Achieving exceptional value at almost $11 billion while eliminating risks associated with foreign operations.
We then took steps to strengthen PPL's balance sheets by reducing $3.5 billion of our holding company debt, which provides us with significant financial flexibility going forward.
We also returned over $2 billion to share owners through dividends as well as share repurchases, which included the completion of our targeted $1 billion in share buybacks through December 31.
And true to our mission, we delivered energy safely, reliably, and affordably for our 2.5 million customers in the United States.
For example, after December tornadoes tore through portions of our service territory in Kentucky damaging or destroying more than 500 transmission and distribution poles.
We restored power to most customers within 48 hours.
And following an independent survey of customers at 140 of the largest utilities in the US, PPL Electric and Kentucky Utilities were recognized by Escalent as two of the most trusted utility brands in the nation.
This included executing more than $2 billion in infrastructure improvements to further strengthen grid resilience, modernize our networks, incorporate advanced technology, and pave the way for increased electrification and renewable energy in our service territories.
We adopted a net-zero carbon emissions goal, accelerated our interim emissions reduction target to 70% from 2010 levels by 2035 and 80% by 2040.
Separately we announced the commitment of over $50 million in new investment to fund research and development in the clean energy space with our planned investment in EIP and EPRI's low carbon resources initiative.
We also launched a new partnership to study carbon capture at a natural gas combined cycle power plant and reached new agreements to provide an additional 125 megawatts of solar power to major Kentucky customers.
This included a scenario consistent with limiting global warming to 1.5 degrees Celsius.
More than $7 million in individual pledges and corporate matching contributions will help lift individuals, families, and the community.
Today, we announced fourth quarter reported earnings of $0.18 per share.
Special items in the fourth quarter were $0.04 per share, primarily due to integration expenses associated with the planned acquisition of Narragansett Electric and discontinued operations associated with the UK utility business.
Adjusting for special items, fourth quarter earnings from ongoing operations were $0.22 per share.
Our fourth quarter results bring our total 2021 results to a net loss of $1.93 per share.
Special items for 2021 were $2.98 per share, primarily due to discontinued operations associated with the UK utility business, a UK tax rate change prior to the sale, and a loss on the early extinguishment of debt.
Adjusting for special items, 2021 earnings from ongoing operations for $1.05 per share.
Recall that we had maintained the dividend at the prior rate despite the sale of WPD, providing $350 million of dividends to reward long-term shareowners as we work to close the transactions and deploy the cash proceeds from the WPD sale in a value-accretive manner.
Today, we've announced the first quarter 2022 dividend of $0.20 per share payable on April 1.
The updated quarterly dividend aligns with our earnings projections for PPL's current businesses and a targeted payout ratio of 60% to 65%.
Post the strategic repositioning.
In short, we slightly reduced the capacity of PPL capital funding to $1.25 billion from $1.45 billion, as we no longer need the same level of liquidity without the foreign currency risk associated with the UK.
And we continue to target 16% to 18% CFO and FFO to debt metrics, including the Narragansett Electric acquisition.
These costs totaled about $0.07 per share for the year.
Our Pennsylvania Regulated segment earned $0.61 per share, a $0.04 year-over-year decrease.
Turning to our Kentucky segment, we earned $0.61 per share in 2021, a $0.6 increase over comparable results one year ago.
Results at corporate and others were $0.03 higher compared to the prior year.
Of the $2 billion of capex that Vince noted, we invested about $1 billion in each of the segments.
This resulted in total rate base growth of nearly 6%.

Summary:
Today, we announced fourth quarter reported earnings of $0.18 per share.
Adjusting for special items, fourth quarter earnings from ongoing operations were $0.22 per share.
Post the strategic repositioning.