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Income and Other Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| 2023 |  | 2022
Deferred Tax Assets |  |  |
Deferred investment tax credits | $ | 28 |  |  | $ | 29 |
Regulatory liabilities | 123 |  |  | 88 |
Income taxes due to customers | 436 |  |  | 448 |
Accrued pension and postretirement costs | 101 |  |  | 86 |
State loss carryforwards | 253 |  |  | 230 |
Federal and state tax credit carryforwards | 67 |  |  | 68 |
Internal Revenue Code Section 197 intangibles (a) | 78 |  |  | 85 |
Contributions in aid of construction | 149 |  |  | 114 |
Other | 139 |  |  | 87 |
Valuation allowances | (245) |  |  | (213) |
Total deferred tax assets | 1,129 |  |  | 1,022 |
Deferred Tax Liabilities |  |  |
Plant - net | 3,749 |  |  | 3,609 |
Regulatory assets | 376 |  |  | 337 |
Prepayments | 47 |  |  | 46 |
Goodwill | 22 |  |  | 7 |
Other | 30 |  |  | 23 |
Total deferred tax liabilities | 4,224 |  |  | 4,022 |
Net deferred tax liability | $ | 3,095 |  |  | $ | 3,000 |
(a)Certain of the RIE assets acquired in 2022 are treated as intangibles for tax purposes and are amortized over a 15 year period. PPL recorded deferred tax assets on these intangibles, which will reverse as tax deductions are taken.
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2023, 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 | $ | 5,475 |  |  | $ | 253 |  |  | $ | (243) |  |  | 2024-2043
State charitable contributions | 10 |  |  | 1 |  |  | (1) |  |  | 2024-2028
| Gross |  | Deferred Tax Asset |  | Valuation Allowance |  | Expiration
Credit carryforwards |  |  |  |  |  |  |
Federal investment tax credit |  |  | 51 |  |  | — |  |  | 2045
Federal - other |  |  | 5 |  |  | — |  |  | 2043
State recycling credit |  |  | 10 |  |  | — |  |  | 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
2023 | $ | 213 |  |  | $ | 54 |  | (a) | $ | — |  |  | $ | 22 |  | (b) | $ | 245 |
2022 | 462 |  |  | 10 |  |  | — |  |  | 259 |  | (c) | 213 |
2021 | 536 |  |  | 48 |  | (d) | — |  |  | 122 |  | (e) | 462 |
(a)PPL has a Pennsylvania net operating loss fully offset by a valuation allowance. In 2023, PPL adjusted the net operating loss and related valuation allowance to be recorded at the current estimate of the applicable rate at which each portion of the net operating loss that will expire and be written off as the rate is reduced annually by one half a percentage point until the rate reaches to 4.99% in 2031. (b)In 2023, PPL recorded a $22 million decrease in a valuation allowance on a 2003 state net operating loss carryforward that expired in 2023. (c)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. (d)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. (e)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:
| 2023 |  | 2022 |  | 2021
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal (a) | $ | (175) |  |  | $ | (2) |  |  | $ | (1) |
Current - State | 37 |  |  | 24 |  |  | 36 |
Current - Foreign | — |  |  | — |  |  | (1) |
Total Current Expense (Benefit) | (138) |  |  | 22 |  |  | 34 |
Deferred - Federal (a) | 286 |  |  | 122 |  |  | 28 |
Deferred - State | 48 |  |  | 68 |  |  | 105 |
Deferred - Foreign (b) | — |  |  | — |  |  | 383 |
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 334 |  |  | 190 |  |  | 516 |
Amortization of investment tax credit | (3) |  |  | (3) |  |  | (3) |
Tax expense (benefit) of operating loss carryforwards |  |  |  |  |
Deferred - Federal | 3 |  |  | 2 |  |  | 12 |
Deferred - State | (12) |  |  | (10) |  |  | (56) |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (9) |  |  | (8) |  |  | (44) |
Total income tax expense (benefit) | $ | 184 |  |  | $ | 201 |  |  | $ | 503 |
Total income tax expense (benefit) - Federal | $ | 111 |  |  | $ | 119 |  |  | $ | 36 |
Total income tax expense (benefit) - State | 73 |  |  | 82 |  |  | 85 |
Total income tax expense (benefit) - Foreign | — |  |  | — |  |  | 382 |
Total income tax expense (benefit) | $ | 184 |  |  | $ | 201 |  |  | $ | 503 |
(a)During 2023, PPL purchased approximately $300 million of renewable tax credits, as allowed by the IRA. PPL recorded a current tax benefit and a deferred tax expense for the utilization of approximately $250 million of the credits in 2023 and prior years, per the three-year carry-back rule. See "Other - Purchase of Renewable Tax Credits" below for additional information. (b)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 the table above, the following income tax expense (benefit) are excluded from income taxes:
| 2023 |  | 2022 |  | 2021
Discontinued operations | $ | — |  |  | $ | (42) |  |  | $ | 759 |
Reclassification from AOCI due to sale of UK utility business | — |  |  | — |  |  | 660 |
Other comprehensive income | (14) |  |  | 11 |  |  | 150 |
Valuation allowance recorded to other comprehensive income | (1) |  |  | — |  |  | — |
Total | $ | (15) |  |  | $ | (31) |  |  | $ | 1,569 |
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:
| 2023 |  | 2022 |  | 2021
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 194 |  | $ | 192 |  | $ | 109
State income taxes, net of federal income tax benefit | 58 |  | 68 |  | 23
Valuation allowance adjustments (a) | 12 |  | 9 |  | 48
Income tax credits (b) | (22) |  | (3) |  | (2)
Impact of the U.K. Finance Acts on deferred tax balances (c) | — |  | — |  | 383
Depreciation and other items not normalized | (10) |  | (8) |  | (5)
Amortization of excess deferred federal and state income taxes | (48) |  | (54) |  | (54)
Non-deductible officer's salary | 1 |  | 5 |  | 6
Other | (1) |  | (8) |  | (5)
Total increase (decrease) | (10) |  | 9 |  | 394
Total income tax expense (benefit) | $ | 184 |  | $ | 201 |  | $ | 503
Effective income tax rate | 19.9% |  | 22.0% |  | 96.5%
(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 2023, 2022, and 2021, PPL recorded deferred income tax expense of $11 million, $5 million and $15 million for valuation allowances primarily related to increased Pennsylvania net operating loss carryforwards expected to be unutilized. (b)In addition to credits internally generated, in 2023, PPL purchased approximately $300 million of renewable tax credits, as allowed by the IRA. PPL recorded a current tax benefit and a deferred tax expense for the utilization of approximately $250 million of the credits in 2023 and prior years, per the three-year carry-back rule. (c)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.
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:
| 2023 |  | 2022 |  | 2021
Taxes, other than income |  |  |  |  |
State gross receipts (a) | $ | 195 |  |  | $ | 175 |  |  | $ | 113 |
Property and other (a) | 197 |  |  | 157 |  |  | 94 |
Total | $ | 392 |  |  | $ | 332 |  |  | $ | 207 |
(a)Increase in 2022 is primarily due to the acquisition of RIE on May 25, 2022. The increase in 2023 is primarily due to the results for 2023 including a full year of RIE operations compared to 2022, which includes only operations beginning on the acquisition date.
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:
| 2023 |  | 2022
Deferred Tax Assets |  |  |
Accrued pension and postretirement costs | $ | 30 |  |  | $ | 27 |
Contributions in aid of construction | 105 |  |  | 87 |
Regulatory liabilities | 43 |  |  | 36 |
Income taxes due to customers | 191 |  |  | 193 |
Other | 27 |  |  | 18 |
Total deferred tax assets | 396 |  |  | 361 |
Deferred Tax Liabilities |  |  |
Electric utility plant - net | 1,810 |  |  | 1,745 |
Regulatory assets | 119 |  |  | 93 |
Prepayments | 36 |  |  | 35 |
Other | 4 |  |  | 2 |
Total deferred tax liabilities | 1,969 |  |  | 1,875 |
Net deferred tax liability | $ | 1,573 |  |  | $ | 1,514 |
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:
| 2023 |  | 2022 |  | 2021
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 91 |  |  | $ | 63 |  |  | $ | 40 |
Current - State | 31 |  |  | 20 |  |  | 35 |
Total Current Expense (Benefit) | 122 |  |  | 83 |  |  | 75 |
Deferred - Federal | 28 |  |  | 60 |  |  | 59 |
Deferred - State | 18 |  |  | 31 |  |  | 20 |
Total Deferred Expense (Benefit), excluding operating loss carryforwards | 46 |  |  | 91 |  |  | 79 |
Total income tax expense (benefit) | $ | 168 |  |  | $ | 174 |  |  | $ | 154 |
Total income tax expense (benefit) - Federal | $ | 119 |  |  | $ | 123 |  |  | $ | 99 |
Total income tax expense (benefit) - State | 49 |  |  | 51 |  |  | 55 |
Total income tax expense (benefit) | $ | 168 |  |  | $ | 174 |  |  | $ | 154 |
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:
| 2023 |  | 2022 |  | 2021
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 144 |  | $ | 147 |  | $ | 126
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 49 |  | 54 |  | 46
Depreciation and other items not normalized | (9) |  | (7) |  | (5)
Amortization of excess deferred federal income taxes (a) | (11) |  | (12) |  | (14)
State income tax rate change (b) | — |  | (9) |  | —
Other | (5) |  | 1 |  | 1
Total increase (decrease) | 24 |  | 27 |  | 28
Total income tax expense (benefit) | $ | 168 |  | $ | 174 |  | $ | 154
Effective income tax rate | 24.5% |  | 24.9% |  | 25.7%
(a)In 2023, 2022, and 2021, 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)2022 includes a deferred tax benefit of $9 million due to the corporate net income tax rate reduction. See "Other - Pennsylvania State Tax Reform" below for additional information.
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:
| 2023 |  | 2022 |  | 2021
Taxes, other than income |  |  |  |  |
State gross receipts | $ | 136 |  |  | $ | 142 |  |  | $ | 113 |
Property and other | 7 |  |  | 7 |  |  | 7 |
Total | $ | 143 |  |  | $ | 149 |  |  | $ | 120 |
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:
| 2023 |  | 2022
Deferred Tax Assets |  |  |
Contributions in aid of construction | $ | 18 |  |  | $ | 17 |
Regulatory liabilities | 19 |  |  | 18 |
Accrued pension and postretirement costs | 3 |  |  | — |
Deferred investment tax credits | 8 |  |  | 8 |
Income taxes due to customers | 115 |  |  | 119 |
State tax credit carryforwards | 8 |  |  | 9 |
Lease liabilities | 4 |  |  | 4 |
Valuation allowances | (8) |  |  | (9) |
Other | 8 |  |  | 8 |
Total deferred tax assets | 175 |  |  | 174 |
Deferred Tax Liabilities |  |  |
Plant - net | 877 |  |  | 869 |
Regulatory assets | 67 |  |  | 69 |
Lease right-of-use assets | 3 |  |  | 3 |
Other | 4 |  |  | 4 |
Total deferred tax liabilities | 951 |  |  | 945 |
Net deferred tax liability | $ | 776 |  |  | $ | 771 |
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:
| 2023 |  | 2022 |  | 2021
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 70 |  |  | $ | 60 |  |  | $ | 41 |
Current - State | 13 |  |  | 9 |  |  | 5 |
Total Current Expense (Benefit) | 83 |  |  | 69 |  |  | 46 |
Deferred - Federal | (15) |  |  | (10) |  |  | 1 |
Deferred - State | 2 |  |  | 5 |  |  | 8 |
Total Deferred Expense (Benefit) | (13) |  |  | (5) |  |  | 9 |
Amortization of investment tax credit - Federal | (1) |  |  | (1) |  |  | (1) |
Total income tax expense (benefit) | $ | 69 |  |  | $ | 63 |  |  | $ | 54 |
Total income tax expense (benefit) - Federal | $ | 54 |  |  | $ | 49 |  |  | $ | 41 |
Total income tax expense (benefit) - State | 15 |  |  | 14 |  |  | 13 |
Total income tax expense (benefit) | $ | 69 |  |  | $ | 63 |  |  | $ | 54 |
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:
| 2023 |  | 2022 |  | 2021
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 70 |  | $ | 70 |  | $ | 64
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 13 |  | 13 |  | 12
Amortization of excess deferred federal and state income taxes | (13) |  | (18) |  | (20)
Other | (1) |  | (2) |  | (2)
Total increase (decrease) | (1) |  | (7) |  | (10)
Total income tax expense (benefit) | $ | 69 |  | $ | 63 |  | $ | 54
Effective income tax rate | 20.6% |  | 18.8% |  | 17.8%
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:
| 2023 |  | 2022 |  | 2021
Taxes, other than income |  |  |  |  |
Property and other | $ | 48 |  |  | $ | 48 |  |  | $ | 46 |
Total | $ | 48 |  |  | $ | 48 |  |  | $ | 46 |
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:
| 2023 |  | 2022
Deferred Tax Assets |  |  |
Contributions in aid of construction | $ | 10 |  |  | $ | 9 |
Regulatory liabilities | 23 |  |  | 23 |
Deferred investment tax credits | 21 |  |  | 21 |
Income taxes due to customers | 131 |  |  | 136 |
State tax credit carryforwards | 4 |  |  | 4 |
Lease liabilities | 5 |  |  | 5 |
Valuation allowances | (2) |  |  | (3) |
Other | 5 |  |  | 4 |
Total deferred tax assets | 197 |  |  | 199 |
Deferred Tax Liabilities |  |  |
Plant - net | 1,045 |  |  | 1,028 |
Regulatory assets | 50 |  |  | 56 |
Pension and postretirement costs | 7 |  |  | 6 |
Lease right-of-use assets | 5 |  |  | 5 |
Other | 2 |  |  | — |
Total deferred tax liabilities | 1,109 |  |  | 1,095 |
Net deferred tax liability | $ | 912 |  |  | $ | 896 |
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:
| 2023 |  | 2022 |  | 2021
Income Tax Expense (Benefit) |  |  |  |  |
Current - Federal | $ | 73 |  |  | $ | 63 |  |  | $ | 58 |
Current - State | 13 |  |  | 11 |  |  | 8 |
Total Current Expense (Benefit) | 86 |  |  | 74 |  |  | 66 |
Deferred - Federal | (11) |  |  | (3) |  |  | (4) |
Deferred - State | 4 |  |  | 7 |  |  | 7 |
Total Deferred Expense (Benefit) | (7) |  |  | 4 |  |  | 3 |
Amortization of investment tax credit - Federal | (2) |  |  | (2) |  |  | (2) |
Total income tax expense (benefit) | $ | 77 |  |  | $ | 76 |  |  | $ | 67 |
Total income tax expense (benefit) - Federal | $ | 60 |  |  | $ | 58 |  |  | $ | 52 |
Total income tax expense (benefit) - State | 17 |  |  | 18 |  |  | 15 |
Total income tax expense (benefit) | $ | 77 |  |  | $ | 76 |  |  | $ | 67 |
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:
| 2023 |  | 2022 |  | 2021
Reconciliation of Income Tax Expense (Benefit) |  |  |  |  |
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% | $ | 82 |  | $ | 84 |  | $ | 76
Increase (decrease) due to: |  |  |  |  |
State income taxes, net of federal income tax benefit | 15 |  | 16 |  | 14
Amortization of investment tax credit | (2) |  | (2) |  | (2)
Amortization of excess deferred federal and state income taxes | (17) |  | (21) |  | (20)
Other | (1) |  | (1) |  | (1)
Total decrease | (5) |  | (8) |  | (9)
Total income tax expense (benefit) | $ | 77 |  | $ | 76 |  | $ | 67
Effective income tax rate | 19.8% |  | 19.1% |  | 18.4%
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:
| 2023 |  | 2022 |  | 2021
Taxes, other than income |  |  |  |  |
Property and other | $ | 45 |  |  | $ | 45 |  |  | $ | 41 |
Total | $ | 45 |  |  | $ | 45 |  |  | $ | 41 |

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