Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-11459 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | Two North Ninth Street | |
Entity Address, City or Town | Allentown, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18101-1179 | |
City Area Code | (610) | |
Local Phone Number | 774-5151 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Entity Registrant Name | PPL Corporation | |
Entity Tax Identification Number | 23-2758192 | |
Entity Central Index Key | 0000922224 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 768,763,491 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock of PPL Corporation | |
Trading Symbol | PPL | |
Security Exchange Name | NYSE | |
2013 Series B Junior Subordinated Notes due 2073 [Member] | ||
Document Entity Information [Line Items] | ||
Title of 12(b) Security | 2013 Series B due 2073 | |
Trading Symbol | PPX | |
Security Exchange Name | NYSE | |
2007 Series A Junior Subordinated Notes due 2067 [Member] | ||
Document Entity Information [Line Items] | ||
Title of 12(b) Security | 2007 Series A due 2067 | |
Trading Symbol | PPL/67 | |
Security Exchange Name | NYSE | |
PPL Electric Utilities Corp [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-905 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | Two North Ninth Street | |
Entity Address, City or Town | Allentown, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18101-1179 | |
City Area Code | (610) | |
Local Phone Number | 774-5151 | |
Amendment Flag | false | |
Entity Registrant Name | PPL Electric Utilities Corporation | |
Entity Tax Identification Number | 23-0959590 | |
Entity Central Index Key | 0000317187 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 66,368,056 | |
LG And E And KU Energy LLC [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 333-173665 | |
Entity Incorporation, State or Country Code | KY | |
Entity Address, Address Line One | 220 West Main Street | |
Entity Address, City or Town | Louisville, | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40202-1377 | |
City Area Code | (502) | |
Local Phone Number | 627-2000 | |
Amendment Flag | false | |
Entity Registrant Name | LG&E and KU Energy LLC | |
Entity Tax Identification Number | 20-0523163 | |
Entity Central Index Key | 0001518339 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Louisville Gas And Electric Co [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-2893 | |
Entity Incorporation, State or Country Code | KY | |
Entity Address, Address Line One | 220 West Main Street | |
Entity Address, City or Town | Louisville, | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40202-1377 | |
City Area Code | (502) | |
Local Phone Number | 627-2000 | |
Amendment Flag | false | |
Entity Registrant Name | Louisville Gas and Electric Company | |
Entity Tax Identification Number | 61-0264150 | |
Entity Central Index Key | 0000060549 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 21,294,223 | |
Kentucky Utilities Co [Member] | ||
Document Entity Information [Line Items] | ||
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-3464 | |
Entity Incorporation, State or Country Code | KY | |
Entity Incorporation, State or Country Code | VA | |
Entity Address, Address Line One | One Quality Street | |
Entity Address, City or Town | Lexington, | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40507-1462 | |
City Area Code | (502) | |
Local Phone Number | 627-2000 | |
Amendment Flag | false | |
Entity Registrant Name | Kentucky Utilities Company | |
Entity Tax Identification Number | 61-0247570 | |
Entity Central Index Key | 0000055387 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 37,817,878 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Operating Revenues | |||
Operating Revenues | $ 2,054 | $ 2,079 | |
Operation | |||
Fuel | 163 | 194 | |
Energy purchases | 201 | 250 | |
Other operation and maintenance | 476 | 490 | |
Depreciation | 317 | 284 | |
Taxes, other than income | 80 | 80 | |
Total Operating Expenses | 1,237 | 1,298 | |
Operating Income | 817 | 781 | |
Other Income (Expense) - net | 125 | 52 | |
Interest Expense | 248 | 241 | |
Income Before Income Taxes | 694 | 592 | |
Income Taxes | 140 | 126 | |
Net Income | $ 554 | $ 466 | |
Net Income: | |||
Basic (in dollars per share) | $ 0.72 | $ 0.65 | |
Diluted (in dollars per share) | $ 0.72 | $ 0.64 | |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||
Basic (in shares) | 767,948 | 721,023 | |
Diluted (in shares) | 768,738 | 729,953 | |
PPL Electric Utilities Corp [Member] | |||
Operating Revenues | |||
Operating Revenues | $ 608 | $ 645 | |
Operation | |||
Energy purchases | 144 | 171 | |
Other operation and maintenance | 137 | 150 | |
Depreciation | 98 | 95 | |
Taxes, other than income | 30 | 31 | |
Total Operating Expenses | 409 | 447 | |
Operating Income | 199 | 198 | |
Other Income (Expense) - net | 3 | 5 | |
Interest Income from Affiliate | 1 | 2 | |
Interest Expense | 44 | 42 | |
Income Before Income Taxes | 159 | 163 | |
Income Taxes | 41 | 42 | |
Net Income | [1] | 118 | 121 |
LG And E And KU Energy LLC [Member] | |||
Operating Revenues | |||
Operating Revenues | 825 | 845 | |
Operation | |||
Fuel | 163 | 194 | |
Energy purchases | 57 | 79 | |
Other operation and maintenance | 204 | 214 | |
Depreciation | 149 | 123 | |
Taxes, other than income | 18 | 18 | |
Total Operating Expenses | 591 | 628 | |
Operating Income | 234 | 217 | |
Interest Expense | 58 | 54 | |
Interest Expense with Affiliate | 7 | 7 | |
Income Before Income Taxes | 169 | 156 | |
Income Taxes | 34 | 32 | |
Net Income | [2] | 135 | 124 |
Louisville Gas And Electric Co [Member] | |||
Operating Revenues | |||
Retail and wholesale | 393 | 397 | |
Electric revenue from affiliate | 14 | 13 | |
Operating Revenues | 407 | 410 | |
Operation | |||
Fuel | 74 | 78 | |
Energy purchases | 52 | 74 | |
Energy purchases from affiliate | 0 | 2 | |
Other operation and maintenance | 92 | 94 | |
Depreciation | 64 | 51 | |
Taxes, other than income | 10 | 9 | |
Total Operating Expenses | 292 | 308 | |
Operating Income | 115 | 102 | |
Other Income (Expense) - net | (1) | 0 | |
Interest Expense | 22 | 21 | |
Income Before Income Taxes | 92 | 81 | |
Income Taxes | 19 | 17 | |
Net Income | [3] | 73 | 64 |
Kentucky Utilities Co [Member] | |||
Operating Revenues | |||
Retail and wholesale | 432 | 448 | |
Electric revenue from affiliate | 0 | 2 | |
Operating Revenues | 432 | 450 | |
Operation | |||
Fuel | 89 | 116 | |
Energy purchases | 5 | 5 | |
Energy purchases from affiliate | 14 | 13 | |
Other operation and maintenance | 104 | 108 | |
Depreciation | 84 | 72 | |
Taxes, other than income | 9 | 9 | |
Total Operating Expenses | 305 | 323 | |
Operating Income | 127 | 127 | |
Other Income (Expense) - net | 1 | 2 | |
Interest Expense | 28 | 26 | |
Income Before Income Taxes | 100 | 103 | |
Income Taxes | 20 | 22 | |
Net Income | [4] | $ 80 | $ 81 |
[1] | Net income equals comprehensive income. | ||
[2] | Net income approximates comprehensive income. | ||
[3] | Net income equals comprehensive income. | ||
[4] | Net income equals comprehensive income. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Income | $ 554 | $ 466 |
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ||
Foreign currency translation adjustments, net of tax | (61) | 294 |
Qualifying derivatives, net of tax | 8 | (19) |
Defined benefit plans: | ||
Defined benefit plan, Net actuarial gain (loss), net of tax | 0 | (3) |
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | ||
Qualifying derivatives, net of tax | (3) | 24 |
Defined benefit plans: | ||
Defined benefit plan, Prior service costs, net of tax | 1 | 0 |
Defined benefit plan, Net actuarial (gain) loss, net of tax | 47 | 21 |
Total other comprehensive income (loss) | (8) | 317 |
Comprehensive income | $ 546 | $ 783 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Tax effect of foreign currency translation adjustments arising during the period | $ 0 | $ 0 |
Tax effect of qualifying derivatives arising during the period | (2) | 4 |
Tax effect of defined benefit plans - net actuarial gain (loss) arising during the period | 0 | 1 |
Tax effect of qualifying derivatives reclassified from AOCI | 0 | (6) |
Tax effect of defined benefit plans - prior service costs reclassified from AOCI | 0 | 0 |
Tax effect of defined benefit plans - net actuarial (gain) loss reclassified from AOCI | $ (12) | $ (5) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Cash Flows from Operating Activities | |||
Net Income | $ 554 | $ 466 | |
Depreciation | 317 | 284 | |
Amortization | 12 | 22 | |
Defined benefit plans - (income) expense | (52) | (66) | |
Deferred income taxes and investment tax credits | 106 | 89 | |
Unrealized (gains) losses on derivatives, and other hedging activities | (57) | 53 | |
Stock-based compensation expense | 6 | 14 | |
Other | 17 | (3) | |
Change in current assets and current liabilities | |||
Accounts receivable | (35) | (57) | |
Accounts payable | (63) | (94) | |
Unbilled revenues | 68 | 48 | |
Fuel, materials and supplies | 13 | 31 | |
Prepayments | (76) | (86) | |
Regulatory assets and liabilities, net | (25) | (25) | |
Accrued interest | 59 | 48 | |
Other current liabilities | (95) | (72) | |
Other | 24 | (21) | |
Other operating activities | |||
Defined benefit plans - funding | (125) | (127) | |
Other assets | 42 | (20) | |
Other liabilities | 2 | (10) | |
Net cash provided by operating activities | 692 | 474 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (826) | (729) | |
Purchase of investments | 0 | (55) | |
Proceeds from the sale of investments | 0 | 57 | |
Other investing activities | (7) | 5 | |
Net cash used in investing activities | (833) | (722) | |
Cash Flows from Financing Activities | |||
Issuance of common stock | 20 | 22 | |
Payment of common stock dividends | (317) | (296) | |
Issuance of term loan | 200 | 0 | |
Net increase (decrease) in short-term debt | 345 | 424 | |
Other financing activities | (8) | (8) | |
Net cash provided by (used in) financing activities | 240 | 142 | |
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash | 1 | 3 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 100 | (103) | |
Cash and Cash Equivalents at Beginning of Period | 815 | ||
Cash and Cash Equivalents at End of Period | 915 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 836 | 643 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 936 | 540 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at March 31, | 282 | 322 | |
Accrued expenditures for intangible assets at March 31, | 87 | 64 | |
PPL Electric Utilities Corp [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [1] | 118 | 121 |
Depreciation | 98 | 95 | |
Amortization | 5 | 5 | |
Deferred income taxes and investment tax credits | 32 | 16 | |
Other | 8 | (2) | |
Change in current assets and current liabilities | |||
Accounts receivable | (26) | (25) | |
Accounts payable | (20) | (5) | |
Unbilled revenues | 34 | 13 | |
Prepayments | (76) | (88) | |
Regulatory assets and liabilities, net | (11) | (15) | |
Taxes payable | (2) | (2) | |
Other | (19) | (12) | |
Other operating activities | |||
Defined benefit plans - funding | (21) | (21) | |
Other assets | 4 | 2 | |
Other liabilities | 8 | (1) | |
Net cash provided by operating activities | 132 | 81 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (280) | (264) | |
Expenditures for intangible assets | (1) | 0 | |
Net cash used in investing activities | (281) | (264) | |
Cash Flows from Financing Activities | |||
Payment of common stock dividends to parent | (165) | (120) | |
Net increase (decrease) in short-term debt | 85 | 60 | |
Other financing activities | 0 | (1) | |
Net cash provided by (used in) financing activities | (80) | (61) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (229) | (244) | |
Cash and Cash Equivalents at Beginning of Period | 262 | ||
Cash and Cash Equivalents at End of Period | 33 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 264 | 269 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 35 | 25 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at March 31, | 158 | 142 | |
LG And E And KU Energy LLC [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [2] | 135 | 124 |
Depreciation | 149 | 123 | |
Amortization | 4 | 10 | |
Defined benefit plans - (income) expense | 5 | 3 | |
Deferred income taxes and investment tax credits | 31 | 36 | |
Other | 0 | (1) | |
Change in current assets and current liabilities | |||
Accounts receivable | 20 | 8 | |
Accounts payable | (18) | (33) | |
Accounts payable to affiliates | 1 | 7 | |
Unbilled revenues | 27 | 21 | |
Fuel, materials and supplies | 24 | 29 | |
Regulatory assets and liabilities, net | (14) | (10) | |
Taxes payable | (27) | (29) | |
Accrued interest | 51 | 42 | |
Other | (37) | (15) | |
Other operating activities | |||
Defined benefit plans - funding | (23) | (21) | |
Expenditures for asset retirement obligations | (15) | (21) | |
Other assets | 1 | (2) | |
Other liabilities | 6 | (1) | |
Net cash provided by operating activities | 320 | 270 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (255) | (278) | |
Net cash used in investing activities | (255) | (278) | |
Cash Flows from Financing Activities | |||
Net increase (decrease) in notes payable with affiliate | 92 | 74 | |
Distributions to member | (52) | (56) | |
Net increase (decrease) in short-term debt | (85) | (12) | |
Net cash provided by (used in) financing activities | (45) | 6 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 20 | (2) | |
Cash and Cash Equivalents at Beginning of Period | 27 | 24 | |
Cash and Cash Equivalents at End of Period | 47 | 22 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at March 31, | 78 | 88 | |
Louisville Gas And Electric Co [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [3] | 73 | 64 |
Depreciation | 64 | 51 | |
Amortization | 2 | 7 | |
Defined benefit plans - (income) expense | 1 | 0 | |
Deferred income taxes and investment tax credits | 1 | 13 | |
Change in current assets and current liabilities | |||
Accounts receivable | 14 | 3 | |
Accounts receivable from affiliates | (6) | (4) | |
Accounts payable | (12) | (7) | |
Accounts payable to affiliates | (4) | (3) | |
Unbilled revenues | 11 | 13 | |
Fuel, materials and supplies | 27 | 32 | |
Regulatory assets and liabilities, net | (2) | (8) | |
Taxes payable | 2 | (12) | |
Accrued interest | 18 | 13 | |
Other | (10) | (1) | |
Other operating activities | |||
Defined benefit plans - funding | (4) | 0 | |
Expenditures for asset retirement obligations | (4) | (4) | |
Other assets | (1) | 0 | |
Other liabilities | 1 | 0 | |
Net cash provided by operating activities | 171 | 157 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (117) | (117) | |
Net cash used in investing activities | (117) | (117) | |
Cash Flows from Financing Activities | |||
Net increase (decrease) in notes payable with affiliate | 21 | 0 | |
Payment of common stock dividends to parent | (29) | (30) | |
Net increase (decrease) in short-term debt | (79) | (10) | |
Contributions from parent | 25 | 0 | |
Other financing activities | 0 | (1) | |
Net cash provided by (used in) financing activities | (62) | (41) | |
Cash and Cash Equivalents, Period Increase (Decrease) | (8) | (1) | |
Cash and Cash Equivalents at Beginning of Period | 15 | 10 | |
Cash and Cash Equivalents at End of Period | 7 | 9 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at March 31, | 39 | 37 | |
Kentucky Utilities Co [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [4] | 80 | 81 |
Depreciation | 84 | 72 | |
Amortization | 3 | 3 | |
Deferred income taxes and investment tax credits | 4 | 15 | |
Other | 0 | (1) | |
Change in current assets and current liabilities | |||
Accounts receivable | 6 | 7 | |
Accounts payable | (2) | (16) | |
Accounts payable to affiliates | (3) | (1) | |
Unbilled revenues | 16 | 8 | |
Fuel, materials and supplies | (3) | (3) | |
Regulatory assets and liabilities, net | (12) | (2) | |
Taxes payable | 6 | (3) | |
Accrued interest | 25 | 22 | |
Other | (4) | 9 | |
Other operating activities | |||
Defined benefit plans - funding | (1) | 0 | |
Expenditures for asset retirement obligations | (11) | (17) | |
Other assets | 3 | (2) | |
Other liabilities | 2 | 2 | |
Net cash provided by operating activities | 193 | 174 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (138) | (161) | |
Net (increase) decrease in notes receivable from affiliate | 21 | 0 | |
Net cash used in investing activities | (159) | (161) | |
Cash Flows from Financing Activities | |||
Payment of common stock dividends to parent | (37) | (39) | |
Net increase (decrease) in short-term debt | (6) | (2) | |
Contributions from parent | 37 | 28 | |
Other financing activities | 0 | (1) | |
Net cash provided by (used in) financing activities | (6) | (14) | |
Cash and Cash Equivalents, Period Increase (Decrease) | 28 | (1) | |
Cash and Cash Equivalents at Beginning of Period | 12 | 14 | |
Cash and Cash Equivalents at End of Period | 40 | 13 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at March 31, | $ 39 | $ 51 | |
[1] | Net income equals comprehensive income. | ||
[2] | Net income approximates comprehensive income. | ||
[3] | Net income equals comprehensive income. | ||
[4] | Net income equals comprehensive income. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 915 | $ 815 | |
Accounts receivable (less reserve:) | |||
Customer | 730 | 687 | |
Other | 107 | 105 | |
Unbilled revenues | 434 | 504 | |
Fuel, materials and supplies | 320 | 332 | |
Prepayments | 155 | 79 | |
Price risk management assets | 193 | 147 | |
Regulatory assets | 75 | 67 | |
Other current assets | 102 | 98 | |
Total Current Assets | 2,956 | 2,767 | |
Property, Plant and Equipment | |||
Regulated utility plant | 43,109 | 42,709 | |
Less: accumulated depreciation - regulated utility plant | 8,212 | 8,055 | |
Regulated utility plant, net | 34,897 | 34,654 | |
Non-regulated property, plant and equipment | 380 | 357 | |
Less: accumulated depreciation - non-regulated property, plant and equipment | 87 | 109 | |
Non-regulated property, plant and equipment, net | 293 | 248 | |
Construction work in progress | 1,645 | 1,580 | |
Property, Plant and Equipment, net | 36,835 | 36,482 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,477 | 1,492 | |
Goodwill | 3,178 | 3,198 | |
Other intangibles | 748 | 742 | |
Pension benefit asset | 603 | 464 | |
Price risk management assets | 166 | 149 | |
Other noncurrent assets | 365 | 386 | |
Total Other Noncurrent Assets | 6,537 | 6,431 | |
Total Assets | 46,328 | 45,680 | |
Current Liabilities | |||
Short-term debt | 1,696 | 1,151 | |
Long-term debt due within one year | 1,170 | 1,172 | |
Accounts payable | 833 | 956 | |
Taxes | 100 | 99 | |
Interest | 352 | 294 | |
Dividends | 319 | 317 | |
Customer deposits | 265 | 261 | |
Regulatory liabilities | 99 | 115 | |
Other current liabilities | 488 | 535 | |
Total Current Liabilities | 5,322 | 4,900 | |
Long-term Debt | |||
Long-term Debt | 20,670 | 20,721 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 3,217 | 3,088 | |
Investment tax credits | 123 | 124 | |
Accrued pension obligations | 500 | 587 | |
Asset retirement obligations | 217 | 212 | |
Regulatory liabilities | 2,557 | 2,572 | |
Other deferred credits and noncurrent liabilities | 481 | 485 | |
Total Deferred Credits and Other Noncurrent Liabilities | 7,095 | 7,068 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [1] | 8 | 8 |
Additional paid-in capital | 12,239 | 12,214 | |
Earnings reinvested | 5,360 | 5,127 | |
Accumulated other comprehensive loss | (4,366) | (4,358) | |
Total Equity | 13,241 | 12,991 | |
Total Liabilities and Equity | 46,328 | 45,680 | |
PPL Electric Utilities Corp [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 33 | 262 | |
Accounts receivable (less reserve:) | |||
Customer | 289 | 258 | |
Other | 18 | 22 | |
Accounts receivable from affiliates | 10 | 11 | |
Unbilled revenues | 100 | 134 | |
Fuel, materials and supplies | 48 | 33 | |
Prepayments | 82 | 6 | |
Regulatory assets | 23 | 26 | |
Other current assets | 10 | 9 | |
Total Current Assets | 613 | 761 | |
Property, Plant and Equipment | |||
Regulated utility plant | 12,750 | 12,589 | |
Less: accumulated depreciation - regulated utility plant | 3,137 | 3,078 | |
Regulated utility plant, net | 9,613 | 9,511 | |
Construction work in progress | 633 | 597 | |
Property, Plant and Equipment, net | 10,246 | 10,108 | |
Other Noncurrent Assets | |||
Regulatory assets | 710 | 726 | |
Other intangibles | 264 | 263 | |
Other noncurrent assets | 49 | 43 | |
Total Other Noncurrent Assets | 1,023 | 1,032 | |
Total Assets | 11,882 | 11,901 | |
Current Liabilities | |||
Short-term debt | 85 | 0 | |
Accounts payable | 394 | 438 | |
Accounts payable to affiliates | 34 | 32 | |
Taxes | 11 | 13 | |
Interest | 48 | 41 | |
Regulatory liabilities | 83 | 96 | |
Other current liabilities | 75 | 93 | |
Total Current Liabilities | 730 | 713 | |
Long-term Debt | |||
Long-term Debt | 3,986 | 3,985 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,487 | 1,447 | |
Accrued pension obligations | 153 | 179 | |
Regulatory liabilities | 595 | 599 | |
Other deferred credits and noncurrent liabilities | 146 | 146 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,381 | 2,371 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [2] | 364 | 364 |
Additional paid-in capital | 3,558 | 3,558 | |
Earnings reinvested | 863 | 910 | |
Total Equity | 4,785 | 4,832 | |
Total Liabilities and Equity | 11,882 | 11,901 | |
LG And E And KU Energy LLC [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 47 | 27 | |
Accounts receivable (less reserve:) | |||
Customer | 246 | 260 | |
Other | 65 | 71 | |
Unbilled revenues | 137 | 164 | |
Fuel, materials and supplies | 226 | 250 | |
Prepayments | 23 | 30 | |
Regulatory assets | 52 | 41 | |
Other current assets | 0 | 2 | |
Total Current Assets | 796 | 845 | |
Property, Plant and Equipment | |||
Regulated utility plant | 14,798 | 14,646 | |
Less: accumulated depreciation - regulated utility plant | 2,401 | 2,356 | |
Regulated utility plant, net | 12,397 | 12,290 | |
Construction work in progress | 793 | 794 | |
Property, Plant and Equipment, net | 13,190 | 13,084 | |
Other Noncurrent Assets | |||
Regulatory assets | 767 | 766 | |
Goodwill | 996 | 996 | |
Other intangibles | 67 | 69 | |
Other noncurrent assets | 126 | 171 | |
Total Other Noncurrent Assets | 1,956 | 2,002 | |
Total Assets | 15,942 | 15,931 | |
Current Liabilities | |||
Short-term debt | 303 | 388 | |
Long-term debt due within one year | 975 | 975 | |
Notes payable with affiliates | 242 | 150 | |
Accounts payable | 257 | 316 | |
Accounts payable to affiliates | 12 | 11 | |
Taxes | 31 | 58 | |
Price risk management liabilities | 4 | 4 | |
Interest | 91 | 40 | |
Customer deposits | 64 | 62 | |
Regulatory liabilities | 16 | 19 | |
Asset retirement obligations | 66 | 70 | |
Other current liabilities | 116 | 153 | |
Total Current Liabilities | 2,177 | 2,246 | |
Long-term Debt | |||
Long-term debt | 4,378 | 4,377 | |
Long-term debt to affiliate | 650 | 650 | |
Long-term Debt | 5,028 | 5,027 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,111 | 1,069 | |
Investment tax credits | 123 | 124 | |
Accrued pension obligations | 184 | 233 | |
Asset retirement obligations | 151 | 145 | |
Regulatory liabilities | 1,962 | 1,973 | |
Price risk management liabilities | 25 | 17 | |
Other deferred credits and noncurrent liabilities | 155 | 155 | |
Total Deferred Credits and Other Noncurrent Liabilities | 3,711 | 3,716 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Member's Equity | 5,026 | 4,942 | |
Total Liabilities and Equity | 15,942 | 15,931 | |
Louisville Gas And Electric Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 7 | 15 | |
Accounts receivable (less reserve:) | |||
Customer | 115 | 121 | |
Other | 40 | 41 | |
Accounts receivable from affiliates | 24 | 18 | |
Unbilled revenues | 65 | 76 | |
Fuel, materials and supplies | 95 | 122 | |
Prepayments | 12 | 14 | |
Regulatory assets | 26 | 25 | |
Other current assets | 0 | 1 | |
Total Current Assets | 384 | 433 | |
Property, Plant and Equipment | |||
Regulated utility plant | 6,469 | 6,372 | |
Less: accumulated depreciation - regulated utility plant | 881 | 846 | |
Regulated utility plant, net | 5,588 | 5,526 | |
Construction work in progress | 271 | 297 | |
Property, Plant and Equipment, net | 5,859 | 5,823 | |
Other Noncurrent Assets | |||
Regulatory assets | 383 | 380 | |
Goodwill | 389 | 389 | |
Other intangibles | 40 | 41 | |
Other noncurrent assets | 70 | 67 | |
Total Other Noncurrent Assets | 882 | 877 | |
Total Assets | 7,125 | 7,133 | |
Current Liabilities | |||
Short-term debt | 159 | 238 | |
Notes payable with affiliates | 21 | 0 | |
Accounts payable | 141 | 172 | |
Accounts payable to affiliates | 27 | 31 | |
Taxes | 35 | 33 | |
Price risk management liabilities | 4 | 4 | |
Interest | 33 | 15 | |
Customer deposits | 32 | 31 | |
Regulatory liabilities | 1 | 2 | |
Asset retirement obligations | 24 | 24 | |
Other current liabilities | 40 | 47 | |
Total Current Liabilities | 517 | 597 | |
Long-term Debt | |||
Long-term Debt | 2,005 | 2,005 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 702 | 697 | |
Investment tax credits | 33 | 34 | |
Asset retirement obligations | 43 | 49 | |
Regulatory liabilities | 879 | 883 | |
Price risk management liabilities | 25 | 17 | |
Other deferred credits and noncurrent liabilities | 90 | 89 | |
Total Deferred Credits and Other Noncurrent Liabilities | 1,772 | 1,769 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [3] | 424 | 424 |
Additional paid-in capital | 1,845 | 1,820 | |
Earnings reinvested | 562 | 518 | |
Total Equity | 2,831 | 2,762 | |
Total Liabilities and Equity | 7,125 | 7,133 | |
Kentucky Utilities Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 40 | 12 | |
Accounts receivable (less reserve:) | |||
Customer | 131 | 139 | |
Other | 22 | 27 | |
Notes receivable from affiliate | 21 | 0 | |
Unbilled revenues | 72 | 88 | |
Fuel, materials and supplies | 131 | 128 | |
Prepayments | 10 | 14 | |
Regulatory assets | 26 | 16 | |
Other current assets | 0 | 1 | |
Total Current Assets | 453 | 425 | |
Property, Plant and Equipment | |||
Regulated utility plant | 8,315 | 8,262 | |
Less: accumulated depreciation - regulated utility plant | 1,516 | 1,507 | |
Regulated utility plant, net | 6,799 | 6,755 | |
Construction work in progress | 522 | 496 | |
Property, Plant and Equipment, net | 7,321 | 7,251 | |
Other Noncurrent Assets | |||
Regulatory assets | 384 | 386 | |
Goodwill | 607 | 607 | |
Other intangibles | 28 | 28 | |
Other noncurrent assets | 114 | 128 | |
Total Other Noncurrent Assets | 1,133 | 1,149 | |
Total Assets | 8,907 | 8,825 | |
Current Liabilities | |||
Short-term debt | 144 | 150 | |
Long-term debt due within one year | 500 | 500 | |
Accounts payable | 96 | 121 | |
Accounts payable to affiliates | 50 | 52 | |
Taxes | 32 | 26 | |
Interest | 45 | 20 | |
Customer deposits | 32 | 31 | |
Regulatory liabilities | 15 | 17 | |
Asset retirement obligations | 42 | 46 | |
Other current liabilities | 44 | 51 | |
Total Current Liabilities | 1,000 | 1,014 | |
Long-term Debt | |||
Long-term Debt | 2,124 | 2,123 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 801 | 792 | |
Investment tax credits | 90 | 90 | |
Asset retirement obligations | 108 | 96 | |
Regulatory liabilities | 1,083 | 1,090 | |
Other deferred credits and noncurrent liabilities | 47 | 46 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,129 | 2,114 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [4] | 308 | 308 |
Additional paid-in capital | 2,766 | 2,729 | |
Earnings reinvested | 580 | 537 | |
Total Equity | 3,654 | 3,574 | |
Total Liabilities and Equity | $ 8,907 | $ 8,825 | |
[1] | 1,560,000 shares authorized; 768,266 and 767,233 shares issued and outstanding at March 31, 2020 and December 31, 2019 . | ||
[2] | 170,000 shares authorized; 66,368 shares issued and outstanding at March 31, 2020 and December 31, 2019 . | ||
[3] | 75,000 shares authorized; 21,294 shares issued and outstanding at March 31, 2020 and December 31, 2019 . | ||
[4] | 80,000 shares authorized; 37,818 shares issued and outstanding at March 31, 2020 and December 31, 2019 . |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 62 | $ 58 |
Unbilled Contracts Receivable, Allowance for Credit Loss, Current | $ 3 | $ 0 |
Equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 1,560,000 | 1,560,000 |
Common stock shares issued (in shares) | 768,266 | 767,233 |
Common stock shares outstanding (in shares) | 768,266 | 767,233 |
PPL Electric Utilities Corp [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 31 | $ 28 |
Unbilled Contracts Receivable, Allowance for Credit Loss, Current | $ 2 | $ 0 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 170,000 | 170,000 |
Common stock shares issued (in shares) | 66,368 | 66,368 |
Common stock shares outstanding (in shares) | 66,368 | 66,368 |
LG And E And KU Energy LLC [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 27 | $ 28 |
Unbilled Contracts Receivable, Allowance for Credit Loss, Current | 0 | 0 |
Louisville Gas And Electric Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | 1 | 1 |
Unbilled Contracts Receivable, Allowance for Credit Loss, Current | $ 0 | $ 0 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 75,000 | 75,000 |
Common stock shares issued (in shares) | 21,294 | 21,294 |
Common stock shares outstanding (in shares) | 21,294 | 21,294 |
Kentucky Utilities Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 1 | $ 1 |
Unbilled Contracts Receivable, Allowance for Credit Loss, Current | $ 0 | $ 0 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 80,000 | 80,000 |
Common stock shares issued (in shares) | 37,818 | 37,818 |
Common stock shares outstanding (in shares) | 37,818 | 37,818 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Earnings Reinvested [Member] | Accumulated Other Comprehensive Loss [Member] | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member]Common Stock [Member] | PPL Electric Utilities Corp [Member]Additional Paid-in Capital [Member] | PPL Electric Utilities Corp [Member]Earnings Reinvested [Member] | LG And E And KU Energy LLC [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member]Common Stock [Member] | Louisville Gas And Electric Co [Member]Additional Paid-in Capital [Member] | Louisville Gas And Electric Co [Member]Earnings Reinvested [Member] | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member]Common Stock [Member] | Kentucky Utilities Co [Member]Additional Paid-in Capital [Member] | Kentucky Utilities Co [Member]Earnings Reinvested [Member] | |||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.4125 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2018 | 720,323,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||
Balance at beginning of period at Dec. 31, 2018 | $ 11,657 | $ 7 | $ 11,021 | $ 4,593 | $ (3,964) | $ 4,461 | $ 364 | $ 3,158 | $ 939 | $ 2,687 | $ 424 | $ 1,795 | $ 468 | $ 3,442 | $ 308 | $ 2,661 | $ 473 | ||||||||||
Balance at beginning of period at Dec. 31, 2018 | $ 4,723 | ||||||||||||||||||||||||||
Common stock shares issued | [1] | 1,048,000 | |||||||||||||||||||||||||
Common stock issued | 32 | 32 | |||||||||||||||||||||||||
Stock-based compensation | (2) | (2) | |||||||||||||||||||||||||
Net Income | 466 | 466 | 121 | [5] | 121 | 124 | [6] | 64 | [7] | 64 | 81 | [8] | 81 | ||||||||||||||
Capital contributions from parent | 28 | 28 | |||||||||||||||||||||||||
Dividends and dividend equivalents | [9] | (298) | (298) | ||||||||||||||||||||||||
Dividends declared on common stock | (120) | (120) | (30) | (30) | (39) | (39) | |||||||||||||||||||||
Distributions to member | (56) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | 317 | 317 | |||||||||||||||||||||||||
Balance at end of period - shares at Mar. 31, 2019 | 721,371,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||
Balance at end of period at Mar. 31, 2019 | $ 12,172 | $ 7 | 11,051 | 4,761 | (3,647) | $ 4,462 | $ 364 | 3,158 | 940 | $ 2,721 | $ 424 | 1,795 | 502 | $ 3,512 | $ 308 | 2,689 | 515 | ||||||||||
Balance at end of period at Mar. 31, 2019 | 4,791 | ||||||||||||||||||||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.4150 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2019 | 767,233,000 | 767,233,000 | [1] | 66,368,000 | 66,368,000 | [2] | 21,294,000 | 21,294,000 | [3] | 37,818,000 | 37,818,000 | [4] | |||||||||||||||
Balance at beginning of period at Dec. 31, 2019 | $ 12,991 | $ 8 | 12,214 | 5,127 | (4,358) | $ 4,832 | $ 364 | 3,558 | 910 | $ 2,762 | $ 424 | 1,820 | 518 | $ 3,574 | $ 308 | 2,729 | 537 | ||||||||||
Balance at beginning of period at Dec. 31, 2019 | 4,942 | ||||||||||||||||||||||||||
Common stock shares issued | 0 | 1,033,000 | |||||||||||||||||||||||||
Common stock issued | $ 34 | 34 | |||||||||||||||||||||||||
Stock-based compensation | (9) | (9) | |||||||||||||||||||||||||
Net Income | 554 | 554 | 118 | [5] | 118 | 135 | [6] | 73 | [7] | 73 | 80 | [8] | 80 | ||||||||||||||
Capital contributions from parent | 25 | 25 | 37 | 37 | |||||||||||||||||||||||
Dividends and dividend equivalents | [9] | (319) | (319) | ||||||||||||||||||||||||
Dividends declared on common stock | $ (165) | (165) | $ (29) | (29) | $ (37) | (37) | |||||||||||||||||||||
Distributions to member | (52) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | $ (8) | (8) | 1 | ||||||||||||||||||||||||
Balance at end of period - shares at Mar. 31, 2020 | 768,266,000 | 768,266,000 | 66,368,000 | 66,368,000 | [2] | 21,294,000 | 21,294,000 | [3] | 37,818,000 | 37,818,000 | [4] | ||||||||||||||||
Balance at end of period at Mar. 31, 2020 | $ 13,241 | $ 8 | $ 12,239 | 5,360 | $ (4,366) | $ 4,785 | $ 364 | $ 3,558 | $ 863 | $ 2,831 | $ 424 | $ 1,845 | $ 562 | $ 3,654 | $ 308 | $ 2,766 | $ 580 | ||||||||||
Balance at end of period at Mar. 31, 2020 | $ 5,026 | ||||||||||||||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2) | $ (2) | |||||||||||||||||||||||||
[1] | Shares in thousands. Each share entitles the holder to one vote on any question presented at any shareowners' meeting. | ||||||||||||||||||||||||||
[2] | Shares in thousands. All common shares of PPL Electric stock are owned by PPL. | ||||||||||||||||||||||||||
[3] | Shares in thousands. All common shares of LG&E stock are owned by LKE. | ||||||||||||||||||||||||||
[4] | Shares in thousands. All common shares of KU stock are owned by LKE. | ||||||||||||||||||||||||||
[5] | Net income equals comprehensive income. | ||||||||||||||||||||||||||
[6] | Net income approximates comprehensive income. | ||||||||||||||||||||||||||
[7] | Net income equals comprehensive income. | ||||||||||||||||||||||||||
[8] | Net income equals comprehensive income. | ||||||||||||||||||||||||||
[9] | Dividends declared per share of common stock were $0.4150 and $0.4125 at March 31, 2020 and March 31, 2019 . |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)vote | Mar. 31, 2019USD ($)vote | |
Vote per share of PPL's common stock | vote | 1 | 1 |
Income Taxes | $ 140 | $ 126 |
Tax Effect Of New Accounting Principle In Period Of Adoption | 0 | |
Earnings Reinvested [Member] | ||
Tax Effect Of New Accounting Principle In Period Of Adoption | 0 | |
PPL Electric Utilities Corp [Member] | ||
Income Taxes | $ 41 | $ 42 |
Interim Financial Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2020 | |
Interim Financial Statements [Abstract] | |
Interim Financial Statements | 1. Interim Financial Statements (All Registrants) Capitalized terms and abbreviations appearing in the unaudited combined notes to condensed financial statements are defined in the glossary. Dollars are in millions, except per share data, unless otherwise noted. The specific Registrant to which disclosures are applicable is identified in parenthetical headings in italics above the applicable disclosure or within the applicable disclosure for each Registrants' related activities and disclosures. Within combined disclosures, amounts are disclosed for any Registrant when significant. The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnote disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation in accordance with GAAP are reflected in the condensed financial statements. All adjustments are of a normal recurring nature, except as otherwise disclosed. Each Registrant's Balance Sheet at December 31, 2019 is derived from that Registrant's 2019 audited Balance Sheet. The financial statements and notes thereto should be read in conjunction with the financial statements and notes contained in each Registrant's 2019 Form 10-K. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 or other future periods, because results for interim periods can be disproportionately influenced by various factors, developments and seasonal variations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (All Registrants) The following accounting policy disclosures represent updates to Note 1 in each Registrant's 2019 Form 10-K and should be read in conjunction with those disclosures. Restricted Cash and Cash Equivalents (PPL and PPL Electric) Reconciliation of Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows: PPL PPL Electric March 31, December 31, March 31, December 31, Cash and cash equivalents $ 915 $ 815 $ 33 $ 262 Restricted cash - current (a) 3 3 2 2 Restricted cash - noncurrent (a) 18 18 — — Total Cash, Cash Equivalents and Restricted Cash $ 936 $ 836 $ 35 $ 264 (a) Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets," while the noncurrent portion is included in "Other noncurrent assets." Current Expected Credit Losses (All Registrants) Financing receivable collectibility is evaluated using a combination of factors, including past due status based on contractual terms, trends in write-offs and the age of the receivable. Specific events, such as bankruptcies, are also considered when applicable. Adjustments to the reserve for credit losses are made when necessary based on the results of analysis, the aging of receivables and historical and industry trends. The Registrants periodically evaluate the impact of observable external factors on the collectibility of the financing receivables to determine if adjustments to the reserve for credit losses should be made based on current conditions or reasonable and supportable forecasts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. (PPL and PPL Electric) PPL Electric has identified one class of financing receivables, “accounts receivable-customer”, which includes financing receivables for all billed and unbilled sales with residential and non-residential customers. All other financing receivables are classified as other. Within the credit loss model for the residential customer accounts receivables, customers are disaggregated based on their projected propensity to pay, which is derived from historical trends and the current activity of the individual customer accounts. Conversely, the non-residential customer accounts receivables are not further segmented due to the varying nature of the individual customers, which lack readily identifiable risk characteristics for disaggregation. (PPL, LKE, LG&E and KU) LKE, LG&E and KU have identified one class of financing receivables, “accounts receivable-customer”, which includes financing receivables for all billed and unbilled sales with customers. All other financing receivables are classified as other. (All Registrants) The following table shows changes in the allowance for credit losses for the period ended March 31, 2020: Balance at Charged to Income Deductions (b) Balance at PPL Accounts Receivable - Customer and Unbilled Revenue $ 30 $ 9 $ 5 $ 34 Other (c) 27 — 1 26 PPL Electric Accounts Receivable - Customer and Unbilled Revenue $ 25 $ 5 $ 2 $ 28 Other 1 — — 1 Balance at Charged to Income Deductions (b) Balance at LKE Accounts Receivable - Customer and Unbilled Revenue $ 2 $ 2 $ 2 $ 2 Other (c) 26 — 1 25 LG&E Accounts Receivable - Customer and Unbilled Revenue $ 1 $ 1 $ 1 $ 1 KU Accounts Receivable - Customer and Unbilled Revenue $ 1 $ 1 $ 1 $ 1 (a) Reflects cumulative-effect adjustment upon adoption of current expected credit loss guidance. (b) Primarily related to uncollectible accounts receivable written off. (c) Primarily related to receivables at WKE, which are fully reserved. (PPL, LKE, LGE and KU) Asset Impairment (Excluding Investments) PPL, LKE, LG&E and KU review goodwill for impairment at the reporting unit level annually or more frequently when events or circumstances indicate that the carrying amount of a reporting unit may be greater than the unit's fair value. PPL's, LKE's, LG&E's and KU's reporting units are primarily at the operating segment level. PPL, LKE, LG&E and KU considered whether the economic events associated with COVID-19, which resulted in PPL’s shares experiencing volatility and a decrease in market value, would more likely than not reduce the fair value of the Registrants’ reporting units below their carrying amounts. See "Risks and Uncertainties" in Note 10 for additional information about COVID-19. Based on our assessment, a quantitative impairment test was not required for the LKE, LG&E and KU reporting units, but was required for the U.K. Regulated segment reporting unit, the allocated goodwill of which was $2.5 billion at March 31, 2020. The test did not indicate impairment of the reporting unit. Although goodwill was not determined to be impaired at March 31, 2020, it is possible that an impairment charge could occur in future periods if PPL’s share price or any of the assumptions used in determining fair value of the reporting units are negatively impacted. New Accounting Guidance Adopted (All Registrants) Accounting for Financial Instrument Credit Losses Effective January 1, 2020, the Registrants adopted accounting guidance, using a modified retrospective approach, that requires the use of a current expected credit loss (CECL) model for the measurement of credit losses on financial instruments within the scope of the guidance, which includes accounts receivable. The CECL model requires an entity to measure credit losses using historical information, current information and reasonable and supportable forecasts of future events, rather than the incurred loss impairment model required under previous GAAP. The adoption of this guidance did not have a material impact on the Registrants. Accounting for Implementation Costs in a Cloud Computing Service Arrangement Effective January 1, 2020, the Registrants prospectively adopted accounting guidance that requires a customer in a cloud computing hosting arrangement that is a service contract to capitalize implementation costs consistent with internal-use software guidance for non-service arrangements. The guidance requires these capitalized implementation costs to be amortized over the term of the hosting arrangement to the statement of income line item where the service arrangement costs are recorded. The guidance also prescribes the financial statement classification of the capitalized implementation costs and cash flows associated with the arrangement. The adoption of this guidance did not have a material impact on the Registrants. (PPL, LKE, LG&E and KU) Simplifying the Test for Goodwill Impairment |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 3. Segment and Related Information (PPL) See Note 2 in PPL's 2019 Form 10-K for a discussion of reportable segments and related information. Income Statement data for the segments and reconciliation to PPL's consolidated results for the period ended March 31 are as follows: Three Months 2020 2019 Operating Revenues from external customers U.K. Regulated $ 614 $ 583 Kentucky Regulated 825 845 Pennsylvania Regulated 608 645 Corporate and Other 7 6 Total $ 2,054 $ 2,079 Net Income U.K. Regulated (a) $ 340 $ 264 Kentucky Regulated 127 117 Pennsylvania Regulated 118 121 Corporate and Other (31 ) (36 ) Total $ 554 $ 466 (a) Includes unrealized gains and losses from hedging foreign currency economic activity. See Note 14 for additional information. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: March 31, December 31, Assets U.K. Regulated (a) (b) $ 17,918 $ 17,622 Kentucky Regulated 15,608 15,597 Pennsylvania Regulated 11,898 11,918 Corporate and Other (c) 904 543 Total $ 46,328 $ 45,680 (a) Includes $13.3 billion and $13.2 billion of net PP&E as of March 31, 2020 and December 31, 2019 . WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. (b) Includes $2.5 billion of goodwill as of March 31, 2020 and December 31, 2019 . (c) Primarily consists of unallocated items, including cash, PP&E, goodwill, the elimination of inter-segment transactions as well as the assets of Safari Energy. (PPL Electric, LKE, LG&E and KU) PPL Electric has two operating segments, distribution and transmission, which are aggregated into a single reportable segment. LKE, LG&E and KU are individually single operating and reportable segments. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 4. Revenue from Contracts with Customers (All Registrants) See Note 3 in PPL's 2019 Form 10-K for a discussion of the principal activities from which the Registrants and PPL’s segments generate their revenues. The following tables reconcile "Operating Revenues" included in each Registrant's Statement of Income with revenues generated from contracts with customers for the period ended March 31 . 2020 Three Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 2,054 $ 608 $ 825 $ 407 $ 432 Revenues derived from: Alternative revenue programs (b) (3 ) — (3 ) (3 ) — Other (c) (10 ) (2 ) (6 ) (3 ) (3 ) Revenues from Contracts with Customers $ 2,041 $ 606 $ 816 $ 401 $ 429 2019 Three Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 2,079 $ 645 $ 845 $ 410 $ 450 Revenues derived from: Alternative revenue programs (b) (6 ) (4 ) (2 ) (2 ) — Other (c) (10 ) (3 ) (4 ) (1 ) (3 ) Revenues from Contracts with Customers $ 2,063 $ 638 $ 839 $ 407 $ 447 (a) PPL includes $614 million and $583 million of revenues from external customers reported by the U.K. Regulated segment for the three months ended March 31, 2020 and 2019. PPL Electric and LKE represent revenues from external customers reported by the Pennsylvania Regulated and Kentucky Regulated segments. See Note 3 for additional information. (b) Alternative revenue programs include the transmission formula rate for PPL Electric, the ECR and DSM programs for LG&E and KU, the GLT program for LG&E, and the generation formula rate for KU. This line item shows the over/under collection of these rate mechanisms with over-collections of revenue shown as positive amounts in the table above and under-collections shown as negative amounts. (c) Represents additional revenues outside the scope of revenues from contracts with customers, such as leases and other miscellaneous revenues. The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended March 31 . 2020 Three Months PPL (d) PPL Electric (d) LKE LG&E KU Licensed energy suppliers (a) $ 583 $ — $ — $ — $ — Residential 714 344 370 187 183 Commercial 312 81 231 124 107 Industrial 144 8 136 45 91 Other (b) 116 14 66 28 38 Wholesale - municipality 5 — 5 — 5 Wholesale - other (c) 8 — 8 17 5 Transmission 159 159 — — — Revenues from Contracts with Customers $ 2,041 $ 606 $ 816 $ 401 $ 429 2019 Three Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 556 $ — $ — $ — $ — Residential 778 407 371 189 182 Commercial 319 95 224 121 103 Industrial 150 17 133 44 89 Other (b) 114 14 70 33 37 Wholesale - municipality 28 — 28 — 28 Wholesale - other (c) 13 — 13 20 8 Transmission 105 105 — — — Revenues from Contracts with Customers $ 2,063 $ 638 $ 839 $ 407 $ 447 (a) Represents customers of WPD. (b) Primarily includes revenues from pole attachments, street lighting, other public authorities and other non-core businesses. (c) Includes wholesale power and transmission revenues. LG&E and KU amounts include intercompany power sales and transmission revenues, which are eliminated upon consolidation at LKE. (d) In the fourth quarter of 2019, management deemed it appropriate to present the revenue offset associated with network integration transmission service (NITS) as distribution revenue rather than transmission revenue. As discussed in Note 2 in PPL's 2019 Form 10-K, PPL segments its business by geographic location. Revenues from external customers for each segment/geographic location are reconciled to revenues from contracts with customers in the footnotes to the tables above. PPL Electric's revenues from contracts with customers are further disaggregated by distribution and transmission, which were $447 million and $159 million for the three months ended March 31, 2020 and $533 million and $105 million for the three months ended March 31, 2019. Contract receivables from customers are primarily included in "Accounts receivable - Customer" and "Unbilled revenues" on the Balance Sheets. The following table shows the accounts receivable and unbilled revenues balances that were impaired for the period ended March 31 . Three Months 2020 2019 PPL $ 8 $ 9 PPL Electric 4 6 LKE 2 2 LG&E 1 1 KU 1 1 The following table shows the balances and certain activity of contract liabilities resulting from contracts with customers. PPL PPL Electric LKE LG&E KU Contract liabilities at December 31, 2019 $ 44 $ 21 $ 9 $ 5 $ 4 Contract liabilities at March 31, 2020 42 15 14 10 4 Revenue recognized during the three months ended March 31, 2020 that was included in the contract liability balance at December 31, 2019 23 8 9 5 4 Contract liabilities at December 31, 2018 $ 42 $ 23 $ 9 $ 5 $ 4 Contract liabilities at March 31, 2019 37 14 7 4 3 Revenue recognized during the three months ended March 31, 2019 that was included in the contract liability balance at December 31, 2018 25 11 9 5 4 Contract liabilities result from recording contractual billings in advance for customer attachments to the Registrants' infrastructure and payments received in excess of revenues earned to date. Advanced billings for customer attachments are recognized as revenue ratably over the billing period. Payments received in excess of revenues earned to date are recognized as revenue as services are delivered in subsequent periods. At March 31, 2020 , PPL had $32 million of performance obligations attributable to Corporate and Other that have not been satisfied. Of this amount, PPL expects to recognize approximately $28 million within the next 12 months . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. Earnings Per Share (PPL) Basic EPS is computed by dividing income available to PPL common shareowners by the weighted-average number of common shares outstanding during the applicable period. Diluted EPS is computed by dividing income available to PPL common shareowners by the weighted-average number of common shares outstanding, increased by incremental shares that would be outstanding if potentially dilutive non-participating securities were converted to common shares as calculated using the Treasury Stock Method. Incremental non-participating securities that have a dilutive impact are detailed in the table below. These dilutive securities include the PPL common stock forward sale agreements, which were settled in 2019. The forward sale agreements were dilutive under the Treasury Stock Method to the extent the average stock price of PPL's common shares exceeded the forward sale price prescribed in the agreements. Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the period ended March 31 used in the EPS calculation are: Three Months 2020 2019 Income (Numerator) Net income $ 554 $ 466 Less amounts allocated to participating securities 1 — Net income available to PPL common shareowners - Basic and Diluted $ 553 $ 466 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 767,948 721,023 Add incremental non-participating securities: Share-based payment awards 790 1,023 Forward sale agreements — 7,907 Weighted-average shares - Diluted EPS 768,738 729,953 Basic EPS Net Income available to PPL common shareowners $ 0.72 $ 0.65 Diluted EPS Net Income available to PPL common shareowners $ 0.72 $ 0.64 For the period ended March 31 , PPL issued common stock related to stock-based compensation plans and the DRIP as follows (in thousands): Three Months 2020 2019 Stock-based compensation plans 598 590 DRIP 434 458 For the period ended March 31 , the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months 2020 2019 Stock-based compensation awards 250 — |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Reconciliations of income tax expense (benefit) for the period ended March 31 are as follows. (PPL) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 146 $ 124 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 13 Valuation allowance adjustments 6 7 Impact of lower U.K. income tax rates (11 ) (8 ) Amortization of excess deferred federal and state income taxes (11 ) (11 ) Other (3 ) 1 Total increase (decrease) (6 ) 2 Total income tax expense (benefit) $ 140 $ 126 (PPL Electric) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 33 $ 34 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 13 Amortization of excess deferred income taxes (3 ) (4 ) Other (2 ) (1 ) Total increase (decrease) 8 8 Total income tax expense (benefit) $ 41 $ 42 (LKE) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 35 $ 33 Increase (decrease) due to: State income taxes, net of federal income tax benefit 7 6 Amortization of excess deferred federal and state income taxes (7 ) (6 ) Other (1 ) (1 ) Total increase (decrease) (1 ) (1 ) Total income tax expense (benefit) $ 34 $ 32 (LG&E) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 19 $ 17 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 3 Amortization of excess deferred federal and state income taxes (3 ) (3 ) Other (1 ) — Total increase (decrease) — — Total income tax expense (benefit) $ 19 $ 17 (KU) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 21 $ 22 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 4 Amortization of excess deferred federal and state income taxes (4 ) (3 ) Other (1 ) (1 ) Total increase (decrease) (1 ) — Total income tax expense (benefit) $ 20 $ 22 Other 2020 TCJA Regulatory Update (All Registrants) The IRS issued proposed regulations for certain provisions of the TCJA in 2018, including rules relating to limitations on interest deductibility. These proposed regulations were issued in November 2018 and should not apply to the Registrants until the year in which the regulations are issued in final form, which is expected to be in 2020. It is uncertain what form the final regulations will take and, therefore, the Registrants cannot predict what impact the final regulations will have on the tax deductibility of interest expense. However, if the proposed regulations were issued as final in their current form, the Registrants could have a limitation on a portion of their interest expense deduction for tax purposes and such limitation could be significant. PPL expressed its views on these proposed regulations in a comment letter addressed to the IRS on February 26, 2019. |
Utility Rate Regulation
Utility Rate Regulation | 3 Months Ended |
Mar. 31, 2020 | |
Regulated Operations [Abstract] | |
Utility Rate Regulation | 7. Utility Rate Regulation (All Registrants) The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric March 31, December 31, March 31, December 31, Current Regulatory Assets: Plant outage costs $ 44 $ 32 $ — $ — Gas supply clause 5 8 — — Smart meter rider 15 13 15 13 Transmission formula rate — — 3 3 Transmission service charge 5 10 5 10 Other 6 4 — — Total current regulatory assets (a) $ 75 $ 67 $ 23 $ 26 Noncurrent Regulatory Assets: Defined benefit plans $ 788 $ 800 $ 460 $ 467 Storm costs 34 39 12 15 Unamortized loss on debt 37 41 15 18 Interest rate swaps 29 22 — — Terminated interest rate swaps 80 81 — — Accumulated cost of removal of utility plant 222 220 222 220 AROs 282 279 — — Act 129 compliance rider — 6 — 6 Other 5 4 1 — Total noncurrent regulatory assets $ 1,477 $ 1,492 $ 710 $ 726 PPL PPL Electric March 31, December 31, March 31, December 31, Current Regulatory Liabilities: Generation supply charge $ 24 $ 23 $ 24 $ 23 Environmental cost recovery 4 5 — — Universal service rider 5 9 5 9 Fuel adjustment clause 6 8 — — TCJA customer refund 46 61 46 59 Storm damage expense rider 8 5 8 5 Other 6 4 — — Total current regulatory liabilities $ 99 $ 115 $ 83 $ 96 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 640 $ 640 $ — $ — Power purchase agreement - OVEC 49 51 — — Net deferred taxes 1,739 1,756 580 588 Defined benefit plans 53 51 13 11 Terminated interest rate swaps 68 68 — — Act 129 compliance rider — — 2 — Other 8 6 — — Total noncurrent regulatory liabilities $ 2,557 $ 2,572 $ 595 $ 599 LKE LG&E KU March 31, December 31, March 31, December 31, March 31, December 31, Current Regulatory Assets: Plant outage costs $ 44 $ 32 $ 18 $ 16 $ 26 $ 16 Gas supply clause 5 8 5 8 — — Other 3 1 3 1 — — Total current regulatory assets $ 52 $ 41 $ 26 $ 25 $ 26 $ 16 Noncurrent Regulatory Assets: Defined benefit plans $ 328 $ 333 $ 202 $ 206 $ 126 $ 127 Storm costs 22 24 14 14 8 10 Unamortized loss on debt 22 23 13 14 9 9 Interest rate swaps 29 22 29 22 — — Terminated interest rate swaps 80 81 47 47 33 34 AROs 282 279 77 76 205 203 Other 4 4 1 1 3 3 Total noncurrent regulatory assets $ 767 $ 766 $ 383 $ 380 $ 384 $ 386 LKE LG&E KU March 31, December 31, March 31, December 31, March 31, December 31, Current Regulatory Liabilities: Environmental cost recovery $ 4 $ 5 $ — $ 1 $ 4 $ 4 Demand side management 2 3 1 1 1 2 Fuel adjustment clause 6 8 — — 6 8 Other 4 3 — — 4 3 Total current regulatory liabilities $ 16 $ 19 $ 1 $ 2 $ 15 $ 17 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 640 $ 640 $ 267 $ 266 $ 373 $ 374 Power purchase agreement - OVEC 49 51 34 35 15 16 Net deferred taxes 1,159 1,168 540 544 619 624 Defined benefit plans 40 40 — — 40 40 Terminated interest rate swaps 68 68 34 34 34 34 Other 6 6 4 4 2 2 Total noncurrent regulatory liabilities $ 1,962 $ 1,973 $ 879 $ 883 $ 1,083 $ 1,090 (a) For PPL, these amounts are included in "Other current assets" on the Balance Sheets. Regulatory Matters Kentucky Activities ECR Filings ( PPL, LKE, LG&E and KU ) On March 31, 2020, LG&E and KU submitted applications to the KPSC for ECR rate treatment regarding upcoming environmental construction projects relating to the EPA's regulations addressing ELGs. The construction projects are expected to begin in 2020 and continue through 2024 and are estimated to cost approximately $405 million ( $153 million at LG&E and $252 million at KU). The applications request an authorized 9.725% return on equity with respect to LG&E's and KU's ECR mechanisms consistent with the 2018 Kentucky rate cases approved in April 2019. Decisions on the applications are currently expected in September 2020. Pennsylvania Activities Act 129 ( PPL and PPL Electric ) The Pennsylvania Public Utility Code requires electric distribution companies, including PPL Electric, to act as a DSP, which provides electricity generation supply service to customers pursuant to a PUC-approved default service procurement plan. The DSP is able to recover the costs associated with its default service procurement plan. In March 2020, PPL Electric filed a Petition for Approval of a new default service program and procurement plan with the PUC for the period June 1, 2021 through May 31, 2025. This proceeding remains pending before the PUC. PPL Electric cannot predict the outcome of this proceeding. Federal Matters FERC Transmission Rate Filing (PPL, LKE, LG&E and KU) In 2018, LG&E and KU applied to the FERC requesting elimination of certain on-going credits to a sub-set of transmission customers relating to the 1998 merger of LG&E's and KU's parent entities and the 2006 withdrawal of LG&E and KU from the Midcontinent Independent System Operator, Inc. (MISO), a regional transmission operator and energy market. The application seeks termination of LG&E's and KU's commitment to provide certain Kentucky municipalities mitigation for certain horizontal market power concerns arising out of the 1998 LG&E and KU merger and 2006 MISO withdrawal. The amounts at issue are generally waivers or credits granted to a limited number of Kentucky municipalities for either certain LG&E and KU or MISO transmission charges incurred for transmission service received. Due to the development of robust, accessible energy markets over time, LG&E and KU believe the mitigation commitments are no longer relevant or appropriate. In March 2019, the FERC granted LG&E's and KU's request to remove the ongoing credits, conditioned upon the implementation by LG&E and KU of a transition mechanism for certain existing power supply arrangements, subject to FERC review and approval. In July 2019, LG&E and KU proposed their transition mechanism to the FERC and in September 2019, the FERC rejected the proposed transition mechanism and issued a separate order providing clarifications of certain aspects of the March order. In October 2019, LG&E and KU filed requests for rehearing and clarification on the two September orders. In November 2019, the FERC granted LG&E and KU's and other parties' rehearing requests. Additionally, certain petitions for review of FERC's orders have been filed by multiple parties, including LG&E and KU, at the D.C. Circuit Court of Appeals. LG&E and KU cannot predict the outcome of the proceedings. In February 2020, the D.C. Circuit Court of Appeals issued an order holding the various appeals in abeyance pending the FERC's rehearing process. LG&E and KU currently receive recovery of waivers and credits provided through other rate mechanisms. (PPL and PPL Electric) In April 2020, PPL Electric filed its annual transmission formula rate update with the FERC, reflecting a revised revenue requirement that will take effect in June 2020. Other Purchase of Receivables Program (PPL and PPL Electric) In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for credit losses. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. During the three months ended March 31, 2020 and 2019 , PPL Electric purchased $311 million and $348 million of accounts receivable from alternate suppliers. |
Financing Activities
Financing Activities | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Financing Activities | 8. Financing Activities Credit Arrangements and Short-term Debt (All Registrants) The Registrants maintain credit facilities to enhance liquidity, provide credit support and act as a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, the credit facilities and commercial paper programs of PPL Electric, LKE, LG&E and KU also apply to PPL and the credit facilities and commercial paper programs of LG&E and KU also apply to LKE. The amounts listed in the borrowed column below are recorded as "Short-term debt" on the Balance Sheets. The following credit facilities were in place at: March 31, 2020 December 31, 2019 Expiration Date Capacity Borrowed Letters of Credit and Commercial Paper Issued Unused Capacity Borrowed Letters of Credit and Commercial Paper Issued PPL U.K. WPD plc Syndicated Credit Facility (a) Jan. 2023 £ 210 £ 156 £ — £ 56 £ 155 £ — WPD (South West) Syndicated Credit Facility (b) July 2021 245 — — 245 40 — WPD (East Midlands) Syndicated Credit Facility July 2021 300 — — 300 — — WPD (West Midlands) Syndicated Credit Facility (c) July 2021 300 54 — 246 48 — Uncommitted Credit Facilities 100 — 4 96 — 4 Total U.K. Credit Facilities (d) £ 1,155 £ 210 £ 4 £ 943 £ 243 £ 4 U.S. PPL Capital Funding (e) Syndicated Credit Facility Jan. 2024 $ 1,450 $ 575 $ 180 $ 695 $ — $ 450 Term Loan Credit Facility Mar. 2021 200 200 — — — — Bilateral Credit Facility Mar. 2021 50 50 — — — — Bilateral Credit Facility Mar. 2021 50 34 15 1 — 15 Total PPL Capital Funding Credit Facilities $ 1,750 $ 859 $ 195 $ 696 $ — $ 465 PPL Electric Syndicated Credit Facility (f) Jan. 2024 $ 650 $ 85 $ 1 $ 564 $ — $ 1 LG&E Syndicated Credit Facility (g) Jan. 2024 $ 500 $ 100 $ 59 $ 341 $ — $ 238 Total LG&E Credit Facilities $ 500 $ 100 $ 59 $ 341 $ — $ 238 KU Syndicated Credit Facility (g) Jan. 2024 $ 400 $ 100 $ 44 $ 256 $ — $ 150 Total KU Credit Facilities $ 400 $ 100 $ 44 $ 256 $ — $ 150 (a) The amounts borrowed at March 31, 2020 and December 31, 2019 were USD-denominated borrowings of $200 million for both periods, which bore interest at 2.43% and 2.52% . The interest rates on the borrowings are equal to one-month USD LIBOR plus a spread. The unused capacity reflects the amounts borrowed in GBP of £154 million as of the date borrowed. (b) The amount borrowed at December 31, 2019 was GBP-denominated borrowings which equated to $51 million and bore interest at 1.09% . (c) The amount borrowed at March 31, 2020 and December 31, 2019 were GBP-denominated borrowings which equated to $69 million and $62 million and bore interest at 1.11% . The interest rates on the borrowings are equal to one-month GBP LIBOR plus a margin. (d) At March 31, 2020 , the unused capacity under the U.K. credit facilities was $1.2 billion . (e) The interest rates on the borrowings are based on one-month LIBOR plus a spread, which resulted in a weighted-average rate of 1.97% at March 31, 2020 . (f) The interest rate on the borrowing is equal to one-month LIBOR plus a spread, which was 1.96% at March 31, 2020 . (g) The interest rates on the borrowings are equal to one-month LIBOR plus a spread, which were 1.81% at March 31, 2020 . (PPL) In March 2020, PPL Capital Funding entered into a $200 million term loan credit facility expiring in March 2021 and borrowed the full principal amount under the facility at an initial interest rate of 1.96% . The applicable interest rate on borrowings fluctuates periodically and is based on LIBOR plus a spread. The proceeds were used to repay short-term debt and for general corporate purposes. On April 1, 2020, PPL Capital Funding entered into a $100 million term loan credit facility expiring in March 2021 and borrowed the full principal amount under the facility at an initial interest rate of 1.73% . The applicable interest rate on borrowings fluctuates periodically and is based on LIBOR plus a spread. The proceeds will be used to repay short-term debt and for general corporate purposes. PPL has guaranteed PPL Capital Funding's obligations under these credit agreements. (All Registrants) PPL, PPL Electric, LG&E and KU maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facilities. The following commercial paper programs were in place at: March 31, 2020 December 31, 2019 Weighted - Average Interest Rate Capacity Commercial Paper Issuances Unused Capacity Weighted - Average Interest Rate Commercial Paper Issuances PPL Capital Funding 1.91% $ 1,500 $ 180 $ 1,320 2.13% $ 450 PPL Electric 650 — 650 — LG&E 1.71% 350 59 291 2.07% 238 KU 1.65% 350 44 306 2.02% 150 Total $ 2,850 $ 283 $ 2,567 $ 838 (PPL Electric, LKE, LG&E, and KU) See Note 11 for discussion of intercompany borrowings. Long-term Debt (PPL) On April 1, 2020, PPL Capital Funding entered into a $100 million term loan credit facility expiring in March 2022 and borrowed the full principal amount under the facility at an initial interest rate of 1.72% . The applicable interest rate on borrowings fluctuates periodically and is based on LIBOR plus a spread. The proceeds will be used to repay short-term debt and for general corporate purposes. On April 1, 2020, PPL Capital Funding issued $1 billion of 4.125% Senior Notes due 2030. PPL Capital Funding received proceeds of $993 million , net of a discount and underwriting fees, which will be used to repay short-term debt and for general corporate purposes. PPL has guaranteed PPL Capital Funding's obligations under the credit agreement and notes. Equity Securities ATM Program In February 2018, PPL entered into an equity distribution agreement, pursuant to which PPL may sell, from time to time, up to an aggregate of $1.0 billion of its common stock through an at-the-market offering program, including a forward sales component. The compensation paid to the selling agents by PPL may be up to 2% of the gross offering proceeds of the shares. There were no issuances under the ATM program for the three months ended March 31, 2020 . Distributions In February 2020 , PPL declared a quarterly common stock dividend, payable April 1, 2020 , of 41.50 cents per share (equivalent to $1.66 per annum). Future dividends, declared at the discretion of the Board of Directors, will depend upon future earnings, cash flows, financial and legal requirements and other factors. |
Defined Benefits
Defined Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Defined Benefits | 9. Defined Benefits (PPL, LKE and LG&E) Certain net periodic defined benefit costs are applied to accounts that are further distributed among capital, expense, regulatory assets and regulatory liabilities, including certain costs allocated to applicable subsidiaries for plans sponsored by PPL Services and LKE. Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL and its subsidiaries, LKE, and LG&E for the periods ended March 31 : Pension Benefits Three Months U.S. U.K. 2020 2019 2020 2019 PPL Service cost $ 13 $ 13 $ 23 $ 17 Interest cost 38 41 36 47 Expected return on plan assets (60 ) (61 ) (158 ) (148 ) Amortization of: Prior service cost 2 2 — — Actuarial loss 20 13 54 24 Net periodic defined benefit costs (credits) before settlements 13 8 (45 ) (60 ) Settlements — 1 — — Net periodic defined benefit costs (credits) $ 13 $ 9 $ (45 ) $ (60 ) Pension Benefits Three Months 2020 2019 LKE Service cost $ 5 $ 6 Interest cost 16 16 Expected return on plan assets (24 ) (25 ) Amortization of: Prior service cost 2 2 Actuarial loss (a) 9 4 Net periodic defined benefit costs $ 8 $ 3 (a) As a result of treatment approved by the KPSC, the difference between actuarial loss calculated in accordance with LKE's accounting policy and actuarial loss calculated using a 15 -year amortization period was $3 million for the three months ended March 31, 2020 and not significant for the three months ended March 31, 2019. This difference is recorded as a regulatory asset. Pension Benefits Three Months 2019 (a) LG&E Interest cost $ 3 Expected return on plan assets (6 ) Amortization of: Prior service cost 1 Actuarial loss 2 Net periodic defined benefit costs $ — (a) The pension plans sponsored by LKE and LG&E were merged effective January 1, 2020 into the LG&E and KU Pension Plan, sponsored by LKE Other Postretirement Benefits Three Months 2020 2019 PPL Service cost $ 2 $ 1 Interest cost 5 6 Expected return on plan assets (5 ) (5 ) Net periodic defined benefit costs $ 2 $ 2 LKE Service cost $ 1 $ 1 Interest cost 2 2 Expected return on plan assets (2 ) (2 ) Net periodic defined benefit costs $ 1 $ 1 (PPL Electric, LG&E and KU) PPL Electric is allocated costs of defined benefit plans sponsored by PPL Services and LG&E and KU are allocated costs of defined benefit plans sponsored by LKE. LG&E and KU are also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 11 for additional information on costs allocated to LG&E and KU from LKS. These allocations are based on participation in those plans, which management believes are reasonable. For the periods ended March 31 , PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU: Three Months 2020 2019 PPL Electric $ 3 $ 3 LG&E (a) 3 1 KU 1 — (a) Allocations to LG&E increased in 2020 primarily due to the merger of plans sponsored by LKE and LG&E effective January 1, 2020 into the LG&E and KU Pension Plan. (All Registrants) The non-service cost components of net periodic defined benefit costs (credits) (interest cost, expected return on plan assets, amortization of prior service cost and amortization of actuarial gain and loss) are presented in "Other Income (Expense) - net" on the Statements of Income. See Note 12 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Legal Matters (All Registrants) PPL and its subsidiaries are involved in legal proceedings, claims and litigation in the ordinary course of business. PPL and its subsidiaries cannot predict the outcome of such matters, or whether such matters may result in material liabilities, unless otherwise noted. Talen Litigation (PPL) Background In September 2013, one of PPL's former subsidiaries, PPL Montana entered into an agreement to sell its hydroelectric generating facilities. In June 2014, PPL and PPL Energy Supply, the parent company of PPL Montana, entered into various definitive agreements with affiliates of Riverstone to spin off PPL Energy Supply and ultimately combine it with Riverstone's competitive power generation businesses to form a stand-alone company named Talen Energy. In November 2014, after executing the spinoff agreements but prior to the closing of the spinoff transaction, PPL Montana closed the sale of its hydroelectric generating facilities. Subsequently, on June 1, 2015, the spinoff of PPL Energy Supply was completed. Following the spinoff transaction, PPL had no continuing ownership interest in or control of PPL Energy Supply. In connection with the spinoff transaction, PPL Montana became Talen Montana, LLC (Talen Montana), a subsidiary of Talen Energy. Talen Energy Marketing also became a subsidiary of Talen Energy as a result of the June 2015 spinoff of PPL Energy Supply. Talen Energy has owned and operated both Talen Montana and Talen Energy Marketing since the spinoff. At the time of the spinoff, affiliates of Riverstone acquired a 35% ownership interest in Talen Energy. Riverstone subsequently acquired the remaining interests in Talen Energy in a take private transaction in December 2016. Talen Montana, LLC v. PPL Corporation et al. On October 29, 2018, Talen Montana filed a complaint against PPL and certain of its affiliates and current and former officers and directors in the First Judicial District of the State of Montana, Lewis & Clark County (Talen Direct Action). Talen Montana alleges that in November 2014, PPL and certain officers and directors improperly distributed to PPL's subsidiaries $733 million of the proceeds from the sale of Talen Montana's (then PPL Montana's) hydroelectric generating facilities, rendering PPL Montana insolvent. The complaint includes claims for, among other things, breach of fiduciary duty; aiding and abetting breach of fiduciary duty; breach of an LLC agreement; breach of the implied duty of good faith and fair dealing; tortious interference; negligent misrepresentation; and constructive fraud. Talen Montana is seeking unspecified damages, including punitive damages, and other relief. In December 2018, PPL moved to dismiss the Talen Direct Action for lack of jurisdiction and, in the alternative, to dismiss because Delaware is the appropriate forum to decide this case. In January 2019, Talen Montana dismissed without prejudice all current and former PPL Corporation directors from the case. The parties engaged in limited jurisdictional discovery, and the Court heard oral argument regarding the PPL parties' motion to dismiss on August 22, 2019. On December 4, 2019, the Court granted PPL's motion to dismiss and on December 26, 2019, a judgment dismissing all claims against all defendants with prejudice was signed by the Court. No appeal was filed and this matter is now concluded. Talen Montana Retirement Plan and Talen Energy Marketing, LLC, Individually and on Behalf of All Others Similarly Situated v. PPL Corporation et al. Also, on October 29, 2018, Talen Montana Retirement Plan and Talen Energy Marketing filed a putative class action complaint on behalf of current and contingent creditors of Talen Montana who allegedly suffered harm or allegedly will suffer reasonably foreseeable harm as a result of the November 2014 distribution. The action was filed in the Sixteenth Judicial District of the State of Montana, Rosebud County, against PPL and certain of its affiliates and current and former officers and directors (Talen Putative Class Action). The plaintiffs assert claims for, among other things, fraudulent transfer, both actual and constructive; recovery against subsequent transferees; civil conspiracy; aiding and abetting tortious conduct; and unjust enrichment. They are seeking avoidance of the purportedly fraudulent transfer, unspecified damages, including punitive damages, the imposition of a constructive trust, and other relief. In December 2018, PPL removed the Talen Putative Class Action from the Sixteenth Judicial District of the State of Montana to the United States District Court for the District of Montana, Billings Division (MT Federal Court). In January 2019, the plaintiffs moved to remand the Talen Putative Class Action back to state court, and dismissed without prejudice all current and former PPL Corporation directors from the case. In September 2019, the MT Federal Court granted plaintiffs' motion to remand the case back to state court, and the PPL defendants promptly petitioned the Ninth Circuit Court of Appeals to grant an appeal of the remand decision. On November 21, 2019, the Ninth Circuit Court of Appeals denied that request and on December 30, 2019, Talen Montana Retirement Plan filed a Second Amended Complaint in the Sixteenth Judicial District of the State of Montana, Rosebud County, which removed Talen Energy Marketing, LLC as a plaintiff. On January 31, 2020, PPL defendants filed a motion to dismiss the Second Amended Complaint. The Court has scheduled a hearing date of June 24, 2020 to hear oral argument regarding the motion to dismiss. PPL Corporation et al. vs. Riverstone Holdings LLC, Talen Energy Corporation et al. On November 30, 2018, PPL, certain PPL affiliates, and certain current and former officers and directors (PPL plaintiffs) filed a complaint in the Court of Chancery of the State of Delaware seeking various forms of relief against Riverstone, Talen Energy and certain of their affiliates (Delaware Action). In the complaint, the PPL plaintiffs ask the Delaware Court of Chancery for declaratory and injunctive relief. This includes a declaratory judgment that, under the separation agreement governing the spinoff of PPL Energy Supply, all related claims that arise must be heard in Delaware; that the statute of limitations in Delaware and the spinoff agreement bar these claims at this point; that PPL is not liable for the claims in either the Talen Direct Action or the Talen Putative Class Action as PPL Montana was solvent at all relevant times; and that the separation agreement requires that Talen Energy indemnify PPL for all losses arising from the debts of Talen Montana, among other things. PPL's complaint also seeks damages against Riverstone for interfering with the separation agreement and against Riverstone affiliates for breach of the implied covenant of good faith and fair dealing. The complaint was subsequently amended on January 11, 2019 and March 20, 2019, including to add claims related to indemnification with respect to the Talen Direct Action and the Talen Putative Class Action (together, the Montana Actions), request a declaration that the Montana Actions are time-barred under the spinoff agreements, and allege additional facts to support the tortious interference claim. In April 2019, the defendants filed motions to dismiss the amended complaint. In July 2019, the Court heard oral arguments from the parties regarding the motions to dismiss. On October 23, 2019, the Delaware Court of Chancery returned its opinion on the defendants’ motions to dismiss sustaining all of the PPL plaintiffs' claims except for the claim for breach of implied covenant of good faith and fair dealing. Discovery is underway; however, on January 30, 2020, Talen Energy filed a new motion to dismiss five of the remaining eight claims in the amended complaint. Oral argument on the motion to dismiss is scheduled for May 28, 2020. A tentative trial date has been scheduled for June 2021. With respect to each of the Talen-related matters described above, PPL believes that the 2014 distribution of proceeds was made in compliance with all applicable laws and that PPL Montana was solvent at all relevant times. Additionally, the agreements entered into in connection with the spinoff, which PPL and affiliates of Talen Energy and Riverstone negotiated and executed prior to the 2014 distribution, directly address the treatment of the proceeds from the sale of PPL Montana's hydroelectric generating facilities; in those agreements, Talen Energy and Riverstone definitively agreed that PPL was entitled to retain the proceeds. PPL believes that it has meritorious defenses to the claims made in the Talen Putative Class Action and intends to continue to vigorously defend against this action. The Talen Putative Class Action and the Delaware Action are both in early stages of litigation; at this time, PPL cannot predict the outcome of these matters or estimate the range of possible losses, if any, that PPL might incur as a result of the claims, although they could be material. (PPL, LKE and LG&E) Cane Run Environmental Claims In December 2013, six residents, on behalf of themselves and others similarly situated, filed a class action complaint against LG&E and PPL in the U.S. District Court for the Western District of Kentucky (U.S. District Court) alleging violations of the Clean Air Act, RCRA, and common law claims of nuisance, trespass and negligence. In July 2014, the U.S. District Court dismissed the RCRA claims and all but one Clean Air Act claim, but declined to dismiss the common law tort claims. In February 2017, the U.S. District Court dismissed PPL as a defendant and dismissed the final federal claim against LG&E, and in April 2017, issued an Order declining to exercise supplemental jurisdiction on the state law claims dismissing the case in its entirety. In June 2017, the plaintiffs filed a class action complaint in Jefferson County, Kentucky Circuit Court, against LG&E alleging state law nuisance, negligence and trespass tort claims. The plaintiffs seek compensatory and punitive damages for alleged property damage due to purported plant emissions on behalf of a class of residents within one to three miles of the plant. On January 8, 2020, the Jefferson Circuit Court issued an order denying the plaintiffs’ request for class certification. On January 14, 2020, the plaintiffs filed a notice of appeal in the Kentucky Court of Appeals. PPL, LKE and LG&E cannot predict the outcome of this matter and an estimate or range of possible losses cannot be determined. ( PPL, LKE and KU) E.W. Brown Environmental Claims In July 2017, the Kentucky Waterways Alliance and the Sierra Club filed a citizen suit complaint against KU in the U.S. District Court for the Eastern District of Kentucky (U.S. District Court) alleging discharges at the E.W. Brown plant in violation of the Clean Water Act and the plant's water discharge permit and alleging contamination that may present an imminent and substantial endangerment in violation of the RCRA. The plaintiffs' suit relates to prior notices of intent to file a citizen suit submitted in October and November 2015 and October 2016. These plaintiffs sought injunctive relief ordering KU to take all actions necessary to comply with the Clean Water Act and RCRA, including ceasing the discharges in question, abating effects associated with prior discharges and eliminating the alleged imminent and substantial endangerment. These plaintiffs also sought assessment of civil penalties and an award of litigation costs and attorney fees. In December 2017, the U.S. District Court issued an Order dismissing the Clean Water Act and RCRA complaints against KU in their entirety. In January 2018, the plaintiffs appealed the dismissal Order to the U.S. Court of Appeals for the Sixth Circuit. In September 2018, the U.S. Court of Appeals for the Sixth Circuit issued its ruling affirming the lower court's decision to dismiss the Clean Water Act claims but reversing its dismissal of the RCRA claims against KU and remanding the latter to the U.S. District Court. In October 2018, KU filed a petition for rehearing to the U.S. Court of Appeals for the Sixth Circuit regarding the RCRA claims. In November 2018, the U.S. Court of Appeals for the Sixth Circuit denied KU's petition for rehearing regarding the RCRA claims. In January 2019, KU filed an answer to plaintiffs’ complaint in the U.S. District Court. A trial has been scheduled to begin in February 2021. PPL, LKE and KU cannot predict the outcome of these matters and an estimate or range of possible losses cannot be determined. KU is undertaking extensive remedial measures at the E.W. Brown plant including closure of the former ash pond, implementation of a groundwater remedial action plan and performance of a corrective action plan including aquatic study of adjacent surface waters and risk assessment. The aquatic study and risk assessment are being undertaken pursuant to a 2017 agreed Order with the Kentucky Energy and Environment Cabinet (KEEC). KU conducted sampling of Herrington Lake in 2017 and 2018. In June 2019, KU submitted to the KEEC the required aquatic study and risk assessment, conducted by an independent third-party consultant, finding that discharges from the E.W. Brown plant have not had any significant impact on Herrington Lake and that the water in the lake is safe for recreational use and meets safe drinking water standards. However, until the KEEC assesses the study and issues any regulatory determinations, PPL, LKE and KU are unable to determine whether additional remedial measures will be required at the E.W. Brown plant. Air Sulfuric Acid Mist Emissions (PPL, LKE and LG&E) In June 2016, the EPA issued a notice of violation under the Clean Air Act alleging that LG&E violated applicable rules relating to sulfuric acid mist emissions at its Mill Creek plant. The notice alleges failure to install proper controls, failure to operate the facility consistent with good air pollution control practice, and causing emissions exceeding applicable requirements or constituting a nuisance or endangerment. LG&E believes it has complied with applicable regulations during the relevant time period. Discussions between the EPA and LG&E are ongoing. The parties have entered into a tolling agreement with respect to this matter through July 31, 2020. The parties are conducting negotiations regarding potential settlement of the matter. PPL, LKE and LG&E are unable to predict the outcome of this matter or the potential impact on operations of the Mill Creek plant, including increased capital or operating costs, and potential civil penalties or remedial measures, if any. Water/Waste (PPL, LKE, LG&E and KU) ELGs In 2015, the EPA finalized ELGs for wastewater discharge permits for new and existing steam electricity generating facilities. These guidelines require deployment of additional control technologies providing physical, chemical and biological treatment and mandate operational changes including "no discharge" requirements for certain wastewaters. The implementation date for individual generating stations was to be determined by the states on a case-by-case basis according to criteria provided by the EPA. Legal challenges to the final rule were consolidated before the U.S. Court of Appeals for the Fifth Circuit. In April 2017, the EPA announced that it would grant petitions for reconsideration of the rule. In September 2017, the EPA issued a rule to postpone the compliance date for certain requirements. On November 25, 2019, the EPA issued proposed revisions to its best available technology standards for certain wastewaters. The EPA expects to complete its reconsideration of best available technology standards by the fall of 2020. Upon completion of the ongoing regulatory proceedings, the rule will be implemented by the states in the course of their normal permitting activities. LG&E and KU are developing compliance strategies and schedules. PPL, LKE, LG&E and KU are unable to predict the outcome of the EPA's pending reconsideration of the rule or fully estimate compliance costs or timing. Additionally, certain aspects of these compliance plans and estimates relate to developments in state water quality standards, which are separate from the ELG rule or its implementation. Costs to comply with ELGs or other discharge limits are expected to be significant. Certain costs are included in the Registrants' capital plans and are subject to rate recovery. See Note 7 for additional information regarding LG&E’s and KU’s applications for ECR rate treatment of construction costs relating to regulations addressing ELGs. CCRs In 2015, the EPA issued a final rule governing management of CCRs which include fly ash, bottom ash and sulfur dioxide scrubber wastes. The CCR Rule imposes extensive new requirements for certain CCR impoundments and landfills, including public notifications, location restrictions, design and operating standards, groundwater monitoring and corrective action requirements, and closure and post-closure care requirements, and specifies restrictions relating to the beneficial use of CCRs. Legal challenges to the final rule are pending before the D.C. Circuit Court of Appeals. In July 2018, the EPA issued a final rule extending the deadline for closure of certain impoundments and adopting other substantive changes. In August 2018, the D.C. Circuit Court of Appeals vacated and remanded portions of the CCR Rule. In December 2019, the EPA addressed the deficiencies identified by the court and proposed amendments to change the closure deadline to August 31, 2020, but allow certain extensions. EPA has announced that additional amendments to the rule are planned. PPL, LKE, LG&E and KU are unable to predict the outcome of the ongoing litigation and rulemaking or potential impacts on current LG&E and KU compliance plans. The Registrants are currently finalizing closure plans and schedules. In January 2017, Kentucky issued a new state rule relating to CCR management, effective May 2017, aimed at reflecting the requirements of the federal CCR rule. As a result of a subsequent legal challenge, in January 2018, the Franklin County, Kentucky Circuit Court issued an opinion invalidating certain procedural elements of the rule. LG&E and KU presently operate their facilities under continuing permits authorized under the former program and do not currently anticipate material impacts as a result of the judicial ruling. The Kentucky Energy and Environmental Cabinet has announced it intends to propose new state rules aimed at addressing procedural deficiencies identified by the court and providing the regulatory framework necessary for operation of the state program in lieu of the federal CCR Rule. Associated costs are expected to be subject to rate recovery. LG&E and KU received KPSC approval for a compliance plan providing for the closure of impoundments at the Mill Creek, Trimble County, E.W. Brown, and Ghent stations, and construction of process water management facilities at those plants. In addition to the foregoing measures required for compliance with the federal CCR rule, KU also received KPSC approval for its plans to close impoundments at the retired Green River, Pineville and Tyrone plants to comply with applicable state law. Since 2017, LG&E and KU have commenced closure of many of the subject impoundments and have completed closure of some of their smaller impoundments. LG&E and KU expect to commence closure of the remaining impoundments no later than August 2020. LG&E and KU generally expect to complete impoundment closures within five years of commencement, although a longer period may be required to complete closure of some facilities. Associated costs are expected to be subject to rate recovery. In connection with the final CCR rule, LG&E and KU recorded adjustments to existing AROs beginning in 2015 and continue to record adjustments as required. See Note 15 for additional information. Further changes to AROs, current capital plans or operating costs may be required as estimates are refined based on closure developments, groundwater monitoring results, and regulatory or legal proceedings. Costs relating to this rule are subject to rate recovery. (All Registrants) Superfund and Other Remediation PPL Electric, LG&E and KU are potentially responsible for investigating and remediating contamination under the federal Superfund program and similar state programs. Actions are under way at certain sites including former coal gas manufacturing plants in Pennsylvania and Kentucky previously owned or operated by, or currently owned by predecessors or affiliates of, PPL Electric, LG&E and KU. PPL Electric is potentially responsible for a share of clean-up costs at certain sites including the Columbia Gas Plant site and the Brodhead site. Clean-up actions have been or are being undertaken at all of these sites, the costs of which have not been and are not expected to be significant to PPL Electric. As of March 31, 2020 and December 31, 2019 , PPL Electric had a recorded liability of $10 million representing its best estimate of the probable loss incurred to remediate the sites identified above. Depending on the outcome of investigations at identified sites where investigations have not begun or been completed, or developments at sites for which information is incomplete, additional costs of remediation could be incurred. PPL Electric, LG&E and KU lack sufficient information about such additional sites to estimate any potential liability or range of reasonably possible losses, if any, related to these sites. Such costs, however, are not expected to be significant. The EPA is evaluating the risks associated with polycyclic aromatic hydrocarbons and naphthalene, chemical by-products of coal gas manufacturing. As a result, individual states may establish stricter standards for water quality and soil cleanup, that could require several PPL subsidiaries to take more extensive assessment and remedial actions at former coal gas manufacturing plants. PPL, PPL Electric, LKE, LG&E and KU cannot estimate a range of possible losses, if any, related to these matters. Regulatory Issues ( All Registrants) See Note 7 for information on regulatory matters related to utility rate regulation. Electricity - Reliability Standards The NERC is responsible for establishing and enforcing mandatory reliability standards (Reliability Standards) regarding the bulk electric system in North America. The FERC oversees this process and independently enforces the Reliability Standards. The Reliability Standards have the force and effect of law and apply to certain users of the bulk electric system, including electric utility companies, generators and marketers. Under the Federal Power Act, the FERC may assess civil penalties for certain violations. PPL Electric, LG&E and KU monitor their compliance with the Reliability Standards and self-report or self-log potential violations of applicable reliability requirements whenever identified, and submit accompanying mitigation plans, as required. The resolution of a small number of potential violations is pending. Penalties incurred to date have not been significant. Any Regional Reliability Entity (including RFC or SERC) determination concerning the resolution of violations of the Reliability Standards remains subject to the approval of the NERC and the FERC. In the course of implementing their programs to ensure compliance with the Reliability Standards by those PPL affiliates subject to the standards, certain other instances of potential non-compliance may be identified from time to time. The Registrants cannot predict the outcome of these matters, and an estimate or range of possible losses cannot be determined. Other Guarantees and Other Assurances (All Registrants) In the normal course of business, the Registrants enter into agreements that provide financial performance assurance to third parties on behalf of certain subsidiaries. Such agreements include, for example, guarantees, stand-by letters of credit issued by financial institutions and surety bonds issued by insurance companies. These agreements are entered into primarily to support or enhance the creditworthiness attributed to a subsidiary on a stand-alone basis or to facilitate the commercial activities in which these subsidiaries engage. (PPL) PPL fully and unconditionally guarantees all of the debt securities of PPL Capital Funding. (All Registrants) The table below details guarantees provided as of March 31, 2020 . "Exposure" represents the estimated maximum potential amount of future payments that could be required to be made under the guarantee. The probability of expected payment/performance under each of these guarantees is remote except for "WPD guarantee of pension and other obligations of unconsolidated entities," for which PPL has a total recorded liability of $5 million at March 31, 2020 and December 31, 2019 . For reporting purposes, on a consolidated basis, all guarantees of PPL Electric, LKE, LG&E and KU also apply to PPL, and all guarantees of LG&E and KU also apply to LKE. Exposure at Expiration PPL Indemnifications related to the WPD Midlands acquisition (a) WPD indemnifications for entities in liquidation and sales of assets $ 10 (b) 2022 WPD guarantee of pension and other obligations of unconsolidated entities 77 (c) PPL Electric Guarantee of inventory value 6 (d) 2020 LKE Indemnification of lease termination and other divestitures 200 (e) 2021 LG&E and KU LG&E and KU obligation of shortfall related to OVEC (f) (a) Indemnifications related to certain liabilities, including a specific unresolved tax issue and those relating to properties and assets owned by the seller that were transferred to WPD Midlands in connection with the acquisition. A cross indemnity has been received from the seller on the tax issue. The maximum exposure and expiration of these indemnifications cannot be estimated because the maximum potential liability is not capped and the expiration date is not specified in the transaction documents. (b) Indemnification to the liquidators and certain others for existing liabilities or expenses or liabilities arising during the liquidation process. The indemnifications are limited to distributions made from the subsidiary to its parent either prior or subsequent to liquidation or are not explicitly stated in the agreements. The indemnifications generally expire two to seven years subsequent to the date of dissolution of the entities. The exposure noted only includes those cases where the agreements provide for specific limits. In connection with their sales of various businesses, WPD and its affiliates have provided the purchasers with indemnifications that are standard for such transactions, including indemnifications for certain pre-existing liabilities and environmental and tax matters or have agreed to continue their obligations under existing third-party guarantees, either for a set period of time following the transactions or upon the condition that the purchasers make reasonable efforts to terminate the guarantees. Additionally, WPD and its affiliates remain secondarily responsible for lease payments under certain leases that they have assigned to third parties. (c) Relates to certain obligations of discontinued or modified electric associations that were guaranteed at the time of privatization by the participating members. Costs are allocated to the members and can be reallocated if an existing member becomes insolvent. At March 31, 2020 , WPD has recorded an estimated discounted liability for which the expected payment/performance is probable. Neither the expiration date nor the maximum amount of potential payments for certain obligations is explicitly stated in the related agreements, and as a result, the exposure has been estimated. (d) A third-party logistics firm provided inventory procurement and fulfillment services, whose contract was terminated as of March 2020. The logistics firm has title to the inventory, however, upon termination of the contracts, PPL Electric has guaranteed to purchase any remaining inventory that has not been used or sold. (e) LKE provides certain indemnifications covering the due and punctual payment, performance and discharge by each party of its respective obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under a 2009 Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a maximum exposure of $200 million , exclusive of certain items such as government fines and penalties that may exceed the maximum. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of the various indemnification scenarios, but does not expect such outcomes to result in significant losses above the amounts recorded. (f) Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement and decommissioning costs, as well as any shortfall from amounts included within a demand charge designed and expected to cover these costs over the term of the contract. LKE's proportionate share of OVEC's outstanding debt was $109 million at March 31, 2020 , consisting of LG&E's share of $76 million and KU's share of $33 million . The maximum exposure and the expiration date of these potential obligations are not presently determinable. See "Energy Purchase Commitments" in Note 13 in PPL's, LKE's, LG&E's and KU's 2019 Form 10-K for additional information on the OVEC power purchase contract. In March 2018, a sponsor with a 4.85% pro-rata share of OVEC obligations filed for bankruptcy under Chapter 11 and, in August 2018, received a rejection order for the OVEC power purchase contract in the bankruptcy proceeding. In October 2019, the bankruptcy court issued an order confirming the sponsor's proposed reorganization plan. OVEC and other entities are challenging the contract rejection, the bankruptcy plan confirmation and regulatory aspects of the plan in various forums. In December 2019, an appellate court remanded the contract rejection issue and in March 2020 the FERC commenced a related proceeding. The plan was declared effective in February 2020, but certain aspects of the matter are subject to the on-going appellate, bankruptcy and regulatory proceedings, including issues relating to the appropriateness of the rejection of the OVEC power purchase agreement and regulatory appropriateness of the plan's confirmation. Periodically, OVEC and certain of its sponsors, including LG&E and KU, consider certain potential additional credit support actions to preserve OVEC's access to credit markets or mitigate risks or adverse impacts relating thereto, including addressing increased interest costs, establishing or continuing debt reserve accounts or other changes involving OVEC's existing short and long-term debt. The ultimate outcome of these matters, including the sponsor bankruptcy and related appellate or regulatory proceedings, OVEC structural or financial steps relating thereto and any other potential impact on LG&E's and KU's obligations relating to OVEC under the power purchase contract cannot be predicted. The Registrants provide other miscellaneous guarantees through contracts entered into in the normal course of business. These guarantees are primarily in the form of indemnification or warranties related to services or equipment and vary in duration. The amounts of these guarantees often are not explicitly stated, and the overall maximum amount of the obligation under such guarantees cannot be reasonably estimated. Historically, no significant payments have been made with respect to these types of guarantees and the probability of payment/performance under these guarantees is remote. PPL, on behalf of itself and certain of its subsidiaries, maintains insurance that covers liability assumed under contract for bodily injury and property damage. The coverage provides maximum aggregate coverage of $225 million . This insurance may be applicable to obligations un |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LKE, LG&E and KU) PPL Services, PPL EU Services and LKS provide PPL, PPL Electric, LKE, their respective subsidiaries, including LG&E and KU, and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly assigned or attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended March 31 , including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months 2020 2019 PPL Electric from PPL Services $ 12 $ 16 LKE from PPL Services 6 9 PPL Electric from PPL EU Services 41 37 LG&E from LKS 38 38 KU from LKS 41 43 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $650 million revolving line of credit with a PPL Electric subsidiary. No balance was outstanding at March 31, 2020 and December 31, 2019 . The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the Income Statements. (LKE) LKE maintains a $375 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rates on borrowings are equal to one-month LIBOR plus a spread. At March 31, 2020 and December 31, 2019 , $242 million and $150 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rates on the outstanding borrowings at March 31, 2020 and December 31, 2019 were 3.02% and 3.20% . Interest expense on the revolving line of credit was not significant for the three months ended March 31, 2020 and 2019 . LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. No balance was outstanding at March 31, 2020 and December 31, 2019 . The interest rate on the loan is based on the PPL affiliate's credit rating and equal to one-month LIBOR plus a spread. LKE maintains ten-year notes of $400 million and $250 million with a PPL affiliate with interest rates of 3.5% and 4% . At March 31, 2020 and December 31, 2019 , the notes were reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on the $400 million note was $4 million for the three months ending March 31 , 2020 and 2019. Interest expense on the $250 million note was $3 million for the three months ending March 31, 2020 and 2019. (LG&E) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to $500 million at an interest rate based on a market index of commercial paper issues. At March 31, 2020, LG&E had borrowings outstanding from KU in the amount of $ 21 million . This balance is reflected in “Notes payable with affiliates” on the Balance Sheets. No balances were outstanding at December 31, 2019. (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. No balances were outstanding at March 31, 2020 and December 31, 2019. VEBA Funds Receivable (PPL Electric) In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $32 million as of March 31, 2020 and December 31, 2019 , of which $10 million was reflected in "Accounts receivable from affiliates" and $22 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheets. Other (PPL Electric, LG&E and KU) See Note 9 |
LG And E And KU Energy LLC [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LKE, LG&E and KU) PPL Services, PPL EU Services and LKS provide PPL, PPL Electric, LKE, their respective subsidiaries, including LG&E and KU, and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly assigned or attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended March 31 , including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months 2020 2019 PPL Electric from PPL Services $ 12 $ 16 LKE from PPL Services 6 9 PPL Electric from PPL EU Services 41 37 LG&E from LKS 38 38 KU from LKS 41 43 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $650 million revolving line of credit with a PPL Electric subsidiary. No balance was outstanding at March 31, 2020 and December 31, 2019 . The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the Income Statements. (LKE) LKE maintains a $375 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rates on borrowings are equal to one-month LIBOR plus a spread. At March 31, 2020 and December 31, 2019 , $242 million and $150 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rates on the outstanding borrowings at March 31, 2020 and December 31, 2019 were 3.02% and 3.20% . Interest expense on the revolving line of credit was not significant for the three months ended March 31, 2020 and 2019 . LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. No balance was outstanding at March 31, 2020 and December 31, 2019 . The interest rate on the loan is based on the PPL affiliate's credit rating and equal to one-month LIBOR plus a spread. LKE maintains ten-year notes of $400 million and $250 million with a PPL affiliate with interest rates of 3.5% and 4% . At March 31, 2020 and December 31, 2019 , the notes were reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on the $400 million note was $4 million for the three months ending March 31 , 2020 and 2019. Interest expense on the $250 million note was $3 million for the three months ending March 31, 2020 and 2019. (LG&E) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to $500 million at an interest rate based on a market index of commercial paper issues. At March 31, 2020, LG&E had borrowings outstanding from KU in the amount of $ 21 million . This balance is reflected in “Notes payable with affiliates” on the Balance Sheets. No balances were outstanding at December 31, 2019. (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. No balances were outstanding at March 31, 2020 and December 31, 2019. VEBA Funds Receivable (PPL Electric) In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $32 million as of March 31, 2020 and December 31, 2019 , of which $10 million was reflected in "Accounts receivable from affiliates" and $22 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheets. Other (PPL Electric, LG&E and KU) See Note 9 |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LKE, LG&E and KU) PPL Services, PPL EU Services and LKS provide PPL, PPL Electric, LKE, their respective subsidiaries, including LG&E and KU, and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly assigned or attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended March 31 , including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months 2020 2019 PPL Electric from PPL Services $ 12 $ 16 LKE from PPL Services 6 9 PPL Electric from PPL EU Services 41 37 LG&E from LKS 38 38 KU from LKS 41 43 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $650 million revolving line of credit with a PPL Electric subsidiary. No balance was outstanding at March 31, 2020 and December 31, 2019 . The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the Income Statements. (LKE) LKE maintains a $375 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rates on borrowings are equal to one-month LIBOR plus a spread. At March 31, 2020 and December 31, 2019 , $242 million and $150 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rates on the outstanding borrowings at March 31, 2020 and December 31, 2019 were 3.02% and 3.20% . Interest expense on the revolving line of credit was not significant for the three months ended March 31, 2020 and 2019 . LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. No balance was outstanding at March 31, 2020 and December 31, 2019 . The interest rate on the loan is based on the PPL affiliate's credit rating and equal to one-month LIBOR plus a spread. LKE maintains ten-year notes of $400 million and $250 million with a PPL affiliate with interest rates of 3.5% and 4% . At March 31, 2020 and December 31, 2019 , the notes were reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on the $400 million note was $4 million for the three months ending March 31 , 2020 and 2019. Interest expense on the $250 million note was $3 million for the three months ending March 31, 2020 and 2019. (LG&E) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to $500 million at an interest rate based on a market index of commercial paper issues. At March 31, 2020, LG&E had borrowings outstanding from KU in the amount of $ 21 million . This balance is reflected in “Notes payable with affiliates” on the Balance Sheets. No balances were outstanding at December 31, 2019. (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. No balances were outstanding at March 31, 2020 and December 31, 2019. VEBA Funds Receivable (PPL Electric) In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $32 million as of March 31, 2020 and December 31, 2019 , of which $10 million was reflected in "Accounts receivable from affiliates" and $22 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheets. Other (PPL Electric, LG&E and KU) See Note 9 |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 11. Related Party Transactions Support Costs (PPL Electric, LKE, LG&E and KU) PPL Services, PPL EU Services and LKS provide PPL, PPL Electric, LKE, their respective subsidiaries, including LG&E and KU, and each other with administrative, management and support services. For all services companies, the costs of directly assignable and attributable services are charged to the respective recipients as direct support costs. General costs that cannot be directly assigned or attributed to a specific entity are allocated and charged to the respective recipients as indirect support costs. PPL Services and PPL EU Services use a three-factor methodology that includes the applicable recipients' invested capital, operation and maintenance expenses and number of employees to allocate indirect costs. PPL Services may also use a ratio of overall direct and indirect costs or a weighted average cost ratio. LKS bases its indirect allocations on the subsidiaries' number of employees, total assets, revenues, number of customers and/or other statistical information. PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended March 31 , including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months 2020 2019 PPL Electric from PPL Services $ 12 $ 16 LKE from PPL Services 6 9 PPL Electric from PPL EU Services 41 37 LG&E from LKS 38 38 KU from LKS 41 43 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $650 million revolving line of credit with a PPL Electric subsidiary. No balance was outstanding at March 31, 2020 and December 31, 2019 . The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income is reflected in "Interest Income from Affiliate" on the Income Statements. (LKE) LKE maintains a $375 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rates on borrowings are equal to one-month LIBOR plus a spread. At March 31, 2020 and December 31, 2019 , $242 million and $150 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rates on the outstanding borrowings at March 31, 2020 and December 31, 2019 were 3.02% and 3.20% . Interest expense on the revolving line of credit was not significant for the three months ended March 31, 2020 and 2019 . LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. No balance was outstanding at March 31, 2020 and December 31, 2019 . The interest rate on the loan is based on the PPL affiliate's credit rating and equal to one-month LIBOR plus a spread. LKE maintains ten-year notes of $400 million and $250 million with a PPL affiliate with interest rates of 3.5% and 4% . At March 31, 2020 and December 31, 2019 , the notes were reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on the $400 million note was $4 million for the three months ending March 31 , 2020 and 2019. Interest expense on the $250 million note was $3 million for the three months ending March 31, 2020 and 2019. (LG&E) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to $500 million at an interest rate based on a market index of commercial paper issues. At March 31, 2020, LG&E had borrowings outstanding from KU in the amount of $ 21 million . This balance is reflected in “Notes payable with affiliates” on the Balance Sheets. No balances were outstanding at December 31, 2019. (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. No balances were outstanding at March 31, 2020 and December 31, 2019. VEBA Funds Receivable (PPL Electric) In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA, to be used to pay medical claims of active bargaining unit employees. Based on PPL Electric's participation in PPL’s Other Postretirement Benefit plan, PPL Electric was allocated a portion of the excess funds from PPL Services. These funds have been recorded as an intercompany receivable on PPL Electric's Balance Sheets. The receivable balance decreases as PPL Electric pays incurred medical claims and is reimbursed by PPL Services. The intercompany receivable balance associated with these funds was $32 million as of March 31, 2020 and December 31, 2019 , of which $10 million was reflected in "Accounts receivable from affiliates" and $22 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheets. Other (PPL Electric, LG&E and KU) See Note 9 |
Other Income (Expense) - net
Other Income (Expense) - net | 3 Months Ended |
Mar. 31, 2020 | |
Other Income (Expense) Net [Line Items] | |
Other Income (Expense) - net | 12. Other Income (Expense) - net (PPL) The details of "Other Income (Expense) - net" for the periods ended March 31 , were: Three Months 2020 2019 Other Income Economic foreign currency exchange contracts (Note 14) $ 62 $ (33 ) Defined benefit plans - non-service credits (Note 9) 68 80 Interest income 1 6 AFUDC - equity component 3 5 Miscellaneous 1 6 Total Other Income 135 64 Other Expense Charitable contributions 1 2 Miscellaneous 9 10 Total Other Expense 10 12 Other Income (Expense) - net $ 125 $ 52 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements (All Registrants) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). A market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models) and/or a cost approach (generally, replacement cost) are used to measure the fair value of an asset or liability, as appropriate. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. The fair value of a group of financial assets and liabilities is measured on a net basis. See Note 1 in each Registrant's 2019 Form 10-K for information on the levels in the fair value hierarchy. Recurring Fair Value Measurements The assets and liabilities measured at fair value were: March 31, 2020 December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 915 $ 915 $ — $ — $ 815 $ 815 $ — $ — Restricted cash and cash equivalents (a) 21 21 — — 21 21 — — Special use funds (a): Money market fund 1 1 — — — — — — Commingled debt fund measured at NAV (b) 29 — — — 29 — — — Commingled equity fund measured at NAV (b) 22 — — — 27 — — — Total special use funds 52 1 — — 56 — — — March 31, 2020 December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Price risk management assets (c): Foreign currency contracts 190 — 190 — 142 — 142 — Cross-currency swaps 169 — 169 — 154 — 154 — Total price risk management assets 359 — 359 — 296 — 296 — Total assets $ 1,347 $ 937 $ 359 $ — $ 1,188 $ 836 $ 296 $ — Liabilities Price risk management liabilities (c): Interest rate swaps $ 34 $ — $ 34 $ — $ 21 $ — $ 21 $ — Foreign currency contracts — — — — 5 — 5 — Total price risk management liabilities $ 34 $ — $ 34 $ — $ 26 $ — $ 26 $ — PPL Electric Assets Cash and cash equivalents $ 33 $ 33 $ — $ — $ 262 $ 262 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 35 $ 35 $ — $ — $ 264 $ 264 $ — $ — LKE Assets Cash and cash equivalents $ 47 $ 47 $ — $ — $ 27 $ 27 $ — $ — Cash collateral posted to counterparties (d) 1 1 — — — — — — Total assets $ 48 $ 48 $ — $ — $ 27 $ 27 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 29 $ — $ 29 $ — $ 21 $ — $ 21 $ — Total price risk management liabilities $ 29 $ — $ 29 $ — $ 21 $ — $ 21 $ — LG&E Assets Cash and cash equivalents $ 7 $ 7 $ — $ — $ 15 $ 15 $ — $ — Cash collateral posted to counterparties (d) 1 1 — — — — — — Total assets $ 8 $ 8 $ — $ — $ 15 $ 15 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 29 $ — $ 29 $ — $ 21 $ — $ 21 $ — Total price risk management liabilities $ 29 $ — $ 29 $ — $ 21 $ — $ 21 $ — KU Assets Cash and cash equivalents $ 40 $ 40 $ — $ — $ 12 $ 12 $ — $ — Total assets $ 40 $ 40 $ — $ — $ 12 $ 12 $ — $ — (a) Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. (b) In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (c) Current portion is included in "Price risk management assets" and "Other current liabilities" and noncurrent portion is included in "Price risk management assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. (d) Included in "Other noncurrent assets" on the Balance Sheets. Represents cash collateral posted to offset the exposure with counterparties related to certain interest rate swaps under master netting arrangements that are not offset. Special Use Funds (PPL) The special use funds are investments restricted for paying active union employee medical costs. In May 2018, PPL received a favorable private letter ruling from the IRS permitting a transfer of excess funds from the PPL Bargaining Unit Retiree Health Plan VEBA to a new subaccount within the VEBA to be used to pay medical claims of active bargaining unit employees. The funds are invested primarily in commingled debt and equity funds measured at NAV and are classified as investments in equity securities. Changes in fair value of the funds are recorded to the Statements of Income. Price Risk Management Assets/Liabilities - Interest Rate Swaps/Foreign Currency Contracts/Cross-Currency Swaps ( PPL, LKE, LG&E and KU) To manage interest rate risk, PPL, LKE, LG&E and KU use interest rate contracts such as forward-starting swaps, floating-to-fixed swaps and fixed-to-floating swaps. To manage foreign currency exchange risk, PPL uses foreign currency contracts such as forwards, options and cross-currency swaps that contain characteristics of both interest rate and foreign currency contracts. An income approach is used to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., LIBOR and government security rates) and forward foreign currency exchange rates (e.g., GBP), as well as inputs that may not be observable, such as credit valuation adjustments. In certain cases, market information cannot practicably be obtained to value credit risk and therefore internal models are relied upon. These models use projected probabilities of default and estimated recovery rates based on historical observances. When the credit valuation adjustment is significant to the overall valuation, the contracts are classified as Level 3. Financial Instruments Not Recorded at Fair Value (All Registrants) The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. Long-term debt is classified as Level 2. The effect of third-party credit enhancements is not included in the fair value measurement. March 31, 2020 December 31, 2019 Carrying Fair Value Carrying Fair Value PPL $ 21,840 $ 25,175 $ 21,893 $ 25,481 PPL Electric 3,986 4,500 3,985 4,589 LKE 6,003 6,774 6,002 6,766 LG&E 2,005 2,254 2,005 2,278 KU 2,624 2,978 2,623 3,003 (a) Amounts are net of debt issuance costs. The carrying amounts of other current financial instruments (except for long-term debt due within one year) approximate their fair values because of their short-term nature. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 14. Derivative Instruments and Hedging Activities Risk Management Objectives (All Registrants) PPL has a risk management policy approved by the Board of Directors to manage market risk associated with commodities, interest rates on debt issuances and foreign exchange (including price, liquidity and volumetric risk) and credit risk (including non-performance risk and payment default risk). The Risk Management Committee, comprised of senior management and chaired by the Senior Director-Risk Management, oversees the risk management function. Key risk control activities designed to ensure compliance with the risk policy and detailed programs include, but are not limited to, credit review and approval, validation of transactions, verification of risk and transaction limits, value-at-risk analyses (VaR, a statistical model that attempts to estimate the value of potential loss over a given holding period under normal market conditions at a given confidence level) and the coordination and reporting of the Enterprise Risk Management program. Market Risk Market risk includes the potential loss that may be incurred as a result of price changes associated with a particular financial or commodity instrument as well as market liquidity and volumetric risks. Forward contracts, futures contracts, options, swaps and structured transactions are utilized as part of risk management strategies to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and foreign currency exchange rates. Many of these contracts meet the definition of a derivative. All derivatives are recognized on the Balance Sheets at their fair value, unless NPNS is elected. The following summarizes the market risks that affect PPL and its subsidiaries. Interest Rate Risk • PPL and its subsidiaries are exposed to interest rate risk associated with forecasted fixed-rate and existing floating-rate debt issuances. PPL and WPD hold over-the-counter cross currency swaps to limit exposure to market fluctuations on interest and principal payments from changes in foreign currency exchange rates and interest rates. PPL, LKE and LG&E utilize over-the-counter interest rate swaps to limit exposure to market fluctuations on floating-rate debt. PPL, WPD, LKE, LG&E and KU utilize forward starting interest rate swaps to hedge changes in benchmark interest rates, when appropriate, in connection with future debt issuances. • PPL and its subsidiaries are exposed to interest rate risk associated with debt securities and derivatives held by defined benefit plans. This risk is significantly mitigated to the extent that the plans are sponsored at, or sponsored on behalf of, the regulated domestic utilities and for certain plans at WPD due to the recovery methods in place. Foreign Currency Risk (PPL) • PPL is exposed to foreign currency exchange risk primarily associated with its investments in and earnings of U.K. affiliates. (All Registrants) Commodity Price Risk PPL is exposed to commodity price risk through its domestic subsidiaries as described below. • PPL Electric is required to purchase electricity to fulfill its obligation as a PLR. Potential commodity price risk is insignificant and mitigated through its PUC-approved cost recovery mechanism and full-requirement supply agreements to serve its PLR customers which transfer the risk to energy suppliers. • LG&E's and KU's rates include certain mechanisms for fuel, fuel-related expenses and energy purchases. In addition, LG&E's rates include a mechanism for natural gas supply expenses. These mechanisms generally provide for timely recovery of market price fluctuations associated with these expenses. Volumetric Risk Volumetric risk is the risk related to the changes in volume of retail sales due to weather, economic conditions or other factors. PPL is exposed to volumetric risk through its subsidiaries as described below. • WPD is exposed to volumetric risk which is significantly mitigated as a result of the method of regulation in the U.K. Under the RIIO-ED1 price control regulations, recovery of such exposure occurs on a two year lag. See Note 1 in PPL's 2019 Form 10-K for additional information on revenue recognition under RIIO-ED1. • PPL Electric, LG&E and KU are exposed to volumetric risk on retail sales, mainly due to weather and other economic conditions for which there is limited mitigation between rate cases. Equity Securities Price Risk • PPL and its subsidiaries are exposed to equity securities price risk associated with the fair value of the defined benefit plans' assets. This risk is significantly mitigated at the regulated domestic utilities and for certain plans at WPD due to the recovery methods in place. • PPL is exposed to equity securities price risk from future stock sales and/or purchases. Credit Risk Credit risk is the potential loss that may be incurred due to a counterparty's non-performance. PPL is exposed to credit risk from "in-the-money" interest rate and foreign currency derivatives with financial institutions, as well as additional credit risk through certain of its subsidiaries, as discussed below. In the event a supplier of PPL Electric, LG&E or KU defaults on its obligation, those Registrants would be required to seek replacement power or replacement fuel in the market. In general, subject to regulatory review or other processes, appropriate incremental costs incurred by these entities would be recoverable from customers through applicable rate mechanisms, thereby mitigating the financial risk for these entities. PPL and its subsidiaries have credit policies in place to manage credit risk, including the use of an established credit approval process, daily monitoring of counterparty positions and the use of master netting agreements or provisions. These agreements generally include credit mitigation provisions, such as margin, prepayment or collateral requirements. PPL and its subsidiaries may request additional credit assurance, in certain circumstances, in the event that the counterparties' credit ratings fall below investment grade, their tangible net worth falls below specified percentages or their exposures exceed an established credit limit. Master Netting Arrangements (PPL, LKE, LG&E and KU) Net derivative positions on the balance sheets are not offset against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. PPL had a $29 million and $14 million obligation to return cash collateral under master netting arrangements at March 31, 2020 and December 31, 2019 . LKE, LG&E and KU had no obligation to return cash collateral under master netting arrangements at March 31, 2020 and December 31, 2019 . PPL, LKE and LG&E posted $1 million of cash collateral under master netting arrangements at March 31, 2020 . KU had no obligation to post cash collateral under master netting arrangements at March 31, 2020. PPL, LKE, LG&E and KU had no obligation to post cash collateral under master netting arrangements at December 31, 2019 . See "Offsetting Derivative Instruments" below for a summary of derivative positions presented in the balance sheets where a right of setoff exists under these arrangements. Interest Rate Risk (All Registrants) PPL and its subsidiaries issue debt to finance their operations, which exposes them to interest rate risk. A variety of financial derivative instruments are utilized to adjust the mix of fixed and floating interest rates in their debt portfolios, adjust the duration of the debt portfolios and lock in benchmark interest rates in anticipation of future financing, when appropriate. Risk limits under PPL's risk management program are designed to balance risk exposure to volatility in interest expense and changes in the fair value of the debt portfolio due to changes in benchmark interest rates. In addition, the interest rate risk of certain subsidiaries is potentially mitigated as a result of the existing regulatory framework or the timing of rate cases. Cash Flow Hedges (PPL) Interest rate risks include exposure to adverse interest rate movements for outstanding variable rate debt and for future anticipated financings. Financial interest rate swap contracts that qualify as cash flow hedges may be entered into to hedge floating interest rate risk associated with both existing and anticipated debt issuances. At March 31, 2020 , PPL held an aggregate notional value in interest rate swap contracts of £105 million (approximately $134 million based on spot rates) that mature in 2035 to hedge interest payments of WPD's anticipated September 2020 debt issuance. At March 31, 2020 , PPL held an aggregate notional value in cross-currency interest rate swap contracts of $702 million that range in maturity from 2021 through 2028 to hedge the interest payments and principal of WPD's U.S. dollar-denominated senior notes. Cash flow hedges are discontinued if it is no longer probable that the original forecasted transaction will occur by the end of the originally specified time period and any amounts previously recorded in AOCI are reclassified into earnings once it is determined that the hedged transaction is not probable of occurring. For the three months ended March 31, 2020 and 2019 , PPL had no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges. At March 31, 2020 , the amount of accumulated net unrecognized after-tax gains (losses) on qualifying derivatives expected to be reclassified into earnings during the next 12 months is insignificant. Amounts are reclassified as the hedged interest expense is recorded. Economic Activity (PPL, LKE and LG&E) LG&E enters into interest rate swap contracts that economically hedge interest payments on variable rate debt. Because realized gains and losses from the swaps, including terminated swap contracts, are recoverable through regulated rates, any subsequent changes in fair value of these derivatives are included in regulatory assets or liabilities until they are realized as interest expense. Realized gains and losses are recognized in "Interest Expense" on the Statements of Income at the time the underlying hedged interest expense is recorded. At March 31, 2020 , LG&E held contracts with a notional amount of $147 million that range in maturity through 2033 . Foreign Currency Risk (PPL) PPL is exposed to foreign currency risk, primarily through investments in and earnings of U.K. affiliates. PPL has adopted a foreign currency risk management program designed to hedge certain foreign currency exposures, including firm commitments, recognized assets or liabilities, anticipated transactions and net investments. In addition, PPL enters into financial instruments to protect against foreign currency translation risk of expected GBP earnings. Net Investment Hedges PPL enters into foreign currency contracts on behalf of a subsidiary to protect the value of a portion of its net investment in WPD. There were no contracts outstanding at March 31, 2020 . At March 31, 2020 and December 31, 2019 , PPL had $32 million of accumulated net investment hedge after tax gains (losses) that were included in the foreign currency translation adjustment component of AOCI. Economic Activity PPL enters into foreign currency contracts on behalf of a subsidiary to economically hedge GBP-denominated anticipated earnings. At March 31, 2020 , the total exposure hedged by PPL was approximately £686 million (approximately $1.0 billion based on contracted rates). These contracts have termination dates ranging from April 2020 through July 2021. Accounting and Reporting (All Registrants) All derivative instruments are recorded at fair value on the Balance Sheet as an asset or liability unless NPNS is elected. NPNS contracts include certain full requirement purchase contracts and other physical purchase contracts. Changes in the fair value of derivatives not designated as NPNS are recognized in earnings unless specific hedge accounting criteria are met and designated as such, except for the changes in fair values of LG&E's interest rate swaps that are recognized as regulatory assets or regulatory liabilities. See Note 7 for amounts recorded in regulatory assets and regulatory liabilities at March 31, 2020 and December 31, 2019 . See Note 1 in each Registrant's 2019 Form 10-K for additional information on accounting policies related to derivative instruments. (PPL) The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. March 31, 2020 December 31, 2019 Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) $ — $ 5 $ — $ 4 $ — $ — $ — $ 4 Cross-currency swaps (b) 6 — — — 5 — — — Foreign currency contracts — — 187 — — — 142 5 Total current 6 5 187 4 5 — 142 9 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 25 — — — 17 Cross-currency swaps (b) 163 — — — 149 — — — Foreign currency contracts — — 3 — — — — — Total noncurrent 163 — 3 25 149 — — 17 Total derivatives $ 169 $ 5 $ 190 $ 29 $ 154 $ — $ 142 $ 26 (a) Current portion is included in "Price risk management assets" and "Other current liabilities" and noncurrent portion is included in "Price risk management assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. (b) Excludes accrued interest, if applicable. The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended March 31, 2020 . Three Months Three Months Derivative Derivative Gain Location of Gain (Loss) Cash Flow Hedges: Interest rate swaps $ (5 ) Interest expense $ (3 ) Cross-currency swaps 15 Other income (expense) - net 6 Total $ 10 $ 3 Net Investment Hedges: Foreign currency contracts $ — Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Three Months Foreign currency contracts Other income (expense) - net $ 62 Interest rate swaps Interest expense (1 ) Total $ 61 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (8 ) The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended March 31, 2019 . Three Months Three Months Derivative Derivative Gain Location of Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — Interest expense $ (2 ) Cross-currency swaps (23 ) Other income (expense) - net (28 ) Total $ (23 ) $ (30 ) Net Investment Hedges: Foreign currency contracts $ — Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Three Months Foreign currency contracts Other income (expense) - net $ (33 ) Interest rate swaps Interest expense (1 ) Total $ (34 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (1 ) The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended March 31, 2020 . Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Interest Expense Other Income (Expense) - net Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded $ 248 $ 125 The effects of cash flow hedges: Gain (Loss) on cash flow hedging relationships: Interest rate swaps: Amount of gain (loss) reclassified from AOCI to income (3 ) — Cross-currency swaps: Hedged items — (6 ) Amount of gain (loss) reclassified from AOCI to income — 6 (LKE and LG&E) The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. March 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 4 $ — $ 4 Total current — 4 — 4 March 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 25 — 17 Total noncurrent — 25 — 17 Total derivatives $ — $ 29 $ — $ 21 The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended March 31, 2020 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Interest rate swaps Interest expense $ (1 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (8 ) The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended March 31, 2019 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Interest rate swaps Interest expense $ (1 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (1 ) (PPL, LKE, LG&E and KU) Offsetting Derivative Instruments PPL, LKE, LG&E and KU or certain of their subsidiaries have master netting arrangements in place and also enter into agreements pursuant to which they purchase or sell certain energy and other products. Under the agreements, upon termination of the agreement as a result of a default or other termination event, the non-defaulting party typically would have a right to set off amounts owed under the agreement against any other obligations arising between the two parties (whether under the agreement or not), whether matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation. PPL, LKE, LG&E and KU have elected not to offset derivative assets and liabilities and not to offset net derivative positions against the right to reclaim cash collateral pledged (an asset) or the obligation to return cash collateral received (a liability) under derivatives agreements. The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net March 31, 2020 Treasury Derivatives PPL $ 359 $ — $ 29 $ 330 $ 34 $ — $ 1 $ 33 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2019 Treasury Derivatives PPL $ 296 $ 5 $ 14 $ 277 $ 26 $ 5 $ — $ 21 LKE — — — — 21 — — 21 LG&E — — — — 21 — — 21 Credit Risk-Related Contingent Features Certain derivative contracts contain credit risk-related contingent features which, when in a net liability position, would permit the counterparties to require the transfer of additional collateral upon a decrease in the credit ratings of PPL, LKE, LG&E and KU or certain of their subsidiaries. Most of these features would require the transfer of additional collateral or permit the counterparty to terminate the contract if the applicable credit rating were to fall below investment grade. Some of these features also would allow the counterparty to require additional collateral upon each downgrade in credit rating at levels that remain above investment grade. In either case, if the applicable credit rating were to fall below investment grade, and assuming no assignment to an investment grade affiliate were allowed, most of these credit contingent features require either immediate payment of the net liability as a termination payment or immediate and ongoing full collateralization on derivative instruments in net liability positions. Additionally, certain derivative contracts contain credit risk-related contingent features that require adequate assurance of performance be provided if the other party has reasonable concerns regarding the performance of PPL's, LKE's, LG&E's and KU's obligations under the contracts. A counterparty demanding adequate assurance could require a transfer of additional collateral or other security, including letters of credit, cash and guarantees from a creditworthy entity. This would typically involve negotiations among the parties. However, amounts disclosed below represent assumed immediate payment or immediate and ongoing full collateralization for derivative instruments in net liability positions with "adequate assurance" features. (PPL, LKE and LG&E) At March 31, 2020 , derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the related effect of a decrease in credit ratings below investment grade are summarized as follows: PPL LKE LG&E Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features $ 6 $ 2 $ 2 Aggregate fair value of collateral posted on these derivative instruments — — — Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 6 2 2 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LKE, LG&E and KU) PPL's, LKE's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 10 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2019 $ 282 $ 215 $ 73 $ 142 Accretion 4 4 1 3 Changes in estimated timing or cost 18 18 — 18 Obligations settled (20 ) (20 ) (7 ) (13 ) Balance at March 31, 2020 $ 284 $ 217 $ 67 $ 150 |
LG And E And KU Energy LLC [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LKE, LG&E and KU) PPL's, LKE's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 10 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2019 $ 282 $ 215 $ 73 $ 142 Accretion 4 4 1 3 Changes in estimated timing or cost 18 18 — 18 Obligations settled (20 ) (20 ) (7 ) (13 ) Balance at March 31, 2020 $ 284 $ 217 $ 67 $ 150 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LKE, LG&E and KU) PPL's, LKE's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 10 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2019 $ 282 $ 215 $ 73 $ 142 Accretion 4 4 1 3 Changes in estimated timing or cost 18 18 — 18 Obligations settled (20 ) (20 ) (7 ) (13 ) Balance at March 31, 2020 $ 284 $ 217 $ 67 $ 150 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LKE, LG&E and KU) PPL's, LKE's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 10 for information on the CCR rule. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2019 $ 282 $ 215 $ 73 $ 142 Accretion 4 4 1 3 Changes in estimated timing or cost 18 18 — 18 Obligations settled (20 ) (20 ) (7 ) (13 ) Balance at March 31, 2020 $ 284 $ 217 $ 67 $ 150 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) (PPL) The after-tax changes in AOCI by component for the periods ended March 31 were as follows. Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Prior service costs Actuarial gain (loss) Total PPL December 31, 2019 $ (1,425 ) $ (5 ) $ (18 ) $ (2,910 ) $ (4,358 ) Amounts arising during the period (61 ) 8 — — (53 ) Reclassifications from AOCI — (3 ) 1 47 45 Net OCI during the period (61 ) 5 1 47 (8 ) March 31, 2020 $ (1,486 ) $ — $ (17 ) $ (2,863 ) $ (4,366 ) December 31, 2018 $ (1,533 ) $ (7 ) $ (19 ) $ (2,405 ) $ (3,964 ) Amounts arising during the period 294 (19 ) — (3 ) 272 Reclassifications from AOCI — 24 — 21 45 Net OCI during the period 294 5 — 18 317 March 31, 2019 $ (1,239 ) $ (2 ) $ (19 ) $ (2,387 ) $ (3,647 ) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended March 31 . Three Months Affected Line Item on the Details about AOCI 2020 2019 Statements of Income Qualifying derivatives Interest rate swaps $ (3 ) $ (2 ) Interest Expense Cross-currency swaps 6 (28 ) Other Income (Expense) - net Total Pre-tax 3 (30 ) Income Taxes — 6 Total After-tax 3 (24 ) Defined benefit plans Prior service costs (a) (1 ) — Net actuarial loss (a) (59 ) (26 ) Total Pre-tax (60 ) (26 ) Income Taxes 12 5 Total After-tax (48 ) (21 ) Total reclassifications during the period $ (45 ) $ (45 ) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 9 for additional information. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Credit Loss, Financial Instrument [Text Block] | Current Expected Credit Losses (All Registrants) Financing receivable collectibility is evaluated using a combination of factors, including past due status based on contractual terms, trends in write-offs and the age of the receivable. Specific events, such as bankruptcies, are also considered when applicable. Adjustments to the reserve for credit losses are made when necessary based on the results of analysis, the aging of receivables and historical and industry trends. The Registrants periodically evaluate the impact of observable external factors on the collectibility of the financing receivables to determine if adjustments to the reserve for credit losses should be made based on current conditions or reasonable and supportable forecasts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. (PPL and PPL Electric) PPL Electric has identified one class of financing receivables, “accounts receivable-customer”, which includes financing receivables for all billed and unbilled sales with residential and non-residential customers. All other financing receivables are classified as other. Within the credit loss model for the residential customer accounts receivables, customers are disaggregated based on their projected propensity to pay, which is derived from historical trends and the current activity of the individual customer accounts. Conversely, the non-residential customer accounts receivables are not further segmented due to the varying nature of the individual customers, which lack readily identifiable risk characteristics for disaggregation. (PPL, LKE, LG&E and KU) LKE, LG&E and KU have identified one class of financing receivables, “accounts receivable-customer”, which includes financing receivables for all billed and unbilled sales with customers. All other financing receivables are classified as other. (All Registrants) The following table shows changes in the allowance for credit losses for the period ended March 31, 2020: Balance at Charged to Income Deductions (b) Balance at PPL Accounts Receivable - Customer and Unbilled Revenue $ 30 $ 9 $ 5 $ 34 Other (c) 27 — 1 26 PPL Electric Accounts Receivable - Customer and Unbilled Revenue $ 25 $ 5 $ 2 $ 28 Other 1 — — 1 Balance at Charged to Income Deductions (b) Balance at LKE Accounts Receivable - Customer and Unbilled Revenue $ 2 $ 2 $ 2 $ 2 Other (c) 26 — 1 25 LG&E Accounts Receivable - Customer and Unbilled Revenue $ 1 $ 1 $ 1 $ 1 KU Accounts Receivable - Customer and Unbilled Revenue $ 1 $ 1 $ 1 $ 1 (a) Reflects cumulative-effect adjustment upon adoption of current expected credit loss guidance. (b) Primarily related to uncollectible accounts receivable written off. (c) Primarily related to receivables at WKE, which are fully reserved. |
New Accounting Pronouncements, Policy | New Accounting Guidance Adopted (All Registrants) Accounting for Financial Instrument Credit Losses Effective January 1, 2020, the Registrants adopted accounting guidance, using a modified retrospective approach, that requires the use of a current expected credit loss (CECL) model for the measurement of credit losses on financial instruments within the scope of the guidance, which includes accounts receivable. The CECL model requires an entity to measure credit losses using historical information, current information and reasonable and supportable forecasts of future events, rather than the incurred loss impairment model required under previous GAAP. The adoption of this guidance did not have a material impact on the Registrants. Accounting for Implementation Costs in a Cloud Computing Service Arrangement Effective January 1, 2020, the Registrants prospectively adopted accounting guidance that requires a customer in a cloud computing hosting arrangement that is a service contract to capitalize implementation costs consistent with internal-use software guidance for non-service arrangements. The guidance requires these capitalized implementation costs to be amortized over the term of the hosting arrangement to the statement of income line item where the service arrangement costs are recorded. The guidance also prescribes the financial statement classification of the capitalized implementation costs and cash flows associated with the arrangement. The adoption of this guidance did not have a material impact on the Registrants. (PPL, LKE, LG&E and KU) Simplifying the Test for Goodwill Impairment |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash and Cash Equivalents (PPL and PPL Electric) Reconciliation of Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows: PPL PPL Electric March 31, December 31, March 31, December 31, Cash and cash equivalents $ 915 $ 815 $ 33 $ 262 Restricted cash - current (a) 3 3 2 2 Restricted cash - noncurrent (a) 18 18 — — Total Cash, Cash Equivalents and Restricted Cash $ 936 $ 836 $ 35 $ 264 (a) Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets," while the noncurrent portion is included in "Other noncurrent assets." |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Offsetting Fair Value Amounts, Policy | Net derivative positions on the balance sheets are not offset against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. |
Adoption of Accounting Guidance
Adoption of Accounting Guidance (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table shows changes in the allowance for credit losses for the period ended March 31, 2020: Balance at Charged to Income Deductions (b) Balance at PPL Accounts Receivable - Customer and Unbilled Revenue $ 30 $ 9 $ 5 $ 34 Other (c) 27 — 1 26 PPL Electric Accounts Receivable - Customer and Unbilled Revenue $ 25 $ 5 $ 2 $ 28 Other 1 — — 1 Balance at Charged to Income Deductions (b) Balance at LKE Accounts Receivable - Customer and Unbilled Revenue $ 2 $ 2 $ 2 $ 2 Other (c) 26 — 1 25 LG&E Accounts Receivable - Customer and Unbilled Revenue $ 1 $ 1 $ 1 $ 1 KU Accounts Receivable - Customer and Unbilled Revenue $ 1 $ 1 $ 1 $ 1 (a) Reflects cumulative-effect adjustment upon adoption of current expected credit loss guidance. (b) Primarily related to uncollectible accounts receivable written off. (c) Primarily related to receivables at WKE, which are fully reserved. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement | The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows: PPL PPL Electric March 31, December 31, March 31, December 31, Cash and cash equivalents $ 915 $ 815 $ 33 $ 262 Restricted cash - current (a) 3 3 2 2 Restricted cash - noncurrent (a) 18 18 — — Total Cash, Cash Equivalents and Restricted Cash $ 936 $ 836 $ 35 $ 264 (a) Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets," while the noncurrent portion is included in "Other noncurrent assets." |
PPL Electric Utilities Corp [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement | The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows: PPL PPL Electric March 31, December 31, March 31, December 31, Cash and cash equivalents $ 915 $ 815 $ 33 $ 262 Restricted cash - current (a) 3 3 2 2 Restricted cash - noncurrent (a) 18 18 — — Total Cash, Cash Equivalents and Restricted Cash $ 936 $ 836 $ 35 $ 264 (a) Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets," while the noncurrent portion is included in "Other noncurrent assets." |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Income Statement data for the segments and reconciliation to PPL's consolidated results for the period ended March 31 are as follows: Three Months 2020 2019 Operating Revenues from external customers U.K. Regulated $ 614 $ 583 Kentucky Regulated 825 845 Pennsylvania Regulated 608 645 Corporate and Other 7 6 Total $ 2,054 $ 2,079 Net Income U.K. Regulated (a) $ 340 $ 264 Kentucky Regulated 127 117 Pennsylvania Regulated 118 121 Corporate and Other (31 ) (36 ) Total $ 554 $ 466 (a) Includes unrealized gains and losses from hedging foreign currency economic activity. See Note 14 for additional information. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: March 31, December 31, Assets U.K. Regulated (a) (b) $ 17,918 $ 17,622 Kentucky Regulated 15,608 15,597 Pennsylvania Regulated 11,898 11,918 Corporate and Other (c) 904 543 Total $ 46,328 $ 45,680 (a) Includes $13.3 billion and $13.2 billion of net PP&E as of March 31, 2020 and December 31, 2019 . WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. (b) Includes $2.5 billion of goodwill as of March 31, 2020 and December 31, 2019 . (c) Primarily consists of unallocated items, including cash, PP&E, goodwill, the elimination of inter-segment transactions as well as the assets of Safari Energy. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contracts with Customers [Line Items] | |
Reconciliation of Revenue from Contracts with Customers [Table Text Block] | The following tables reconcile "Operating Revenues" included in each Registrant's Statement of Income with revenues generated from contracts with customers for the period ended March 31 . 2020 Three Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 2,054 $ 608 $ 825 $ 407 $ 432 Revenues derived from: Alternative revenue programs (b) (3 ) — (3 ) (3 ) — Other (c) (10 ) (2 ) (6 ) (3 ) (3 ) Revenues from Contracts with Customers $ 2,041 $ 606 $ 816 $ 401 $ 429 2019 Three Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 2,079 $ 645 $ 845 $ 410 $ 450 Revenues derived from: Alternative revenue programs (b) (6 ) (4 ) (2 ) (2 ) — Other (c) (10 ) (3 ) (4 ) (1 ) (3 ) Revenues from Contracts with Customers $ 2,063 $ 638 $ 839 $ 407 $ 447 (a) PPL includes $614 million and $583 million of revenues from external customers reported by the U.K. Regulated segment for the three months ended March 31, 2020 and 2019. PPL Electric and LKE represent revenues from external customers reported by the Pennsylvania Regulated and Kentucky Regulated segments. See Note 3 for additional information. (b) Alternative revenue programs include the transmission formula rate for PPL Electric, the ECR and DSM programs for LG&E and KU, the GLT program for LG&E, and the generation formula rate for KU. This line item shows the over/under collection of these rate mechanisms with over-collections of revenue shown as positive amounts in the table above and under-collections shown as negative amounts. (c) Represents additional revenues outside the scope of revenues from contracts with customers, such as leases and other miscellaneous revenues. |
Disaggregation of Revenue [Table Text Block] | The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended March 31 . 2020 Three Months PPL (d) PPL Electric (d) LKE LG&E KU Licensed energy suppliers (a) $ 583 $ — $ — $ — $ — Residential 714 344 370 187 183 Commercial 312 81 231 124 107 Industrial 144 8 136 45 91 Other (b) 116 14 66 28 38 Wholesale - municipality 5 — 5 — 5 Wholesale - other (c) 8 — 8 17 5 Transmission 159 159 — — — Revenues from Contracts with Customers $ 2,041 $ 606 $ 816 $ 401 $ 429 2019 Three Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 556 $ — $ — $ — $ — Residential 778 407 371 189 182 Commercial 319 95 224 121 103 Industrial 150 17 133 44 89 Other (b) 114 14 70 33 37 Wholesale - municipality 28 — 28 — 28 Wholesale - other (c) 13 — 13 20 8 Transmission 105 105 — — — Revenues from Contracts with Customers $ 2,063 $ 638 $ 839 $ 407 $ 447 (a) Represents customers of WPD. (b) Primarily includes revenues from pole attachments, street lighting, other public authorities and other non-core businesses. (c) Includes wholesale power and transmission revenues. LG&E and KU amounts include intercompany power sales and transmission revenues, which are eliminated upon consolidation at LKE. (d) In the fourth quarter of 2019, management deemed it appropriate to present the revenue offset associated with network integration transmission service (NITS) as distribution revenue rather than transmission revenue. |
Credit Loss Recognized from Contracts with Customers [Table Text Block] | The following table shows the accounts receivable and unbilled revenues balances that were impaired for the period ended March 31 . Three Months 2020 2019 PPL $ 8 $ 9 PPL Electric 4 6 LKE 2 2 LG&E 1 1 KU 1 1 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table shows the balances and certain activity of contract liabilities resulting from contracts with customers. PPL PPL Electric LKE LG&E KU Contract liabilities at December 31, 2019 $ 44 $ 21 $ 9 $ 5 $ 4 Contract liabilities at March 31, 2020 42 15 14 10 4 Revenue recognized during the three months ended March 31, 2020 that was included in the contract liability balance at December 31, 2019 23 8 9 5 4 Contract liabilities at December 31, 2018 $ 42 $ 23 $ 9 $ 5 $ 4 Contract liabilities at March 31, 2019 37 14 7 4 3 Revenue recognized during the three months ended March 31, 2019 that was included in the contract liability balance at December 31, 2018 25 11 9 5 4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted EPS Computations | Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the period ended March 31 used in the EPS calculation are: Three Months 2020 2019 Income (Numerator) Net income $ 554 $ 466 Less amounts allocated to participating securities 1 — Net income available to PPL common shareowners - Basic and Diluted $ 553 $ 466 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 767,948 721,023 Add incremental non-participating securities: Share-based payment awards 790 1,023 Forward sale agreements — 7,907 Weighted-average shares - Diluted EPS 768,738 729,953 Basic EPS Net Income available to PPL common shareowners $ 0.72 $ 0.65 Diluted EPS Net Income available to PPL common shareowners $ 0.72 $ 0.64 |
Common Stock Issuances | For the period ended March 31 , PPL issued common stock related to stock-based compensation plans and the DRIP as follows (in thousands): Three Months 2020 2019 Stock-based compensation plans 598 590 DRIP 434 458 |
Antidilutive Securities Excluded From Diluted EPS | For the period ended March 31 , the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months 2020 2019 Stock-based compensation awards 250 — |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the period ended March 31 are as follows. (PPL) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 146 $ 124 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 13 Valuation allowance adjustments 6 7 Impact of lower U.K. income tax rates (11 ) (8 ) Amortization of excess deferred federal and state income taxes (11 ) (11 ) Other (3 ) 1 Total increase (decrease) (6 ) 2 Total income tax expense (benefit) $ 140 $ 126 |
PPL Electric Utilities Corp [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the period ended March 31 are as follows. (PPL Electric) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 33 $ 34 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 13 Amortization of excess deferred income taxes (3 ) (4 ) Other (2 ) (1 ) Total increase (decrease) 8 8 Total income tax expense (benefit) $ 41 $ 42 |
LG And E And KU Energy LLC [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | (LKE) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 35 $ 33 Increase (decrease) due to: State income taxes, net of federal income tax benefit 7 6 Amortization of excess deferred federal and state income taxes (7 ) (6 ) Other (1 ) (1 ) Total increase (decrease) (1 ) (1 ) Total income tax expense (benefit) $ 34 $ 32 Reconciliations of income tax expense (benefit) for the period ended March 31 are as follows. |
Louisville Gas And Electric Co [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | (LG&E) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 19 $ 17 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 3 Amortization of excess deferred federal and state income taxes (3 ) (3 ) Other (1 ) — Total increase (decrease) — — Total income tax expense (benefit) $ 19 $ 17 Reconciliations of income tax expense (benefit) for the period ended March 31 are as follows. |
Kentucky Utilities Co [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense (benefit) for the period ended March 31 are as follows. (KU) Three Months 2020 2019 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 21 $ 22 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 4 Amortization of excess deferred federal and state income taxes (4 ) (3 ) Other (1 ) (1 ) Total increase (decrease) (1 ) — Total income tax expense (benefit) $ 20 $ 22 |
Utility Rate Regulation (Tables
Utility Rate Regulation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Utility Rate Regulation [Line Items] | |
Regulatory Assets and Liabilities | The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations. PPL PPL Electric March 31, December 31, March 31, December 31, Current Regulatory Assets: Plant outage costs $ 44 $ 32 $ — $ — Gas supply clause 5 8 — — Smart meter rider 15 13 15 13 Transmission formula rate — — 3 3 Transmission service charge 5 10 5 10 Other 6 4 — — Total current regulatory assets (a) $ 75 $ 67 $ 23 $ 26 Noncurrent Regulatory Assets: Defined benefit plans $ 788 $ 800 $ 460 $ 467 Storm costs 34 39 12 15 Unamortized loss on debt 37 41 15 18 Interest rate swaps 29 22 — — Terminated interest rate swaps 80 81 — — Accumulated cost of removal of utility plant 222 220 222 220 AROs 282 279 — — Act 129 compliance rider — 6 — 6 Other 5 4 1 — Total noncurrent regulatory assets $ 1,477 $ 1,492 $ 710 $ 726 PPL PPL Electric March 31, December 31, March 31, December 31, Current Regulatory Liabilities: Generation supply charge $ 24 $ 23 $ 24 $ 23 Environmental cost recovery 4 5 — — Universal service rider 5 9 5 9 Fuel adjustment clause 6 8 — — TCJA customer refund 46 61 46 59 Storm damage expense rider 8 5 8 5 Other 6 4 — — Total current regulatory liabilities $ 99 $ 115 $ 83 $ 96 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 640 $ 640 $ — $ — Power purchase agreement - OVEC 49 51 — — Net deferred taxes 1,739 1,756 580 588 Defined benefit plans 53 51 13 11 Terminated interest rate swaps 68 68 — — Act 129 compliance rider — — 2 — Other 8 6 — — Total noncurrent regulatory liabilities $ 2,557 $ 2,572 $ 595 $ 599 LKE LG&E KU March 31, December 31, March 31, December 31, March 31, December 31, Current Regulatory Assets: Plant outage costs $ 44 $ 32 $ 18 $ 16 $ 26 $ 16 Gas supply clause 5 8 5 8 — — Other 3 1 3 1 — — Total current regulatory assets $ 52 $ 41 $ 26 $ 25 $ 26 $ 16 Noncurrent Regulatory Assets: Defined benefit plans $ 328 $ 333 $ 202 $ 206 $ 126 $ 127 Storm costs 22 24 14 14 8 10 Unamortized loss on debt 22 23 13 14 9 9 Interest rate swaps 29 22 29 22 — — Terminated interest rate swaps 80 81 47 47 33 34 AROs 282 279 77 76 205 203 Other 4 4 1 1 3 3 Total noncurrent regulatory assets $ 767 $ 766 $ 383 $ 380 $ 384 $ 386 LKE LG&E KU March 31, December 31, March 31, December 31, March 31, December 31, Current Regulatory Liabilities: Environmental cost recovery $ 4 $ 5 $ — $ 1 $ 4 $ 4 Demand side management 2 3 1 1 1 2 Fuel adjustment clause 6 8 — — 6 8 Other 4 3 — — 4 3 Total current regulatory liabilities $ 16 $ 19 $ 1 $ 2 $ 15 $ 17 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 640 $ 640 $ 267 $ 266 $ 373 $ 374 Power purchase agreement - OVEC 49 51 34 35 15 16 Net deferred taxes 1,159 1,168 540 544 619 624 Defined benefit plans 40 40 — — 40 40 Terminated interest rate swaps 68 68 34 34 34 34 Other 6 6 4 4 2 2 Total noncurrent regulatory liabilities $ 1,962 $ 1,973 $ 879 $ 883 $ 1,083 $ 1,090 (a) For PPL, these amounts are included in "Other current assets" on the Balance Sheets. |
Financing Activities (Tables)
Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following credit facilities were in place at: March 31, 2020 December 31, 2019 Expiration Date Capacity Borrowed Letters of Credit and Commercial Paper Issued Unused Capacity Borrowed Letters of Credit and Commercial Paper Issued PPL U.K. WPD plc Syndicated Credit Facility (a) Jan. 2023 £ 210 £ 156 £ — £ 56 £ 155 £ — WPD (South West) Syndicated Credit Facility (b) July 2021 245 — — 245 40 — WPD (East Midlands) Syndicated Credit Facility July 2021 300 — — 300 — — WPD (West Midlands) Syndicated Credit Facility (c) July 2021 300 54 — 246 48 — Uncommitted Credit Facilities 100 — 4 96 — 4 Total U.K. Credit Facilities (d) £ 1,155 £ 210 £ 4 £ 943 £ 243 £ 4 U.S. PPL Capital Funding (e) Syndicated Credit Facility Jan. 2024 $ 1,450 $ 575 $ 180 $ 695 $ — $ 450 Term Loan Credit Facility Mar. 2021 200 200 — — — — Bilateral Credit Facility Mar. 2021 50 50 — — — — Bilateral Credit Facility Mar. 2021 50 34 15 1 — 15 Total PPL Capital Funding Credit Facilities $ 1,750 $ 859 $ 195 $ 696 $ — $ 465 PPL Electric Syndicated Credit Facility (f) Jan. 2024 $ 650 $ 85 $ 1 $ 564 $ — $ 1 LG&E Syndicated Credit Facility (g) Jan. 2024 $ 500 $ 100 $ 59 $ 341 $ — $ 238 Total LG&E Credit Facilities $ 500 $ 100 $ 59 $ 341 $ — $ 238 KU Syndicated Credit Facility (g) Jan. 2024 $ 400 $ 100 $ 44 $ 256 $ — $ 150 Total KU Credit Facilities $ 400 $ 100 $ 44 $ 256 $ — $ 150 (a) The amounts borrowed at March 31, 2020 and December 31, 2019 were USD-denominated borrowings of $200 million for both periods, which bore interest at 2.43% and 2.52% . The interest rates on the borrowings are equal to one-month USD LIBOR plus a spread. The unused capacity reflects the amounts borrowed in GBP of £154 million as of the date borrowed. (b) The amount borrowed at December 31, 2019 was GBP-denominated borrowings which equated to $51 million and bore interest at 1.09% . (c) The amount borrowed at March 31, 2020 and December 31, 2019 were GBP-denominated borrowings which equated to $69 million and $62 million and bore interest at 1.11% . The interest rates on the borrowings are equal to one-month GBP LIBOR plus a margin. (d) At March 31, 2020 , the unused capacity under the U.K. credit facilities was $1.2 billion . (e) The interest rates on the borrowings are based on one-month LIBOR plus a spread, which resulted in a weighted-average rate of 1.97% at March 31, 2020 . (f) The interest rate on the borrowing is equal to one-month LIBOR plus a spread, which was 1.96% at March 31, 2020 . (g) The interest rates on the borrowings are equal to one-month LIBOR plus a spread, which were 1.81% at March 31, 2020 . |
Schedule of Short-term Debt | The following commercial paper programs were in place at: March 31, 2020 December 31, 2019 Weighted - Average Interest Rate Capacity Commercial Paper Issuances Unused Capacity Weighted - Average Interest Rate Commercial Paper Issuances PPL Capital Funding 1.91% $ 1,500 $ 180 $ 1,320 2.13% $ 450 PPL Electric 650 — 650 — LG&E 1.71% 350 59 291 2.07% 238 KU 1.65% 350 44 306 2.02% 150 Total $ 2,850 $ 283 $ 2,567 $ 838 |
Defined Benefits (Tables)
Defined Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL and its subsidiaries, LKE, and LG&E for the periods ended March 31 : Pension Benefits Three Months U.S. U.K. 2020 2019 2020 2019 PPL Service cost $ 13 $ 13 $ 23 $ 17 Interest cost 38 41 36 47 Expected return on plan assets (60 ) (61 ) (158 ) (148 ) Amortization of: Prior service cost 2 2 — — Actuarial loss 20 13 54 24 Net periodic defined benefit costs (credits) before settlements 13 8 (45 ) (60 ) Settlements — 1 — — Net periodic defined benefit costs (credits) $ 13 $ 9 $ (45 ) $ (60 ) Other Postretirement Benefits Three Months 2020 2019 PPL Service cost $ 2 $ 1 Interest cost 5 6 Expected return on plan assets (5 ) (5 ) Net periodic defined benefit costs $ 2 $ 2 LKE Service cost $ 1 $ 1 Interest cost 2 2 Expected return on plan assets (2 ) (2 ) Net periodic defined benefit costs $ 1 $ 1 |
PPL Electric Utilities Corp [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Allocation of Net Periodic Benefit Costs | For the periods ended March 31 , PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU: Three Months 2020 2019 PPL Electric $ 3 $ 3 LG&E (a) 3 1 KU 1 — (a) Allocations to LG&E increased in 2020 primarily due to the merger of plans sponsored by LKE and LG&E effective January 1, 2020 into the LG&E and KU Pension Plan. |
LG And E And KU Energy LLC [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | Pension Benefits Three Months 2020 2019 LKE Service cost $ 5 $ 6 Interest cost 16 16 Expected return on plan assets (24 ) (25 ) Amortization of: Prior service cost 2 2 Actuarial loss (a) 9 4 Net periodic defined benefit costs $ 8 $ 3 (a) As a result of treatment approved by the KPSC, the difference between actuarial loss calculated in accordance with LKE's accounting policy and actuarial loss calculated using a 15 -year amortization period was $3 million for the three months ended March 31, 2020 and not significant for the three months ended March 31, 2019. This difference is recorded as a regulatory asset. Other Postretirement Benefits Three Months 2020 2019 PPL Service cost $ 2 $ 1 Interest cost 5 6 Expected return on plan assets (5 ) (5 ) Net periodic defined benefit costs $ 2 $ 2 LKE Service cost $ 1 $ 1 Interest cost 2 2 Expected return on plan assets (2 ) (2 ) Net periodic defined benefit costs $ 1 $ 1 March 31 : |
Louisville Gas And Electric Co [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | Pension Benefits Three Months 2019 (a) LG&E Interest cost $ 3 Expected return on plan assets (6 ) Amortization of: Prior service cost 1 Actuarial loss 2 Net periodic defined benefit costs $ — (a) The pension plans sponsored by LKE and LG&E were merged effective January 1, 2020 into the LG&E and KU Pension Plan, sponsored by LKE March 31 : |
Allocation of Net Periodic Benefit Costs | For the periods ended March 31 , PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU: Three Months 2020 2019 PPL Electric $ 3 $ 3 LG&E (a) 3 1 KU 1 — (a) Allocations to LG&E increased in 2020 primarily due to the merger of plans sponsored by LKE and LG&E effective January 1, 2020 into the LG&E and KU Pension Plan. |
Kentucky Utilities Co [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Allocation of Net Periodic Benefit Costs | For the periods ended March 31 , PPL Services allocated the following net periodic defined benefit costs to PPL Electric, and LKE allocated the following net periodic defined benefit costs to LG&E and KU: Three Months 2020 2019 PPL Electric $ 3 $ 3 LG&E (a) 3 1 KU 1 — (a) Allocations to LG&E increased in 2020 primarily due to the merger of plans sponsored by LKE and LG&E effective January 1, 2020 into the LG&E and KU Pension Plan. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees | Exposure at Expiration PPL Indemnifications related to the WPD Midlands acquisition (a) WPD indemnifications for entities in liquidation and sales of assets $ 10 (b) 2022 WPD guarantee of pension and other obligations of unconsolidated entities 77 (c) PPL Electric Guarantee of inventory value 6 (d) 2020 LKE Indemnification of lease termination and other divestitures 200 (e) 2021 LG&E and KU LG&E and KU obligation of shortfall related to OVEC (f) (a) Indemnifications related to certain liabilities, including a specific unresolved tax issue and those relating to properties and assets owned by the seller that were transferred to WPD Midlands in connection with the acquisition. A cross indemnity has been received from the seller on the tax issue. The maximum exposure and expiration of these indemnifications cannot be estimated because the maximum potential liability is not capped and the expiration date is not specified in the transaction documents. (b) Indemnification to the liquidators and certain others for existing liabilities or expenses or liabilities arising during the liquidation process. The indemnifications are limited to distributions made from the subsidiary to its parent either prior or subsequent to liquidation or are not explicitly stated in the agreements. The indemnifications generally expire two to seven years subsequent to the date of dissolution of the entities. The exposure noted only includes those cases where the agreements provide for specific limits. In connection with their sales of various businesses, WPD and its affiliates have provided the purchasers with indemnifications that are standard for such transactions, including indemnifications for certain pre-existing liabilities and environmental and tax matters or have agreed to continue their obligations under existing third-party guarantees, either for a set period of time following the transactions or upon the condition that the purchasers make reasonable efforts to terminate the guarantees. Additionally, WPD and its affiliates remain secondarily responsible for lease payments under certain leases that they have assigned to third parties. (c) Relates to certain obligations of discontinued or modified electric associations that were guaranteed at the time of privatization by the participating members. Costs are allocated to the members and can be reallocated if an existing member becomes insolvent. At March 31, 2020 , WPD has recorded an estimated discounted liability for which the expected payment/performance is probable. Neither the expiration date nor the maximum amount of potential payments for certain obligations is explicitly stated in the related agreements, and as a result, the exposure has been estimated. (d) A third-party logistics firm provided inventory procurement and fulfillment services, whose contract was terminated as of March 2020. The logistics firm has title to the inventory, however, upon termination of the contracts, PPL Electric has guaranteed to purchase any remaining inventory that has not been used or sold. (e) LKE provides certain indemnifications covering the due and punctual payment, performance and discharge by each party of its respective obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under a 2009 Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a maximum exposure of $200 million , exclusive of certain items such as government fines and penalties that may exceed the maximum. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of the various indemnification scenarios, but does not expect such outcomes to result in significant losses above the amounts recorded. (f) Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement and decommissioning costs, as well as any shortfall from amounts included within a demand charge designed and expected to cover these costs over the term of the contract. LKE's proportionate share of OVEC's outstanding debt was $109 million at March 31, 2020 , consisting of LG&E's share of $76 million and KU's share of $33 million . The maximum exposure and the expiration date of these potential obligations are not presently determinable. See "Energy Purchase Commitments" in Note 13 in PPL's, LKE's, LG&E's and KU's 2019 Form 10-K for additional information on the OVEC power purchase contract. In March 2018, a sponsor with a 4.85% pro-rata share of OVEC obligations filed for bankruptcy under Chapter 11 and, in August 2018, received a rejection order for the OVEC power purchase contract in the bankruptcy proceeding. In October 2019, the bankruptcy court issued an order confirming the sponsor's proposed reorganization plan. OVEC and other entities are challenging the contract rejection, the bankruptcy plan confirmation and regulatory aspects of the plan in various forums. In December 2019, an appellate court remanded the contract rejection issue and in March 2020 the FERC commenced a related proceeding. The plan was declared effective in February 2020, but certain aspects of the matter are subject to the on-going appellate, bankruptcy and regulatory proceedings, including issues relating to the appropriateness of the rejection of the OVEC power purchase agreement and regulatory appropriateness of the plan's confirmation. Periodically, OVEC and certain of its sponsors, including LG&E and KU, consider certain potential additional credit support actions to preserve OVEC's access to credit markets or mitigate risks or adverse impacts relating thereto, including addressing increased interest costs, establishing or continuing debt reserve accounts or other changes involving OVEC's existing short and long-term debt. The ultimate outcome of these matters, including the sponsor bankruptcy and related appellate or regulatory proceedings, OVEC structural or financial steps relating thereto and any other potential impact on LG&E's and KU's obligations relating to OVEC under the power purchase contract cannot be predicted. The table below details guarantees provided as of March 31, 2020 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended March 31 , including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months 2020 2019 PPL Electric from PPL Services $ 12 $ 16 LKE from PPL Services 6 9 PPL Electric from PPL EU Services 41 37 LG&E from LKS 38 38 KU from LKS 41 43 |
LG And E And KU Energy LLC [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended March 31 , including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months 2020 2019 PPL Electric from PPL Services $ 12 $ 16 LKE from PPL Services 6 9 PPL Electric from PPL EU Services 41 37 LG&E from LKS 38 38 KU from LKS 41 43 |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended March 31 , including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months 2020 2019 PPL Electric from PPL Services $ 12 $ 16 LKE from PPL Services 6 9 PPL Electric from PPL EU Services 41 37 LG&E from LKS 38 38 KU from LKS 41 43 |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Intercompany Support Cost Allocations | PPL Services, PPL EU Services and LKS charged the following amounts for the periods ended March 31 , including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. Three Months 2020 2019 PPL Electric from PPL Services $ 12 $ 16 LKE from PPL Services 6 9 PPL Electric from PPL EU Services 41 37 LG&E from LKS 38 38 KU from LKS 41 43 |
Other Income (Expense) - net (T
Other Income (Expense) - net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Income (Expense) Net [Line Items] | |
Schedule of Other Nonoperating Income (Expense) | The details of "Other Income (Expense) - net" for the periods ended March 31 , were: Three Months 2020 2019 Other Income Economic foreign currency exchange contracts (Note 14) $ 62 $ (33 ) Defined benefit plans - non-service credits (Note 9) 68 80 Interest income 1 6 AFUDC - equity component 3 5 Miscellaneous 1 6 Total Other Income 135 64 Other Expense Charitable contributions 1 2 Miscellaneous 9 10 Total Other Expense 10 12 Other Income (Expense) - net $ 125 $ 52 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The assets and liabilities measured at fair value were: March 31, 2020 December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 915 $ 915 $ — $ — $ 815 $ 815 $ — $ — Restricted cash and cash equivalents (a) 21 21 — — 21 21 — — Special use funds (a): Money market fund 1 1 — — — — — — Commingled debt fund measured at NAV (b) 29 — — — 29 — — — Commingled equity fund measured at NAV (b) 22 — — — 27 — — — Total special use funds 52 1 — — 56 — — — March 31, 2020 December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Price risk management assets (c): Foreign currency contracts 190 — 190 — 142 — 142 — Cross-currency swaps 169 — 169 — 154 — 154 — Total price risk management assets 359 — 359 — 296 — 296 — Total assets $ 1,347 $ 937 $ 359 $ — $ 1,188 $ 836 $ 296 $ — Liabilities Price risk management liabilities (c): Interest rate swaps $ 34 $ — $ 34 $ — $ 21 $ — $ 21 $ — Foreign currency contracts — — — — 5 — 5 — Total price risk management liabilities $ 34 $ — $ 34 $ — $ 26 $ — $ 26 $ — PPL Electric Assets Cash and cash equivalents $ 33 $ 33 $ — $ — $ 262 $ 262 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 35 $ 35 $ — $ — $ 264 $ 264 $ — $ — LKE Assets Cash and cash equivalents $ 47 $ 47 $ — $ — $ 27 $ 27 $ — $ — Cash collateral posted to counterparties (d) 1 1 — — — — — — Total assets $ 48 $ 48 $ — $ — $ 27 $ 27 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 29 $ — $ 29 $ — $ 21 $ — $ 21 $ — Total price risk management liabilities $ 29 $ — $ 29 $ — $ 21 $ — $ 21 $ — LG&E Assets Cash and cash equivalents $ 7 $ 7 $ — $ — $ 15 $ 15 $ — $ — Cash collateral posted to counterparties (d) 1 1 — — — — — — Total assets $ 8 $ 8 $ — $ — $ 15 $ 15 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 29 $ — $ 29 $ — $ 21 $ — $ 21 $ — Total price risk management liabilities $ 29 $ — $ 29 $ — $ 21 $ — $ 21 $ — KU Assets Cash and cash equivalents $ 40 $ 40 $ — $ — $ 12 $ 12 $ — $ — Total assets $ 40 $ 40 $ — $ — $ 12 $ 12 $ — $ — (a) Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. (b) In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (c) Current portion is included in "Price risk management assets" and "Other current liabilities" and noncurrent portion is included in "Price risk management assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. (d) Included in "Other noncurrent assets" on the Balance Sheets. Represents cash collateral posted to offset the exposure with counterparties related to certain interest rate swaps under master netting arrangements that are not offset. |
Fair Value, by Balance Sheet Grouping | The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. March 31, 2020 December 31, 2019 Carrying Fair Value Carrying Fair Value PPL $ 21,840 $ 25,175 $ 21,893 $ 25,481 PPL Electric 3,986 4,500 3,985 4,589 LKE 6,003 6,774 6,002 6,766 LG&E 2,005 2,254 2,005 2,278 KU 2,624 2,978 2,623 3,003 (a) Amounts are net of debt issuance costs. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. March 31, 2020 December 31, 2019 Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) $ — $ 5 $ — $ 4 $ — $ — $ — $ 4 Cross-currency swaps (b) 6 — — — 5 — — — Foreign currency contracts — — 187 — — — 142 5 Total current 6 5 187 4 5 — 142 9 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 25 — — — 17 Cross-currency swaps (b) 163 — — — 149 — — — Foreign currency contracts — — 3 — — — — — Total noncurrent 163 — 3 25 149 — — 17 Total derivatives $ 169 $ 5 $ 190 $ 29 $ 154 $ — $ 142 $ 26 (a) Current portion is included in "Price risk management assets" and "Other current liabilities" and noncurrent portion is included in "Price risk management assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets. (b) Excludes accrued interest, if applicable. |
Derivative Instruments, Gain (Loss) | The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended March 31, 2020 . Three Months Three Months Derivative Derivative Gain Location of Gain (Loss) Cash Flow Hedges: Interest rate swaps $ (5 ) Interest expense $ (3 ) Cross-currency swaps 15 Other income (expense) - net 6 Total $ 10 $ 3 Net Investment Hedges: Foreign currency contracts $ — Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Three Months Foreign currency contracts Other income (expense) - net $ 62 Interest rate swaps Interest expense (1 ) Total $ 61 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (8 ) The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the period ended March 31, 2019 . Three Months Three Months Derivative Derivative Gain Location of Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — Interest expense $ (2 ) Cross-currency swaps (23 ) Other income (expense) - net (28 ) Total $ (23 ) $ (30 ) Net Investment Hedges: Foreign currency contracts $ — Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Three Months Foreign currency contracts Other income (expense) - net $ (33 ) Interest rate swaps Interest expense (1 ) Total $ (34 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (1 ) The following table presents the effect of cash flow hedge activity on the Statement of Income for the period ended March 31, 2020 . Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Interest Expense Other Income (Expense) - net Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded $ 248 $ 125 The effects of cash flow hedges: Gain (Loss) on cash flow hedging relationships: Interest rate swaps: Amount of gain (loss) reclassified from AOCI to income (3 ) — Cross-currency swaps: Hedged items — (6 ) Amount of gain (loss) reclassified from AOCI to income — 6 |
Derivative Positions Eligible for Offset with Related Cash Collateral | The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net March 31, 2020 Treasury Derivatives PPL $ 359 $ — $ 29 $ 330 $ 34 $ — $ 1 $ 33 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2019 Treasury Derivatives PPL $ 296 $ 5 $ 14 $ 277 $ 26 $ 5 $ — $ 21 LKE — — — — 21 — — 21 LG&E — — — — 21 — — 21 |
Credit Risk-Related Contingent Features | At March 31, 2020 , derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the related effect of a decrease in credit ratings below investment grade are summarized as follows: PPL LKE LG&E Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features $ 6 $ 2 $ 2 Aggregate fair value of collateral posted on these derivative instruments — — — Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 6 2 2 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
LG And E And KU Energy LLC [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. March 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 4 $ — $ 4 Total current — 4 — 4 March 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 25 — 17 Total noncurrent — 25 — 17 Total derivatives $ — $ 29 $ — $ 21 |
Derivative Instruments, Gain (Loss) | The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended March 31, 2020 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Interest rate swaps Interest expense $ (1 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (8 ) The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended March 31, 2019 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Interest rate swaps Interest expense $ (1 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (1 ) |
Derivative Positions Eligible for Offset with Related Cash Collateral | The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net March 31, 2020 Treasury Derivatives PPL $ 359 $ — $ 29 $ 330 $ 34 $ — $ 1 $ 33 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2019 Treasury Derivatives PPL $ 296 $ 5 $ 14 $ 277 $ 26 $ 5 $ — $ 21 LKE — — — — 21 — — 21 LG&E — — — — 21 — — 21 |
Credit Risk-Related Contingent Features | At March 31, 2020 , derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the related effect of a decrease in credit ratings below investment grade are summarized as follows: PPL LKE LG&E Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features $ 6 $ 2 $ 2 Aggregate fair value of collateral posted on these derivative instruments — — — Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 6 2 2 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Louisville Gas And Electric Co [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. March 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 4 $ — $ 4 Total current — 4 — 4 March 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 25 — 17 Total noncurrent — 25 — 17 Total derivatives $ — $ 29 $ — $ 21 |
Derivative Instruments, Gain (Loss) | The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended March 31, 2020 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Interest rate swaps Interest expense $ (1 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (8 ) The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the period ended March 31, 2019 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Interest rate swaps Interest expense $ (1 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Interest rate swaps Regulatory assets - noncurrent $ (1 ) |
Derivative Positions Eligible for Offset with Related Cash Collateral | The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net March 31, 2020 Treasury Derivatives PPL $ 359 $ — $ 29 $ 330 $ 34 $ — $ 1 $ 33 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2019 Treasury Derivatives PPL $ 296 $ 5 $ 14 $ 277 $ 26 $ 5 $ — $ 21 LKE — — — — 21 — — 21 LG&E — — — — 21 — — 21 |
Credit Risk-Related Contingent Features | At March 31, 2020 , derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the related effect of a decrease in credit ratings below investment grade are summarized as follows: PPL LKE LG&E Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features $ 6 $ 2 $ 2 Aggregate fair value of collateral posted on these derivative instruments — — — Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 6 2 2 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2019 $ 282 $ 215 $ 73 $ 142 Accretion 4 4 1 3 Changes in estimated timing or cost 18 18 — 18 Obligations settled (20 ) (20 ) (7 ) (13 ) Balance at March 31, 2020 $ 284 $ 217 $ 67 $ 150 |
LG And E And KU Energy LLC [Member] | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2019 $ 282 $ 215 $ 73 $ 142 Accretion 4 4 1 3 Changes in estimated timing or cost 18 18 — 18 Obligations settled (20 ) (20 ) (7 ) (13 ) Balance at March 31, 2020 $ 284 $ 217 $ 67 $ 150 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2019 $ 282 $ 215 $ 73 $ 142 Accretion 4 4 1 3 Changes in estimated timing or cost 18 18 — 18 Obligations settled (20 ) (20 ) (7 ) (13 ) Balance at March 31, 2020 $ 284 $ 217 $ 67 $ 150 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligation Roll Forward | The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2019 $ 282 $ 215 $ 73 $ 142 Accretion 4 4 1 3 Changes in estimated timing or cost 18 18 — 18 Obligations settled (20 ) (20 ) (7 ) (13 ) Balance at March 31, 2020 $ 284 $ 217 $ 67 $ 150 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The after-tax changes in AOCI by component for the periods ended March 31 were as follows. Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Prior service costs Actuarial gain (loss) Total PPL December 31, 2019 $ (1,425 ) $ (5 ) $ (18 ) $ (2,910 ) $ (4,358 ) Amounts arising during the period (61 ) 8 — — (53 ) Reclassifications from AOCI — (3 ) 1 47 45 Net OCI during the period (61 ) 5 1 47 (8 ) March 31, 2020 $ (1,486 ) $ — $ (17 ) $ (2,863 ) $ (4,366 ) December 31, 2018 $ (1,533 ) $ (7 ) $ (19 ) $ (2,405 ) $ (3,964 ) Amounts arising during the period 294 (19 ) — (3 ) 272 Reclassifications from AOCI — 24 — 21 45 Net OCI during the period 294 5 — 18 317 March 31, 2019 $ (1,239 ) $ (2 ) $ (19 ) $ (2,387 ) $ (3,647 ) |
Reclassification out of Other Comprehensive Income (Loss) | The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended March 31 . Three Months Affected Line Item on the Details about AOCI 2020 2019 Statements of Income Qualifying derivatives Interest rate swaps $ (3 ) $ (2 ) Interest Expense Cross-currency swaps 6 (28 ) Other Income (Expense) - net Total Pre-tax 3 (30 ) Income Taxes — 6 Total After-tax 3 (24 ) Defined benefit plans Prior service costs (a) (1 ) — Net actuarial loss (a) (59 ) (26 ) Total Pre-tax (60 ) (26 ) Income Taxes 12 5 Total After-tax (48 ) (21 ) Total reclassifications during the period $ (45 ) $ (45 ) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 9 for additional information. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | $ 3,178 | $ 3,198 | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 915 | 815 | ||
Restricted Cash, Current | 3 | 3 | ||
Restricted Cash, Noncurrent | 18 | 18 | ||
Cash, Cash Equivalents and Restricted Cash | 936 | 836 | $ 540 | $ 643 |
U.K. Regulated [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | 2,500 | 2,500 | ||
Accounts Receivable - Customer and Unbilled Revenue [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance | 34 | 30 | ||
Charged to Income | 9 | |||
Deductions | 5 | |||
Other [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance | 26 | 27 | ||
Charged to Income | 0 | |||
Deductions | 1 | |||
PPL Electric Utilities Corp [Member] | ||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 33 | 262 | ||
Restricted Cash, Current | 2 | 2 | ||
Restricted Cash, Noncurrent | 0 | 0 | ||
Cash, Cash Equivalents and Restricted Cash | 35 | 264 | 25 | 269 |
PPL Electric Utilities Corp [Member] | Accounts Receivable - Customer and Unbilled Revenue [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance | 28 | 25 | ||
Charged to Income | 5 | |||
Deductions | 2 | |||
PPL Electric Utilities Corp [Member] | Other [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance | 1 | 1 | ||
Charged to Income | 0 | |||
Deductions | 0 | |||
LG And E And KU Energy LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | 996 | 996 | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 47 | 27 | 22 | 24 |
LG And E And KU Energy LLC [Member] | Accounts Receivable - Customer and Unbilled Revenue [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance | 2 | 2 | ||
Charged to Income | 2 | |||
Deductions | 2 | |||
LG And E And KU Energy LLC [Member] | Other [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance | 25 | 26 | ||
Charged to Income | 0 | |||
Deductions | 1 | |||
Louisville Gas And Electric Co [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | 389 | 389 | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 7 | 15 | 9 | 10 |
Louisville Gas And Electric Co [Member] | Accounts Receivable - Customer and Unbilled Revenue [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance | 1 | 1 | ||
Charged to Income | 1 | |||
Deductions | 1 | |||
Kentucky Utilities Co [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | 607 | 607 | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | ||||
Cash and cash equivalents | 40 | 12 | $ 13 | $ 14 |
Kentucky Utilities Co [Member] | Accounts Receivable - Customer and Unbilled Revenue [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance | 1 | $ 1 | ||
Charged to Income | 1 | |||
Deductions | $ 1 |
Segment and Related Informati_3
Segment and Related Information (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020USD ($)Integer | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | ||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | $ 2,054 | $ 2,079 | ||
Net Income | 554 | 466 | ||
Balance Sheet Data [Abstract] | ||||
Assets | 46,328 | $ 45,680 | ||
Segment (Numeric) [Abstract] | ||||
Goodwill | 3,178 | 3,198 | ||
U.K. Regulated [Member] | ||||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | 614 | 583 | ||
Net Income | 340 | 264 | ||
Balance Sheet Data [Abstract] | ||||
Assets | 17,918 | 17,622 | ||
Segment (Numeric) [Abstract] | ||||
Net property, plant and equipment not subject to accounting for the effects of certain types of regulation | 13,300 | 13,200 | ||
Goodwill | 2,500 | 2,500 | ||
Kentucky Regulated [Member] | ||||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | 825 | 845 | ||
Net Income | 127 | 117 | ||
Balance Sheet Data [Abstract] | ||||
Assets | 15,608 | 15,597 | ||
Pennsylvania Regulated [Member] | ||||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | 608 | 645 | ||
Net Income | 118 | 121 | ||
Balance Sheet Data [Abstract] | ||||
Assets | 11,898 | 11,918 | ||
Corporate and Other [Member] | ||||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | 7 | 6 | ||
Net Income | (31) | (36) | ||
Balance Sheet Data [Abstract] | ||||
Assets | 904 | 543 | ||
PPL Electric Utilities Corp [Member] | ||||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | 608 | 645 | ||
Net Income | [1] | 118 | 121 | |
Balance Sheet Data [Abstract] | ||||
Assets | $ 11,882 | 11,901 | ||
Segment (Numeric) [Abstract] | ||||
Number of Reportable Segments | Integer | 1 | |||
Number of Operating Segments | Integer | 2 | |||
LG And E And KU Energy LLC [Member] | ||||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | $ 825 | 845 | ||
Net Income | [2] | 135 | 124 | |
Balance Sheet Data [Abstract] | ||||
Assets | 15,942 | 15,931 | ||
Segment (Numeric) [Abstract] | ||||
Goodwill | $ 996 | 996 | ||
Number of Reportable Segments | Integer | 1 | |||
Number of Operating Segments | Integer | 1 | |||
Louisville Gas And Electric Co [Member] | ||||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | $ 407 | 410 | ||
Net Income | [3] | 73 | 64 | |
Balance Sheet Data [Abstract] | ||||
Assets | 7,125 | 7,133 | ||
Segment (Numeric) [Abstract] | ||||
Goodwill | $ 389 | 389 | ||
Number of Reportable Segments | Integer | 1 | |||
Number of Operating Segments | Integer | 1 | |||
Kentucky Utilities Co [Member] | ||||
Income Statement Data [Abstract] | ||||
Operating Revenues from external customers | $ 432 | 450 | ||
Net Income | [4] | 80 | $ 81 | |
Balance Sheet Data [Abstract] | ||||
Assets | 8,907 | 8,825 | ||
Segment (Numeric) [Abstract] | ||||
Goodwill | $ 607 | $ 607 | ||
Number of Reportable Segments | Integer | 1 | |||
Number of Operating Segments | Integer | 1 | |||
[1] | Net income equals comprehensive income. | |||
[2] | Net income approximates comprehensive income. | |||
[3] | Net income equals comprehensive income. | |||
[4] | Net income equals comprehensive income. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | $ 2,054 | $ 2,079 | |||
Alternative Revenue Programs | (3) | (6) | |||
Other Revenue | (10) | (10) | |||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 2,041 | 2,063 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 8 | 9 | |||
Contract with Customer, Liability | 42 | 37 | $ 44 | $ 42 | |
Contract with Customer, Liability, Revenue Recognized | 23 | 25 | |||
Licensed energy suppliers [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 583 | 556 | |||
Residential [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 714 | 778 | |||
Commercial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 312 | 319 | |||
Industrial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 144 | 150 | |||
Other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 116 | 114 | |||
Wholesale - municipal [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 5 | 28 | |||
Wholesale - other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 8 | 13 | |||
Transmission [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 159 | 105 | |||
Pennsylvania Regulated [Member] | |||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | 608 | 645 | |||
United Kingdom Regulated [Member] | |||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | 614 | 583 | |||
Kentucky Regulated [Member] | |||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | 825 | 845 | |||
Corporate and Other [Member] | |||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | 7 | 6 | |||
Corporate and Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-31 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenue, Remaining Performance Obligation, Amount | 32 | ||||
Corporate and Other [Member] | Forecast [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-31 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenue, Remaining Performance Obligation, Amount | $ 28 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months | ||||
PPL Electric Utilities Corp [Member] | |||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | 608 | 645 | |||
Alternative Revenue Programs | 0 | (4) | |||
Other Revenue | (2) | (3) | |||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 606 | 638 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 4 | 6 | |||
Contract with Customer, Liability | 15 | 14 | 21 | 23 | |
Contract with Customer, Liability, Revenue Recognized | 8 | 11 | |||
PPL Electric Utilities Corp [Member] | Licensed energy suppliers [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
PPL Electric Utilities Corp [Member] | Residential [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 344 | 407 | |||
PPL Electric Utilities Corp [Member] | Commercial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 81 | 95 | |||
PPL Electric Utilities Corp [Member] | Industrial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 8 | 17 | |||
PPL Electric Utilities Corp [Member] | Other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 14 | 14 | |||
PPL Electric Utilities Corp [Member] | Wholesale - municipal [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
PPL Electric Utilities Corp [Member] | Wholesale - other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
PPL Electric Utilities Corp [Member] | Distribution [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 447 | 533 | |||
PPL Electric Utilities Corp [Member] | Transmission [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 159 | 105 | |||
LG And E And KU Energy LLC [Member] | |||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | 825 | 845 | |||
Alternative Revenue Programs | (3) | (2) | |||
Other Revenue | (6) | (4) | |||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 816 | 839 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 2 | 2 | |||
Contract with Customer, Liability | 14 | 7 | 9 | 9 | |
Contract with Customer, Liability, Revenue Recognized | 9 | 9 | |||
LG And E And KU Energy LLC [Member] | Licensed energy suppliers [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Residential [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 370 | 371 | |||
LG And E And KU Energy LLC [Member] | Commercial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 231 | 224 | |||
LG And E And KU Energy LLC [Member] | Industrial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 136 | 133 | |||
LG And E And KU Energy LLC [Member] | Other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 66 | 70 | |||
LG And E And KU Energy LLC [Member] | Wholesale - municipal [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 5 | 28 | |||
LG And E And KU Energy LLC [Member] | Wholesale - other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 8 | 13 | |||
LG And E And KU Energy LLC [Member] | Transmission [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | |||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | 407 | 410 | |||
Alternative Revenue Programs | (3) | (2) | |||
Other Revenue | (3) | (1) | |||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 401 | 407 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 1 | 1 | |||
Contract with Customer, Liability | 10 | 4 | 5 | 5 | |
Contract with Customer, Liability, Revenue Recognized | 5 | 5 | |||
Louisville Gas And Electric Co [Member] | Licensed energy suppliers [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Residential [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 187 | 189 | |||
Louisville Gas And Electric Co [Member] | Commercial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 124 | 121 | |||
Louisville Gas And Electric Co [Member] | Industrial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 45 | 44 | |||
Louisville Gas And Electric Co [Member] | Other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 28 | 33 | |||
Louisville Gas And Electric Co [Member] | Wholesale - municipal [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Wholesale - other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 17 | 20 | |||
Louisville Gas And Electric Co [Member] | Transmission [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
Kentucky Utilities Co [Member] | |||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||
Operating Revenues | 432 | 450 | |||
Alternative Revenue Programs | 0 | 0 | |||
Other Revenue | (3) | (3) | |||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 429 | 447 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 1 | 1 | |||
Contract with Customer, Liability | 4 | 3 | $ 4 | $ 4 | |
Contract with Customer, Liability, Revenue Recognized | 4 | 4 | |||
Kentucky Utilities Co [Member] | Licensed energy suppliers [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 0 | 0 | |||
Kentucky Utilities Co [Member] | Residential [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 183 | 182 | |||
Kentucky Utilities Co [Member] | Commercial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 107 | 103 | |||
Kentucky Utilities Co [Member] | Industrial [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 91 | 89 | |||
Kentucky Utilities Co [Member] | Other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 38 | 37 | |||
Kentucky Utilities Co [Member] | Wholesale - municipal [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 5 | 28 | |||
Kentucky Utilities Co [Member] | Wholesale - other [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | 5 | 8 | |||
Kentucky Utilities Co [Member] | Transmission [Member] | |||||
Disaggregation of Revenue [Abstract] | |||||
Revenues from Contracts with Customers | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income (Numerator) [Abstract] | ||
Net Income | $ 554 | $ 466 |
Less amounts allocated to participating securities | 1 | 0 |
Net income available to PPL common shareowners - Basic | 553 | 466 |
Net income available to PPL common shareowners - Diluted | $ 553 | $ 466 |
Shares of Common Stock (Denominator) [Abstract] | ||
Weighted-average shares - Basic EPS (in shares) | 767,948 | 721,023 |
Add incremental non-participating securities: [Abstract] | ||
Share-based payment awards (in shares) | 790 | 1,023 |
Forward sale agreements | 0 | 7,907 |
Weighted-average shares - Diluted EPS (in shares) | 768,738 | 729,953 |
Basic EPS - Available to PPL common shareowners: [Abstract] | ||
Net Income Available to PPL common shareowners (in dollars per share) | $ 0.72 | $ 0.65 |
Diluted EPS - Available to PPL common shareowners: [Abstract] | ||
Net Income Available to PPL common shareowners (in dollars per share) | $ 0.72 | $ 0.64 |
Shares Issued (Numeric) [Abstract] | ||
Common stock issued under stock-based compensation plans (in shares) | 598 | 590 |
Common stock issued under DRIP (in shares) | 434 | 458 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computations of diluted EPS | 250 | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reconciliation of Income Tax Expense [Abstract] | ||
Federal income tax on Income Before Income Taxes at statutory tax rate | $ 146 | $ 124 |
Increase (decrease) due to: [Abstract] | ||
State income taxes, net of federal income tax benefit | 13 | 13 |
Valuation allowance adjustments | 6 | 7 |
Impact of lower U.K. income tax rates relative to U.S. income tax rates | (11) | (8) |
Amortization of excess deferred income taxes | (11) | (11) |
Other | (3) | 1 |
Total increase (decrease) | (6) | 2 |
Total income tax expense (benefit) | 140 | 126 |
PPL Electric Utilities Corp [Member] | ||
Reconciliation of Income Tax Expense [Abstract] | ||
Federal income tax on Income Before Income Taxes at statutory tax rate | 33 | 34 |
Increase (decrease) due to: [Abstract] | ||
State income taxes, net of federal income tax benefit | 13 | 13 |
Amortization of excess deferred income taxes | (3) | (4) |
Other | (2) | (1) |
Total increase (decrease) | 8 | 8 |
Total income tax expense (benefit) | 41 | 42 |
LG And E And KU Energy LLC [Member] | ||
Reconciliation of Income Tax Expense [Abstract] | ||
Federal income tax on Income Before Income Taxes at statutory tax rate | 35 | 33 |
Increase (decrease) due to: [Abstract] | ||
State income taxes, net of federal income tax benefit | 7 | 6 |
Amortization of excess deferred income taxes | (7) | (6) |
Other | (1) | (1) |
Total increase (decrease) | (1) | (1) |
Total income tax expense (benefit) | 34 | 32 |
Louisville Gas And Electric Co [Member] | ||
Reconciliation of Income Tax Expense [Abstract] | ||
Federal income tax on Income Before Income Taxes at statutory tax rate | 19 | 17 |
Increase (decrease) due to: [Abstract] | ||
State income taxes, net of federal income tax benefit | 4 | 3 |
Amortization of excess deferred income taxes | (3) | (3) |
Other | (1) | 0 |
Total increase (decrease) | 0 | 0 |
Total income tax expense (benefit) | 19 | 17 |
Kentucky Utilities Co [Member] | ||
Reconciliation of Income Tax Expense [Abstract] | ||
Federal income tax on Income Before Income Taxes at statutory tax rate | 21 | 22 |
Increase (decrease) due to: [Abstract] | ||
State income taxes, net of federal income tax benefit | 4 | 4 |
Amortization of excess deferred income taxes | (4) | (3) |
Other | (1) | (1) |
Total increase (decrease) | (1) | 0 |
Total income tax expense (benefit) | $ 20 | $ 22 |
Utility Rate Regulation - Regul
Utility Rate Regulation - Regulatory Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 75 | $ 67 |
Noncurrent regulatory assets | 1,477 | 1,492 |
Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 44 | 32 |
Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 8 |
Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 15 | 13 |
Transmission Formula Rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Transmission Service Charge [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 10 |
Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 788 | 800 |
Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 34 | 39 |
Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 37 | 41 |
Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 29 | 22 |
Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 80 | 81 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 222 | 220 |
Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 282 | 279 |
Act 129 Compliance Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 6 |
Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 4 |
Noncurrent regulatory assets | 5 | 4 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 23 | 26 |
Noncurrent regulatory assets | 710 | 726 |
PPL Electric Utilities Corp [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 15 | 13 |
PPL Electric Utilities Corp [Member] | Transmission Formula Rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 3 |
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 10 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 460 | 467 |
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 12 | 15 |
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 15 | 18 |
PPL Electric Utilities Corp [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 222 | 220 |
PPL Electric Utilities Corp [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 6 |
PPL Electric Utilities Corp [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Noncurrent regulatory assets | 1 | 0 |
LG And E And KU Energy LLC [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 52 | 41 |
Noncurrent regulatory assets | 767 | 766 |
LG And E And KU Energy LLC [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 44 | 32 |
LG And E And KU Energy LLC [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 8 |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 328 | 333 |
LG And E And KU Energy LLC [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 22 | 24 |
LG And E And KU Energy LLC [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 22 | 23 |
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 29 | 22 |
LG And E And KU Energy LLC [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 80 | 81 |
LG And E And KU Energy LLC [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 282 | 279 |
LG And E And KU Energy LLC [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 1 |
Noncurrent regulatory assets | 4 | 4 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 26 | 25 |
Noncurrent regulatory assets | 383 | 380 |
Louisville Gas And Electric Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 18 | 16 |
Louisville Gas And Electric Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 8 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 202 | 206 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 14 | 14 |
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 13 | 14 |
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 29 | 22 |
Louisville Gas And Electric Co [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 47 | 47 |
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 77 | 76 |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 1 |
Noncurrent regulatory assets | 1 | 1 |
Kentucky Utilities Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 26 | 16 |
Noncurrent regulatory assets | 384 | 386 |
Kentucky Utilities Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 26 | 16 |
Kentucky Utilities Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 126 | 127 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 8 | 10 |
Kentucky Utilities Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 9 | 9 |
Kentucky Utilities Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 33 | 34 |
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 205 | 203 |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Noncurrent regulatory assets | $ 3 | $ 3 |
Utility Rate Regulation - Reg_2
Utility Rate Regulation - Regulatory Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 99 | $ 115 |
Noncurrent regulatory liabilities | 2,557 | 2,572 |
Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 24 | 23 |
Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 5 |
Universal Service Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 5 | 9 |
Fuel adjustment clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 8 |
TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 46 | 61 |
Storm Damage Expense Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 8 | 5 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 640 | 640 |
Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 49 | 51 |
Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 1,739 | 1,756 |
Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 53 | 51 |
Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 68 | 68 |
Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 4 |
Noncurrent regulatory liabilities | 8 | 6 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 83 | 96 |
Noncurrent regulatory liabilities | 595 | 599 |
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 24 | 23 |
PPL Electric Utilities Corp [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 5 | 9 |
PPL Electric Utilities Corp [Member] | Fuel adjustment clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 46 | 59 |
PPL Electric Utilities Corp [Member] | Storm Damage Expense Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 8 | 5 |
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 580 | 588 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 13 | 11 |
PPL Electric Utilities Corp [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 2 | 0 |
PPL Electric Utilities Corp [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Noncurrent regulatory liabilities | 0 | 0 |
LG And E And KU Energy LLC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 16 | 19 |
Noncurrent regulatory liabilities | 1,962 | 1,973 |
LG And E And KU Energy LLC [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 5 |
LG And E And KU Energy LLC [Member] | Demand Side Management [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 2 | 3 |
LG And E And KU Energy LLC [Member] | Fuel adjustment clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 8 |
LG And E And KU Energy LLC [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 640 | 640 |
LG And E And KU Energy LLC [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 49 | 51 |
LG And E And KU Energy LLC [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 1,159 | 1,168 |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 40 | 40 |
LG And E And KU Energy LLC [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 68 | 68 |
LG And E And KU Energy LLC [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 3 |
Noncurrent regulatory liabilities | 6 | 6 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 1 | 2 |
Noncurrent regulatory liabilities | 879 | 883 |
Louisville Gas And Electric Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 1 |
Louisville Gas And Electric Co [Member] | Demand Side Management [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 1 | 1 |
Louisville Gas And Electric Co [Member] | Fuel adjustment clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 267 | 266 |
Louisville Gas And Electric Co [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 34 | 35 |
Louisville Gas And Electric Co [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 540 | 544 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 34 | 34 |
Louisville Gas And Electric Co [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
Noncurrent regulatory liabilities | 4 | 4 |
Kentucky Utilities Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 15 | 17 |
Noncurrent regulatory liabilities | 1,083 | 1,090 |
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 4 |
Kentucky Utilities Co [Member] | Demand Side Management [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 1 | 2 |
Kentucky Utilities Co [Member] | Fuel adjustment clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 8 |
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 373 | 374 |
Kentucky Utilities Co [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 15 | 16 |
Kentucky Utilities Co [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 619 | 624 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 40 | 40 |
Kentucky Utilities Co [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 34 | 34 |
Kentucky Utilities Co [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 3 |
Noncurrent regulatory liabilities | $ 2 | $ 2 |
Utility Rate Regulation - Reg_3
Utility Rate Regulation - Regulatory Matters (Details) - Kentucky Public Service Commission [Member] - Environmental Cost Recovery [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
LKE [Member] | |
Regulatory Matters [Line Items] | |
Public Utilities Expected Capital Costs To Comply | $ 405 |
LGE [Member] | |
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |
Public Utilities, Requested Return on Equity, Percentage | 9.725% |
KU [Member] | |
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |
Public Utilities, Requested Return on Equity, Percentage | 9.725% |
LG And E And KU Energy LLC [Member] | |
Regulatory Matters [Line Items] | |
Public Utilities Expected Capital Costs To Comply | $ 405 |
LG And E And KU Energy LLC [Member] | LGE [Member] | |
Regulatory Matters [Line Items] | |
Public Utilities Expected Capital Costs To Comply | $ 153 |
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |
Public Utilities, Requested Return on Equity, Percentage | 9.725% |
LG And E And KU Energy LLC [Member] | KU [Member] | |
Regulatory Matters [Line Items] | |
Public Utilities Expected Capital Costs To Comply | $ 252 |
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |
Public Utilities, Requested Return on Equity, Percentage | 9.725% |
Louisville Gas And Electric Co [Member] | |
Regulatory Matters [Line Items] | |
Public Utilities Expected Capital Costs To Comply | $ 153 |
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |
Public Utilities, Requested Return on Equity, Percentage | 9.725% |
Kentucky Utilities Co [Member] | |
Regulatory Matters [Line Items] | |
Public Utilities Expected Capital Costs To Comply | $ 252 |
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |
Public Utilities, Requested Return on Equity, Percentage | 9.725% |
Utility Rate Regulation - Other
Utility Rate Regulation - Other (Details) - Unaffiliated Third Party Entity [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
PPL Electric [Member] | ||
Purchases Of Accounts Receivable [Line Items] | ||
Purchases of Accounts Receivable | $ 311 | $ 348 |
PPL Electric Utilities Corp [Member] | ||
Purchases Of Accounts Receivable [Line Items] | ||
Purchases of Accounts Receivable | $ 311 | $ 0 |
Financing Activities - Credit A
Financing Activities - Credit Arrangements (Details) £ in Millions, $ in Millions | Apr. 01, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) |
UNITED KINGDOM | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | £ | £ 1,155 | ||||
Borrowed | £ | 210 | £ 243 | |||
Letters of Credit and Commercial Paper Issued | £ | 4 | 4 | |||
Unused Capacity | $ 1,200 | 943 | |||
UNITED KINGDOM | Uncommitted Credit Facilities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | £ | 100 | ||||
Borrowed | £ | 0 | 0 | |||
Letters of Credit and Commercial Paper Issued | £ | 4 | 4 | |||
Unused Capacity | £ | 96 | ||||
WPD PLC [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | £ | 210 | ||||
Borrowed | $ 200 | 156 | $ 200 | 155 | |
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | |||
Unused Capacity | £ | £ 56 | ||||
Interest rate on outstanding borrowing | 2.43% | 2.43% | 2.52% | 2.52% | |
Borrowed | £ | £ 154 | ||||
WPD South West [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | £ | 245 | ||||
Borrowed | 0 | $ 51 | £ 40 | ||
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | |||
Unused Capacity | £ | 245 | ||||
Interest rate on outstanding borrowing | 1.09% | 1.09% | |||
WPD East Midlands [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | £ | 300 | ||||
Borrowed | £ | 0 | £ 0 | |||
Letters of Credit and Commercial Paper Issued | £ | 0 | 0 | |||
Unused Capacity | £ | 300 | ||||
WPD West Midlands [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | £ | 300 | ||||
Borrowed | $ 69 | 54 | $ 62 | 48 | |
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | |||
Unused Capacity | £ | £ 246 | ||||
Interest rate on outstanding borrowing | 1.11% | 1.11% | 1.11% | 1.11% | |
PPL Capital Funding [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 1,750 | ||||
Borrowed | 859 | $ 0 | |||
Letters of Credit and Commercial Paper Issued | 195 | 465 | |||
Unused Capacity | $ 696 | ||||
Interest rate on outstanding borrowing | 1.97% | 1.97% | |||
PPL Capital Funding [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 1,450 | ||||
Borrowed | 575 | 0 | |||
Letters of Credit and Commercial Paper Issued | 180 | 450 | |||
Unused Capacity | 695 | ||||
PPL Capital Funding [Member] | Term Loan Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | 200 | ||||
Borrowed | 200 | 0 | |||
Letters of Credit and Commercial Paper Issued | 0 | 0 | |||
Unused Capacity | $ 0 | ||||
Interest rate on outstanding borrowing | 1.96% | 1.96% | |||
PPL Capital Funding [Member] | Term Loan Facility [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 100 | ||||
Borrowed | $ 100 | ||||
Interest rate on outstanding borrowing | 1.73% | ||||
PPL Capital Funding [Member] | Bilateral Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 50 | ||||
Borrowed | 50 | 0 | |||
Letters of Credit and Commercial Paper Issued | 0 | 0 | |||
Unused Capacity | 0 | ||||
PPL Capital Funding [Member] | Bilateral Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | 50 | ||||
Borrowed | 34 | 0 | |||
Letters of Credit and Commercial Paper Issued | 15 | 15 | |||
Unused Capacity | $ 1 | ||||
PPL Electric [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate on outstanding borrowing | 1.96% | 1.96% | |||
PPL Electric [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 650 | ||||
Borrowed | 85 | 0 | |||
Letters of Credit and Commercial Paper Issued | 1 | 1 | |||
Unused Capacity | 564 | ||||
LGE [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | 500 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 59 | 238 | |||
Unused Capacity | $ 341 | ||||
Interest rate on outstanding borrowing | 1.81% | 1.81% | |||
LGE [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 500 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 59 | 238 | |||
Unused Capacity | 341 | ||||
KU [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | 400 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 44 | 150 | |||
Unused Capacity | $ 256 | ||||
Interest rate on outstanding borrowing | 1.81% | 1.81% | |||
KU [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 400 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 44 | 150 | |||
Unused Capacity | $ 256 | ||||
PPL Electric Utilities Corp [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate on outstanding borrowing | 1.96% | 1.96% | |||
PPL Electric Utilities Corp [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 650 | ||||
Borrowed | 85 | 0 | |||
Letters of Credit and Commercial Paper Issued | 1 | 1 | |||
Unused Capacity | 564 | ||||
LG And E And KU Energy LLC [Member] | LGE [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | 500 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 59 | 238 | |||
Unused Capacity | $ 341 | ||||
Interest rate on outstanding borrowing | 1.81% | 1.81% | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 500 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 59 | 238 | |||
Unused Capacity | 341 | ||||
LG And E And KU Energy LLC [Member] | KU [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | 400 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 44 | 150 | |||
Unused Capacity | $ 256 | ||||
Interest rate on outstanding borrowing | 1.81% | 1.81% | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 400 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 44 | 150 | |||
Unused Capacity | 256 | ||||
Louisville Gas And Electric Co [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | 500 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 59 | 238 | |||
Unused Capacity | $ 341 | ||||
Interest rate on outstanding borrowing | 1.81% | 1.81% | |||
Louisville Gas And Electric Co [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 500 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 59 | 238 | |||
Unused Capacity | 341 | ||||
Kentucky Utilities Co [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | 400 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 44 | 150 | |||
Unused Capacity | $ 256 | ||||
Interest rate on outstanding borrowing | 1.81% | 1.81% | |||
Kentucky Utilities Co [Member] | Syndicated Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Capacity | $ 400 | ||||
Borrowed | 100 | 0 | |||
Letters of Credit and Commercial Paper Issued | 44 | $ 150 | |||
Unused Capacity | $ 256 |
Financing Activities - Short-te
Financing Activities - Short-term Debt (Details) - Commercial Paper [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Capacity | $ 2,850 | |
Commercial Paper Issuances | 283 | $ 838 |
Unused Capacity | $ 2,567 | |
PPL Capital Funding [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.91% | 2.13% |
Capacity | $ 1,500 | |
Commercial Paper Issuances | 180 | $ 450 |
Unused Capacity | 1,320 | |
PPL Electric [Member] | ||
Short-term Debt [Line Items] | ||
Capacity | 650 | |
Commercial Paper Issuances | 0 | $ 0 |
Unused Capacity | $ 650 | |
LGE [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.71% | 2.07% |
Capacity | $ 350 | |
Commercial Paper Issuances | 59 | $ 238 |
Unused Capacity | $ 291 | |
KU [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.65% | 2.02% |
Capacity | $ 350 | |
Commercial Paper Issuances | 44 | $ 150 |
Unused Capacity | 306 | |
PPL Electric Utilities Corp [Member] | ||
Short-term Debt [Line Items] | ||
Capacity | 650 | |
Commercial Paper Issuances | 0 | $ 0 |
Unused Capacity | $ 650 | |
LG And E And KU Energy LLC [Member] | LGE [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.71% | 2.07% |
Capacity | $ 350 | |
Commercial Paper Issuances | 59 | $ 238 |
Unused Capacity | $ 291 | |
LG And E And KU Energy LLC [Member] | KU [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.65% | 2.02% |
Capacity | $ 350 | |
Commercial Paper Issuances | 44 | $ 150 |
Unused Capacity | $ 306 | |
Louisville Gas And Electric Co [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.71% | 2.07% |
Capacity | $ 350 | |
Commercial Paper Issuances | 59 | $ 238 |
Unused Capacity | $ 291 | |
Kentucky Utilities Co [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.65% | 2.02% |
Capacity | $ 350 | |
Commercial Paper Issuances | 44 | $ 150 |
Unused Capacity | $ 306 |
Financing Activities - Long-ter
Financing Activities - Long-term Debt (Details) - USD ($) $ in Millions | Apr. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
PPL Electric [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on outstanding borrowing | 1.96% | ||
PPL Capital Funding [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 1,750 | ||
Interest rate on outstanding borrowing | 1.97% | ||
Borrowed | $ 859 | $ 0 | |
PPL Capital Funding [Member] | Senior Notes [Member] | Senior Notes Due 2030 [Member] | Subsequent Event [Member] | |||
Long-term Debt (Numeric) [Abstract] | |||
Principal amount | $ 1,000 | ||
Stated interest rate | 4.125% | ||
Proceeds from Issuance of Secured Debt | $ 993 | ||
PPL Capital Funding [Member] | Term Loan Facility [Member] | Term Loan Due 2022 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 100 | ||
Interest rate on outstanding borrowing | 1.72% | ||
Borrowed | $ 100 | ||
LGE [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 500 | ||
Interest rate on outstanding borrowing | 1.81% | ||
Borrowed | $ 100 | 0 | |
KU [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 400 | ||
Interest rate on outstanding borrowing | 1.81% | ||
Borrowed | $ 100 | 0 | |
PPL Electric Utilities Corp [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on outstanding borrowing | 1.96% | ||
LG And E And KU Energy LLC [Member] | LGE [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 500 | ||
Interest rate on outstanding borrowing | 1.81% | ||
Borrowed | $ 100 | 0 | |
LG And E And KU Energy LLC [Member] | KU [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 400 | ||
Interest rate on outstanding borrowing | 1.81% | ||
Borrowed | $ 100 | 0 | |
Louisville Gas And Electric Co [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 500 | ||
Interest rate on outstanding borrowing | 1.81% | ||
Borrowed | $ 100 | 0 | |
Kentucky Utilities Co [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 400 | ||
Interest rate on outstanding borrowing | 1.81% | ||
Borrowed | $ 100 | 0 | |
Term Loan Facility [Member] | PPL Capital Funding [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 200 | ||
Interest rate on outstanding borrowing | 1.96% | ||
Borrowed | $ 200 | $ 0 | |
Term Loan Facility [Member] | PPL Capital Funding [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Capacity | $ 100 | ||
Interest rate on outstanding borrowing | 1.73% | ||
Borrowed | $ 100 |
Financing Activities - Equity S
Financing Activities - Equity Securities (Details) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2020 | Feb. 28, 2018 | |
Other Liabilities Disclosure [Abstract] | ||
Common Stock Aggregate Sales Price | $ 1 | |
Maximum Percentage Paid To Selling Agents | 2.00% | |
Common stock issued | 0 |
Financing Activities - Distribu
Financing Activities - Distributions (Details) - $ / shares | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Distributions (Numeric) [Abstract] | |||
Current quarterly common stock dividend (in dollars per share) | $ 0.4150 | $ 0.4150 | $ 0.4125 |
Annualized current quarterly common stock dividend (in dollars per share) | $ 1.66 |
Defined Benefits (Details)
Defined Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plan [Member] | U.S. | ||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||
Service cost | $ 13 | $ 13 |
Interest cost | 38 | 41 |
Expected return on plan assets | (60) | (61) |
Amortization of: [Abstract] | ||
Prior service cost | 2 | 2 |
Actuarial loss | 20 | 13 |
Net Periodic Defined Benefit Costs (Credits) Prior To Settlements | 13 | 8 |
Settlements | 0 | 1 |
Net periodic defined benefit costs (credits) | 13 | 9 |
Pension Plan [Member] | U.K. | ||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||
Service cost | 23 | 17 |
Interest cost | 36 | 47 |
Expected return on plan assets | (158) | (148) |
Amortization of: [Abstract] | ||
Prior service cost | 0 | 0 |
Actuarial loss | 54 | 24 |
Net Periodic Defined Benefit Costs (Credits) Prior To Settlements | (45) | (60) |
Settlements | 0 | 0 |
Net periodic defined benefit costs (credits) | (45) | (60) |
Other Postretirement Benefits Plan [Member] | ||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||
Service cost | 2 | 1 |
Interest cost | 5 | 6 |
Expected return on plan assets | (5) | (5) |
Amortization of: [Abstract] | ||
Net periodic defined benefit costs (credits) | 2 | 2 |
PPL Electric Utilities Corp [Member] | PPL Services [Member] | ||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||
Costs allocated to subsidiary by plan sponsors | 3 | 3 |
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | ||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||
Service cost | 5 | 6 |
Interest cost | 16 | 16 |
Expected return on plan assets | (24) | (25) |
Amortization of: [Abstract] | ||
Prior service cost | 2 | 2 |
Actuarial loss | 9 | 4 |
Net periodic defined benefit costs (credits) | $ 8 | $ 3 |
Regulatory Asset Amortization Period | 15 years | 15 years |
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 3 | |
LG And E And KU Energy LLC [Member] | Other Postretirement Benefits Plan [Member] | ||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||
Service cost | 1 | $ 1 |
Interest cost | 2 | 2 |
Expected return on plan assets | (2) | (2) |
Amortization of: [Abstract] | ||
Net periodic defined benefit costs (credits) | 1 | 1 |
Louisville Gas And Electric Co [Member] | LKE [Member] | ||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||
Costs allocated to subsidiary by plan sponsors | 3 | 1 |
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | ||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||
Interest cost | 3 | |
Expected return on plan assets | (6) | |
Amortization of: [Abstract] | ||
Prior service cost | 1 | |
Actuarial loss | 2 | |
Net periodic defined benefit costs (credits) | 0 | |
Kentucky Utilities Co [Member] | LKE [Member] | ||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||
Costs allocated to subsidiary by plan sponsors | $ 1 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Legal Matters and Regulatory Issues (Details) $ in Millions | Nov. 30, 2014USD ($) | Jun. 30, 2017mi | Jul. 31, 2014claim | Dec. 31, 2013residentmi | Dec. 31, 2015coal-fired_unit | Jun. 01, 2015 |
Claim By Former Affiliate [Abstract] | ||||||
Percent of ownership of Talen Energy by Riverstone | 35.00% | |||||
Amount of alleged improper distribution | $ | $ 733 | |||||
LGE [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of residents that filed class action suit | resident | 6 | |||||
Number of miles within plant that would include a class of residents | 4 | |||||
Number of remaining unresolved Clean Air Act violation claims after July 2014 court ruling | claim | 1 | |||||
Generating units retired at the Cane Run plant | coal-fired_unit | 3 | |||||
LGE [Member] | Minimum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 1 | |||||
LGE [Member] | Maximum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 3 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of residents that filed class action suit | resident | 6 | |||||
Number of miles within plant that would include a class of residents | 4 | |||||
Number of remaining unresolved Clean Air Act violation claims after July 2014 court ruling | claim | 1 | |||||
Generating units retired at the Cane Run plant | coal-fired_unit | 3 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Minimum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 1 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Maximum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 3 | |||||
Louisville Gas And Electric Co [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of residents that filed class action suit | resident | 6 | |||||
Number of miles within plant that would include a class of residents | 4 | |||||
Number of remaining unresolved Clean Air Act violation claims after July 2014 court ruling | claim | 1 | |||||
Generating units retired at the Cane Run plant | coal-fired_unit | 3 | |||||
Louisville Gas And Electric Co [Member] | Minimum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 1 | |||||
Louisville Gas And Electric Co [Member] | Maximum [Member] | ||||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | ||||||
Number of miles within plant that would include a class of residents | 3 |
Commitments and Contingencies_2
Commitments and Contingencies - Environmental Matters and Other (Details) - PPL Electric Additional Sites [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
PPL Electric [Member] | ||
Environmental Matters - Superfund and Other Remediation (Numeric) [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 10 | $ 10 |
PPL Electric Utilities Corp [Member] | ||
Environmental Matters - Superfund and Other Remediation (Numeric) [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 10 | $ 10 |
Commitments and Contingencies_3
Commitments and Contingencies - Guarantees and Other Assurances (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Integer | Dec. 31, 2019USD ($) | |
Guarantor Obligations [Line Items] | ||
Recorded liability for all guarantees | $ 5 | $ 5 |
Other Guarantee (Numeric) [Abstract] | ||
Maximum aggregate coverage bodily injury and property damage | $ 225 | |
PPL Guarantee [Member] | Indemnification Guarantee [Member] | Indemnifications Related To WPD Midlands Acquisition [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and expiration of these indemnifications cannot be estimated because the maximum potential liability is not capped and the expiration date is not specified in the transaction documents. | |
PPL Guarantee [Member] | Indemnification Guarantee [Member] | WPD Indemnifications For Entities In Liquidation and Sales Of Assets [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | $ 10 | |
Minimum Period In Years That Indemnifications Generally Expire | Integer | 2 | |
Maximum Period In Years That Indemnifications Generally Expire | Integer | 7 | |
PPL Guarantee [Member] | Financial Guarantee [Member] | WPD Guarantee Of Pension And Other Obligations Of Unconsolidated Entities [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | $ 77 | |
PPL Electric Guarantee [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | 6 | |
LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | $ 200 | |
Term of guarantee (in years) | P12Y | |
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | $ 200 | |
LKE Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | $ 109 | |
PPL Electric Utilities Corp [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | 6 | |
LG And E And KU Energy LLC [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | $ 200 | |
Term of guarantee (in years) | P12Y | |
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | $ 200 | |
LG And E And KU Energy LLC [Member] | LGE And KU Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | $ 109 | |
Louisville Gas And Electric Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | $ 76 | |
Kentucky Utilities Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure is not estimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | $ 33 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
PPL Electric Utilities Corp [Member] | PPL Services [Member] | |||
Support Costs (Details) [Abstract] | |||
Related Party Transaction, Amounts of Transaction | $ 12 | $ 16 | |
Intercompany Borrowings (Numeric) [Abstract] | |||
VEBA Funds Receivable | 32 | $ 32 | |
PPL Electric Utilities Corp [Member] | PPL EU Services [Member] | |||
Support Costs (Details) [Abstract] | |||
Related Party Transaction, Amounts of Transaction | 41 | 37 | |
PPL Electric Utilities Corp [Member] | PPL Energy Funding [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Intercompany note with affiliate maximum borrowing capacity | 650 | ||
Notes Receivable, Related Parties, Current | 0 | 0 | |
PPL Electric Utilities Corp [Member] | Accounts receivable from affiliates [Member] | PPL Services [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
VEBA Funds Receivable | 10 | 10 | |
PPL Electric Utilities Corp [Member] | Other Noncurrent Assets [Member] | PPL Services [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
VEBA Funds Receivable | 22 | 22 | |
LG And E And KU Energy LLC [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Long-term debt to affiliate | 650 | 650 | |
Interest Expense with Affiliate | 7 | 7 | |
Notes payable with affiliates | 242 | 150 | |
LG And E And KU Energy LLC [Member] | PPL Services [Member] | |||
Support Costs (Details) [Abstract] | |||
Related Party Transaction, Amounts of Transaction | 6 | 9 | |
LG And E And KU Energy LLC [Member] | PPL Energy Funding [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Intercompany note with affiliate maximum borrowing capacity | 375 | ||
Notes payable with affiliates | $ 242 | $ 150 | |
Related Party Transaction, Rate | 3.02% | 3.20% | |
LG And E And KU Energy LLC [Member] | PPL Affiliate [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Intercompany note with affiliate maximum borrowing capacity | $ 300 | ||
Notes Receivable, Related Parties, Current | $ 0 | $ 0 | |
LG And E And KU Energy LLC [Member] | Note Payable [Member] | Affiliated Entity [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Debt instrument term (in years) | 10 years | ||
Long-term debt to affiliate | $ 400 | $ 400 | |
Interest Expense with Affiliate | $ 4 | 4 | |
Related Party Transaction, Rate | 3.50% | 3.50% | |
LG And E And KU Energy LLC [Member] | Note Payable [Member] | Affiliated Entity [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Debt instrument term (in years) | 10 years | ||
Long-term debt to affiliate | $ 250 | $ 250 | |
Interest Expense with Affiliate | $ 3 | 3 | |
Related Party Transaction, Rate | 4.00% | 4.00% | |
Louisville Gas And Electric Co [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Notes payable with affiliates | $ 21 | $ 0 | |
Louisville Gas And Electric Co [Member] | Parent And Affiliate [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Intercompany Money Pool Agreement Maximum Borrowing Capacity | 500 | ||
Notes payable with affiliates | 21 | 0 | |
Louisville Gas And Electric Co [Member] | LKS [Member] | |||
Support Costs (Details) [Abstract] | |||
Related Party Transaction, Amounts of Transaction | 38 | 38 | |
Kentucky Utilities Co [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Notes Receivable, Related Parties, Current | 21 | 0 | |
Kentucky Utilities Co [Member] | Parent And Affiliate [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Intercompany Money Pool Agreement Maximum Borrowing Capacity | 500 | ||
Notes payable with affiliates | 0 | $ 0 | |
Kentucky Utilities Co [Member] | LKS [Member] | |||
Support Costs (Details) [Abstract] | |||
Related Party Transaction, Amounts of Transaction | $ 41 | $ 43 |
Other Income (Expense) - net (D
Other Income (Expense) - net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Income | ||
Economic foreign currency exchange contracts | $ 62 | $ (33) |
Defined benefit plans - non-service credits | 68 | 80 |
Interest Income | 1 | 6 |
AFUDC - equity component | 3 | 5 |
Miscellaneous | 1 | 6 |
Total Other Income | 135 | 64 |
Other Expense | ||
Charitable Contributions | 1 | 2 |
Miscellaneous | 9 | 10 |
Total Other Expense | 10 | 12 |
Other Income (Expense) - net | 125 | 52 |
PPL Electric Utilities Corp [Member] | ||
Other Expense | ||
Other Income (Expense) - net | $ 3 | $ 5 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis Table (Details) - Recurring Fair Value Measurements [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 915 | $ 815 |
Restricted cash and cash equivalents | 21 | 21 |
Special Use Funds [Abstract] | ||
Money market fund | 1 | 0 |
Commingled debt fund measured at NAV | 29 | 29 |
Commingled equity fund measured at NAV | 22 | 27 |
Total special use funds | 52 | 56 |
Price risk management assets: | ||
Foreign currency contracts | 190 | 142 |
Cross-currency swaps | 169 | 154 |
Total price risk management assets | 359 | 296 |
Total Assets | 1,347 | 1,188 |
Price risk management liabilities: | ||
Interest rate swaps | 34 | 21 |
Foreign currency contracts | 0 | 5 |
Total price risk management liabilities | 34 | 26 |
Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 915 | 815 |
Restricted cash and cash equivalents | 21 | 21 |
Special Use Funds [Abstract] | ||
Money market fund | 1 | 0 |
Total special use funds | 1 | 0 |
Price risk management assets: | ||
Foreign currency contracts | 0 | 0 |
Cross-currency swaps | 0 | 0 |
Total price risk management assets | 0 | 0 |
Total Assets | 937 | 836 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Foreign currency contracts | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Special Use Funds [Abstract] | ||
Money market fund | 0 | 0 |
Total special use funds | 0 | 0 |
Price risk management assets: | ||
Foreign currency contracts | 190 | 142 |
Cross-currency swaps | 169 | 154 |
Total price risk management assets | 359 | 296 |
Total Assets | 359 | 296 |
Price risk management liabilities: | ||
Interest rate swaps | 34 | 21 |
Foreign currency contracts | 0 | 5 |
Total price risk management liabilities | 34 | 26 |
Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Special Use Funds [Abstract] | ||
Money market fund | 0 | 0 |
Total special use funds | 0 | 0 |
Price risk management assets: | ||
Foreign currency contracts | 0 | 0 |
Cross-currency swaps | 0 | 0 |
Total price risk management assets | 0 | 0 |
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Foreign currency contracts | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | ||
Assets | ||
Cash and cash equivalents | 33 | 262 |
Restricted cash and cash equivalents | 2 | 2 |
Price risk management assets: | ||
Total Assets | 35 | 264 |
PPL Electric Utilities Corp [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 33 | 262 |
Restricted cash and cash equivalents | 2 | 2 |
Price risk management assets: | ||
Total Assets | 35 | 264 |
PPL Electric Utilities Corp [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
LG And E And KU Energy LLC [Member] | ||
Assets | ||
Cash and cash equivalents | 47 | 27 |
Cash collateral posted to counterparties | 1 | 0 |
Price risk management assets: | ||
Total Assets | 48 | 27 |
Price risk management liabilities: | ||
Interest rate swaps | 29 | 21 |
Total price risk management liabilities | 29 | 21 |
LG And E And KU Energy LLC [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 47 | 27 |
Cash collateral posted to counterparties | 1 | 0 |
Price risk management assets: | ||
Total Assets | 48 | 27 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
LG And E And KU Energy LLC [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash collateral posted to counterparties | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 29 | 21 |
Total price risk management liabilities | 29 | 21 |
LG And E And KU Energy LLC [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash collateral posted to counterparties | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | ||
Assets | ||
Cash and cash equivalents | 7 | 15 |
Cash collateral posted to counterparties | 1 | 0 |
Price risk management assets: | ||
Total Assets | 8 | 15 |
Price risk management liabilities: | ||
Interest rate swaps | 29 | 21 |
Total price risk management liabilities | 29 | 21 |
Louisville Gas And Electric Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 7 | 15 |
Cash collateral posted to counterparties | 1 | 0 |
Price risk management assets: | ||
Total Assets | 8 | 15 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash collateral posted to counterparties | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 29 | 21 |
Total price risk management liabilities | 29 | 21 |
Louisville Gas And Electric Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash collateral posted to counterparties | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | ||
Assets | ||
Cash and cash equivalents | 40 | 12 |
Price risk management assets: | ||
Total Assets | 40 | 12 |
Kentucky Utilities Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 40 | 12 |
Price risk management assets: | ||
Total Assets | 40 | 12 |
Kentucky Utilities Co [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Kentucky Utilities Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Total Assets | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 21,840 | $ 21,893 |
Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 25,175 | 25,481 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 3,986 | 3,985 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 4,500 | 4,589 |
LG And E And KU Energy LLC [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 6,003 | 6,002 |
LG And E And KU Energy LLC [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 6,774 | 6,766 |
Louisville Gas And Electric Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,005 | 2,005 |
Louisville Gas And Electric Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,254 | 2,278 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,624 | 2,623 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 2,978 | $ 3,003 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Intro (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | $ 29 | $ 14 |
LG And E And KU Energy LLC [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | 0 | 0 |
Cash colleteral posted under master netting arrangements | 1 | 0 |
Louisville Gas And Electric Co [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | 0 | 0 |
Cash colleteral posted under master netting arrangements | 1 | 0 |
Kentucky Utilities Co [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | 0 | 0 |
Cash colleteral posted under master netting arrangements | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Risk Disclosures (Details) £ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2020GBP (£) | |
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | ||
Cash Flow Hedges [Member] | Cross Currency Interest Rate Swap Contracts [Member] | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Derivative, Notional Amount | 702 | |||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Derivative, Notional Amount | 134 | £ 105 | ||
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | ||||
Foreign Currency Risk - Net Investment Hedges (Numeric) [Abstract] | ||||
Net after tax gains (losses) on net investment hedges recognized in the foreign currency translation adjustment component of AOCI | 32 | $ 32 | ||
Economic Hedges [Member] | Foreign Currency Contracts [Member] | ||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | ||||
Total exposure hedged related to foreign currency contracts for anticipated earnings hedges classified as economic activity | 1,000 | £ 686 | ||
LGE [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Derivative, Notional Amount | 147 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Derivative, Notional Amount | 147 | |||
Louisville Gas And Electric Co [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||
Derivative, Notional Amount | $ 147 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Fair Values (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | $ 169 | $ 154 |
Liability value | 5 | 0 |
Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 6 | 5 |
Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current Assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 6 | 5 |
Designated As Hedging Instruments [Member] | Current Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 163 | 149 |
Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 163 | 149 |
Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 5 | 0 |
Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 5 | 0 |
Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 190 | 142 |
Liability value | 29 | 26 |
Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 187 | 142 |
Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 187 | 142 |
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 3 | 0 |
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 3 | 0 |
Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 9 |
Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 4 |
Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 5 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 25 | 17 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 25 | 17 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 29 | 21 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 4 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 4 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 25 | 17 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | $ 25 | $ 17 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Expense | $ 248 | $ 241 |
Other Income (Expense) - net | 125 | 52 |
Cash Flow Hedges [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (Loss) Reclassified from AOCI into Income | 3 | (30) |
Cash Flow Hedges [Member] | Other Comprehensive Income (Loss) [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Derivative Gain (Loss) Recognized in OCI | 10 | (23) |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Comprehensive Income (Loss) [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Derivative Gain (Loss) Recognized in OCI | (5) | 0 |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (Loss) Reclassified from AOCI into Income | (3) | (2) |
Amount of gain (loss) reclassified from AOCI to income | (3) | |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Income (Expense) Net [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Amount of gain (loss) reclassified from AOCI to income | 0 | |
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Other Comprehensive Income (Loss) [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Derivative Gain (Loss) Recognized in OCI | 15 | (23) |
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Interest Expense [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Amount of gain (loss) reclassified from AOCI to income | 0 | |
Hedged items | 0 | |
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Other Income (Expense) Net [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (Loss) Reclassified from AOCI into Income | 6 | (28) |
Amount of gain (loss) reclassified from AOCI to income | 6 | |
Hedged items | (6) | |
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | Other Comprehensive Income (Loss) [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Derivative Gain (Loss) Recognized in OCI | 0 | 0 |
Not Designated As Hedging Instruments [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (loss) recognized in income on derivative | 61 | (34) |
Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Regulatory Assets Noncurrent [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (loss) recognized as regulatory liabilities/assets | (8) | (1) |
Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (loss) recognized in income on derivative | (1) | (1) |
Not Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Other Income (Expense) Net [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (loss) recognized in income on derivative | 62 | (33) |
LG And E And KU Energy LLC [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Expense | 58 | 54 |
Louisville Gas And Electric Co [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Expense | 22 | 21 |
Other Income (Expense) - net | (1) | 0 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Regulatory Assets Noncurrent [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (loss) recognized as regulatory liabilities/assets | (8) | (1) |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | ||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||
Gain (loss) recognized in income on derivative | (1) | (1) |
Kentucky Utilities Co [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Expense | 28 | 26 |
Other Income (Expense) - net | $ 1 | $ 2 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments and Credit Risk-Related Features (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Cash collateral received - eligible for offset | $ 29 | $ 14 |
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 6 | |
Aggregate fair value of collateral posted on these derivative instruments | 0 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 6 | |
Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 359 | 296 |
Derivative instruments - eligible for offset | 0 | 5 |
Cash collateral received - eligible for offset | 29 | 14 |
Net | 330 | 277 |
Liabilities [Abstract] | ||
Gross | 34 | 26 |
Derivative instruments - eligible for offset | 0 | 5 |
Cash collateral pledged - eligible for offset | 1 | 0 |
Net | 33 | 21 |
LG And E And KU Energy LLC [Member] | ||
Assets [Abstract] | ||
Cash collateral received - eligible for offset | 0 | 0 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 1 | 0 |
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 2 | |
Aggregate fair value of collateral posted on these derivative instruments | 0 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 2 | |
LG And E And KU Energy LLC [Member] | Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 0 | 0 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral received - eligible for offset | 0 | 0 |
Net | 0 | 0 |
Liabilities [Abstract] | ||
Gross | 29 | 21 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 1 | 0 |
Net | 28 | 21 |
Louisville Gas And Electric Co [Member] | ||
Assets [Abstract] | ||
Cash collateral received - eligible for offset | 0 | 0 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 1 | 0 |
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 2 | |
Aggregate fair value of collateral posted on these derivative instruments | 0 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 2 | |
Louisville Gas And Electric Co [Member] | Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 0 | 0 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral received - eligible for offset | 0 | 0 |
Net | 0 | 0 |
Liabilities [Abstract] | ||
Gross | 29 | 21 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 1 | 0 |
Net | $ 28 | $ 21 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 282 |
Accretion | 4 |
Changes in estimated timing or cost | 18 |
Obligations settled | (20) |
Balance at End of Period | 284 |
LG And E And KU Energy LLC [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 215 |
Accretion | 4 |
Changes in estimated timing or cost | 18 |
Obligations settled | (20) |
Balance at End of Period | 217 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 73 |
Accretion | 1 |
Changes in estimated timing or cost | 0 |
Obligations settled | (7) |
Balance at End of Period | 67 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 142 |
Accretion | 3 |
Changes in estimated timing or cost | 18 |
Obligations settled | (13) |
Balance at End of Period | $ 150 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - After-tax Changes by Component (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (4,358) | $ (3,964) |
Amounts arising during the period | (53) | 272 |
Reclassifications from AOCI | 45 | 45 |
Net OCI during the period | (8) | 317 |
Balance at end of period | (4,366) | (3,647) |
Foreign currency translation adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (1,425) | (1,533) |
Amounts arising during the period | (61) | 294 |
Reclassifications from AOCI | 0 | 0 |
Net OCI during the period | (61) | 294 |
Balance at end of period | (1,486) | (1,239) |
Unrealized gains (losses) on qualifying derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (5) | (7) |
Amounts arising during the period | 8 | (19) |
Reclassifications from AOCI | (3) | 24 |
Net OCI during the period | 5 | 5 |
Balance at end of period | 0 | (2) |
Defined benefit plans Prior service costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (18) | (19) |
Amounts arising during the period | 0 | 0 |
Reclassifications from AOCI | 1 | 0 |
Net OCI during the period | 1 | 0 |
Balance at end of period | (17) | (19) |
Defined benefit plans Actuarial gain (loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (2,910) | (2,405) |
Amounts arising during the period | 0 | (3) |
Reclassifications from AOCI | 47 | 21 |
Net OCI during the period | 47 | 18 |
Balance at end of period | $ (2,863) | $ (2,387) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Income (Expense) Effect of Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Affected Line Item on the Statements of Income [Line Items] | ||
Interest Expense | $ (248) | $ (241) |
Other Income (Expense) - net | 125 | 52 |
Income Taxes | (140) | (126) |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||
Affected Line Item on the Statements of Income [Line Items] | ||
Total After-tax | (45) | (45) |
Qualifying Derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||
Affected Line Item on the Statements of Income [Line Items] | ||
Total Pre-tax | 3 | (30) |
Income Taxes | 0 | 6 |
Total After-tax | 3 | (24) |
Qualifying Derivatives [Member] | Interest Rate Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||
Affected Line Item on the Statements of Income [Line Items] | ||
Interest Expense | (3) | (2) |
Qualifying Derivatives [Member] | Cross Currency Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||
Affected Line Item on the Statements of Income [Line Items] | ||
Other Income (Expense) - net | 6 | (28) |
Defined Benefit Plans [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||
Affected Line Item on the Statements of Income [Line Items] | ||
Total Pre-tax | (60) | (26) |
Income Taxes | 12 | 5 |
Total After-tax | (48) | (21) |
Defined Benefit Plans [Member] | Prior Service Costs [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||
Affected Line Item on the Statements of Income [Line Items] | ||
Total Pre-tax | (1) | 0 |
Defined Benefit Plans [Member] | Net Actuarial Loss [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||
Affected Line Item on the Statements of Income [Line Items] | ||
Total Pre-tax | $ (59) | $ (26) |