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SCHEDULE I - CONDENSED UNCONSOLICATED FINANCIAL STATEMENTS AND NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended
--- | ---
Dec. 31, 2020
LG&E and KU Energy LLC Unconsolidated [Member] |
Condensed Unconsolidated Financial Information [Line Items] |
Schedule I - Condensed Unconsolidated Financial Information | SCHEDULE I - LG&E and KU Energy LLC CONDENSED UNCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, (Millions of Dollars)
| 2020 |  | 2019 |  | 2018
Other Income (Expense) - net |  |  |  |  |
Equity in Earnings of Subsidiaries | $ | 490 |  |  | $ | 477 |  |  | $ | 470 |
Interest Income with Affiliate | 12 |  |  | 28 |  |  | 25 |
Total | 502 |  |  | 505 |  |  | 495 |
Interest Expense | 23 |  |  | 30 |  |  | 29 |
Interest Expense with Affiliate | 37 |  |  | 32 |  |  | 28 |
Income Before Income Taxes | 442 |  |  | 443 |  |  | 438 |
Income Tax Expense (Benefit) | (8) |  |  | (25) |  |  | (7) |
Net Income | $ | 450 |  |  | $ | 468 |  |  | $ | 445 |
Total other comprehensive income (loss) | 7 |  |  | (4) |  |  | 17 |
Comprehensive Income Attributable to Member | $ | 457 |  |  | $ | 464 |  |  | $ | 462 |
The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. SCHEDULE I - LG&E and KU Energy LLC CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, (Millions of Dollars)
| 2020 |  | 2019 |  | 2018
Cash Flows from Operating Activities |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 371 |  |  | $ | 368 |  |  | $ | 346 |
Cash Flows from Investing Activities |  |  |  |  |
Capital contributions to affiliated subsidiaries | (231) |  |  | (93) |  |  | (128) |
Net decrease (increase) in notes receivable from affiliates | 5 |  |  | (44) |  |  | (26) |
Net cash provided by (used in) investing activities | (226) |  |  | (137) |  |  | (154) |
Cash Flows from Financing Activities |  |  |  |  |
Net increase (decrease) in notes payable with affiliates | 613 |  |  | 14 |  |  | 110 |
Retirement of long-term debt | (475) |  |  | — |  |  | — |
Contribution from member | — |  |  | 63 |  |  | — |
Distribution to member | (283) |  |  | (308) |  |  | (302) |
Net cash provided by (used in) financing activities | (145) |  |  | (231) |  |  | (192) |
Net Increase (Decrease) in Cash and Cash Equivalents | — |  |  | — |  |  | — |
Cash and Cash Equivalents at Beginning of Period | — |  |  | — |  |  | — |
Cash and Cash Equivalents at End of Period | $ | — |  |  | $ | — |  |  | $ | — |
Supplemental disclosures of cash flow information: |  |  |  |  |
Cash Dividends Received from Subsidiaries | $ | 361 |  |  | $ | 411 |  |  | $ | 402 |
The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. SCHEDULE I - LG&E and KU Energy LLC CONDENSED UNCONSOLIDATED BALANCE SHEETS AT DECEMBER 31, (Millions of Dollars)
| 2020 |  | 2019
Assets |  |  |
Current Assets |  |  |
Accounts receivable from affiliates | $ | 4 |  |  | $ | 3 |
Income taxes receivable | 2 |  |  | 3 |
Notes receivable from affiliates | 1,100 |  |  | 1,105 |
Total Current Assets | 1,106 |  |  | 1,111 |
Investments |  |  |
Affiliated companies at equity | 5,944 |  |  | 5,577 |
Other Noncurrent Assets |  |  |
Deferred income taxes | 276 |  |  | 314 |
Total Assets | $ | 7,326 |  |  | $ | 7,002 |
Liabilities and Equity |  |  |
Current Liabilities |  |  |
Notes payable to affiliates | $ | 251 |  |  | $ | 150 |
Long-term debt due within one year | 250 |  |  | 475 |
Accounts payable to affiliates | 499 |  |  | 489 |
Taxes | 5 |  |  | — |
Other current liabilities | 2 |  |  | 6 |
Total Current Liabilities | 1,007 |  |  | 1,120 |
Long-term Debt |  |  |
Long-term debt | — |  |  | 249 |
Notes payable to affiliates | 1,203 |  |  | 691 |
Total Long-term Debt | 1,203 |  |  | 940 |
Deferred Credits and Other Noncurrent Liabilities | — |  |  | — |
Equity | 5,116 |  |  | 4,942 |
Total Liabilities and Equity | $ | 7,326 |  |  | $ | 7,002 |
The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. Schedule I - LG&E and KU Energy LLC Notes to Condensed Unconsolidated Financial Statements 1. Basis of Presentation LG&E and KU Energy LLC (LKE) is a holding company and conducts substantially all of its business operations through its subsidiaries. Substantially all of its consolidated assets are held by such subsidiaries. LKE uses the equity method to account for its investments in entities in which it has a controlling financial interest. LKE's cash flow and its ability to meet its obligations are largely dependent upon the earnings of these subsidiaries and the distribution or other payment of such earnings to it in the form of dividends or repayment of loans and advances from the subsidiaries. These condensed financial statements and related footnotes have been prepared in accordance with Reg. §210.12-04 of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements and notes thereto of LKE. LKE indirectly or directly owns all of the ownership interests of its significant subsidiaries. LKE relies primarily on dividends from its subsidiaries to fund LKE's distributions to its member and to meet its other cash requirements. See Note 8 to LKE's consolidated financial statements for discussions related to restricted net assets of its subsidiaries for the purposes of transferring funds to LKE in the form of distributions, loans or advances. 2. Commitments and Contingencies See Note 14 to LKE's consolidated financial statements for commitments and contingencies of its subsidiaries. Guarantees LKE provides certain indemnifications covering the due and punctual payment, performance and discharge by each party of its respective obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under a 2009 Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a maximum exposure of $200 million, exclusive of certain items such as government fines and penalties that may exceed the maximum. 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. 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 the various indemnification scenarios, but does not expect such outcomes to result in significant losses above the amounts recorded. 3. Long-Term Debt See Note 8 to LKE's consolidated financial statements for the terms of LKE's outstanding long-term debt and maturities.

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