XML 150 R12.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 5. Income Taxes Reconciliations of income tax expense (benefit) for the periods ended March 31 are as follows.
(PPL)
|  |  | Three Months
|  |  |  |  | 2024 |  | 2023
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% |  |  |  |  | $ | 81 |  |  | $ | 76 |
Increase (decrease) due to: |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  |  | 17 |  |  | 22 |
Utility rate-making tax adjustments (a) |  |  |  |  | (5) |  |  | (5) |
Amortization of excess deferred federal and state income taxes |  |  |  |  | (13) |  |  | (12) |
Other |  |  |  |  | 1 |  |  | (2) |
Total increase (decrease) |  |  |  |  | — |  |  | 3 |
Total income tax expense (benefit) |  |  |  |  | $ | 81 |  |  | $ | 79 |
(a) Primarily consists of tax impacts of AFUDC equity and related depreciation across all PPL utilities and flow through tax impacts of Pennsylvania utility ratemaking. Flow through occurs when the regulator excludes deferred tax expense or benefit from recoverable costs when determining income tax expense.
(PPL Electric) |  |  |  |  |  |  |
|  |  | Three Months
|  |  |  |  | 2024 |  | 2023
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% |  |  |  |  | $ | 41 |  |  | $ | 38 |
Increase (decrease) due to: |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  |  | 14 |  |  | 14 |
Utility rate-making tax adjustments (a) |  |  |  |  | (4) |  |  | (4) |
Amortization of excess deferred federal and state income taxes |  |  |  |  | (2) |  |  | (2) |
Other |  |  |  |  | (1) |  |  | (1) |
Total increase (decrease) |  |  |  |  | 7 |  |  | 7 |
Total income tax expense (benefit) |  |  |  |  | $ | 48 |  |  | $ | 45 |
(a) Primarily consists of tax impacts of AFUDC equity and related depreciation and flow through tax impacts of Pennsylvania utility ratemaking. Flow through occurs when the regulator excludes deferred tax expense or benefit from recoverable costs when determining income tax expense.
(LG&E) |  |  |  |  |  |  |
|  |  | Three Months
|  |  |  |  | 2024 |  | 2023
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% |  |  |  |  | $ | 25 |  |  | $ | 23 |
Increase (decrease) due to: |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  |  | 4 |  |  | 4 |
Amortization of excess deferred federal and state income taxes |  |  |  |  | (3) |  |  | (3) |
Other |  |  |  |  | (2) |  |  | (1) |
Total increase (decrease) |  |  |  |  | (1) |  |  | — |
Total income tax expense (benefit) |  |  |  |  | $ | 24 |  |  | $ | 23 |
(KU) |  |  |  |  |  |  |
|  |  | Three Months
|  |  |  |  | 2024 |  | 2023
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% |  |  |  |  | $ | 28 |  |  | $ | 23 |
Increase (decrease) due to: |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  |  | 5 |  |  | 4 |
Amortization of excess deferred federal and state income taxes |  |  |  |  | (5) |  |  | (4) |
Other |  |  |  |  | (1) |  |  | (1) |
Total increase (decrease) |  |  |  |  | (1) |  |  | (1) |
Total income tax expense (benefit) |  |  |  |  | $ | 27 |  |  | $ | 22 |
Other IRS Revenue Procedure 2023-15 (PPL and LG&E) On April 14, 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized for tax purposes. PPL and LG&E are currently reviewing the revenue procedure to determine what impact the guidance may have on their financial statements. Transfer of Certain Credits under the Inflation Reduction Act (PPL) On April 25, 2024, the IRS released the final Internal Revenue Code Section 6418 regulations related to the transfer of certain credits under the Inflation Reduction Act. The regulations were published in the Federal Register on April 30, 2024, and will be effective on July 1, 2024. PPL is currently reviewing the final regulations to determine what impact the guidance may have on their financial statements.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration