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Income and Other Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Line Items] |
Components of Deferred Tax Assets and Liabilities | Significant components of PPL's deferred income tax assets and liabilities were as follows:
| 2021 |  | 2020
Deferred Tax Assets |  |  |
Deferred investment tax credits | $ | 30 |  |  | $ | 30 |
Regulatory liabilities | 94 |  |  | 68 |
Income taxes due to customers | 422 |  |  | 444 |
Accrued pension and postretirement costs | 75 |  |  | 106 |
Federal loss carryforwards (a) | — |  |  | 234 |
State loss carryforwards | 483 |  |  | 448 |
Federal and state tax credit carryforwards (a) | 15 |  |  | 401 |
Leases | 67 |  |  | 68 |
Contributions in aid of construction | 120 |  |  | 115 |
Other | 84 |  |  | 68 |
Valuation allowances | (462) |  |  | (536) |
Total deferred tax assets | 928 |  |  | 1,446 |
Deferred Tax Liabilities |  |  |
Plant - net | 3,812 |  |  | 3,700 |
Regulatory assets | 180 |  |  | 195 |
Other | 75 |  |  | 70 |
Total deferred tax liabilities | 4,067 |  |  | 3,965 |
Net deferred tax liability | $ | 3,139 |  |  | $ | 2,519 |
(a)PPL utilized federal net operating losses of $1,115 million and tax credit carryforwards of $272 million in June 2021 as a result of the completion of the sale of the U.K. utility business on June 14, 2021. The related deferred tax assets decreased by approximately $506 million, with a corresponding reduction in current income taxes.
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2021, 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 and other carryforwards |  |  |  |  |  |  |
State net operating losses | $ | 6,468 |  |  | $ | 483 |  |  | $ | (459) |  |  | 2022-2041
Credit carryforwards |  |  |  |  |  |  |
State recycling credit |  |  | 14 |  |  | — |  |  | 2028
State - other |  |  | 1 |  |  | — |  |  | Indefinite
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
2021 | $ | 536 |  |  | $ | 48 |  | (a) | $ | — |  |  | $ | 122 |  | (b) | $ | 462 |
2020 | 514 |  |  | 26 |  |  | — |  |  | 4 |  |  | 536 |
2019 | 495 |  |  | 24 |  |  | — |  |  | 5 |  |  | 514 |
(a)In 2021, PPL recorded a $31 million increase in a valuation allowance on a state net operating loss carryforward in connection with the loss on extinguishment associated with a tender offer to purchase and retire PPL Capital Funding's outstanding Senior Notes. See Note 8 for additional information on the tender offer. (b)In light of the disposition of PPL's U.K. utility business, there was a decrease in the valuation allowance of approximately $113 million.
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:
| 2021 |  | 2020 |  | 2019
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | (1) |  |  | $ | (8) |  |  | $ | (10) |
Current - State | 36 |  |  | 24 |  |  | 19 |
Current - Foreign | (1) |  |  | (2) |  |  | — |
Total Current Expense (Benefit) | 34 |  |  | 14 |  |  | 9 |
Deferred - Federal | 28 |  |  | 135 |  |  | 141 |
Deferred - State | 105 |  |  | 94 |  |  | 76 |
Deferred - Foreign (a) | 383 |  |  | 101 |  |  | (14) |
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 516 |  |  | 330 |  |  | 203 |
Amortization of investment tax credit | (3) |  |  | (3) |  |  | (3) |
Tax expense (benefit) of operating loss carryforwards |  |  |  |  |
Deferred - Federal | 12 |  |  | 6 |  |  | 7 |
Deferred - State | (56) |  |  | (33) |  |  | (33) |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (44) |  |  | (27) |  |  | (26) |
Total income tax expense (benefit) | $ | 503 |  |  | $ | 314 |  |  | $ | 183 |
Total income tax expense (benefit) - Federal | $ | 36 |  |  | $ | 130 |  |  | $ | 135 |
Total income tax expense (benefit) - State | 85 |  |  | 85 |  |  | 62 |
Total income tax expense (benefit) - Foreign | 382 |  |  | 99 |  |  | (14) |
Total income tax expense (benefit) | $ | 503 |  |  | $ | 314 |  |  | $ | 183 |
(a)In 2021, the U.K. Finance Act 2021 increased the U.K. corporation tax rate from 19% to 25%, effective April 1, 2023. The primary impact of the corporation tax rate increase was an increase in deferred tax liabilities of the U.K. utility business, which was sold on June 14, 2021, and a corresponding deferred tax expense of $383 million, which was recognized in continuing operations in the second quarter of 2021. In 2020, the U.K. Finance Act 2020 cancelled the tax rate reduction from 19% to 17%. The primary impact of the cancellation of the corporation tax rate reduction was an increase in deferred tax liabilities and a corresponding deferred tax expense of $106 million. In the table above, the following income tax expense (benefit) are excluded from income taxes:
| 2021 |  | 2020 |  | 2019
Discontinued operations - PPL U.K. utility business | $ | 759 |  |  | $ | 188 |  |  | $ | 226 |
Reclassification from AOCI due to sale of UK utility business | 660 |  |  | — |  |  | — |
Other comprehensive income | 150 |  |  | (19) |  |  | (93) |
Total | $ | 1,569 |  |  | $ | 169 |  |  | $ | 133 |
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:
| 2021 |  | 2020 |  | 2019
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 109 |  | $ | 200 |  | $ | 193
State income taxes, net of federal income tax benefit | 23 |  | 48 |  | 45
Valuation allowance adjustments (a) | 48 |  | 24 |  | 22
Federal and state income tax return adjustments | (3) |  | (9) |  | 1
Impact of the U.K. Finance Acts on deferred tax balances (b) | 383 |  | 101 |  | (14)
Depreciation and other items not normalized | (5) |  | (5) |  | (10)
Amortization of excess deferred federal and state income taxes | (54) |  | (43) |  | (40)
Non-deductible officer's salary | 6 |  | 7 |  | 4
Kentucky recycling credit, net of federal income tax expense (c) | — |  | — |  | (18)
Other | (4) |  | (9) |  | —
Total increase (decrease) | 394 |  | 114 |  | (10)
Total income tax expense (benefit) | $ | 503 |  | $ | 314 |  | $ | 183
Effective income tax rate | 96.5% |  | 32.9% |  | 19.9%
(a)In 2021, PPL recorded a $31 million state deferred tax benefit on a net operating loss and an offsetting valuation allowance in connection with the loss on extinguishment associated with a tender offer to purchase and retire PPL Capital Funding's outstanding Senior Notes. See Note 8 for additional information on the tender offer. In 2021, 2020, and 2019, PPL recorded deferred income tax expense of $15 million, $24 million and $25 million for valuation allowances primarily related to increased Pennsylvania net operating loss carryforwards expected to be unutilized. (b)In 2020, the U.K. Finance Act 2020 cancelled the tax rate reduction to 17%, thereby maintaining the corporation tax rate at 19% for financial years 2020 and 2021. The primary impact of the cancellation of the corporation tax rate reduction was an increase in deferred tax liabilities and a corresponding deferred tax expense of $106 million. In 2021, the U.K. Finance Act 2021 increased the U.K. corporation tax rate from 19% to 25%, effective April 1, 2023. The primary impact of the corporation tax rate increase was an increase in deferred tax liabilities of the U.K. utility business, which was sold on June 14, 2021, and a corresponding deferred tax expense of $383 million, which was recognized in continuing operations in the second quarter of 2021. (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.
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:
| 2021 |  | 2020 |  | 2019
Taxes, other than income |  |  |  |  |
State gross receipts | $ | 113 |  |  | $ | 100 |  |  | $ | 107 |
Domestic - other | 94 |  |  | 80 |  |  | 79 |
Total | $ | 207 |  |  | $ | 180 |  |  | $ | 186 |
Summary of Income Tax Examinations | With few exceptions, at December 31, 2021, these jurisdictions, as well as the tax years that are no longer subject to examination, were as follows.
| PPL |  | PPL Electric |  | LG&E |  | KU
U.S. (federal) | 2017 and prior |  | 2017 and prior |  | 2017 and prior |  | 2017 and prior
Pennsylvania (state) | 2017 and prior |  | 2017 and prior |  |  |  |
Kentucky (state) | 2014 and prior |  |  |  | 2014 and prior |  | 2014 and prior
U.K. (foreign) | 2019 and prior |  |  |  |  |  |
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:
| 2021 |  | 2020
Deferred Tax Assets |  |  |
Accrued pension and postretirement costs | $ | 14 |  |  | $ | 25 |
Contributions in aid of construction | 95 |  |  | 91 |
Regulatory liabilities | 52 |  |  | 24 |
Income taxes due to customers | 154 |  |  | 162 |
Federal loss carryforwards (a) | — |  |  | 52 |
Other | 21 |  |  | 29 |
Total deferred tax assets | 336 |  |  | 383 |
Deferred Tax Liabilities |  |  |
Electric utility plant - net | 1,891 |  |  | 1,826 |
Regulatory assets | 74 |  |  | 86 |
Other | 39 |  |  | 30 |
Total deferred tax liabilities | 2,004 |  |  | 1,942 |
Net deferred tax liability | $ | 1,668 |  |  | $ | 1,559 |
(a)PPL Electric utilized their remaining federal net operating losses and recorded the related deferred tax assets to current expense in June 2021 as a result of the completion of the sale of the U.K. utility business on June 14, 2021.
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:
| 2021 |  | 2020 |  | 2019
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 40 |  |  | $ | 61 |  |  | $ | 44 |
Current - State | 35 |  |  | 23 |  |  | 15 |
Total Current Expense (Benefit) | 75 |  |  | 84 |  |  | 59 |
Deferred - Federal | 59 |  |  | 45 |  |  | 51 |
Deferred - State | 20 |  |  | 38 |  |  | 39 |
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 79 |  |  | 83 |  |  | 90 |
Total income tax expense (benefit) | $ | 154 |  |  | $ | 167 |  |  | $ | 149 |
Total income tax expense (benefit) - Federal | $ | 99 |  |  | $ | 106 |  |  | $ | 95 |
Total income tax expense (benefit) - State | 55 |  |  | 61 |  |  | 54 |
Total income tax expense (benefit) | $ | 154 |  |  | $ | 167 |  |  | $ | 149 |
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:
| 2021 |  | 2020 |  | 2019
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 126 |  | $ | 139 |  | $ | 127
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 46 |  | 52 |  | 47
Federal and state income tax return adjustments | — |  | (4) |  | 1
Depreciation and other items not normalized | (5) |  | (5) |  | (10)
Amortization of excess deferred federal income taxes (a) | (14) |  | (16) |  | (18)
Other | 1 |  | 1 |  | 2
Total increase (decrease) | 28 |  | 28 |  | 22
Total income tax expense (benefit) | $ | 154 |  | $ | 167 |  | $ | 149
Effective income tax rate | 25.7% |  | 25.2% |  | 24.6%
(a)In 2021, 2020 and 2019, 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.
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:
| 2021 |  | 2020 |  | 2019
Taxes, other than income |  |  |  |  |
State gross receipts | $ | 113 |  |  | $ | 100 |  |  | $ | 107 |
Property and other | 7 |  |  | 7 |  |  | 5 |
Total | $ | 120 |  |  | $ | 107 |  |  | $ | 112 |
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:
| 2021 |  | 2020
Deferred Tax Assets |  |  |
Contributions in aid of construction | $ | 15 |  |  | $ | 15 |
Regulatory liabilities | 18 |  |  | 20 |
Deferred investment tax credits | 8 |  |  | 8 |
Income taxes due to customers | 125 |  |  | 132 |
State tax credit carryforwards | 11 |  |  | 12 |
Lease liabilities | 4 |  |  | 5 |
Valuation allowances | (11) |  |  | (12) |
Other | 11 |  |  | 11 |
Total deferred tax assets | 181 |  |  | 191 |
Deferred Tax Liabilities |  |  |
Plant - net | 854 |  |  | 833 |
Regulatory assets | 65 |  |  | 66 |
Lease right-of-use assets | 4 |  |  | 4 |
Other | 9 |  |  | 4 |
Total deferred tax liabilities | 932 |  |  | 907 |
Net deferred tax liability | $ | 751 |  |  | $ | 716 |
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:
| 2021 |  | 2020 |  | 2019
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 41 |  |  | $ | 53 |  |  | $ | 4 |
Current - State | 5 |  |  | 7 |  |  | 4 |
Total Current Expense (Benefit) | 46 |  |  | 60 |  |  | 8 |
Deferred - Federal | 1 |  |  | (4) |  |  | 46 |
Deferred - State | 8 |  |  | 7 |  |  | 10 |
Total Deferred Expense (Benefit) | 9 |  |  | 3 |  |  | 56 |
Amortization of investment tax credit - Federal | (1) |  |  | (1) |  |  | (1) |
Total income tax expense (benefit) | $ | 54 |  |  | $ | 62 |  |  | $ | 63 |
Total income tax expense (benefit) - Federal | $ | 41 |  |  | $ | 48 |  |  | $ | 49 |
Total income tax expense (benefit) - State | 13 |  |  | 14 |  |  | 14 |
Total income tax expense (benefit) | $ | 54 |  |  | $ | 62 |  |  | $ | 63 |
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:
| 2021 |  | 2020 |  | 2019
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 64 |  | $ | 64 |  | $ | 62
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 12 |  | 12 |  | 12
Amortization of excess deferred federal and state income taxes | (20) |  | (11) |  | (10)
Kentucky recycling credit, net of federal income tax expense (a) | — |  | — |  | (14)
Valuation allowance adjustments (a) | — |  | — |  | 14
Other | (2) |  | (3) |  | (1)
Total increase (decrease) | (10) |  | (2) |  | 1
Total income tax expense (benefit) | $ | 54 |  | $ | 62 |  | $ | 63
Effective income tax rate | 17.8% |  | 20.3% |  | 21.4%
(a)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:
| 2021 |  | 2020 |  | 2019
Taxes, other than income |  |  |  |  |
Property and other | $ | 46 |  |  | $ | 40 |  |  | $ | 39 |
Total | $ | 46 |  |  | $ | 40 |  |  | $ | 39 |
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:
| 2021 |  | 2020
Deferred Tax Assets |  |  |
Contributions in aid of construction | $ | 9 |  |  | $ | 8 |
Regulatory liabilities | 23 |  |  | 23 |
Deferred investment tax credits | 22 |  |  | 22 |
Income taxes due to customers | 143 |  |  | 150 |
State tax credit carryforwards | 4 |  |  | 5 |
Lease liabilities | 7 |  |  | 8 |
Valuation allowances | (3) |  |  | (4) |
Other | 4 |  |  | 4 |
Total deferred tax assets | 209 |  |  | 216 |
Deferred Tax Liabilities |  |  |
Plant - net | 1,012 |  |  | 992 |
Regulatory assets | 41 |  |  | 43 |
Pension and postretirement costs | 13 |  |  | 8 |
Lease right-of-use assets | 6 |  |  | 7 |
Other | 2 |  |  | 1 |
Total deferred tax liabilities | 1,074 |  |  | 1,051 |
Net deferred tax liability | $ | 865 |  |  | $ | 835 |
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:
| 2021 |  | 2020 |  | 2019
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 58 |  |  | $ | 40 |  |  | $ | 35 |
Current - State | 8 |  |  | 3 |  |  | 5 |
Total Current Expense (Benefit) | 66 |  |  | 43 |  |  | 40 |
Deferred - Federal | (4) |  |  | 11 |  |  | 28 |
Deferred - State | 7 |  |  | 11 |  |  | 13 |
Total Deferred Expense (Benefit) | 3 |  |  | 22 |  |  | 41 |
Amortization of investment tax credit - Federal | (2) |  |  | (2) |  |  | (2) |
Total income tax expense (benefit) | $ | 67 |  |  | $ | 63 |  |  | $ | 79 |
Total income tax expense (benefit) - Federal | $ | 52 |  |  | $ | 49 |  |  | $ | 61 |
Total income tax expense (benefit) - State | 15 |  |  | 14 |  |  | 18 |
Total income tax expense (benefit) | $ | 67 |  |  | $ | 63 |  |  | $ | 79 |
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:
| 2021 |  | 2020 |  | 2019
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 76 |  | $ | 72 |  | $ | 78
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 14 |  | 14 |  | 15
Amortization of investment tax credit | (2) |  | (2) |  | (2)
Amortization of excess deferred federal and state income taxes | (20) |  | (17) |  | (13)
Kentucky recycling credit, net of federal income tax expense (a) | — |  | — |  | (4)
Valuation allowance adjustments (a) | — |  | — |  | 4
Other | (1) |  | (4) |  | 1
Total increase (decrease) | (9) |  | (9) |  | 1
Total income tax expense (benefit) | $ | 67 |  | $ | 63 |  | $ | 79
Effective income tax rate | 18.4% |  | 18.4% |  | 21.2%
(a)In 2019, KU recorded a deferred income tax benefit associated with a project 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 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:
| 2021 |  | 2020 |  | 2019
Taxes, other than income |  |  |  |  |
Property and other | $ | 41 |  |  | $ | 37 |  |  | $ | 35 |
Total | $ | 41 |  |  | $ | 37 |  |  | $ | 35 |

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