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Acquisitions, Development and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Disposal Group, Including Discontinued Operation, Income Statement Line Items | Following are the components of discontinued operations in the Statements of Income for the periods ended September 30:
| Three Months |  | Nine Months
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating Revenues | $ | — |  |  | $ | 485 |  |  | $ | 1,344 |  |  | $ | 1,575 |
Operating Expenses | — |  |  | 235 |  |  | 466 |  |  | 684 |
Other Income (Expense) - net | — |  |  | 46 |  |  | 202 |  |  | 242 |
Interest Expense (a) | — |  |  | 88 |  |  | 209 |  |  | 271 |
Income before income taxes | — |  |  | 208 |  |  | 871 |  |  | 862 |
Gain (Loss) on sale | — |  |  | — |  |  | (1,609) |  |  | — |
Income taxes | 2 |  |  | 44 |  |  | 752 |  |  | 157 |
Income (Loss) from Discontinued Operations (net of income taxes) | $ | (2) |  |  | $ | 164 |  |  | $ | (1,490) |  |  | $ | 705 |
(a)No interest from corporate level debt was allocated to discontinued operations.
Disposal Group, Including Discontinued Operation, Assets and Liabilities | The following major classes of assets and liabilities of the U.K. utility business were reclassified on PPL's Balance Sheet to "Current assets held for sale" and "Current liabilities held for sale" as of December 31, 2020:
|  |  | Held for Sale at December 31, 2020
Cash and cash equivalents |  |  | $ | 266 |
Accounts receivable and unbilled revenues |  |  | 389 |
Price risk management assets |  |  | 146 |
Property, plant and equipment, net (a) |  |  | 14,392 |
Goodwill |  |  | 2,558 |
Other intangibles |  |  | 413 |
Pension benefit asset |  |  | 682 |
Other assets |  |  | 137 |
Total Assets |  |  | $ | 18,983 |
Short-term debt and long-term debt due within one year |  |  | $ | 994 |
Accounts payable |  |  | 220 |
Customer deposits |  |  | 217 |
Accrued interest |  |  | 190 |
Long-term debt |  |  | 7,938 |
Total deferred income taxes |  |  | 1,032 |
Price risk management liabilities |  |  | 137 |
Other deferred credits and liabilities |  |  | 295 |
Total Liabilities |  |  | $ | 11,023 |
Net assets (b) |  |  | $ | 7,960 |
(a)Depreciation of fixed assets ceased upon classification as held for sale in the first quarter of 2021. (b)The net assets and liabilities held for sale exclude $4.0 billion of AOCI related to the U.K. utility business that are required to be included in the carrying value of an entity classified as held for sale when assessing impairment and determining the gain or loss on sale. Prior to the sale, AOCI related to the U.K. utility business was reported as a component of PPL’s equity.
Disposal Group, Including Discontinued Operation, Components of Gain (loss) on Sale | The following table summarizes the pre-tax loss recorded upon completion of the sale.
| Loss on sale for the nine month period ended September 30, 2021
Sales proceeds, net of realized foreign currency hedge losses (a) | $ | 10,732 |
Unrealized foreign currency hedge losses recognized in 2020 | 125 |
Less: Costs to sell (b) | 69 |
Less: Carrying value (c) | 12,397 |
Loss on sale | $ | (1,609) |
(a)Includes the fixed and additional consideration of £7,881 million specified in the WPD SPA, converted at a spot rate of $1.4107 per GBP, offset by $386 million of realized foreign currency hedge losses to hedge the proceeds from the sale. (b)I ncludes bank advisory, legal and accounting fees to facilitate the transaction. (c)Represents the carrying value of the U.K. utility business at the time of sale and includes the realization of AOCI of $3.6 billion, which arose primarily from currency translation adjustments and defined benefit plans associated with the U.K. utility business.

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