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Income and Other Taxes | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income and Other Taxes | (PPL) "Income (Loss) from Continuing Operations Before Income Taxes" is from domestic operations. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and their basis for income tax purposes and the tax effects of net operating loss and tax credit carryforwards. The provision for PPL's deferred income taxes for regulated assets and liabilities is based upon the ratemaking principles of the applicable jurisdiction. See Notes 1 and 7 for additional information. Net deferred tax assets have been recognized based on management's estimates of future taxable income. Significant components of PPL's deferred income tax assets and liabilities were as follows:
| 2022 |  | 2021
Deferred Tax Assets |  |  |
Deferred investment tax credits | $ | 29 |  |  | $ | 30 |
Regulatory liabilities | 88 |  |  | 94 |
Income taxes due to customers | 448 |  |  | 422 |
Accrued pension and postretirement costs | 86 |  |  | 75 |
State loss carryforwards | 230 |  |  | 483 |
Federal and state tax credit carryforwards | 68 |  |  | 15 |
Internal Revenue Code Section 197 intangibles (a) | 85 |  |  | — |
Leases | 15 |  |  | 67 |
Contributions in aid of construction | 114 |  |  | 120 |
Other | 72 |  |  | 84 |
Valuation allowances | (213) |  |  | (462) |
Total deferred tax assets | 1,022 |  |  | 928 |
Deferred Tax Liabilities |  |  |
Plant - net | 3,609 |  |  | 3,812 |
Regulatory assets | 337 |  |  | 180 |
Prepayments | 46 |  |  | — |
Other | 30 |  |  | 75 |
Total deferred tax liabilities | 4,022 |  |  | 4,067 |
Net deferred tax liability | $ | 3,000 |  |  | $ | 3,139 |
(a)Certain of the RIE assets acquired in 2022 are treated as intangibles for tax purposes that are amortized over a 15 year period. PPL recorded deferred tax assets on these intangibles, which will reverse as tax deductions are taken. State deferred taxes are determined by entity and by jurisdiction. As a result, $6 million and $12 million of net deferred tax assets are shown as "Other noncurrent assets" on the Balance Sheets for 2022 and 2021. At December 31, 2022, 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 | $ | 5,830 |  |  | $ | 230 |  |  | $ | (213) |  |  | 2023-2042
| Gross |  | Deferred Tax Asset |  | Valuation Allowance |  | Expiration
Credit carryforwards |  |  |  |  |  |  |
Federal investment tax credit |  |  | 20 |  |  | — |  |  | 2042
Federal foreign tax credits |  |  | 32 |  |  | — |  |  | 2027
Federal - other |  |  | 3 |  |  | — |  |  | 2042
State recycling credit |  |  | 12 |  |  | — |  |  | 2028
State - other |  |  | 1 |  |  | — |  |  | Indefinite
Valuation allowances have been established for the amount that, more likely than not, will not be realized. 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
2022 | $ | 462 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 259 |  | (a) | $ | 213 |
2021 | 536 |  |  | 48 |  | (b) | — |  |  | 122 |  | (c) | 462 |
2020 | 514 |  |  | 26 |  |  | — |  |  | 4 |  |  | 536 |
(a)In 2022, PPL recorded a $36 million decrease in a valuation allowance on a 2002 state net operating loss carryforward that expired in 2022 and a $213 million decrease in the valuation allowance due to the Pennsylvania rate change. See reconciliation of income tax table below. (b)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. (c)In light of the disposition of PPL's U.K. utility business, there was a decrease in the valuation allowance of approximately $113 million. 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:
| 2022 |  | 2021 |  | 2020
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | (2) |  |  | $ | (1) |  |  | $ | (8) |
Current - State | 24 |  |  | 36 |  |  | 24 |
Current - Foreign | — |  |  | (1) |  |  | (2) |
Total Current Expense (Benefit) | 22 |  |  | 34 |  |  | 14 |
Deferred - Federal | 122 |  |  | 28 |  |  | 135 |
Deferred - State | 68 |  |  | 105 |  |  | 94 |
Deferred - Foreign (a) | — |  |  | 383 |  |  | 101 |
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 190 |  |  | 516 |  |  | 330 |
Amortization of investment tax credit | (3) |  |  | (3) |  |  | (3) |
Tax expense (benefit) of operating loss carryforwards |  |  |  |  |
Deferred - Federal | 2 |  |  | 12 |  |  | 6 |
Deferred - State | (10) |  |  | (56) |  |  | (33) |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (8) |  |  | (44) |  |  | (27) |
Total income tax expense (benefit) | $ | 201 |  |  | $ | 503 |  |  | $ | 314 |
Total income tax expense (benefit) - Federal | $ | 119 |  |  | $ | 36 |  |  | $ | 130 |
Total income tax expense (benefit) - State | 82 |  |  | 85 |  |  | 85 |
Total income tax expense (benefit) - Foreign | — |  |  | 382 |  |  | 99 |
Total income tax expense (benefit) | $ | 201 |  |  | $ | 503 |  |  | $ | 314 |
(a)The U.K. Finance Act 2021, formally enacted on June 10, 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 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:
| 2022 |  | 2021 |  | 2020
Discontinued operations | $ | (42) |  |  | $ | 759 |  |  | $ | 188 |
Reclassification from AOCI due to sale of UK utility business | — |  |  | 660 |  |  | — |
Other comprehensive income | 11 |  |  | 150 |  |  | (19) |
Total | $ | (31) |  |  | $ | 1,569 |  |  | $ | 169 |
| 2022 |  | 2021 |  | 2020
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 192 |  | $ | 109 |  | $ | 200
State income taxes, net of federal income tax benefit | 68 |  | 23 |  | 48
Valuation allowance adjustments (a) | 9 |  | 48 |  | 24
Federal and state income tax return adjustments | (1) |  | (3) |  | (9)
Impact of the U.K. Finance Acts on deferred tax balances (b) | — |  | 383 |  | 101
Depreciation and other items not normalized | (8) |  | (5) |  | (5)
Amortization of excess deferred federal and state income taxes | (54) |  | (54) |  | (43)
Non-deductible officer's salary | 5 |  | 6 |  | 7
Other | (10) |  | (4) |  | (9)
Total increase (decrease) | 9 |  | 394 |  | 114
Total income tax expense (benefit) | $ | 201 |  | $ | 503 |  | $ | 314
Effective income tax rate | 22.0% |  | 96.5% |  | 32.9%
(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. In 2022, 2021, and 2020, PPL recorded deferred income tax expense of $5 million, $15 million and $24 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. The U.K. Finance Act 2021, formally enacted on June 10, 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 2021.
| 2022 |  | 2021 |  | 2020
Taxes, other than income |  |  |  |  |
State gross receipts (a) | $ | 175 |  |  | $ | 113 |  |  | $ | 100 |
Domestic - other (a) | 157 |  |  | 94 |  |  | 80 |
Total | $ | 332 |  |  | $ | 207 |  |  | $ | 180 |
(a)Increase primarily due to the acquisition of RIE. (PPL Electric) The provision for PPL Electric's deferred income taxes for regulated assets and liabilities is based upon the ratemaking principles reflected in rates established by the PAPUC and the FERC. The difference in the provision for deferred income taxes for regulated assets and liabilities and the amount that otherwise would be recorded under GAAP is deferred and included in "Regulatory assets" or "Regulatory liabilities" on the Balance Sheets. Significant components of PPL Electric's deferred income tax assets and liabilities were as follows:
| 2022 |  | 2021
Deferred Tax Assets |  |  |
Accrued pension and postretirement costs | $ | 27 |  |  | $ | 14 |
Contributions in aid of construction | 87 |  |  | 95 |
Regulatory liabilities | 36 |  |  | 52 |
Income taxes due to customers | 193 |  |  | 154 |
Other | 18 |  |  | 21 |
Total deferred tax assets | 361 |  |  | 336 |
Deferred Tax Liabilities |  |  |
Electric utility plant - net | 1,745 |  |  | 1,891 |
Regulatory assets | 93 |  |  | 74 |
Prepayments | 35 |  |  | — |
Other | 2 |  |  | 39 |
Total deferred tax liabilities | 1,875 |  |  | 2,004 |
Net deferred tax liability | $ | 1,514 |  |  | $ | 1,668 |
PPL Electric expects to have adequate levels of taxable income to realize its recorded deferred income tax assets. 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:
| 2022 |  | 2021 |  | 2020
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 63 |  |  | $ | 40 |  |  | $ | 61 |
Current - State | 20 |  |  | 35 |  |  | 23 |
Total Current Expense (Benefit) | 83 |  |  | 75 |  |  | 84 |
Deferred - Federal | 60 |  |  | 59 |  |  | 45 |
Deferred - State | 31 |  |  | 20 |  |  | 38 |
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 91 |  |  | 79 |  |  | 83 |
Total income tax expense (benefit) | $ | 174 |  |  | $ | 154 |  |  | $ | 167 |
Total income tax expense (benefit) - Federal | $ | 123 |  |  | $ | 99 |  |  | $ | 106 |
Total income tax expense (benefit) - State | 51 |  |  | 55 |  |  | 61 |
Total income tax expense (benefit) | $ | 174 |  |  | $ | 154 |  |  | $ | 167 |
| 2022 |  | 2021 |  | 2020
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 147 |  | $ | 126 |  | $ | 139
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 54 |  | 46 |  | 52
Federal and state income tax return adjustments | (1) |  | — |  | (4)
Depreciation and other items not normalized | (7) |  | (5) |  | (5)
Amortization of excess deferred federal income taxes (a) | (12) |  | (14) |  | (16)
State income tax rate change (b) | (9) |  | — |  | —
Other | 2 |  | 1 |  | 1
Total increase (decrease) | 27 |  | 28 |  | 28
Total income tax expense (benefit) | $ | 174 |  | $ | 154 |  | $ | 167
Effective income tax rate | 24.9% |  | 25.7% |  | 25.2%
(a)In 2022, 2021, and 2020, 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. (b)On July 8, 2022, the Governor of Pennsylvania signed into law Pennsylvania House Bill 1342 (H.B. 1342). Among other changes to the state tax code, the bill reduces the corporate net income tax rate from 9.99% to 8.99% beginning January 1, 2023, and further reduces the rate annually by half a percentage point until the rate reaches 4.99% in 2031. The income statement impact of the corporate net income tax reduction was a deferred tax benefit of $9 million.
| 2022 |  | 2021 |  | 2020
Taxes, other than income |  |  |  |  |
State gross receipts | $ | 142 |  |  | $ | 113 |  |  | $ | 100 |
Property and other | 7 |  |  | 7 |  |  | 7 |
Total | $ | 149 |  |  | $ | 120 |  |  | $ | 107 |
(LG&E) The provision for LG&E's deferred income taxes for regulated assets and liabilities is based upon the ratemaking principles reflected in rates established by the KPSC and the FERC. The difference in the provision for deferred income taxes for regulated assets and liabilities and the amount that otherwise would be recorded under GAAP is deferred and included in "Regulatory assets" or "Regulatory liabilities" on the Balance Sheets. Significant components of LG&E's deferred income tax assets and liabilities were as follows:
| 2022 |  | 2021
Deferred Tax Assets |  |  |
Contributions in aid of construction | $ | 17 |  |  | $ | 15 |
Regulatory liabilities | 18 |  |  | 18 |
Deferred investment tax credits | 8 |  |  | 8 |
Income taxes due to customers | 119 |  |  | 125 |
State tax credit carryforwards | 9 |  |  | 11 |
Lease liabilities | 4 |  |  | 4 |
Valuation allowances | (9) |  |  | (11) |
Other | 8 |  |  | 11 |
Total deferred tax assets | 174 |  |  | 181 |
Deferred Tax Liabilities |  |  |
Plant - net | 869 |  |  | 854 |
Regulatory assets | 69 |  |  | 65 |
Lease right-of-use assets | 3 |  |  | 4 |
Other | 4 |  |  | 9 |
Total deferred tax liabilities | 945 |  |  | 932 |
Net deferred tax liability | $ | 771 |  |  | $ | 751 |
At December 31, 2022, LG&E had $9 million of state credit carryforwards that expire in 2028 and a $9 million valuation allowance related to state credit carryforwards due to insufficient projected Kentucky taxable 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:
| 2022 |  | 2021 |  | 2020
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 60 |  |  | $ | 41 |  |  | $ | 53 |
Current - State | 9 |  |  | 5 |  |  | 7 |
Total Current Expense (Benefit) | 69 |  |  | 46 |  |  | 60 |
Deferred - Federal | (10) |  |  | 1 |  |  | (4) |
Deferred - State | 5 |  |  | 8 |  |  | 7 |
Total Deferred Expense (Benefit) | (5) |  |  | 9 |  |  | 3 |
Amortization of investment tax credit - Federal | (1) |  |  | (1) |  |  | (1) |
Total income tax expense (benefit) | $ | 63 |  |  | $ | 54 |  |  | $ | 62 |
Total income tax expense (benefit) - Federal | $ | 49 |  |  | $ | 41 |  |  | $ | 48 |
Total income tax expense (benefit) - State | 14 |  |  | 13 |  |  | 14 |
Total income tax expense (benefit) | $ | 63 |  |  | $ | 54 |  |  | $ | 62 |
| 2022 |  | 2021 |  | 2020
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 70 |  | $ | 64 |  | $ | 64
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 13 |  | 12 |  | 12
Amortization of excess deferred federal and state income taxes | (18) |  | (20) |  | (11)
Other | (2) |  | (2) |  | (3)
Total increase (decrease) | (7) |  | (10) |  | (2)
Total income tax expense (benefit) | $ | 63 |  | $ | 54 |  | $ | 62
Effective income tax rate | 18.8% |  | 17.8% |  | 20.3%
| 2022 |  | 2021 |  | 2020
Taxes, other than income |  |  |  |  |
Property and other | $ | 48 |  |  | $ | 46 |  |  | $ | 40 |
Total | $ | 48 |  |  | $ | 46 |  |  | $ | 40 |
(KU) The provision for KU's deferred income taxes for regulated assets and liabilities is based upon the ratemaking principles reflected in rates established by the KPSC, the VSCC and the FERC. The difference in the provision for deferred income taxes for regulated assets and liabilities and the amount that otherwise would be recorded under GAAP is deferred and included in "Regulatory assets" or "Regulatory liabilities" on the Balance Sheets. Significant components of KU's deferred income tax assets and liabilities were as follows:
| 2022 |  | 2021
Deferred Tax Assets |  |  |
Contributions in aid of construction | $ | 9 |  |  | $ | 9 |
Regulatory liabilities | 23 |  |  | 23 |
Deferred investment tax credits | 21 |  |  | 22 |
Income taxes due to customers | 136 |  |  | 143 |
State tax credit carryforwards | 4 |  |  | 4 |
Lease liabilities | 5 |  |  | 7 |
Valuation allowances | (3) |  |  | (3) |
Other | 4 |  |  | 4 |
Total deferred tax assets | 199 |  |  | 209 |
Deferred Tax Liabilities |  |  |
Plant - net | 1,028 |  |  | 1,012 |
Regulatory assets | 56 |  |  | 41 |
Pension and postretirement costs | 6 |  |  | 13 |
Lease right-of-use assets | 5 |  |  | 6 |
Other | — |  |  | 2 |
Total deferred tax liabilities | 1,095 |  |  | 1,074 |
Net deferred tax liability | $ | 896 |  |  | $ | 865 |
At December 31, 2022, KU had $4 million of state credit carryforwards of which $3 million will expire in 2028 and $1 million that has an indefinite carryforward period. At December 31, 2022, KU had a $3 million valuation allowance related to state credit carryforwards due to insufficient projected Kentucky taxable 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:
| 2022 |  | 2021 |  | 2020
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 63 |  |  | $ | 58 |  |  | $ | 40 |
Current - State | 11 |  |  | 8 |  |  | 3 |
Total Current Expense (Benefit) | 74 |  |  | 66 |  |  | 43 |
Deferred - Federal | (3) |  |  | (4) |  |  | 11 |
Deferred - State | 7 |  |  | 7 |  |  | 11 |
Total Deferred Expense (Benefit) | 4 |  |  | 3 |  |  | 22 |
Amortization of investment tax credit - Federal | (2) |  |  | (2) |  |  | (2) |
Total income tax expense (benefit) | $ | 76 |  |  | $ | 67 |  |  | $ | 63 |
Total income tax expense (benefit) - Federal | $ | 58 |  |  | $ | 52 |  |  | $ | 49 |
Total income tax expense (benefit) - State | 18 |  |  | 15 |  |  | 14 |
Total income tax expense (benefit) | $ | 76 |  |  | $ | 67 |  |  | $ | 63 |
| 2022 |  | 2021 |  | 2020
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 84 |  | $ | 76 |  | $ | 72
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 16 |  | 14 |  | 14
Amortization of investment tax credit | (2) |  | (2) |  | (2)
Amortization of excess deferred federal and state income taxes | (21) |  | (20) |  | (17)
Other | (1) |  | (1) |  | (4)
Total decrease | (8) |  | (9) |  | (9)
Total income tax expense (benefit) | $ | 76 |  | $ | 67 |  | $ | 63
Effective income tax rate | 19.1% |  | 18.4% |  | 18.4%
| 2022 |  | 2021 |  | 2020
Taxes, other than income |  |  |  |  |
Property and other | $ | 45 |  |  | $ | 41 |  |  | $ | 37 |
Total | $ | 45 |  |  | $ | 41 |  |  | $ | 37 |
(All Registrants) Unrecognized Tax Benefits PPL or its subsidiaries file tax returns in four major tax jurisdictions. The income tax provisions for PPL Electric, LG&E and KU are calculated in accordance with an intercompany tax sharing agreement, which provides that taxable income be calculated as if each domestic subsidiary filed a separate consolidated return. PPL Electric or its subsidiaries indirectly or directly file tax returns in three major tax jurisdictions, and LG&E and KU indirectly or directly file tax returns in two major tax jurisdictions. With few exceptions, at December 31, 2022, 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) | 2018 and prior |  | 2018 and prior |  | 2018 and prior |  | 2018 and prior
Pennsylvania (state) | 2017 and prior |  | 2017 and prior |  |  |  |
Kentucky (state) | 2017 and prior |  | 2017 and prior |  | 2017 and prior |  | 2017 and prior
U.K. (foreign) | 2019 and prior |  |  |  |  |  |
Other Narragansett Electric Acquisition (PPL) The acquisition of Narragansett Electric was deemed an asset acquisition for federal and state income tax purposes, as a result of PPL and National Grid making a tax election under Internal Revenue Code (IRC) §338(h)(10). Accordingly, the tax bases of substantially all of the assets acquired were increased to fair market value, which equaled net book value, thereby eliminating the related deferred tax assets and liabilities. This election resulted in tax goodwill that will be amortized for tax purposes over 15 years. Pennsylvania State Tax Reform (PPL and PPL Electric) On July 8, 2022, the Governor of Pennsylvania signed into law Pennsylvania House Bill 1342 (H.B. 1342). Among other changes to the state tax code, the bill reduces the corporate net income tax rate from 9.99% to 8.99% beginning January 1, 2023, and further reduces the rate annually by half a percentage point until the rate reaches 4.99% in 2031. GAAP requires that deferred tax assets and liabilities be measured at the enacted tax rate expected to apply when temporary book-to-tax differences are expected to be realized or settled. In 2022, PPL and PPL Electric recorded an increase in regulatory liabilities of $270 million for the remeasurement of regulated accumulated deferred tax balances and a deferred tax benefit of $5 million and $9 million, respectively, associated with the remeasurement of non-regulated accumulated deferred income tax balances. The amounts recorded are estimates that will be updated quarterly to reflect revised forecast, actual activity, and applicable orders from regulatory authorities. Inflation Reduction Act (All Registrants) On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law. Among other things, the IRA enacted a new 15% corporate "book minimum tax," which is based on adjusted GAAP pre-tax income and is only applicable to corporations whose pre-tax income exceeds a certain threshold. PPL continues to assess the impacts of the IRA on the financial statements of PPL and the other Registrants and will monitor guidance issued by the U.S. Treasury in the future. In addition, the IRA enacted numerous new tax credits, largely associated with renewable energy. PPL continues to assess the applicability of these provisions to PPL and its subsidiaries.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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