 and prior |  |  |  |  |  |
Kentucky (state) | 2014 and prior |  |  |  | 2014 and prior |  | 2014 and prior |  | 2014 and prior
U.K. (foreign) | 2015 and prior |  |  |  |  |  |  |  |
(a) | Tax year 2013 is still subject to examination.
PPL Electric Utilities Corp [Member] |
Income Taxes [Line Items] |
Components of Deferred Tax Assets and Liabilities | Significant components of PPL Electric's deferred income tax assets and liabilities were as follows:
| 2019 |  | 2018
Deferred Tax Assets |  |  |
Accrued pension and postretirement costs | $ | 81 |  |  | $ | 110 |
Contributions in aid of construction | 88 |  |  | 118 |
Regulatory liabilities | 31 |  |  | 35 |
Income taxes due to customers | 170 |  |  | 181 |
State loss carryforwards | 6 |  |  | 14 |
Federal loss carryforwards | 78 |  |  | 79 |
Other | 23 |  |  | 25 |
Total deferred tax assets | 477 |  |  | 562 |
| 2019 |  | 2018
Deferred Tax Liabilities |  |  |
Electric utility plant - net | 1,761 |  |  | 1,681 |
Regulatory assets | 139 |  |  | 176 |
Other | 24 |  |  | 25 |
Total deferred tax liabilities | 1,924 |  |  | 1,882 |
Net deferred tax liability | $ | 1,447 |  |  | $ | 1,320 |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2019, PPL Electric had the following loss carryforwards and related deferred tax assets:
| Gross |  | Deferred Tax Asset |  | Expiration
Loss carryforwards |  |  |  |  |
Federal net operating losses | $ | 363 |  |  | $ | 76 |  |  | 2032-2037
Federal charitable contributions | 9 |  |  | 2 |  |  | 2020-2024
State net operating losses | 81 |  |  | 6 |  |  | 2031-2032
Components of Income Tax Expense (Benefit) | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows:
| 2019 |  | 2018 |  | 2017
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 44 |  |  | $ | 2 |  |  | $ | (65 | )
Current - State | 15 |  |  | 9 |  |  | 20 |
Total Current Expense (Benefit) | 59 |  |  | 11 |  |  | (45 | )
Deferred - Federal (a) | 51 |  |  | 96 |  |  | 234 |
Deferred - State | 39 |  |  | 37 |  |  | 29 |
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 90 |  |  | 133 |  |  | 263 |
Tax expense (benefit) of operating loss carryforwards |  |  |  |  |
Deferred - Federal | — |  |  | (8 | ) |  | (5 | )
Total Tax Expense (Benefit) of Operating Loss Carryforwards | — |  |  | (8 | ) |  | (5 | )
Total income tax expense (benefit) | $ | 149 |  |  | $ | 136 |  |  | $ | 213 |
Total income tax expense (benefit) - Federal | $ | 95 |  |  | $ | 90 |  |  | $ | 164 |
Total income tax expense (benefit) - State | 54 |  |  | 46 |  |  | 49 |
Total income tax expense (benefit) | $ | 149 |  |  | $ | 136 |  |  | $ | 213 |
(a) Due to the enactment of the TCJA in 2017, PPL Electric recorded a $13 million deferred tax benefit related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities.
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows:
| 2019 |  | 2018 |  | 2017
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 127 |  |  | $ | 119 |  |  | $ | 201 |
Increase (decrease) due to: |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit (a) | 47 |  |  | 43 |  |  | 36 |
Depreciation and other items not normalized | (10 | ) |  | (11 | ) |  | (8 | )
Amortization of excess deferred federal income taxes (b) | (18 | ) |  | (17 | ) |  | — |
Deferred tax impact of U.S. tax reform (c) | — |  |  | — |  |  | (13 | )
Other | 3 |  |  | 2 |  |  | (3 | )
Total increase (decrease) | 22 |  |  | 17 |  |  | 12 |
Total income tax expense (benefit) | $ | 149 |  |  | $ | 136 |  |  | $ | 213 |
Effective income tax rate | 24.6 | % |  | 24.0 | % |  | 37.0 | %
(a) | The U.S. federal corporate tax rate was reduced from 35% to 21%, as enacted by the TCJA, effective January 1, 2018.
(b) | In 2019 and 2018, PPL Electric recorded lower income tax expense for the amortization of excess deferred taxes that primarily resulted from the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. This amortization represents each year's refund amount, prior to a tax gross-up, to be paid to customers for previously collected deferred taxes at higher income tax rates.
(c) In 2017, PPL Electric recorded a deferred tax benefit related to the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA.
Details of Taxes Other Than Income |
| 2019 |  | 2018 |  | 2017
Taxes, other than income |  |  |  |  |  |  |  |
State gross receipts | $ | 107 |  |  | $ | 103 |  |  | $ | 102 |
Property and other | 5 |  |  | 6 |  |  | 5 |
Total | $ | 112 |  |  | $ | 109 |  |  | $ | 107 |
Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows:
LG And E And KU Energy LLC [Member] |
Income Taxes [Line Items] |
Components of Deferred Tax Assets and Liabilities | Significant components of LKE's deferred income tax assets and liabilities were as follows:
| 2019 |  | 2018
Deferred Tax Assets |  |  |
Federal loss carryforwards | $ | 140 |  |  | $ | 142 |
State loss carryforwards | 31 |  |  | 33 |
Federal tax credit carryforwards | 162 |  |  | 169 |
Contributions in aid of construction | 23 |  |  | 21 |
Regulatory liabilities | 44 |  |  | 52 |
Accrued pension and postretirement costs | 71 |  |  | 92 |
State tax credit carryforwards | 19 |  |  | 1 |
Income taxes due to customers | 292 |  |  | 299 |
Deferred investment tax credits | 31 |  |  | 32 |
Lease liabilities | 14 |  |  | — |
Valuation allowances | (6 | ) |  | (8 | )
Other | 28 |  |  | 28 |
Total deferred tax assets | 849 |  |  | 861 |
Deferred Tax Liabilities |  |  |
Plant - net | 1,778 |  |  | 1,671 |
Regulatory assets | 122 |  |  | 138 |
Lease right-of-use assets | 12 |  |  | — |
Other | 6 |  |  | 8 |
Total deferred tax liabilities | 1,918 |  |  | 1,817 |
Net deferred tax liability | $ | 1,069 |  |  | $ | 956 |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2019, LKE had the following loss and tax credit carryforwards, related deferred tax assets, and valuation allowances recorded against the deferred tax assets:
| Gross |  | Deferred Tax Asset |  | Valuation Allowance |  | Expiration
Loss carryforwards |  |  |  |  |  |  |
Federal net operating losses | $ | 668 |  |  | $ | 140 |  |  | $ | — |  |  | 2032 - 2037
Federal charitable contributions | 23 |  |  | 5 |  |  | — |  |  | 2020 - 2024
State net operating losses | 797 |  |  | 31 |  |  | — |  |  | 2029 - 2038
| Gross |  | Deferred Tax Asset |  | Valuation Allowance |  | Expiration
Credit carryforwards |  |  |  |  |  |  |
Federal investment tax credit |  |  | 133 |  |  | — |  |  | 2025 - 2028, 2036 - 2039
Federal alternative minimum tax credit (a) |  |  | 7 |  |  | — |  |  | Indefinite
Federal - other |  |  | 22 |  |  | (6 | ) |  | 2020-2039
State - recycling credit |  |  | 18 |  |  | — |  |  | 2028
State - other |  |  | 1 |  |  | — |  |  | Indefinite
(a) | The TCJA repealed the corporate alternative minimum tax (AMT) for tax years beginning after December 31, 2017. The existing indefinite carryforward period for AMT credits was retained.
Schedule of Valuation and Qualifying Accounts of Deferred Tax Assets | Changes in deferred tax valuation allowances were:
| Balance at Beginning of Period |  | Additions |  | Deductions |  | Balance at End of Period
2019 | $ | 8 |  |  | $ | 3 |  |  | $ | 5 |  | (a) | $ | 6 |
2018 | 8 |  |  | — |  |  | — |  |  | 8 |
2017 | 11 |  |  | 4 |  |  | 7 |  | (a) | 8 |
(a) Tax credits expiring.
Components of Income Tax Expense (Benefit) | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:
| 2019 |  | 2018 |  | 2017
Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Current - Federal | $ | 20 |  |  | $ | 31 |  |  | $ | 74 |
Current - State | — |  |  | 4 |  |  | 6 |
Total Current Expense (Benefit) | 20 |  |  | 35 |  |  | 80 |
Deferred - Federal (a) | 81 |  |  | 65 |  |  | 268 |
Deferred - State (b) | 5 |  |  | 34 |  |  | 32 |
Total Deferred Expense (Benefit), excluding benefits of operating loss carryforwards | 86 |  |  | 99 |  |  | 300 |
Amortization of investment tax credit - Federal | (3 | ) |  | (3 | ) |  | (3 | )
Tax expense (benefit) of operating loss carryforwards |  |  |  |  |  |  |  |
Deferred - Federal | — |  |  | (2 | ) |  | (2 | )
Total Tax Expense (Benefit) of Operating Loss Carryforwards | — |  |  | (2 | ) |  | (2 | )
Total income tax expense (benefit) (c) | $ | 103 |  |  | $ | 129 |  |  | $ | 375 |
Total income tax expense (benefit) - Federal | $ | 98 |  |  | $ | 91 |  |  | $ | 337 |
Total income tax expense (benefit) - State | 5 |  |  | 38 |  |  | 38 |
Total income tax expense (benefit) (c) | $ | 103 |  |  | $ | 129 |  |  | $ | 375 |
(a) | Due to the enactment of the TCJA in 2017, LKE recorded $112 million of deferred income tax expense, of which $108 million related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities and $4 million related to valuation allowances on tax credits expiring in 2021.
(b) | In 2019, LKE recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky
(c) Excludes deferred federal and state tax expense (benefit) recorded to OCI of $(1) million in 2019, $5 million in 2018 and $(10) million in 2017.
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate |
| 2019 |  | 2018 |  | 2017
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 120 |  |  | $ | 121 |  |  | $ | 242 |
Increase (decrease) due to: |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit | 23 |  |  | 22 |  |  | 26 |
Amortization of investment tax credit | (3 | ) |  | (3 | ) |  | (3 | )
Amortization of excess deferred federal and state income taxes (b) | (23 | ) |  | (20 | ) |  | (2 | )
Deferred tax impact of U.S. tax reform (c) | — |  |  | — |  |  | 112 |
Deferred tax impact of state tax reform (d) | — |  |  | 9 |  |  | — |
Kentucky Recycling Credit, net of federal income tax expense (e) | (18 | ) |  | — |  |  | — |
Other | 4 |  |  | — |  |  | — |
Total increase (decrease) | (17 | ) |  | 8 |  |  | 133 |
Total income tax expense (benefit) | $ | 103 |  |  | $ | 129 |  |  | $ | 375 |
Effective income tax rate | 18.0 | % |  | 22.5 | % |  | 54.3 | %
(a) | The U.S. federal corporate tax rate was reduced from 35% to 21%, as enacted by the TCJA, effective January 1, 2018.
(b) | In 2019 and 2018, LKE recorded lower income tax expense for the amortization of excess deferred income taxes that primarily resulted from the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. This amortization represents each year's refund amount, prior to a tax gross-up, to be paid to customers for previously collected deferred taxes at higher income tax rates.
(c) | In 2017, LKE recorded deferred income tax expense primarily due to the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA.
(d) | In 2018, LKE recorded deferred income tax expense, primarily associated with LKE's non-regulated entities, due to the Kentucky corporate income tax rate reduction from 6% to 5%, as enacted by HB 487, effective January 1, 2018.
(e) In 2019, LKE recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky. Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:
Details of Taxes Other Than Income |
| 2019 |  | 2018 |  | 2017
Taxes, other than income |  |  |  |  |  |  |  |
Property and other | $ | 74 |  |  | $ | 70 |  |  | $ | 65 |
Total | $ | 74 |  |  | $ | 70 |  |  | $ | 65 |
Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:
Louisville Gas And Electric Co [Member] |
Income Taxes [Line Items] |
Components of Deferred Tax Assets and Liabilities | Significant components of LG&E's deferred income tax assets and liabilities were as follows:
| 2019 |  | 2018
Deferred Tax Assets |  |  |
Contributions in aid of construction | $ | 15 |  |  | $ | 14 |
Regulatory liabilities | 19 |  |  | 24 |
Accrued pension and postretirement costs | 6 |  |  | 16 |
Deferred investment tax credits | 8 |  |  | 9 |
Income taxes due to customers | 136 |  |  | 139 |
State tax credit carryforwards | 14 |  |  | — |
Lease liabilities | 5 |  |  | — |
Valuation allowances | (14 | ) |  | — |
Other | 10 |  |  | 15 |
Total deferred tax assets | 199 |  |  | 217 |
| 2019 |  | 2018
Deferred Tax Liabilities |  |  |
Plant - net | 811 |  |  | 751 |
Regulatory assets | 77 |  |  | 88 |
Lease right-of-use assets | 4 |  |  | — |
Other | 4 |  |  | 6 |
Total deferred tax liabilities | 896 |  |  | 845 |
Net deferred tax liability | $ | 697 |  |  | $ | 628 |
Components of Income Tax Expense (Benefit) | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:
| 2019 |  | 2018 |  | 2017
Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Current - Federal | $ | 4 |  |  | $ | — |  |  | $ | — |
Current - State | 4 |  |  | 4 |  |  | 5 |
Total Current Expense (Benefit) | 8 |  |  | 4 |  |  | 5 |
Deferred - Federal | 46 |  |  | 51 |  |  | 112 |
Deferred - State | 10 |  |  | 10 |  |  | 14 |
Total Deferred Expense (Benefit), excluding benefits of operating loss carryforwards | 56 |  |  | 61 |  |  | 126 |
Amortization of investment tax credit - Federal | (1 | ) |  | (1 | ) |  | (1 | )
Tax expense (benefit) of operating loss carryforwards |  |  |  |  |  |  |
Deferred - Federal | — |  |  | — |  |  | 1 |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | — |  |  | — |  |  | 1 |
Total income tax expense (benefit) | $ | 63 |  |  | $ | 64 |  |  | $ | 131 |
Total income tax expense (benefit) - Federal | $ | 49 |  |  | $ | 50 |  |  | $ | 112 |
Total income tax expense (benefit) - State | 14 |  |  | 14 |  |  | 19 |
Total income tax expense (benefit) | $ | 63 |  |  | $ | 64 |  |  | $ | 131 |
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:
| 2019 |  | 2018 |  | 2017
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 62 |  |  | $ | 62 |  |  | $ | 120 |
Increase (decrease) due to: |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit | 12 |  |  | 11 |  |  | 14 |
Amortization of excess deferred federal and state income taxes (b) | (10 | ) |  | (8 | ) |  | (1 | )
Kentucky recycling credit, net of federal income tax expense (c) | (14 | ) |  | — |  |  | — |
Valuation allowance adjustments (c) | 14 |  |  | — |  |  | — |
Other | (1 | ) |  | (1 | ) |  | (2 | )
Total increase (decrease) | 1 |  |  | 2 |  |  | 11 |
Total income tax expense (benefit) | $ | 63 |  |  | $ | 64 |  |  | $ | 131 |
Effective income tax rate | 21.4 | % |  | 21.5 | % |  | 38.1 | %
(a) | The U.S. federal corporate tax rate was reduced from 35% to 21%, as enacted by the TCJA, effective January 1, 2018.
(b) | In 2019 and 2018, LG&E recorded lower income tax expense for the amortization of excess deferred income taxes that primarily resulted from the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. This amortization represents each year's refund amount, prior to a tax gross-up, to be paid to customers for previously collected deferred taxes at higher income tax rates.
(c) In 2019, LG&E recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky. This amount has been reserved due to insufficient Kentucky taxable income projected at LG&E.
Details of Taxes Other Than Income | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:
| 2019 |  | 2018 |  | 2017
Taxes, other than income |  |  |  |  |  |  |  |
Property and other | $ | 39 |  |  | $ | 36 |  |  | $ | 33 |
Total | $ | 39 |  |  | $ | 36 |  |  | $ | 33 |
Kentucky Utilities Co [Member] |
Income Taxes [Line Items] |
Components of Deferred Tax Assets and Liabilities | Significant components of KU's deferred income tax assets and liabilities were as follows:
| 2019 |  | 2018
Deferred Tax Assets |  |  |
Contributions in aid of construction | $ | 8 |  |  | $ | 7 |
Regulatory liabilities | 25 |  |  | 28 |
Accrued pension and postretirement costs | — |  |  | 7 |
Deferred investment tax credits | 23 |  |  | 23 |
Income taxes due to customers | 156 |  |  | 160 |
State tax credit carryforwards | 5 |  |  | — |
Lease liabilities | 8 |  |  | — |
Valuation allowances | (4 | ) |  | — |
Other | 3 |  |  | 3 |
Total deferred tax assets | 224 |  |  | 228 |
Deferred Tax Liabilities |  |  |
Plant - net | 959 |  |  | 911 |
Regulatory assets | 45 |  |  | 50 |
Accrued pension and postretirement costs | 2 |  |  | — |
Lease right-of-use assets | 7 |  |  | — |
Other | 3 |  |  | 2 |
Total deferred tax liabilities | 1,016 |  |  | 963 |
Net deferred tax liability | $ | 792 |  |  | $ | 735 |
Components of Income Tax Expense (Benefit) | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:
| 2019 |  | 2018 |  | 2017
Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Current - Federal | $ | 35 |  |  | $ | 22 |  |  | $ | — |
Current - State | 5 |  |  | 6 |  |  | 7 |
Total Current Expense (Benefit) | 40 |  |  | 28 |  |  | 7 |
Deferred - Federal | 28 |  |  | 40 |  |  | 138 |
Deferred - State | 13 |  |  | 10 |  |  | 16 |
Total Deferred Expense (Benefit) | 41 |  |  | 50 |  |  | 154 |
Amortization of investment tax credit - Federal | (2 | ) |  | (2 | ) |  | (2 | )
Total income tax expense (benefit) | $ | 79 |  |  | $ | 76 |  |  | $ | 159 |
Total income tax expense (benefit) - Federal | $ | 61 |  |  | $ | 60 |  |  | $ | 136 |
Total income tax expense (benefit) - State | 18 |  |  | 16 |  |  | 23 |
Total income tax expense (benefit) | $ | 79 |  |  | $ | 76 |  |  | $ | 159 |
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate |
| 2019 |  | 2018 |  | 2017
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate (a) | $ | 78 |  |  | $ | 76 |  |  | $ | 146 |
Increase (decrease) due to: |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit | 15 |  |  | 13 |  |  | 15 |
Amortization of investment tax credit | (2 | ) |  | (2 | ) |  | (2 | )
Amortization of excess deferred federal and state income taxes (b) | (13 | ) |  | (12 | ) |  | (1 | )
Kentucky recycling credit, net of federal income tax expense (c) | (4 | ) |  | — |  |  | — |
Valuation allowance adjustments (c) | 4 |  |  | — |  |  | — |
Other | 1 |  |  | 1 |  |  | 1 |
Total increase (decrease) | 1 |  |  | — |  |  | 13 |
Total income tax expense (benefit) | $ | 79 |  |  | $ | 76 |  |  | $ | 159 |
Effective income tax rate | 21.2 | % |  | 21.0 | % |  | 38.0 | %
(a) | The U.S. federal corporate tax rate was reduced from 35% to 21%, as enacted by the TCJA, effective January 1, 2018.
(b) | In 2019 and 2018, KU recorded lower income tax expense for the amortization of excess deferred income taxes that primarily resulted from the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. This amortization represents each year's refund amount, prior to a tax gross-up, to be paid to customers for previously collected deferred taxes at higher income tax rates.
(c) In 2019, KU recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky. This amount has been reserved due to insufficient Kentucky taxable income projected at KU. Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:
Details of Taxes Other Than Income |
| 2019 |  | 2018 |  | 2017
Taxes, other than income |  |  |  |  |  |  |  |
Property and other | $ | 35 |  |  | $ | 34 |  |  | $ | 32 |
Total | $ | 35 |  |  | $ | 34 |  |  | $ | 32 |
Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were:

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