Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
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 | Sep. 30, 2019 | |
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 | 723,033,043 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
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 | 9 Months Ended | |||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||||||
Operating Revenues | |||||||||
Operating Revenues | $ 1,933 | $ 1,872 | $ 5,815 | $ 5,846 | |||||
Operation | |||||||||
Fuel | 194 | 206 | 556 | 609 | |||||
Energy purchases | 150 | 149 | 538 | 538 | |||||
Other operation and maintenance | 480 | 479 | 1,452 | 1,453 | |||||
Depreciation | 306 | 275 | 890 | 817 | |||||
Taxes, other than income | 77 | 77 | 232 | 234 | |||||
Total Operating Expenses | 1,207 | 1,186 | 3,668 | 3,651 | |||||
Operating Income | 726 | 686 | 2,147 | 2,195 | |||||
Other Income (Expense) - net | 126 | 106 | 309 | 297 | |||||
Interest Expense | 259 | 244 | 746 | 718 | |||||
Income Before Income Taxes | 593 | 548 | 1,710 | 1,774 | |||||
Income Taxes | 118 | 103 | 328 | 362 | |||||
Net Income | $ 475 | $ 445 | $ 1,382 | $ 1,412 | |||||
Net Income: | |||||||||
Basic (in dollars per share) | $ 0.66 | $ 0.63 | $ 1.91 | $ 2.02 | |||||
Diluted (in dollars per share) | $ 0.65 | $ 0.62 | $ 1.89 | $ 2.01 | |||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||
Basic (in shares) | 722,259 | 703,730 | 721,693 | 699,117 | |||||
Diluted (in shares) | 731,151 | 710,517 | 730,677 | 702,305 | |||||
PPL Electric Utilities Corp [Member] | |||||||||
Operating Revenues | |||||||||
Operating Revenues | $ 590 | $ 548 | $ 1,756 | $ 1,704 | |||||
Operation | |||||||||
Energy purchases | 132 | 127 | 413 | 403 | |||||
Other operation and maintenance | 137 | 127 | 417 | 419 | |||||
Depreciation | 99 | 89 | 290 | 262 | |||||
Taxes, other than income | 29 | 27 | 84 | 81 | |||||
Total Operating Expenses | 397 | 370 | 1,204 | 1,165 | |||||
Operating Income | 193 | 178 | 552 | 539 | |||||
Other Income (Expense) - net | 7 | 5 | 18 | 18 | |||||
Interest Income from Affiliate | 1 | 4 | 3 | 5 | |||||
Interest Expense | 43 | 41 | 126 | 117 | |||||
Income Before Income Taxes | 158 | 146 | 447 | 445 | |||||
Income Taxes | 40 | 35 | 114 | 111 | |||||
Net Income | [1] | 118 | 111 | 333 | 334 | ||||
LG And E And KU Energy LLC [Member] | |||||||||
Operating Revenues | |||||||||
Operating Revenues | 844 | 802 | 2,421 | 2,417 | |||||
Operation | |||||||||
Fuel | 194 | 206 | 556 | 609 | |||||
Energy purchases | 19 | 22 | 125 | 135 | |||||
Other operation and maintenance | 205 | 216 | 627 | 632 | |||||
Depreciation | 144 | 119 | 402 | 354 | |||||
Taxes, other than income | 19 | 18 | 55 | 53 | |||||
Total Operating Expenses | 581 | 581 | 1,765 | 1,783 | |||||
Operating Income | 263 | 221 | 656 | 634 | |||||
Other Income (Expense) - net | 2 | 0 | 2 | (2) | |||||
Interest Expense | 57 | 52 | 169 | 154 | |||||
Interest Expense with Affiliate | 7 | 7 | 23 | 18 | |||||
Income Before Income Taxes | 201 | 162 | 466 | 460 | |||||
Income Taxes | 43 | 32 | 78 | 102 | |||||
Net Income | [2] | 158 | 130 | 388 | 358 | ||||
Louisville Gas And Electric Co [Member] | |||||||||
Operating Revenues | |||||||||
Retail and wholesale | 380 | 357 | 1,105 | 1,095 | |||||
Electric revenue from affiliate | 2 | 5 | 21 | 21 | |||||
Operating Revenues | 382 | 362 | 1,126 | 1,116 | |||||
Operation | |||||||||
Fuel | 79 | 83 | 226 | 234 | |||||
Energy purchases | 14 | 17 | 110 | 121 | |||||
Energy purchases from affiliate | 2 | 2 | 6 | 10 | |||||
Other operation and maintenance | 92 | 95 | 282 | 277 | |||||
Depreciation | 61 | 49 | 168 | 146 | |||||
Taxes, other than income | 10 | 9 | 29 | 27 | |||||
Total Operating Expenses | 258 | 255 | 821 | 815 | |||||
Operating Income | 124 | 107 | 305 | 301 | |||||
Other Income (Expense) - net | 0 | (3) | (1) | (5) | |||||
Interest Expense | 22 | 20 | 65 | 57 | |||||
Income Before Income Taxes | 102 | 84 | 239 | 239 | |||||
Income Taxes | 22 | 18 | 51 | 51 | |||||
Net Income | 80 | [1] | 66 | [1] | 188 | [3] | 188 | [3] | |
Kentucky Utilities Co [Member] | |||||||||
Operating Revenues | |||||||||
Retail and wholesale | 464 | 445 | 1,316 | 1,322 | |||||
Electric revenue from affiliate | 2 | 2 | 6 | 10 | |||||
Operating Revenues | 466 | 447 | 1,322 | 1,332 | |||||
Operation | |||||||||
Fuel | 115 | 123 | 330 | 375 | |||||
Energy purchases | 5 | 5 | 15 | 14 | |||||
Energy purchases from affiliate | 2 | 5 | 21 | 21 | |||||
Other operation and maintenance | 107 | 114 | 320 | 331 | |||||
Depreciation | 83 | 70 | 233 | 208 | |||||
Taxes, other than income | 9 | 9 | 26 | 26 | |||||
Total Operating Expenses | 321 | 326 | 945 | 975 | |||||
Operating Income | 145 | 121 | 377 | 357 | |||||
Other Income (Expense) - net | 4 | 1 | 4 | 1 | |||||
Interest Expense | 28 | 24 | 82 | 74 | |||||
Income Before Income Taxes | 121 | 98 | 299 | 284 | |||||
Income Taxes | 26 | 21 | 62 | 59 | |||||
Net Income | [4] | $ 95 | $ 77 | $ 237 | $ 225 | ||||
[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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Income | $ 475 | $ 445 | $ 1,382 | $ 1,412 |
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ||||
Foreign currency translation adjustments, net of tax | (285) | (187) | (368) | (321) |
Qualifying derivatives, net of tax | 16 | 22 | 32 | 21 |
Defined benefit plans: | ||||
Defined benefit plan, Prior service costs, net of tax | 0 | 0 | 0 | (1) |
Defined benefit plan, Net actuarial gain (loss), net of tax | (5) | (8) | (10) | (9) |
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | ||||
Qualifying derivatives, net of tax | (22) | (14) | (25) | (21) |
Defined benefit plans: | ||||
Defined benefit plan, Prior service costs, net of tax | 0 | 0 | 1 | 1 |
Defined benefit plan, Net actuarial (gain) loss, net of tax | 20 | 34 | 62 | 104 |
Total other comprehensive income (loss) | (276) | (153) | (308) | (226) |
Comprehensive income | $ 199 | $ 292 | $ 1,074 | $ 1,186 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Tax effect of foreign currency translation adjustments arising during the period | $ 0 | $ 0 | $ 0 | $ (2) |
Tax effect of qualifying derivatives arising during the period | (3) | (5) | (7) | (5) |
Tax effect of defined benefit plans - prior service costs arising during the period | 0 | 0 | 0 | 0 |
Tax effect of defined benefit plans - net actuarial gain (loss) arising during the period | 2 | 3 | 4 | 3 |
Tax effect of qualifying derivatives reclassified from accumulated other comprehensive income (loss) | 3 | 3 | 3 | 4 |
Tax effect of defined benefit plans - prior service costs reclassified from accumulated other comprehensive income (loss) | (1) | (1) | (1) | (1) |
Tax effect of defined benefit plans - net actuarial (gain) loss reclassified from accumulated other comprehensive income (loss) | $ (5) | $ (8) | $ (16) | $ (26) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Cash Flows from Operating Activities | |||
Net Income | $ 1,382 | $ 1,412 | |
Depreciation | 890 | 817 | |
Amortization | 60 | 56 | |
Defined benefit plans - (income) expense | (198) | (146) | |
Deferred income taxes and investment tax credits | 257 | 255 | |
Unrealized gains on derivatives, and other hedging activities | (18) | (129) | |
Stock-based compensation expense | 24 | 21 | |
Other | (15) | (12) | |
Change in current assets and current liabilities | |||
Accounts receivable | 57 | 38 | |
Accounts payable | (116) | (55) | |
Unbilled revenues | 58 | 129 | |
Fuel, materials and supplies | 9 | 25 | |
Prepayments | (53) | (38) | |
Regulatory assets and liabilities, net | (62) | 39 | |
Accrued interest | 74 | 48 | |
Other current liabilities | (94) | (36) | |
Other | (6) | (1) | |
Other operating activities | |||
Defined benefit plans - funding | (281) | (284) | |
Proceeds from transfer of excess benefit plan funds | 0 | 65 | |
Other assets | (24) | (38) | |
Other liabilities | (56) | 44 | |
Net cash provided by operating activities | 1,888 | 2,210 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (2,197) | (2,344) | |
Purchase of investments | (55) | (65) | |
Proceeds from the sale of investments | 63 | 3 | |
Other investing activities | (5) | (60) | |
Net cash used in investing activities | (2,194) | (2,466) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 1,465 | 602 | |
Retirement of Long-term Debt | (200) | (277) | |
Issuance of common stock | 49 | 678 | |
Payment of common stock dividends | (893) | (846) | |
Net increase (decrease) in short-term debt | (34) | 481 | |
Other financing activities | (24) | (20) | |
Net cash provided by (used in) financing activities | 363 | 618 | |
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash | (10) | (9) | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 47 | 353 | |
Cash and Cash Equivalents at Beginning of Period | 621 | ||
Cash and Cash Equivalents at End of Period | 670 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 643 | 511 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 690 | 864 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 363 | 311 | |
Accrued expenditures for intangible assets at September 30, | 67 | 70 | |
PPL Electric Utilities Corp [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [1] | 333 | 334 |
Depreciation | 290 | 262 | |
Amortization | 18 | 17 | |
Defined benefit plans - (income) expense | 0 | 2 | |
Deferred income taxes and investment tax credits | 70 | 77 | |
Other | (14) | (13) | |
Change in current assets and current liabilities | |||
Accounts receivable | 34 | 22 | |
Accounts payable | (46) | (46) | |
Unbilled revenues | 28 | 45 | |
Prepayments | (36) | (25) | |
Regulatory assets and liabilities, net | (42) | (25) | |
Taxes payable | (4) | (1) | |
Other | (20) | 12 | |
Other operating activities | |||
Defined benefit plans - funding | (21) | (28) | |
Other assets | 11 | (37) | |
Other liabilities | 8 | 54 | |
Net cash provided by operating activities | 609 | 650 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (815) | (835) | |
Expenditures for intangible assets | (4) | 0 | |
Net increase in notes receivable from affiliate | (546) | 0 | |
Other investing activities | 4 | (2) | |
Net cash used in investing activities | (1,361) | (837) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 393 | 398 | |
Payment of common stock dividends to parent | (276) | (271) | |
Contributions from parent | 400 | 429 | |
Other financing activities | (5) | (4) | |
Net cash provided by (used in) financing activities | 512 | 552 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (240) | 365 | |
Cash and Cash Equivalents at Beginning of Period | 267 | ||
Cash and Cash Equivalents at End of Period | 27 | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 269 | 51 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 29 | 416 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 168 | 171 | |
LG And E And KU Energy LLC [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [2] | 388 | 358 |
Depreciation | 402 | 354 | |
Amortization | 20 | 13 | |
Defined benefit plans - (income) expense | 9 | 12 | |
Deferred income taxes and investment tax credits | 78 | 71 | |
Other | (2) | (2) | |
Change in current assets and current liabilities | |||
Accounts receivable | 13 | 8 | |
Accounts payable | (34) | 4 | |
Accounts payable to affiliates | 6 | 7 | |
Unbilled revenues | 5 | 54 | |
Fuel, materials and supplies | 16 | 17 | |
Regulatory assets and liabilities, net | (19) | 62 | |
Taxes payable | (7) | (11) | |
Accrued interest | 57 | 41 | |
Other | (31) | (36) | |
Other operating activities | |||
Defined benefit plans - funding | (34) | (126) | |
Expenditures for asset retirement obligations | (67) | (46) | |
Other assets | (4) | (1) | |
Other liabilities | 17 | 8 | |
Net cash provided by operating activities | 813 | 787 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (761) | (826) | |
Other investing activities | 0 | 1 | |
Net cash used in investing activities | (761) | (825) | |
Cash Flows from Financing Activities | |||
Net increase (decrease) in notes payable with affiliate | 16 | (145) | |
Proceeds from Related Party Debt | 0 | 250 | |
Issuance of long-term debt | 705 | 118 | |
Retirement of Long-term Debt | (200) | (27) | |
Acquisition of outstanding bonds | (40) | 0 | |
Remarketing of reacquired bonds | 40 | 0 | |
Distributions to member | (206) | (217) | |
Proceeds from Contributions from Affiliates | 63 | 0 | |
Net increase (decrease) in short-term debt | (413) | 60 | |
Other financing activities | (11) | (2) | |
Net cash provided by (used in) financing activities | (46) | 37 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 6 | (1) | |
Cash and Cash Equivalents at Beginning of Period | 24 | 30 | |
Cash and Cash Equivalents at End of Period | 30 | 29 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 107 | 108 | |
Louisville Gas And Electric Co [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [3] | 188 | 188 |
Depreciation | 168 | 146 | |
Amortization | 13 | 10 | |
Deferred income taxes and investment tax credits | 45 | 46 | |
Other | 2 | 2 | |
Change in current assets and current liabilities | |||
Accounts receivable | 13 | 14 | |
Accounts receivable from affiliates | 9 | 2 | |
Accounts payable | (10) | 14 | |
Accounts payable to affiliates | (5) | (2) | |
Unbilled revenues | 4 | 30 | |
Fuel, materials and supplies | 7 | 9 | |
Regulatory assets and liabilities, net | (5) | 24 | |
Accrued interest | 22 | 13 | |
Other | (15) | (10) | |
Other operating activities | |||
Defined benefit plans - funding | (6) | (59) | |
Expenditures for asset retirement obligations | (22) | (17) | |
Other assets | (1) | 0 | |
Other liabilities | 10 | 0 | |
Net cash provided by operating activities | 417 | 410 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (323) | (420) | |
Net cash used in investing activities | (323) | (420) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 399 | 100 | |
Retirement of Long-term Debt | (200) | 0 | |
Acquisition of outstanding bonds | (40) | 0 | |
Remarketing of reacquired bonds | 40 | 0 | |
Payment of common stock dividends to parent | (130) | (113) | |
Net increase (decrease) in short-term debt | (180) | (23) | |
Contributions from parent | 25 | 43 | |
Other financing activities | (6) | (1) | |
Net cash provided by (used in) financing activities | (92) | 6 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 2 | (4) | |
Cash and Cash Equivalents at Beginning of Period | 10 | 15 | |
Cash and Cash Equivalents at End of Period | 12 | 11 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 53 | 51 | |
Kentucky Utilities Co [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [4] | 237 | 225 |
Depreciation | 233 | 208 | |
Amortization | 7 | 2 | |
Deferred income taxes and investment tax credits | 44 | 37 | |
Other | (3) | (2) | |
Change in current assets and current liabilities | |||
Accounts payable | (16) | (2) | |
Accounts payable to affiliates | (14) | (8) | |
Unbilled revenues | 1 | 24 | |
Fuel, materials and supplies | 9 | 8 | |
Regulatory assets and liabilities, net | (14) | 38 | |
Taxes payable | 5 | 11 | |
Accrued interest | 28 | 21 | |
Other | (6) | (2) | |
Other operating activities | |||
Defined benefit plans - funding | (3) | (53) | |
Expenditures for asset retirement obligations | (45) | (29) | |
Other assets | (2) | (1) | |
Other liabilities | 10 | 8 | |
Net cash provided by operating activities | 471 | 485 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (436) | (405) | |
Other investing activities | 0 | 1 | |
Net cash used in investing activities | (436) | (404) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 306 | 18 | |
Retirement of Long-term Debt | 0 | (27) | |
Payment of common stock dividends to parent | (167) | (196) | |
Net increase (decrease) in short-term debt | (233) | 83 | |
Contributions from parent | 68 | 45 | |
Other financing activities | (5) | (1) | |
Net cash provided by (used in) financing activities | (31) | (78) | |
Cash and Cash Equivalents, Period Increase (Decrease) | 4 | 3 | |
Cash and Cash Equivalents at Beginning of Period | 14 | 15 | |
Cash and Cash Equivalents at End of Period | 18 | 18 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | $ 54 | $ 57 | |
[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 | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 670 | $ 621 | |
Accounts receivable (less reserve:) | |||
Customer | 625 | 663 | |
Other | 112 | 107 | |
Unbilled revenues | 430 | 496 | |
Fuel, materials and supplies | 295 | 303 | |
Prepayments | 115 | 70 | |
Price risk management assets | 209 | 109 | |
Regulatory assets | 49 | 36 | |
Other current assets | 78 | 63 | |
Total Current Assets | 2,534 | 2,432 | |
Property, Plant and Equipment | |||
Regulated utility plant | 40,734 | 39,734 | |
Less: accumulated depreciation - regulated utility plant | 7,732 | 7,310 | |
Regulated utility plant, net | 33,002 | 32,424 | |
Non-regulated property, plant and equipment | 331 | 355 | |
Less: accumulated depreciation - non-regulated property, plant and equipment | 105 | 101 | |
Non-regulated property, plant and equipment, net | 226 | 254 | |
Construction work in progress | 1,880 | 1,780 | |
Property, Plant and Equipment, net | 35,108 | 34,458 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,658 | 1,673 | |
Goodwill | 3,050 | 3,162 | |
Other intangibles | 709 | 716 | |
Pension benefit asset | 955 | 535 | |
Price risk management assets | 210 | 228 | |
Other noncurrent assets | 335 | 192 | |
Total Other Noncurrent Assets | 6,917 | 6,506 | |
Total Assets | 44,559 | 43,396 | |
Current Liabilities | |||
Short-term debt | 1,387 | 1,430 | |
Long-term debt due within one year | 0 | 530 | |
Accounts payable | 846 | 989 | |
Taxes | 94 | 110 | |
Interest | 346 | 278 | |
Dividends | 298 | 296 | |
Customer deposits | 262 | 257 | |
Regulatory liabilities | 79 | 122 | |
Other current liabilities | 528 | 551 | |
Total Current Liabilities | 3,840 | 4,563 | |
Long-term Debt | |||
Long-term Debt | 21,547 | 20,069 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 3,076 | 2,796 | |
Investment tax credits | 124 | 126 | |
Accrued pension obligations | 719 | 771 | |
Asset retirement obligations | 193 | 264 | |
Regulatory liabilities | 2,675 | 2,714 | |
Other deferred credits and noncurrent liabilities | 483 | 436 | |
Total Deferred Credits and Other Noncurrent Liabilities | 7,270 | 7,107 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [1] | 7 | 7 |
Additional paid-in capital | 11,087 | 11,021 | |
Earnings reinvested | 5,080 | 4,593 | |
Accumulated other comprehensive loss | (4,272) | (3,964) | |
Total Equity | 11,902 | 11,657 | |
Total Liabilities and Equity | 44,559 | 43,396 | |
PPL Electric Utilities Corp [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 27 | 267 | |
Accounts receivable (less reserve:) | |||
Customer | 253 | 264 | |
Other | 26 | 38 | |
Accounts receivable from affiliates | 11 | 11 | |
Notes receivable from affiliate | 546 | 0 | |
Unbilled revenues | 92 | 120 | |
Fuel, materials and supplies | 32 | 25 | |
Prepayments | 34 | 5 | |
Regulatory assets | 22 | 11 | |
Other current assets | 10 | 9 | |
Total Current Assets | 1,053 | 750 | |
Property, Plant and Equipment | |||
Regulated utility plant | 12,261 | 11,637 | |
Less: accumulated depreciation - regulated utility plant | 3,031 | 2,856 | |
Regulated utility plant, net | 9,230 | 8,781 | |
Construction work in progress | 669 | 586 | |
Property, Plant and Equipment, net | 9,899 | 9,367 | |
Other Noncurrent Assets | |||
Regulatory assets | 807 | 824 | |
Other intangibles | 262 | 260 | |
Other noncurrent assets | 50 | 42 | |
Total Other Noncurrent Assets | 1,119 | 1,126 | |
Total Assets | 12,071 | 11,243 | |
Current Liabilities | |||
Accounts payable | 379 | 418 | |
Accounts payable to affiliates | 28 | 25 | |
Taxes | 8 | 12 | |
Interest | 43 | 37 | |
Regulatory liabilities | 48 | 74 | |
Other current liabilities | 86 | 101 | |
Total Current Liabilities | 592 | 667 | |
Long-term Debt | |||
Long-term Debt | 4,085 | 3,694 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,414 | 1,320 | |
Accrued pension obligations | 254 | 282 | |
Regulatory liabilities | 654 | 675 | |
Other deferred credits and noncurrent liabilities | 154 | 144 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,476 | 2,421 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [2] | 364 | 364 |
Additional paid-in capital | 3,558 | 3,158 | |
Earnings reinvested | 996 | 939 | |
Total Equity | 4,918 | 4,461 | |
Total Liabilities and Equity | 12,071 | 11,243 | |
LG And E And KU Energy LLC [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 30 | 24 | |
Accounts receivable (less reserve:) | |||
Customer | 233 | 239 | |
Other | 72 | 63 | |
Unbilled revenues | 164 | 169 | |
Fuel, materials and supplies | 233 | 248 | |
Prepayments | 31 | 25 | |
Regulatory assets | 27 | 25 | |
Total Current Assets | 790 | 793 | |
Property, Plant and Equipment | |||
Regulated utility plant | 14,175 | 13,721 | |
Less: accumulated depreciation - regulated utility plant | 2,294 | 2,125 | |
Regulated utility plant, net | 11,881 | 11,596 | |
Construction work in progress | 1,033 | 1,018 | |
Property, Plant and Equipment, net | 12,914 | 12,614 | |
Other Noncurrent Assets | |||
Regulatory assets | 851 | 849 | |
Goodwill | 996 | 996 | |
Other intangibles | 72 | 78 | |
Other noncurrent assets | 145 | 82 | |
Total Other Noncurrent Assets | 2,064 | 2,005 | |
Total Assets | 15,768 | 15,412 | |
Current Liabilities | |||
Short-term debt | 101 | 514 | |
Long-term debt due within one year | 0 | 530 | |
Notes payable with affiliates | 129 | 113 | |
Accounts payable | 304 | 366 | |
Accounts payable to affiliates | 15 | 9 | |
Taxes | 56 | 63 | |
Price risk management liabilities | 5 | 4 | |
Interest | 89 | 32 | |
Customer deposits | 62 | 61 | |
Regulatory liabilities | 31 | 48 | |
Asset retirement obligations | 92 | 82 | |
Other current liabilities | 131 | 126 | |
Total Current Liabilities | 1,015 | 1,948 | |
Long-term Debt | |||
Long-term debt | 5,351 | 4,322 | |
Long-term debt to affiliate | 650 | 650 | |
Long-term Debt | 6,001 | 4,972 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,060 | 956 | |
Investment tax credits | 124 | 126 | |
Accrued pension obligations | 262 | 282 | |
Asset retirement obligations | 147 | 214 | |
Regulatory liabilities | 2,021 | 2,039 | |
Price risk management liabilities | 20 | 16 | |
Other deferred credits and noncurrent liabilities | 152 | 136 | |
Total Deferred Credits and Other Noncurrent Liabilities | 3,786 | 3,769 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Member's Equity | 4,966 | 4,723 | |
Total Liabilities and Equity | 15,768 | 15,412 | |
Louisville Gas And Electric Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 12 | 10 | |
Accounts receivable (less reserve:) | |||
Customer | 102 | 110 | |
Other | 42 | 30 | |
Accounts receivable from affiliates | 15 | 24 | |
Unbilled revenues | 73 | 77 | |
Fuel, materials and supplies | 120 | 127 | |
Prepayments | 15 | 12 | |
Regulatory assets | 21 | 21 | |
Total Current Assets | 400 | 411 | |
Property, Plant and Equipment | |||
Regulated utility plant | 6,052 | 5,816 | |
Less: accumulated depreciation - regulated utility plant | 823 | 741 | |
Regulated utility plant, net | 5,229 | 5,075 | |
Construction work in progress | 497 | 514 | |
Property, Plant and Equipment, net | 5,726 | 5,589 | |
Other Noncurrent Assets | |||
Regulatory assets | 425 | 431 | |
Goodwill | 389 | 389 | |
Other intangibles | 43 | 47 | |
Other noncurrent assets | 44 | 16 | |
Total Other Noncurrent Assets | 901 | 883 | |
Total Assets | 7,027 | 6,883 | |
Current Liabilities | |||
Short-term debt | 99 | 279 | |
Long-term debt due within one year | 0 | 434 | |
Accounts payable | 169 | 172 | |
Accounts payable to affiliates | 21 | 26 | |
Taxes | 29 | 26 | |
Price risk management liabilities | 5 | 4 | |
Interest | 33 | 11 | |
Customer deposits | 30 | 29 | |
Regulatory liabilities | 12 | 17 | |
Asset retirement obligations | 29 | 23 | |
Other current liabilities | 39 | 39 | |
Total Current Liabilities | 466 | 1,060 | |
Long-term Debt | |||
Long-term Debt | 2,004 | 1,375 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 683 | 628 | |
Investment tax credits | 34 | 34 | |
Asset retirement obligations | 54 | 80 | |
Regulatory liabilities | 903 | 915 | |
Price risk management liabilities | 20 | 16 | |
Other deferred credits and noncurrent liabilities | 93 | 88 | |
Total Deferred Credits and Other Noncurrent Liabilities | 1,787 | 1,761 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [3] | 424 | 424 |
Additional paid-in capital | 1,820 | 1,795 | |
Earnings reinvested | 526 | 468 | |
Total Equity | 2,770 | 2,687 | |
Total Liabilities and Equity | 7,027 | 6,883 | |
Kentucky Utilities Co [Member] | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | 18 | 14 | |
Accounts receivable (less reserve:) | |||
Customer | 131 | 129 | |
Other | 27 | 34 | |
Unbilled revenues | 91 | 92 | |
Fuel, materials and supplies | 113 | 121 | |
Prepayments | 16 | 11 | |
Regulatory assets | 6 | 4 | |
Total Current Assets | 402 | 405 | |
Property, Plant and Equipment | |||
Regulated utility plant | 8,111 | 7,895 | |
Less: accumulated depreciation - regulated utility plant | 1,468 | 1,382 | |
Regulated utility plant, net | 6,643 | 6,513 | |
Construction work in progress | 535 | 503 | |
Property, Plant and Equipment, net | 7,178 | 7,016 | |
Other Noncurrent Assets | |||
Regulatory assets | 426 | 418 | |
Goodwill | 607 | 607 | |
Other intangibles | 29 | 31 | |
Other noncurrent assets | 100 | 63 | |
Total Other Noncurrent Assets | 1,162 | 1,119 | |
Total Assets | 8,742 | 8,540 | |
Current Liabilities | |||
Short-term debt | 2 | 235 | |
Long-term debt due within one year | 0 | 96 | |
Accounts payable | 120 | 171 | |
Accounts payable to affiliates | 40 | 53 | |
Taxes | 29 | 24 | |
Interest | 44 | 16 | |
Customer deposits | 32 | 32 | |
Regulatory liabilities | 19 | 31 | |
Asset retirement obligations | 63 | 59 | |
Other current liabilities | 47 | 35 | |
Total Current Liabilities | 396 | 752 | |
Long-term Debt | |||
Long-term Debt | 2,623 | 2,225 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 795 | 735 | |
Investment tax credits | 90 | 92 | |
Asset retirement obligations | 93 | 134 | |
Regulatory liabilities | 1,118 | 1,124 | |
Other deferred credits and noncurrent liabilities | 47 | 36 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,143 | 2,121 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [4] | 308 | 308 |
Additional paid-in capital | 2,729 | 2,661 | |
Earnings reinvested | 543 | 473 | |
Total Equity | 3,580 | 3,442 | |
Total Liabilities and Equity | $ 8,742 | $ 8,540 | |
[1] | 1,560,000 shares authorized; 722,307 and 720,323 shares issued and outstanding at September 30, 2019 and December 31, 2018 . | ||
[2] | 170,000 shares authorized; 66,368 shares issued and outstanding at September 30, 2019 and December 31, 2018 . | ||
[3] | 75,000 shares authorized; 21,294 shares issued and outstanding at September 30, 2019 and December 31, 2018 . | ||
[4] | 80,000 shares authorized; 37,818 shares issued and outstanding at September 30, 2019 and December 31, 2018 . |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 60 | $ 56 |
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) | 722,307 | 720,323 |
Common stock shares outstanding (in shares) | 722,307 | 720,323 |
PPL Electric Utilities Corp [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 27 | $ 27 |
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 | $ 28 | $ 27 |
Louisville Gas And Electric Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 1 | $ 1 |
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 | $ 2 | $ 2 |
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) | $ 1.23 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2017 | 693,398,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||
Balance at beginning of period at Dec. 31, 2017 | $ 10,761 | $ 7 | $ 10,305 | $ 3,871 | $ (3,422) | $ 3,992 | $ 364 | $ 2,729 | $ 899 | $ 2,527 | $ 424 | $ 1,712 | $ 391 | $ 3,357 | $ 308 | $ 2,616 | $ 433 | ||||||||||
Balance at beginning of period at Dec. 31, 2017 | $ 4,563 | ||||||||||||||||||||||||||
Common stock shares issued | [1] | 26,304,000 | |||||||||||||||||||||||||
Common stock issued | 699 | 699 | |||||||||||||||||||||||||
Stock-based compensation | (3) | (3) | |||||||||||||||||||||||||
Net Income | 1,412 | 1,412 | 334 | [5] | 334 | 358 | [6] | 188 | [7] | 188 | 225 | [8] | 225 | ||||||||||||||
Capital contributions from parent | 429 | 429 | 43 | 43 | 45 | 45 | |||||||||||||||||||||
Dividends and dividend equivalents | [9] | (860) | (860) | ||||||||||||||||||||||||
Dividends declared on common stock | (271) | (271) | (113) | (113) | (196) | (196) | |||||||||||||||||||||
Distributions to member | (217) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | (226) | (226) | 4 | ||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2018 | 719,702,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||
Balance at end of period at Sep. 30, 2018 | $ 11,783 | $ 7 | 11,001 | 4,423 | (3,648) | 4,484 | $ 364 | 3,158 | 962 | 2,645 | $ 424 | 1,755 | 466 | 3,431 | $ 308 | 2,661 | 462 | ||||||||||
Balance at end of period at Sep. 30, 2018 | 4,708 | ||||||||||||||||||||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.4100 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Jun. 30, 2018 | 699,128,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||
Balance at beginning of period at Jun. 30, 2018 | $ 11,240 | $ 7 | 10,462 | 4,266 | (3,495) | 4,418 | $ 364 | 3,154 | 900 | 2,611 | $ 424 | 1,755 | 432 | 3,414 | $ 308 | 2,661 | 445 | ||||||||||
Balance at beginning of period at Jun. 30, 2018 | 4,632 | ||||||||||||||||||||||||||
Common stock shares issued | [1] | 20,574,000 | |||||||||||||||||||||||||
Common stock issued | 536 | 536 | |||||||||||||||||||||||||
Stock-based compensation | 3 | 3 | |||||||||||||||||||||||||
Net Income | 445 | 445 | 111 | [5] | 111 | 130 | [6] | 66 | [5] | 66 | 77 | [8] | 77 | ||||||||||||||
Capital contributions from parent | 4 | 4 | |||||||||||||||||||||||||
Dividends and dividend equivalents | [9] | (288) | (288) | ||||||||||||||||||||||||
Dividends declared on common stock | (49) | (49) | (32) | (32) | (60) | (60) | |||||||||||||||||||||
Distributions to member | (56) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | (153) | (153) | 2 | ||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2018 | 719,702,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||
Balance at end of period at Sep. 30, 2018 | $ 11,783 | $ 7 | 11,001 | 4,423 | (3,648) | $ 4,484 | $ 364 | 3,158 | 962 | $ 2,645 | $ 424 | 1,755 | 466 | $ 3,431 | $ 308 | 2,661 | 462 | ||||||||||
Balance at end of period at Sep. 30, 2018 | 4,708 | ||||||||||||||||||||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 1.2375 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2018 | 720,323,000 | 720,323,000 | [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, 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 | 0 | 1,984,000 | |||||||||||||||||||||||||
Common stock issued | $ 61 | 61 | |||||||||||||||||||||||||
Stock-based compensation | 5 | 5 | |||||||||||||||||||||||||
Net Income | 1,382 | 1,382 | 333 | [5] | 333 | 388 | [6] | 188 | [7] | 188 | 237 | [8] | 237 | ||||||||||||||
Capital contributions from parent | 400 | 400 | 25 | 25 | 68 | 68 | |||||||||||||||||||||
Contributions from member | 63 | ||||||||||||||||||||||||||
Dividends and dividend equivalents | [9] | (895) | (895) | ||||||||||||||||||||||||
Dividends declared on common stock | $ (276) | (276) | $ (130) | (130) | $ (167) | (167) | |||||||||||||||||||||
Distributions to member | (206) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | $ (308) | (308) | (2) | ||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2019 | 722,307,000 | 722,307,000 | [1] | 66,368,000 | 66,368,000 | [2] | 21,294,000 | 21,294,000 | [3] | 37,818,000 | 37,818,000 | [4] | |||||||||||||||
Balance at end of period at Sep. 30, 2019 | $ 11,902 | $ 7 | 11,087 | 5,080 | (4,272) | $ 4,918 | $ 364 | 3,558 | 996 | $ 2,770 | $ 424 | 1,820 | 526 | $ 3,580 | $ 308 | 2,729 | 543 | ||||||||||
Balance at end of period at Sep. 30, 2019 | 4,966 | ||||||||||||||||||||||||||
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.4125 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Jun. 30, 2019 | 721,840,000 | [1] | 66,368,000 | [2] | 21,294,000 | [3] | 37,818,000 | [4] | |||||||||||||||||||
Balance at beginning of period at Jun. 30, 2019 | $ 11,983 | $ 7 | 11,069 | 4,903 | (3,996) | 4,461 | $ 364 | 3,158 | 939 | 2,749 | $ 424 | 1,820 | 505 | 3,561 | $ 308 | 2,729 | 524 | ||||||||||
Balance at beginning of period at Jun. 30, 2019 | 4,877 | ||||||||||||||||||||||||||
Common stock shares issued | [1] | 467,000 | |||||||||||||||||||||||||
Common stock issued | 14 | 14 | |||||||||||||||||||||||||
Stock-based compensation | 4 | 4 | |||||||||||||||||||||||||
Net Income | 475 | 475 | 118 | [5] | 118 | 158 | [6] | 80 | [5] | 80 | 95 | [8] | 95 | ||||||||||||||
Capital contributions from parent | 400 | 400 | |||||||||||||||||||||||||
Dividends and dividend equivalents | [9] | (298) | (298) | ||||||||||||||||||||||||
Dividends declared on common stock | $ (61) | (61) | $ (59) | (59) | $ (76) | (76) | |||||||||||||||||||||
Distributions to member | (69) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | $ (276) | (276) | |||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2019 | 722,307,000 | 722,307,000 | [1] | 66,368,000 | 66,368,000 | [2] | 21,294,000 | 21,294,000 | [3] | 37,818,000 | 37,818,000 | [4] | |||||||||||||||
Balance at end of period at Sep. 30, 2019 | $ 11,902 | $ 7 | $ 11,087 | $ 5,080 | $ (4,272) | $ 4,918 | $ 364 | $ 3,558 | $ 996 | $ 2,770 | $ 424 | $ 1,820 | $ 526 | $ 3,580 | $ 308 | $ 2,729 | $ 543 | ||||||||||
Balance at end of period at Sep. 30, 2019 | $ 4,966 | ||||||||||||||||||||||||||
[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 $0.4125 and $1.2375 for the three and nine months ended September 30, 2019 and $0.4100 and $1.23 for the three and nine months ended September 30, 2018 . |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - vote | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Vote per share of PPL's common stock | 1 | 1 | 1 | 1 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2019 | |
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, 2018 is derived from that Registrant's 2018 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 2018 Form 10-K. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the full year ending December 31, 2019 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 | 9 Months Ended |
Sep. 30, 2019 | |
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 2018 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 September 30, December 31, September 30, December 31, Cash and cash equivalents $ 670 $ 621 $ 27 $ 267 Restricted cash - current (a) 3 3 2 2 Restricted cash - noncurrent (a) 17 19 — — Total Cash, Cash Equivalents and Restricted Cash $ 690 $ 643 $ 29 $ 269 (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." New Accounting Guidance Adopted (All Registrants) Accounting for Leases Effective January 1, 2019, the Registrants adopted accounting guidance that requires lessees to recognize a right-of-use asset and lease liability for leases, unless determined to meet the definition of a short-term lease. For income statement purposes, the FASB retained a dual model for lessees, requiring leases to be classified as either operating or finance. Operating leases result in straight-line expense recognition. Currently, all Registrant leases are operating leases. Lessor accounting under the new guidance is similar to the current model, but updated to align with certain changes to the lessee model and current revenue recognition guidance. Lessors classify leases as operating, direct financing, or sales-type. In adopting this new guidance, the Registrants elected to use the following practical expedients: • The Registrants did not re-assess the lease classifications or initial direct costs of existing leases. The Registrants also did not re-assess existing contracts for leases or lease classification. • The Registrants did not evaluate land easements that were not previously accounted for as leases under the new guidance. New land easements are evaluated under the new guidance beginning January 1, 2019. See Note 9 for the required disclosures resulting from the adoption of the new guidance. (PPL, LKE, LG&E & KU) The following table shows the amounts recorded on the Balance Sheets as of January 1, 2019 as a result of the adoption of the new lease guidance using a modified retrospective transition method with transition applied as of the beginning of the period of adoption: PPL LKE LG&E KU Right-of-Use Asset (a) $ 81 $ 56 $ 23 $ 31 Lease Liability- Current (b) 23 18 9 9 Lease Liability- Noncurrent (c) 67 46 18 26 (a) Right-of-Use Assets are recorded in "Other noncurrent assets" on the Balance Sheets. (b) Current lease liabilities are recorded in "Other current liabilities" on the Balance Sheets. (c) Noncurrent lease liabilities are recorded in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. (All Registrants) Improvements to Accounting for Hedging Activities Effective January 1, 2019, the Registrants adopted accounting guidance, using a modified retrospective approach, which reduces complexity when applying hedge accounting as well as improves the transparency of an entity's risk management activities. This guidance eliminates the separate measurement and reporting of hedge ineffectiveness for cash flow and net investment hedges and provides for the ability to perform subsequent qualitative effectiveness assessments. The guidance also allows entities to apply the short-cut method to partial-term fair value hedges of interest rate risk as well as expands the ability to apply the critical terms match method to cash flow hedges of groups of forecasted transactions. See Note 15 for the additional disclosures of the income statement impacts of hedging activities required from the adoption of this guidance. Disclosures related to ineffectiveness are no longer required. Other impacts of adopting this guidance were not material. |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 3. Segment and Related Information (PPL) See Note 2 in PPL's 2018 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 periods ended September 30 are as follows: Three Months Nine Months 2019 2018 2019 2018 Operating Revenues from external customers U.K. Regulated $ 491 $ 517 $ 1,615 $ 1,716 Kentucky Regulated 844 802 2,421 2,417 Pennsylvania Regulated 590 548 1,756 1,704 Corporate and Other 8 5 23 9 Total $ 1,933 $ 1,872 $ 5,815 $ 5,846 Net Income U.K. Regulated (a) $ 236 $ 245 $ 784 $ 836 Kentucky Regulated 150 122 364 332 Pennsylvania Regulated 118 112 333 335 Corporate and Other (29 ) (34 ) (99 ) (91 ) Total $ 475 $ 445 $ 1,382 $ 1,412 (a) Includes unrealized gains and losses from hedging foreign currency economic activity. See Note 15 for additional information. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: September 30, December 31, Assets U.K. Regulated (a) (b) $ 17,128 $ 16,700 Kentucky Regulated 15,434 15,078 Pennsylvania Regulated 12,116 11,257 Corporate and Other (c) (119 ) 361 Total $ 44,559 $ 43,396 (a) Includes $12.3 billion and $12.4 billion of net PP&E as of September 30, 2019 and December 31, 2018 . WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. (b) Includes $2.3 billion and $2.4 billion of goodwill as of September 30, 2019 and December 31, 2018 . The change is due to the effect of foreign currency exchange rates. (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 | 9 Months Ended |
Sep. 30, 2019 | |
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 2018 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 periods ended September 30 . 2019 Three Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 1,933 $ 590 $ 844 $ 382 $ 466 Revenues derived from: Alternative revenue programs (b) 8 2 6 4 2 Other (c) (11 ) (3 ) (6 ) (3 ) (3 ) Revenues from Contracts with Customers $ 1,930 $ 589 $ 844 $ 383 $ 465 2018 Three Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 1,872 $ 548 $ 802 $ 362 $ 447 Revenues derived from: Alternative revenue programs (b) (4 ) (3 ) (1 ) (4 ) 3 Other (c) (15 ) (3 ) (5 ) (2 ) (3 ) Revenues from Contracts with Customers $ 1,853 $ 542 $ 796 $ 356 $ 447 2019 Nine Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 5,815 $ 1,756 $ 2,421 $ 1,126 $ 1,322 Revenues derived from: Alternative revenue programs (b) (18 ) (4 ) (14 ) (1 ) (13 ) Other (c) (30 ) (8 ) (16 ) (7 ) (9 ) Revenues from Contracts with Customers $ 5,767 $ 1,744 $ 2,391 $ 1,118 $ 1,300 2018 Nine Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 5,846 $ 1,704 $ 2,417 $ 1,116 $ 1,332 Revenues derived from: Alternative revenue programs (b) 37 (1 ) 38 16 22 Other (c) (43 ) (9 ) (14 ) (5 ) (9 ) Revenues from Contracts with Customers $ 5,840 $ 1,694 $ 2,441 $ 1,127 $ 1,345 (a) PPL includes $491 million and $1,615 million for the three and nine months ended September 30, 2019 and $517 million and $1,716 million for the three and nine months ended September 30, 2018 of revenues from external customers reported by the U.K. Regulated segment. 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. As discussed in Note 2 in PPL's 2018 Form 10-K, PPL's segments are segmented 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. The following tables show revenues from contracts with customers disaggregated by customer class for the periods ended September 30 . 2019 Three Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 454 $ — $ — $ — $ — Residential 708 352 356 177 179 Commercial 346 97 249 123 126 Industrial 164 16 148 47 101 Other (b) 128 12 73 31 42 Wholesale - municipality 6 — 6 — 6 Wholesale - other (c) 12 — 12 5 11 Transmission 112 112 — — — Revenues from Contracts with Customers $ 1,930 $ 589 $ 844 $ 383 $ 465 2018 Three Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 475 $ — $ — $ — $ — Residential 647 328 319 162 157 Commercial 307 88 219 112 107 Industrial 156 12 144 45 99 Other (b) 119 14 65 27 39 Wholesale - municipality 30 — 30 — 30 Wholesale - other (c) 19 — 19 10 15 Transmission 100 100 — — — Revenues from Contracts with Customers $ 1,853 $ 542 $ 796 $ 356 $ 447 2019 Nine Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 1,520 $ — $ — $ — $ — Residential 2,058 1,060 998 504 494 Commercial 967 279 688 352 336 Industrial 470 48 422 134 288 Other (b) 360 39 209 93 116 Wholesale - municipality 38 — 38 — 38 Wholesale - other (c) 36 — 36 35 28 Transmission 318 318 — — — Revenues from Contracts with Customers $ 5,767 $ 1,744 $ 2,391 $ 1,118 $ 1,300 2018 Nine Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 1,606 $ — $ — $ — $ — Residential 2,039 1,036 1,003 505 498 Commercial 928 275 653 343 310 Industrial 466 37 429 134 295 Other (b) 339 40 200 88 113 Wholesale - municipality 91 — 91 — 91 Wholesale - other (c) 65 — 65 57 38 Transmission 306 306 — — — Revenues from Contracts with Customers $ 5,840 $ 1,694 $ 2,441 $ 1,127 $ 1,345 (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. PPL Electric's revenues from contracts with customers are further disaggregated by distribution and transmission, which were $477 million and $112 million for the three months ended September 30, 2019 and $1.4 billion and $318 million for the nine months ended September 30, 2019. PPL Electric's revenue from contracts with customers disaggregated by distribution and transmission were $442 million and $100 million for the three months ended September 30, 2018 and $1.4 billion and $306 million for the nine months ended September 30, 2018. 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 balances that were impaired for the periods ended September 30 . Three Months Nine Months 2019 2018 2019 2018 PPL $ 11 $ 11 $ 22 $ 24 PPL Electric 8 7 14 17 LKE 2 4 5 7 LG&E 1 2 2 3 KU 1 2 3 4 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, 2018 $ 42 $ 23 $ 9 $ 5 $ 4 Contract liabilities at September 30, 2019 42 19 9 5 4 Revenue recognized during the nine months ended September 30, 2019 that was included in the contract liability balance at December 31, 2018 31 11 9 5 4 Contract liabilities at December 31, 2017 $ 29 $ 19 $ 8 $ 4 $ 4 Contract liabilities at September 30, 2018 40 17 8 4 4 Revenue recognized during the nine months ended September 30, 2018 that was included in the contract liability balance at December 31, 2017 22 8 8 4 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 September 30, 2019, PPL had $48 million of performance obligations attributable to Corporate and Other that have not been satisfied. Of this amount, PPL expects to recognize approximately $41 million within the next 12 months |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
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 securities also include the PPL common stock forward sale agreements entered into in May 2018. See Note 8 in PPL's 2018 Form 10-K for additional information on these agreements. The forward sale agreements are dilutive under the Treasury Stock Method to the extent the average stock price of PPL's common shares exceeds the forward sale price prescribed in the agreements. Reconciliations of the amounts of income and shares of PPL common stock (in thousands) for the periods ended September 30 used in the EPS calculation are: Three Months Nine Months 2019 2018 2019 2018 Income (Numerator) Net income $ 475 $ 445 $ 1,382 $ 1,412 Less amounts allocated to participating securities — 1 2 2 Net income available to PPL common shareowners - Basic and Diluted $ 475 $ 444 $ 1,380 $ 1,410 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 722,259 703,730 721,693 699,117 Add incremental non-participating securities: Share-based payment awards 1,106 298 1,009 427 Forward sale agreements 7,786 6,489 7,975 2,761 Weighted-average shares - Diluted EPS 731,151 710,517 730,677 702,305 Basic EPS Net Income available to PPL common shareowners $ 0.66 $ 0.63 $ 1.91 $ 2.02 Diluted EPS Net Income available to PPL common shareowners $ 0.65 $ 0.62 $ 1.89 $ 2.01 For the periods ended September 30 , PPL issued common stock related to stock-based compensation plans and the DRIP as follows (in thousands): Three Months Nine Months 2019 2018 2019 2018 Stock-based compensation plans (a) 38 80 680 568 DRIP 430 493 1,305 1,504 (a) Includes stock options exercised, vesting of performance units, vesting of restricted stock units and conversion of stock units granted to directors. For the periods ended September 30 , the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months Nine Months 2019 2018 2019 2018 Stock options — 15 — 229 Restricted stock units — 2 — 15 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Reconciliations of income taxes for the periods ended September 30 are as follows. (PPL) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 125 $ 115 $ 359 $ 373 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 9 34 34 Valuation allowance adjustments (a) 7 5 21 17 Impact of lower U.K. income tax rates (6 ) (7 ) (20 ) (20 ) Impact of the U.K. Finance Act on deferred tax balances (5 ) (4 ) (8 ) (7 ) Depreciation and other items not normalized (2 ) (1 ) (5 ) (4 ) Amortization of excess deferred federal and state income taxes (9 ) (11 ) (30 ) (30 ) Deferred tax impact of state tax reform (b) — — — 9 Interest benefit on U.K. financing entities (3 ) (4 ) (9 ) (13 ) Kentucky recycling credit, net of federal income tax expense (a) — — (20 ) — Other (2 ) 1 6 3 Total increase (decrease) (7 ) (12 ) (31 ) (11 ) Total income taxes $ 118 $ 103 $ 328 $ 362 (a) During the second quarter of 2019, LKE recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service. A valuation allowance of $3 million has been recognized related to this credit due to insufficient Kentucky taxable income projected at LKE. During the third quarter of 2019, LKE filed the Kentucky recycling credit application with the Kentucky Department of Revenue and expects a ruling in the fourth quarter of 2019. (b) During the second quarter of 2018, LKE recorded deferred income tax expense, primarily associated with LKE's non-regulated entities, due to the Kentucky corporate income tax rate reduction from 6% to 5%, as enacted by HB 487, effective January 1, 2018. (PPL Electric) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 33 $ 30 $ 94 $ 93 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 12 36 35 Depreciation and other items not normalized (2 ) (1 ) (5 ) (4 ) Amortization of excess deferred income taxes (4 ) (5 ) (12 ) (13 ) Other — (1 ) 1 — Total increase (decrease) 7 5 20 18 Total income taxes $ 40 $ 35 $ 114 $ 111 (LKE) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 42 $ 34 $ 98 $ 97 Increase (decrease) due to: State income taxes, net of federal income tax benefit 8 6 18 17 Amortization of investment tax credit (1 ) (1 ) (2 ) (3 ) Deferred tax impact of U.S tax reform — (2 ) — (2 ) Deferred tax impact of state tax reform (a) — — — 9 Valuation allowance adjustments (b) — — 3 — Amortization of excess deferred federal and state income taxes (5 ) (3 ) (17 ) (14 ) Kentucky recycling credit, net of federal income tax expense (b) — — (20 ) — Other (1 ) (2 ) (2 ) (2 ) Total increase (decrease) 1 (2 ) (20 ) 5 Total income taxes $ 43 $ 32 $ 78 $ 102 (a) During the second quarter of 2018, LKE recorded deferred income tax expense, primarily associated with LKE's non-regulated entities, due to the Kentucky corporate income tax rate reduction from 6% to 5%, as enacted by HB 487, effective January 1, 2018. (b) During the second quarter of 2019, LKE recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service. A portion of this amount has been reserved due to insufficient Kentucky taxable income projected at LKE. During the third quarter of 2019, LKE filed the Kentucky recycling credit application with the Kentucky Department of Revenue and expects a ruling in the fourth quarter of 2019. (LG&E) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 21 $ 18 $ 50 $ 50 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 3 9 9 Valuation allowance adjustments (a) — — 15 — Amortization of excess deferred federal and state income taxes (2 ) (1 ) (7 ) (6 ) Kentucky recycling credit, net of federal income tax expense (a) — — (15 ) — Other (1 ) (2 ) (1 ) (2 ) Total increase (decrease) 1 — 1 1 Total income taxes $ 22 $ 18 $ 51 $ 51 (a) During the second quarter of 2019, LG&E recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service. This amount has been reserved due to insufficient Kentucky taxable income projected at LG&E. (KU) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 25 $ 21 $ 63 $ 60 Increase (decrease) due to: State income taxes, net of federal income tax benefit 5 3 12 10 Valuation allowance adjustments (a) — — 5 — Amortization of excess deferred federal and state income taxes (3 ) (2 ) (10 ) (8 ) Kentucky recycling credit, net of federal income tax expense (a) — — (5 ) — Other (1 ) (1 ) (3 ) (3 ) Total increase (decrease) 1 — (1 ) (1 ) Total income taxes $ 26 $ 21 $ 62 $ 59 (a) During the second quarter of 2019, KU recorded a deferred income tax benefit associated with a project placed into service that prepares a generation waste material for reuse and, as a result, qualifies for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service. This amount has been reserved due to insufficient Kentucky taxable income projected at KU. Other U.S. Tax Reform (All Registrants) The IRS issued proposed regulations for certain provisions of the TCJA in 2018, including interest deductibility and Global Intangible Low-Taxed Income (GILTI). In June 2019, the IRS issued both final and new proposed regulations relating to GILTI. PPL has determined that neither these final nor proposed regulations materially change PPL's current interpretation of the statutory impact of these rules on the Registrants. Proposed regulations relating to the limitation on the deductibility of interest expense were issued in November 2018 and such regulations provide detailed rules implementing the broader statutory provisions. These proposed regulations should not apply to the Registrants until the year in which the regulations are issued in final form, which is expected to be in the fourth quarter of 2019. 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 | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 10 $ 12 $ — $ — Smart meter rider 13 11 13 11 Plant outage costs 17 10 — — Transmission service charge 8 — 8 — Other 1 3 1 — Total current regulatory assets (a) $ 49 $ 36 $ 22 $ 11 PPL PPL Electric September 30, December 31, September 30, December 31, Noncurrent Regulatory Assets: Defined benefit plans $ 937 $ 963 $ 553 $ 558 Storm costs 42 56 16 22 Unamortized loss on debt 41 45 17 22 Interest rate swaps 25 20 — — Terminated interest rate swaps 83 87 — — Accumulated cost of removal of utility plant 211 200 211 200 AROs 304 273 — — Act 129 compliance rider 10 19 10 19 Other 5 10 — 3 Total noncurrent regulatory assets $ 1,658 $ 1,673 $ 807 $ 824 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 22 $ 33 $ 22 $ 33 Environmental cost recovery 12 16 — — Universal service rider 12 27 12 27 Fuel adjustment clause 13 — — — TCJA customer refund 8 20 7 3 Storm damage expense rider 7 5 7 5 Generation formula rate — 7 — — Other 5 14 — 6 Total current regulatory liabilities $ 79 $ 122 $ 48 $ 74 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 674 $ 674 $ — $ — Power purchase agreement - OVEC 53 59 — — Net deferred taxes 1,775 1,826 601 629 Defined benefit plans 54 37 10 5 Terminated interest rate swaps 69 72 — — TCJA customer refund (b) 43 41 43 41 Other 7 5 — — Total noncurrent regulatory liabilities $ 2,675 $ 2,714 $ 654 $ 675 LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Current Regulatory Assets: Plant outage costs $ 17 $ 10 $ 11 $ 7 $ 6 $ 3 Gas supply clause 10 12 10 12 — — Other — 3 — 2 — 1 Total current regulatory assets $ 27 $ 25 $ 21 $ 21 $ 6 $ 4 LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Noncurrent Regulatory Assets: Defined benefit plans $ 384 $ 405 $ 233 $ 249 $ 151 $ 156 Storm costs 26 34 16 20 10 14 Unamortized loss on debt 24 23 14 15 10 8 Interest rate swaps 25 20 25 20 — — Terminated interest rate swaps 83 87 48 51 35 36 AROs 304 273 87 75 217 198 Other 5 7 2 1 3 6 Total noncurrent regulatory assets $ 851 $ 849 $ 425 $ 431 $ 426 $ 418 LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Environmental cost recovery $ 12 $ 16 $ 7 $ 6 $ 5 $ 10 Fuel adjustment clause 13 — 3 — 10 — TCJA customer refund 1 17 — 7 1 10 Generation formula rate — 7 — — — 7 Other 5 8 2 4 3 4 Total current regulatory liabilities $ 31 $ 48 $ 12 $ 17 $ 19 $ 31 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 674 $ 674 $ 279 $ 279 $ 395 $ 395 Power purchase agreement - OVEC 53 59 37 41 16 18 Net deferred taxes 1,174 1,197 548 557 626 640 Defined benefit plans 44 32 1 — 43 32 Terminated interest rate swaps 69 72 34 36 35 36 Other 7 5 4 2 3 3 Total noncurrent regulatory liabilities $ 2,021 $ 2,039 $ 903 $ 915 $ 1,118 $ 1,124 (a) For PPL, these amounts are included in "Other current assets" on the Balance Sheets. (b) Relates to amounts owed to PPL Electric customers as a result of the reduced U.S. federal corporate income tax rate as enacted by the TCJA, for the period of January 1, 2018 through June 30, 2018 which is not yet reflected in distribution customer rates. The initial liability was recorded during the second quarter of 2018. A petition for the distribution method back to customers of this liability was proposed to the PUC on October 4, 2019. The petition is currently under review by the PUC and contingent upon PUC approval. Regulatory Matters Kentucky Activities Rate Case Proceedings (PPL, LKE, LG&E and KU) In September 2018, LG&E and KU filed requests with the KPSC for an increase in annual base electricity rates of approximately $112 million at KU and increases in annual base electricity and gas rates of approximately $35 million and $25 million at LG&E. LG&E’s and KU’s applications also sought to include changes associated with the TCJA and state tax reform in the calculation of the proposed base rates and to terminate the TCJA bill credit mechanism when new base rates go into effect. The elimination of the TCJA bill credit mechanism will result in an estimated annual electricity revenue increase of approximately $ 58 million at KU and increases in electricity and gas revenues of approximately $ 40 million and $ 12 million at LG&E. The applications were based on a forecasted test year of May 1, 2019 through April 30, 2020 with a requested return-on-equity of 10.42% . On March 1, 2019, LG&E and KU, along with substantially all intervening parties to the proceeding, filed stipulation and recommendation agreements (stipulations) with the KPSC resolving all material issues with the parties. In addition to terminating the TCJA bill credit mechanism, the proposed stipulations provided for increases in annual revenue requirements associated with base electricity rates of approximately $ 58 million at KU and increases in annual base electricity and gas rates of approximately $ 4 million and $ 20 million at LG&E, based on a return-on-equity of 9.725% . On April 30, 2019, the KPSC issued orders ruling on open issues and approving the proposed stipulations filed in March 2019. The orders provide for increases in the revenue requirements associated with base electricity rates of $ 56 million at KU and increases associated with base electricity and gas rates of $ 2 million and $ 19 million at LG&E. With the termination of the TCJA bill credit mechanism, this represents annual revenue increases of $ 187 million ( $ 114 million at KU and $ 73 million at LG&E). The new base rates and all elements of the orders became effective on May 1, 2019. Pennsylvania Activities PUC Petition to Distribute TCJA Savings ( PPL and PPL Electric ) PPL Electric submitted a petition for approval with the PUC on October 4, 2019 to distribute the tax savings of $43 million associated with the TCJA for the period between January 1, 2018 and June 30, 2018. As of September 30, 2019, these tax savings are classified as a noncurrent regulatory liability. PPL Electric has proposed that these amounts be distributed over the period of January 1, 2020 through December 31, 2020. The petition is contingent upon PUC approval. Federal Matters FERC Transmission Rate Filing (PPL, LKE, LG&E and KU) In August 2018, LG&E and KU submitted an application 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 sought termination of LG&E's and KU's commitment to provide mitigation for certain horizontal market power concerns arising out of the 1998 merger for certain transmission service between MISO and LG&E and KU. The affected transmission customers are a limited number of municipalities in Kentucky. The amounts at issue are generally waivers or credits granted to such customers for either LG&E and KU or MISO transmission charges incurred depending upon the direction of certain transmission service incurred by the municipalities. 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. On March 21, 2019, the FERC issued an Order granting LG&E's and KU's request to remove the on-going credits, conditioned upon the implementation by LG&E and KU of a transition mechanism for certain existing power supply arrangements, which transition mechanism will be subject to FERC review and approval. On July 12, 2019, LG&E and KU submitted their proposed transition mechanism to the FERC. On September 10, 2019, the FERC issued an order rejecting the proposed transition mechanism. On October 10, 2019, LG&E and KU filed a request for rehearing and clarification on the September order. LG&E and KU cannot predict the outcome of this proceeding. LG&E and KU currently receive recovery of waivers and credits provided through other rate mechanisms. (PPL and PPL Electric) In April 2019, PPL Electric filed its annual transmission formula rate update with the FERC, reflecting a revised revenue requirement, which includes the impact of the TCJA. The filing established the revenue requirement used to set rates that took effect in June 2019. Transmission Customer Complaint (PPL, LKE, LG&E and KU) In September 2018, a transmission customer filed a complaint with the FERC against LG&E and KU alleging LG&E and KU have violated and continue to violate their obligations under an existing rate schedule to credit this customer for certain transmission charges from MISO. On February 21, 2019, the FERC issued an Order concluding that the MISO transmission charges in question did qualify for credits under the rate schedule and required LG&E and KU to reimburse the customer for the eligible credits. The reimbursement was not significant and was completed by LG&E and KU in March 2019. LG&E and KU currently receive recovery for such credits through other rate mechanisms. TCJA Impact on FERC Rates (All Registrants) In November 2018, the FERC issued a Policy Statement stating that the appropriate ratemaking treatment for changes in accumulated deferred income taxes (ADIT) as a result of the TCJA would be addressed in a Notice of Proposed Rulemaking. Also in November 2018, the FERC issued the Notice of Proposed Rulemaking, which proposed that public utility transmission providers include mechanisms in their formula rates to deduct excess ADIT from, or add deficient ADIT to, rate base and adjust their income tax allowances by amortized excess or deficient ADIT. The Notice of Proposed Rulemaking did not prescribe the mechanism companies should use to adjust their formula rates. LG&E and KU are currently assessing the Notice of Proposed Rulemaking and are continuing to monitor guidance issued by the FERC. On February 5, 2019, in connection with a separate element of federal and Kentucky state tax reform effects, LG&E and KU filed a request with the FERC to amend their transmission formula rates to incorporate reductions to corporate income tax rates as a result of the TCJA and HB 487. The FERC approved this request effective June 1, 2019. LG&E and KU do not anticipate the impact of the TCJA and HB 487 related to their FERC-jurisdictional rates to be significant. On February 28, 2019, PPL Electric filed with the FERC proposed revisions to its transmission formula rate template pursuant to Section 205 of the Federal Power Act and Section 35.13 of the Rules and Regulations of the FERC. Specifically, PPL Electric proposed to modify its formula rate to permit the return or recovery of excess or deficient ADIT resulting from the TCJA and permit PPL Electric to prospectively account for the income tax expense associated with the depreciation of the equity component of the AFUDC. On April 29, 2019, the FERC accepted the proposed revisions to the formula rate template, which were effective June 1, 2019, as well as the proposed adjustments to ADIT, effective January 1, 2018. 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 uncollectible accounts. 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 and nine months ended September 30, 2019 , PPL Electric purchased $308 million and $927 million of accounts receivable from alternate suppliers. During the three and nine months ended September 30, 2018 , PPL Electric purchased $334 million and $1 billion of accounts receivable from alternate suppliers. |
Financing Activities
Financing Activities | 9 Months Ended |
Sep. 30, 2019 | |
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, except for amounts borrowed under LG&E's Term Loan Facility which were recorded as "Long-term debt due within one year" on the December 31, 2018 Balance Sheet. The following credit facilities were in place at: September 30, 2019 December 31, 2018 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 £ 165 £ — £ 46 £ 157 £ — WPD (South West) Syndicated Credit Facility July 2021 245 — — 245 — — WPD (East Midlands) Syndicated Credit Facility (b) July 2021 300 — — 300 38 — WPD (West Midlands) Syndicated Credit Facility (c) July 2021 300 51 — 249 — — Uncommitted Credit Facilities (d) 100 36 4 60 — 4 Total U.K. Credit Facilities (e) £ 1,155 £ 252 £ 4 £ 900 £ 195 £ 4 U.S. PPL Capital Funding Syndicated Credit Facility Jan. 2024 $ 1,450 $ — $ 981 $ 469 $ — $ 669 Bilateral Credit Facility Mar. 2020 100 — 15 85 — 15 Total PPL Capital Funding Credit Facilities $ 1,550 $ — $ 996 $ 554 $ — $ 684 PPL Electric Syndicated Credit Facility Jan. 2024 $ 650 $ — $ 1 $ 649 $ — $ 1 LG&E Syndicated Credit Facility Jan. 2024 $ 500 $ — $ 99 $ 401 $ — $ 279 Term Loan Credit Facility — — — — 200 — Total LG&E Credit Facilities $ 500 $ — $ 99 $ 401 $ 200 $ 279 KU Syndicated Credit Facility Jan. 2024 $ 400 $ — $ 2 $ 398 $ — $ 235 Letter of Credit Facility (f) — — — — — 198 Total KU Credit Facilities $ 400 $ — $ 2 $ 398 $ — $ 433 (a) The amounts borrowed at September 30, 2019 and December 31, 2018 were USD-denominated borrowings of $200 million for both periods, which bore interest at 2.94% and 3.17% . The unused capacity reflects the amounts borrowed in GBP of £164 million as of the date borrowed. (b) The amount borrowed at December 31, 2018 was GBP-denominated borrowings which equated to $48 million and bore interest at 1.12% . (c) The amount borrowed at September 30, 2019 was GBP-denominated borrowings which equated to $62 million and bore interest at 1.11% . (d) The amount borrowed at September 30, 2019 was GBP-denominated borrowings which equated to $44 million and bore interest at 1.59% . (e) At September 30, 2019 , the unused capacity under the U.K. credit facilities was $1.1 billion . (f) KU's letter of credit facility was terminated in September 2019 in connection with the bond remarketings discussed below. PPL, PPL Electric, LG&E and KU maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs, as necessary. 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: September 30, 2019 December 31, 2018 Weighted - Average Interest Rate Capacity Commercial Paper Issuances Unused Capacity Weighted - Average Interest Rate Commercial Paper Issuances PPL Capital Funding 2.52% $ 1,500 $ 981 $ 519 2.82% $ 669 PPL Electric 650 — 650 — LG&E 2.29% 350 99 251 2.94% 279 KU 2.24% 350 2 348 2.94% 235 Total $ 2,850 $ 1,082 $ 1,768 $ 1,183 (PPL Electric, LKE, LG&E, and KU) See Note 12 for discussion of intercompany borrowings. Long-term Debt (PPL) In June 2019, WPD plc executed and drew £50 million under a 5-year term loan facility due 2024 at a rate of 2.189% , to be reset quarterly as detailed in the terms of the agreement. The borrowing equated to $63 million at the time of drawdown, net of fees. The proceeds were used for general corporate purposes. In September 2019, WPD (East Midlands) issued £250 million of 1.75% Senior Notes due 2031. WPD (East Midlands) received proceeds of £245 million , which equated to $301 million at the time of issuance, net of fees and a discount. The proceeds were used to repay short-term debt and for general corporate purposes. (PPL, LKE and LG&E) In April 2019, LG&E issued $400 million of 4.25% First Mortgage Bonds due 2049. LG&E received proceeds of $396 million , net of discounts and underwriting fees, which were used to repay commercial paper and LG&E's term loan. In April 2019, the County of Jefferson, Kentucky remarketed $128 million of Pollution Control Revenue Bonds, 2001 Series A due 2033 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 1.85% through their mandatory purchase date of April 1, 2021. In June 2019, the Louisville/Jefferson County Metro Government of Kentucky remarketed $31 million of Environmental Facilities Revenue Refunding Bonds, 2007 Series A due 2033 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 1.65% through their mandatory purchase date of June 1, 2021. In June 2019, the Louisville/Jefferson Country Metro Government of Kentucky remarketed $35 million of Environmental Facilities Revenue Refunding Bonds, 2007 Series B due 2033 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 1.65% through their mandatory purchase date of June 1, 2021. In June 2019, LG&E issued a notice to bondholders of its intention to convert the $40 million Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2005 Series A to a weekly interest rate, as permitted under the loan documents. The conversion was completed on August 1, 2019. In connection with the conversion, LG&E purchased these bonds from the remarketing agent and held them until September 17, 2019, at which time LG&E remarketed the bonds at a long-term rate that will bear interest at 1.75% through their mandatory purchase date of July 1, 2026. (PPL, LKE and KU) In April 2019, KU reopened its 4.375% First Mortgage Bonds due 2045 and issued an additional $300 million of this series. KU received proceeds of $303 million , including premiums and underwriting fees, which were used to repay commercial paper and for other general corporate purposes. In September 2019, the County of Carroll, Kentucky remarketed $50 million of Environmental Facilities Revenue Bonds, 2004 Series A due 2034 previously issued on behalf of KU. The bonds were remarketed at a long-term rate and will bear interest at 1.75% through their mandatory purchase date of September 1, 2026. In September 2019, the County of Carroll, Kentucky remarketed $96 million of Pollution Control Revenue Refunding Bonds, 2016 Series A due 2042 previously issued on behalf of KU. The bonds were remarketed at a long-term rate and will bear interest at 1.55% through their mandatory purchase date of September 1, 2026. In September 2019, the County of Carroll, Kentucky remarketed $54 million of Environmental Facilities Revenue Refunding Bonds, 2006 Series B due 2034 previously issued on behalf of KU. The bonds were remarketed at a long-term rate and will bear interest at 1.20% through their mandatory purchase date of June 1, 2021. In September 2019, the County of Carroll, Kentucky remarketed $78 million of Environmental Facilities Revenue Bonds, 2008 Series A due 2032 previously issued on behalf of KU. The bonds were remarketed at a long-term rate and will bear interest at 1.20% through their mandatory purchase date of June 1, 2021. In September 2019, the County of Mercer, Kentucky remarketed $13 million of Solid Waste Disposal Facility Revenue Bonds, 2000 Series A due 2023 previously issued on behalf of KU. The bonds were remarketed at a long-term rate and will bear interest at 1.30% through the maturity date of May 1, 2023. (PPL and PPL Electric) In September 2019, PPL Electric issued $400 million of 3.00% First Mortgage Bonds due 2049. PPL Electric received proceeds of $390 million , net of a discount and underwriting fees, which were used to repay short-term debt and for general corporate purposes. On October 31, 2019, PPL Electric gave notice of its intent to redeem all of the currently outstanding $100 million aggregate principal amount of its Senior Secured Bonds, 5.15% Series due 2020 on December 4, 2019. (PPL) 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 nine months ended September 30, 2019 . Distributions In August 2019 , PPL declared a quarterly common stock dividend, payable October 1, 2019 , of 41.25 cents per share (equivalent to $1.65 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Leases | 9. Leases (All Registrants) The Registrants determine whether contractual arrangements contain a lease by evaluating whether those arrangements either implicitly or explicitly identify an asset, whether the Registrants have the right to obtain substantially all of the economic benefits from use of the asset throughout the term of the arrangement, and whether the Registrants have the right to direct the use of the asset. Renewal options are included in the lease term if it is reasonably certain the Registrants will exercise those options. Periods for which the Registrants are reasonably certain not to exercise termination options are also included in the lease term. The Registrants have certain agreements with lease and non-lease components, such as office space leases, which are generally accounted for separately. LKE, LG&E and KU have entered into various operating leases primarily for office space, vehicles and railcars. The leases generally have fixed payments with expiration dates ranging from 2019 to 2025, some of which have options to extend the leases from one year to ten years and some have options to terminate at LKE's, LG&E's and KU's discretion. For leases that existed as of December 31, 2018, payments associated with renewal options are not included in the measurement of the lease liability and right-of-use (ROU) asset. PPL has also entered into various operating leases primarily for office space, land easements, telecom assets and warehouse space. These leases generally have fixed payments with expiration dates ranging from 2019 through 2028, except for the land agreements which extend through 2116. PPL Electric also has operating leases which do not have a significant impact to its operations. Short-term Leases Short-term leases are leases with a term that is 12 months or less and do not include a purchase option or option to extend the initial term of the lease to greater than 12 months that the Registrants are reasonably certain to exercise. The Registrants have made an accounting policy election to not recognize the ROU asset and the lease liability arising from leases classified as short-term. Expenses related to short-term leases are included in the tables below. Discount Rate The discount rate for a lease is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the Registrants are required to use their incremental borrowing rate, which is the rate the Registrants would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Registrants receive secured borrowing rates from financial institutions based on their applicable credit profiles. The Registrants use the secured rate which corresponds with the term of the applicable lease. Practical Expedients See Note 2 for information on the adoption of the new lease guidance as well as the practical expedients the Registrants have elected as part of the transition. (PPL, LKE, LG&E and KU) Lessee Transactions The following table provides the components of lease cost for the Registrants' operating leases for the periods ended September 30, 2019 . Three Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 6 $ 5 $ 1 $ 3 Short-term lease cost 2 1 — 1 Total lease cost $ 8 $ 6 $ 1 $ 4 Nine Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 21 $ 17 $ 7 $ 9 Short-term lease cost 5 2 1 1 Total lease cost $ 26 $ 19 $ 8 $ 10 The following table provides other key information related to the Registrants' operating leases at September 30, 2019 . PPL LKE LG&E KU Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21 $ 17 $ 8 $ 9 Right-of-use asset obtained in exchange for new operating lease liabilities 37 8 3 5 The following table provides the total future minimum rental payments for operating leases, as well as a reconciliation of these undiscounted cash flows to the lease liabilities recognized on the Balance Sheets as of September 30, 2019 . PPL LKE LG&E KU 2019 (a) $ 8 $ 5 $ 2 $ 3 2020 27 16 6 10 2021 21 12 5 7 2022 16 8 3 5 2023 14 7 3 3 2024 12 6 3 3 Thereafter 25 7 3 3 Total $ 123 $ 61 $ 25 $ 34 Weighted-average discount rate 3.47 % 3.97 % 3.9 % 4.01 % Weighted-average remaining lease term (in years) 8 5 5 5 Current lease liabilities (b) $ 25 $ 16 $ 6 $ 9 Non-current lease liabilities (b) 80 39 16 22 Right-of-use assets (c) 97 47 19 27 (a) Represents future minimum lease payments for the remainder of 2019. (b) Current lease liabilities are included in "Other Current Liabilities" on the Balance Sheets. Non-current lease liabilities are included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. The difference between the total future minimum lease payments and the recorded lease liabilities is due to the impact of discounting. (c) Right-of-use assets are included in "Other noncurrent assets" on the Balance Sheets. At December 31, 2018, the total future minimum rental payments for all operating leases were estimated to be: PPL LKE LG&E KU 2019 $ 26 $ 20 $ 10 $ 10 2020 21 15 6 9 2021 15 11 4 7 2022 13 7 3 4 2023 8 6 3 3 Thereafter 33 11 4 6 Total $ 116 $ 70 $ 30 $ 39 |
Lessor, Operating Leases [Text Block] | Lessor Transactions Third parties lease land from LKE, LG&E and KU at certain generation plants to produce refined coal used to generate electricity. The leases are operating leases and expire in 2021. Payments are allocated among lease and non-lease components as stated in the agreements. Lease payments are fixed or are determined based on the amount of refined coal used in electricity generation at the facility. Payments received are primarily recorded as a regulatory liability and are amortized in accordance with regulatory approvals. WPD leases property and telecom assets to third parties, which generally expire through 2029. These leases are operating leases. Generally, lease payments are fixed and include only a lease component. At September 30, 2019 , PPL, LKE, LG&E and KU expect to receive the following fixed lease payments over the remaining term of their operating lease agreements: PPL LKE LG&E KU 2019 (a) $ 3 $ 2 $ — $ 2 2020 13 7 — 7 2021 10 5 1 4 2022 4 — — — 2023 4 1 — — 2024 4 — — — Thereafter 12 — — — Total $ 50 $ 15 $ 1 $ 13 Lease income recognized for the three months ended September 30, 2019 $ 6 $ 4 $ 2 $ 2 Lease income recognized for the nine months ended September 30, 2019 $ 16 $ 10 $ 4 $ 6 (a) Represents future minimum lease payments for the remainder of 2019. |
Defined Benefits
Defined Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Defined Benefits | 10. 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 September 30 : Pension Benefits Three Months Nine Months U.S. U.K. U.S. U.K. 2019 2018 2019 2018 2019 2018 2019 2018 PPL Service cost $ 13 $ 15 $ 17 $ 21 $ 38 $ 46 $ 51 $ 63 Interest cost 41 39 45 46 123 117 140 140 Expected return on plan assets (62 ) (62 ) (144 ) (145 ) (184 ) (186 ) (442 ) (445 ) Amortization of: Prior service cost 2 2 1 — 6 7 1 — Actuarial loss 15 22 22 37 42 63 69 114 Net periodic defined benefit costs (credits) before settlements 9 16 (59 ) (41 ) 25 47 (181 ) (128 ) Settlements — — — — 1 — — — Net periodic defined benefit costs (credits) $ 9 $ 16 $ (59 ) $ (41 ) $ 26 $ 47 $ (181 ) $ (128 ) Pension Benefits Three Months Nine Months 2019 2018 2019 2018 LKE Service cost $ 5 $ 6 $ 16 $ 18 Interest cost 16 16 49 48 Expected return on plan assets (25 ) (25 ) (76 ) (76 ) Amortization of: Prior service cost 2 3 6 7 Actuarial loss (a) 7 8 17 26 Net periodic defined benefit costs (b) $ 5 $ 8 $ 12 $ 23 (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 $2 million and $3 million for the three and nine months ended September 30, 2019 and $2 million and $8 million for the three and nine months ended September 30, 2018 . This difference is recorded as a regulatory asset. (b) Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, a settlement charge of $5 million for the three and nine months ended September 30, 2019 and $1 million and $5 million for the three and nine months ended September 30, 2018 was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount is being amortized in accordance with existing regulatory practice. Pension Benefits Three Months Nine Months 2019 2018 2019 2018 LG&E Service cost $ — $ — $ 1 $ 1 Interest cost 2 3 8 9 Expected return on plan assets (5 ) (6 ) (16 ) (17 ) Amortization of: Prior service cost 1 1 4 4 Actuarial loss (a) 4 2 7 5 Net periodic defined benefit costs (b) $ 2 $ — $ 4 $ 2 (a) As a result of treatment approved by the KPSC, the difference between actuarial loss calculated in accordance with LG&E's accounting policy and actuarial loss calculated using a 15 -year amortization period was $1 million and $2 million for the three and nine months ended September 30, 2019 and $1 million for the nine months ended September 30, 2018 . This difference is recorded as a regulatory asset. (b) Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, a settlement charge of $5 million for the three and nine months ended September 30, 2019 and $1 million and $5 million for the three and nine months ended September 30, 2018 was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount is being amortized in accordance with existing regulatory practice. Other Postretirement Benefits Three Months Nine Months 2019 2018 2019 2018 PPL Service cost $ 2 $ 1 $ 4 $ 5 Interest cost 5 5 16 15 Expected return on plan assets (5 ) (4 ) (14 ) (17 ) Amortization of actuarial loss 1 — 1 — Net periodic defined benefit costs $ 3 $ 2 $ 7 $ 3 LKE Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 2 2 6 6 Expected return on plan assets (2 ) (2 ) (6 ) (6 ) Amortization of: Prior service cost — — 1 1 Actuarial gain — — (1 ) (1 ) Net periodic defined benefit costs $ 1 $ 1 $ 3 $ 3 (PPL Electric, LG&E and KU) In addition to the specific plan it sponsors, LG&E is allocated costs of defined benefit plans sponsored by LKE. PPL Electric and KU do not directly sponsor any defined benefit plans. PPL Electric is allocated costs of defined benefit plans sponsored by PPL Services and KU is 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 12 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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric $ 3 $ 5 $ 8 $ 12 LG&E 1 1 3 5 KU — 1 — 3 (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 13 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. 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. We are awaiting the Court's decision regarding the motion to dismiss. 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. The petition for appeal is under consideration by the Ninth Circuit Court of Appeals. 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. 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 Montana Actions and intends to continue to vigorously defend against these actions. The Montana Actions and the Delaware Action are all in the 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. Cane Run Environmental Claims (PPL, LKE and LG&E) 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. These plaintiffs seek injunctive relief and civil penalties, plus costs and attorney fees, for the alleged statutory violations. Under the common law claims, these plaintiffs seek monetary compensation and punitive damages for property damage and diminished property values for a class consisting of residents within four miles of the Cane Run plant, which retired three coal-fired units in 2015. In their individual capacities, these plaintiffs sought compensation for alleged adverse health effects. In July 2014, the court dismissed the RCRA claims and all but one Clean Air Act claim, but declined to dismiss the common law tort claims. In November 2016, the plaintiffs filed an amended complaint removing the personal injury claims and removing certain previously named plaintiffs. In February 2017, the U.S. District Court issued an Order dismissing PPL as a defendant and dismissing the final federal claim against LG&E. In April 2017, the U.S. District Court issued an Order declining to exercise supplemental jurisdiction on the state law claims and dismissed 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. Proceedings are currently underway regarding potential class certification, for which a decision may be rendered in 2019. PPL, LKE and LG&E cannot predict the outcome of this matter and an estimate or range of possible losses cannot be determined. E.W. Brown Environmental Claims ( PPL, LKE and KU) 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. On January 8, 2019, KU filed an answer to plaintiffs’ complaint in the U.S. District Court. A trial has been scheduled to begin on October 5, 2020. 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 was 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. KU submitted the required aquatic study and risk assessment, conducted by an independent third-party consultant, to the KEEC in June 2019 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. 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. Environmental Matters (All Registrants) Due to the environmental issues discussed below or other environmental matters, it may be necessary for the Registrants to modify, curtail, replace or cease operation of certain facilities or performance of certain operations to comply with statutes, regulations and other requirements of regulatory bodies or courts. In addition, legal challenges to new environmental permits or rules add to the uncertainty of estimating the future cost of these permits and rules. WPD's distribution businesses are subject to certain statutory and regulatory environmental requirements. It may be necessary for WPD to incur significant compliance costs, which costs may be recoverable through rates subject to the approval of Ofgem. PPL believes that WPD has taken and continues to take measures to comply with all applicable environmental laws and regulations. LG&E and KU are entitled to recover, through the ECR mechanism, certain costs of complying with the Clean Air Act, as amended, and those federal, state or local environmental requirements applicable to coal combustion wastes and by-products from facilities that generate electricity from coal combustion in accordance with approved compliance plans. Costs not covered by the ECR mechanism for LG&E and KU and all such costs for PPL Electric are subject to rate recovery before the companies' respective state regulatory authorities, or the FERC, if applicable. Because neither WPD nor PPL Electric owns any generating plants, their exposure to related environmental compliance costs is reduced. PPL, PPL Electric, LKE, LG&E and KU can provide no assurances as to the ultimate outcome of future environmental or rate proceedings before regulatory authorities. Air (PPL, LKE, LG&E and KU) NAAQS The Clean Air Act, which regulates air pollutants from mobile and stationary sources in the United States, has a significant impact on the operation of fossil fuel generation plants. Among other things, the Clean Air Act requires the EPA periodically to review and establish concentration levels in the ambient air for six pollutants to protect public health and welfare. The six pollutants are carbon monoxide, lead, nitrogen dioxide, ozone (contributed to by nitrogen oxide emissions), particulate matter and sulfur dioxide. The established concentration levels for these six pollutants are known as NAAQS. Under the Clean Air Act, the EPA is required to reassess the NAAQS on a five-year schedule. Federal environmental regulations of these six pollutants require states to adopt implementation plans, known as state implementation plans, which detail how the state will attain the standards that are mandated by the relevant law or regulation. Each state identifies the areas within its boundaries that meet the NAAQS (attainment areas) and those that do not (non-attainment areas), and must develop a state implementation plan both to bring non-attainment areas into compliance with the NAAQS and to maintain good air quality in attainment areas. In addition, for attainment of ozone and fine particulates standards, states in the eastern portion of the country, including Kentucky, are subject to a regional program developed by the EPA known as the Cross-State Air Pollution Rule. The NAAQS, future revisions to the NAAQS and state implementation plans, or future revisions to regional programs, may require installation of additional pollution controls, the costs of which PPL, LKE, LG&E and KU believe are subject to cost recovery. Although PPL, LKE, LG&E and KU do not anticipate significant costs to comply with these programs, changes in market or operating conditions could result in different costs than anticipated. Ozone The EPA issued the current ozone standard in October 2015. The states and the EPA are required to determine (based on ambient air monitoring data) those areas that meet the standard and those that are in nonattainment. In April 2018, the EPA designated Jefferson County, Kentucky (Louisville) as being in nonattainment with the ozone standard. Although implementation of the 2015 ozone standard could potentially require the addition of SCRs at LG&E's Mill Creek station, PPL, LKE and LG&E are unable to determine what, if any, compliance measures may ultimately be required until the Louisville Metro Air Pollution District prepares a state implementation plan. States are also obligated to address interstate transport issues associated with ozone standards through the establishment of "good neighbor" state implementation plans for those states that are found to contribute significantly to another state's non-attainment. As a result of a partial consent decree addressing claims regarding federal implementation, the EPA and several states, including Kentucky, have evaluated the need for further nitrogen oxide reductions from fossil-fueled plants to address interstate impacts. In July 2018, the EPA approved Kentucky's proposed state implementation plan finding that no additional reductions beyond existing and planned controls set forth in Kentucky's existing State Implementation Plan are necessary to prevent Kentucky from contributing significantly to any other state’s nonattainment. In September 2018, the EPA denied petitions filed by Maryland and Delaware and in September 2019, denied a petition filed by New York alleging that states including Kentucky and Pennsylvania contribute to nonattainment in the petitioning states. PPL, LKE, LG&E and KU are unable to predict the outcome of ongoing and future evaluations by the EPA and the states, or whether such evaluations could potentially result in requirements for nitrogen oxide reductions beyond those currently required under the Cross-State Air Pollution Rule. Climate Change There is continuing world-wide attention focused on issues related to climate change. In June 2016, President Obama announced that the United States, Canada and Mexico established the North American Climate, Clean Energy, and Environment Partnership Plan, which specifies actions to promote clean energy, address climate change and protect the environment. The plan includes a goal to provide 50% of the energy used in North America from clean energy sources by 2025. The plan does not impose any nation-specific requirements. In December 2015, 195 nations, including the U.S., signed the Paris Agreement on Climate, which establishes a comprehensive framework for the reduction of GHG emissions from both developed and developing nations. Although the agreement does not establish binding reduction requirements, it requires each nation to prepare, communicate, and maintain GHG reduction commitments. Reductions can be achieved in a variety of ways, including energy conservation, power plant efficiency improvements, reduced utilization of coal-fired generation or replacing coal-fired generation with natural gas or renewable generation. Based on the EPA's rules issued in 2015 imposing GHG emission standards for both new and existing power plants, the U.S. committed to an initial reduction target of 26% to 28% below 2005 levels by 2025. However, on June 1, 2017, President Trump announced a plan to withdraw from the Paris Agreement and undertake negotiations to reenter the current agreement or enter a new agreement on terms more favorable to the U.S. Under the terms of the Paris Agreement, any U.S. withdrawal would not be complete until November 2020. PPL, LKE, LG&E and KU cannot predict the outcome of such regulatory actions or the impact, if any, on plant operations, rate treatment or future capital or operating needs. The U.K. has enacted binding carbon reduction requirements that are applicable to WPD. WPD is subject to requirements under the Streamlined Energy and Carbon Reporting framework along with a tax (called “Climate Change Levy”). The cost of the tax is not significant and is included in WPD’s operating expenses. The EPA's Affordable Clean Energy Rule In 2015, the EPA finalized rules imposing stringent GHG emission standards for both new and existing power plants based on plant specific energy efficiency upgrades, fuel switching from coal to natural gas, and deployment of renewable generation (the Clean Power Plan). Following legal challenges to the Clean Power Plan, a stay of those rules by the U.S. Supreme Court and the March 2017 Executive Order requiring the EPA to review the Clean Power Plan, in October 2017, the EPA proposed to rescind the Clean Power Plan. In July 2019, the EPA rescinded the Clean Power Plan and finalized the Affordable Clean Energy (ACE) Rule as a replacement with respect to existing sources. The ACE Rule gives states broad latitude in establishing emission guidelines providing for plant-specific efficiency upgrades or "heat-rate improvements" that will reduce GHG emissions per unit of electricity generated. The ACE Rule provides a list of "candidate technologies" that will be considered by the states in establishing standards of performance on a case by case basis at individual power plants. States are generally allowed three years to submit state plans establishing standards of performance. While compliance deadlines will be imposed on a plant-specific basis, the EPA anticipates that most facilities will be required to demonstrate compliance within two years of plan approval. In the final rule, the EPA did not finalize its proposed new criteria for determining whether such efficiency projects would trigger New Source Review and thus be subject to more stringent emission controls. Instead, the agency intends to take final action on the proposed New Source Review revisions in a separate final action at a later date. Various entities have filed petitions for review and petitions for reconsideration. PPL, LKE, LG&E and KU cannot predict the outcome of the pending litigation and regulatory proceedings. The Kentucky General Assembly passed legislation in April 2014 limiting the measures that the Kentucky Energy and Environment Cabinet may consider in setting performance standards to comply with federal requirements for GHG emission reductions. The legislation provides that such state GHG performance standards will be strictly based on emission reductions, efficiency measures and other improvements available at each power plant. These statutory restrictions are broadly consistent with the EPA's ACE Rule. LG&E and KU are monitoring developments at the state and federal level. Until legal challenges and regulatory determinations relating to repeal and replacement of the Clean Power Plan are completed and the state determines implementation measures, PPL, LKE, LG&E and KU cannot predict the potential impact, if any, on plant operations, future capital or operating costs. PPL, LKE, LG&E and KU believe that the costs, which could be significant, would be subject to rate recovery. 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 January 31, 2020. The parties are conducting initial 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) CCRs In April 2015, the EPA published its final rule regulating CCRs. CCRs include fly ash, bottom ash and sulfur dioxide scrubber wastes. The rule became effective in October 2015. It imposes extensive new requirements, including location restrictions, design and operating standards, groundwater monitoring and corrective action requirements, and closure and post-closure care requirements on CCR impoundments and landfills that are not already closed and located on active power plants in the United States. Under the rule, CCRs are regulated as non-hazardous under Subtitle D of RCRA and beneficial use of CCRs is allowed, with some restrictions. The rule's requirements for covered CCR impoundments and landfills include implementation of groundwater monitoring and commencement or completion of closure activities generally between three and ten years from certain triggering events. The rule requires posting of compliance documentation on a publicly accessible website. Industry groups, environmental groups, individual companies and others have filed legal challenges to the final rule, which are pending before the D.C. Circuit Court of Appeals. In March 2018, the EPA proposed amendments to the CCR rule primarily relating to impoundment closure and remediation requirements. In July 2018, the EPA published in the Federal Register a final rule extending the deadline for closure of certain impoundments to October 2020 and adopting substantive changes relating to certifications, suspensions of groundwater monitoring and groundwater protection standards for certain constituents. In July 2019, the EPA released proposed amendments to the CCR Rule relating to reporting, public information, boron standards, beneficial use and waste piles. The EPA released additional proposed amendments to the rule on November 4, 2019, with further proposed amendments expected in the future. In August 2018, the D.C. Circuit Court of Appeals vacated and remanded portions of the CCR rule including provisions allowing unlined impoundments to continue operating and exempting inactive impoundments at inactive plants from regulation. As a result of subsequent challenges to the CCR Rule amendments, on March 13, 2019, the D.C. Circuit Court granted the EPA’s motion for voluntary remand of the amended rule without voiding it. Consequently, the CCR Rule amendments, including the extended compliance deadline, will remain in place as the EPA considers further rule amendments and revisions. PPL, LKE, LG&E and KU are unable to predict the outcome of the ongoing rulemaking or potential impacts on current LG&E and KU compliance plans. Associated costs are expected to be subject to rate recovery. The Registrants are currently finalizing closure plans and schedules. In January 2017, the Kentucky Energy and Environment Cabinet issued a new state rule relating to CCR management 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 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 expects to propose new state rules in 2019 aimed at addressing the procedural deficiencies identified by the court and providing the regulatory framework necessary for operation of the state CCR program in lieu of the federal CCR Rule, as provided by applicable law. 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 the smaller impoundments. LG&E and KU expect to commence closure of the remaining impoundments no later than October 31, 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 16 below and Note 19 in the Registrants' 2018 Form 10-K 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. Clean Water Act Regulations under the federal Clean Water Act dictate permitting and mitigation requirements for facilities and construction projects in the United States. Many of those requirements relate to power plant operations, including requirements related to the treatment of pollutants in effluents prior to discharge, the temperature of effluent discharges and the location, design and construction of cooling water intake structures at generating facilities, standards intended to protect aquatic organisms that become trapped at or pulled through cooling water intake struct |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 12. 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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric from PPL Services $ 14 $ 14 $ 43 $ 45 LKE from PPL Services 6 5 20 19 PPL Electric from PPL EU Services 38 34 112 110 LG&E from LKS 37 36 112 113 KU from LKS 42 42 126 127 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. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $650 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2019 , $546 million was outstanding and reflected in "Notes receivable from affiliate" on the Balance Sheet. No balance was outstanding at December 31, 2018 . The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at September 30, 2019 was 3.84% and is reflected in "Interest Income from Affiliate" on the Statements of Income. (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 September 30, 2019 and December 31, 2018 , $129 million and $113 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rates on the outstanding borrowings at September 30, 2019 and December 31, 2018 were 3.59% and 3.85% . Interest expense on the revolving line of credit was not significant for the three and nine months ended September 30, 2019 and 2018 . 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 September 30, 2019 and December 31, 2018 . 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 September 30, 2019 and December 31, 2018 , the notes were reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on the $400 million note was $4 million and $11 million for the three and nine months ended September 30 , 2019 and 2018 . Interest expense on the $250 million note was $3 million and $8 million for the three and nine months ended September 30, 2019 and $3 million and $4 million for the three and nine months ended September 30, 2018 . 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 $37 million as of September 30, 2019 , of which $10 million was reflected in "Accounts receivable from affiliates" and $27 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheet. The intercompany receivable balance associated with these funds was $45 million as of December 31, 2018 , of which $10 million was reflected in "Account receivable from affiliates" and $35 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheets. Other (PPL Electric, LG&E and KU) See Note 10 |
LG And E And KU Energy LLC [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 12. 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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric from PPL Services $ 14 $ 14 $ 43 $ 45 LKE from PPL Services 6 5 20 19 PPL Electric from PPL EU Services 38 34 112 110 LG&E from LKS 37 36 112 113 KU from LKS 42 42 126 127 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. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $650 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2019 , $546 million was outstanding and reflected in "Notes receivable from affiliate" on the Balance Sheet. No balance was outstanding at December 31, 2018 . The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at September 30, 2019 was 3.84% and is reflected in "Interest Income from Affiliate" on the Statements of Income. (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 September 30, 2019 and December 31, 2018 , $129 million and $113 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rates on the outstanding borrowings at September 30, 2019 and December 31, 2018 were 3.59% and 3.85% . Interest expense on the revolving line of credit was not significant for the three and nine months ended September 30, 2019 and 2018 . 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 September 30, 2019 and December 31, 2018 . 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 September 30, 2019 and December 31, 2018 , the notes were reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on the $400 million note was $4 million and $11 million for the three and nine months ended September 30 , 2019 and 2018 . Interest expense on the $250 million note was $3 million and $8 million for the three and nine months ended September 30, 2019 and $3 million and $4 million for the three and nine months ended September 30, 2018 . 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 $37 million as of September 30, 2019 , of which $10 million was reflected in "Accounts receivable from affiliates" and $27 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheet. The intercompany receivable balance associated with these funds was $45 million as of December 31, 2018 , of which $10 million was reflected in "Account receivable from affiliates" and $35 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheets. Other (PPL Electric, LG&E and KU) See Note 10 |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 12. 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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric from PPL Services $ 14 $ 14 $ 43 $ 45 LKE from PPL Services 6 5 20 19 PPL Electric from PPL EU Services 38 34 112 110 LG&E from LKS 37 36 112 113 KU from LKS 42 42 126 127 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. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $650 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2019 , $546 million was outstanding and reflected in "Notes receivable from affiliate" on the Balance Sheet. No balance was outstanding at December 31, 2018 . The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at September 30, 2019 was 3.84% and is reflected in "Interest Income from Affiliate" on the Statements of Income. (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 September 30, 2019 and December 31, 2018 , $129 million and $113 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rates on the outstanding borrowings at September 30, 2019 and December 31, 2018 were 3.59% and 3.85% . Interest expense on the revolving line of credit was not significant for the three and nine months ended September 30, 2019 and 2018 . 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 September 30, 2019 and December 31, 2018 . 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 September 30, 2019 and December 31, 2018 , the notes were reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on the $400 million note was $4 million and $11 million for the three and nine months ended September 30 , 2019 and 2018 . Interest expense on the $250 million note was $3 million and $8 million for the three and nine months ended September 30, 2019 and $3 million and $4 million for the three and nine months ended September 30, 2018 . 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 $37 million as of September 30, 2019 , of which $10 million was reflected in "Accounts receivable from affiliates" and $27 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheet. The intercompany receivable balance associated with these funds was $45 million as of December 31, 2018 , of which $10 million was reflected in "Account receivable from affiliates" and $35 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheets. Other (PPL Electric, LG&E and KU) See Note 10 |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 12. 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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric from PPL Services $ 14 $ 14 $ 43 $ 45 LKE from PPL Services 6 5 20 19 PPL Electric from PPL EU Services 38 34 112 110 LG&E from LKS 37 36 112 113 KU from LKS 42 42 126 127 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. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $650 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2019 , $546 million was outstanding and reflected in "Notes receivable from affiliate" on the Balance Sheet. No balance was outstanding at December 31, 2018 . The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at September 30, 2019 was 3.84% and is reflected in "Interest Income from Affiliate" on the Statements of Income. (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 September 30, 2019 and December 31, 2018 , $129 million and $113 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rates on the outstanding borrowings at September 30, 2019 and December 31, 2018 were 3.59% and 3.85% . Interest expense on the revolving line of credit was not significant for the three and nine months ended September 30, 2019 and 2018 . 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 September 30, 2019 and December 31, 2018 . 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 September 30, 2019 and December 31, 2018 , the notes were reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on the $400 million note was $4 million and $11 million for the three and nine months ended September 30 , 2019 and 2018 . Interest expense on the $250 million note was $3 million and $8 million for the three and nine months ended September 30, 2019 and $3 million and $4 million for the three and nine months ended September 30, 2018 . 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 $37 million as of September 30, 2019 , of which $10 million was reflected in "Accounts receivable from affiliates" and $27 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheet. The intercompany receivable balance associated with these funds was $45 million as of December 31, 2018 , of which $10 million was reflected in "Account receivable from affiliates" and $35 million was reflected in "Other noncurrent assets" on the PPL Electric Balance Sheets. Other (PPL Electric, LG&E and KU) See Note 10 |
Other Income (Expense) - net
Other Income (Expense) - net | 9 Months Ended |
Sep. 30, 2019 | |
Other Income (Expense) Net [Line Items] | |
Other Income (Expense) - net | 13. Other Income (Expense) - net (PPL) The details of "Other Income (Expense) - net" for the periods ended September 30 , were: Three Months Nine Months 2019 2018 2019 2018 Other Income Economic foreign currency exchange contracts (Note 15) $ 44 $ 40 $ 56 $ 92 Defined benefit plans - non-service credits (Note 10) 77 61 237 195 Interest income 3 3 12 5 AFUDC - equity component 6 5 17 15 Miscellaneous 1 2 6 3 Total Other Income 131 111 328 310 Other Expense Charitable contributions 1 1 3 6 Miscellaneous 4 4 16 7 Total Other Expense 5 5 19 13 Other Income (Expense) - net $ 126 $ 106 $ 309 $ 297 (PPL Electric) The details of "Other Income (Expense) - net" for the periods ended September 30 , were: Three Months Nine Months 2019 2018 2019 2018 Other Income AFUDC - equity component $ 6 $ 5 $ 17 $ 15 Defined benefit plans - non-service credits (Note 10) 1 1 3 4 Interest income — — 1 — Miscellaneous — — — 1 Total Other Income 7 6 21 20 Other Expense Charitable contributions — 1 2 2 Miscellaneous — — 1 — Total Other Expense — 1 3 2 Other Income (Expense) - net $ 7 $ 5 $ 18 $ 18 |
PPL Electric Utilities Corp [Member] | |
Other Income (Expense) Net [Line Items] | |
Other Income (Expense) - net | 13. Other Income (Expense) - net (PPL) The details of "Other Income (Expense) - net" for the periods ended September 30 , were: Three Months Nine Months 2019 2018 2019 2018 Other Income Economic foreign currency exchange contracts (Note 15) $ 44 $ 40 $ 56 $ 92 Defined benefit plans - non-service credits (Note 10) 77 61 237 195 Interest income 3 3 12 5 AFUDC - equity component 6 5 17 15 Miscellaneous 1 2 6 3 Total Other Income 131 111 328 310 Other Expense Charitable contributions 1 1 3 6 Miscellaneous 4 4 16 7 Total Other Expense 5 5 19 13 Other Income (Expense) - net $ 126 $ 106 $ 309 $ 297 (PPL Electric) The details of "Other Income (Expense) - net" for the periods ended September 30 , were: Three Months Nine Months 2019 2018 2019 2018 Other Income AFUDC - equity component $ 6 $ 5 $ 17 $ 15 Defined benefit plans - non-service credits (Note 10) 1 1 3 4 Interest income — — 1 — Miscellaneous — — — 1 Total Other Income 7 6 21 20 Other Expense Charitable contributions — 1 2 2 Miscellaneous — — 1 — Total Other Expense — 1 3 2 Other Income (Expense) - net $ 7 $ 5 $ 18 $ 18 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. 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 2018 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: September 30, 2019 December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 670 $ 670 $ — $ — $ 621 $ 621 $ — $ — Restricted cash and cash equivalents (a) 20 20 — — 22 22 — — Special use funds (a): Money market fund 2 2 — — 59 59 — — Commingled debt fund measured at NAV (b) 29 — — — — — — — Commingled equity fund measured at NAV (b) 28 — — — — — — — Total special use funds 59 2 — — 59 59 — — Price risk management assets (c): Foreign currency contracts 224 — 224 — 202 — 202 — Cross-currency swaps 195 — 195 — 135 — 135 — Total price risk management assets 419 — 419 — 337 — 337 — Total assets $ 1,168 $ 692 $ 419 $ — $ 1,039 $ 702 $ 337 $ — Liabilities Price risk management liabilities (c): Interest rate swaps $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — Foreign currency contracts 3 — 3 — 2 — 2 — Total price risk management liabilities $ 28 $ — $ 28 $ — $ 22 $ — $ 22 $ — PPL Electric Assets Cash and cash equivalents $ 27 $ 27 $ — $ — $ 267 $ 267 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 29 $ 29 $ — $ — $ 269 $ 269 $ — $ — LKE Assets Cash and cash equivalents $ 30 $ 30 $ — $ — $ 24 $ 24 $ — $ — Total assets $ 30 $ 30 $ — $ — $ 24 $ 24 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — Total price risk management liabilities $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — LG&E Assets Cash and cash equivalents $ 12 $ 12 $ — $ — $ 10 $ 10 $ — $ — Total assets $ 12 $ 12 $ — $ — $ 10 $ 10 $ — $ — September 30, 2019 December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Price risk management liabilities: Interest rate swaps $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — Total price risk management liabilities $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — KU Assets Cash and cash equivalents $ 18 $ 18 $ — $ — $ 14 $ 14 $ — $ — Total assets $ 18 $ 18 $ — $ — $ 14 $ 14 $ — $ — (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. 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. In 2019, the funds are invested primarily in commingled debt and equity funds measured at NAV. In 2018, the funds were invested in money market funds. 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. September 30, 2019 December 31, 2018 Carrying Fair Value Carrying Fair Value PPL $ 21,547 $ 25,506 $ 20,599 $ 22,939 PPL Electric 4,085 4,764 3,694 3,901 LKE 6,001 6,901 5,502 5,768 LG&E 2,004 2,322 1,809 1,874 KU 2,623 3,064 2,321 2,451 (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 | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 15. 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 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 2018 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 $40 million obligation to return cash collateral under master netting arrangements at September 30, 2019 and December 31, 2018 . PPL had no obligation to post cash collateral under master netting arrangements at September 30, 2019 and December 31, 2018 . LKE, LG&E and KU had no obligation to return cash collateral under master netting arrangements at September 30, 2019 and December 31, 2018 . LKE, LG&E and KU had no obligation to post cash collateral under master netting arrangements at September 30, 2019 and December 31, 2018 . 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. PPL had no such contracts at September 30, 2019. At September 30, 2019 , 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 and nine months ended September 30, 2019 and 2018 , PPL had no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges. At September 30, 2019 , 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 September 30, 2019 , 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 September 30, 2019 . At September 30, 2019 and December 31, 2018 , PPL had $31 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 September 30, 2019 , the total exposure hedged by PPL was approximately £1 billion (approximately $1.5 billion based on contracted rates). These contracts have termination dates ranging from October 2019 through December 2020. 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 September 30, 2019 and December 31, 2018 . See Note 1 in each Registrant's 2018 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. September 30, 2019 December 31, 2018 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 Cross-currency swaps (b) 7 — — — 6 — — — Foreign currency contracts — — 202 3 — — 103 2 Total current 7 — 202 8 6 — 103 6 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 20 — — — 16 Cross-currency swaps (b) 188 — — — 129 — — — Foreign currency contracts — — 22 — — — 99 — Total noncurrent 188 — 22 20 129 — 99 16 Total derivatives $ 195 $ — $ 224 $ 28 $ 135 $ — $ 202 $ 22 (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 periods ended September 30, 2019 . Three Months Nine Months Three Months Nine Months Derivative Derivative Gain (Loss) Recognized in OCI Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ (22 ) $ (30 ) Interest expense $ (2 ) $ (6 ) Cross-currency swaps 41 69 Other income (expense) - net 27 34 Total $ 19 $ 39 $ 25 $ 28 Net Investment Hedges: Foreign currency contracts $ — $ 1 Derivatives Not Designated as Location of Gain (Loss) Recognized in Hedging Instruments Income on Derivative Three Months Nine Months Foreign currency contracts Other income (expense) - net $ 44 $ 56 Interest rate swaps Interest expense (1 ) (3 ) Total $ 43 $ 53 Derivatives Not Designated as Location of Gain (Loss) Recognized as Hedging Instruments Regulatory Liabilities/Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ (2 ) $ (5 ) The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the periods ended September 30, 2018 . Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (2 ) $ (6 ) Cross-currency swaps 27 26 Interest expense 1 1 Other income (expense) - net 18 30 Total $ 27 $ 26 $ 17 $ 25 Net Investment Hedges: Foreign currency contracts $ — $ 11 Derivatives Not Designated as Location of Gain (Loss) Recognized in Hedging Instruments Income on Derivative Three Months Nine Months Foreign currency contracts Other income (expense) - net $ 40 $ 92 Interest rate swaps Interest expense (1 ) (4 ) Total $ 39 $ 88 Derivatives Not Designated as Location of Gain (Loss) Recognized as Hedging Instruments Regulatory Liabilities/Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 7 The following table presents the effect of cash flow hedge activity on the Statement of Income for the periods end September 30, 2019 . Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Nine Months Interest Expense Other Income (Expense) - net 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 $ 259 $ 126 $ 746 $ 309 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 (2 ) — (6 ) — Cross-currency swaps: Hedged items — (27 ) — (34 ) Amount of gain (loss) reclassified from AOCI to income — 27 — 34 (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. September 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 5 $ — $ 4 Total current — 5 — 4 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 20 — 16 Total noncurrent — 20 — 16 Total derivatives $ — $ 25 $ — $ 20 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 periods ended September 30, 2019 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (1 ) $ (3 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ (2 ) $ (5 ) 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 periods ended September 30, 2018 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (1 ) $ (4 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 7 (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 September 30, 2019 Treasury Derivatives PPL $ 419 $ 3 $ 40 $ 376 $ 28 $ 3 $ — $ 25 LKE — — — — 25 — — 25 LG&E — — — — 25 — — 25 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2018 Treasury Derivatives PPL $ 337 $ 2 $ 40 $ 295 $ 22 $ 2 $ — $ 20 LKE — — — — 20 — — 20 LG&E — — — — 20 — — 20 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 September 30, 2019 , 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 $ 4 $ 4 $ 4 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) 4 4 4 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2019 | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 16. 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 11 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, 2018 $ 347 $ 296 $ 103 $ 193 Accretion 13 12 4 8 Effect of foreign exchange rates (2 ) — — — Changes in estimated timing or cost (5 ) (2 ) (2 ) — Obligations settled (67 ) (67 ) (22 ) (45 ) Balance at September 30, 2019 $ 286 $ 239 $ 83 $ 156 |
LG And E And KU Energy LLC [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 16. 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 11 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, 2018 $ 347 $ 296 $ 103 $ 193 Accretion 13 12 4 8 Effect of foreign exchange rates (2 ) — — — Changes in estimated timing or cost (5 ) (2 ) (2 ) — Obligations settled (67 ) (67 ) (22 ) (45 ) Balance at September 30, 2019 $ 286 $ 239 $ 83 $ 156 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 16. 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 11 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, 2018 $ 347 $ 296 $ 103 $ 193 Accretion 13 12 4 8 Effect of foreign exchange rates (2 ) — — — Changes in estimated timing or cost (5 ) (2 ) (2 ) — Obligations settled (67 ) (67 ) (22 ) (45 ) Balance at September 30, 2019 $ 286 $ 239 $ 83 $ 156 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 16. 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 11 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, 2018 $ 347 $ 296 $ 103 $ 193 Accretion 13 12 4 8 Effect of foreign exchange rates (2 ) — — — Changes in estimated timing or cost (5 ) (2 ) (2 ) — Obligations settled (67 ) (67 ) (22 ) (45 ) Balance at September 30, 2019 $ 286 $ 239 $ 83 $ 156 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | 17. Accumulated Other Comprehensive Income (Loss) (PPL) The after-tax changes in AOCI by component for the periods ended September 30 were as follows. Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Prior service costs Actuarial gain (loss) Total PPL June 30, 2019 $ (1,616 ) $ 6 $ (18 ) $ (2,368 ) $ (3,996 ) Amounts arising during the period (285 ) 16 — (5 ) (274 ) Reclassifications from AOCI — (22 ) — 20 (2 ) Net OCI during the period (285 ) (6 ) — 15 (276 ) September 30, 2019 $ (1,901 ) $ — $ (18 ) $ (2,353 ) $ (4,272 ) Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Prior service costs Actuarial gain (loss) Total December 31, 2018 $ (1,533 ) $ (7 ) $ (19 ) $ (2,405 ) $ (3,964 ) Amounts arising during the period (368 ) 32 — (10 ) (346 ) Reclassifications from AOCI — (25 ) 1 62 38 Net OCI during the period (368 ) 7 1 52 (308 ) September 30, 2019 $ (1,901 ) $ — $ (18 ) $ (2,353 ) $ (4,272 ) June 30, 2018 $ (1,223 ) $ (21 ) $ (7 ) $ (2,244 ) $ (3,495 ) Amounts arising during the period (187 ) 22 — (8 ) (173 ) Reclassifications from AOCI — (14 ) — 34 20 Net OCI during the period (187 ) 8 — 26 (153 ) September 30, 2018 $ (1,410 ) $ (13 ) $ (7 ) $ (2,218 ) $ (3,648 ) December 31, 2017 $ (1,089 ) $ (13 ) $ (7 ) $ (2,313 ) $ (3,422 ) Amounts arising during the period (321 ) 21 (1 ) (9 ) (310 ) Reclassifications from AOCI — (21 ) 1 104 84 Net OCI during the period (321 ) — — 95 (226 ) September 30, 2018 $ (1,410 ) $ (13 ) $ (7 ) $ (2,218 ) $ (3,648 ) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the periods ended September 30 . Three Months Nine Months Affected Line Item on the Details about AOCI 2019 2018 2019 2018 Statements of Income Qualifying derivatives Interest rate swaps $ (2 ) $ (2 ) $ (6 ) $ (6 ) Interest Expense Cross-currency swaps 27 18 34 30 Other Income (Expense) - net — 1 — 1 Interest Expense Total Pre-tax 25 17 28 25 Income Taxes (3 ) (3 ) (3 ) (4 ) Total After-tax 22 14 25 21 Defined benefit plans Prior service costs (a) (1 ) (1 ) (2 ) (2 ) Net actuarial loss (a) (25 ) (42 ) (78 ) (130 ) Total Pre-tax (26 ) (43 ) (80 ) (132 ) Income Taxes 6 9 17 27 Total After-tax (20 ) (34 ) (63 ) (105 ) Total reclassifications during the period $ 2 $ (20 ) $ (38 ) $ (84 ) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 10 for additional information. |
New Accounting Guidance Pending
New Accounting Guidance Pending Adoption | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 18. New Accounting Guidance Pending Adoption (All Registrants) Accounting for Financial Instrument Credit Losses In June 2016, the FASB issued accounting guidance 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 this 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 current GAAP. For public business entities, this guidance will be applied using a modified retrospective approach and is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. The Registrants are currently assessing the impact of adopting this guidance and will adopt this standard on January 1, 2020 with a modified retrospective approach through a cumulative-effect adjustment to retained earnings at the date of adoption. Key implementation activities in process include finalizing the population of financial instruments within the scope of this guidance and identifying potential differences between the Registrants’ current credit loss models and the requirements of this guidance. Accounting for Implementation Costs in a Cloud Computing Service Arrangement In August 2018, the FASB issued 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. Prior guidance had not addressed these implementation costs. 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. Additional quantitative and qualitative disclosures are also required. For public business entities, this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This standard must be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Registrants are currently assessing the impact of adopting this guidance and will adopt this standard prospectively as of the beginning of the period adopted, which will be January 1, 2020. Key implementation activities in process of being completed include assessing the population of cloud computing hosting arrangements in the scope of this guidance and identifying and evaluating industry issues. (PPL, LKE, LG&E and KU) Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued accounting guidance that simplifies the test for goodwill impairment by eliminating the second step of the quantitative test. The second step of the quantitative test requires a calculation of the implied fair value of goodwill, which is determined in the same manner as the amount of goodwill in a business combination. Under this new guidance, an entity will now compare the estimated fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount the carrying amount exceeds the fair value of the reporting unit. For public business entities, this guidance will be applied prospectively and is effective for annual or any interim goodwill impairment tests for fiscal years beginning after December 15, 2019. The Registrants will adopt this guidance on January 1, 2020. The Registrants are currently assessing the impact of adopting this guidance. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | New Accounting Guidance Adopted (All Registrants) Accounting for Leases Effective January 1, 2019, the Registrants adopted accounting guidance that requires lessees to recognize a right-of-use asset and lease liability for leases, unless determined to meet the definition of a short-term lease. For income statement purposes, the FASB retained a dual model for lessees, requiring leases to be classified as either operating or finance. Operating leases result in straight-line expense recognition. Currently, all Registrant leases are operating leases. Lessor accounting under the new guidance is similar to the current model, but updated to align with certain changes to the lessee model and current revenue recognition guidance. Lessors classify leases as operating, direct financing, or sales-type. In adopting this new guidance, the Registrants elected to use the following practical expedients: • The Registrants did not re-assess the lease classifications or initial direct costs of existing leases. The Registrants also did not re-assess existing contracts for leases or lease classification. • The Registrants did not evaluate land easements that were not previously accounted for as leases under the new guidance. New land easements are evaluated under the new guidance beginning January 1, 2019. See Note 9 for the required disclosures resulting from the adoption of the new guidance. (PPL, LKE, LG&E & KU) The following table shows the amounts recorded on the Balance Sheets as of January 1, 2019 as a result of the adoption of the new lease guidance using a modified retrospective transition method with transition applied as of the beginning of the period of adoption: PPL LKE LG&E KU Right-of-Use Asset (a) $ 81 $ 56 $ 23 $ 31 Lease Liability- Current (b) 23 18 9 9 Lease Liability- Noncurrent (c) 67 46 18 26 (a) Right-of-Use Assets are recorded in "Other noncurrent assets" on the Balance Sheets. (b) Current lease liabilities are recorded in "Other current liabilities" on the Balance Sheets. (c) Noncurrent lease liabilities are recorded in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. (All Registrants) Improvements to Accounting for Hedging Activities Effective January 1, 2019, the Registrants adopted accounting guidance, using a modified retrospective approach, which reduces complexity when applying hedge accounting as well as improves the transparency of an entity's risk management activities. This guidance eliminates the separate measurement and reporting of hedge ineffectiveness for cash flow and net investment hedges and provides for the ability to perform subsequent qualitative effectiveness assessments. The guidance also allows entities to apply the short-cut method to partial-term fair value hedges of interest rate risk as well as expands the ability to apply the critical terms match method to cash flow hedges of groups of forecasted transactions. See Note 15 for the additional disclosures of the income statement impacts of hedging activities required from the adoption of this guidance. Disclosures related to ineffectiveness are no longer required. Other impacts of adopting this guidance were not material. |
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 September 30, December 31, September 30, December 31, Cash and cash equivalents $ 670 $ 621 $ 27 $ 267 Restricted cash - current (a) 3 3 2 2 Restricted cash - noncurrent (a) 17 19 — — Total Cash, Cash Equivalents and Restricted Cash $ 690 $ 643 $ 29 $ 269 (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) | 9 Months Ended |
Sep. 30, 2019 | |
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) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, December 31, September 30, December 31, Cash and cash equivalents $ 670 $ 621 $ 27 $ 267 Restricted cash - current (a) 3 3 2 2 Restricted cash - noncurrent (a) 17 19 — — Total Cash, Cash Equivalents and Restricted Cash $ 690 $ 643 $ 29 $ 269 (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." |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | The following table shows the amounts recorded on the Balance Sheets as of January 1, 2019 as a result of the adoption of the new lease guidance using a modified retrospective transition method with transition applied as of the beginning of the period of adoption: PPL LKE LG&E KU Right-of-Use Asset (a) $ 81 $ 56 $ 23 $ 31 Lease Liability- Current (b) 23 18 9 9 Lease Liability- Noncurrent (c) 67 46 18 26 (a) Right-of-Use Assets are recorded in "Other noncurrent assets" on the Balance Sheets. (b) Current lease liabilities are recorded in "Other current liabilities" on the Balance Sheets. (c) |
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 September 30, December 31, September 30, December 31, Cash and cash equivalents $ 670 $ 621 $ 27 $ 267 Restricted cash - current (a) 3 3 2 2 Restricted cash - noncurrent (a) 17 19 — — Total Cash, Cash Equivalents and Restricted Cash $ 690 $ 643 $ 29 $ 269 (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." |
LG And E And KU Energy LLC [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | The following table shows the amounts recorded on the Balance Sheets as of January 1, 2019 as a result of the adoption of the new lease guidance using a modified retrospective transition method with transition applied as of the beginning of the period of adoption: PPL LKE LG&E KU Right-of-Use Asset (a) $ 81 $ 56 $ 23 $ 31 Lease Liability- Current (b) 23 18 9 9 Lease Liability- Noncurrent (c) 67 46 18 26 (a) Right-of-Use Assets are recorded in "Other noncurrent assets" on the Balance Sheets. (b) Current lease liabilities are recorded in "Other current liabilities" on the Balance Sheets. (c) |
Louisville Gas And Electric Co [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | The following table shows the amounts recorded on the Balance Sheets as of January 1, 2019 as a result of the adoption of the new lease guidance using a modified retrospective transition method with transition applied as of the beginning of the period of adoption: PPL LKE LG&E KU Right-of-Use Asset (a) $ 81 $ 56 $ 23 $ 31 Lease Liability- Current (b) 23 18 9 9 Lease Liability- Noncurrent (c) 67 46 18 26 (a) Right-of-Use Assets are recorded in "Other noncurrent assets" on the Balance Sheets. (b) Current lease liabilities are recorded in "Other current liabilities" on the Balance Sheets. (c) |
Kentucky Utilities Co [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | The following table shows the amounts recorded on the Balance Sheets as of January 1, 2019 as a result of the adoption of the new lease guidance using a modified retrospective transition method with transition applied as of the beginning of the period of adoption: PPL LKE LG&E KU Right-of-Use Asset (a) $ 81 $ 56 $ 23 $ 31 Lease Liability- Current (b) 23 18 9 9 Lease Liability- Noncurrent (c) 67 46 18 26 (a) Right-of-Use Assets are recorded in "Other noncurrent assets" on the Balance Sheets. (b) Current lease liabilities are recorded in "Other current liabilities" on the Balance Sheets. (c) |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Income Statement data for the segments and reconciliation to PPL's consolidated results for the periods ended September 30 are as follows: Three Months Nine Months 2019 2018 2019 2018 Operating Revenues from external customers U.K. Regulated $ 491 $ 517 $ 1,615 $ 1,716 Kentucky Regulated 844 802 2,421 2,417 Pennsylvania Regulated 590 548 1,756 1,704 Corporate and Other 8 5 23 9 Total $ 1,933 $ 1,872 $ 5,815 $ 5,846 Net Income U.K. Regulated (a) $ 236 $ 245 $ 784 $ 836 Kentucky Regulated 150 122 364 332 Pennsylvania Regulated 118 112 333 335 Corporate and Other (29 ) (34 ) (99 ) (91 ) Total $ 475 $ 445 $ 1,382 $ 1,412 (a) Includes unrealized gains and losses from hedging foreign currency economic activity. See Note 15 for additional information. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of: September 30, December 31, Assets U.K. Regulated (a) (b) $ 17,128 $ 16,700 Kentucky Regulated 15,434 15,078 Pennsylvania Regulated 12,116 11,257 Corporate and Other (c) (119 ) 361 Total $ 44,559 $ 43,396 (a) Includes $12.3 billion and $12.4 billion of net PP&E as of September 30, 2019 and December 31, 2018 . WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. (b) Includes $2.3 billion and $2.4 billion of goodwill as of September 30, 2019 and December 31, 2018 . The change is due to the effect of foreign currency exchange rates. (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) | 9 Months Ended |
Sep. 30, 2019 | |
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 periods ended September 30 . 2019 Three Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 1,933 $ 590 $ 844 $ 382 $ 466 Revenues derived from: Alternative revenue programs (b) 8 2 6 4 2 Other (c) (11 ) (3 ) (6 ) (3 ) (3 ) Revenues from Contracts with Customers $ 1,930 $ 589 $ 844 $ 383 $ 465 2018 Three Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 1,872 $ 548 $ 802 $ 362 $ 447 Revenues derived from: Alternative revenue programs (b) (4 ) (3 ) (1 ) (4 ) 3 Other (c) (15 ) (3 ) (5 ) (2 ) (3 ) Revenues from Contracts with Customers $ 1,853 $ 542 $ 796 $ 356 $ 447 2019 Nine Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 5,815 $ 1,756 $ 2,421 $ 1,126 $ 1,322 Revenues derived from: Alternative revenue programs (b) (18 ) (4 ) (14 ) (1 ) (13 ) Other (c) (30 ) (8 ) (16 ) (7 ) (9 ) Revenues from Contracts with Customers $ 5,767 $ 1,744 $ 2,391 $ 1,118 $ 1,300 2018 Nine Months PPL PPL Electric LKE LG&E KU Operating Revenues (a) $ 5,846 $ 1,704 $ 2,417 $ 1,116 $ 1,332 Revenues derived from: Alternative revenue programs (b) 37 (1 ) 38 16 22 Other (c) (43 ) (9 ) (14 ) (5 ) (9 ) Revenues from Contracts with Customers $ 5,840 $ 1,694 $ 2,441 $ 1,127 $ 1,345 (a) PPL includes $491 million and $1,615 million for the three and nine months ended September 30, 2019 and $517 million and $1,716 million for the three and nine months ended September 30, 2018 of revenues from external customers reported by the U.K. Regulated segment. 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 September 30 . 2019 Three Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 454 $ — $ — $ — $ — Residential 708 352 356 177 179 Commercial 346 97 249 123 126 Industrial 164 16 148 47 101 Other (b) 128 12 73 31 42 Wholesale - municipality 6 — 6 — 6 Wholesale - other (c) 12 — 12 5 11 Transmission 112 112 — — — Revenues from Contracts with Customers $ 1,930 $ 589 $ 844 $ 383 $ 465 2018 Three Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 475 $ — $ — $ — $ — Residential 647 328 319 162 157 Commercial 307 88 219 112 107 Industrial 156 12 144 45 99 Other (b) 119 14 65 27 39 Wholesale - municipality 30 — 30 — 30 Wholesale - other (c) 19 — 19 10 15 Transmission 100 100 — — — Revenues from Contracts with Customers $ 1,853 $ 542 $ 796 $ 356 $ 447 2019 Nine Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 1,520 $ — $ — $ — $ — Residential 2,058 1,060 998 504 494 Commercial 967 279 688 352 336 Industrial 470 48 422 134 288 Other (b) 360 39 209 93 116 Wholesale - municipality 38 — 38 — 38 Wholesale - other (c) 36 — 36 35 28 Transmission 318 318 — — — Revenues from Contracts with Customers $ 5,767 $ 1,744 $ 2,391 $ 1,118 $ 1,300 2018 Nine Months PPL PPL Electric LKE LG&E KU Licensed energy suppliers (a) $ 1,606 $ — $ — $ — $ — Residential 2,039 1,036 1,003 505 498 Commercial 928 275 653 343 310 Industrial 466 37 429 134 295 Other (b) 339 40 200 88 113 Wholesale - municipality 91 — 91 — 91 Wholesale - other (c) 65 — 65 57 38 Transmission 306 306 — — — Revenues from Contracts with Customers $ 5,840 $ 1,694 $ 2,441 $ 1,127 $ 1,345 (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. |
Credit Loss Recognized from Contracts with Customers [Table Text Block] | The following table shows the accounts receivable balances that were impaired for the periods ended September 30 . Three Months Nine Months 2019 2018 2019 2018 PPL $ 11 $ 11 $ 22 $ 24 PPL Electric 8 7 14 17 LKE 2 4 5 7 LG&E 1 2 2 3 KU 1 2 3 4 |
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, 2018 $ 42 $ 23 $ 9 $ 5 $ 4 Contract liabilities at September 30, 2019 42 19 9 5 4 Revenue recognized during the nine months ended September 30, 2019 that was included in the contract liability balance at December 31, 2018 31 11 9 5 4 Contract liabilities at December 31, 2017 $ 29 $ 19 $ 8 $ 4 $ 4 Contract liabilities at September 30, 2018 40 17 8 4 4 Revenue recognized during the nine months ended September 30, 2018 that was included in the contract liability balance at December 31, 2017 22 8 8 4 4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 periods ended September 30 used in the EPS calculation are: Three Months Nine Months 2019 2018 2019 2018 Income (Numerator) Net income $ 475 $ 445 $ 1,382 $ 1,412 Less amounts allocated to participating securities — 1 2 2 Net income available to PPL common shareowners - Basic and Diluted $ 475 $ 444 $ 1,380 $ 1,410 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 722,259 703,730 721,693 699,117 Add incremental non-participating securities: Share-based payment awards 1,106 298 1,009 427 Forward sale agreements 7,786 6,489 7,975 2,761 Weighted-average shares - Diluted EPS 731,151 710,517 730,677 702,305 Basic EPS Net Income available to PPL common shareowners $ 0.66 $ 0.63 $ 1.91 $ 2.02 Diluted EPS Net Income available to PPL common shareowners $ 0.65 $ 0.62 $ 1.89 $ 2.01 |
Common Stock Issuances | For the periods ended September 30 , PPL issued common stock related to stock-based compensation plans and the DRIP as follows (in thousands): Three Months Nine Months 2019 2018 2019 2018 Stock-based compensation plans (a) 38 80 680 568 DRIP 430 493 1,305 1,504 (a) Includes stock options exercised, vesting of performance units, vesting of restricted stock units and conversion of stock units granted to directors. |
Antidilutive Securities Excluded From Diluted EPS | For the periods ended September 30 , the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive. Three Months Nine Months 2019 2018 2019 2018 Stock options — 15 — 229 Restricted stock units — 2 — 15 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income taxes for the periods ended September 30 are as follows. (PPL) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 125 $ 115 $ 359 $ 373 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 9 34 34 Valuation allowance adjustments (a) 7 5 21 17 Impact of lower U.K. income tax rates (6 ) (7 ) (20 ) (20 ) Impact of the U.K. Finance Act on deferred tax balances (5 ) (4 ) (8 ) (7 ) Depreciation and other items not normalized (2 ) (1 ) (5 ) (4 ) Amortization of excess deferred federal and state income taxes (9 ) (11 ) (30 ) (30 ) Deferred tax impact of state tax reform (b) — — — 9 Interest benefit on U.K. financing entities (3 ) (4 ) (9 ) (13 ) Kentucky recycling credit, net of federal income tax expense (a) — — (20 ) — Other (2 ) 1 6 3 Total increase (decrease) (7 ) (12 ) (31 ) (11 ) Total income taxes $ 118 $ 103 $ 328 $ 362 (a) During the second quarter of 2019, LKE recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service. A valuation allowance of $3 million has been recognized related to this credit due to insufficient Kentucky taxable income projected at LKE. During the third quarter of 2019, LKE filed the Kentucky recycling credit application with the Kentucky Department of Revenue and expects a ruling in the fourth quarter of 2019. (b) During the second quarter of 2018, LKE recorded deferred income tax expense, primarily associated with LKE's non-regulated entities, due to the Kentucky corporate income tax rate reduction from 6% to 5%, as enacted by HB 487, effective January 1, 2018. |
PPL Electric Utilities Corp [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | (PPL Electric) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 33 $ 30 $ 94 $ 93 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 12 36 35 Depreciation and other items not normalized (2 ) (1 ) (5 ) (4 ) Amortization of excess deferred income taxes (4 ) (5 ) (12 ) (13 ) Other — (1 ) 1 — Total increase (decrease) 7 5 20 18 Total income taxes $ 40 $ 35 $ 114 $ 111 Reconciliations of income taxes for the periods ended September 30 are as follows. |
LG And E And KU Energy LLC [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income taxes for the periods ended September 30 are as follows. (LKE) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 42 $ 34 $ 98 $ 97 Increase (decrease) due to: State income taxes, net of federal income tax benefit 8 6 18 17 Amortization of investment tax credit (1 ) (1 ) (2 ) (3 ) Deferred tax impact of U.S tax reform — (2 ) — (2 ) Deferred tax impact of state tax reform (a) — — — 9 Valuation allowance adjustments (b) — — 3 — Amortization of excess deferred federal and state income taxes (5 ) (3 ) (17 ) (14 ) Kentucky recycling credit, net of federal income tax expense (b) — — (20 ) — Other (1 ) (2 ) (2 ) (2 ) Total increase (decrease) 1 (2 ) (20 ) 5 Total income taxes $ 43 $ 32 $ 78 $ 102 (a) During the second quarter of 2018, LKE recorded deferred income tax expense, primarily associated with LKE's non-regulated entities, due to the Kentucky corporate income tax rate reduction from 6% to 5%, as enacted by HB 487, effective January 1, 2018. (b) During the second quarter of 2019, LKE recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service. A portion of this amount has been reserved due to insufficient Kentucky taxable income projected at LKE. During the third quarter of 2019, LKE filed the Kentucky recycling credit application with the Kentucky Department of Revenue and expects a ruling in the fourth quarter of 2019. |
Louisville Gas And Electric Co [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income taxes for the periods ended September 30 are as follows. (LG&E) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 21 $ 18 $ 50 $ 50 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 3 9 9 Valuation allowance adjustments (a) — — 15 — Amortization of excess deferred federal and state income taxes (2 ) (1 ) (7 ) (6 ) Kentucky recycling credit, net of federal income tax expense (a) — — (15 ) — Other (1 ) (2 ) (1 ) (2 ) Total increase (decrease) 1 — 1 1 Total income taxes $ 22 $ 18 $ 51 $ 51 (a) During the second quarter of 2019, LG&E recorded a deferred income tax benefit associated with two projects placed into service that prepare a generation waste material for reuse and, as a result, qualify for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service. This amount has been reserved due to insufficient Kentucky taxable income projected at LG&E. |
Kentucky Utilities Co [Member] | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | (KU) Three Months Nine Months 2019 2018 2019 2018 Federal income tax on Income Before Income Taxes at statutory tax rate - 21% $ 25 $ 21 $ 63 $ 60 Increase (decrease) due to: State income taxes, net of federal income tax benefit 5 3 12 10 Valuation allowance adjustments (a) — — 5 — Amortization of excess deferred federal and state income taxes (3 ) (2 ) (10 ) (8 ) Kentucky recycling credit, net of federal income tax expense (a) — — (5 ) — Other (1 ) (1 ) (3 ) (3 ) Total increase (decrease) 1 — (1 ) (1 ) Total income taxes $ 26 $ 21 $ 62 $ 59 (a) During the second quarter of 2019, KU recorded a deferred income tax benefit associated with a project placed into service that prepares a generation waste material for reuse and, as a result, qualifies for a Kentucky recycling credit. The applicable credit provides tax benefits for a portion of the equipment costs for major recycling projects in Kentucky, with the benefit recognized during the period in which the assets are placed into service. This amount has been reserved due to insufficient Kentucky taxable income projected at KU. Reconciliations of income taxes for the periods ended September 30 are as follows. |
Utility Rate Regulation (Tables
Utility Rate Regulation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, December 31, September 30, December 31, Current Regulatory Assets: Gas supply clause $ 10 $ 12 $ — $ — Smart meter rider 13 11 13 11 Plant outage costs 17 10 — — Transmission service charge 8 — 8 — Other 1 3 1 — Total current regulatory assets (a) $ 49 $ 36 $ 22 $ 11 PPL PPL Electric September 30, December 31, September 30, December 31, Noncurrent Regulatory Assets: Defined benefit plans $ 937 $ 963 $ 553 $ 558 Storm costs 42 56 16 22 Unamortized loss on debt 41 45 17 22 Interest rate swaps 25 20 — — Terminated interest rate swaps 83 87 — — Accumulated cost of removal of utility plant 211 200 211 200 AROs 304 273 — — Act 129 compliance rider 10 19 10 19 Other 5 10 — 3 Total noncurrent regulatory assets $ 1,658 $ 1,673 $ 807 $ 824 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 22 $ 33 $ 22 $ 33 Environmental cost recovery 12 16 — — Universal service rider 12 27 12 27 Fuel adjustment clause 13 — — — TCJA customer refund 8 20 7 3 Storm damage expense rider 7 5 7 5 Generation formula rate — 7 — — Other 5 14 — 6 Total current regulatory liabilities $ 79 $ 122 $ 48 $ 74 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 674 $ 674 $ — $ — Power purchase agreement - OVEC 53 59 — — Net deferred taxes 1,775 1,826 601 629 Defined benefit plans 54 37 10 5 Terminated interest rate swaps 69 72 — — TCJA customer refund (b) 43 41 43 41 Other 7 5 — — Total noncurrent regulatory liabilities $ 2,675 $ 2,714 $ 654 $ 675 LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Current Regulatory Assets: Plant outage costs $ 17 $ 10 $ 11 $ 7 $ 6 $ 3 Gas supply clause 10 12 10 12 — — Other — 3 — 2 — 1 Total current regulatory assets $ 27 $ 25 $ 21 $ 21 $ 6 $ 4 LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Noncurrent Regulatory Assets: Defined benefit plans $ 384 $ 405 $ 233 $ 249 $ 151 $ 156 Storm costs 26 34 16 20 10 14 Unamortized loss on debt 24 23 14 15 10 8 Interest rate swaps 25 20 25 20 — — Terminated interest rate swaps 83 87 48 51 35 36 AROs 304 273 87 75 217 198 Other 5 7 2 1 3 6 Total noncurrent regulatory assets $ 851 $ 849 $ 425 $ 431 $ 426 $ 418 LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Environmental cost recovery $ 12 $ 16 $ 7 $ 6 $ 5 $ 10 Fuel adjustment clause 13 — 3 — 10 — TCJA customer refund 1 17 — 7 1 10 Generation formula rate — 7 — — — 7 Other 5 8 2 4 3 4 Total current regulatory liabilities $ 31 $ 48 $ 12 $ 17 $ 19 $ 31 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 674 $ 674 $ 279 $ 279 $ 395 $ 395 Power purchase agreement - OVEC 53 59 37 41 16 18 Net deferred taxes 1,174 1,197 548 557 626 640 Defined benefit plans 44 32 1 — 43 32 Terminated interest rate swaps 69 72 34 36 35 36 Other 7 5 4 2 3 3 Total noncurrent regulatory liabilities $ 2,021 $ 2,039 $ 903 $ 915 $ 1,118 $ 1,124 (a) For PPL, these amounts are included in "Other current assets" on the Balance Sheets. (b) Relates to amounts owed to PPL Electric customers as a result of the reduced U.S. federal corporate income tax rate as enacted by the TCJA, for the period of January 1, 2018 through June 30, 2018 which is not yet reflected in distribution customer rates. The initial liability was recorded during the second quarter of 2018. A petition for the distribution method back to customers of this liability was proposed to the PUC on October 4, 2019. The petition is currently under review by the PUC and contingent upon PUC approval. |
Financing Activities (Tables)
Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following credit facilities were in place at: September 30, 2019 December 31, 2018 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 £ 165 £ — £ 46 £ 157 £ — WPD (South West) Syndicated Credit Facility July 2021 245 — — 245 — — WPD (East Midlands) Syndicated Credit Facility (b) July 2021 300 — — 300 38 — WPD (West Midlands) Syndicated Credit Facility (c) July 2021 300 51 — 249 — — Uncommitted Credit Facilities (d) 100 36 4 60 — 4 Total U.K. Credit Facilities (e) £ 1,155 £ 252 £ 4 £ 900 £ 195 £ 4 U.S. PPL Capital Funding Syndicated Credit Facility Jan. 2024 $ 1,450 $ — $ 981 $ 469 $ — $ 669 Bilateral Credit Facility Mar. 2020 100 — 15 85 — 15 Total PPL Capital Funding Credit Facilities $ 1,550 $ — $ 996 $ 554 $ — $ 684 PPL Electric Syndicated Credit Facility Jan. 2024 $ 650 $ — $ 1 $ 649 $ — $ 1 LG&E Syndicated Credit Facility Jan. 2024 $ 500 $ — $ 99 $ 401 $ — $ 279 Term Loan Credit Facility — — — — 200 — Total LG&E Credit Facilities $ 500 $ — $ 99 $ 401 $ 200 $ 279 KU Syndicated Credit Facility Jan. 2024 $ 400 $ — $ 2 $ 398 $ — $ 235 Letter of Credit Facility (f) — — — — — 198 Total KU Credit Facilities $ 400 $ — $ 2 $ 398 $ — $ 433 (a) The amounts borrowed at September 30, 2019 and December 31, 2018 were USD-denominated borrowings of $200 million for both periods, which bore interest at 2.94% and 3.17% . The unused capacity reflects the amounts borrowed in GBP of £164 million as of the date borrowed. (b) The amount borrowed at December 31, 2018 was GBP-denominated borrowings which equated to $48 million and bore interest at 1.12% . (c) The amount borrowed at September 30, 2019 was GBP-denominated borrowings which equated to $62 million and bore interest at 1.11% . (d) The amount borrowed at September 30, 2019 was GBP-denominated borrowings which equated to $44 million and bore interest at 1.59% . (e) At September 30, 2019 , the unused capacity under the U.K. credit facilities was $1.1 billion . (f) KU's letter of credit facility was terminated in September 2019 in connection with the bond remarketings discussed below. |
Schedule of Short-term Debt | The following commercial paper programs were in place at: September 30, 2019 December 31, 2018 Weighted - Average Interest Rate Capacity Commercial Paper Issuances Unused Capacity Weighted - Average Interest Rate Commercial Paper Issuances PPL Capital Funding 2.52% $ 1,500 $ 981 $ 519 2.82% $ 669 PPL Electric 650 — 650 — LG&E 2.29% 350 99 251 2.94% 279 KU 2.24% 350 2 348 2.94% 235 Total $ 2,850 $ 1,082 $ 1,768 $ 1,183 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost | The following table provides the components of lease cost for the Registrants' operating leases for the periods ended September 30, 2019 . Three Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 6 $ 5 $ 1 $ 3 Short-term lease cost 2 1 — 1 Total lease cost $ 8 $ 6 $ 1 $ 4 Nine Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 21 $ 17 $ 7 $ 9 Short-term lease cost 5 2 1 1 Total lease cost $ 26 $ 19 $ 8 $ 10 The following table provides other key information related to the Registrants' operating leases at September 30, 2019 . PPL LKE LG&E KU Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21 $ 17 $ 8 $ 9 Right-of-use asset obtained in exchange for new operating lease liabilities 37 8 3 5 |
Lessee, Operating Lease, Liability, Maturity | The following table provides the total future minimum rental payments for operating leases, as well as a reconciliation of these undiscounted cash flows to the lease liabilities recognized on the Balance Sheets as of September 30, 2019 . PPL LKE LG&E KU 2019 (a) $ 8 $ 5 $ 2 $ 3 2020 27 16 6 10 2021 21 12 5 7 2022 16 8 3 5 2023 14 7 3 3 2024 12 6 3 3 Thereafter 25 7 3 3 Total $ 123 $ 61 $ 25 $ 34 Weighted-average discount rate 3.47 % 3.97 % 3.9 % 4.01 % Weighted-average remaining lease term (in years) 8 5 5 5 Current lease liabilities (b) $ 25 $ 16 $ 6 $ 9 Non-current lease liabilities (b) 80 39 16 22 Right-of-use assets (c) 97 47 19 27 (a) Represents future minimum lease payments for the remainder of 2019. (b) Current lease liabilities are included in "Other Current Liabilities" on the Balance Sheets. Non-current lease liabilities are included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. The difference between the total future minimum lease payments and the recorded lease liabilities is due to the impact of discounting. (c) Right-of-use assets are included in "Other noncurrent assets" on the Balance Sheets. At December 31, 2018, the total future minimum rental payments for all operating leases were estimated to be: PPL LKE LG&E KU 2019 $ 26 $ 20 $ 10 $ 10 2020 21 15 6 9 2021 15 11 4 7 2022 13 7 3 4 2023 8 6 3 3 Thereafter 33 11 4 6 Total $ 116 $ 70 $ 30 $ 39 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | At September 30, 2019 , PPL, LKE, LG&E and KU expect to receive the following fixed lease payments over the remaining term of their operating lease agreements: PPL LKE LG&E KU 2019 (a) $ 3 $ 2 $ — $ 2 2020 13 7 — 7 2021 10 5 1 4 2022 4 — — — 2023 4 1 — — 2024 4 — — — Thereafter 12 — — — Total $ 50 $ 15 $ 1 $ 13 Lease income recognized for the three months ended September 30, 2019 $ 6 $ 4 $ 2 $ 2 Lease income recognized for the nine months ended September 30, 2019 $ 16 $ 10 $ 4 $ 6 (a) Represents future minimum lease payments for the remainder of 2019. |
LG And E And KU Energy LLC [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost | The following table provides the components of lease cost for the Registrants' operating leases for the periods ended September 30, 2019 . Three Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 6 $ 5 $ 1 $ 3 Short-term lease cost 2 1 — 1 Total lease cost $ 8 $ 6 $ 1 $ 4 Nine Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 21 $ 17 $ 7 $ 9 Short-term lease cost 5 2 1 1 Total lease cost $ 26 $ 19 $ 8 $ 10 The following table provides other key information related to the Registrants' operating leases at September 30, 2019 . PPL LKE LG&E KU Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21 $ 17 $ 8 $ 9 Right-of-use asset obtained in exchange for new operating lease liabilities 37 8 3 5 |
Lessee, Operating Lease, Liability, Maturity | The following table provides the total future minimum rental payments for operating leases, as well as a reconciliation of these undiscounted cash flows to the lease liabilities recognized on the Balance Sheets as of September 30, 2019 . PPL LKE LG&E KU 2019 (a) $ 8 $ 5 $ 2 $ 3 2020 27 16 6 10 2021 21 12 5 7 2022 16 8 3 5 2023 14 7 3 3 2024 12 6 3 3 Thereafter 25 7 3 3 Total $ 123 $ 61 $ 25 $ 34 Weighted-average discount rate 3.47 % 3.97 % 3.9 % 4.01 % Weighted-average remaining lease term (in years) 8 5 5 5 Current lease liabilities (b) $ 25 $ 16 $ 6 $ 9 Non-current lease liabilities (b) 80 39 16 22 Right-of-use assets (c) 97 47 19 27 (a) Represents future minimum lease payments for the remainder of 2019. (b) Current lease liabilities are included in "Other Current Liabilities" on the Balance Sheets. Non-current lease liabilities are included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. The difference between the total future minimum lease payments and the recorded lease liabilities is due to the impact of discounting. (c) Right-of-use assets are included in "Other noncurrent assets" on the Balance Sheets. At December 31, 2018, the total future minimum rental payments for all operating leases were estimated to be: PPL LKE LG&E KU 2019 $ 26 $ 20 $ 10 $ 10 2020 21 15 6 9 2021 15 11 4 7 2022 13 7 3 4 2023 8 6 3 3 Thereafter 33 11 4 6 Total $ 116 $ 70 $ 30 $ 39 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | At September 30, 2019 , PPL, LKE, LG&E and KU expect to receive the following fixed lease payments over the remaining term of their operating lease agreements: PPL LKE LG&E KU 2019 (a) $ 3 $ 2 $ — $ 2 2020 13 7 — 7 2021 10 5 1 4 2022 4 — — — 2023 4 1 — — 2024 4 — — — Thereafter 12 — — — Total $ 50 $ 15 $ 1 $ 13 Lease income recognized for the three months ended September 30, 2019 $ 6 $ 4 $ 2 $ 2 Lease income recognized for the nine months ended September 30, 2019 $ 16 $ 10 $ 4 $ 6 (a) Represents future minimum lease payments for the remainder of 2019. |
Louisville Gas And Electric Co [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost | The following table provides the components of lease cost for the Registrants' operating leases for the periods ended September 30, 2019 . Three Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 6 $ 5 $ 1 $ 3 Short-term lease cost 2 1 — 1 Total lease cost $ 8 $ 6 $ 1 $ 4 Nine Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 21 $ 17 $ 7 $ 9 Short-term lease cost 5 2 1 1 Total lease cost $ 26 $ 19 $ 8 $ 10 The following table provides other key information related to the Registrants' operating leases at September 30, 2019 . PPL LKE LG&E KU Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21 $ 17 $ 8 $ 9 Right-of-use asset obtained in exchange for new operating lease liabilities 37 8 3 5 |
Lessee, Operating Lease, Liability, Maturity | The following table provides the total future minimum rental payments for operating leases, as well as a reconciliation of these undiscounted cash flows to the lease liabilities recognized on the Balance Sheets as of September 30, 2019 . PPL LKE LG&E KU 2019 (a) $ 8 $ 5 $ 2 $ 3 2020 27 16 6 10 2021 21 12 5 7 2022 16 8 3 5 2023 14 7 3 3 2024 12 6 3 3 Thereafter 25 7 3 3 Total $ 123 $ 61 $ 25 $ 34 Weighted-average discount rate 3.47 % 3.97 % 3.9 % 4.01 % Weighted-average remaining lease term (in years) 8 5 5 5 Current lease liabilities (b) $ 25 $ 16 $ 6 $ 9 Non-current lease liabilities (b) 80 39 16 22 Right-of-use assets (c) 97 47 19 27 (a) Represents future minimum lease payments for the remainder of 2019. (b) Current lease liabilities are included in "Other Current Liabilities" on the Balance Sheets. Non-current lease liabilities are included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. The difference between the total future minimum lease payments and the recorded lease liabilities is due to the impact of discounting. (c) Right-of-use assets are included in "Other noncurrent assets" on the Balance Sheets. At December 31, 2018, the total future minimum rental payments for all operating leases were estimated to be: PPL LKE LG&E KU 2019 $ 26 $ 20 $ 10 $ 10 2020 21 15 6 9 2021 15 11 4 7 2022 13 7 3 4 2023 8 6 3 3 Thereafter 33 11 4 6 Total $ 116 $ 70 $ 30 $ 39 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | At September 30, 2019 , PPL, LKE, LG&E and KU expect to receive the following fixed lease payments over the remaining term of their operating lease agreements: PPL LKE LG&E KU 2019 (a) $ 3 $ 2 $ — $ 2 2020 13 7 — 7 2021 10 5 1 4 2022 4 — — — 2023 4 1 — — 2024 4 — — — Thereafter 12 — — — Total $ 50 $ 15 $ 1 $ 13 Lease income recognized for the three months ended September 30, 2019 $ 6 $ 4 $ 2 $ 2 Lease income recognized for the nine months ended September 30, 2019 $ 16 $ 10 $ 4 $ 6 (a) Represents future minimum lease payments for the remainder of 2019. |
Kentucky Utilities Co [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease, Cost | The following table provides the components of lease cost for the Registrants' operating leases for the periods ended September 30, 2019 . Three Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 6 $ 5 $ 1 $ 3 Short-term lease cost 2 1 — 1 Total lease cost $ 8 $ 6 $ 1 $ 4 Nine Months PPL LKE LG&E KU Lease cost: Operating lease cost $ 21 $ 17 $ 7 $ 9 Short-term lease cost 5 2 1 1 Total lease cost $ 26 $ 19 $ 8 $ 10 The following table provides other key information related to the Registrants' operating leases at September 30, 2019 . PPL LKE LG&E KU Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21 $ 17 $ 8 $ 9 Right-of-use asset obtained in exchange for new operating lease liabilities 37 8 3 5 |
Lessee, Operating Lease, Liability, Maturity | The following table provides the total future minimum rental payments for operating leases, as well as a reconciliation of these undiscounted cash flows to the lease liabilities recognized on the Balance Sheets as of September 30, 2019 . PPL LKE LG&E KU 2019 (a) $ 8 $ 5 $ 2 $ 3 2020 27 16 6 10 2021 21 12 5 7 2022 16 8 3 5 2023 14 7 3 3 2024 12 6 3 3 Thereafter 25 7 3 3 Total $ 123 $ 61 $ 25 $ 34 Weighted-average discount rate 3.47 % 3.97 % 3.9 % 4.01 % Weighted-average remaining lease term (in years) 8 5 5 5 Current lease liabilities (b) $ 25 $ 16 $ 6 $ 9 Non-current lease liabilities (b) 80 39 16 22 Right-of-use assets (c) 97 47 19 27 (a) Represents future minimum lease payments for the remainder of 2019. (b) Current lease liabilities are included in "Other Current Liabilities" on the Balance Sheets. Non-current lease liabilities are included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets. The difference between the total future minimum lease payments and the recorded lease liabilities is due to the impact of discounting. (c) Right-of-use assets are included in "Other noncurrent assets" on the Balance Sheets. At December 31, 2018, the total future minimum rental payments for all operating leases were estimated to be: PPL LKE LG&E KU 2019 $ 26 $ 20 $ 10 $ 10 2020 21 15 6 9 2021 15 11 4 7 2022 13 7 3 4 2023 8 6 3 3 Thereafter 33 11 4 6 Total $ 116 $ 70 $ 30 $ 39 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | At September 30, 2019 , PPL, LKE, LG&E and KU expect to receive the following fixed lease payments over the remaining term of their operating lease agreements: PPL LKE LG&E KU 2019 (a) $ 3 $ 2 $ — $ 2 2020 13 7 — 7 2021 10 5 1 4 2022 4 — — — 2023 4 1 — — 2024 4 — — — Thereafter 12 — — — Total $ 50 $ 15 $ 1 $ 13 Lease income recognized for the three months ended September 30, 2019 $ 6 $ 4 $ 2 $ 2 Lease income recognized for the nine months ended September 30, 2019 $ 16 $ 10 $ 4 $ 6 (a) Represents future minimum lease payments for the remainder of 2019. |
Defined Benefits (Tables)
Defined Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | Other Postretirement Benefits Three Months Nine Months 2019 2018 2019 2018 PPL Service cost $ 2 $ 1 $ 4 $ 5 Interest cost 5 5 16 15 Expected return on plan assets (5 ) (4 ) (14 ) (17 ) Amortization of actuarial loss 1 — 1 — Net periodic defined benefit costs $ 3 $ 2 $ 7 $ 3 LKE Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 2 2 6 6 Expected return on plan assets (2 ) (2 ) (6 ) (6 ) Amortization of: Prior service cost — — 1 1 Actuarial gain — — (1 ) (1 ) Net periodic defined benefit costs $ 1 $ 1 $ 3 $ 3 September 30 : Pension Benefits Three Months Nine Months U.S. U.K. U.S. U.K. 2019 2018 2019 2018 2019 2018 2019 2018 PPL Service cost $ 13 $ 15 $ 17 $ 21 $ 38 $ 46 $ 51 $ 63 Interest cost 41 39 45 46 123 117 140 140 Expected return on plan assets (62 ) (62 ) (144 ) (145 ) (184 ) (186 ) (442 ) (445 ) Amortization of: Prior service cost 2 2 1 — 6 7 1 — Actuarial loss 15 22 22 37 42 63 69 114 Net periodic defined benefit costs (credits) before settlements 9 16 (59 ) (41 ) 25 47 (181 ) (128 ) Settlements — — — — 1 — — — Net periodic defined benefit costs (credits) $ 9 $ 16 $ (59 ) $ (41 ) $ 26 $ 47 $ (181 ) $ (128 ) |
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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric $ 3 $ 5 $ 8 $ 12 LG&E 1 1 3 5 KU — 1 — 3 |
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 Nine Months 2019 2018 2019 2018 LKE Service cost $ 5 $ 6 $ 16 $ 18 Interest cost 16 16 49 48 Expected return on plan assets (25 ) (25 ) (76 ) (76 ) Amortization of: Prior service cost 2 3 6 7 Actuarial loss (a) 7 8 17 26 Net periodic defined benefit costs (b) $ 5 $ 8 $ 12 $ 23 (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 $2 million and $3 million for the three and nine months ended September 30, 2019 and $2 million and $8 million for the three and nine months ended September 30, 2018 . This difference is recorded as a regulatory asset. (b) Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, a settlement charge of $5 million for the three and nine months ended September 30, 2019 and $1 million and $5 million for the three and nine months ended September 30, 2018 was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount is being amortized in accordance with existing regulatory practice. September 30 : Other Postretirement Benefits Three Months Nine Months 2019 2018 2019 2018 PPL Service cost $ 2 $ 1 $ 4 $ 5 Interest cost 5 5 16 15 Expected return on plan assets (5 ) (4 ) (14 ) (17 ) Amortization of actuarial loss 1 — 1 — Net periodic defined benefit costs $ 3 $ 2 $ 7 $ 3 LKE Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 2 2 6 6 Expected return on plan assets (2 ) (2 ) (6 ) (6 ) Amortization of: Prior service cost — — 1 1 Actuarial gain — — (1 ) (1 ) Net periodic defined benefit costs $ 1 $ 1 $ 3 $ 3 |
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) | 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 September 30 : Pension Benefits Three Months Nine Months 2019 2018 2019 2018 LG&E Service cost $ — $ — $ 1 $ 1 Interest cost 2 3 8 9 Expected return on plan assets (5 ) (6 ) (16 ) (17 ) Amortization of: Prior service cost 1 1 4 4 Actuarial loss (a) 4 2 7 5 Net periodic defined benefit costs (b) $ 2 $ — $ 4 $ 2 (a) As a result of treatment approved by the KPSC, the difference between actuarial loss calculated in accordance with LG&E's accounting policy and actuarial loss calculated using a 15 -year amortization period was $1 million and $2 million for the three and nine months ended September 30, 2019 and $1 million for the nine months ended September 30, 2018 . This difference is recorded as a regulatory asset. (b) Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, a settlement charge of $5 million for the three and nine months ended September 30, 2019 and $1 million and $5 million for the three and nine months ended September 30, 2018 was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount is being amortized in accordance with existing regulatory practice. |
Allocation of Net Periodic Benefit Costs | For the periods ended September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric $ 3 $ 5 $ 8 $ 12 LG&E 1 1 3 5 KU — 1 — 3 |
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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric $ 3 $ 5 $ 8 $ 12 LG&E 1 1 3 5 KU — 1 — 3 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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) 2021 WPD guarantee of pension and other obligations of unconsolidated entities 77 (c) PPL Electric Guarantee of inventory value 26 (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 September 30, 2019 , 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 provides inventory procurement and fulfillment services. 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 $111 million at September 30, 2019 , consisting of LG&E's share of $77 million and KU's share of $34 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 2018 Form 10-K for additional information on the OVEC power purchase contract. In March 2018, a co-sponsor with a pro-rata share of certain OVEC obligations of 4.85% 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 co-sponsor's proposed reorganization plan. The plan's effective date remains subject to certain conditions precedent, including remaining regulatory approvals, and to relevant current or future appellate rights or proceedings. OVEC and certain of its sponsors, including LG&E and KU, are analyzing certain potential additional credit support actions to preserve OVEC's access to credit markets or mitigate risks or adverse impacts relating thereto, including 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 co-sponsor bankruptcy and related appellate or regulatory proceedings and challenges and any other potential impact on LG&E's and KU's obligations relating to OVEC debt under the power purchase contract, cannot be predicted. The table below details guarantees provided as of September 30, 2019 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric from PPL Services $ 14 $ 14 $ 43 $ 45 LKE from PPL Services 6 5 20 19 PPL Electric from PPL EU Services 38 34 112 110 LG&E from LKS 37 36 112 113 KU from LKS 42 42 126 127 |
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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric from PPL Services $ 14 $ 14 $ 43 $ 45 LKE from PPL Services 6 5 20 19 PPL Electric from PPL EU Services 38 34 112 110 LG&E from LKS 37 36 112 113 KU from LKS 42 42 126 127 |
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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric from PPL Services $ 14 $ 14 $ 43 $ 45 LKE from PPL Services 6 5 20 19 PPL Electric from PPL EU Services 38 34 112 110 LG&E from LKS 37 36 112 113 KU from LKS 42 42 126 127 |
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 September 30 , 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 Nine Months 2019 2018 2019 2018 PPL Electric from PPL Services $ 14 $ 14 $ 43 $ 45 LKE from PPL Services 6 5 20 19 PPL Electric from PPL EU Services 38 34 112 110 LG&E from LKS 37 36 112 113 KU from LKS 42 42 126 127 |
Other Income (Expense) - net (T
Other Income (Expense) - net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income (Expense) Net [Line Items] | |
Schedule of Other Nonoperating Income (Expense) | The details of "Other Income (Expense) - net" for the periods ended September 30 , were: Three Months Nine Months 2019 2018 2019 2018 Other Income Economic foreign currency exchange contracts (Note 15) $ 44 $ 40 $ 56 $ 92 Defined benefit plans - non-service credits (Note 10) 77 61 237 195 Interest income 3 3 12 5 AFUDC - equity component 6 5 17 15 Miscellaneous 1 2 6 3 Total Other Income 131 111 328 310 Other Expense Charitable contributions 1 1 3 6 Miscellaneous 4 4 16 7 Total Other Expense 5 5 19 13 Other Income (Expense) - net $ 126 $ 106 $ 309 $ 297 |
PPL Electric Utilities Corp [Member] | |
Other Income (Expense) Net [Line Items] | |
Schedule of Other Nonoperating Income (Expense) | (PPL Electric) The details of "Other Income (Expense) - net" for the periods ended September 30 , were: Three Months Nine Months 2019 2018 2019 2018 Other Income AFUDC - equity component $ 6 $ 5 $ 17 $ 15 Defined benefit plans - non-service credits (Note 10) 1 1 3 4 Interest income — — 1 — Miscellaneous — — — 1 Total Other Income 7 6 21 20 Other Expense Charitable contributions — 1 2 2 Miscellaneous — — 1 — Total Other Expense — 1 3 2 Other Income (Expense) - net $ 7 $ 5 $ 18 $ 18 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The assets and liabilities measured at fair value were: September 30, 2019 December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 670 $ 670 $ — $ — $ 621 $ 621 $ — $ — Restricted cash and cash equivalents (a) 20 20 — — 22 22 — — Special use funds (a): Money market fund 2 2 — — 59 59 — — Commingled debt fund measured at NAV (b) 29 — — — — — — — Commingled equity fund measured at NAV (b) 28 — — — — — — — Total special use funds 59 2 — — 59 59 — — Price risk management assets (c): Foreign currency contracts 224 — 224 — 202 — 202 — Cross-currency swaps 195 — 195 — 135 — 135 — Total price risk management assets 419 — 419 — 337 — 337 — Total assets $ 1,168 $ 692 $ 419 $ — $ 1,039 $ 702 $ 337 $ — Liabilities Price risk management liabilities (c): Interest rate swaps $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — Foreign currency contracts 3 — 3 — 2 — 2 — Total price risk management liabilities $ 28 $ — $ 28 $ — $ 22 $ — $ 22 $ — PPL Electric Assets Cash and cash equivalents $ 27 $ 27 $ — $ — $ 267 $ 267 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 29 $ 29 $ — $ — $ 269 $ 269 $ — $ — LKE Assets Cash and cash equivalents $ 30 $ 30 $ — $ — $ 24 $ 24 $ — $ — Total assets $ 30 $ 30 $ — $ — $ 24 $ 24 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — Total price risk management liabilities $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — LG&E Assets Cash and cash equivalents $ 12 $ 12 $ — $ — $ 10 $ 10 $ — $ — Total assets $ 12 $ 12 $ — $ — $ 10 $ 10 $ — $ — September 30, 2019 December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Price risk management liabilities: Interest rate swaps $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — Total price risk management liabilities $ 25 $ — $ 25 $ — $ 20 $ — $ 20 $ — KU Assets Cash and cash equivalents $ 18 $ 18 $ — $ — $ 14 $ 14 $ — $ — Total assets $ 18 $ 18 $ — $ — $ 14 $ 14 $ — $ — (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. |
Fair Value, by Balance Sheet Grouping | September 30, 2019 December 31, 2018 Carrying Fair Value Carrying Fair Value PPL $ 21,547 $ 25,506 $ 20,599 $ 22,939 PPL Electric 4,085 4,764 3,694 3,901 LKE 6,001 6,901 5,502 5,768 LG&E 2,004 2,322 1,809 1,874 KU 2,623 3,064 2,321 2,451 (a) Amounts are net of debt issuance costs. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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. September 30, 2019 December 31, 2018 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 Cross-currency swaps (b) 7 — — — 6 — — — Foreign currency contracts — — 202 3 — — 103 2 Total current 7 — 202 8 6 — 103 6 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 20 — — — 16 Cross-currency swaps (b) 188 — — — 129 — — — Foreign currency contracts — — 22 — — — 99 — Total noncurrent 188 — 22 20 129 — 99 16 Total derivatives $ 195 $ — $ 224 $ 28 $ 135 $ — $ 202 $ 22 (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 periods ended September 30, 2019 . Three Months Nine Months Three Months Nine Months Derivative Derivative Gain (Loss) Recognized in OCI Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ (22 ) $ (30 ) Interest expense $ (2 ) $ (6 ) Cross-currency swaps 41 69 Other income (expense) - net 27 34 Total $ 19 $ 39 $ 25 $ 28 Net Investment Hedges: Foreign currency contracts $ — $ 1 Derivatives Not Designated as Location of Gain (Loss) Recognized in Hedging Instruments Income on Derivative Three Months Nine Months Foreign currency contracts Other income (expense) - net $ 44 $ 56 Interest rate swaps Interest expense (1 ) (3 ) Total $ 43 $ 53 Derivatives Not Designated as Location of Gain (Loss) Recognized as Hedging Instruments Regulatory Liabilities/Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ (2 ) $ (5 ) The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities for the periods ended September 30, 2018 . Three Months Nine Months Three Months Nine Months Derivative Derivative Gain Derivative Gain Location of Gain (Loss) Gain (Loss) Cash Flow Hedges: Interest rate swaps $ — $ — Interest expense $ (2 ) $ (6 ) Cross-currency swaps 27 26 Interest expense 1 1 Other income (expense) - net 18 30 Total $ 27 $ 26 $ 17 $ 25 Net Investment Hedges: Foreign currency contracts $ — $ 11 Derivatives Not Designated as Location of Gain (Loss) Recognized in Hedging Instruments Income on Derivative Three Months Nine Months Foreign currency contracts Other income (expense) - net $ 40 $ 92 Interest rate swaps Interest expense (1 ) (4 ) Total $ 39 $ 88 Derivatives Not Designated as Location of Gain (Loss) Recognized as Hedging Instruments Regulatory Liabilities/Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 7 The following table presents the effect of cash flow hedge activity on the Statement of Income for the periods end September 30, 2019 . Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships Three Months Nine Months Interest Expense Other Income (Expense) - net 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 $ 259 $ 126 $ 746 $ 309 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 (2 ) — (6 ) — Cross-currency swaps: Hedged items — (27 ) — (34 ) Amount of gain (loss) reclassified from AOCI to income — 27 — 34 |
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 September 30, 2019 Treasury Derivatives PPL $ 419 $ 3 $ 40 $ 376 $ 28 $ 3 $ — $ 25 LKE — — — — 25 — — 25 LG&E — — — — 25 — — 25 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2018 Treasury Derivatives PPL $ 337 $ 2 $ 40 $ 295 $ 22 $ 2 $ — $ 20 LKE — — — — 20 — — 20 LG&E — — — — 20 — — 20 |
Credit Risk-Related Contingent Features | At September 30, 2019 , 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 $ 4 $ 4 $ 4 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) 4 4 4 (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. September 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 5 $ — $ 4 Total current — 5 — 4 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 20 — 16 Total noncurrent — 20 — 16 Total derivatives $ — $ 25 $ — $ 20 |
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 periods ended September 30, 2019 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (1 ) $ (3 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ (2 ) $ (5 ) 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 periods ended September 30, 2018 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (1 ) $ (4 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 7 |
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 September 30, 2019 Treasury Derivatives PPL $ 419 $ 3 $ 40 $ 376 $ 28 $ 3 $ — $ 25 LKE — — — — 25 — — 25 LG&E — — — — 25 — — 25 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2018 Treasury Derivatives PPL $ 337 $ 2 $ 40 $ 295 $ 22 $ 2 $ — $ 20 LKE — — — — 20 — — 20 LG&E — — — — 20 — — 20 |
Credit Risk-Related Contingent Features | At September 30, 2019 , 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 $ 4 $ 4 $ 4 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) 4 4 4 (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. September 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 5 $ — $ 4 Total current — 5 — 4 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 20 — 16 Total noncurrent — 20 — 16 Total derivatives $ — $ 25 $ — $ 20 |
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 periods ended September 30, 2019 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (1 ) $ (3 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ (2 ) $ (5 ) 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 periods ended September 30, 2018 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (1 ) $ (4 ) Location of Gain (Loss) Recognized in Derivative Instruments Regulatory Assets Three Months Nine Months Interest rate swaps Regulatory assets - noncurrent $ 2 $ 7 |
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 September 30, 2019 Treasury Derivatives PPL $ 419 $ 3 $ 40 $ 376 $ 28 $ 3 $ — $ 25 LKE — — — — 25 — — 25 LG&E — — — — 25 — — 25 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2018 Treasury Derivatives PPL $ 337 $ 2 $ 40 $ 295 $ 22 $ 2 $ — $ 20 LKE — — — — 20 — — 20 LG&E — — — — 20 — — 20 |
Credit Risk-Related Contingent Features | At September 30, 2019 , 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 $ 4 $ 4 $ 4 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) 4 4 4 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2018 $ 347 $ 296 $ 103 $ 193 Accretion 13 12 4 8 Effect of foreign exchange rates (2 ) — — — Changes in estimated timing or cost (5 ) (2 ) (2 ) — Obligations settled (67 ) (67 ) (22 ) (45 ) Balance at September 30, 2019 $ 286 $ 239 $ 83 $ 156 |
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, 2018 $ 347 $ 296 $ 103 $ 193 Accretion 13 12 4 8 Effect of foreign exchange rates (2 ) — — — Changes in estimated timing or cost (5 ) (2 ) (2 ) — Obligations settled (67 ) (67 ) (22 ) (45 ) Balance at September 30, 2019 $ 286 $ 239 $ 83 $ 156 |
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, 2018 $ 347 $ 296 $ 103 $ 193 Accretion 13 12 4 8 Effect of foreign exchange rates (2 ) — — — Changes in estimated timing or cost (5 ) (2 ) (2 ) — Obligations settled (67 ) (67 ) (22 ) (45 ) Balance at September 30, 2019 $ 286 $ 239 $ 83 $ 156 |
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, 2018 $ 347 $ 296 $ 103 $ 193 Accretion 13 12 4 8 Effect of foreign exchange rates (2 ) — — — Changes in estimated timing or cost (5 ) (2 ) (2 ) — Obligations settled (67 ) (67 ) (22 ) (45 ) Balance at September 30, 2019 $ 286 $ 239 $ 83 $ 156 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30 were as follows. Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Prior service costs Actuarial gain (loss) Total PPL June 30, 2019 $ (1,616 ) $ 6 $ (18 ) $ (2,368 ) $ (3,996 ) Amounts arising during the period (285 ) 16 — (5 ) (274 ) Reclassifications from AOCI — (22 ) — 20 (2 ) Net OCI during the period (285 ) (6 ) — 15 (276 ) September 30, 2019 $ (1,901 ) $ — $ (18 ) $ (2,353 ) $ (4,272 ) Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Prior service costs Actuarial gain (loss) Total December 31, 2018 $ (1,533 ) $ (7 ) $ (19 ) $ (2,405 ) $ (3,964 ) Amounts arising during the period (368 ) 32 — (10 ) (346 ) Reclassifications from AOCI — (25 ) 1 62 38 Net OCI during the period (368 ) 7 1 52 (308 ) September 30, 2019 $ (1,901 ) $ — $ (18 ) $ (2,353 ) $ (4,272 ) June 30, 2018 $ (1,223 ) $ (21 ) $ (7 ) $ (2,244 ) $ (3,495 ) Amounts arising during the period (187 ) 22 — (8 ) (173 ) Reclassifications from AOCI — (14 ) — 34 20 Net OCI during the period (187 ) 8 — 26 (153 ) September 30, 2018 $ (1,410 ) $ (13 ) $ (7 ) $ (2,218 ) $ (3,648 ) December 31, 2017 $ (1,089 ) $ (13 ) $ (7 ) $ (2,313 ) $ (3,422 ) Amounts arising during the period (321 ) 21 (1 ) (9 ) (310 ) Reclassifications from AOCI — (21 ) 1 104 84 Net OCI during the period (321 ) — — 95 (226 ) September 30, 2018 $ (1,410 ) $ (13 ) $ (7 ) $ (2,218 ) $ (3,648 ) |
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 September 30 . Three Months Nine Months Affected Line Item on the Details about AOCI 2019 2018 2019 2018 Statements of Income Qualifying derivatives Interest rate swaps $ (2 ) $ (2 ) $ (6 ) $ (6 ) Interest Expense Cross-currency swaps 27 18 34 30 Other Income (Expense) - net — 1 — 1 Interest Expense Total Pre-tax 25 17 28 25 Income Taxes (3 ) (3 ) (3 ) (4 ) Total After-tax 22 14 25 21 Defined benefit plans Prior service costs (a) (1 ) (1 ) (2 ) (2 ) Net actuarial loss (a) (25 ) (42 ) (78 ) (130 ) Total Pre-tax (26 ) (43 ) (80 ) (132 ) Income Taxes 6 9 17 27 Total After-tax (20 ) (34 ) (63 ) (105 ) Total reclassifications during the period $ 2 $ (20 ) $ (38 ) $ (84 ) (a) These AOCI components are included in the computation of net periodic defined benefit cost. See Note 10 for additional information. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | |||||
Cash and cash equivalents | $ 670 | $ 621 | |||
Restricted Cash, Current | 3 | 3 | |||
Restricted Cash, Noncurrent | 17 | 19 | |||
Cash, Cash Equivalents and Restricted Cash | 690 | 643 | $ 864 | $ 511 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Right of Use Asset | 97 | $ 81 | |||
Lease Liability - Current | 25 | 23 | |||
Lease Liability - Noncurrent | 80 | 67 | |||
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 | 27 | 267 | |||
Restricted Cash, Current | 2 | 2 | |||
Restricted Cash, Noncurrent | 0 | 0 | |||
Cash, Cash Equivalents and Restricted Cash | 29 | 269 | 416 | 51 | |
LG And E And KU Energy LLC [Member] | |||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | |||||
Cash and cash equivalents | 30 | 24 | 29 | 30 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Right of Use Asset | 47 | 56 | |||
Lease Liability - Current | 16 | 18 | |||
Lease Liability - Noncurrent | 39 | 46 | |||
Louisville Gas And Electric Co [Member] | |||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | |||||
Cash and cash equivalents | 12 | 10 | 11 | 15 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Right of Use Asset | 19 | 23 | |||
Lease Liability - Current | 6 | 9 | |||
Lease Liability - Noncurrent | 16 | 18 | |||
Kentucky Utilities Co [Member] | |||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash from the Balance Sheet to Cash Flow Statement [Line Items] | |||||
Cash and cash equivalents | 18 | $ 14 | $ 18 | $ 15 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Right of Use Asset | 27 | 31 | |||
Lease Liability - Current | 9 | 9 | |||
Lease Liability - Noncurrent | $ 22 | $ 26 |
Segment and Related Informati_3
Segment and Related Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Integer | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | ||||||
Income Statement Data [Abstract] | ||||||||||
Operating Revenues from external customers | $ 1,933 | $ 1,872 | $ 5,815 | $ 5,846 | ||||||
Net Income | 475 | 445 | 1,382 | 1,412 | ||||||
Balance Sheet Data [Abstract] | ||||||||||
Assets | 44,559 | 44,559 | $ 43,396 | |||||||
Segment (Numeric) [Abstract] | ||||||||||
Goodwill | 3,050 | 3,050 | 3,162 | |||||||
U.K. Regulated [Member] | ||||||||||
Income Statement Data [Abstract] | ||||||||||
Operating Revenues from external customers | 491 | 517 | 1,615 | 1,716 | ||||||
Net Income | 236 | 245 | 784 | 836 | ||||||
Balance Sheet Data [Abstract] | ||||||||||
Assets | 17,128 | 17,128 | 16,700 | |||||||
Segment (Numeric) [Abstract] | ||||||||||
Net property, plant and equipment not subject to accounting for the effects of certain types of regulation | 12,300 | 12,300 | 12,400 | |||||||
Goodwill | 2,300 | 2,300 | 2,400 | |||||||
Kentucky Regulated [Member] | ||||||||||
Income Statement Data [Abstract] | ||||||||||
Operating Revenues from external customers | 844 | 802 | 2,421 | 2,417 | ||||||
Net Income | 150 | 122 | 364 | 332 | ||||||
Balance Sheet Data [Abstract] | ||||||||||
Assets | 15,434 | 15,434 | 15,078 | |||||||
Pennsylvania Regulated [Member] | ||||||||||
Income Statement Data [Abstract] | ||||||||||
Operating Revenues from external customers | 590 | 548 | 1,756 | 1,704 | ||||||
Net Income | 118 | 112 | 333 | 335 | ||||||
Balance Sheet Data [Abstract] | ||||||||||
Assets | 12,116 | 12,116 | 11,257 | |||||||
Corporate and Other [Member] | ||||||||||
Income Statement Data [Abstract] | ||||||||||
Operating Revenues from external customers | 8 | 5 | 23 | 9 | ||||||
Net Income | (29) | (34) | (99) | (91) | ||||||
Balance Sheet Data [Abstract] | ||||||||||
Assets | (119) | (119) | 361 | |||||||
PPL Electric Utilities Corp [Member] | ||||||||||
Income Statement Data [Abstract] | ||||||||||
Operating Revenues from external customers | 590 | 548 | 1,756 | 1,704 | ||||||
Net Income | [1] | 118 | 111 | 333 | 334 | |||||
Balance Sheet Data [Abstract] | ||||||||||
Assets | 12,071 | $ 12,071 | 11,243 | |||||||
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 | 844 | 802 | $ 2,421 | 2,417 | ||||||
Net Income | [2] | 158 | 130 | 388 | 358 | |||||
Balance Sheet Data [Abstract] | ||||||||||
Assets | 15,768 | 15,768 | 15,412 | |||||||
Segment (Numeric) [Abstract] | ||||||||||
Goodwill | 996 | $ 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 | 382 | 362 | $ 1,126 | 1,116 | ||||||
Net Income | 80 | [1] | 66 | [1] | 188 | [3] | 188 | [3] | ||
Balance Sheet Data [Abstract] | ||||||||||
Assets | 7,027 | 7,027 | 6,883 | |||||||
Segment (Numeric) [Abstract] | ||||||||||
Goodwill | 389 | $ 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 | 466 | 447 | $ 1,322 | 1,332 | ||||||
Net Income | [4] | 95 | $ 77 | 237 | $ 225 | |||||
Balance Sheet Data [Abstract] | ||||||||||
Assets | 8,742 | 8,742 | 8,540 | |||||||
Segment (Numeric) [Abstract] | ||||||||||
Goodwill | $ 607 | $ 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 | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | $ 1,933 | $ 1,872 | $ 5,815 | $ 5,846 | |||
Alternative Revenue Programs | 8 | (4) | (18) | 37 | |||
Other Revenue | (11) | (15) | (30) | (43) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 1,930 | 1,853 | 5,767 | 5,840 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 11 | 11 | 22 | 24 | |||
Contract with Customer, Liability | 42 | 40 | 42 | 40 | $ 42 | $ 29 | |
Contract with Customer, Liability, Revenue Recognized | 31 | 22 | |||||
Licensed energy suppliers [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 454 | 475 | 1,520 | 1,606 | |||
Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 708 | 647 | 2,058 | 2,039 | |||
Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 346 | 307 | 967 | 928 | |||
Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 164 | 156 | 470 | 466 | |||
Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 128 | 119 | 360 | 339 | |||
Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 6 | 30 | 38 | 91 | |||
Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 12 | 19 | 36 | 65 | |||
Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 112 | 100 | 318 | 306 | |||
Pennsylvania Regulated [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 590 | 548 | 1,756 | 1,704 | |||
United Kingdom Regulated [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 491 | 517 | 1,615 | 1,716 | |||
Kentucky Regulated [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 844 | 802 | 2,421 | 2,417 | |||
Corporate and Other [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 8 | 5 | 23 | 9 | |||
Corporate and Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-09-30 | |||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | 48 | 48 | |||||
Corporate and Other [Member] | Forecast [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-09-30 | |||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||
Revenue, Remaining Performance Obligation, Amount | $ 41 | ||||||
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 | 590 | 548 | 1,756 | 1,704 | |||
Alternative Revenue Programs | 2 | (3) | (4) | (1) | |||
Other Revenue | (3) | (3) | (8) | (9) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 589 | 542 | 1,744 | 1,694 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 8 | 7 | 14 | 17 | |||
Contract with Customer, Liability | 19 | 17 | 19 | 17 | 23 | 19 | |
Contract with Customer, Liability, Revenue Recognized | 11 | 8 | |||||
PPL Electric Utilities Corp [Member] | Licensed energy suppliers [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
PPL Electric Utilities Corp [Member] | Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 352 | 328 | 1,060 | 1,036 | |||
PPL Electric Utilities Corp [Member] | Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 97 | 88 | 279 | 275 | |||
PPL Electric Utilities Corp [Member] | Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 16 | 12 | 48 | 37 | |||
PPL Electric Utilities Corp [Member] | Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 12 | 14 | 39 | 40 | |||
PPL Electric Utilities Corp [Member] | Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
PPL Electric Utilities Corp [Member] | Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
PPL Electric Utilities Corp [Member] | Distribution [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 477 | 442 | 1,400 | 1,400 | |||
PPL Electric Utilities Corp [Member] | Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 112 | 100 | 318 | 306 | |||
LG And E And KU Energy LLC [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 844 | 802 | 2,421 | 2,417 | |||
Alternative Revenue Programs | 6 | (1) | (14) | 38 | |||
Other Revenue | (6) | (5) | (16) | (14) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 844 | 796 | 2,391 | 2,441 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 2 | 4 | 5 | 7 | |||
Contract with Customer, Liability | 9 | 8 | 9 | 8 | 9 | 8 | |
Contract with Customer, Liability, Revenue Recognized | 9 | 8 | |||||
LG And E And KU Energy LLC [Member] | Licensed energy suppliers [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 356 | 319 | 998 | 1,003 | |||
LG And E And KU Energy LLC [Member] | Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 249 | 219 | 688 | 653 | |||
LG And E And KU Energy LLC [Member] | Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 148 | 144 | 422 | 429 | |||
LG And E And KU Energy LLC [Member] | Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 73 | 65 | 209 | 200 | |||
LG And E And KU Energy LLC [Member] | Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 6 | 30 | 38 | 91 | |||
LG And E And KU Energy LLC [Member] | Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 12 | 19 | 36 | 65 | |||
LG And E And KU Energy LLC [Member] | Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 382 | 362 | 1,126 | 1,116 | |||
Alternative Revenue Programs | 4 | (4) | (1) | 16 | |||
Other Revenue | (3) | (2) | (7) | (5) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 383 | 356 | 1,118 | 1,127 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 1 | 2 | 2 | 3 | |||
Contract with Customer, Liability | 5 | 4 | 5 | 4 | 5 | 4 | |
Contract with Customer, Liability, Revenue Recognized | 5 | 4 | |||||
Louisville Gas And Electric Co [Member] | Licensed energy suppliers [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 177 | 162 | 504 | 505 | |||
Louisville Gas And Electric Co [Member] | Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 123 | 112 | 352 | 343 | |||
Louisville Gas And Electric Co [Member] | Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 47 | 45 | 134 | 134 | |||
Louisville Gas And Electric Co [Member] | Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 31 | 27 | 93 | 88 | |||
Louisville Gas And Electric Co [Member] | Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 5 | 10 | 35 | 57 | |||
Louisville Gas And Electric Co [Member] | Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 0 | 0 | 0 | 0 | |||
Kentucky Utilities Co [Member] | |||||||
Reconciliation of Revenue from Contracts with Customers [Abstract] | |||||||
Operating Revenues | 466 | 447 | 1,322 | 1,332 | |||
Alternative Revenue Programs | 2 | 3 | (13) | 22 | |||
Other Revenue | (3) | (3) | (9) | (9) | |||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 465 | 447 | 1,300 | 1,345 | |||
Contract with Customer, Asset and Liability [Abstract] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 1 | 2 | 3 | 4 | |||
Contract with Customer, Liability | 4 | 4 | 4 | 4 | $ 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 | 0 | 0 | |||
Kentucky Utilities Co [Member] | Residential [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 179 | 157 | 494 | 498 | |||
Kentucky Utilities Co [Member] | Commercial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 126 | 107 | 336 | 310 | |||
Kentucky Utilities Co [Member] | Industrial [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 101 | 99 | 288 | 295 | |||
Kentucky Utilities Co [Member] | Other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 42 | 39 | 116 | 113 | |||
Kentucky Utilities Co [Member] | Wholesale - municipal [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 6 | 30 | 38 | 91 | |||
Kentucky Utilities Co [Member] | Wholesale - other [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | 11 | 15 | 28 | 38 | |||
Kentucky Utilities Co [Member] | Transmission [Member] | |||||||
Disaggregation of Revenue [Abstract] | |||||||
Revenues from Contracts with Customers | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income (Numerator) [Abstract] | ||||
Net Income | $ 475 | $ 445 | $ 1,382 | $ 1,412 |
Less amounts allocated to participating securities | 0 | 1 | 2 | 2 |
Net income available to PPL common shareowners - Basic | 475 | 444 | 1,380 | 1,410 |
Net income available to PPL common shareowners - Diluted | $ 475 | $ 444 | $ 1,380 | $ 1,410 |
Shares of Common Stock (Denominator) [Abstract] | ||||
Weighted-average shares - Basic EPS (in shares) | 722,259 | 703,730 | 721,693 | 699,117 |
Add incremental non-participating securities: [Abstract] | ||||
Share-based payment awards (in shares) | 1,106 | 298 | 1,009 | 427 |
Forward sale agreements | 7,786 | 6,489 | 7,975 | 2,761 |
Weighted-average shares - Diluted EPS (in shares) | 731,151 | 710,517 | 730,677 | 702,305 |
Basic EPS - Available to PPL common shareowners: [Abstract] | ||||
Net Income Available to PPL common shareowners (in dollars per share) | $ 0.66 | $ 0.63 | $ 1.91 | $ 2.02 |
Diluted EPS - Available to PPL common shareowners: [Abstract] | ||||
Net Income Available to PPL common shareowners (in dollars per share) | $ 0.65 | $ 0.62 | $ 1.89 | $ 2.01 |
Shares Issued (Numeric) [Abstract] | ||||
Common stock issued under stock-based compensation plans (in shares) | 38 | 80 | 680 | 568 |
Common stock issued under DRIP (in shares) | 430 | 493 | 1,305 | 1,504 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computations of diluted EPS | 0 | 15 | 0 | 229 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computations of diluted EPS | 0 | 2 | 0 | 15 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | $ 125 | $ 115 | $ 359 | $ 373 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 13 | 9 | 34 | 34 |
Valuation allowance adjustments | 7 | 5 | 21 | 17 |
Impact of lower U.K. income tax rates relative to U.S. income tax rates | (6) | (7) | (20) | (20) |
Impact of the U.K. Finance Act on deferred tax balances | (5) | (4) | (8) | (7) |
Depreciation and other items not normalized | (2) | (1) | (5) | (4) |
Amortization of excess deferred income taxes | (9) | (11) | (30) | (30) |
Deferred tax impact of state tax reform | 0 | 0 | 0 | 9 |
Interest benefit on U.K. financing entities | (3) | (4) | (9) | (13) |
Kentucky recycling credit, net of federal income tax expense | 0 | 0 | (20) | 0 |
Other | (2) | 1 | 6 | 3 |
Total increase (decrease) | (7) | (12) | (31) | (11) |
Total income taxes | 118 | 103 | 328 | 362 |
Valuation allowance associated with Kentucky recycling credit [Member] | ||||
Increase (decrease) due to: [Abstract] | ||||
Valuation allowance adjustments | 3 | |||
PPL Electric Utilities Corp [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 33 | 30 | 94 | 93 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 13 | 12 | 36 | 35 |
Depreciation and other items not normalized | (2) | (1) | (5) | (4) |
Amortization of excess deferred income taxes | (4) | (5) | (12) | (13) |
Other | 0 | (1) | 1 | 0 |
Total increase (decrease) | 7 | 5 | 20 | 18 |
Total income taxes | 40 | 35 | 114 | 111 |
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 | 42 | 34 | 98 | 97 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 8 | 6 | 18 | 17 |
Valuation allowance adjustments | 0 | 0 | 3 | 0 |
Amortization of investment tax credit | (1) | (1) | (2) | (3) |
Deferred tax impact of U.S. tax reform | 0 | (2) | 0 | (2) |
Amortization of excess deferred income taxes | (5) | (3) | (17) | (14) |
Deferred tax impact of state tax reform | 0 | 0 | 0 | 9 |
Kentucky recycling credit, net of federal income tax expense | 0 | 0 | (20) | 0 |
Other | (1) | (2) | (2) | (2) |
Total increase (decrease) | 1 | (2) | (20) | 5 |
Total income taxes | 43 | 32 | 78 | 102 |
Louisville Gas And Electric Co [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 21 | 18 | 50 | 50 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 4 | 3 | 9 | 9 |
Valuation allowance adjustments | 0 | 0 | 15 | 0 |
Amortization of excess deferred income taxes | (2) | (1) | (7) | (6) |
Kentucky recycling credit, net of federal income tax expense | 0 | 0 | (15) | 0 |
Other | (1) | (2) | (1) | (2) |
Total increase (decrease) | 1 | 0 | 1 | 1 |
Total income taxes | 22 | 18 | 51 | 51 |
Kentucky Utilities Co [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate | 25 | 21 | 63 | 60 |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | 5 | 3 | 12 | 10 |
Valuation allowance adjustments | 0 | 0 | 5 | 0 |
Amortization of excess deferred income taxes | (3) | (2) | (10) | (8) |
Kentucky recycling credit, net of federal income tax expense | 0 | 0 | (5) | 0 |
Other | (1) | (1) | (3) | (3) |
Total increase (decrease) | 1 | 0 | (1) | (1) |
Total income taxes | $ 26 | $ 21 | $ 62 | $ 59 |
Utility Rate Regulation - Regul
Utility Rate Regulation - Regulatory Assets (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 49 | $ 36 |
Noncurrent regulatory assets | 1,658 | 1,673 |
Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 10 | 12 |
Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 13 | 11 |
Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 17 | 10 |
Transmission Service Charge [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 8 | 0 |
Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 937 | 963 |
Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 42 | 56 |
Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 41 | 45 |
Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 25 | 20 |
Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 83 | 87 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 211 | 200 |
Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 304 | 273 |
Act 129 Compliance Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 10 | 19 |
Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 3 |
Noncurrent regulatory assets | 5 | 10 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 22 | 11 |
Noncurrent regulatory assets | 807 | 824 |
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 | 13 | 11 |
PPL Electric Utilities Corp [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 8 | 0 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 553 | 558 |
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 16 | 22 |
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 17 | 22 |
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 | 211 | 200 |
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 | 10 | 19 |
PPL Electric Utilities Corp [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 0 |
Noncurrent regulatory assets | 0 | 3 |
LG And E And KU Energy LLC [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 27 | 25 |
Noncurrent regulatory assets | 851 | 849 |
LG And E And KU Energy LLC [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 10 | 12 |
LG And E And KU Energy LLC [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 17 | 10 |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 384 | 405 |
LG And E And KU Energy LLC [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 26 | 34 |
LG And E And KU Energy LLC [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 24 | 23 |
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 25 | 20 |
LG And E And KU Energy LLC [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 83 | 87 |
LG And E And KU Energy LLC [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 304 | 273 |
LG And E And KU Energy LLC [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 3 |
Noncurrent regulatory assets | 5 | 7 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 21 | 21 |
Noncurrent regulatory assets | 425 | 431 |
Louisville Gas And Electric Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 10 | 12 |
Louisville Gas And Electric Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 11 | 7 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 233 | 249 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 16 | 20 |
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 14 | 15 |
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 25 | 20 |
Louisville Gas And Electric Co [Member] | Terminated Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 48 | 51 |
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 87 | 75 |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 2 |
Noncurrent regulatory assets | 2 | 1 |
Kentucky Utilities Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 4 |
Noncurrent regulatory assets | 426 | 418 |
Kentucky Utilities Co [Member] | Gas supply clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Plant outage costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 3 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 151 | 156 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 10 | 14 |
Kentucky Utilities Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 10 | 8 |
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 | 35 | 36 |
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 217 | 198 |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 1 |
Noncurrent regulatory assets | $ 3 | $ 6 |
Utility Rate Regulation - Reg_2
Utility Rate Regulation - Regulatory Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 79 | $ 122 |
Noncurrent regulatory liabilities | 2,675 | 2,714 |
Deferred Fuel Costs [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 13 | 0 |
Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 22 | 33 |
Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 12 | 16 |
Universal Service Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 12 | 27 |
TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 8 | 20 |
Noncurrent regulatory liabilities | 43 | 41 |
Storm Damage Expense Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 7 | 5 |
Generation Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 7 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 674 | 674 |
Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 53 | 59 |
Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 1,775 | 1,826 |
Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 54 | 37 |
Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 69 | 72 |
Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 5 | 14 |
Noncurrent regulatory liabilities | 7 | 5 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 48 | 74 |
Noncurrent regulatory liabilities | 654 | 675 |
PPL Electric Utilities Corp [Member] | Deferred Fuel Costs [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 22 | 33 |
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 | 12 | 27 |
PPL Electric Utilities Corp [Member] | TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 7 | 3 |
Noncurrent regulatory liabilities | 43 | 41 |
PPL Electric Utilities Corp [Member] | Storm Damage Expense Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 7 | 5 |
PPL Electric Utilities Corp [Member] | Generation Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
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 | 601 | 629 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 10 | 5 |
PPL Electric Utilities Corp [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 6 |
Noncurrent regulatory liabilities | 0 | 0 |
LG And E And KU Energy LLC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 31 | 48 |
Noncurrent regulatory liabilities | 2,021 | 2,039 |
LG And E And KU Energy LLC [Member] | Deferred Fuel Costs [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 13 | 0 |
LG And E And KU Energy LLC [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 12 | 16 |
LG And E And KU Energy LLC [Member] | TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 1 | 17 |
LG And E And KU Energy LLC [Member] | Generation Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 7 |
LG And E And KU Energy LLC [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 674 | 674 |
LG And E And KU Energy LLC [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 53 | 59 |
LG And E And KU Energy LLC [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 1,174 | 1,197 |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 44 | 32 |
LG And E And KU Energy LLC [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 69 | 72 |
LG And E And KU Energy LLC [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 5 | 8 |
Noncurrent regulatory liabilities | 7 | 5 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 12 | 17 |
Noncurrent regulatory liabilities | 903 | 915 |
Louisville Gas And Electric Co [Member] | Deferred Fuel Costs [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 3 | 0 |
Louisville Gas And Electric Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 7 | 6 |
Louisville Gas And Electric Co [Member] | TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 7 |
Louisville Gas And Electric Co [Member] | Generation Formula Rate [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 | 279 | 279 |
Louisville Gas And Electric Co [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 37 | 41 |
Louisville Gas And Electric Co [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 548 | 557 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 1 | 0 |
Louisville Gas And Electric Co [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 34 | 36 |
Louisville Gas And Electric Co [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 2 | 4 |
Noncurrent regulatory liabilities | 4 | 2 |
Kentucky Utilities Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 19 | 31 |
Noncurrent regulatory liabilities | 1,118 | 1,124 |
Kentucky Utilities Co [Member] | Deferred Fuel Costs [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 10 | 0 |
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 5 | 10 |
Kentucky Utilities Co [Member] | TCJA customer refund [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 1 | 10 |
Kentucky Utilities Co [Member] | Generation Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 7 |
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 395 | 395 |
Kentucky Utilities Co [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 16 | 18 |
Kentucky Utilities Co [Member] | Net deferred taxes [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 626 | 640 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 43 | 32 |
Kentucky Utilities Co [Member] | Terminated interest rate swaps [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 35 | 36 |
Kentucky Utilities Co [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 3 | 4 |
Noncurrent regulatory liabilities | $ 3 | $ 3 |
Utility Rate Regulation - Reg_3
Utility Rate Regulation - Regulatory Matters (Details) - USD ($) $ in Millions | Apr. 30, 2019 | Mar. 01, 2019 | Sep. 30, 2018 | Oct. 04, 2019 |
PPL Electric [Member] | Pennsylvania Public Utility Commission [Member] | Tax Cuts And Jobs Act [Member] | Subsequent Event [Member] | ||||
Regulatory Matters [Line Items] | ||||
Tax Savings to be Distributed | $ 43 | |||
LKE [Member] | Kentucky Public Service Commission [Member] | Electric And Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Estimated Total Revenue Increase | $ 187 | |||
LGE [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Return on Equity, Percentage | 10.42% | |||
Public Utilities Proposed Return On Equity Percentage | 9.725% | |||
LGE [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 35 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 4 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | 40 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 2 | |||
LGE [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 25 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 20 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | $ 12 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 19 | |||
LGE [Member] | Kentucky Public Service Commission [Member] | Electric And Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Estimated Total Revenue Increase | 73 | |||
KU [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Return on Equity, Percentage | 10.42% | |||
Public Utilities Proposed Return On Equity Percentage | 9.725% | |||
KU [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 112 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 58 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | $ 58 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 56 | |||
KU [Member] | Kentucky Public Service Commission [Member] | Electric And Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Estimated Total Revenue Increase | 114 | |||
PPL Electric Utilities Corp [Member] | Pennsylvania Public Utility Commission [Member] | Tax Cuts And Jobs Act [Member] | Subsequent Event [Member] | ||||
Regulatory Matters [Line Items] | ||||
Tax Savings to be Distributed | $ 43 | |||
LG And E And KU Energy LLC [Member] | Kentucky Public Service Commission [Member] | Electric And Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Estimated Total Revenue Increase | 187 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Return on Equity, Percentage | 10.42% | |||
Public Utilities Proposed Return On Equity Percentage | 9.725% | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 35 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 4 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | 40 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 2 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 25 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 20 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | $ 12 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 19 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Kentucky Public Service Commission [Member] | Electric And Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Estimated Total Revenue Increase | 73 | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Return on Equity, Percentage | 10.42% | |||
Public Utilities Proposed Return On Equity Percentage | 9.725% | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 112 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 58 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | $ 58 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 56 | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Kentucky Public Service Commission [Member] | Electric And Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Estimated Total Revenue Increase | 114 | |||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Return on Equity, Percentage | 10.42% | |||
Public Utilities Proposed Return On Equity Percentage | 9.725% | |||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 35 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 4 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | 40 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 2 | |||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 25 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 20 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | $ 12 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 19 | |||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Electric And Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Estimated Total Revenue Increase | 73 | |||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Return on Equity, Percentage | 10.42% | |||
Public Utilities Proposed Return On Equity Percentage | 9.725% | |||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 112 | |||
Public Utilities Proposed Rate Increase Decrease Amount | $ 58 | |||
Public Utilities, Revenue Increase due to Elimination of TCJA Bill Credit | $ 58 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | 56 | |||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Electric And Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Estimated Total Revenue Increase | $ 114 |
Utility Rate Regulation - Other
Utility Rate Regulation - Other (Details) - Unaffiliated Third Party Entity [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
PPL Electric [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Purchases of Accounts Receivable | $ 308 | $ 334 | $ 927 | $ 1,000 |
PPL Electric Utilities Corp [Member] | ||||
Purchases Of Accounts Receivable [Line Items] | ||||
Purchases of Accounts Receivable | $ 308 | $ 334 | $ 927 | $ 1,000 |
Financing Activities - Credit A
Financing Activities - Credit Arrangements (Details) £ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) |
UNITED KINGDOM | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | £ | £ 1,155 | |||
Borrowed | £ | 252 | £ 195 | ||
Letters of Credit and Commercial Paper Issued | £ | 4 | 4 | ||
Unused Capacity | $ 1,100 | 900 | ||
UNITED KINGDOM | Uncommitted Credit Facilities [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | £ | 100 | |||
Borrowed | $ 44 | 36 | 0 | |
Letters of Credit and Commercial Paper Issued | £ | 4 | 4 | ||
Unused Capacity | £ | £ 60 | |||
Interest rate on outstanding borrowing | 1.59% | 1.59% | ||
WPD PLC [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | £ | £ 210 | |||
Borrowed | $ 200 | 165 | $ 200 | 157 |
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | ||
Unused Capacity | £ | £ 46 | |||
Interest rate on outstanding borrowing | 2.94% | 2.94% | 3.17% | 3.17% |
Borrowed | £ | £ 164 | |||
WPD South West [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | £ | 245 | |||
Borrowed | £ | 0 | £ 0 | ||
Letters of Credit and Commercial Paper Issued | £ | 0 | 0 | ||
Unused Capacity | £ | 245 | |||
WPD East Midlands [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | £ | 300 | |||
Borrowed | 0 | $ 48 | 38 | |
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | ||
Unused Capacity | £ | 300 | |||
Interest rate on outstanding borrowing | 1.12% | 1.12% | ||
WPD West Midlands [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | £ | 300 | |||
Borrowed | $ 62 | 51 | £ 0 | |
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | ||
Unused Capacity | £ | £ 249 | |||
Interest rate on outstanding borrowing | 1.11% | 1.11% | ||
PPL Capital Funding [Member] | UNITED STATES | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | $ 1,550 | |||
Borrowed | 0 | $ 0 | ||
Letters of Credit and Commercial Paper Issued | 996 | 684 | ||
Unused Capacity | 554 | |||
PPL Capital Funding [Member] | UNITED STATES | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 1,450 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 981 | 669 | ||
Unused Capacity | 469 | |||
PPL Capital Funding [Member] | UNITED STATES | Bilateral Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 100 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 15 | 15 | ||
Unused Capacity | 85 | |||
PPL Electric [Member] | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 650 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 1 | 1 | ||
Unused Capacity | 649 | |||
LGE [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500 | |||
Borrowed | 0 | 200 | ||
Letters of Credit and Commercial Paper Issued | 99 | 279 | ||
Unused Capacity | 401 | |||
LGE [Member] | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 99 | 279 | ||
Unused Capacity | 401 | |||
LGE [Member] | Term Loan Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 0 | |||
Borrowed | 0 | 200 | ||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||
Unused Capacity | 0 | |||
KU [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 400 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 2 | 433 | ||
Unused Capacity | 398 | |||
KU [Member] | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 400 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 2 | 235 | ||
Unused Capacity | 398 | |||
KU [Member] | Letter Of Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 0 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 0 | 198 | ||
Unused Capacity | 0 | |||
PPL Electric Utilities Corp [Member] | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 650 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 1 | 1 | ||
Unused Capacity | 649 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500 | |||
Borrowed | 0 | 200 | ||
Letters of Credit and Commercial Paper Issued | 99 | 279 | ||
Unused Capacity | 401 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 99 | 279 | ||
Unused Capacity | 401 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Term Loan Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 0 | |||
Borrowed | 0 | 200 | ||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||
Unused Capacity | 0 | |||
LG And E And KU Energy LLC [Member] | KU [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 400 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 2 | 433 | ||
Unused Capacity | 398 | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 400 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 2 | 235 | ||
Unused Capacity | 398 | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Letter Of Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 0 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 0 | 198 | ||
Unused Capacity | 0 | |||
Louisville Gas And Electric Co [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500 | |||
Borrowed | 0 | 200 | ||
Letters of Credit and Commercial Paper Issued | 99 | 279 | ||
Unused Capacity | 401 | |||
Louisville Gas And Electric Co [Member] | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 99 | 279 | ||
Unused Capacity | 401 | |||
Louisville Gas And Electric Co [Member] | Term Loan Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 0 | |||
Borrowed | 0 | 200 | ||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||
Unused Capacity | 0 | |||
Kentucky Utilities Co [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 400 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 2 | 433 | ||
Unused Capacity | 398 | |||
Kentucky Utilities Co [Member] | Syndicated Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 400 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 2 | 235 | ||
Unused Capacity | 398 | |||
Kentucky Utilities Co [Member] | Letter Of Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 0 | |||
Borrowed | 0 | 0 | ||
Letters of Credit and Commercial Paper Issued | 0 | $ 198 | ||
Unused Capacity | $ 0 |
Financing Activities - Short-te
Financing Activities - Short-term Debt (Details) - Commercial Paper [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||
Capacity | $ 2,850 | |
Commercial Paper Issuances | 1,082 | $ 1,183 |
Unused Capacity | $ 1,768 | |
PPL Capital Funding [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 2.52% | 2.82% |
Capacity | $ 1,500 | |
Commercial Paper Issuances | 981 | $ 669 |
Unused Capacity | 519 | |
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 | 2.29% | 2.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 99 | $ 279 |
Unused Capacity | $ 251 | |
KU [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 2.24% | 2.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 2 | $ 235 |
Unused Capacity | 348 | |
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 | 2.29% | 2.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 99 | $ 279 |
Unused Capacity | $ 251 | |
LG And E And KU Energy LLC [Member] | KU [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 2.24% | 2.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 2 | $ 235 |
Unused Capacity | $ 348 | |
Louisville Gas And Electric Co [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 2.29% | 2.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 99 | $ 279 |
Unused Capacity | $ 251 | |
Kentucky Utilities Co [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 2.24% | 2.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 2 | $ 235 |
Unused Capacity | $ 348 |
Financing Activities - Long-ter
Financing Activities - Long-term Debt (Details) £ in Millions, $ in Millions | 1 Months Ended | |||||||
Sep. 30, 2019USD ($) | Sep. 30, 2019GBP (£) | Jun. 30, 2019USD ($) | Apr. 30, 2019USD ($) | Oct. 31, 2019USD ($) | Sep. 30, 2019GBP (£) | Sep. 17, 2019 | Jun. 30, 2019GBP (£) | |
WPD East Midlands [Member] | Senior Notes [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | £ | £ 250 | |||||||
Stated interest rate | 1.75% | 1.75% | ||||||
Proceeds from Issuance of Secured Debt | $ 301 | £ 245 | ||||||
WPD PLC [Member] | Term Loan Facility [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | £ | £ 50 | |||||||
Stated interest rate | 2.189% | 2.189% | ||||||
Proceeds from Issuance of Secured Debt | $ 63 | |||||||
Debt instrument term (in years) | 5 years | |||||||
PPL Electric [Member] | Senior Secured Bonds 5.15% Series Due 2020 [Member] | Intent to Redeem Bond [Member] | Subsequent Event [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 100 | |||||||
Stated interest rate | 5.15% | |||||||
PPL Electric [Member] | First Mortgage [Member] | First Mortgage Bond Due 2049 [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 400 | |||||||
Stated interest rate | 3.00% | 3.00% | ||||||
Proceeds from Issuance of Secured Debt | $ 390 | |||||||
LGE [Member] | Pollution Control Revenue Bonds, 2001 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 128 | |||||||
Stated interest rate | 1.85% | |||||||
LGE [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 31 | |||||||
Stated interest rate | 1.65% | 1.65% | ||||||
LGE [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series B [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 35 | |||||||
Stated interest rate | 1.65% | 1.65% | ||||||
LGE [Member] | Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2005 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Stated interest rate | 1.75% | |||||||
LGE [Member] | Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2005 Series A [Member] | Interest Rate Conversion [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 40 | |||||||
LGE [Member] | First Mortgage [Member] | First Mortgage Bond Due 2049 [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 400 | |||||||
Stated interest rate | 4.25% | |||||||
Proceeds from Issuance of Secured Debt | $ 396 | |||||||
KU [Member] | Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 96 | |||||||
Stated interest rate | 1.55% | 1.55% | ||||||
KU [Member] | Environmental Facilities Revenue Refunding Bonds, 2006 Series B [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 54 | |||||||
Stated interest rate | 1.20% | 1.20% | ||||||
KU [Member] | Environmental Facilities Revenue Bonds, 2008 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 78 | |||||||
Stated interest rate | 1.20% | 1.20% | ||||||
KU [Member] | Solid Waste Disposal Facility Revenue Bonds, 2000 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 13 | |||||||
Stated interest rate | 1.30% | 1.30% | ||||||
KU [Member] | Environmental Facilities Revenue Bonds, 2004 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 50 | |||||||
Stated interest rate | 1.75% | 1.75% | ||||||
KU [Member] | First Mortgage [Member] | First Mortgage Bond Due 2045 [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 300 | |||||||
Stated interest rate | 4.375% | |||||||
Proceeds from Issuance of Secured Debt | $ 303 | |||||||
PPL Electric Utilities Corp [Member] | Senior Secured Bonds 5.15% Series Due 2020 [Member] | Intent to Redeem Bond [Member] | Subsequent Event [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 100 | |||||||
Stated interest rate | 5.15% | |||||||
PPL Electric Utilities Corp [Member] | First Mortgage [Member] | First Mortgage Bond Due 2049 [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 400 | |||||||
Stated interest rate | 3.00% | 3.00% | ||||||
Proceeds from Issuance of Secured Debt | $ 390 | |||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Pollution Control Revenue Bonds, 2001 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 128 | |||||||
Stated interest rate | 1.85% | |||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 31 | |||||||
Stated interest rate | 1.65% | 1.65% | ||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series B [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 35 | |||||||
Stated interest rate | 1.65% | 1.65% | ||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2005 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Stated interest rate | 1.75% | |||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2005 Series A [Member] | Interest Rate Conversion [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 40 | |||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | First Mortgage [Member] | First Mortgage Bond Due 2049 [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 400 | |||||||
Stated interest rate | 4.25% | |||||||
Proceeds from Issuance of Secured Debt | $ 396 | |||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 96 | |||||||
Stated interest rate | 1.55% | 1.55% | ||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Environmental Facilities Revenue Refunding Bonds, 2006 Series B [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 54 | |||||||
Stated interest rate | 1.20% | 1.20% | ||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Environmental Facilities Revenue Bonds, 2008 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 78 | |||||||
Stated interest rate | 1.20% | 1.20% | ||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Solid Waste Disposal Facility Revenue Bonds, 2000 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 13 | |||||||
Stated interest rate | 1.30% | 1.30% | ||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Environmental Facilities Revenue Bonds, 2004 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 50 | |||||||
Stated interest rate | 1.75% | 1.75% | ||||||
LG And E And KU Energy LLC [Member] | KU [Member] | First Mortgage [Member] | First Mortgage Bond Due 2045 [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 300 | |||||||
Stated interest rate | 4.375% | |||||||
Proceeds from Issuance of Secured Debt | $ 303 | |||||||
Louisville Gas And Electric Co [Member] | Pollution Control Revenue Bonds, 2001 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 128 | |||||||
Stated interest rate | 1.85% | |||||||
Louisville Gas And Electric Co [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 31 | |||||||
Stated interest rate | 1.65% | 1.65% | ||||||
Louisville Gas And Electric Co [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series B [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 35 | |||||||
Stated interest rate | 1.65% | 1.65% | ||||||
Louisville Gas And Electric Co [Member] | Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2005 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Stated interest rate | 1.75% | |||||||
Louisville Gas And Electric Co [Member] | Louisville/Jefferson County Metro Government of Kentucky Pollution Control Revenue Bonds, 2005 Series A [Member] | Interest Rate Conversion [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 40 | |||||||
Louisville Gas And Electric Co [Member] | First Mortgage [Member] | First Mortgage Bond Due 2049 [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 400 | |||||||
Stated interest rate | 4.25% | |||||||
Proceeds from Issuance of Secured Debt | $ 396 | |||||||
Kentucky Utilities Co [Member] | Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 96 | |||||||
Stated interest rate | 1.55% | 1.55% | ||||||
Kentucky Utilities Co [Member] | Environmental Facilities Revenue Refunding Bonds, 2006 Series B [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 54 | |||||||
Stated interest rate | 1.20% | 1.20% | ||||||
Kentucky Utilities Co [Member] | Environmental Facilities Revenue Bonds, 2008 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 78 | |||||||
Stated interest rate | 1.20% | 1.20% | ||||||
Kentucky Utilities Co [Member] | Solid Waste Disposal Facility Revenue Bonds, 2000 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 13 | |||||||
Stated interest rate | 1.30% | 1.30% | ||||||
Kentucky Utilities Co [Member] | Environmental Facilities Revenue Bonds, 2004 Series A [Member] | Remarketed [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 50 | |||||||
Stated interest rate | 1.75% | 1.75% | ||||||
Kentucky Utilities Co [Member] | First Mortgage [Member] | First Mortgage Bond Due 2045 [Member] | ||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||
Principal amount | $ 300 | |||||||
Stated interest rate | 4.375% | |||||||
Proceeds from Issuance of Secured Debt | $ 303 |
Financing Activities - Equity S
Financing Activities - Equity Securities (Details) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2019 | 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 | 9 Months Ended | ||
Aug. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Distributions (Numeric) [Abstract] | |||||
Current quarterly common stock dividend (in dollars per share) | $ 0.4125 | $ 0.4125 | $ 0.4100 | $ 1.2375 | $ 1.23 |
Annualized current quarterly common stock dividend (in dollars per share) | $ 1.65 |
Leases - Lessee (Details)
Leases - Lessee (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lease Cost [Abstract] | ||||
Operating lease cost | $ 6 | $ 21 | ||
Short-term lease cost | 2 | 5 | ||
Total lease cost | $ 8 | 26 | ||
Operating cash flows from operating leases | 21 | |||
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 37 | |||
Weighted-average remaining lease term (in years) | 8 years | 8 years | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2019 | $ 8 | $ 8 | ||
2020 | 27 | 27 | ||
2021 | 21 | 21 | ||
2022 | 16 | 16 | ||
2023 | 14 | 14 | ||
2024 | 12 | 12 | ||
Thereafter | 25 | 25 | ||
Total | $ 123 | $ 123 | ||
2019 | $ 26 | |||
2020 | 21 | |||
2021 | 15 | |||
2022 | 13 | |||
2023 | 8 | |||
Thereafter | 33 | |||
Total | 116 | |||
Assets and Liabilities, Lessee [Abstract] | ||||
Weighted-average discount rate | 3.47% | 3.47% | ||
Current lease liabilities | $ 25 | $ 25 | $ 23 | |
Non-current lease liabilities | 80 | 80 | 67 | |
Right-of-use assets | 97 | 97 | 81 | |
LG And E And KU Energy LLC [Member] | ||||
Lease Cost [Abstract] | ||||
Operating lease cost | 5 | 17 | ||
Short-term lease cost | 1 | 2 | ||
Total lease cost | $ 6 | 19 | ||
Operating cash flows from operating leases | 17 | |||
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 8 | |||
Weighted-average remaining lease term (in years) | 5 years | 5 years | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2019 | $ 5 | $ 5 | ||
2020 | 16 | 16 | ||
2021 | 12 | 12 | ||
2022 | 8 | 8 | ||
2023 | 7 | 7 | ||
2024 | 6 | 6 | ||
Thereafter | 7 | 7 | ||
Total | $ 61 | $ 61 | ||
2019 | 20 | |||
2020 | 15 | |||
2021 | 11 | |||
2022 | 7 | |||
2023 | 6 | |||
Thereafter | 11 | |||
Total | 70 | |||
Assets and Liabilities, Lessee [Abstract] | ||||
Weighted-average discount rate | 3.97% | 3.97% | ||
Current lease liabilities | $ 16 | $ 16 | 18 | |
Non-current lease liabilities | 39 | 39 | 46 | |
Right-of-use assets | $ 47 | $ 47 | 56 | |
LG And E And KU Energy LLC [Member] | Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | ||
LG And E And KU Energy LLC [Member] | Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years | ||
Louisville Gas And Electric Co [Member] | ||||
Lease Cost [Abstract] | ||||
Operating lease cost | $ 1 | $ 7 | ||
Short-term lease cost | 0 | 1 | ||
Total lease cost | $ 1 | 8 | ||
Operating cash flows from operating leases | 8 | |||
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 3 | |||
Weighted-average remaining lease term (in years) | 5 years | 5 years | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2019 | $ 2 | $ 2 | ||
2020 | 6 | 6 | ||
2021 | 5 | 5 | ||
2022 | 3 | 3 | ||
2023 | 3 | 3 | ||
2024 | 3 | 3 | ||
Thereafter | 3 | 3 | ||
Total | $ 25 | $ 25 | ||
2019 | 10 | |||
2020 | 6 | |||
2021 | 4 | |||
2022 | 3 | |||
2023 | 3 | |||
Thereafter | 4 | |||
Total | 30 | |||
Assets and Liabilities, Lessee [Abstract] | ||||
Weighted-average discount rate | 3.90% | 3.90% | ||
Current lease liabilities | $ 6 | $ 6 | 9 | |
Non-current lease liabilities | 16 | 16 | 18 | |
Right-of-use assets | $ 19 | $ 19 | 23 | |
Louisville Gas And Electric Co [Member] | Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | ||
Louisville Gas And Electric Co [Member] | Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years | ||
Kentucky Utilities Co [Member] | ||||
Lease Cost [Abstract] | ||||
Operating lease cost | $ 3 | $ 9 | ||
Short-term lease cost | 1 | 1 | ||
Total lease cost | $ 4 | 10 | ||
Operating cash flows from operating leases | 9 | |||
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 5 | |||
Weighted-average remaining lease term (in years) | 5 years | 5 years | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2019 | $ 3 | $ 3 | ||
2020 | 10 | 10 | ||
2021 | 7 | 7 | ||
2022 | 5 | 5 | ||
2023 | 3 | 3 | ||
2024 | 3 | 3 | ||
Thereafter | 3 | 3 | ||
Total | $ 34 | $ 34 | ||
2019 | 10 | |||
2020 | 9 | |||
2021 | 7 | |||
2022 | 4 | |||
2023 | 3 | |||
Thereafter | 6 | |||
Total | $ 39 | |||
Assets and Liabilities, Lessee [Abstract] | ||||
Weighted-average discount rate | 4.01% | 4.01% | ||
Current lease liabilities | $ 9 | $ 9 | 9 | |
Non-current lease liabilities | 22 | 22 | 26 | |
Right-of-use assets | $ 27 | $ 27 | $ 31 | |
Kentucky Utilities Co [Member] | Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | ||
Kentucky Utilities Co [Member] | Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years |
Leases - Lessor (Details)
Leases - Lessor (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | ||
2019 | $ 3 | $ 3 |
2020 | 13 | 13 |
2021 | 10 | 10 |
2022 | 4 | 4 |
2023 | 4 | 4 |
2024 | 4 | 4 |
Thereafter | 12 | 12 |
Total | 50 | 50 |
Operating Lease, Lease Income | 6 | 16 |
LG And E And KU Energy LLC [Member] | ||
Lessor, Lease, Description [Line Items] | ||
2019 | 2 | 2 |
2020 | 7 | 7 |
2021 | 5 | 5 |
2022 | 0 | 0 |
2023 | 1 | 1 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Total | 15 | 15 |
Operating Lease, Lease Income | 4 | 10 |
Louisville Gas And Electric Co [Member] | ||
Lessor, Lease, Description [Line Items] | ||
2019 | 0 | 0 |
2020 | 0 | 0 |
2021 | 1 | 1 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Total | 1 | 1 |
Operating Lease, Lease Income | 2 | 4 |
Kentucky Utilities Co [Member] | ||
Lessor, Lease, Description [Line Items] | ||
2019 | 2 | 2 |
2020 | 7 | 7 |
2021 | 4 | 4 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Total | 13 | 13 |
Operating Lease, Lease Income | $ 2 | $ 6 |
Defined Benefits (Details)
Defined Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Plan [Member] | U.S. | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | $ 13 | $ 15 | $ 38 | $ 46 |
Interest cost | 41 | 39 | 123 | 117 |
Expected return on plan assets | (62) | (62) | (184) | (186) |
Amortization of: [Abstract] | ||||
Prior service cost | 2 | 2 | 6 | 7 |
Actuarial loss | 15 | 22 | 42 | 63 |
Net Periodic Defined Benefit Costs (Credits) Prior To Settlements | 9 | 16 | 25 | 47 |
Settlements | 0 | 0 | 1 | 0 |
Net periodic defined benefit costs (credits) | 9 | 16 | 26 | 47 |
Pension Plan [Member] | U.K. | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | 17 | 21 | 51 | 63 |
Interest cost | 45 | 46 | 140 | 140 |
Expected return on plan assets | (144) | (145) | (442) | (445) |
Amortization of: [Abstract] | ||||
Prior service cost | 1 | 0 | 1 | 0 |
Actuarial loss | 22 | 37 | 69 | 114 |
Net Periodic Defined Benefit Costs (Credits) Prior To Settlements | (59) | (41) | (181) | (128) |
Settlements | 0 | 0 | 0 | 0 |
Net periodic defined benefit costs (credits) | (59) | (41) | (181) | (128) |
Other Postretirement Benefits Plan [Member] | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | 2 | 1 | 4 | 5 |
Interest cost | 5 | 5 | 16 | 15 |
Expected return on plan assets | (5) | (4) | (14) | (17) |
Amortization of: [Abstract] | ||||
Actuarial loss | 1 | 0 | 1 | 0 |
Net periodic defined benefit costs (credits) | 3 | 2 | 7 | 3 |
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 | 5 | 8 | 12 |
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | 5 | 6 | 16 | 18 |
Interest cost | 16 | 16 | 49 | 48 |
Expected return on plan assets | (25) | (25) | (76) | (76) |
Amortization of: [Abstract] | ||||
Prior service cost | 2 | 3 | 6 | 7 |
Actuarial loss | 7 | 8 | 17 | 26 |
Net periodic defined benefit costs (credits) | $ 5 | $ 8 | $ 12 | $ 23 |
Regulatory Asset Amortization Period | 15 years | 15 years | 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 | $ 2 | $ 2 | $ 3 | $ 8 |
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 | 3 | 3 |
Interest cost | 2 | 2 | 6 | 6 |
Expected return on plan assets | (2) | (2) | (6) | (6) |
Amortization of: [Abstract] | ||||
Prior service cost | 0 | 0 | 1 | 1 |
Actuarial loss | 0 | 0 | (1) | (1) |
Net periodic defined benefit costs (credits) | 1 | 1 | 3 | 3 |
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 | 1 | 1 | 3 | 5 |
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | 0 | 0 | 1 | 1 |
Interest cost | 2 | 3 | 8 | 9 |
Expected return on plan assets | (5) | (6) | (16) | (17) |
Amortization of: [Abstract] | ||||
Prior service cost | 1 | 1 | 4 | 4 |
Actuarial loss | 4 | 2 | 7 | 5 |
Net periodic defined benefit costs (credits) | $ 2 | $ 0 | $ 4 | $ 2 |
Regulatory Asset Amortization Period | 15 years | 15 years | 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 | $ 1 | $ 2 | $ 1 | |
Louisville Gas And Electric Co [Member] | Qualified Plan [Member] | Pension Plan [Member] | U.S. | ||||
Amortization of: [Abstract] | ||||
Settlements | 5 | $ 1 | 5 | 5 |
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 | $ 0 | $ 1 | $ 0 | $ 3 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
PPL Electric [Member] | ||
Environmental Matters - Superfund and Other Remediation (Numeric) [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 11 | $ 11 |
PPL Electric Utilities Corp [Member] | ||
Environmental Matters - Superfund and Other Remediation (Numeric) [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 11 | $ 11 |
Commitments and Contingencies_3
Commitments and Contingencies - Guarantees and Other Assurances (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)Integer | Dec. 31, 2018USD ($) | |
Guarantor Obligations [Line Items] | ||
Recorded liability for all guarantees | $ 5 | $ 6 |
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 | 26 | |
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 | $ 111 | |
PPL Electric Utilities Corp [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | 26 | |
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 | $ 111 | |
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 | $ 77 | |
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 | $ 34 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
PPL Electric Utilities Corp [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes Receivable, Related Parties, Current | $ 546 | $ 546 | $ 0 | ||
PPL Electric Utilities Corp [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 14 | $ 14 | 43 | $ 45 | |
Intercompany Borrowings (Numeric) [Abstract] | |||||
VEBA Funds Receivable | 37 | 37 | 45 | ||
PPL Electric Utilities Corp [Member] | PPL EU Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 38 | 34 | 112 | 110 | |
PPL Electric Utilities Corp [Member] | PPL Energy Funding [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany note with affiliate maximum borrowing capacity | 650 | 650 | |||
Notes Receivable, Related Parties, Current | 546 | $ 546 | 0 | ||
Related Party Transaction, Rate | 3.84% | ||||
PPL Electric Utilities Corp [Member] | Accounts receivable from affiliates [Member] | PPL Services [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
VEBA Funds Receivable | 10 | $ 10 | 10 | ||
PPL Electric Utilities Corp [Member] | Other Noncurrent Assets [Member] | PPL Services [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
VEBA Funds Receivable | 27 | 27 | 35 | ||
LG And E And KU Energy LLC [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Long-term debt to affiliate | 650 | 650 | 650 | ||
Interest Expense with Affiliate | 7 | 7 | 23 | 18 | |
Notes payable with affiliates | 129 | 129 | 113 | ||
LG And E And KU Energy LLC [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 6 | 5 | 20 | 19 | |
LG And E And KU Energy LLC [Member] | PPL Energy Funding [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany note with affiliate maximum borrowing capacity | 375 | 375 | |||
Notes payable with affiliates | 129 | $ 129 | $ 113 | ||
Related Party Transaction, Rate | 3.59% | 3.85% | |||
LG And E And KU Energy LLC [Member] | PPL Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany note with affiliate maximum borrowing capacity | 300 | $ 300 | |||
Notes Receivable, Related Parties, Current | 0 | $ 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 | $ 400 | ||
Interest Expense with Affiliate | 4 | 4 | $ 11 | 11 | |
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 | $ 200 | ||
Interest Expense with Affiliate | 3 | 3 | $ 8 | 4 | |
Related Party Transaction, Rate | 4.00% | 4.00% | |||
Louisville Gas And Electric Co [Member] | LKS [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | 37 | 36 | $ 112 | 113 | |
Kentucky Utilities Co [Member] | LKS [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Related Party Transaction, Amounts of Transaction | $ 42 | $ 42 | $ 126 | $ 127 |
Other Income (Expense) - net (D
Other Income (Expense) - net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income | ||||
Economic foreign currency exchange contracts | $ 44 | $ 40 | $ 56 | $ 92 |
Defined benefit plans - non-service credits | 77 | 61 | 237 | 195 |
Interest Income | 3 | 3 | 12 | 5 |
AFUDC - equity component | 6 | 5 | 17 | 15 |
Miscellaneous | 1 | 2 | 6 | 3 |
Total Other Income | 131 | 111 | 328 | 310 |
Other Expense | ||||
Charitable Contributions | 1 | 1 | 3 | 6 |
Miscellaneous | 4 | 4 | 16 | 7 |
Total Other Expense | 5 | 5 | 19 | 13 |
Other Income (Expense) - net | 126 | 106 | 309 | 297 |
PPL Electric Utilities Corp [Member] | ||||
Other Income | ||||
Defined benefit plans - non-service credits | 1 | 1 | 3 | 4 |
Interest Income | 0 | 0 | 1 | 0 |
AFUDC - equity component | 6 | 5 | 17 | 15 |
Miscellaneous | 0 | 0 | 0 | 1 |
Total Other Income | 7 | 6 | 21 | 20 |
Other Expense | ||||
Charitable Contributions | 0 | 1 | 2 | 2 |
Miscellaneous | 0 | 0 | 1 | 0 |
Total Other Expense | 0 | 1 | 3 | 2 |
Other Income (Expense) - net | $ 7 | $ 5 | $ 18 | $ 18 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis Table (Details) - Recurring Fair Value Measurements [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 670 | $ 621 |
Restricted cash and cash equivalents | 20 | 22 |
Special Use Funds [Abstract] | ||
Money market fund | 2 | 59 |
Commingled debt fund measured at NAV | 29 | 0 |
Commingled equity fund measured at NAV | 28 | 0 |
Total special use funds | 59 | 59 |
Price risk management assets: | ||
Foreign currency contracts | 224 | 202 |
Cross-currency swaps | 195 | 135 |
Total price risk management assets | 419 | 337 |
Total Assets | 1,168 | 1,039 |
Price risk management liabilities: | ||
Interest rate swaps | 25 | 20 |
Foreign currency contracts | 3 | 2 |
Total price risk management liabilities | 28 | 22 |
Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 670 | 621 |
Restricted cash and cash equivalents | 20 | 22 |
Special Use Funds [Abstract] | ||
Money market fund | 2 | 59 |
Total special use funds | 2 | 59 |
Price risk management assets: | ||
Foreign currency contracts | 0 | 0 |
Cross-currency swaps | 0 | 0 |
Total price risk management assets | 0 | 0 |
Total Assets | 692 | 702 |
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 | 224 | 202 |
Cross-currency swaps | 195 | 135 |
Total price risk management assets | 419 | 337 |
Total Assets | 419 | 337 |
Price risk management liabilities: | ||
Interest rate swaps | 25 | 20 |
Foreign currency contracts | 3 | 2 |
Total price risk management liabilities | 28 | 22 |
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 | 27 | 267 |
Restricted cash and cash equivalents | 2 | 2 |
Price risk management assets: | ||
Total Assets | 29 | 269 |
PPL Electric Utilities Corp [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 27 | 267 |
Restricted cash and cash equivalents | 2 | 2 |
Price risk management assets: | ||
Total Assets | 29 | 269 |
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 | 30 | 24 |
Price risk management assets: | ||
Total Assets | 30 | 24 |
Price risk management liabilities: | ||
Interest rate swaps | 25 | 20 |
Total price risk management liabilities | 25 | 20 |
LG And E And KU Energy LLC [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 30 | 24 |
Price risk management assets: | ||
Total Assets | 30 | 24 |
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 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 25 | 20 |
Total price risk management liabilities | 25 | 20 |
LG And E And KU Energy LLC [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 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 | 12 | 10 |
Price risk management assets: | ||
Total Assets | 12 | 10 |
Price risk management liabilities: | ||
Interest rate swaps | 25 | 20 |
Total price risk management liabilities | 25 | 20 |
Louisville Gas And Electric Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 12 | 10 |
Price risk management assets: | ||
Total Assets | 12 | 10 |
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 |
Price risk management assets: | ||
Total Assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 25 | 20 |
Total price risk management liabilities | 25 | 20 |
Louisville Gas And Electric Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 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 | 18 | 14 |
Price risk management assets: | ||
Total Assets | 18 | 14 |
Kentucky Utilities Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 18 | 14 |
Price risk management assets: | ||
Total Assets | 18 | 14 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 21,547 | $ 20,599 |
Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 25,506 | 22,939 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 4,085 | 3,694 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 4,764 | 3,901 |
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 | 6,001 | 5,502 |
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 | 6,901 | 5,768 |
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 | 2,004 | 1,809 |
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 | 2,322 | 1,874 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | 2,623 | 2,321 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Debt Instrument, Fair Value Disclosure | $ 3,064 | $ 2,451 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Intro (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash collateral obligation under master netting arrangements | $ 40 | $ 40 |
Cash colleteral posted under master netting arrangements | 0 | 0 |
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 | 0 | 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 | 0 | 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 Billions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019GBP (£) | |
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 | $ 0 | $ 0 | ||
Cash Flow Hedges [Member] | Cross Currency Interest Rate Swap Contracts [Member] | ||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||||
Notional amount | 702 | 702 | ||||
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 | 31 | $ 31 | ||||
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 | 1,500 | 1,500 | £ 1 | |||
LGE [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | ||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||||
Notional amount | 147 | 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] | ||||||
Notional amount | 147 | 147 | ||||
Louisville Gas And Electric Co [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | ||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||||
Notional amount | $ 147 | $ 147 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Fair Values (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | $ 195 | $ 135 |
Liability value | 0 | 0 |
Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 7 | 6 |
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 | 7 | 6 |
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 | 188 | 129 |
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 | 188 | 129 |
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 | 0 | 0 |
Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 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 | 224 | 202 |
Liability value | 28 | 22 |
Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 202 | 103 |
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 | 202 | 103 |
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 22 | 99 |
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 | 22 | 99 |
Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 8 | 6 |
Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 5 | 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 | 3 | 2 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 20 | 16 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 20 | 16 |
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 |
LG And E And KU Energy LLC [Member] | Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 25 | 20 |
LG And E And KU Energy LLC [Member] | Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
LG And E And KU Energy LLC [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 |
LG And E And KU Energy LLC [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
LG And E And KU Energy LLC [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 |
LG And E And KU Energy LLC [Member] | Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 5 | 4 |
LG And E And KU Energy LLC [Member] | Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 5 | 4 |
LG And E And KU Energy LLC [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 20 | 16 |
LG And E And KU Energy LLC [Member] | Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 20 | 16 |
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 | 25 | 20 |
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 | 5 | 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 | 5 | 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 | 20 | 16 |
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 | $ 20 | $ 16 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Expense | $ 259 | $ 244 | $ 746 | $ 718 |
Other Income (Expense) - net | 126 | 106 | 309 | 297 |
Cash Flow Hedges [Member] | ||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||||
Gain (Loss) Reclassified from AOCI into Income | 25 | 17 | 28 | 25 |
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 | 19 | 27 | 39 | 26 |
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 | (22) | 0 | (30) | 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 | (2) | (2) | (6) | (6) |
Amount of gain (loss) reclassified from AOCI to income | (2) | (6) | ||
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 | 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 | 41 | 27 | 69 | 26 |
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Interest Expense [Member] | ||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||||
Gain (Loss) Reclassified from AOCI into Income | 1 | 1 | ||
Amount of gain (loss) reclassified from AOCI to income | 0 | 0 | ||
Hedged items | 0 | 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 | 27 | 18 | 34 | 30 |
Amount of gain (loss) reclassified from AOCI to income | 27 | 34 | ||
Hedged items | (27) | (34) | ||
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 | 1 | 11 |
Not Designated As Hedging Instruments [Member] | ||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||||
Gain (loss) recognized in income on derivative | 43 | 39 | 53 | 88 |
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 | (2) | 2 | (5) | 7 |
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) | (3) | (4) |
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 | 44 | 40 | 56 | 92 |
LG And E And KU Energy LLC [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Expense | 57 | 52 | 169 | 154 |
Other Income (Expense) - net | 2 | 0 | 2 | (2) |
LG And E And KU Energy LLC [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 | (2) | 2 | (5) | 7 |
LG And E And KU Energy LLC [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) | (3) | (4) |
Louisville Gas And Electric Co [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Expense | 22 | 20 | 65 | 57 |
Other Income (Expense) - net | 0 | (3) | (1) | (5) |
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 | (2) | 2 | (5) | 7 |
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) | (3) | (4) |
Kentucky Utilities Co [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Expense | 28 | 24 | 82 | 74 |
Other Income (Expense) - net | $ 4 | $ 1 | $ 4 | $ 1 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments and Credit Risk-Related Features (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Assets [Abstract] | ||
Cash collateral received - eligible for offset | $ 40 | $ 40 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 0 | 0 |
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 4 | |
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 | 4 | |
Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 419 | 337 |
Derivative instruments - eligible for offset | 3 | 2 |
Cash collateral received - eligible for offset | 40 | 40 |
Net | 376 | 295 |
Liabilities [Abstract] | ||
Gross | 28 | 22 |
Derivative instruments - eligible for offset | 3 | 2 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | 25 | 20 |
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 | 0 | 0 |
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 4 | |
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 | 4 | |
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 | 25 | 20 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | 25 | 20 |
Louisville Gas And Electric Co [Member] | ||
Assets [Abstract] | ||
Cash collateral received - eligible for offset | 0 | 0 |
Liabilities [Abstract] | ||
Cash collateral pledged - eligible for offset | 0 | 0 |
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 4 | |
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 | 4 | |
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 | 25 | 20 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 0 | 0 |
Net | $ 25 | $ 20 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 347 |
Accretion | 13 |
Effect of foreign exchange rates | (2) |
Changes in estimated timing or cost | (5) |
Obligations settled | (67) |
Balance at End of Period | 286 |
LG And E And KU Energy LLC [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 296 |
Accretion | 12 |
Effect of foreign exchange rates | 0 |
Changes in estimated timing or cost | (2) |
Obligations settled | (67) |
Balance at End of Period | 239 |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 103 |
Accretion | 4 |
Effect of foreign exchange rates | 0 |
Changes in estimated timing or cost | (2) |
Obligations settled | (22) |
Balance at End of Period | 83 |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | 193 |
Accretion | 8 |
Effect of foreign exchange rates | 0 |
Changes in estimated timing or cost | 0 |
Obligations settled | (45) |
Balance at End of Period | $ 156 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - After-tax Changes by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (3,996) | $ (3,495) | $ (3,964) | $ (3,422) |
Amounts arising during the period | (274) | (173) | (346) | (310) |
Reclassifications from AOCI | (2) | 20 | 38 | 84 |
Net OCI during the period | (276) | (153) | (308) | (226) |
Balance at end of period | (4,272) | (3,648) | (4,272) | (3,648) |
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (1,616) | (1,223) | (1,533) | (1,089) |
Amounts arising during the period | (285) | (187) | (368) | (321) |
Reclassifications from AOCI | 0 | 0 | 0 | 0 |
Net OCI during the period | (285) | (187) | (368) | (321) |
Balance at end of period | (1,901) | (1,410) | (1,901) | (1,410) |
Unrealized gains (losses) on qualifying derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 6 | (21) | (7) | (13) |
Amounts arising during the period | 16 | 22 | 32 | 21 |
Reclassifications from AOCI | (22) | (14) | (25) | (21) |
Net OCI during the period | (6) | 8 | 7 | 0 |
Balance at end of period | 0 | (13) | 0 | (13) |
Defined benefit plans Prior service costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (18) | (7) | (19) | (7) |
Amounts arising during the period | 0 | 0 | 0 | (1) |
Reclassifications from AOCI | 0 | 0 | 1 | 1 |
Net OCI during the period | 0 | 0 | 1 | 0 |
Balance at end of period | (18) | (7) | (18) | (7) |
Defined benefit plans Actuarial gain (loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (2,368) | (2,244) | (2,405) | (2,313) |
Amounts arising during the period | (5) | (8) | (10) | (9) |
Reclassifications from AOCI | 20 | 34 | 62 | 104 |
Net OCI during the period | 15 | 26 | 52 | 95 |
Balance at end of period | $ (2,353) | $ (2,218) | $ (2,353) | $ (2,218) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Income (Expense) Effect of Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Affected Line Item on the Statements of Income [Line Items] | ||||
Interest Expense | $ (259) | $ (244) | $ (746) | $ (718) |
Other Income (Expense) - net | 126 | 106 | 309 | 297 |
Income Taxes | (118) | (103) | (328) | (362) |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Total After-tax | 2 | (20) | (38) | (84) |
Qualifying Derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Total Pre-tax | 25 | 17 | 28 | 25 |
Income Taxes | (3) | (3) | (3) | (4) |
Total After-tax | 22 | 14 | 25 | 21 |
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 | (2) | (2) | (6) | (6) |
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] | ||||
Interest Expense | 0 | 1 | 0 | 1 |
Other Income (Expense) - net | 27 | 18 | 34 | 30 |
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 | (26) | (43) | (80) | (132) |
Income Taxes | 6 | 9 | 17 | 27 |
Total After-tax | (20) | (34) | (63) | (105) |
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) | (1) | (2) | (2) |
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 | $ (25) | $ (42) | $ (78) | $ (130) |