Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 25, 2017 | |
Document Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Entity Registrant Name | PPL Corp | |
Entity Central Index Key | 922,224 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 688,464,316 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
PPL Electric Utilities Corp [Member] | ||
Document Entity Information [Line Items] | ||
Amendment Flag | false | |
Entity Registrant Name | PPL ELECTRIC UTILITIES CORP | |
Entity Central Index Key | 317,187 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 66,368,056 | |
LG And E And KU Energy LLC [Member] | ||
Document Entity Information [Line Items] | ||
Amendment Flag | false | |
Entity Registrant Name | LG&E & KU Energy LLC | |
Entity Central Index Key | 1,518,339 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Louisville Gas And Electric Co [Member] | ||
Document Entity Information [Line Items] | ||
Amendment Flag | false | |
Entity Registrant Name | LOUISVILLE GAS & ELECTRIC CO | |
Entity Central Index Key | 60,549 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,294,223 | |
Kentucky Utilities Co [Member] | ||
Document Entity Information [Line Items] | ||
Amendment Flag | false | |
Entity Registrant Name | KENTUCKY UTILITIES CO | |
Entity Central Index Key | 55,387 | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Non-accelerated Filer | |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Operating Revenues | |||||
Operating Revenues | $ 1,845 | $ 1,889 | $ 5,521 | $ 5,685 | |
Operation | |||||
Fuel | 202 | 227 | 576 | 607 | |
Energy purchases | 143 | 151 | 494 | 531 | |
Other operation and maintenance | 397 | 417 | 1,217 | 1,292 | |
Depreciation | 257 | 232 | 745 | 692 | |
Taxes, other than income | 69 | 76 | 214 | 229 | |
Total Operating Expenses | 1,068 | 1,103 | 3,246 | 3,351 | |
Operating Income | 777 | 786 | 2,275 | 2,334 | |
Other Income (Expense) - net | (76) | 49 | (235) | 284 | |
Interest Expense | 230 | 223 | 669 | 671 | |
Income Before Income Taxes | 471 | 612 | 1,371 | 1,947 | |
Income Taxes | 116 | 139 | 321 | 510 | |
Net Income | $ 355 | $ 473 | $ 1,050 | $ 1,437 | |
Net Income: | |||||
Basic (in dollars per share) | $ 0.52 | $ 0.70 | $ 1.53 | $ 2.12 | |
Diluted (in dollars per share) | 0.51 | 0.69 | 1.53 | 2.11 | |
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 0.3950 | $ 0.38 | $ 1.185 | $ 1.14 | |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||
Basic (in shares) | 686,563 | 678,114 | 683,783 | 676,905 | |
Diluted (in shares) | 688,746 | 680,348 | 686,081 | 679,969 | |
PPL Electric Utilities Corp [Member] | |||||
Operating Revenues | |||||
Operating Revenues | $ 547 | $ 539 | $ 1,620 | $ 1,619 | |
Operation | |||||
Energy purchases | 121 | 129 | 374 | 414 | |
Other operation and maintenance | 133 | 144 | 435 | 431 | |
Depreciation | 77 | 64 | 228 | 185 | |
Taxes, other than income | 27 | 26 | 79 | 79 | |
Total Operating Expenses | 358 | 363 | 1,116 | 1,109 | |
Operating Income | 189 | 176 | 504 | 510 | |
Other Income (Expense) - net | 4 | 4 | 8 | 12 | |
Interest Income from Affiliate | 2 | 0 | 3 | 0 | |
Interest Expense | 36 | 32 | 105 | 97 | |
Income Before Income Taxes | 159 | 148 | 410 | 425 | |
Income Taxes | 64 | 58 | 159 | 162 | |
Net Income | [1] | 95 | 90 | 251 | 263 |
LG And E And KU Energy LLC [Member] | |||||
Operating Revenues | |||||
Operating Revenues | 818 | 835 | 2,350 | 2,382 | |
Operation | |||||
Fuel | 202 | 227 | 576 | 607 | |
Energy purchases | 22 | 24 | 120 | 118 | |
Other operation and maintenance | 199 | 197 | 598 | 603 | |
Depreciation | 114 | 102 | 324 | 301 | |
Taxes, other than income | 17 | 16 | 49 | 46 | |
Total Operating Expenses | 554 | 566 | 1,667 | 1,675 | |
Operating Income | 264 | 269 | 683 | 707 | |
Other Income (Expense) - net | 1 | (3) | (5) | (9) | |
Interest Expense | 49 | 50 | 148 | 147 | |
Interest Expense with Affiliate | 5 | 4 | 13 | 12 | |
Income Before Income Taxes | 211 | 212 | 517 | 539 | |
Income Taxes | 79 | 79 | 195 | 202 | |
Net Income | 132 | 133 | 322 | 337 | |
Louisville Gas And Electric Co [Member] | |||||
Operating Revenues | |||||
Retail and wholesale | 361 | 366 | 1,055 | 1,058 | |
Electric revenue from affiliate | 2 | 2 | 23 | 19 | |
Operating Revenues | 363 | 368 | 1,078 | 1,077 | |
Operation | |||||
Fuel | 76 | 86 | 225 | 233 | |
Energy purchases | 18 | 19 | 107 | 104 | |
Energy purchases from affiliate | 3 | 5 | 8 | 10 | |
Other operation and maintenance | 89 | 85 | 262 | 264 | |
Depreciation | 47 | 43 | 136 | 126 | |
Taxes, other than income | 8 | 9 | 25 | 24 | |
Total Operating Expenses | 241 | 247 | 763 | 761 | |
Operating Income | 122 | 121 | 315 | 316 | |
Other Income (Expense) - net | (1) | (1) | (2) | (6) | |
Interest Expense | 17 | 18 | 53 | 53 | |
Income Before Income Taxes | 104 | 102 | 260 | 257 | |
Income Taxes | 39 | 39 | 99 | 98 | |
Net Income | [1] | 65 | 63 | 161 | 159 |
Kentucky Utilities Co [Member] | |||||
Operating Revenues | |||||
Retail and wholesale | 457 | 469 | 1,295 | 1,324 | |
Electric revenue from affiliate | 3 | 5 | 8 | 10 | |
Operating Revenues | 460 | 474 | 1,303 | 1,334 | |
Operation | |||||
Fuel | 126 | 141 | 351 | 374 | |
Energy purchases | 4 | 5 | 13 | 14 | |
Energy purchases from affiliate | 2 | 2 | 23 | 19 | |
Other operation and maintenance | 104 | 107 | 313 | 320 | |
Depreciation | 67 | 59 | 188 | 175 | |
Taxes, other than income | 9 | 7 | 24 | 22 | |
Total Operating Expenses | 312 | 321 | 912 | 924 | |
Operating Income | 148 | 153 | 391 | 410 | |
Other Income (Expense) - net | 0 | (3) | (3) | (4) | |
Interest Expense | 24 | 24 | 72 | 71 | |
Income Before Income Taxes | 124 | 126 | 316 | 335 | |
Income Taxes | 47 | 48 | 120 | 128 | |
Net Income | [2] | $ 77 | $ 78 | $ 196 | $ 207 |
[1] | Net income equals comprehensive income. | ||||
[2] | Net income approximates comprehensive income. |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net Income | $ 355 | $ 473 | $ 1,050 | $ 1,437 |
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ||||
Foreign currency translation adjustments, net of tax | (12) | (641) | 195 | (837) |
Qualifying derivatives, net of tax | 1 | 62 | (29) | 57 |
Defined benefit plans: | ||||
Net actuarial gain (loss), net of tax | (3) | (6) | (14) | (4) |
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | ||||
Qualifying derivatives, net of tax | 0 | (69) | 24 | (62) |
Equity investees' other comprehensive (income) loss, net of tax | 0 | 0 | 1 | (1) |
Defined benefit plans: | ||||
Prior service costs, net of tax | 0 | 0 | 1 | 1 |
Net actuarial (gain) loss, net of tax | 34 | 31 | 97 | 94 |
Total other comprehensive income (loss) | 20 | (623) | 275 | (752) |
Comprehensive income (loss) | 375 | (150) | 1,325 | 685 |
LG And E And KU Energy LLC [Member] | ||||
Net Income | 132 | 133 | 322 | 337 |
Defined benefit plans: | ||||
Net actuarial gain (loss), net of tax | (1) | 0 | (12) | 1 |
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | ||||
Equity investees' other comprehensive (income) loss, net of tax | 0 | 0 | 1 | (1) |
Defined benefit plans: | ||||
Prior service costs, net of tax | 0 | 0 | 1 | 1 |
Net actuarial (gain) loss, net of tax | 1 | 1 | 3 | 3 |
Total other comprehensive income (loss) | 0 | 1 | (7) | 4 |
Comprehensive income (loss) | $ 132 | $ 134 | $ 315 | $ 341 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Tax effect of foreign currency translation adjustments arising during the period | $ 0 | $ (2) | $ (1) | $ (4) |
Tax effect of qualifying derivatives arising during the period | 0 | (16) | 7 | (9) |
Tax effect of defined benefit plans - net actuarial gain (loss) arising during period | 2 | 4 | 9 | 3 |
Tax effect of qualifying derivatives reclassified from accumulated other comprehensive income (loss) | 1 | 17 | (6) | 15 |
Tax effect of equity investees' other comprehensive income (loss) reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Tax effect of prior service costs reclassified from accumulated other comprehensive income (loss) | (1) | (1) | (1) | (1) |
Tax effect of net actuarial (gain) loss reclassified from accumulated other comprehensive income (loss) | (10) | (10) | (28) | (27) |
LG And E And KU Energy LLC [Member] | ||||
Tax effect of defined benefit plans - net actuarial gain (loss) arising during period | 0 | 0 | 7 | (1) |
Tax effect of equity investees' other comprehensive income (loss) reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Tax effect of prior service costs reclassified from accumulated other comprehensive income (loss) | (1) | (1) | (1) | (1) |
Tax effect of net actuarial (gain) loss reclassified from accumulated other comprehensive income (loss) | $ 0 | $ 0 | $ (2) | $ (1) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Cash Flows from Operating Activities | |||
Net Income | $ 1,050 | $ 1,437 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 745 | 692 | |
Amortization | 72 | 54 | |
Defined benefit plans - expense (income) | (69) | (29) | |
Deferred income taxes and investment tax credits | 284 | 436 | |
Unrealized (gains) losses on derivatives, and other hedging activities | 194 | 107 | |
Stock-based compensation expense | 30 | 23 | |
Other | (8) | (12) | |
Change in current assets and current liabilities | |||
Accounts receivable | 25 | (29) | |
Accounts payable | (93) | (40) | |
Unbilled revenues | 81 | 32 | |
Fuel, materials and supplies | 35 | 8 | |
Prepayments | (37) | (34) | |
Taxes payable | 6 | 40 | |
Regulatory assets and liabilities, net | (3) | (32) | |
Accrued interest | 49 | 32 | |
Other current liabilities | (53) | (48) | |
Other | 5 | (5) | |
Other operating activities | |||
Defined benefit plans - funding | (558) | (345) | |
Other assets | 4 | 18 | |
Other liabilities | (5) | (75) | |
Net cash provided by operating activities | 1,754 | 2,230 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (2,152) | (2,073) | |
Expenditures for intangible assets | (25) | (23) | |
Other investing activities | 13 | 30 | |
Net cash used in investing activities | (2,164) | (2,066) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 1,088 | 1,241 | |
Retirement of long-term debt | (60) | (905) | |
Settlement of cross-currency swaps | 0 | 46 | |
Issuance of common stock | 275 | 133 | |
Payment of common stock dividends | (800) | (772) | |
Net increase (decrease) in short-term debt | 269 | (268) | |
Other financing activities | (34) | (33) | |
Net cash provided by (used in) financing activities | 738 | (558) | |
Effect of Exchange Rates on Cash and Cash Equivalents | 7 | (26) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 335 | (420) | |
Cash and Cash Equivalents at Beginning of Period | 341 | 836 | |
Cash and Cash Equivalents at End of Period | 676 | 416 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 373 | 293 | |
Accrued expenditures for intangible assets at September 30, | 60 | 104 | |
PPL Electric Utilities Corp [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [1] | 251 | 263 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 228 | 185 | |
Amortization | 25 | 19 | |
Defined benefit plans - expense (income) | 10 | 9 | |
Deferred income taxes and investment tax credits | 129 | 151 | |
Other | (8) | (14) | |
Change in current assets and current liabilities | |||
Accounts receivable | 7 | (6) | |
Accounts payable | (38) | (1) | |
Unbilled revenues | 30 | 10 | |
Prepayments | (31) | 29 | |
Taxes payable | 10 | (6) | |
Regulatory assets and liabilities, net | 0 | (41) | |
Other | (9) | (13) | |
Other operating activities | |||
Defined benefit plans - funding | (24) | 0 | |
Other assets | (2) | 15 | |
Other liabilities | (3) | (5) | |
Net cash provided by operating activities | 575 | 595 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (851) | (739) | |
Expenditures for intangible assets | (7) | (3) | |
Net increase in notes receivable from affiliate | (2) | 0 | |
Other investing activities | 2 | 2 | |
Net cash used in investing activities | (858) | (740) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 470 | 224 | |
Retirement of long-term debt | 0 | (224) | |
Contributions from parent | 575 | 200 | |
Payment of common stock dividends to parent | (231) | (193) | |
Net increase (decrease) in short-term debt | (295) | 130 | |
Other financing activities | (6) | (3) | |
Net cash provided by (used in) financing activities | 513 | 134 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 230 | (11) | |
Cash and Cash Equivalents at Beginning of Period | 13 | 47 | |
Cash and Cash Equivalents at End of Period | 243 | 36 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 190 | 166 | |
LG And E And KU Energy LLC [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | 322 | 337 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 324 | 301 | |
Amortization | 19 | 21 | |
Defined benefit plans - expense (income) | 19 | 20 | |
Deferred income taxes and investment tax credits | 173 | 212 | |
Other | 1 | 0 | |
Change in current assets and current liabilities | |||
Accounts receivable | 18 | (43) | |
Accounts payable | (30) | 7 | |
Accounts payable to affiliates | 3 | 4 | |
Unbilled revenues | 19 | 6 | |
Fuel, materials and supplies | 34 | 7 | |
Taxes payable | 13 | 0 | |
Accrued interest | 41 | 42 | |
Other | (1) | (4) | |
Other operating activities | |||
Defined benefit plans - funding | (32) | (82) | |
Expenditures for asset retirement obligations | (22) | (15) | |
Other assets | 5 | 1 | |
Other liabilities | 14 | 2 | |
Net cash provided by operating activities | 920 | 816 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (579) | (600) | |
Other investing activities | 4 | 1 | |
Net cash used in investing activities | (575) | (599) | |
Cash Flows from Financing Activities | |||
Net increase (decrease) in notes payable with affiliate | (4) | 84 | |
Issuance of long-term debt | 60 | 221 | |
Retirement of long-term debt | (60) | (221) | |
Debt issuance and credit facility costs | (3) | (3) | |
Net increase (decrease) in short-term debt | 5 | (130) | |
Distributions to member | (316) | (224) | |
Contributions from member | 0 | 37 | |
Net cash provided by (used in) financing activities | (318) | (236) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 27 | (19) | |
Cash and Cash Equivalents at Beginning of Period | 13 | 30 | |
Cash and Cash Equivalents at End of Period | 40 | 11 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 142 | 86 | |
Louisville Gas And Electric Co [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [1] | 161 | 159 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 136 | 126 | |
Amortization | 11 | 10 | |
Defined benefit plans - expense (income) | 5 | 6 | |
Deferred income taxes and investment tax credits | 96 | 117 | |
Change in current assets and current liabilities | |||
Accounts receivable | 12 | (17) | |
Accounts receivable from affiliates | 6 | (11) | |
Accounts payable | (12) | 24 | |
Accounts payable to affiliates | (10) | (6) | |
Unbilled revenues | 11 | 10 | |
Fuel, materials and supplies | 6 | 11 | |
Taxes payable | (15) | 0 | |
Accrued interest | 12 | 13 | |
Other | 6 | 1 | |
Other operating activities | |||
Defined benefit plans - funding | (3) | (45) | |
Expenditures for asset retirement obligations | (13) | (11) | |
Other assets | 5 | (3) | |
Other liabilities | 4 | (1) | |
Net cash provided by operating activities | 418 | 383 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (293) | (343) | |
Net cash used in investing activities | (293) | (343) | |
Cash Flows from Financing Activities | |||
Net increase (decrease) in notes payable with affiliate | 10 | 0 | |
Issuance of long-term debt | 60 | 125 | |
Retirement of long-term debt | (60) | (125) | |
Contributions from parent | 0 | 47 | |
Debt issuance and credit facility costs | (2) | (1) | |
Payment of common stock dividends to parent | (150) | (87) | |
Net increase (decrease) in short-term debt | 21 | (14) | |
Net cash provided by (used in) financing activities | (121) | (55) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 4 | (15) | |
Cash and Cash Equivalents at Beginning of Period | 5 | 19 | |
Cash and Cash Equivalents at End of Period | 9 | 4 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | 83 | 46 | |
Kentucky Utilities Co [Member] | |||
Cash Flows from Operating Activities | |||
Net Income | [2] | 196 | 207 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 188 | 175 | |
Amortization | 7 | 10 | |
Defined benefit plans - expense (income) | 3 | 4 | |
Deferred income taxes and investment tax credits | 116 | 122 | |
Other | 0 | (1) | |
Change in current assets and current liabilities | |||
Accounts receivable | 6 | (24) | |
Accounts receivable from affiliates | (1) | 0 | |
Accounts payable | (6) | (11) | |
Accounts payable to affiliates | (16) | 2 | |
Unbilled revenues | 8 | (4) | |
Fuel, materials and supplies | 28 | (4) | |
Taxes payable | (21) | 0 | |
Accrued interest | 22 | 22 | |
Other | (6) | 2 | |
Other operating activities | |||
Defined benefit plans - funding | (22) | (19) | |
Expenditures for asset retirement obligations | (9) | (4) | |
Other assets | 0 | (4) | |
Other liabilities | 8 | (4) | |
Net cash provided by operating activities | 501 | 469 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (283) | (255) | |
Net increase in notes receivable from affiliate | (10) | 0 | |
Other investing activities | 4 | 1 | |
Net cash used in investing activities | (289) | (254) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | 0 | 96 | |
Retirement of long-term debt | 0 | (96) | |
Contributions from parent | 0 | 20 | |
Debt issuance and credit facility costs | (1) | (1) | |
Payment of common stock dividends to parent | (171) | (197) | |
Net increase (decrease) in short-term debt | (16) | (41) | |
Net cash provided by (used in) financing activities | (188) | (219) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 24 | (4) | |
Cash and Cash Equivalents at Beginning of Period | 7 | 11 | |
Cash and Cash Equivalents at End of Period | 31 | 7 | |
Supplemental Disclosures of Cash Flow Information | |||
Accrued expenditures for property, plant and equipment at September 30, | $ 58 | $ 40 | |
[1] | Net income equals comprehensive income. | ||
[2] | Net income approximates comprehensive income. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and cash equivalents | $ 676 | $ 341 | |
Accounts receivable (less reserve:) | |||
Customer | 617 | 666 | |
Other | 96 | 46 | |
Unbilled revenues | 405 | 480 | |
Fuel, materials and supplies | 323 | 356 | |
Prepayments | 101 | 63 | |
Price risk management assets | 57 | 63 | |
Regulatory assets | 34 | 39 | |
Other current assets | 56 | 52 | |
Total Current Assets | 2,331 | 2,067 | |
Property, Plant and Equipment | |||
Regulated utility plant | 36,678 | 34,674 | |
Less: accumulated depreciation - regulated utility plant | 6,624 | 6,013 | |
Regulated utility plant, net | 30,054 | 28,661 | |
Non-regulated property, plant and equipment | 422 | 413 | |
Less: accumulated depreciation - non-regulated property, plant and equipment | 154 | 134 | |
Non-regulated property, plant and equipment, net | 268 | 279 | |
Construction work in progress | 1,494 | 1,134 | |
Property, Plant and Equipment, net | 31,816 | 30,074 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,869 | 1,918 | |
Goodwill | 3,134 | 3,060 | |
Other intangibles | 666 | 700 | |
Pension benefit asset | 532 | 9 | |
Price risk management assets | 267 | 336 | |
Other noncurrent assets | 143 | 151 | |
Total Other Noncurrent Assets | 6,611 | 6,174 | |
Total Assets | 40,758 | 38,315 | |
Current Liabilities | |||
Short-term debt | 1,211 | 923 | |
Long-term debt due within one year | 448 | 518 | |
Accounts payable | 838 | 820 | |
Taxes | 110 | 101 | |
Interest | 322 | 270 | |
Dividends | 272 | 259 | |
Customer deposits | 291 | 276 | |
Regulatory liabilities | 87 | 101 | |
Other current liabilities | 570 | 569 | |
Total Current Liabilities | 4,149 | 3,837 | |
Long-term Debt | |||
Long-term Debt | 19,110 | 17,808 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 4,224 | 3,889 | |
Investment tax credits | 130 | 132 | |
Accrued pension obligations | 796 | 1,001 | |
Asset retirement obligations | 312 | 428 | |
Regulatory liabilities | 873 | 899 | |
Other deferred credits and noncurrent liabilities | 472 | 422 | |
Total Deferred Credits and Other Noncurrent Liabilities | 6,807 | 6,771 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [1] | 7 | 7 |
Additional paid-in capital | 10,122 | 9,841 | |
Earnings reinvested | 4,066 | 3,829 | |
Accumulated other comprehensive loss | (3,503) | (3,778) | |
Total Equity | 10,692 | 9,899 | |
Total Liabilities and Equity | 40,758 | 38,315 | |
PPL Electric Utilities Corp [Member] | |||
Assets | |||
Cash and cash equivalents | 243 | 13 | |
Accounts receivable (less reserve:) | |||
Customer | 275 | 272 | |
Other | 10 | 21 | |
Accounts receivable from affiliates | 1 | 0 | |
Notes receivable from affiliate | 2 | 0 | |
Unbilled revenues | 84 | 114 | |
Fuel, materials and supplies | 31 | 32 | |
Prepayments | 40 | 9 | |
Regulatory assets | 14 | 19 | |
Other current assets | 11 | 8 | |
Total Current Assets | 711 | 488 | |
Property, Plant and Equipment | |||
Regulated utility plant | 10,449 | 9,654 | |
Less: accumulated depreciation - regulated utility plant | 2,880 | 2,714 | |
Regulated utility plant, net | 7,569 | 6,940 | |
Construction work in progress | 699 | 641 | |
Property, Plant and Equipment, net | 8,268 | 7,581 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,073 | 1,094 | |
Other intangibles | 256 | 251 | |
Other noncurrent assets | 15 | 12 | |
Total Other Noncurrent Assets | 1,344 | 1,357 | |
Total Assets | 10,323 | 9,426 | |
Current Liabilities | |||
Short-term debt | 0 | 295 | |
Long-term debt due within one year | 0 | 224 | |
Accounts payable | 397 | 367 | |
Accounts payable to affiliates | 38 | 42 | |
Taxes | 22 | 12 | |
Interest | 38 | 34 | |
Regulatory liabilities | 72 | 83 | |
Other current liabilities | 90 | 101 | |
Total Current Liabilities | 657 | 1,158 | |
Long-term Debt | |||
Long-term Debt | 3,298 | 2,607 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 2,036 | 1,899 | |
Accrued pension obligations | 257 | 281 | |
Regulatory liabilities | 0 | 0 | |
Other deferred credits and noncurrent liabilities | 89 | 90 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,382 | 2,270 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [2] | 364 | 364 |
Additional paid-in capital | 2,729 | 2,154 | |
Earnings reinvested | 893 | 873 | |
Total Equity | 3,986 | 3,391 | |
Total Liabilities and Equity | 10,323 | 9,426 | |
LG And E And KU Energy LLC [Member] | |||
Assets | |||
Cash and cash equivalents | 40 | 13 | |
Accounts receivable (less reserve:) | |||
Customer | 215 | 235 | |
Other | 43 | 17 | |
Accounts receivable from affiliates | 1 | 0 | |
Unbilled revenues | 151 | 170 | |
Fuel, materials and supplies | 264 | 297 | |
Prepayments | 27 | 24 | |
Regulatory assets | 20 | 20 | |
Other current assets | 8 | 4 | |
Total Current Assets | 769 | 780 | |
Property, Plant and Equipment | |||
Regulated utility plant | 12,906 | 12,746 | |
Less: accumulated depreciation - regulated utility plant | 1,685 | 1,465 | |
Regulated utility plant, net | 11,221 | 11,281 | |
Construction work in progress | 574 | 317 | |
Property, Plant and Equipment, net | 11,795 | 11,598 | |
Other Noncurrent Assets | |||
Regulatory assets | 796 | 824 | |
Goodwill | 996 | 996 | |
Other intangibles | 88 | 95 | |
Other noncurrent assets | 71 | 78 | |
Total Other Noncurrent Assets | 1,951 | 1,993 | |
Total Assets | 14,515 | 14,371 | |
Current Liabilities | |||
Short-term debt | 190 | 185 | |
Long-term debt due within one year | 98 | 194 | |
Notes payable with affiliate | 159 | 163 | |
Accounts payable | 283 | 251 | |
Accounts payable to affiliates | 8 | 6 | |
Taxes | 52 | 39 | |
Price risk management liabilities | 5 | 4 | |
Interest | 73 | 32 | |
Customer deposits | 57 | 56 | |
Regulatory liabilities | 15 | 18 | |
Asset retirement obligations | 94 | 60 | |
Other current liabilities | 125 | 119 | |
Total Current Liabilities | 1,159 | 1,127 | |
Long-term Debt | |||
Long-term debt | 4,570 | 4,471 | |
Long-term debt to affiliate | 400 | 400 | |
Long-term Debt | 4,970 | 4,871 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,909 | 1,735 | |
Investment tax credits | 130 | 132 | |
Accrued pension obligations | 345 | 350 | |
Asset retirement obligations | 261 | 373 | |
Regulatory liabilities | 873 | 899 | |
Price risk management liabilities | 24 | 27 | |
Other deferred credits and noncurrent liabilities | 178 | 190 | |
Total Deferred Credits and Other Noncurrent Liabilities | 3,720 | 3,706 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Accumulated other comprehensive loss | (77) | (70) | |
Member's Equity | 4,666 | 4,667 | |
Total Liabilities and Equity | 14,515 | 14,371 | |
Louisville Gas And Electric Co [Member] | |||
Assets | |||
Cash and cash equivalents | 9 | 5 | |
Accounts receivable (less reserve:) | |||
Customer | 96 | 109 | |
Other | 14 | 11 | |
Accounts receivable from affiliates | 22 | 28 | |
Unbilled revenues | 64 | 75 | |
Fuel, materials and supplies | 137 | 143 | |
Prepayments | 15 | 12 | |
Regulatory assets | 11 | 9 | |
Other current assets | 2 | 1 | |
Total Current Assets | 370 | 393 | |
Property, Plant and Equipment | |||
Regulated utility plant | 5,447 | 5,357 | |
Less: accumulated depreciation - regulated utility plant | 575 | 498 | |
Regulated utility plant, net | 4,872 | 4,859 | |
Construction work in progress | 279 | 133 | |
Property, Plant and Equipment, net | 5,151 | 4,992 | |
Other Noncurrent Assets | |||
Regulatory assets | 413 | 450 | |
Goodwill | 389 | 389 | |
Other intangibles | 54 | 59 | |
Other noncurrent assets | 13 | 17 | |
Total Other Noncurrent Assets | 869 | 915 | |
Total Assets | 6,390 | 6,300 | |
Current Liabilities | |||
Short-term debt | 190 | 169 | |
Long-term debt due within one year | 98 | 194 | |
Notes payable with affiliate | 10 | 0 | |
Accounts payable | 166 | 148 | |
Accounts payable to affiliates | 17 | 26 | |
Taxes | 25 | 40 | |
Price risk management liabilities | 5 | 4 | |
Interest | 23 | 11 | |
Customer deposits | 27 | 27 | |
Regulatory liabilities | 5 | 5 | |
Asset retirement obligations | 33 | 41 | |
Other current liabilities | 46 | 36 | |
Total Current Liabilities | 645 | 701 | |
Long-term Debt | |||
Long-term Debt | 1,521 | 1,423 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,073 | 974 | |
Investment tax credits | 36 | 36 | |
Accrued pension obligations | 47 | 53 | |
Asset retirement obligations | 85 | 104 | |
Regulatory liabilities | 388 | 419 | |
Price risk management liabilities | 24 | 27 | |
Other deferred credits and noncurrent liabilities | 84 | 87 | |
Total Deferred Credits and Other Noncurrent Liabilities | 1,737 | 1,700 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [3] | 424 | 424 |
Additional paid-in capital | 1,682 | 1,682 | |
Earnings reinvested | 381 | 370 | |
Total Equity | 2,487 | 2,476 | |
Total Liabilities and Equity | 6,390 | 6,300 | |
Kentucky Utilities Co [Member] | |||
Assets | |||
Cash and cash equivalents | 31 | 7 | |
Accounts receivable (less reserve:) | |||
Customer | 119 | 126 | |
Other | 28 | 5 | |
Accounts receivable from affiliates | 1 | 0 | |
Notes receivable from affiliate | 10 | 0 | |
Unbilled revenues | 87 | 95 | |
Fuel, materials and supplies | 127 | 154 | |
Prepayments | 14 | 12 | |
Regulatory assets | 9 | 11 | |
Other current assets | 6 | 3 | |
Total Current Assets | 432 | 413 | |
Property, Plant and Equipment | |||
Regulated utility plant | 7,452 | 7,382 | |
Less: accumulated depreciation - regulated utility plant | 1,110 | 965 | |
Regulated utility plant, net | 6,342 | 6,417 | |
Construction work in progress | 293 | 181 | |
Property, Plant and Equipment, net | 6,635 | 6,598 | |
Other Noncurrent Assets | |||
Regulatory assets | 383 | 374 | |
Goodwill | 607 | 607 | |
Other intangibles | 34 | 36 | |
Other noncurrent assets | 55 | 57 | |
Total Other Noncurrent Assets | 1,079 | 1,074 | |
Total Assets | 8,146 | 8,085 | |
Current Liabilities | |||
Short-term debt | 0 | 16 | |
Accounts payable | 105 | 78 | |
Accounts payable to affiliates | 42 | 56 | |
Taxes | 24 | 45 | |
Interest | 38 | 16 | |
Customer deposits | 30 | 29 | |
Regulatory liabilities | 10 | 13 | |
Asset retirement obligations | 61 | 19 | |
Other current liabilities | 35 | 36 | |
Total Current Liabilities | 345 | 308 | |
Long-term Debt | |||
Long-term Debt | 2,328 | 2,327 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,289 | 1,170 | |
Investment tax credits | 94 | 96 | |
Accrued pension obligations | 37 | 62 | |
Asset retirement obligations | 176 | 269 | |
Regulatory liabilities | 485 | 480 | |
Other deferred credits and noncurrent liabilities | 43 | 50 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,124 | 2,127 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [4] | 308 | 308 |
Additional paid-in capital | 2,616 | 2,616 | |
Earnings reinvested | 425 | 400 | |
Accumulated other comprehensive loss | 0 | (1) | |
Total Equity | 3,349 | 3,323 | |
Total Liabilities and Equity | $ 8,146 | $ 8,085 | |
[1] | 1,560,000 shares authorized; 688,133 and 679,731 shares issued and outstanding at September 30, 2017 and December 31, 2016. | ||
[2] | 170,000 shares authorized; 66,368 shares issued and outstanding at September 30, 2017 and December 31, 2016. | ||
[3] | 75,000 shares authorized; 21,294 shares issued and outstanding at September 30, 2017 and December 31, 2016. | ||
[4] | 80,000 shares authorized; 37,818 shares issued and outstanding at September 30, 2017 and December 31, 2016. |
CONDENSED CONSOLIDATED BALANCE7
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 52 | $ 54 |
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) | 688,133 | 679,731 |
Common stock shares outstanding (in shares) | 688,133 | 679,731 |
PPL Electric Utilities Corp [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 25 | $ 28 |
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 | $ 25 | $ 24 |
Louisville Gas And Electric Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 1 | $ 2 |
Equity | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock shares authorized (in shares) | 75,000 | 75,000 |
Common stock shares issued (in shares) | 21,294 | 21,294 |
Common stock shares outstanding (in shares) | 21,294 | 21,294 |
Kentucky Utilities Co [Member] | ||
Receivables, Net, Current [Abstract] | ||
Accounts receivable reserve for doubtful accounts | $ 1 | $ 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 STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ 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] | Kentucky Utilities Co [Member]Accumulated Other Comprehensive Loss [Member] | ||||||||
Balance at beginning of period - shares at Dec. 31, 2015 | 673,857 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | |||||||||||||||||||
Balance at beginning of period at Dec. 31, 2015 | $ 9,919 | $ 7 | $ 9,687 | $ 2,953 | $ (2,728) | $ 3,119 | $ 364 | $ 1,934 | $ 821 | $ 2,330 | $ 424 | $ 1,611 | $ 295 | $ 3,287 | $ 308 | $ 2,596 | $ 383 | $ 0 | |||||||||
Balance at beginning of period at Dec. 31, 2015 | $ 4,517 | ||||||||||||||||||||||||||
Common stock shares issued | [1] | 5,411 | |||||||||||||||||||||||||
Common stock issued | 168 | 168 | |||||||||||||||||||||||||
Stock-based compensation | (31) | (31) | |||||||||||||||||||||||||
Net Income | 1,437 | 1,437 | 263 | [5] | 263 | 337 | 159 | [5] | 159 | 207 | [6] | 207 | |||||||||||||||
Contributions from member | 37 | ||||||||||||||||||||||||||
Capital contributions from parent | 200 | 200 | 47 | 47 | 20 | 20 | |||||||||||||||||||||
Dividends and dividend equivalents | (773) | (773) | |||||||||||||||||||||||||
Dividends declared on common stock | (193) | (193) | (87) | (87) | (197) | (197) | |||||||||||||||||||||
Distributions to member | (224) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | (752) | (752) | 4 | (1) | (1) | ||||||||||||||||||||||
Adoption of stock-based compensation guidance cumulative effect adjustment | 7 | 7 | |||||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2016 | 679,268 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | |||||||||||||||||||
Balance at end of period at Sep. 30, 2016 | $ 9,975 | $ 7 | 9,824 | 3,624 | (3,480) | $ 3,389 | $ 364 | 2,134 | 891 | $ 2,449 | $ 424 | 1,658 | 367 | $ 3,316 | $ 308 | 2,616 | 393 | (1) | |||||||||
Balance at end of period at Sep. 30, 2016 | 4,671 | ||||||||||||||||||||||||||
Balance at beginning of period - shares at Dec. 31, 2016 | 679,731 | 679,731 | [1] | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | |||||||||||||||
Balance at beginning of period at Dec. 31, 2016 | $ 9,899 | $ 7 | 9,841 | 3,829 | (3,778) | $ 3,391 | $ 364 | 2,154 | 873 | $ 2,476 | $ 424 | 1,682 | 370 | $ 3,323 | $ 308 | 2,616 | 400 | (1) | |||||||||
Balance at beginning of period at Dec. 31, 2016 | 4,667 | ||||||||||||||||||||||||||
Common stock shares issued | [1] | 8,402 | |||||||||||||||||||||||||
Common stock issued | 303 | 303 | |||||||||||||||||||||||||
Stock-based compensation | (22) | (22) | |||||||||||||||||||||||||
Net Income | 1,050 | 1,050 | 251 | [5] | 251 | 322 | 161 | [5] | 161 | 196 | [6] | 196 | |||||||||||||||
Capital contributions from parent | 575 | 575 | |||||||||||||||||||||||||
Dividends and dividend equivalents | (813) | (813) | |||||||||||||||||||||||||
Dividends declared on common stock | $ (231) | (231) | $ (150) | (150) | (171) | (171) | |||||||||||||||||||||
Distributions to member | (316) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | $ 275 | 275 | (7) | $ 1 | 1 | ||||||||||||||||||||||
Balance at end of period - shares at Sep. 30, 2017 | 688,133 | 688,133 | [1] | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | |||||||||||||||
Balance at end of period at Sep. 30, 2017 | $ 10,692 | $ 7 | $ 10,122 | $ 4,066 | $ (3,503) | $ 3,986 | $ 364 | $ 2,729 | $ 893 | $ 2,487 | $ 424 | $ 1,682 | $ 381 | $ 3,349 | $ 308 | $ 2,616 | $ 425 | $ 0 | |||||||||
Balance at end of period at Sep. 30, 2017 | $ 4,666 | ||||||||||||||||||||||||||
[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. |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2017Integer | |
Vote per share of PPL's common stock | 1 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016 is derived from that Registrant's 2016 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 2016 Form 10-K. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the full year ending December 31, 2017 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, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (PPL and PPL Electric) The following accounting policy disclosures represent updates to Note 1 in each indicated Registrant's 2016 Form 10-K and should be read in conjunction with those disclosures. Accounts Receivable 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, 2017 , PPL Electric purchased $ 324 million and $968 million of accounts receivable from alternative energy suppliers. During the three and nine months ended September 30, 2016 , PPL Electric purchased $ 365 million and $1.0 billion of accounts receivable from alternative electricity suppliers. |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 3. Segment and Related Information (PPL) See Note 2 in PPL's 2016 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 2017 2016 2017 2016 Income Statement Data Revenues from external customers U.K. Regulated $ 477 $ 515 $ 1,547 $ 1,673 Kentucky Regulated 818 835 2,350 2,382 Pennsylvania Regulated 547 539 1,620 1,619 Corporate and Other 3 — 4 11 Total $ 1,845 $ 1,889 $ 5,521 $ 5,685 Net Income U.K. Regulated (a) $ 126 $ 281 $ 560 $ 915 Kentucky Regulated 125 126 299 314 Pennsylvania Regulated 95 91 251 263 Corporate and Other 9 (25 ) (60 ) (55 ) Total $ 355 $ 473 $ 1,050 $ 1,437 (a) Includes unrealized gains and losses from hedging foreign-currency related economic activity. See Note 13 for additional information. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated results as of: September 30, December 31, Balance Sheet Data Assets U.K. Regulated (a) $ 16,052 $ 14,537 Kentucky Regulated 14,181 14,037 Pennsylvania Regulated 10,323 9,426 Corporate and Other (b) 202 315 Total $ 40,758 $ 38,315 (a) Includes $11.7 billion and $10.8 billion of net PP&E as of September 30, 2017 and December 31, 2016 . WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. (b) Primarily consists of unallocated items, including cash, PP&E and the elimination of inter-segment transactions. (PPL Electric, LKE, LG&E and KU) PPL Electric has two operating segments that are aggregated into a single reportable segment. LKE, LG&E and KU are individually single operating and reportable segments. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 4. 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. 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 2017 2016 2017 2016 Income (Numerator) Net income $ 355 $ 473 $ 1,050 $ 1,437 Less amounts allocated to participating securities 1 1 2 4 Net income available to PPL common shareowners - Basic and Diluted $ 354 $ 472 $ 1,048 $ 1,433 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 686,563 678,114 683,783 676,905 Add incremental non-participating securities: Share-based payment awards 2,183 2,234 2,298 3,064 Weighted-average shares - Diluted EPS 688,746 680,348 686,081 679,969 Basic EPS Net Income available to PPL common shareowners $ 0.52 $ 0.70 $ 1.53 $ 2.12 Diluted EPS Net Income available to PPL common shareowners $ 0.51 $ 0.69 $ 1.53 $ 2.11 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 2017 2016 2017 2016 Stock-based compensation plans (a) 256 248 1,707 3,168 DRIP 355 761 1,169 1,533 (a) Includes stock options exercised, vesting of performance units, vesting of restricted stock and restricted stock units and conversion of stock units granted to directors. See Note 7 for additional information on common stock issued under the ATM Program. 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 2017 2016 2017 2016 Stock options 696 696 696 696 Performance units — 316 — 210 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Reconciliations of income taxes for the periods ended September 30 are as follows. (PPL) Three Months Nine Months 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 165 $ 214 $ 480 $ 681 Increase (decrease) due to: State income taxes, net of federal income tax benefit 14 13 37 37 Valuation allowance adjustments 4 4 9 13 Impact of lower U.K. income tax rates (45 ) (37 ) (133 ) (136 ) U.S. income tax on foreign earnings - net of foreign tax credit (a) (8 ) (1 ) (24 ) (3 ) Impact of the U.K. Finance Acts (b) (3 ) (42 ) (12 ) (42 ) Depreciation not normalized (2 ) — (7 ) (6 ) Interest benefit on U.K. financing entities (4 ) (4 ) (12 ) (13 ) Stock-based compensation — (1 ) (7 ) (12 ) Other (5 ) (7 ) (10 ) (9 ) Total increase (decrease) (49 ) (75 ) (159 ) (171 ) Total income taxes $ 116 $ 139 $ 321 $ 510 (a) Lower income taxes primarily due to the tax benefit of accelerated pension contributions made in the first quarter of 2017. The related tax benefit is recognized over the annual period as a result of utilizing an estimated annual effective tax rate. (b) The U.K. Finance Act 2016, enacted in September 2016, reduces the U.K. statutory income tax rate effective April 1, 2020 from 18% to 17%. As a result, PPL reduced its net deferred tax liabilities and recognized a deferred tax benefit during the three and nine months ended September 30, 2016. (PPL Electric) Three Months Nine Months 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 56 $ 52 $ 144 $ 149 Increase (decrease) due to: State income taxes, net of federal income tax benefit 9 9 26 27 Depreciation not normalized (1 ) (2 ) (5 ) (5 ) Stock-based compensation — — (5 ) (7 ) Other — (1 ) (1 ) (2 ) Total increase (decrease) 8 6 15 13 Total income taxes $ 64 $ 58 $ 159 $ 162 (LKE) Three Months Nine Months 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 74 $ 74 $ 181 $ 189 Increase (decrease) due to: State income taxes, net of federal income tax benefit 8 8 19 20 Amortization of investment tax credit (1 ) (1 ) (2 ) (2 ) Stock-based compensation — (1 ) (1 ) (2 ) Other (2 ) (1 ) (2 ) (3 ) Total increase (decrease) 5 5 14 13 Total income taxes $ 79 $ 79 $ 195 $ 202 (LG&E) Three Months Nine Months 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 36 $ 36 $ 91 $ 90 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 4 10 10 Other (1 ) (1 ) (2 ) (2 ) Total increase (decrease) 3 3 8 8 Total income taxes $ 39 $ 39 $ 99 $ 98 (KU) Three Months Nine Months 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 43 $ 44 $ 111 $ 117 Increase (decrease) due to: State income taxes, net of federal income tax benefit 5 5 11 12 Other (1 ) (1 ) (2 ) (1 ) Total increase (decrease) 4 4 9 11 Total income taxes $ 47 $ 48 $ 120 $ 128 |
Utility Rate Regulation
Utility Rate Regulation | 9 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
Utility Rate Regulation | 6. 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: Environmental cost recovery $ 4 $ 6 $ — $ — Generation formula rate 8 11 — — Transmission service charge — 7 — 7 Gas supply clause 6 3 — — Smart meter rider 12 6 12 6 Storm costs 1 5 1 5 Other 3 1 1 1 Total current regulatory assets (a) $ 34 $ 39 $ 14 $ 19 Noncurrent Regulatory Assets: Defined benefit plans $ 908 $ 947 $ 530 $ 549 Taxes recoverable through future rates 347 340 347 340 Storm costs 37 57 — 9 Unamortized loss on debt 55 61 30 36 Interest rate swaps 29 31 — — Terminated interest rate swaps 93 98 — — Accumulated cost of removal of utility plant 166 159 166 159 AROs 224 211 — — Other 10 14 — 1 Total noncurrent regulatory assets $ 1,869 $ 1,918 $ 1,073 $ 1,094 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 29 $ 23 $ 29 $ 23 Transmission service charge 6 — 6 — Universal service rider 19 14 19 14 Transmission formula rate 4 15 4 15 Fuel adjustment clause 11 11 — — Act 129 compliance rider 7 17 7 17 Storm damage expense 7 13 7 13 Other 4 8 — 1 Total current regulatory liabilities $ 87 $ 101 $ 72 $ 83 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 678 $ 700 $ — $ — Power purchase agreement - OVEC (b) 69 75 — — Net deferred tax assets 21 23 — — Defined benefit plans 27 23 — — Terminated interest rate swaps 74 78 — — Other 4 — — — Total noncurrent regulatory liabilities $ 873 $ 899 $ — $ — LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Current Regulatory Assets: Environmental cost recovery $ 4 $ 6 $ 4 $ 6 $ — $ — Generation formula rate 8 11 — — 8 11 Gas supply clause 6 3 6 3 — — Other 2 — 1 — 1 — Total current regulatory assets $ 20 $ 20 $ 11 $ 9 $ 9 $ 11 Noncurrent Regulatory Assets: Defined benefit plans $ 378 $ 398 $ 235 $ 246 $ 143 $ 152 Storm costs 37 48 20 26 17 22 Unamortized loss on debt 25 25 16 16 9 9 Interest rate swaps 29 31 29 31 — — Terminated interest rate swaps 93 98 54 57 39 41 AROs 224 211 57 70 167 141 Plant retirement costs 2 4 — — 2 4 Other 8 9 2 4 6 5 Total noncurrent regulatory assets $ 796 $ 824 $ 413 $ 450 $ 383 $ 374 LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Demand side management $ — $ 3 $ — $ 2 $ — $ 1 Fuel adjustment clause 11 11 3 2 8 9 Other 4 4 2 1 2 3 Total current regulatory liabilities $ 15 $ 18 $ 5 $ 5 $ 10 $ 13 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 678 $ 700 $ 281 $ 305 $ 397 $ 395 Power purchase agreement - OVEC (b) 69 75 48 52 21 23 Net deferred tax assets 21 23 21 23 — — Defined benefit plans 27 23 — — 27 23 Terminated interest rate swaps 74 78 37 39 37 39 Other 4 — 1 — 3 — Total noncurrent regulatory liabilities $ 873 $ 899 $ 388 $ 419 $ 485 $ 480 (a) For PPL, these amounts are included in "Other current assets" on the Balance Sheets. (b) This liability was recorded as an offset to an intangible asset that was recorded at fair value upon the acquisition of LKE by PPL. Regulatory Matters Kentucky Activities (PPL, LKE, LG&E and KU) Rate Case Proceedings In November 2016, LG&E and KU filed requests with the KPSC for increases in annual base electricity and gas rates. LG&E's and KU's applications included requests for CPCNs for implementing an Advanced Metering System program and a Distribution Automation program. On April 19, 2017 and May 1, 2017, LG&E and KU, along with all intervening parties to the proceeding, filed with the KPSC, stipulation and recommendation agreements (stipulations) resolving all issues with the parties. Among other things, the proposed stipulations provided for increases in annual revenue requirements associated with KU base electricity rates of $ 55 million , LG&E base electricity rates of $ 59 million and LG&E base gas rates of $ 8 million , reflecting a return on equity of 9.75% , the withdrawal of LG&E's and KU's request for a CPCN for the Advanced Metering System and other changes to the revenue requirements, which dealt primarily with the timing of cost recovery, including depreciation rates. On June 22, 2017, the KPSC issued orders approving, with certain modifications, the proposed stipulations filed in April and May 2017. On June 29, 2017, the KPSC issued further orders correcting certain revenue requirement and rate calculations and making other technical corrections to the June 22, 2017 orders. The combined KPSC orders modified the stipulations to provide for increases in annual revenue requirements associated with KU base electricity rates of $ 52 million , LG&E base electricity rates of $ 57 million and LG&E base gas rates of $ 7 million , and incorporate an authorized return on equity of 9.7% . Consistent with the stipulations, the orders approved LG&E's and KU's request for implementing a Distribution Automation program and withdrawal of a request for a CPCN for the Advanced Metering System program. The orders also approved new depreciation rates for LG&E and KU that will result in higher depreciation of approximately $15 million ( $4 million for LG&E and $11 million for KU) in 2017, exclusive of net additions to PP&E. The orders result in a base electricity rate increase of 3.2% at KU and base electricity and gas rate increases of 5.2% and 2.1% at LG&E. The new base rates and all elements of the orders became effective July 1, 2017. On June 23, 2017, the KPSC also issued orders establishing an authorized return on equity of 9.7% for all of LG&E's and KU's existing approved ECR plans and projects, replacing the prior authorized return on equity levels of 9.8% for CCR projects and 10% for all other ECR approved projects, effective with bills issued in August 2017. The impact of the new authorized return for ECR projects is not expected to be significant in 2017. Gas Franchise (LKE and LG&E) LG&E’s gas franchise agreement for the Louisville/Jefferson County service area expired in March 2016. In August 2016, LG&E and Louisville/Jefferson County entered into a revised franchise agreement with a 5 -year term (with renewal options). The franchise fee may be modified at Louisville/Jefferson County's election upon 60 days' notice. However, any franchise fee is capped at 3% of gross receipts for natural gas service within the franchise area. The agreement further provides that if the KPSC determines that the franchise fee should be recovered from LG&E's customers, the franchise fee will revert to zero . In August 2016, LG&E filed an application in a KPSC proceeding to review and rule upon the recoverability of the franchise fee. In August 2016, Louisville/Jefferson County submitted a motion to dismiss the proceeding filed by LG&E and, in November 2016, filed an amended complaint against LG&E relating to these issues. LG&E submitted KPSC filings to respond to, request dismissal of and consolidate certain claims or aspects of the proceedings. In January 2017, the KPSC issued an order denying Louisville/Jefferson County's motion to dismiss, consolidating the matter with LG&E's filed application and establishing a procedural schedule for the case. On September 28, 2017, oral arguments were heard by the KPSC and a final order is expected in 2017. Until the KPSC issues a final order in this proceeding, LG&E cannot predict the ultimate outcome of this matter but does not anticipate that it will have a material effect on its financial condition or results of operation. LG&E continues to provide gas service to customers in this franchise area at existing rates, but without collecting or remitting a franchise fee. |
Financing Activities
Financing Activities | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Financing Activities | 7. Financing Activities Credit Arrangements and Short-term Debt (All Registrants) The Registrants maintain credit facilities to enhance liquidity, provide credit support and provide 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 borrowed below are recorded as "Short-term debt" on the Balance Sheets. The following credit facilities were in place at: September 30, 2017 December 31, 2016 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. 2022 £ 210 £ 155 £ — £ 54 £ 160 £ — Term Loan Facility (b) Dec. 2017 230 230 — — — — WPD (South West) Syndicated Credit Facility (c) July 2021 245 — — 245 110 — WPD (East Midlands) Syndicated Credit Facility (d) July 2021 300 116 — 184 9 — WPD (West Midlands) Syndicated Credit Facility July 2021 300 — — 300 — — Uncommitted Credit Facilities (e) 100 70 4 26 60 4 Total U.K. Credit Facilities (f) £ 1,385 £ 571 £ 4 £ 809 £ 339 £ 4 September 30, 2017 December 31, 2016 Expiration Date Capacity Borrowed Letters of Credit and Commercial Paper Issued Unused Capacity Borrowed Letters of Credit and Commercial Paper Issued U.S. PPL Capital Funding Syndicated Credit Facility Jan. 2022 $ 950 $ — $ 285 $ 665 $ — $ 20 Syndicated Credit Facility Nov. 2018 300 — — 300 — — Bilateral Credit Facility Mar. 2018 150 — 18 132 — 17 Total PPL Capital Funding Credit Facilities $ 1,400 $ — $ 303 $ 1,097 $ — $ 37 PPL Electric Syndicated Credit Facility Jan. 2022 $ 650 $ — $ 1 $ 649 $ — $ 296 LKE Syndicated Credit Facility Oct. 2018 $ 75 $ — $ — $ 75 $ — $ — LG&E Syndicated Credit Facility Jan. 2022 $ 500 $ — $ 190 $ 310 $ — $ 169 KU Syndicated Credit Facility Jan. 2022 $ 400 $ — $ — $ 400 $ — $ 16 Letter of Credit Facility Oct. 2020 198 — 198 — — 198 Total KU Credit Facilities $ 598 $ — $ 198 $ 400 $ — $ 214 (a) The amounts borrowed at September 30, 2017 and December 31, 2016 were USD-denominated borrowings of $200 million for both periods, which bore interest at 2.06% and 1.43% . The unused capacity reflects the amount borrowed in GBP of £156 million as of the date borrowed. (b) The amount borrowed at September 30, 2017 was a GBP-denominated borrowing which equated to $296 million and bore interest at 1.50% . (c) The amount borrowed at December 31, 2016 was a GBP-denominated borrowing which equated to $137 million and bore interest at 0.66% . (d) The amounts borrowed at September 30, 2017 and December 31, 2016 were GBP-denominated borrowings which equated to $150 million and $11 million and bore interest at 0.65% and 0.66% . (e) The amounts borrowed at September 30, 2017 and December 31, 2016 were GBP-denominated borrowings which equated to $90 million and $75 million and bore interest at 1.29% and 1.26% . (f) At September 30, 2017 , the unused capacity under the U.K. credit facilities was $1.0 billion . (PPL, LKE and LG&E) In October 2017, LG&E entered into a $200 million term loan credit facility expiring in 2019 . On October 26, 2017, LG&E borrowed $100 million under this facility bearing interest of 1.74% . The proceeds will be used to repay short-term debt and for general corporate purposes. (All Registrants) PPL, PPL Electric, LG&E and KU maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs, as necessary. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's Syndicated Credit Facility. The following commercial paper programs were in place at: September 30, 2017 December 31, 2016 Weighted - Average Interest Rate Capacity Commercial Paper Issuances Unused Capacity Weighted - Average Interest Rate Commercial Paper Issuances PPL Capital Funding 1.41% $ 1,000 $ 285 $ 715 1.10% $ 20 PPL Electric 650 — 650 1.05% 295 LG&E 1.38% 350 190 160 0.94% 169 KU 350 — 350 0.87% 16 Total $ 2,350 $ 475 $ 1,875 $ 500 (PPL Electric, LKE, LG&E and KU) See Note 10 for discussion of intercompany borrowings. Long-term Debt (PPL) In March 2017, WPD (South Wales) issued £50 million of 0.01% Index-linked Senior Notes due 2029 . WPD (South Wales) received proceeds of £53 million , which equated to $64 million at the time of issuance, net of fees and including a premium. The principal amount of the notes is adjusted based on changes in a specified index, as detailed in the terms of the related indenture. The proceeds were used for general corporate purposes. In September 2017, PPL Capital Funding issued $ 500 million of 4.00% Senior Notes due 2047 . PPL Capital Funding received proceeds of $490 million , net of a discount and underwriting fees, which were used to repay short-term debt obligations and for general corporate purposes. (PPL and PPL Electric) In May 2017, PPL Electric issued $475 million of 3.95% First Mortgage Bonds due 2047 . PPL Electric received proceeds of $466 million , net of a discount and underwriting fees, which were used to repay short-term debt incurred primarily for capital expenditures. In August 2017, the LCIDA remarketed $ 108 million of Pollution Control Revenue Refunding Bonds (PPL Electric Utilities Corporation Project), Series 2016B due 2027 previously issued on behalf of PPL Electric. The bonds were remarketed at a long-term rate and will bear interest at 1.80% through their mandatory purchase date of August 15, 2022 . In September 2017, the LCIDA remarketed $ 116 million of Pollution Control Revenue Refunding Bonds (PPL Electric Utilities Corporation Project), Series 2016A due 2029 previously issued on behalf of PPL Electric. The bonds were remarketed at a long-term rate and will bear interest at 1.80% through their mandatory purchase date of September 1, 2022 . (PPL, LKE and LG&E) In April 2017, the Louisville/Jefferson County Metro Government of Kentucky remarketed $128 million of Pollution Control Revenue Bonds, 2003 Series A (Louisville Gas and Electric Company Project) due 2033 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 1.50% through their mandatory purchase date of April 1, 2019 . In June 2017, the County of Trimble, Kentucky issued $60 million of Environmental Facilities Revenue Refunding Bonds, 2017 Series A (Louisville Gas and Electric Company Project) due 2033 on behalf of LG&E. The bonds were issued bearing interest at a rate of 3.75% through their maturity and are subject to an optional redemption on or after June 1, 2027 . The proceeds of the bonds were used to redeem $60 million of Environmental Facilities Revenue Refunding Bonds, 2007 Series A (Louisville Gas and Electric Company Project) due 2033 previously issued by the County of Trimble, Kentucky on behalf of LG&E. In June 2017, the Louisville/Jefferson County Metro Government of Kentucky remarketed $31 million of Environmental Facilities Revenue Refunding Bonds, 2007 Series A (Louisville Gas and Electric Company Project) due 2033 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 1.25% through their mandatory purchase date of June 3, 2019 . In June 2017, the Louisville/Jefferson County Metro Government of Kentucky remarketed $35 million of Environmental Facilities Revenue Refunding Bonds, 2007 Series B (Louisville Gas and Electric Company Project) due 2033 previously issued on behalf of LG&E. The bonds were remarketed at a long-term rate and will bear interest at 1.25% through their mandatory purchase date of June 3, 2019 . (PPL) ATM Program In February 2015, PPL entered into two separate equity distribution agreements, pursuant to which PPL may sell, from time to time, up to an aggregate of $500 million of its common stock. For the periods ended September 30 , PPL issued the following: Three Months Nine Months 2017 2016 2017 2016 Number of shares (in thousands) 2,049 710 5,526 710 Average share price $ 39.04 $ 35.23 $ 38.49 $ 35.23 Net Proceeds $ 79 $ 25 $ 211 $ 25 Distributions In August 2017 , PPL declared a quarterly common stock dividend, payable October 2, 2017 , of 39.5 cents per share (equivalent to $1.58 per annum). Future dividends, declared at the discretion of the Board of Directors, will depend upon future earnings, cash flows, financial and legal requirements and other factors. |
Defined Benefits
Defined Benefits | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Defined Benefits | 8. Defined Benefits (PPL, LKE and LG&E) Certain net periodic defined benefit costs are applied to accounts that are further distributed among capital, expense and regulatory assets, 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. 2017 2016 2017 2016 2017 2016 2017 2016 PPL Service cost $ 17 $ 16 $ 20 $ 17 $ 49 $ 49 $ 57 $ 53 Interest cost 42 44 45 58 126 131 132 182 Expected return on plan assets (58 ) (57 ) (130 ) (124 ) (173 ) (171 ) (382 ) (389 ) Amortization of: Prior service cost 2 2 — — 7 6 — — Actuarial loss 18 12 36 34 52 37 107 107 Net periodic defined benefit costs (credits) before settlements and special termination benefits 21 17 (29 ) (15 ) 61 52 (86 ) (47 ) Settlements (a) 7 3 — — 7 3 — — Special termination benefits (b) — — — — 1 — — — Net periodic defined benefit costs (credits) $ 28 $ 20 $ (29 ) $ (15 ) $ 69 $ 55 $ (86 ) $ (47 ) (a) 2017 includes settlement charges of $5 million from the LG&E qualified pension plan and $2 million from the PPL non-qualified pension plan and 2016 includes a settlement charge of $3 million from the PPL non-qualified pension plan. These settlements resulted from lump sum payments that exceeded service cost and interest cost components of net periodic pension cost for the year. (b) Enhanced pension benefits offered to certain PPL Electric bargaining unit employees under a one-time voluntary retirement window offered as part of the new five year IBEW contract ratified in March 2017. Pension Benefits Three Months Nine Months 2017 2016 2017 2016 LKE Service cost $ 6 $ 6 $ 18 $ 18 Interest cost 17 18 51 53 Expected return on plan assets (23 ) (23 ) (69 ) (68 ) Amortization of: Prior service cost 2 2 6 6 Actuarial loss (a) 8 5 23 15 Net periodic defined benefit costs before settlements 10 8 29 24 Settlements (b) 5 — 5 — Net periodic defined benefit costs $ 15 $ 8 $ 34 $ 24 LG&E Service cost $ — $ — $ 1 $ 1 Interest cost 3 4 9 11 Expected return on plan assets (5 ) (5 ) (16 ) (15 ) Amortization of: Prior service cost 1 1 3 3 Actuarial loss (a) 3 2 7 5 Net periodic defined benefit costs before settlements 2 2 4 5 Settlements (b) 5 — 5 — Net periodic defined benefit costs $ 7 $ 2 $ 9 $ 5 (a) As a result of treatment approved by the KPSC, the difference between actuarial loss calculated in accordance with LKE's accounting policy and actuarial loss calculated using a 15 -year amortization period was $3 million and $8 million for the three and nine months ended September 30, 2017 and $4 million for the nine months ended September 30, 2016. 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 $3 million for the three and nine months ended September 30, 2017 and $1 million for the three months ended September 30, 2016. These differences are recorded as regulatory assets. (b) Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, a settlement charge of $5 million was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount will be amortized in accordance with existing regulatory practice. Other Postretirement Benefits Three Months Nine Months 2017 2016 2017 2016 PPL Service cost $ 2 $ 2 $ 6 $ 6 Interest cost 5 6 17 19 Expected return on plan assets (6 ) (6 ) (17 ) (17 ) Amortization of prior service cost — — (1 ) — Amortization of actuarial loss 1 1 1 1 Net periodic defined benefit costs $ 2 $ 3 $ 6 $ 9 Other Postretirement Benefits Three Months Nine Months 2017 2016 2017 2016 LKE Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 2 2 6 7 Expected return on plan assets (2 ) (2 ) (5 ) (5 ) Amortization of prior service cost 1 1 1 2 Net periodic defined benefit costs $ 2 $ 2 $ 5 $ 7 (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 10 for more 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 2017 2016 2017 2016 PPL Electric $ 6 $ 6 $ 19 $ 17 LG&E 3 2 8 7 KU 2 2 7 8 Expected Cash Flows - U.K. Pension Plans (PPL) For the nine months ended September 30, 2017, WPD contributed $485 million to its U.K. pension plans. These contributions fund all of 2017 contributions and a portion of 2018 contributions. WPD does not expect to make additional contributions in 2017. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. 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. WKE Indemnification (PPL and LKE) See footnote (e) to the table in "Guarantees and Other Assurances" below for information on an LKE indemnity relating to its former WKE lease, including related legal proceedings. 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 alleging violations of the Clean Air Act and RCRA. In addition, these plaintiffs assert 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. In their individual capacities, these plaintiffs sought compensation for alleged adverse health effects. In response to a motion to dismiss filed by PPL and LG&E, in July 2014, the court dismissed the plaintiffs' RCRA claims and all but one Clean Air Act claim, but declined to dismiss the common law tort claims. In November 2016, plaintiffs filed an amended complaint removing the personal injury claims and removing certain previously named plaintiffs. In February 2017, the District Court issued an order dismissing PPL as a defendant and dismissing the final federal claim against LG&E under the Clean Air Act, and directed the parties to submit briefs regarding whether the court should continue to exercise supplemental jurisdiction regarding the remaining state law-only claims. On April 13, 2017, the District Court issued an order declining to exercise supplemental jurisdiction and dismissing the case in its entirety, subject to certain federal appeals or state court re-filing rights of the parties. On June 16, 2017, the plaintiffs filed a class action complaint in Jefferson Circuit Court, Kentucky, against LG&E regarding the 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. PPL, LKE and LG&E cannot predict the outcome of this matter. LG&E retired one coal-fired unit at the Cane Run plant in March 2015 and the remaining two coal-fired units at the plant in June 2015. E.W. Brown Environmental Claims ( PPL, LKE and KU) On July 12, 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 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 seek injunctive relief ordering KU to take all actions necessary to comply with the Clean Water Act violations, including ceasing the discharges in question, abating effects associated with prior discharges and eliminating the alleged imminent and substantial endangerment. These plaintiffs also seek assessment of civil penalties and an award of litigation costs and attorney fees. PPL, LKE and KU cannot predict the outcome of this matter or the potential impact on the operations of the E.W. Brown plant, including increased capital or operating costs, if any. (PPL, LKE, LG&E and KU) Trimble County Water Discharge Permit In May 2010, the Kentucky Waterways Alliance and other environmental groups filed a petition with the Kentucky Energy and Environment Cabinet (KEEC) challenging the Kentucky Pollutant Discharge Elimination System permit issued in April 2010, which covers water discharges from the Trimble County plant. In November 2010, the KEEC issued a final order upholding the permit, which was subsequently appealed by the environmental groups. In September 2013, the Franklin Circuit Court reversed the KEEC order upholding the permit and remanded the permit to the agency for further proceedings. LG&E and the KEEC appealed the order to the Kentucky Court of Appeals. In July 2015, the Court of Appeals upheld the lower court ruling. LG&E and the KEEC moved for discretionary review by the Kentucky Supreme Court. In February 2016, the Kentucky Supreme Court issued an order granting discretionary review and oral arguments were held in September 2016. On April 27, 2017, the Kentucky Supreme Court issued an order reversing the decision of the appellate court and upholding the permit issued to LG&E by the KEEC. Trimble County Landfill Various state and federal permits and regulatory approvals are required in order to construct a landfill at the Trimble County plant to be used for disposal of CCRs. In October 2016, the Kentucky Division of Water issued a water quality certification and in February 2017, the Kentucky Division of Waste Management issued a “special waste” landfill permit. In March 2017, the Sierra Club and a resident adjacent to the plant filed administrative challenges to the landfill permit which were subsequently dismissed by agreed order entered in August 2017. In June 2017, the U.S. Army Corps of Engineers issued a dredge and fill permit, the final approval required for construction of the landfill. PPL, LKE, LG&E and KU believe that all permits and regulatory approvals issued for the project comply with applicable state and federal laws. Regulatory Issues ( All Registrants) See Note 6 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 cannot estimate a range of reasonably possible losses, if any. 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. Finally, the regulatory reviews specified in the President's March 2017 Executive Order (the March 2017 Executive Order) promoting energy independence and economic growth could result in future regulatory changes and additional uncertainty. 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 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 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. Under the Clean Air Act, 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 non-attainment. The EPA was scheduled to designate areas as being in attainment or nonattainment of the current ozone standard by no later than October 2017 which was to be followed by further regulatory proceedings identifying compliance measures and deadlines. However, the current implementation and compliance schedule is uncertain because the EPA failed to make nonattainment demonstrations by the applicable deadline. In addition, some industry groups have requested the EPA to defer implementation of the 2015 ozone standard, but the EPA has not yet acted on this request. While implementation of the 2015 ozone standard could potentially require the addition of SCRs at some LG&E and KU generating units, PPL, LKE, LG&E and KU are currently unable to determine what the compliance measures and deadlines may ultimately be with respect to the new standard. 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, are evaluating the need for further nitrogen oxide reductions from fossil-fueled plants to address interstate impacts. While PPL, LKE, LG&E and KU are unable to predict the outcome of ongoing and future evaluations by the EPA and the states, such evaluations could potentially result in requirements for nitrogen oxide reductions beyond those currently required under the Cross State Air Pollution Rule. Sulfur Dioxide In 2010, the EPA issued the current NAAQS for sulfur dioxide and required states to identify areas that meet those standards and areas that are in "non-attainment". In July 2013, the EPA finalized non-attainment designations for parts of the country, including part of Jefferson County in Kentucky. Attainment must be achieved by 2018. As a result of scrubber replacements completed by LG&E at the Mill Creek plant in 2016, all Jefferson County monitors now indicate compliance with the sulfur dioxide standards. Additionally, LG&E accepted a new sulfur dioxide emission limit to ensure continuing compliance with the NAAQS. PPL, LKE, LG&E and KU do not anticipate any further measures to achieve compliance with the new sulfur dioxide standards. 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 Clean Power Plan described below, 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. Additionally, in March 2017, the President issued an Executive Order (the March 2017 Executive Order) directing the EPA to review proposed and final rules relating to GHG reductions for consistency with certain policy directives and suspend, revise, or rescind those rules as appropriate. The March 2017 Executive Order also directs rescission of specified guidance, directives, and prior Presidential actions regarding climate change. 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. Under the U.K. law, WPD must purchase carbon allowances to offset emissions associated with WPD's operations. The cost of these allowances is not significant and is included in WPD's current operating expenses. The EPA's Rules under Section 111 of the Clean Air Act, including the EPA's Clean Power Plan As further described below, in 2015 the EPA finalized rules imposing GHG emission standards for both new and existing power plants. The EPA has also issued a proposed federal implementation plan that would apply to any states that fail to submit an acceptable state implementation plan under these rules. The future of these rules is uncertain. The EPA's authority to promulgate these regulations under Section 111 of the Clean Air Act has been challenged in the D.C. Circuit Court by several states, industry groups and individual companies, including LKE. The D.C. Circuit has temporarily held the litigation in abeyance in light of the EPA's ongoing review of the Clean Power Plan. In February 2016, the U.S. Supreme Court stayed the rule for existing plants (the Clean Power Plan) pending the D.C. Circuit Court's review and subsequent review by the U.S. Supreme Court if a writ of certiorari is filed and granted. In addition, the President's March 2017 Executive Order requires the EPA to review the rules for new plants and existing power plants and suspend, revise or rescind them as appropriate. In October 2017, the EPA proposed to rescind the rule and may seek comment on a possible replacement rule. The EPA's rule for new power plants imposes separate emission standards for coal and natural gas units based on the application of different technologies. The coal standard is based on the application of partial carbon capture and sequestration technology, but because this technology is not presently commercially viable, the rule effectively precludes the construction of new coal-fired plants. The standard for NGCC power plants is the same as what the EPA proposed in 2012 and is not continuously achievable under all operating modes, such as frequent start-ups and shutdowns. The preclusion of new coal-fired plants could have a significant industry-wide impact. The EPA's rule for existing power plants, referred to as the Clean Power Plan, was published in the Federal Register in October 2015. The Clean Power Plan contains state-specific rate-based and mass-based reduction goals and guidelines for the development, submission and implementation of state implementation plans to achieve the state goals. State-specific goals were calculated from 2012 data by applying the EPA's broad interpretation and definition of the BSER, resulting in the most stringent targets to be met in 2030, with interim targets to be met beginning in 2022. The EPA believes it has offered some flexibility to the states as to how their compliance plans can be crafted, including the option to use a rate-based approach (limit emissions per megawatt hour) or a mass-based approach (limit total tons of emissions per year), and the option to demonstrate compliance through emissions trading and multi-state collaborations. Under the rate-based approach, Kentucky would need to make a 41% reduction from its 2012 emissions rate and under a mass-based approach it would need to make a 36% reduction. These reductions are significantly greater than initially proposed and present significant challenges to the state. If the Clean Power Plan ultimately remains in place in its current form, and Kentucky fails to develop an approvable implementation plan by the applicable deadline, the EPA may impose a federal implementation plan that could be more stringent than what the state plan might provide. Depending on the provisions of the Kentucky implementation plan, LG&E and KU may need to modify their current portfolio of generating assets during the next decade and/or participate in an allowance trading program. LG&E and KU are monitoring developments at the state and federal level. PPL, LKE, LG&E and KU cannot predict the outcome of the pending litigation, any changes in regulations, interpretations, or litigation positions that may be implemented by the U.S. presidential administration or the potential impact, if any, on plant operations, or future capital or operating costs. PPL, LKE, LG&E and KU believe that the costs, which could be significant, would be subject to cost recovery. In April 2014, the Kentucky General Assembly passed legislation limiting the measures that the Kentucky Energy and Environment Cabinet may consider in setting performance standards to comply with the EPA's regulations governing GHG emissions from existing sources, if enacted. The legislation provides that such state GHG performance standards will be based on emission reductions, efficiency measures and other improvements available at each power plant, rather than renewable energy, end-use energy efficiency, fuel switching and re-dispatch. These statutory restrictions may make it more difficult for Kentucky to achieve the GHG reduction levels that the EPA has established for Kentucky, if enacted. 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. 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 located on active power plants in the United States and not closed. 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. Recently enacted federal legislation has authorized the EPA to approve equally protective state programs that would operate in lieu of the CCR Rule. In January 2017, Kentucky issued a state rule, effective May 2017, aimed at reflecting the requirements of the federal rule. In May 2017, a resident adjacent to LG&E's and KU's Trimble County plant filed a lawsuit in state court against the Kentucky Energy and Environmental Cabinet and LG&E seeking to invalidate the new rule. PPL, LKE, LG&E and KU cannot predict the outcome of the litigation, but anticipate continued operation under the former program in the event that the new rule is struck down. LG&E and KU have received KPSC approval for a compliance plan providing for construction of additional landfill capacity at the E.W. Brown station, 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 federal CCR rule requirements, 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 requirements. See Note 6 in the Registrants' 2016 Form 10-K for additional information. In connection with the final CCR rule, LG&E and KU recorded adjustments to existing AROs during 2015, 2016 and 2017. See Note 15 below and Note 19 in the Registrants' 2016 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 structures at generating facilities. The requirements could impose significant costs for LG&E and KU, which are subject to rate recovery. ELGs In September 2015, the EPA released its final ELGs for wastewater discharge permits for new and existing steam electric generating facilities. The rule provides strict technology-based discharge limitations for control of pollutants in scrubber wastewater, fly ash and bottom ash transport water, mercury control wastewater, gasification wastewater and combustion residual leachate. The new guidelines require deployment of additional control technologies providing physical, chemical and biological treatment of wastewaters. The guidelines also mandate operational changes including "no discharge" requirements for fly ash and bottom ash transport waters and mercury control wastewaters. The implementation date for individual generating stations will be determined by the states on a case-by-case basis according to criteria provided by the EPA. Industry groups, environmental groups, individual companies and others have filed legal challenges to the final rule, which have been consolidated before the U.S. Court of Appeals for the Fifth Circuit. In April 2017, the EPA announced that it would grant petitions for reconsideration of the rule. In September 2017, the EPA published in the Federal Register a proposed rule that would postpone the compliance date for requirements relating to bottom ash transport waters and scrubber wastewaters discharge limits. The EPA expects to complete its reconsideration of best available technology standards by the fall of 2020. Upon completion of the ongoing regulatory proceedings, the rule will be implemented by the states in the course of their normal permitting activities. LG&E and KU are developing compliance strategies and schedules. PPL, LKE, LG&E and KU are unable to predict the outcome of the EPA's pending reconsideration of the rule or fully estimate compliance costs or timing. Additionally, certain aspects of these compliance plans and estimates relate to developments in state water quality standards, which are separate from the ELG rule or its implementation. Costs to comply with ELGs or other discharge limits, which are expected to be significant, are subject to rate recovery. Seepages and Groundwater Infiltration Seepages or groundwater infiltration have been detected at active and retired wastewater basins and landfills at various LG&E and KU plants. LG&E and KU have completed, or are completing, assessments of seepages or groundwater infiltration at various facilities and have completed, or are working with agencies to implement, further testing, monitoring or abatement measures, where applicable. A range of reasonably possible costs cannot currently be estimated. Depending on the circumstances in each case, certain costs, which may be subject to rate recovery, could be significant. (All Registrants) Other Issues In June 2016, the "Frank Lautenberg Chemical Safety Act" took effect as an amendment to the Toxic Substance Control Act (TSCA). The Act made no changes to the pre-existing TSCA rules as it pertains to polychlorinated biphenyls (PCB). The EPA continues to reassess its PCB regulations as part of the 2010 Advanced Notice of Proposed Rulemaking (ANPRM). The EPA's ANPRM rulemaking is to occur in two phases. Only the second part of the rule, currently scheduled for November 2017, is applicable to PPL operations. This part of the rule relates to the use of PCBs in electrical equipment and natural gas pipelines, as well as continued use of PCB-contaminated porous surfaces. Although the first rulemaking will not directly affect the Registrants' operations, it may indicate certain approaches or principles to occur in the later rulemaking which may affect Registrants' facilities in the United States, including phase-out of some or all equipment containing PCBs. Should such a phase-out be required, the costs, which are subject to rate recovery, could be significant. Superfund and Other Remediation PPL Electric is potentially responsible for a share of the costs at several sites listed by the EPA under the federal Superfund program, including the Columbia Gas Plant site and the Brodhead site. Clean-up actions have been or are being undertaken at all of these sites, the costs of which have not been, and are not expected to be, significant to PPL Electric. PPL Electric, LG&E and KU are investigating, responding to agency inquiries, remediating, or have completed the remediation of, several sites that were not addressed under a regulatory program such as Superfund, but for which PPL Electric, LG&E and KU may be liable for remediation. These include a number of former coal gas manufacturing plants in Pennsylvania and Kentucky previously owned or operated or currently owned by predecessors or affiliates of PPL Electric, LG&E and KU. To date, the costs of these sites have not been significant. There are additional sites, formerly owned or operated by PPL Electric, LG&E and KU predecessors or affiliates. PPL Electric, LG&E and KU lack sufficient information on such additional sites and are therefore unable to estimate any potential liability they may have or a range of reasonably possible losses, if any, related to these matters. At September 30, 2017 and December 31, 2016, PPL Electric had a recorded liability of $10 million representing its best estimate of the probable loss incurred to remediate the sites noted above. Depending on the outcome of investigations at sites where investigations have not begun or been completed, or developments at sites for which information is incomplete, additional costs of remediation could be incurred; however, such costs are not expected to be significant. The EPA is evaluating the risks associated with polycyclic aromatic hydrocarbons and naphthalene, chemical by-products of coal gas manufacturing. As a result of the EPA's evaluation, individual states may establish stricter standards for water quality and soil cleanup. This could require several PPL subsidiaries to take more extensive assessment and remedial actions at former coal gas manufacturing plants. PPL, PPL Electric, LKE, LG&E and KU cannot estimate a range of reasonably possible losses, if any, related to these matters. From time to time, PPL's subsidiaries in the United States undertake testing, monitoring or remedial action in response to notices of violations, spills or other releases at various on-site and off-site locations, negotiate with the EPA and state and local agencies regarding actions necessary for compliance with applicable requirements, negotiate with pr |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 10. 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, as applicable, with administrative, management and support services. For all service companies, the costs of these services are charged to the respective recipients as direct support costs. General costs that cannot be directly 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. 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 2017 2016 2017 2016 PPL Electric from PPL Services $ 43 $ 33 $ 138 $ 98 LKE from PPL Services 4 4 15 13 PPL Electric from PPL EU Services 15 17 48 50 LG&E from LKS 38 40 120 128 KU from LKS 43 46 134 151 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 overhead costs associated with union and hourly employees performing work for the other company, charges related to jointly owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $400 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2017, $2 million was outstanding and reflected in "Notes receivable from affiliate" on the Balance Sheet. No balance was outstanding at December 31, 2016. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at September 30, 2017 was 2.98% . (LKE) LKE maintains a $225 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, 2017 and December 31, 2016 , $159 million and $163 million were outstanding and reflected in "Notes payable with affiliate" on the Balance Sheets. The interest rates on the outstanding borrowing at September 30, 2017 and December 31, 2016 were 2.73% and 2.12% . LKE maintains a $400 million ten -year note with a PPL affiliate with an interest rate of 3.5% . At September 30, 2017 and December 31, 2016 , the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. (LG&E) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to $500 million at an interest rate based on a market index of commercial paper issues. At September 30, 2017, $10 million was outstanding and was reflected in "Notes payable with affiliate" on the Balance Sheet. No balances were outstanding at December 31, 2016. The interest rate on the outstanding borrowings at September 30, 2017 was 1.46% . Interest expense incurred on the money pool agreement with KU was not significant for the three and nine months ended September 30, 2017. (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. At September 30, 2017, KU had no payable balance outstanding, but had a $10 million receivable balance outstanding, which was reflected in "Notes receivable from affiliate" on the Balance Sheet. No balances were outstanding at December 31, 2016. The interest rate on the outstanding receivable at September, 30, 2017 was 1.46% . Interest income incurred on the money pool agreement with LG&E was not significant for the three and nine months ended September 30, 2017. Other (PPL Electric, LG&E and KU) See Note 8 for discussions regarding intercompany allocations associated with defined benefits. |
LG And E And KU Energy LLC [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 10. 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, as applicable, with administrative, management and support services. For all service companies, the costs of these services are charged to the respective recipients as direct support costs. General costs that cannot be directly 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. 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 2017 2016 2017 2016 PPL Electric from PPL Services $ 43 $ 33 $ 138 $ 98 LKE from PPL Services 4 4 15 13 PPL Electric from PPL EU Services 15 17 48 50 LG&E from LKS 38 40 120 128 KU from LKS 43 46 134 151 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 overhead costs associated with union and hourly employees performing work for the other company, charges related to jointly owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $400 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2017, $2 million was outstanding and reflected in "Notes receivable from affiliate" on the Balance Sheet. No balance was outstanding at December 31, 2016. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at September 30, 2017 was 2.98% . (LKE) LKE maintains a $225 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, 2017 and December 31, 2016 , $159 million and $163 million were outstanding and reflected in "Notes payable with affiliate" on the Balance Sheets. The interest rates on the outstanding borrowing at September 30, 2017 and December 31, 2016 were 2.73% and 2.12% . LKE maintains a $400 million ten -year note with a PPL affiliate with an interest rate of 3.5% . At September 30, 2017 and December 31, 2016 , the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. (LG&E) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to $500 million at an interest rate based on a market index of commercial paper issues. At September 30, 2017, $10 million was outstanding and was reflected in "Notes payable with affiliate" on the Balance Sheet. No balances were outstanding at December 31, 2016. The interest rate on the outstanding borrowings at September 30, 2017 was 1.46% . Interest expense incurred on the money pool agreement with KU was not significant for the three and nine months ended September 30, 2017. (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. At September 30, 2017, KU had no payable balance outstanding, but had a $10 million receivable balance outstanding, which was reflected in "Notes receivable from affiliate" on the Balance Sheet. No balances were outstanding at December 31, 2016. The interest rate on the outstanding receivable at September, 30, 2017 was 1.46% . Interest income incurred on the money pool agreement with LG&E was not significant for the three and nine months ended September 30, 2017. Other (PPL Electric, LG&E and KU) See Note 8 for discussions regarding intercompany allocations associated with defined benefits. |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 10. 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, as applicable, with administrative, management and support services. For all service companies, the costs of these services are charged to the respective recipients as direct support costs. General costs that cannot be directly 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. 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 2017 2016 2017 2016 PPL Electric from PPL Services $ 43 $ 33 $ 138 $ 98 LKE from PPL Services 4 4 15 13 PPL Electric from PPL EU Services 15 17 48 50 LG&E from LKS 38 40 120 128 KU from LKS 43 46 134 151 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 overhead costs associated with union and hourly employees performing work for the other company, charges related to jointly owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $400 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2017, $2 million was outstanding and reflected in "Notes receivable from affiliate" on the Balance Sheet. No balance was outstanding at December 31, 2016. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at September 30, 2017 was 2.98% . (LKE) LKE maintains a $225 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, 2017 and December 31, 2016 , $159 million and $163 million were outstanding and reflected in "Notes payable with affiliate" on the Balance Sheets. The interest rates on the outstanding borrowing at September 30, 2017 and December 31, 2016 were 2.73% and 2.12% . LKE maintains a $400 million ten -year note with a PPL affiliate with an interest rate of 3.5% . At September 30, 2017 and December 31, 2016 , the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. (LG&E) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to $500 million at an interest rate based on a market index of commercial paper issues. At September 30, 2017, $10 million was outstanding and was reflected in "Notes payable with affiliate" on the Balance Sheet. No balances were outstanding at December 31, 2016. The interest rate on the outstanding borrowings at September 30, 2017 was 1.46% . Interest expense incurred on the money pool agreement with KU was not significant for the three and nine months ended September 30, 2017. (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. At September 30, 2017, KU had no payable balance outstanding, but had a $10 million receivable balance outstanding, which was reflected in "Notes receivable from affiliate" on the Balance Sheet. No balances were outstanding at December 31, 2016. The interest rate on the outstanding receivable at September, 30, 2017 was 1.46% . Interest income incurred on the money pool agreement with LG&E was not significant for the three and nine months ended September 30, 2017. Other (PPL Electric, LG&E and KU) See Note 8 for discussions regarding intercompany allocations associated with defined benefits. |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 10. 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, as applicable, with administrative, management and support services. For all service companies, the costs of these services are charged to the respective recipients as direct support costs. General costs that cannot be directly 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. 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 2017 2016 2017 2016 PPL Electric from PPL Services $ 43 $ 33 $ 138 $ 98 LKE from PPL Services 4 4 15 13 PPL Electric from PPL EU Services 15 17 48 50 LG&E from LKS 38 40 120 128 KU from LKS 43 46 134 151 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 overhead costs associated with union and hourly employees performing work for the other company, charges related to jointly owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $400 million revolving line of credit with a PPL Electric subsidiary. At September 30, 2017, $2 million was outstanding and reflected in "Notes receivable from affiliate" on the Balance Sheet. No balance was outstanding at December 31, 2016. The interest rates on borrowings are equal to one-month LIBOR plus a spread. The interest rate on the outstanding borrowing at September 30, 2017 was 2.98% . (LKE) LKE maintains a $225 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, 2017 and December 31, 2016 , $159 million and $163 million were outstanding and reflected in "Notes payable with affiliate" on the Balance Sheets. The interest rates on the outstanding borrowing at September 30, 2017 and December 31, 2016 were 2.73% and 2.12% . LKE maintains a $400 million ten -year note with a PPL affiliate with an interest rate of 3.5% . At September 30, 2017 and December 31, 2016 , the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. (LG&E) LG&E participates in an intercompany money pool agreement whereby LKE and/or KU make available to LG&E funds up to $500 million at an interest rate based on a market index of commercial paper issues. At September 30, 2017, $10 million was outstanding and was reflected in "Notes payable with affiliate" on the Balance Sheet. No balances were outstanding at December 31, 2016. The interest rate on the outstanding borrowings at September 30, 2017 was 1.46% . Interest expense incurred on the money pool agreement with KU was not significant for the three and nine months ended September 30, 2017. (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. At September 30, 2017, KU had no payable balance outstanding, but had a $10 million receivable balance outstanding, which was reflected in "Notes receivable from affiliate" on the Balance Sheet. No balances were outstanding at December 31, 2016. The interest rate on the outstanding receivable at September, 30, 2017 was 1.46% . Interest income incurred on the money pool agreement with LG&E was not significant for the three and nine months ended September 30, 2017. Other (PPL Electric, LG&E and KU) See Note 8 for discussions regarding intercompany allocations associated with defined benefits. |
Other Income (Expense) - net
Other Income (Expense) - net | 9 Months Ended |
Sep. 30, 2017 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income (Expense) - net | 11. Other Income (Expense) - net (PPL) "Other Income (Expense) - net" for the three and nine months ended September 30, 2017 and 2016 consisted primarily of gains (losses) on foreign currency contracts to economically hedge PPL's translation risk related to its GBP denominated earnings in the U.K. See Note 13 for additional information on these derivatives. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. 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. Transfers between levels are recognized at end-of-reporting-period values. During the three and nine months ended September 30, 2017 and 2016 , there were no transfers between Level 1 and Level 2. See Note 1 in each Registrant's 2016 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, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 676 $ 676 $ — $ — $ 341 $ 341 $ — $ — Restricted cash and cash equivalents (a) 24 24 — — 26 26 — — Price risk management assets (b): Foreign currency contracts 164 — 164 — 211 — 211 — Cross-currency swaps 160 — 160 — 188 — 188 — Total price risk management assets 324 — 324 — 399 — 399 — Total assets $ 1,024 $ 700 $ 324 $ — $ 766 $ 367 $ 399 $ — Liabilities Price risk management liabilities (b): Interest rate swaps $ 31 $ — $ 31 $ — $ 31 $ — $ 31 $ — Foreign currency contracts 167 — 167 — 27 — 27 — Total price risk management liabilities $ 198 $ — $ 198 $ — $ 58 $ — $ 58 $ — PPL Electric Assets Cash and cash equivalents $ 243 $ 243 $ — $ — $ 13 $ 13 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 245 $ 245 $ — $ — $ 15 $ 15 $ — $ — LKE Assets Cash and cash equivalents $ 40 $ 40 $ — $ — $ 13 $ 13 $ — $ — Cash collateral posted to counterparties (c) 1 1 — — 3 3 — — Total assets $ 41 $ 41 $ — $ — $ 16 $ 16 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 29 $ — $ 29 $ — $ 31 $ — $ 31 $ — Total price risk management liabilities $ 29 $ — $ 29 $ — $ 31 $ — $ 31 $ — LG&E Assets Cash and cash equivalents $ 9 $ 9 $ — $ — $ 5 $ 5 $ — $ — Cash collateral posted to counterparties (c) 1 1 — — 3 3 — — Total assets $ 10 $ 10 $ — $ — $ 8 $ 8 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 29 $ — $ 29 $ — $ 31 $ — $ 31 $ — Total price risk management liabilities $ 29 $ — $ 29 $ — $ 31 $ — $ 31 $ — September 30, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 KU Assets Cash and cash equivalents $ 31 $ 31 $ — $ — $ 7 $ 7 $ — $ — Total assets $ 31 $ 31 $ — $ — $ 7 $ 7 $ — $ — (a) Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. (b) 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. (c) Included in "Other noncurrent assets" on the Balance Sheets. Represents cash collateral posted to offset the exposure with counterparties related to certain interest rate swaps under master netting arrangements that are not offset. 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 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. The fair values were estimated using an income approach by discounting future cash flows at estimated current cost of funding rates, which incorporate the credit risk of the Registrants. 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, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value PPL $ 19,558 $ 23,357 $ 18,326 $ 21,355 PPL Electric 3,298 3,724 2,831 3,148 LKE 5,068 5,592 5,065 5,439 LG&E 1,619 1,768 1,617 1,710 KU 2,328 2,602 2,327 2,514 (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, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 13. 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, 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 exposed to commodity price risk from its obligation as PLR; however, its PUC-approved cost recovery mechanism substantially eliminates its exposure to this risk. PPL Electric also mitigates its exposure to commodity price risk by entering into full-requirement supply agreements to serve its PLR customers. These supply agreements transfer the commodity price risk associated with the PLR obligation to the energy suppliers. • LG&E's and KU's rates include certain mechanisms for fuel and fuel-related expenses. 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 period, recovery of such exposure occurs on a two year lag. See Note 1 in PPL's 2016 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 and LG&E) 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 $17 million obligation to return cash collateral under master netting arrangements at September 30, 2017 and a $19 million obligation to return cash collateral under master netting arrangements at December 31, 2016 . LKE and LG&E had no obligation to return cash collateral under master netting arrangements at September 30, 2017 and December 31, 2016 . PPL, LKE and LG&E posted $1 million and $3 million of cash collateral under master netting arrangements at September 30, 2017 and December 31, 2016 . 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 portfolio, adjust the duration of the debt portfolio and lock in benchmark interest rates in anticipation of future financing, when appropriate. Risk limits under PPL's risk management program are designed to balance risk exposure to volatility in interest expense and changes in the fair value of the debt portfolio due to changes in benchmark interest rates. In addition, the interest rate risk of certain subsidiaries is potentially mitigated as a result of the existing regulatory framework or the timing of rate cases. Cash Flow Hedges (PPL) Interest rate risks include exposure to adverse interest rate movements for outstanding variable rate debt and for future anticipated financings. Financial interest rate swap contracts that qualify as cash flow hedges may be entered into to hedge floating interest rate risk associated with both existing and anticipated debt issuances. At September 30, 2017 , PPL held an aggregate notional value in interest rate swap contracts of £188 million (approximately $242 million based on spot rates) that mature in 2027 to hedge the interest payments of anticipated WPD debt issuances. These swaps require a mandatory early redemption on or before November 30, 2017 . For the three and nine months ended September 30, 2017 , PPL had no hedge ineffectiveness associated with interest rate derivatives. For the three months ended September 30, 2016, PPL had no hedge ineffectiveness associated with interest rate derivatives and for the nine months ended September 30, 2016, PPL had an insignificant amount of hedge ineffectiveness associated with interest rate derivatives. At September 30, 2017 , PPL held an aggregate notional value in cross-currency interest rate swap contracts of $802 million that range in maturity from 2017 through 2028 to hedge the interest payments and principal of WPD's U.S. dollar-denominated senior notes. For the three and nine months ended September 30, 2017 and 2016 , PPL had no hedge ineffectiveness associated with cross-currency interest rate swap derivatives. 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, 2017, PPL had an insignificant amount of cash flow hedges reclassified into earnings associated with discontinued cash flow hedges. For the three and nine months ended September 30, 2016 , PPL had no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges. At September 30, 2017 , 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, 2017 , 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. The contracts outstanding at September 30, 2017 had a notional amount of £92 million (approximately $125 million based on contracted rates). These contracts mature in December 2017. At September 30, 2017 and December 31, 2016 , PPL had $22 million and $21 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, 2017 , the total exposure hedged by PPL was approximately £2.7 billion (approximately $3.7 billion based on contracted rates). These contracts had termination dates ranging from October 2017 through April 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 for PPL and PPL Electric 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 6 for amounts recorded in regulatory assets and regulatory liabilities at September 30, 2017 and December 31, 2016 . See Note 1 in each Registrant's 2016 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, 2017 December 31, 2016 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) $ — $ 2 $ — $ 5 $ — $ — $ — $ 4 Cross-currency swaps (b) 28 — — — 32 — — — Foreign currency contracts 1 — 28 86 — — 31 21 Total current 29 2 28 91 32 — 31 25 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 24 — — — 27 Cross-currency swaps (b) 132 — — — 156 — — — Foreign currency contracts — — 135 81 — — 180 6 Total noncurrent 132 — 135 105 156 — 180 33 Total derivatives $ 161 $ 2 $ 163 $ 196 $ 188 $ — $ 211 $ 58 (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, 2017 . Three Months Nine Months Derivative Derivative Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Three Months Nine Months Cash Flow Hedges: Interest rate swaps $ — $ (2 ) Interest expense $ (2 ) $ — $ (6 ) $ (1 ) Cross-currency swaps 1 (34 ) Interest expense 1 — 1 — Other income (expense) - net 2 — (24 ) — Total $ 1 $ (36 ) $ 1 $ — $ (29 ) $ (1 ) Net Investment Hedges: Foreign currency contracts $ 1 $ 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 $ (81 ) $ (237 ) Interest rate swaps Interest expense (1 ) (4 ) Total $ (82 ) $ (241 ) 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 $ 1 $ 2 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, 2016 . Three Months Nine Months Derivative Derivative Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Three Months Nine Months Cash Flow Hedges: Interest rate swaps $ — $ (21 ) Interest expense $ (2 ) $ — $ (5 ) $ — Cross-currency swaps 78 87 Interest expense 2 — 2 — Other income (expense) - net 86 — 80 — Total $ 78 $ 66 $ 86 $ — $ 77 $ — Net Investment Hedges: Foreign currency contracts $ — $ 4 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 $ 49 $ 280 Interest rate swaps Interest expense (2 ) (6 ) Total $ 47 $ 274 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 ) (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, 2017 December 31, 2016 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 — 24 — 27 Total noncurrent — 24 — 27 Total derivatives $ — $ 29 $ — $ 31 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, 2017 . 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 $ 1 $ 2 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, 2016 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (2 ) $ (6 ) 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, 2017 Treasury Derivatives PPL $ 324 $ 138 $ 17 $ 169 $ 198 $ 138 $ 1 $ 59 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 December 31, 2016 Treasury Derivatives PPL $ 399 $ 27 $ 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 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, 2017 , 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 $ 43 $ 11 $ 11 Aggregate fair value of collateral posted on these derivative instruments 1 1 1 Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 42 10 10 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 14. Goodwill and Other Intangible Assets (PPL) The change in the carrying amount of goodwill for the nine months ended September 30, 2017 was due to the effect of foreign currency exchange rates on the U.K. Regulated segment. The change in the carrying amount of other intangible assets for the nine months ended September 30, 2017 was primarily due to a change in WPD’s approach in acquiring rights-of-way relating to WPD equipment impacting landowners' property. A shorter term agreement at a lower cost is now being offered which has also reduced the estimated liability for claims not yet settled. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LKE, LG&E and KU) The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2016 $ 488 $ 433 $ 145 $ 288 Accretion 16 15 5 10 Effect of foreign exchange rates 2 — — — Changes in estimated timing or cost (70 ) (63 ) (12 ) (51 ) Obligations settled (30 ) (30 ) (20 ) (10 ) Balance at September 30, 2017 $ 406 $ 355 $ 118 $ 237 PPL's, LKE's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 9 for information on the final CCR rule. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligation. 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. LKE recorded decreases of $66 million ( $56 million at KU and $10 million at LG&E) to the existing AROs during the nine months ended September 30, 2017 related to the closure of CCR impoundments. These revisions are the result of changes in closure plans related to expected costs and timing of closures. Further changes to AROs, capital plans or operating costs may be required as estimates of future cash flows are refined based on closure developments and regulatory or legal proceedings. |
LG And E And KU Energy LLC [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LKE, LG&E and KU) The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2016 $ 488 $ 433 $ 145 $ 288 Accretion 16 15 5 10 Effect of foreign exchange rates 2 — — — Changes in estimated timing or cost (70 ) (63 ) (12 ) (51 ) Obligations settled (30 ) (30 ) (20 ) (10 ) Balance at September 30, 2017 $ 406 $ 355 $ 118 $ 237 PPL's, LKE's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 9 for information on the final CCR rule. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligation. 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. LKE recorded decreases of $66 million ( $56 million at KU and $10 million at LG&E) to the existing AROs during the nine months ended September 30, 2017 related to the closure of CCR impoundments. These revisions are the result of changes in closure plans related to expected costs and timing of closures. Further changes to AROs, capital plans or operating costs may be required as estimates of future cash flows are refined based on closure developments and regulatory or legal proceedings. |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LKE, LG&E and KU) The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2016 $ 488 $ 433 $ 145 $ 288 Accretion 16 15 5 10 Effect of foreign exchange rates 2 — — — Changes in estimated timing or cost (70 ) (63 ) (12 ) (51 ) Obligations settled (30 ) (30 ) (20 ) (10 ) Balance at September 30, 2017 $ 406 $ 355 $ 118 $ 237 PPL's, LKE's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 9 for information on the final CCR rule. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligation. 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. LKE recorded decreases of $66 million ( $56 million at KU and $10 million at LG&E) to the existing AROs during the nine months ended September 30, 2017 related to the closure of CCR impoundments. These revisions are the result of changes in closure plans related to expected costs and timing of closures. Further changes to AROs, capital plans or operating costs may be required as estimates of future cash flows are refined based on closure developments and regulatory or legal proceedings. |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligations [Line Items] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations (PPL, LKE, LG&E and KU) The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU Balance at December 31, 2016 $ 488 $ 433 $ 145 $ 288 Accretion 16 15 5 10 Effect of foreign exchange rates 2 — — — Changes in estimated timing or cost (70 ) (63 ) (12 ) (51 ) Obligations settled (30 ) (30 ) (20 ) (10 ) Balance at September 30, 2017 $ 406 $ 355 $ 118 $ 237 PPL's, LKE's, LG&E's and KU's ARO liabilities are primarily related to CCR closure costs. See Note 9 for information on the final CCR rule. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligation. 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. LKE recorded decreases of $66 million ( $56 million at KU and $10 million at LG&E) to the existing AROs during the nine months ended September 30, 2017 related to the closure of CCR impoundments. These revisions are the result of changes in closure plans related to expected costs and timing of closures. Further changes to AROs, capital plans or operating costs may be required as estimates of future cash flows are refined based on closure developments and regulatory or legal proceedings. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) (PPL and LKE) 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 Equity investees' AOCI Prior service costs Actuarial gain (loss) Total PPL June 30, 2017 $ (1,420 ) $ (13 ) $ — $ (7 ) $ (2,083 ) $ (3,523 ) Amounts arising during the period (12 ) 1 — — (3 ) (14 ) Reclassifications from AOCI — — — — 34 34 Net OCI during the period (12 ) 1 — — 31 20 September 30, 2017 $ (1,432 ) $ (12 ) $ — $ (7 ) $ (2,052 ) $ (3,503 ) December 31, 2016 $ (1,627 ) $ (7 ) $ (1 ) $ (8 ) $ (2,135 ) $ (3,778 ) Amounts arising during the period 195 (29 ) — — (14 ) 152 Reclassifications from AOCI — 24 1 1 97 123 Net OCI during the period 195 (5 ) 1 1 83 275 September 30, 2017 $ (1,432 ) $ (12 ) $ — $ (7 ) $ (2,052 ) $ (3,503 ) June 30, 2016 $ (716 ) $ (5 ) $ (1 ) $ (5 ) $ (2,130 ) $ (2,857 ) Amounts arising during the period (641 ) 62 — — (6 ) (585 ) Reclassifications from AOCI — (69 ) — — 31 (38 ) Net OCI during the period (641 ) (7 ) — — 25 (623 ) September 30, 2016 $ (1,357 ) $ (12 ) $ (1 ) $ (5 ) $ (2,105 ) $ (3,480 ) December 31, 2015 $ (520 ) $ (7 ) $ — $ (6 ) $ (2,195 ) $ (2,728 ) Amounts arising during the period (837 ) 57 — — (4 ) (784 ) Reclassifications from AOCI — (62 ) (1 ) 1 94 32 Net OCI during the period (837 ) (5 ) (1 ) 1 90 (752 ) September 30, 2016 $ (1,357 ) $ (12 ) $ (1 ) $ (5 ) $ (2,105 ) $ (3,480 ) LKE June 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) Amounts arising during the period — — (1 ) (1 ) Reclassifications from AOCI — — 1 1 Net OCI during the period — — — — September 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) December 31, 2016 $ (1 ) $ (8 ) $ (61 ) $ (70 ) Amounts arising during the period — — (12 ) (12 ) Reclassifications from AOCI 1 1 3 5 Net OCI during the period 1 1 (9 ) (7 ) September 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) June 30, 2016 $ (1 ) $ (9 ) $ (33 ) $ (43 ) Reclassifications from AOCI — — 1 1 Net OCI during the period — — 1 1 September 30, 2016 $ (1 ) $ (9 ) $ (32 ) $ (42 ) Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Equity investees' AOCI Prior service costs Actuarial gain (loss) Total December 31, 2015 $ — $ (10 ) $ (36 ) $ (46 ) Amounts arising during the period — — 1 1 Reclassifications from AOCI (1 ) 1 3 3 Net OCI during the period (1 ) 1 4 4 September 30, 2016 $ (1 ) $ (9 ) $ (32 ) $ (42 ) (PPL) The following table presents the gains (losses) and related income taxes for reclassifications from AOCI for the periods ended September 30 . The defined benefit plan components of AOCI are not reflected in their entirety in the Statement of Income during the periods; rather, they are included in the computation of net periodic defined benefit costs (credits) and subject to capitalization. See Note 8 for additional information. Three Months Nine Months Affected Line Item on the Details about AOCI 2017 2016 2017 2016 Statements of Income Qualifying derivatives Interest rate swaps $ (2 ) $ (2 ) $ (7 ) $ (5 ) Interest Expense Cross-currency swaps 2 86 (24 ) 80 Other Income (Expense) - net 1 2 1 2 Interest Expense Total Pre-tax 1 86 (30 ) 77 Income Taxes (1 ) (17 ) 6 (15 ) Total After-tax — 69 (24 ) 62 Equity investees' AOCI — — (1 ) 1 Other Income (Expense) - net Total Pre-tax — — (1 ) 1 Income Taxes — — — — Total After-tax — — (1 ) 1 Defined benefit plans Prior service costs (1 ) (1 ) (2 ) (2 ) Net actuarial loss (44 ) (41 ) (125 ) (121 ) Total Pre-tax (45 ) (42 ) (127 ) (123 ) Income Taxes 11 11 29 28 Total After-tax (34 ) (31 ) (98 ) (95 ) Total reclassifications during the period $ (34 ) $ 38 $ (123 ) $ (32 ) |
LG And E And KU Energy LLC [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) (PPL and LKE) 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 Equity investees' AOCI Prior service costs Actuarial gain (loss) Total PPL June 30, 2017 $ (1,420 ) $ (13 ) $ — $ (7 ) $ (2,083 ) $ (3,523 ) Amounts arising during the period (12 ) 1 — — (3 ) (14 ) Reclassifications from AOCI — — — — 34 34 Net OCI during the period (12 ) 1 — — 31 20 September 30, 2017 $ (1,432 ) $ (12 ) $ — $ (7 ) $ (2,052 ) $ (3,503 ) December 31, 2016 $ (1,627 ) $ (7 ) $ (1 ) $ (8 ) $ (2,135 ) $ (3,778 ) Amounts arising during the period 195 (29 ) — — (14 ) 152 Reclassifications from AOCI — 24 1 1 97 123 Net OCI during the period 195 (5 ) 1 1 83 275 September 30, 2017 $ (1,432 ) $ (12 ) $ — $ (7 ) $ (2,052 ) $ (3,503 ) June 30, 2016 $ (716 ) $ (5 ) $ (1 ) $ (5 ) $ (2,130 ) $ (2,857 ) Amounts arising during the period (641 ) 62 — — (6 ) (585 ) Reclassifications from AOCI — (69 ) — — 31 (38 ) Net OCI during the period (641 ) (7 ) — — 25 (623 ) September 30, 2016 $ (1,357 ) $ (12 ) $ (1 ) $ (5 ) $ (2,105 ) $ (3,480 ) December 31, 2015 $ (520 ) $ (7 ) $ — $ (6 ) $ (2,195 ) $ (2,728 ) Amounts arising during the period (837 ) 57 — — (4 ) (784 ) Reclassifications from AOCI — (62 ) (1 ) 1 94 32 Net OCI during the period (837 ) (5 ) (1 ) 1 90 (752 ) September 30, 2016 $ (1,357 ) $ (12 ) $ (1 ) $ (5 ) $ (2,105 ) $ (3,480 ) LKE June 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) Amounts arising during the period — — (1 ) (1 ) Reclassifications from AOCI — — 1 1 Net OCI during the period — — — — September 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) December 31, 2016 $ (1 ) $ (8 ) $ (61 ) $ (70 ) Amounts arising during the period — — (12 ) (12 ) Reclassifications from AOCI 1 1 3 5 Net OCI during the period 1 1 (9 ) (7 ) September 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) June 30, 2016 $ (1 ) $ (9 ) $ (33 ) $ (43 ) Reclassifications from AOCI — — 1 1 Net OCI during the period — — 1 1 September 30, 2016 $ (1 ) $ (9 ) $ (32 ) $ (42 ) Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Equity investees' AOCI Prior service costs Actuarial gain (loss) Total December 31, 2015 $ — $ (10 ) $ (36 ) $ (46 ) Amounts arising during the period — — 1 1 Reclassifications from AOCI (1 ) 1 3 3 Net OCI during the period (1 ) 1 4 4 September 30, 2016 $ (1 ) $ (9 ) $ (32 ) $ (42 ) (PPL) The following table presents the gains (losses) and related income taxes for reclassifications from AOCI for the periods ended September 30 . The defined benefit plan components of AOCI are not reflected in their entirety in the Statement of Income during the periods; rather, they are included in the computation of net periodic defined benefit costs (credits) and subject to capitalization. See Note 8 for additional information. Three Months Nine Months Affected Line Item on the Details about AOCI 2017 2016 2017 2016 Statements of Income Qualifying derivatives Interest rate swaps $ (2 ) $ (2 ) $ (7 ) $ (5 ) Interest Expense Cross-currency swaps 2 86 (24 ) 80 Other Income (Expense) - net 1 2 1 2 Interest Expense Total Pre-tax 1 86 (30 ) 77 Income Taxes (1 ) (17 ) 6 (15 ) Total After-tax — 69 (24 ) 62 Equity investees' AOCI — — (1 ) 1 Other Income (Expense) - net Total Pre-tax — — (1 ) 1 Income Taxes — — — — Total After-tax — — (1 ) 1 Defined benefit plans Prior service costs (1 ) (1 ) (2 ) (2 ) Net actuarial loss (44 ) (41 ) (125 ) (121 ) Total Pre-tax (45 ) (42 ) (127 ) (123 ) Income Taxes 11 11 29 28 Total After-tax (34 ) (31 ) (98 ) (95 ) Total reclassifications during the period $ (34 ) $ 38 $ (123 ) $ (32 ) |
New Accounting Guidance Pending
New Accounting Guidance Pending Adoption | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 17. New Accounting Guidance Pending Adoption (All Registrants) Accounting for Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued accounting guidance that establishes a comprehensive new model for the recognition of revenue from contracts with customers. This model is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Registrants have completed an assessment of substantially all of their revenue under this new guidance and, for those assessments that have been completed, have determined it will not have a material impact on their current revenue recognition policies. The Registrants' operating revenues are derived primarily from tariff-based sales that result from providing electricity and natural gas to customers with no defined contractual term. Tariff-based sales are within the scope of the new guidance, and operating revenues under the new guidance will be equivalent to the electricity and natural gas delivered and billed in that period (including estimated billings), which is consistent with current practice. Management is still assessing the impact of the new standard on certain revenues in the U.K. Regulated segment and does not expect there to be a material impact to current practice, however, the assessment is still ongoing. The disclosure requirements included in the standard will result in increased information being provided to enable the users of the financial statements to understand the nature, amount, timing and uncertainty of revenue arising from contracts with customers. These disclosures will include disaggregation of revenues by geographic location, customer class or type of service, as applicable for each Registrant. Some revenue arrangements, including alternative revenue programs and lease income, are excluded from the scope of the new guidance and will be accounted for and disclosed separately from revenues from contracts with customers. The Registrants will also be required to disclose the opening and closing balances of accounts receivable and any contract assets or contract liabilities resulting from contracts with customers. For public business entities, this guidance can be applied using either a full retrospective or modified retrospective transition method, beginning in annual reporting periods after December 15, 2017 and interim periods within those years. The Registrants will adopt this guidance effective January 1, 2018 and will determine the transition method they will apply once they have completed their assessments and the implications of using either the full retrospective or modified retrospective transition methods are known. Accounting for Leases In February 2016, the FASB issued accounting guidance for leases. This new guidance requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that 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 will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright line tests. Lessor accounting under the new guidance is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. Similar to current practice, lessors will classify leases as operating, direct financing, or sales-type. The standard is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Registrants are currently assessing the impact of adopting this guidance. The Registrants will adopt this guidance effective January 1, 2019. 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. All entities may early adopt this guidance in annual reporting periods beginning after December 15, 2018, including interim periods within those years. The Registrants are currently assessing the impact of adopting this guidance and the period they will adopt it. Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued accounting guidance that changes the income statement presentation of net periodic benefit cost. This new guidance requires the service cost component to be disaggregated from other components of net benefit cost and presented in the same income statement line items as other employee compensation costs arising from services rendered during the period. The other components of net periodic benefits will be presented separately from the line items that include the service cost and outside of any subtotal of operating income. Only the service cost component is eligible for capitalization. For public business entities, the guidance on the presentation of the components of net periodic benefit costs will be applied retrospectively. The guidance that limits the capitalization to the service cost component of net periodic benefit costs will be applied prospectively. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. The Registrants will adopt this guidance effective January 1, 2018. For PPL’s, LKE’s and LG&E’s U.S. defined benefit pension and PPL's and LKE's other postretirement benefit plans, the adoption of this new guidance is not expected to have a material impact on either the presentation on the income statements or the amounts capitalized and related impact to expense, as the difference between the service cost and the non-service cost components of net periodic benefit costs has not historically been and is not expected to be material in 2018. For PPL’s U.K. defined benefit pension plans, the non-service cost components of net periodic benefit cost has been in a net-credit position for the current reporting periods and is expected to continue to be in a net-credit position for 2018. Therefore, the estimated impact of adopting this new guidance related to the non-service cost component credits to be reclassified from “Other operation and maintenance” to “Other Income (Expense)-net” on the Statements of Income is approximately $130 million and $90 million for the nine months ended 2017 and 2016. The Registrants are continuing to assess the expected 2018 impacts of adopting the guidance as the amounts will be affected by market conditions and assumptions selected at December 31, 2017. Improvements to Accounting for Hedging Activities In August 2017, the FASB issued accounting guidance that reduces complexity when applying hedge accounting as well as improves transparency about an entity's risk management activities. This guidance eliminates recognizing hedge ineffectiveness for cash flow and net investment hedges and provides for the ability to perform subsequent effectiveness assessments qualitatively. The guidance also makes certain changes to allowable methodologies such as allowing 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. The guidance also updates certain recognition and presentation requirements as well as disclosure requirements. For public business entities, this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. This standard must be adopted using a modified retrospective approach and provides for certain transition elections that must be made prior to the first effectiveness testing date after adoption. The Registrants are currently assessing the impact of adopting this guidance and the period they will adopt it. (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. All entities may early adopt this guidance for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Registrants are currently assessing the impact of adopting this guidance and the period they will adopt it. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Receivables, Policy | Accounts Receivable 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. |
PPL Electric Utilities Corp [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Receivables, Policy | Accounts Receivable 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. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Transfer, Policy | Transfers between levels are recognized at end-of-reporting-period values. |
Derivative Instruments and He29
Derivative Instruments and Hedging Activities (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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. |
Segment and Related Informati30
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 2017 2016 Income Statement Data Revenues from external customers U.K. Regulated $ 477 $ 515 $ 1,547 $ 1,673 Kentucky Regulated 818 835 2,350 2,382 Pennsylvania Regulated 547 539 1,620 1,619 Corporate and Other 3 — 4 11 Total $ 1,845 $ 1,889 $ 5,521 $ 5,685 Net Income U.K. Regulated (a) $ 126 $ 281 $ 560 $ 915 Kentucky Regulated 125 126 299 314 Pennsylvania Regulated 95 91 251 263 Corporate and Other 9 (25 ) (60 ) (55 ) Total $ 355 $ 473 $ 1,050 $ 1,437 (a) Includes unrealized gains and losses from hedging foreign-currency related economic activity. See Note 13 for additional information. The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated results as of: September 30, December 31, Balance Sheet Data Assets U.K. Regulated (a) $ 16,052 $ 14,537 Kentucky Regulated 14,181 14,037 Pennsylvania Regulated 10,323 9,426 Corporate and Other (b) 202 315 Total $ 40,758 $ 38,315 (a) Includes $11.7 billion and $10.8 billion of net PP&E as of September 30, 2017 and December 31, 2016 . WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. (b) Primarily consists of unallocated items, including cash, PP&E and the elimination of inter-segment transactions. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 2017 2016 Income (Numerator) Net income $ 355 $ 473 $ 1,050 $ 1,437 Less amounts allocated to participating securities 1 1 2 4 Net income available to PPL common shareowners - Basic and Diluted $ 354 $ 472 $ 1,048 $ 1,433 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 686,563 678,114 683,783 676,905 Add incremental non-participating securities: Share-based payment awards 2,183 2,234 2,298 3,064 Weighted-average shares - Diluted EPS 688,746 680,348 686,081 679,969 Basic EPS Net Income available to PPL common shareowners $ 0.52 $ 0.70 $ 1.53 $ 2.12 Diluted EPS Net Income available to PPL common shareowners $ 0.51 $ 0.69 $ 1.53 $ 2.11 |
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 2017 2016 2017 2016 Stock-based compensation plans (a) 256 248 1,707 3,168 DRIP 355 761 1,169 1,533 (a) Includes stock options exercised, vesting of performance units, vesting of restricted stock and 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 2017 2016 2017 2016 Stock options 696 696 696 696 Performance units — 316 — 210 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 165 $ 214 $ 480 $ 681 Increase (decrease) due to: State income taxes, net of federal income tax benefit 14 13 37 37 Valuation allowance adjustments 4 4 9 13 Impact of lower U.K. income tax rates (45 ) (37 ) (133 ) (136 ) U.S. income tax on foreign earnings - net of foreign tax credit (a) (8 ) (1 ) (24 ) (3 ) Impact of the U.K. Finance Acts (b) (3 ) (42 ) (12 ) (42 ) Depreciation not normalized (2 ) — (7 ) (6 ) Interest benefit on U.K. financing entities (4 ) (4 ) (12 ) (13 ) Stock-based compensation — (1 ) (7 ) (12 ) Other (5 ) (7 ) (10 ) (9 ) Total increase (decrease) (49 ) (75 ) (159 ) (171 ) Total income taxes $ 116 $ 139 $ 321 $ 510 (a) Lower income taxes primarily due to the tax benefit of accelerated pension contributions made in the first quarter of 2017. The related tax benefit is recognized over the annual period as a result of utilizing an estimated annual effective tax rate. (b) The U.K. Finance Act 2016, enacted in September 2016, reduces the U.K. statutory income tax rate effective April 1, 2020 from 18% to 17%. As a result, PPL reduced its net deferred tax liabilities and recognized a deferred tax benefit during the three and nine months ended September 30, 2016. |
PPL Electric Utilities Corp [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. (PPL Electric) Three Months Nine Months 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 56 $ 52 $ 144 $ 149 Increase (decrease) due to: State income taxes, net of federal income tax benefit 9 9 26 27 Depreciation not normalized (1 ) (2 ) (5 ) (5 ) Stock-based compensation — — (5 ) (7 ) Other — (1 ) (1 ) (2 ) Total increase (decrease) 8 6 15 13 Total income taxes $ 64 $ 58 $ 159 $ 162 |
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 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 74 $ 74 $ 181 $ 189 Increase (decrease) due to: State income taxes, net of federal income tax benefit 8 8 19 20 Amortization of investment tax credit (1 ) (1 ) (2 ) (2 ) Stock-based compensation — (1 ) (1 ) (2 ) Other (2 ) (1 ) (2 ) (3 ) Total increase (decrease) 5 5 14 13 Total income taxes $ 79 $ 79 $ 195 $ 202 |
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 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 36 $ 36 $ 91 $ 90 Increase (decrease) due to: State income taxes, net of federal income tax benefit 4 4 10 10 Other (1 ) (1 ) (2 ) (2 ) Total increase (decrease) 3 3 8 8 Total income taxes $ 39 $ 39 $ 99 $ 98 |
Kentucky Utilities 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. (KU) Three Months Nine Months 2017 2016 2017 2016 Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 43 $ 44 $ 111 $ 117 Increase (decrease) due to: State income taxes, net of federal income tax benefit 5 5 11 12 Other (1 ) (1 ) (2 ) (1 ) Total increase (decrease) 4 4 9 11 Total income taxes $ 47 $ 48 $ 120 $ 128 |
Utility Rate Regulation (Tables
Utility Rate Regulation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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: Environmental cost recovery $ 4 $ 6 $ — $ — Generation formula rate 8 11 — — Transmission service charge — 7 — 7 Gas supply clause 6 3 — — Smart meter rider 12 6 12 6 Storm costs 1 5 1 5 Other 3 1 1 1 Total current regulatory assets (a) $ 34 $ 39 $ 14 $ 19 Noncurrent Regulatory Assets: Defined benefit plans $ 908 $ 947 $ 530 $ 549 Taxes recoverable through future rates 347 340 347 340 Storm costs 37 57 — 9 Unamortized loss on debt 55 61 30 36 Interest rate swaps 29 31 — — Terminated interest rate swaps 93 98 — — Accumulated cost of removal of utility plant 166 159 166 159 AROs 224 211 — — Other 10 14 — 1 Total noncurrent regulatory assets $ 1,869 $ 1,918 $ 1,073 $ 1,094 PPL PPL Electric September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Generation supply charge $ 29 $ 23 $ 29 $ 23 Transmission service charge 6 — 6 — Universal service rider 19 14 19 14 Transmission formula rate 4 15 4 15 Fuel adjustment clause 11 11 — — Act 129 compliance rider 7 17 7 17 Storm damage expense 7 13 7 13 Other 4 8 — 1 Total current regulatory liabilities $ 87 $ 101 $ 72 $ 83 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 678 $ 700 $ — $ — Power purchase agreement - OVEC (b) 69 75 — — Net deferred tax assets 21 23 — — Defined benefit plans 27 23 — — Terminated interest rate swaps 74 78 — — Other 4 — — — Total noncurrent regulatory liabilities $ 873 $ 899 $ — $ — LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Current Regulatory Assets: Environmental cost recovery $ 4 $ 6 $ 4 $ 6 $ — $ — Generation formula rate 8 11 — — 8 11 Gas supply clause 6 3 6 3 — — Other 2 — 1 — 1 — Total current regulatory assets $ 20 $ 20 $ 11 $ 9 $ 9 $ 11 Noncurrent Regulatory Assets: Defined benefit plans $ 378 $ 398 $ 235 $ 246 $ 143 $ 152 Storm costs 37 48 20 26 17 22 Unamortized loss on debt 25 25 16 16 9 9 Interest rate swaps 29 31 29 31 — — Terminated interest rate swaps 93 98 54 57 39 41 AROs 224 211 57 70 167 141 Plant retirement costs 2 4 — — 2 4 Other 8 9 2 4 6 5 Total noncurrent regulatory assets $ 796 $ 824 $ 413 $ 450 $ 383 $ 374 LKE LG&E KU September 30, December 31, September 30, December 31, September 30, December 31, Current Regulatory Liabilities: Demand side management $ — $ 3 $ — $ 2 $ — $ 1 Fuel adjustment clause 11 11 3 2 8 9 Other 4 4 2 1 2 3 Total current regulatory liabilities $ 15 $ 18 $ 5 $ 5 $ 10 $ 13 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 678 $ 700 $ 281 $ 305 $ 397 $ 395 Power purchase agreement - OVEC (b) 69 75 48 52 21 23 Net deferred tax assets 21 23 21 23 — — Defined benefit plans 27 23 — — 27 23 Terminated interest rate swaps 74 78 37 39 37 39 Other 4 — 1 — 3 — Total noncurrent regulatory liabilities $ 873 $ 899 $ 388 $ 419 $ 485 $ 480 (a) For PPL, these amounts are included in "Other current assets" on the Balance Sheets. (b) This liability was recorded as an offset to an intangible asset that was recorded at fair value upon the acquisition of LKE by PPL. |
Financing Activities (Tables)
Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following credit facilities were in place at: September 30, 2017 December 31, 2016 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. 2022 £ 210 £ 155 £ — £ 54 £ 160 £ — Term Loan Facility (b) Dec. 2017 230 230 — — — — WPD (South West) Syndicated Credit Facility (c) July 2021 245 — — 245 110 — WPD (East Midlands) Syndicated Credit Facility (d) July 2021 300 116 — 184 9 — WPD (West Midlands) Syndicated Credit Facility July 2021 300 — — 300 — — Uncommitted Credit Facilities (e) 100 70 4 26 60 4 Total U.K. Credit Facilities (f) £ 1,385 £ 571 £ 4 £ 809 £ 339 £ 4 September 30, 2017 December 31, 2016 Expiration Date Capacity Borrowed Letters of Credit and Commercial Paper Issued Unused Capacity Borrowed Letters of Credit and Commercial Paper Issued U.S. PPL Capital Funding Syndicated Credit Facility Jan. 2022 $ 950 $ — $ 285 $ 665 $ — $ 20 Syndicated Credit Facility Nov. 2018 300 — — 300 — — Bilateral Credit Facility Mar. 2018 150 — 18 132 — 17 Total PPL Capital Funding Credit Facilities $ 1,400 $ — $ 303 $ 1,097 $ — $ 37 PPL Electric Syndicated Credit Facility Jan. 2022 $ 650 $ — $ 1 $ 649 $ — $ 296 LKE Syndicated Credit Facility Oct. 2018 $ 75 $ — $ — $ 75 $ — $ — LG&E Syndicated Credit Facility Jan. 2022 $ 500 $ — $ 190 $ 310 $ — $ 169 KU Syndicated Credit Facility Jan. 2022 $ 400 $ — $ — $ 400 $ — $ 16 Letter of Credit Facility Oct. 2020 198 — 198 — — 198 Total KU Credit Facilities $ 598 $ — $ 198 $ 400 $ — $ 214 (a) The amounts borrowed at September 30, 2017 and December 31, 2016 were USD-denominated borrowings of $200 million for both periods, which bore interest at 2.06% and 1.43% . The unused capacity reflects the amount borrowed in GBP of £156 million as of the date borrowed. (b) The amount borrowed at September 30, 2017 was a GBP-denominated borrowing which equated to $296 million and bore interest at 1.50% . (c) The amount borrowed at December 31, 2016 was a GBP-denominated borrowing which equated to $137 million and bore interest at 0.66% . (d) The amounts borrowed at September 30, 2017 and December 31, 2016 were GBP-denominated borrowings which equated to $150 million and $11 million and bore interest at 0.65% and 0.66% . (e) The amounts borrowed at September 30, 2017 and December 31, 2016 were GBP-denominated borrowings which equated to $90 million and $75 million and bore interest at 1.29% and 1.26% . (f) At September 30, 2017 , the unused capacity under the U.K. credit facilities was $1.0 billion . |
Schedule of Short-term Debt | The following commercial paper programs were in place at: September 30, 2017 December 31, 2016 Weighted - Average Interest Rate Capacity Commercial Paper Issuances Unused Capacity Weighted - Average Interest Rate Commercial Paper Issuances PPL Capital Funding 1.41% $ 1,000 $ 285 $ 715 1.10% $ 20 PPL Electric 650 — 650 1.05% 295 LG&E 1.38% 350 190 160 0.94% 169 KU 350 — 350 0.87% 16 Total $ 2,350 $ 475 $ 1,875 $ 500 |
Schedule Of Stock Offering Program | For the periods ended September 30 , PPL issued the following: Three Months Nine Months 2017 2016 2017 2016 Number of shares (in thousands) 2,049 710 5,526 710 Average share price $ 39.04 $ 35.23 $ 38.49 $ 35.23 Net Proceeds $ 79 $ 25 $ 211 $ 25 |
Defined Benefits (Tables)
Defined Benefits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 U.S. U.K. U.S. U.K. 2017 2016 2017 2016 2017 2016 2017 2016 PPL Service cost $ 17 $ 16 $ 20 $ 17 $ 49 $ 49 $ 57 $ 53 Interest cost 42 44 45 58 126 131 132 182 Expected return on plan assets (58 ) (57 ) (130 ) (124 ) (173 ) (171 ) (382 ) (389 ) Amortization of: Prior service cost 2 2 — — 7 6 — — Actuarial loss 18 12 36 34 52 37 107 107 Net periodic defined benefit costs (credits) before settlements and special termination benefits 21 17 (29 ) (15 ) 61 52 (86 ) (47 ) Settlements (a) 7 3 — — 7 3 — — Special termination benefits (b) — — — — 1 — — — Net periodic defined benefit costs (credits) $ 28 $ 20 $ (29 ) $ (15 ) $ 69 $ 55 $ (86 ) $ (47 ) (a) 2017 includes settlement charges of $5 million from the LG&E qualified pension plan and $2 million from the PPL non-qualified pension plan and 2016 includes a settlement charge of $3 million from the PPL non-qualified pension plan. These settlements resulted from lump sum payments that exceeded service cost and interest cost components of net periodic pension cost for the year. (b) Enhanced pension benefits offered to certain PPL Electric bargaining unit employees under a one-time voluntary retirement window offered as part of the new five year IBEW contract ratified in March 2017. Pension Benefits Three Months Nine Months 2017 2016 2017 2016 LKE Service cost $ 6 $ 6 $ 18 $ 18 Interest cost 17 18 51 53 Expected return on plan assets (23 ) (23 ) (69 ) (68 ) Amortization of: Prior service cost 2 2 6 6 Actuarial loss (a) 8 5 23 15 Net periodic defined benefit costs before settlements 10 8 29 24 Settlements (b) 5 — 5 — Net periodic defined benefit costs $ 15 $ 8 $ 34 $ 24 LG&E Service cost $ — $ — $ 1 $ 1 Interest cost 3 4 9 11 Expected return on plan assets (5 ) (5 ) (16 ) (15 ) Amortization of: Prior service cost 1 1 3 3 Actuarial loss (a) 3 2 7 5 Net periodic defined benefit costs before settlements 2 2 4 5 Settlements (b) 5 — 5 — Net periodic defined benefit costs $ 7 $ 2 $ 9 $ 5 (a) As a result of treatment approved by the KPSC, the difference between actuarial loss calculated in accordance with LKE's accounting policy and actuarial loss calculated using a 15 -year amortization period was $3 million and $8 million for the three and nine months ended September 30, 2017 and $4 million for the nine months ended September 30, 2016. 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 $3 million for the three and nine months ended September 30, 2017 and $1 million for the three months ended September 30, 2016. These differences are recorded as regulatory assets. (b) Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, a settlement charge of $5 million was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount will be amortized in accordance with existing regulatory practice. Other Postretirement Benefits Three Months Nine Months 2017 2016 2017 2016 PPL Service cost $ 2 $ 2 $ 6 $ 6 Interest cost 5 6 17 19 Expected return on plan assets (6 ) (6 ) (17 ) (17 ) Amortization of prior service cost — — (1 ) — Amortization of actuarial loss 1 1 1 1 Net periodic defined benefit costs $ 2 $ 3 $ 6 $ 9 Other Postretirement Benefits Three Months Nine Months 2017 2016 2017 2016 LKE Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 2 2 6 7 Expected return on plan assets (2 ) (2 ) (5 ) (5 ) Amortization of prior service cost 1 1 1 2 Net periodic defined benefit costs $ 2 $ 2 $ 5 $ 7 |
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 2017 2016 2017 2016 PPL Electric $ 6 $ 6 $ 19 $ 17 LG&E 3 2 8 7 KU 2 2 7 8 |
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) | 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. 2017 2016 2017 2016 2017 2016 2017 2016 PPL Service cost $ 17 $ 16 $ 20 $ 17 $ 49 $ 49 $ 57 $ 53 Interest cost 42 44 45 58 126 131 132 182 Expected return on plan assets (58 ) (57 ) (130 ) (124 ) (173 ) (171 ) (382 ) (389 ) Amortization of: Prior service cost 2 2 — — 7 6 — — Actuarial loss 18 12 36 34 52 37 107 107 Net periodic defined benefit costs (credits) before settlements and special termination benefits 21 17 (29 ) (15 ) 61 52 (86 ) (47 ) Settlements (a) 7 3 — — 7 3 — — Special termination benefits (b) — — — — 1 — — — Net periodic defined benefit costs (credits) $ 28 $ 20 $ (29 ) $ (15 ) $ 69 $ 55 $ (86 ) $ (47 ) (a) 2017 includes settlement charges of $5 million from the LG&E qualified pension plan and $2 million from the PPL non-qualified pension plan and 2016 includes a settlement charge of $3 million from the PPL non-qualified pension plan. These settlements resulted from lump sum payments that exceeded service cost and interest cost components of net periodic pension cost for the year. (b) Enhanced pension benefits offered to certain PPL Electric bargaining unit employees under a one-time voluntary retirement window offered as part of the new five year IBEW contract ratified in March 2017. Pension Benefits Three Months Nine Months 2017 2016 2017 2016 LKE Service cost $ 6 $ 6 $ 18 $ 18 Interest cost 17 18 51 53 Expected return on plan assets (23 ) (23 ) (69 ) (68 ) Amortization of: Prior service cost 2 2 6 6 Actuarial loss (a) 8 5 23 15 Net periodic defined benefit costs before settlements 10 8 29 24 Settlements (b) 5 — 5 — Net periodic defined benefit costs $ 15 $ 8 $ 34 $ 24 LG&E Service cost $ — $ — $ 1 $ 1 Interest cost 3 4 9 11 Expected return on plan assets (5 ) (5 ) (16 ) (15 ) Amortization of: Prior service cost 1 1 3 3 Actuarial loss (a) 3 2 7 5 Net periodic defined benefit costs before settlements 2 2 4 5 Settlements (b) 5 — 5 — Net periodic defined benefit costs $ 7 $ 2 $ 9 $ 5 (a) As a result of treatment approved by the KPSC, the difference between actuarial loss calculated in accordance with LKE's accounting policy and actuarial loss calculated using a 15 -year amortization period was $3 million and $8 million for the three and nine months ended September 30, 2017 and $4 million for the nine months ended September 30, 2016. 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 $3 million for the three and nine months ended September 30, 2017 and $1 million for the three months ended September 30, 2016. These differences are recorded as regulatory assets. (b) Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, a settlement charge of $5 million was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount will be amortized in accordance with existing regulatory practice. Other Postretirement Benefits Three Months Nine Months 2017 2016 2017 2016 PPL Service cost $ 2 $ 2 $ 6 $ 6 Interest cost 5 6 17 19 Expected return on plan assets (6 ) (6 ) (17 ) (17 ) Amortization of prior service cost — — (1 ) — Amortization of actuarial loss 1 1 1 1 Net periodic defined benefit costs $ 2 $ 3 $ 6 $ 9 Other Postretirement Benefits Three Months Nine Months 2017 2016 2017 2016 LKE Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 2 2 6 7 Expected return on plan assets (2 ) (2 ) (5 ) (5 ) Amortization of prior service cost 1 1 1 2 Net periodic defined benefit costs $ 2 $ 2 $ 5 $ 7 |
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 U.S. U.K. U.S. U.K. 2017 2016 2017 2016 2017 2016 2017 2016 PPL Service cost $ 17 $ 16 $ 20 $ 17 $ 49 $ 49 $ 57 $ 53 Interest cost 42 44 45 58 126 131 132 182 Expected return on plan assets (58 ) (57 ) (130 ) (124 ) (173 ) (171 ) (382 ) (389 ) Amortization of: Prior service cost 2 2 — — 7 6 — — Actuarial loss 18 12 36 34 52 37 107 107 Net periodic defined benefit costs (credits) before settlements and special termination benefits 21 17 (29 ) (15 ) 61 52 (86 ) (47 ) Settlements (a) 7 3 — — 7 3 — — Special termination benefits (b) — — — — 1 — — — Net periodic defined benefit costs (credits) $ 28 $ 20 $ (29 ) $ (15 ) $ 69 $ 55 $ (86 ) $ (47 ) (a) 2017 includes settlement charges of $5 million from the LG&E qualified pension plan and $2 million from the PPL non-qualified pension plan and 2016 includes a settlement charge of $3 million from the PPL non-qualified pension plan. These settlements resulted from lump sum payments that exceeded service cost and interest cost components of net periodic pension cost for the year. (b) Enhanced pension benefits offered to certain PPL Electric bargaining unit employees under a one-time voluntary retirement window offered as part of the new five year IBEW contract ratified in March 2017. Pension Benefits Three Months Nine Months 2017 2016 2017 2016 LKE Service cost $ 6 $ 6 $ 18 $ 18 Interest cost 17 18 51 53 Expected return on plan assets (23 ) (23 ) (69 ) (68 ) Amortization of: Prior service cost 2 2 6 6 Actuarial loss (a) 8 5 23 15 Net periodic defined benefit costs before settlements 10 8 29 24 Settlements (b) 5 — 5 — Net periodic defined benefit costs $ 15 $ 8 $ 34 $ 24 LG&E Service cost $ — $ — $ 1 $ 1 Interest cost 3 4 9 11 Expected return on plan assets (5 ) (5 ) (16 ) (15 ) Amortization of: Prior service cost 1 1 3 3 Actuarial loss (a) 3 2 7 5 Net periodic defined benefit costs before settlements 2 2 4 5 Settlements (b) 5 — 5 — Net periodic defined benefit costs $ 7 $ 2 $ 9 $ 5 (a) As a result of treatment approved by the KPSC, the difference between actuarial loss calculated in accordance with LKE's accounting policy and actuarial loss calculated using a 15 -year amortization period was $3 million and $8 million for the three and nine months ended September 30, 2017 and $4 million for the nine months ended September 30, 2016. 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 $3 million for the three and nine months ended September 30, 2017 and $1 million for the three months ended September 30, 2016. These differences are recorded as regulatory assets. (b) Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, a settlement charge of $5 million was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount will be amortized in accordance with existing regulatory practice. Other Postretirement Benefits Three Months Nine Months 2017 2016 2017 2016 PPL Service cost $ 2 $ 2 $ 6 $ 6 Interest cost 5 6 17 19 Expected return on plan assets (6 ) (6 ) (17 ) (17 ) Amortization of prior service cost — — (1 ) — Amortization of actuarial loss 1 1 1 1 Net periodic defined benefit costs $ 2 $ 3 $ 6 $ 9 Other Postretirement Benefits Three Months Nine Months 2017 2016 2017 2016 LKE Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 2 2 6 7 Expected return on plan assets (2 ) (2 ) (5 ) (5 ) Amortization of prior service cost 1 1 1 2 Net periodic defined benefit costs $ 2 $ 2 $ 5 $ 7 |
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 2017 2016 2017 2016 PPL Electric $ 6 $ 6 $ 19 $ 17 LG&E 3 2 8 7 KU 2 2 7 8 |
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 2017 2016 2017 2016 PPL Electric $ 6 $ 6 $ 19 $ 17 LG&E 3 2 8 7 KU 2 2 7 8 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees | The table below details guarantees provided as of September 30, 2017 . Exposure at Expiration PPL Indemnifications related to the WPD Midlands acquisition (a) WPD indemnifications for entities in liquidation and sales of assets $ 10 (b) 2019 WPD guarantee of pension and other obligations of unconsolidated entities 95 (c) PPL Electric Guarantee of inventory value 17 (d) 2018 LKE Indemnification of lease termination and other divestitures 301 (e) 2021 - 2023 LG&E and KU LG&E and KU guarantee 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, 2017 , 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. Another WKE-related LKE guarantee covers other indemnifications related to the purchase price of excess power, has a term expiring in 2023, and a maximum exposure of $100 million . In May 2012, LKE's indemnitee received an unfavorable arbitration panel's decision interpreting this matter. In October 2014, LKE's indemnitee filed a motion for discretionary review with the Kentucky Supreme Court seeking to overturn the arbitration decision, and such motion was denied by the court in September 2015. In September 2015, the counterparty issued a demand letter to LKE's indemnitee. In February 2016, the counterparty filed a complaint in Henderson, Kentucky Circuit Court, seeking an award of damages in the matter. The proceeding is currently in the discovery phase. LKE does not believe appropriate contractual, legal or commercial grounds exist for the claim made. LKE believes its indemnifications in the WKE matter remain subject to various uncertainties, including additional legal and contractual developments, as well as future prices, availability and demand for the subject excess power. Although the parties have conducted certain settlement discussions and reached a settlement in principle to resolve all claims for an aggregate amount within LKE's recorded liability, the ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. 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 $118 million at September 30, 2017 , consisting of LG&E's share of $82 million and KU's share of $36 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 2016 Form 10-K for additional information on the OVEC power purchase contract. In connection with recent credit market related developments at OVEC or certain of its sponsors, such parties, 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. The ultimate outcome of these matters, including any potential impact on LG&E's and KU's obligations relating to OVEC debt under the power purchase contract cannot be predicted. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 2017 2016 PPL Electric from PPL Services $ 43 $ 33 $ 138 $ 98 LKE from PPL Services 4 4 15 13 PPL Electric from PPL EU Services 15 17 48 50 LG&E from LKS 38 40 120 128 KU from LKS 43 46 134 151 |
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 2017 2016 2017 2016 PPL Electric from PPL Services $ 43 $ 33 $ 138 $ 98 LKE from PPL Services 4 4 15 13 PPL Electric from PPL EU Services 15 17 48 50 LG&E from LKS 38 40 120 128 KU from LKS 43 46 134 151 |
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 2017 2016 2017 2016 PPL Electric from PPL Services $ 43 $ 33 $ 138 $ 98 LKE from PPL Services 4 4 15 13 PPL Electric from PPL EU Services 15 17 48 50 LG&E from LKS 38 40 120 128 KU from LKS 43 46 134 151 |
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 2017 2016 2017 2016 PPL Electric from PPL Services $ 43 $ 33 $ 138 $ 98 LKE from PPL Services 4 4 15 13 PPL Electric from PPL EU Services 15 17 48 50 LG&E from LKS 38 40 120 128 KU from LKS 43 46 134 151 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 676 $ 676 $ — $ — $ 341 $ 341 $ — $ — Restricted cash and cash equivalents (a) 24 24 — — 26 26 — — Price risk management assets (b): Foreign currency contracts 164 — 164 — 211 — 211 — Cross-currency swaps 160 — 160 — 188 — 188 — Total price risk management assets 324 — 324 — 399 — 399 — Total assets $ 1,024 $ 700 $ 324 $ — $ 766 $ 367 $ 399 $ — Liabilities Price risk management liabilities (b): Interest rate swaps $ 31 $ — $ 31 $ — $ 31 $ — $ 31 $ — Foreign currency contracts 167 — 167 — 27 — 27 — Total price risk management liabilities $ 198 $ — $ 198 $ — $ 58 $ — $ 58 $ — PPL Electric Assets Cash and cash equivalents $ 243 $ 243 $ — $ — $ 13 $ 13 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 245 $ 245 $ — $ — $ 15 $ 15 $ — $ — LKE Assets Cash and cash equivalents $ 40 $ 40 $ — $ — $ 13 $ 13 $ — $ — Cash collateral posted to counterparties (c) 1 1 — — 3 3 — — Total assets $ 41 $ 41 $ — $ — $ 16 $ 16 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 29 $ — $ 29 $ — $ 31 $ — $ 31 $ — Total price risk management liabilities $ 29 $ — $ 29 $ — $ 31 $ — $ 31 $ — LG&E Assets Cash and cash equivalents $ 9 $ 9 $ — $ — $ 5 $ 5 $ — $ — Cash collateral posted to counterparties (c) 1 1 — — 3 3 — — Total assets $ 10 $ 10 $ — $ — $ 8 $ 8 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 29 $ — $ 29 $ — $ 31 $ — $ 31 $ — Total price risk management liabilities $ 29 $ — $ 29 $ — $ 31 $ — $ 31 $ — September 30, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 KU Assets Cash and cash equivalents $ 31 $ 31 $ — $ — $ 7 $ 7 $ — $ — Total assets $ 31 $ 31 $ — $ — $ 7 $ 7 $ — $ — (a) Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. (b) 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. (c) Included in "Other noncurrent assets" on the Balance Sheets. Represents cash collateral posted to offset the exposure with counterparties related to certain interest rate swaps under master netting arrangements that are not offset. |
Fair Value, by Balance Sheet Grouping | The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. September 30, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value PPL $ 19,558 $ 23,357 $ 18,326 $ 21,355 PPL Electric 3,298 3,724 2,831 3,148 LKE 5,068 5,592 5,065 5,439 LG&E 1,619 1,768 1,617 1,710 KU 2,328 2,602 2,327 2,514 (a) Amounts are net of debt issuance costs. |
Derivative Instruments and He39
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 December 31, 2016 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) $ — $ 2 $ — $ 5 $ — $ — $ — $ 4 Cross-currency swaps (b) 28 — — — 32 — — — Foreign currency contracts 1 — 28 86 — — 31 21 Total current 29 2 28 91 32 — 31 25 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 24 — — — 27 Cross-currency swaps (b) 132 — — — 156 — — — Foreign currency contracts — — 135 81 — — 180 6 Total noncurrent 132 — 135 105 156 — 180 33 Total derivatives $ 161 $ 2 $ 163 $ 196 $ 188 $ — $ 211 $ 58 (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, 2017 . Three Months Nine Months Derivative Derivative Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Three Months Nine Months Cash Flow Hedges: Interest rate swaps $ — $ (2 ) Interest expense $ (2 ) $ — $ (6 ) $ (1 ) Cross-currency swaps 1 (34 ) Interest expense 1 — 1 — Other income (expense) - net 2 — (24 ) — Total $ 1 $ (36 ) $ 1 $ — $ (29 ) $ (1 ) Net Investment Hedges: Foreign currency contracts $ 1 $ 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 $ (81 ) $ (237 ) Interest rate swaps Interest expense (1 ) (4 ) Total $ (82 ) $ (241 ) 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 $ 1 $ 2 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, 2016 . Three Months Nine Months Derivative Derivative Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Three Months Nine Months Cash Flow Hedges: Interest rate swaps $ — $ (21 ) Interest expense $ (2 ) $ — $ (5 ) $ — Cross-currency swaps 78 87 Interest expense 2 — 2 — Other income (expense) - net 86 — 80 — Total $ 78 $ 66 $ 86 $ — $ 77 $ — Net Investment Hedges: Foreign currency contracts $ — $ 4 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 $ 49 $ 280 Interest rate swaps Interest expense (2 ) (6 ) Total $ 47 $ 274 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 ) |
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, 2017 Treasury Derivatives PPL $ 324 $ 138 $ 17 $ 169 $ 198 $ 138 $ 1 $ 59 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 December 31, 2016 Treasury Derivatives PPL $ 399 $ 27 $ 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 |
Credit Risk-Related Contingent Features | At September 30, 2017 , 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 $ 43 $ 11 $ 11 Aggregate fair value of collateral posted on these derivative instruments 1 1 1 Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 42 10 10 (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, 2017 December 31, 2016 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 — 24 — 27 Total noncurrent — 24 — 27 Total derivatives $ — $ 29 $ — $ 31 |
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, 2017 . 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 $ 1 $ 2 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, 2016 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (2 ) $ (6 ) 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, 2017 Treasury Derivatives PPL $ 324 $ 138 $ 17 $ 169 $ 198 $ 138 $ 1 $ 59 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 December 31, 2016 Treasury Derivatives PPL $ 399 $ 27 $ 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 |
Credit Risk-Related Contingent Features | At September 30, 2017 , 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 $ 43 $ 11 $ 11 Aggregate fair value of collateral posted on these derivative instruments 1 1 1 Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 42 10 10 (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, 2017 December 31, 2016 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 — 24 — 27 Total noncurrent — 24 — 27 Total derivatives $ — $ 29 $ — $ 31 |
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, 2017 . 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 $ 1 $ 2 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, 2016 . Location of Gain (Loss) Recognized in Derivative Instruments Income on Derivatives Three Months Nine Months Interest rate swaps Interest expense $ (2 ) $ (6 ) 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, 2017 Treasury Derivatives PPL $ 324 $ 138 $ 17 $ 169 $ 198 $ 138 $ 1 $ 59 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 December 31, 2016 Treasury Derivatives PPL $ 399 $ 27 $ 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 |
Credit Risk-Related Contingent Features | At September 30, 2017 , 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 $ 43 $ 11 $ 11 Aggregate fair value of collateral posted on these derivative instruments 1 1 1 Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 42 10 10 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Kentucky Utilities Co [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
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, 2017 Treasury Derivatives PPL $ 324 $ 138 $ 17 $ 169 $ 198 $ 138 $ 1 $ 59 LKE — — — — 29 — 1 28 LG&E — — — — 29 — 1 28 December 31, 2016 Treasury Derivatives PPL $ 399 $ 27 $ 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016 $ 488 $ 433 $ 145 $ 288 Accretion 16 15 5 10 Effect of foreign exchange rates 2 — — — Changes in estimated timing or cost (70 ) (63 ) (12 ) (51 ) Obligations settled (30 ) (30 ) (20 ) (10 ) Balance at September 30, 2017 $ 406 $ 355 $ 118 $ 237 |
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, 2016 $ 488 $ 433 $ 145 $ 288 Accretion 16 15 5 10 Effect of foreign exchange rates 2 — — — Changes in estimated timing or cost (70 ) (63 ) (12 ) (51 ) Obligations settled (30 ) (30 ) (20 ) (10 ) Balance at September 30, 2017 $ 406 $ 355 $ 118 $ 237 |
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, 2016 $ 488 $ 433 $ 145 $ 288 Accretion 16 15 5 10 Effect of foreign exchange rates 2 — — — Changes in estimated timing or cost (70 ) (63 ) (12 ) (51 ) Obligations settled (30 ) (30 ) (20 ) (10 ) Balance at September 30, 2017 $ 406 $ 355 $ 118 $ 237 |
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, 2016 $ 488 $ 433 $ 145 $ 288 Accretion 16 15 5 10 Effect of foreign exchange rates 2 — — — Changes in estimated timing or cost (70 ) (63 ) (12 ) (51 ) Obligations settled (30 ) (30 ) (20 ) (10 ) Balance at September 30, 2017 $ 406 $ 355 $ 118 $ 237 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Equity investees' AOCI Prior service costs Actuarial gain (loss) Total PPL June 30, 2017 $ (1,420 ) $ (13 ) $ — $ (7 ) $ (2,083 ) $ (3,523 ) Amounts arising during the period (12 ) 1 — — (3 ) (14 ) Reclassifications from AOCI — — — — 34 34 Net OCI during the period (12 ) 1 — — 31 20 September 30, 2017 $ (1,432 ) $ (12 ) $ — $ (7 ) $ (2,052 ) $ (3,503 ) December 31, 2016 $ (1,627 ) $ (7 ) $ (1 ) $ (8 ) $ (2,135 ) $ (3,778 ) Amounts arising during the period 195 (29 ) — — (14 ) 152 Reclassifications from AOCI — 24 1 1 97 123 Net OCI during the period 195 (5 ) 1 1 83 275 September 30, 2017 $ (1,432 ) $ (12 ) $ — $ (7 ) $ (2,052 ) $ (3,503 ) June 30, 2016 $ (716 ) $ (5 ) $ (1 ) $ (5 ) $ (2,130 ) $ (2,857 ) Amounts arising during the period (641 ) 62 — — (6 ) (585 ) Reclassifications from AOCI — (69 ) — — 31 (38 ) Net OCI during the period (641 ) (7 ) — — 25 (623 ) September 30, 2016 $ (1,357 ) $ (12 ) $ (1 ) $ (5 ) $ (2,105 ) $ (3,480 ) December 31, 2015 $ (520 ) $ (7 ) $ — $ (6 ) $ (2,195 ) $ (2,728 ) Amounts arising during the period (837 ) 57 — — (4 ) (784 ) Reclassifications from AOCI — (62 ) (1 ) 1 94 32 Net OCI during the period (837 ) (5 ) (1 ) 1 90 (752 ) September 30, 2016 $ (1,357 ) $ (12 ) $ (1 ) $ (5 ) $ (2,105 ) $ (3,480 ) LKE June 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) Amounts arising during the period — — (1 ) (1 ) Reclassifications from AOCI — — 1 1 Net OCI during the period — — — — September 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) December 31, 2016 $ (1 ) $ (8 ) $ (61 ) $ (70 ) Amounts arising during the period — — (12 ) (12 ) Reclassifications from AOCI 1 1 3 5 Net OCI during the period 1 1 (9 ) (7 ) September 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) June 30, 2016 $ (1 ) $ (9 ) $ (33 ) $ (43 ) Reclassifications from AOCI — — 1 1 Net OCI during the period — — 1 1 September 30, 2016 $ (1 ) $ (9 ) $ (32 ) $ (42 ) Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Equity investees' AOCI Prior service costs Actuarial gain (loss) Total December 31, 2015 $ — $ (10 ) $ (36 ) $ (46 ) Amounts arising during the period — — 1 1 Reclassifications from AOCI (1 ) 1 3 3 Net OCI during the period (1 ) 1 4 4 September 30, 2016 $ (1 ) $ (9 ) $ (32 ) $ (42 ) |
Reclassification out of Other Comprehensive Income (Loss) | The following table presents the 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 2017 2016 2017 2016 Statements of Income Qualifying derivatives Interest rate swaps $ (2 ) $ (2 ) $ (7 ) $ (5 ) Interest Expense Cross-currency swaps 2 86 (24 ) 80 Other Income (Expense) - net 1 2 1 2 Interest Expense Total Pre-tax 1 86 (30 ) 77 Income Taxes (1 ) (17 ) 6 (15 ) Total After-tax — 69 (24 ) 62 Equity investees' AOCI — — (1 ) 1 Other Income (Expense) - net Total Pre-tax — — (1 ) 1 Income Taxes — — — — Total After-tax — — (1 ) 1 Defined benefit plans Prior service costs (1 ) (1 ) (2 ) (2 ) Net actuarial loss (44 ) (41 ) (125 ) (121 ) Total Pre-tax (45 ) (42 ) (127 ) (123 ) Income Taxes 11 11 29 28 Total After-tax (34 ) (31 ) (98 ) (95 ) Total reclassifications during the period $ (34 ) $ 38 $ (123 ) $ (32 ) |
LG And E And KU Energy LLC [Member] | |
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 Equity investees' AOCI Prior service costs Actuarial gain (loss) Total PPL June 30, 2017 $ (1,420 ) $ (13 ) $ — $ (7 ) $ (2,083 ) $ (3,523 ) Amounts arising during the period (12 ) 1 — — (3 ) (14 ) Reclassifications from AOCI — — — — 34 34 Net OCI during the period (12 ) 1 — — 31 20 September 30, 2017 $ (1,432 ) $ (12 ) $ — $ (7 ) $ (2,052 ) $ (3,503 ) December 31, 2016 $ (1,627 ) $ (7 ) $ (1 ) $ (8 ) $ (2,135 ) $ (3,778 ) Amounts arising during the period 195 (29 ) — — (14 ) 152 Reclassifications from AOCI — 24 1 1 97 123 Net OCI during the period 195 (5 ) 1 1 83 275 September 30, 2017 $ (1,432 ) $ (12 ) $ — $ (7 ) $ (2,052 ) $ (3,503 ) June 30, 2016 $ (716 ) $ (5 ) $ (1 ) $ (5 ) $ (2,130 ) $ (2,857 ) Amounts arising during the period (641 ) 62 — — (6 ) (585 ) Reclassifications from AOCI — (69 ) — — 31 (38 ) Net OCI during the period (641 ) (7 ) — — 25 (623 ) September 30, 2016 $ (1,357 ) $ (12 ) $ (1 ) $ (5 ) $ (2,105 ) $ (3,480 ) December 31, 2015 $ (520 ) $ (7 ) $ — $ (6 ) $ (2,195 ) $ (2,728 ) Amounts arising during the period (837 ) 57 — — (4 ) (784 ) Reclassifications from AOCI — (62 ) (1 ) 1 94 32 Net OCI during the period (837 ) (5 ) (1 ) 1 90 (752 ) September 30, 2016 $ (1,357 ) $ (12 ) $ (1 ) $ (5 ) $ (2,105 ) $ (3,480 ) LKE June 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) Amounts arising during the period — — (1 ) (1 ) Reclassifications from AOCI — — 1 1 Net OCI during the period — — — — September 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) December 31, 2016 $ (1 ) $ (8 ) $ (61 ) $ (70 ) Amounts arising during the period — — (12 ) (12 ) Reclassifications from AOCI 1 1 3 5 Net OCI during the period 1 1 (9 ) (7 ) September 30, 2017 $ — $ (7 ) $ (70 ) $ (77 ) June 30, 2016 $ (1 ) $ (9 ) $ (33 ) $ (43 ) Reclassifications from AOCI — — 1 1 Net OCI during the period — — 1 1 September 30, 2016 $ (1 ) $ (9 ) $ (32 ) $ (42 ) Foreign currency translation adjustments Unrealized gains (losses) on qualifying derivatives Defined benefit plans Equity investees' AOCI Prior service costs Actuarial gain (loss) Total December 31, 2015 $ — $ (10 ) $ (36 ) $ (46 ) Amounts arising during the period — — 1 1 Reclassifications from AOCI (1 ) 1 3 3 Net OCI during the period (1 ) 1 4 4 September 30, 2016 $ (1 ) $ (9 ) $ (32 ) $ (42 ) |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details) - Alternative Electricity Suppliers [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounts Receivable (Numeric) [Abstract] | ||||
Purchases of accounts receivable | $ 324 | $ 365 | $ 968 | $ 1,000 |
PPL Electric Utilities Corp [Member] | ||||
Accounts Receivable (Numeric) [Abstract] | ||||
Purchases of accounts receivable | $ 324 | $ 365 | $ 968 | $ 1,000 |
Segment and Related Informati43
Segment and Related Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Integer | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Income Statement Data [Abstract] | ||||||
Revenues from external customers | $ 1,845 | $ 1,889 | $ 5,521 | $ 5,685 | ||
Net Income | 355 | 473 | 1,050 | 1,437 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 40,758 | 40,758 | $ 38,315 | |||
PPL Electric Utilities Corp [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Revenues from external customers | 547 | 539 | 1,620 | 1,619 | ||
Net Income | [1] | 95 | 90 | 251 | 263 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 10,323 | $ 10,323 | 9,426 | |||
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] | ||||||
Revenues from external customers | 818 | 835 | $ 2,350 | 2,382 | ||
Net Income | 132 | 133 | 322 | 337 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 14,515 | $ 14,515 | 14,371 | |||
Segment (Numeric) [Abstract] | ||||||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 1 | |||||
Louisville Gas And Electric Co [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Revenues from external customers | 363 | 368 | $ 1,078 | 1,077 | ||
Net Income | [1] | 65 | 63 | 161 | 159 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 6,390 | $ 6,390 | 6,300 | |||
Segment (Numeric) [Abstract] | ||||||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 1 | |||||
Kentucky Utilities Co [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Revenues from external customers | 460 | 474 | $ 1,303 | 1,334 | ||
Net Income | [2] | 77 | 78 | 196 | 207 | |
Balance Sheet Data [Abstract] | ||||||
Assets | 8,146 | $ 8,146 | 8,085 | |||
Segment (Numeric) [Abstract] | ||||||
Number of Reportable Segments | Integer | 1 | |||||
Number of Operating Segments | Integer | 1 | |||||
United Kingdom Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Revenues from external customers | 477 | 515 | $ 1,547 | 1,673 | ||
Net Income | 126 | 281 | 560 | 915 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 16,052 | 16,052 | 14,537 | |||
Segment (Numeric) [Abstract] | ||||||
Net property, plant and equipment not subject to accounting for the effects of certain types of regulation | 11,700 | 11,700 | 10,800 | |||
Kentucky Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Revenues from external customers | 818 | 835 | 2,350 | 2,382 | ||
Net Income | 125 | 126 | 299 | 314 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 14,181 | 14,181 | 14,037 | |||
Pennsylvania Regulated [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Revenues from external customers | 547 | 539 | 1,620 | 1,619 | ||
Net Income | 95 | 91 | 251 | 263 | ||
Balance Sheet Data [Abstract] | ||||||
Assets | 10,323 | 10,323 | 9,426 | |||
Corporate And Other [Member] | ||||||
Income Statement Data [Abstract] | ||||||
Revenues from external customers | 3 | 0 | 4 | 11 | ||
Net Income | 9 | $ (25) | (60) | $ (55) | ||
Balance Sheet Data [Abstract] | ||||||
Assets | $ 202 | $ 202 | $ 315 | |||
[1] | Net income equals comprehensive income. | |||||
[2] | Net income approximates comprehensive income. |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income (Numerator) [Abstract] | ||||
Net Income | $ 355 | $ 473 | $ 1,050 | $ 1,437 |
Less amounts allocated to participating securities | 1 | 1 | 2 | 4 |
Net income available to PPL common shareowners - Basic | 354 | 472 | 1,048 | 1,433 |
Net income available to PPL common shareowners - Diluted | $ 354 | $ 472 | $ 1,048 | $ 1,433 |
Shares of Common Stock (Denominator) [Abstract] | ||||
Weighted-average shares - Basic EPS (in shares) | 686,563 | 678,114 | 683,783 | 676,905 |
Add incremental non-participating securities: [Abstract] | ||||
Share-based payment awards (in shares) | 2,183 | 2,234 | 2,298 | 3,064 |
Weighted-average shares - Diluted EPS (in shares) | 688,746 | 680,348 | 686,081 | 679,969 |
Basic EPS - Available to PPL common shareowners: [Abstract] | ||||
Net Income Available to PPL common shareowners (in dollars per share) | $ 0.52 | $ 0.70 | $ 1.53 | $ 2.12 |
Diluted EPS - Available to PPL common shareowners: [Abstract] | ||||
Net Income Available to PPL common shareowners (in dollars per share) | $ 0.51 | $ 0.69 | $ 1.53 | $ 2.11 |
Shares Issued (Numeric) [Abstract] | ||||
Common stock issued under stock-based compensation plans (in shares) | 256 | 248 | 1,707 | 3,168 |
Common stock issued under dividend reinvestment plan (in shares) | 355 | 761 | 1,169 | 1,533 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computations of diluted EPS | 696 | 696 | 696 | 696 |
Performance units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computations of diluted EPS | 0 | 316 | 0 | 210 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ 165 | $ 214 | $ 480 | $ 681 |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | $ 14 | $ 13 | $ 37 | $ 37 |
Valuation allowance adjustments | 4 | 4 | 9 | 13 |
Impact of lower U.K. income tax rates | (45) | (37) | (133) | (136) |
U.S. income tax on foreign earnings - net of foreign tax credit | (8) | (1) | (24) | (3) |
Impact of the U.K. Finance Acts | (3) | (42) | (12) | (42) |
Depreciation not normalized | (2) | 0 | (7) | (6) |
Interest benefit on U.K. financing entities | (4) | (4) | (12) | (13) |
Stock-based compensation | 0 | (1) | (7) | (12) |
Other | (5) | (7) | (10) | (9) |
Total increase (decrease) | (49) | (75) | (159) | (171) |
Total income taxes | 116 | 139 | 321 | 510 |
PPL Electric Utilities Corp [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ 56 | $ 52 | $ 144 | $ 149 |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | $ 9 | $ 9 | $ 26 | $ 27 |
Depreciation not normalized | (1) | (2) | (5) | (5) |
Stock-based compensation | 0 | 0 | (5) | (7) |
Other | 0 | (1) | (1) | (2) |
Total increase (decrease) | 8 | 6 | 15 | 13 |
Total income taxes | 64 | 58 | 159 | 162 |
LG And E And KU Energy LLC [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ 74 | $ 74 | $ 181 | $ 189 |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | $ 8 | $ 8 | $ 19 | $ 20 |
Amortization of investment tax credit | (1) | (1) | (2) | (2) |
Stock-based compensation | 0 | (1) | (1) | (2) |
Other | (2) | (1) | (2) | (3) |
Total increase (decrease) | 5 | 5 | 14 | 13 |
Total income taxes | 79 | 79 | 195 | 202 |
Louisville Gas And Electric Co [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ 36 | $ 36 | $ 91 | $ 90 |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | $ 4 | $ 4 | $ 10 | $ 10 |
Other | (1) | (1) | (2) | (2) |
Total increase (decrease) | 3 | 3 | 8 | 8 |
Total income taxes | 39 | 39 | 99 | 98 |
Kentucky Utilities Co [Member] | ||||
Reconciliation of Income Tax Expense [Abstract] | ||||
Federal income tax on Income Before Income Taxes at statutory tax rate - 35% | $ 43 | $ 44 | $ 111 | $ 117 |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: [Abstract] | ||||
State income taxes, net of federal income tax benefit | $ 5 | $ 5 | $ 11 | $ 12 |
Other | (1) | (1) | (2) | (1) |
Total increase (decrease) | 4 | 4 | 9 | 11 |
Total income taxes | $ 47 | $ 48 | $ 120 | $ 128 |
Utility Rate Regulation - Regul
Utility Rate Regulation - Regulatory Assets (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 34 | $ 39 |
Noncurrent regulatory assets | 1,869 | 1,918 |
Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 6 |
Generation Formula Rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 8 | 11 |
Transmission Service Charge [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 7 |
Gas Supply Clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 3 |
Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 12 | 6 |
Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 908 | 947 |
Taxes Recoverable Through Future Rates [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 347 | 340 |
Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 5 |
Noncurrent regulatory assets | 37 | 57 |
Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 55 | 61 |
Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 29 | 31 |
Terminated Interest Rate Swap [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 93 | 98 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 166 | 159 |
Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 224 | 211 |
Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 1 |
Noncurrent regulatory assets | 10 | 14 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 14 | 19 |
Noncurrent regulatory assets | 1,073 | 1,094 |
PPL Electric Utilities Corp [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Generation Formula Rate [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 | 0 | 7 |
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 | 12 | 6 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 530 | 549 |
PPL Electric Utilities Corp [Member] | Taxes Recoverable Through Future Rates [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 347 | 340 |
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 5 |
Noncurrent regulatory assets | 0 | 9 |
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 30 | 36 |
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 Swap [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 | 166 | 159 |
PPL Electric Utilities Corp [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
PPL Electric Utilities Corp [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 1 |
Noncurrent regulatory assets | 0 | 1 |
LG And E And KU Energy LLC [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 20 | 20 |
Noncurrent regulatory assets | 796 | 824 |
LG And E And KU Energy LLC [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 6 |
LG And E And KU Energy LLC [Member] | Generation Formula Rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 8 | 11 |
LG And E And KU Energy LLC [Member] | Gas Supply Clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 3 |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 378 | 398 |
LG And E And KU Energy LLC [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 37 | 48 |
LG And E And KU Energy LLC [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 25 | 25 |
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 29 | 31 |
LG And E And KU Energy LLC [Member] | Terminated Interest Rate Swap [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 93 | 98 |
LG And E And KU Energy LLC [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 224 | 211 |
LG And E And KU Energy LLC [Member] | Plant Retirement Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 2 | 4 |
LG And E And KU Energy LLC [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 2 | 0 |
Noncurrent regulatory assets | 8 | 9 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 11 | 9 |
Noncurrent regulatory assets | 413 | 450 |
Louisville Gas And Electric Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 6 |
Louisville Gas And Electric Co [Member] | Generation Formula Rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Gas Supply Clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 3 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 235 | 246 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 20 | 26 |
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 16 | 16 |
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 29 | 31 |
Louisville Gas And Electric Co [Member] | Terminated Interest Rate Swap [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 54 | 57 |
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 57 | 70 |
Louisville Gas And Electric Co [Member] | Plant Retirement Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 0 |
Noncurrent regulatory assets | 2 | 4 |
Kentucky Utilities Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 9 | 11 |
Noncurrent regulatory assets | 383 | 374 |
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Generation Formula Rate [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 8 | 11 |
Kentucky Utilities Co [Member] | Gas Supply Clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 143 | 152 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 17 | 22 |
Kentucky Utilities Co [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 9 | 9 |
Kentucky Utilities Co [Member] | Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Terminated Interest Rate Swap [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 39 | 41 |
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 167 | 141 |
Kentucky Utilities Co [Member] | Plant Retirement Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 2 | 4 |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 1 | 0 |
Noncurrent regulatory assets | $ 6 | $ 5 |
Utility Rate Regulation - Reg47
Utility Rate Regulation - Regulatory Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 87 | $ 101 |
Noncurrent regulatory liabilities | 873 | 899 |
Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 29 | 23 |
Transmission Service Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 0 |
Universal Service Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 19 | 14 |
Transmission Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 15 |
Fuel Adjustment Clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 11 | 11 |
Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 7 | 17 |
Storm Damage Expense [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 7 | 13 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 678 | 700 |
Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 69 | 75 |
Net Deferred Tax Assets [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 21 | 23 |
Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 27 | 23 |
Terminated Interest Rate Swap [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 74 | 78 |
Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 8 |
Noncurrent regulatory liabilities | 4 | 0 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 72 | 83 |
Noncurrent regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 29 | 23 |
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 0 |
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 19 | 14 |
PPL Electric Utilities Corp [Member] | Transmission Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 15 |
PPL Electric Utilities Corp [Member] | Fuel Adjustment Clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 7 | 17 |
PPL Electric Utilities Corp [Member] | Storm Damage Expense [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 7 | 13 |
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 Tax Assets [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Terminated Interest Rate Swap [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 | 1 |
Noncurrent regulatory liabilities | 0 | 0 |
LG And E And KU Energy LLC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 15 | 18 |
Noncurrent regulatory liabilities | 873 | 899 |
LG And E And KU Energy LLC [Member] | Demand Side Management [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 3 |
LG And E And KU Energy LLC [Member] | Fuel Adjustment Clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 11 | 11 |
LG And E And KU Energy LLC [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 678 | 700 |
LG And E And KU Energy LLC [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 69 | 75 |
LG And E And KU Energy LLC [Member] | Net Deferred Tax Assets [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 21 | 23 |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 27 | 23 |
LG And E And KU Energy LLC [Member] | Terminated Interest Rate Swap [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 74 | 78 |
LG And E And KU Energy LLC [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 4 | 4 |
Noncurrent regulatory liabilities | 4 | 0 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 5 | 5 |
Noncurrent regulatory liabilities | 388 | 419 |
Louisville Gas And Electric Co [Member] | Demand Side Management [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 2 |
Louisville Gas And Electric Co [Member] | Fuel Adjustment Clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 3 | 2 |
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 281 | 305 |
Louisville Gas And Electric Co [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 48 | 52 |
Louisville Gas And Electric Co [Member] | Net Deferred Tax Assets [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 21 | 23 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Terminated Interest Rate Swap [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 37 | 39 |
Louisville Gas And Electric Co [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 2 | 1 |
Noncurrent regulatory liabilities | 1 | 0 |
Kentucky Utilities Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 10 | 13 |
Noncurrent regulatory liabilities | 485 | 480 |
Kentucky Utilities Co [Member] | Demand Side Management [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 1 |
Kentucky Utilities Co [Member] | Fuel Adjustment Clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 8 | 9 |
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 397 | 395 |
Kentucky Utilities Co [Member] | Power Purchase Agreement OVEC [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 21 | 23 |
Kentucky Utilities Co [Member] | Net Deferred Tax Assets [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 27 | 23 |
Kentucky Utilities Co [Member] | Terminated Interest Rate Swap [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 37 | 39 |
Kentucky Utilities Co [Member] | Other Regulatory Liabilities [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 2 | 3 |
Noncurrent regulatory liabilities | $ 3 | $ 0 |
Utility Rate Regulation - Reg48
Utility Rate Regulation - Regulatory Matters (Details) - USD ($) $ in Millions | Jun. 29, 2017 | Jun. 23, 2017 | Apr. 19, 2017 | Aug. 31, 2016 |
LKE [Member] | Kentucky Public Service Commission [Member] | Depreciation Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Depreciation Rate Increase (Decrease), Amount | $ 15 | |||
LGE [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Proposed Return on Equity Increase (Decrease), Percentage | 9.75% | |||
Public Utilities, Approved Return on Equity, Percentage | 9.70% | |||
LGE [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Proposed Rate Increase (Decrease), Amount | $ 59 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 57 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 5.20% | |||
LGE [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Proposed Rate Increase (Decrease), Amount | $ 8 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 7 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 2.10% | |||
LGE [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Return on Equity All Existing Approved Environmental Cost Recovery Plans And Projects Increase (Decrease), Percentage | 9.70% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery All Other Projects, Percentage | 10.00% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery CCRs, Percentage | 9.80% | |||
KU [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Proposed Return on Equity Increase (Decrease), Percentage | 9.75% | |||
Public Utilities, Approved Return on Equity, Percentage | 9.70% | |||
KU [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Proposed Rate Increase (Decrease), Amount | $ 55 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 52 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 3.20% | |||
KU [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Return on Equity All Existing Approved Environmental Cost Recovery Plans And Projects Increase (Decrease), Percentage | 9.70% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery All Other Projects, Percentage | 10.00% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery CCRs, Percentage | 9.80% | |||
LG And E And KU Energy LLC [Member] | Kentucky Public Service Commission [Member] | Depreciation Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Depreciation Rate Increase (Decrease), Amount | $ 15 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | ||||
Regulatory Matters - Kentucky Activities - Gas Franchise (Numeric) [Abstract] | ||||
Franchise Agreement Term | 5 years | |||
Days of Notice to Modify Franchise Fee | 60 days | |||
Franchise Fee Cap | 3.00% | |||
Franchise Fee If Recovered From Customers | 0.00% | |||
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, Proposed Return on Equity Increase (Decrease), Percentage | 9.75% | |||
Public Utilities, Approved Return on Equity, Percentage | 9.70% | |||
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, Proposed Rate Increase (Decrease), Amount | $ 59 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 57 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 5.20% | |||
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, Proposed Rate Increase (Decrease), Amount | $ 8 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 7 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 2.10% | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Return on Equity All Existing Approved Environmental Cost Recovery Plans And Projects Increase (Decrease), Percentage | 9.70% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery All Other Projects, Percentage | 10.00% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery CCRs, Percentage | 9.80% | |||
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, Proposed Return on Equity Increase (Decrease), Percentage | 9.75% | |||
Public Utilities, Approved Return on Equity, Percentage | 9.70% | |||
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, Proposed Rate Increase (Decrease), Amount | $ 55 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 52 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 3.20% | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Return on Equity All Existing Approved Environmental Cost Recovery Plans And Projects Increase (Decrease), Percentage | 9.70% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery All Other Projects, Percentage | 10.00% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery CCRs, Percentage | 9.80% | |||
Louisville Gas And Electric Co [Member] | ||||
Regulatory Matters - Kentucky Activities - Gas Franchise (Numeric) [Abstract] | ||||
Franchise Agreement Term | 5 years | |||
Days of Notice to Modify Franchise Fee | 60 days | |||
Franchise Fee Cap | 3.00% | |||
Franchise Fee If Recovered From Customers | 0.00% | |||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Proposed Return on Equity Increase (Decrease), Percentage | 9.75% | |||
Public Utilities, Approved Return on Equity, Percentage | 9.70% | |||
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, Proposed Rate Increase (Decrease), Amount | $ 59 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 57 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 5.20% | |||
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, Proposed Rate Increase (Decrease), Amount | $ 8 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 7 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 2.10% | |||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Depreciation Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Depreciation Rate Increase (Decrease), Amount | $ 4 | |||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Return on Equity All Existing Approved Environmental Cost Recovery Plans And Projects Increase (Decrease), Percentage | 9.70% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery All Other Projects, Percentage | 10.00% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery CCRs, Percentage | 9.80% | |||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Proposed Return on Equity Increase (Decrease), Percentage | 9.75% | |||
Public Utilities, Approved Return on Equity, Percentage | 9.70% | |||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Proposed Rate Increase (Decrease), Amount | $ 55 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 52 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 3.20% | |||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Depreciation Rates [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Depreciation Rate Increase (Decrease), Amount | $ 11 | |||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | ||||
Public Utilities, Approved Return on Equity All Existing Approved Environmental Cost Recovery Plans And Projects Increase (Decrease), Percentage | 9.70% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery All Other Projects, Percentage | 10.00% | |||
Public Utilities, Prior Approved Return on Equity Approved Environmental Cost Recovery CCRs, Percentage | 9.80% |
Financing Activities - Credit A
Financing Activities - Credit Arrangements (Details) £ in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Oct. 26, 2017USD ($) | Sep. 30, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | |
UNITED KINGDOM | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | £ | £ 1,385 | |||||
Borrowed | £ | 571 | £ 339 | ||||
Letters of Credit and Commercial Paper Issued | £ | 4 | 4 | ||||
Unused Capacity | $ 1,000 | 809 | ||||
UNITED KINGDOM | Uncommitted Credit Facilities [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | £ | 100 | |||||
Borrowed | $ 90 | 70 | $ 75 | 60 | ||
Letters of Credit and Commercial Paper Issued | £ | 4 | £ 4 | ||||
Unused Capacity | £ | £ 26 | |||||
Interest rate on outstanding borrowing | 1.29% | 1.29% | 1.26% | 1.26% | ||
WPD PLC [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | £ | £ 210 | |||||
Borrowed | $ 200 | 155 | $ 200 | £ 160 | ||
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | ||||
Unused Capacity | £ | £ 54 | |||||
Interest rate on outstanding borrowing | 2.06% | 2.06% | 1.43% | 1.43% | ||
Borrowed | £ | £ 156 | |||||
WPD PLC [Member] | UNITED KINGDOM | Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Dec. 31, 2017 | |||||
Capacity | £ | 230 | |||||
Borrowed | $ 296 | 230 | £ 0 | |||
Letters of Credit and Commercial Paper Issued | £ | 0 | 0 | ||||
Unused Capacity | £ | £ 0 | |||||
Interest rate on outstanding borrowing | 1.50% | 1.50% | ||||
WPD South West [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jul. 31, 2021 | |||||
Capacity | £ | £ 245 | |||||
Borrowed | 0 | $ 137 | 110 | |||
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | ||||
Unused Capacity | £ | 245 | |||||
Interest rate on outstanding borrowing | 0.66% | 0.66% | ||||
WPD East Midlands [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jul. 31, 2021 | |||||
Capacity | £ | 300 | |||||
Borrowed | $ 150 | 116 | $ 11 | £ 9 | ||
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | ||||
Unused Capacity | £ | £ 184 | |||||
Interest rate on outstanding borrowing | 0.65% | 0.65% | 0.66% | 0.66% | ||
WPD West Midlands [Member] | UNITED KINGDOM | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jul. 31, 2021 | |||||
Capacity | £ | £ 300 | |||||
Borrowed | £ | 0 | £ 0 | ||||
Letters of Credit and Commercial Paper Issued | £ | 0 | £ 0 | ||||
Unused Capacity | £ | £ 300 | |||||
PPL Capital Funding [Member] | UNITED STATES | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | $ 1,400 | |||||
Borrowed | 0 | $ 0 | ||||
Letters of Credit and Commercial Paper Issued | 303 | 37 | ||||
Unused Capacity | $ 1,097 | |||||
PPL Capital Funding [Member] | UNITED STATES | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 950 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 285 | 20 | ||||
Unused Capacity | $ 665 | |||||
PPL Capital Funding [Member] | UNITED STATES | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Nov. 30, 2018 | |||||
Capacity | $ 300 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | $ 300 | |||||
PPL Capital Funding [Member] | UNITED STATES | Bilateral Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Mar. 31, 2018 | |||||
Capacity | $ 150 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 18 | 17 | ||||
Unused Capacity | $ 132 | |||||
PPL Electric [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 650 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 1 | 296 | ||||
Unused Capacity | $ 649 | |||||
LKE [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Oct. 31, 2018 | |||||
Capacity | $ 75 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | $ 75 | |||||
LGE [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 500 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 190 | 169 | ||||
Unused Capacity | 310 | |||||
LGE [Member] | Term Loan Facility [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Dec. 31, 2019 | |||||
Capacity | $ 200 | |||||
Borrowed | $ 100 | |||||
Interest rate on outstanding borrowing | 1.74% | |||||
KU [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 598 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 198 | 214 | ||||
Unused Capacity | $ 400 | |||||
KU [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 400 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 16 | ||||
Unused Capacity | $ 400 | |||||
KU [Member] | Letter Of Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Oct. 31, 2020 | |||||
Capacity | $ 198 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 198 | 198 | ||||
Unused Capacity | $ 0 | |||||
PPL Electric Utilities Corp [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 650 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 1 | 296 | ||||
Unused Capacity | $ 649 | |||||
LG And E And KU Energy LLC [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Oct. 31, 2018 | |||||
Capacity | $ 75 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 0 | ||||
Unused Capacity | $ 75 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 500 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 190 | 169 | ||||
Unused Capacity | 310 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Term Loan Facility [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Dec. 31, 2019 | |||||
Capacity | $ 200 | |||||
Borrowed | $ 100 | |||||
Interest rate on outstanding borrowing | 1.74% | |||||
LG And E And KU Energy LLC [Member] | KU [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 598 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 198 | 214 | ||||
Unused Capacity | $ 400 | |||||
LG And E And KU Energy LLC [Member] | KU [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 400 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 16 | ||||
Unused Capacity | $ 400 | |||||
LG And E And KU Energy LLC [Member] | KU [Member] | Letter Of Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Oct. 31, 2020 | |||||
Capacity | $ 198 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 198 | 198 | ||||
Unused Capacity | $ 0 | |||||
Louisville Gas And Electric Co [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 500 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 190 | 169 | ||||
Unused Capacity | 310 | |||||
Louisville Gas And Electric Co [Member] | Term Loan Facility [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Dec. 31, 2019 | |||||
Capacity | $ 200 | |||||
Borrowed | $ 100 | |||||
Interest rate on outstanding borrowing | 1.74% | |||||
Kentucky Utilities Co [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 598 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 198 | 214 | ||||
Unused Capacity | $ 400 | |||||
Kentucky Utilities Co [Member] | Syndicated Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Jan. 31, 2022 | |||||
Capacity | $ 400 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 0 | 16 | ||||
Unused Capacity | $ 400 | |||||
Kentucky Utilities Co [Member] | Letter Of Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration Date | Oct. 31, 2020 | |||||
Capacity | $ 198 | |||||
Borrowed | 0 | 0 | ||||
Letters of Credit and Commercial Paper Issued | 198 | $ 198 | ||||
Unused Capacity | $ 0 |
Financing Activities - Short-te
Financing Activities - Short-term Debt (Details) - Commercial Paper [Member] - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Capacity | $ 2,350 | |
Commercial Paper Issuances | 475 | $ 500 |
Unused Capacity | $ 1,875 | |
PPL Capital Funding [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.41% | 1.10% |
Capacity | $ 1,000 | |
Commercial Paper Issuances | 285 | $ 20 |
Unused Capacity | $ 715 | |
PPL Electric [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.05% | |
Capacity | $ 650 | |
Commercial Paper Issuances | 0 | $ 295 |
Unused Capacity | $ 650 | |
LGE [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.38% | 0.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 190 | $ 169 |
Unused Capacity | $ 160 | |
KU [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 0.87% | |
Capacity | $ 350 | |
Commercial Paper Issuances | 0 | $ 16 |
Unused Capacity | 350 | |
PPL Electric Utilities Corp [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.05% | |
Capacity | 650 | |
Commercial Paper Issuances | 0 | $ 295 |
Unused Capacity | $ 650 | |
LG And E And KU Energy LLC [Member] | LGE [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.38% | 0.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 190 | $ 169 |
Unused Capacity | $ 160 | |
LG And E And KU Energy LLC [Member] | KU [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 0.87% | |
Capacity | $ 350 | |
Commercial Paper Issuances | 0 | $ 16 |
Unused Capacity | $ 350 | |
Louisville Gas And Electric Co [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 1.38% | 0.94% |
Capacity | $ 350 | |
Commercial Paper Issuances | 190 | $ 169 |
Unused Capacity | $ 160 | |
Kentucky Utilities Co [Member] | ||
Short-term Debt [Line Items] | ||
Weighted - Average Interest Rate | 0.87% | |
Capacity | $ 350 | |
Commercial Paper Issuances | 0 | $ 16 |
Unused Capacity | $ 350 |
Financing Activities - Long-ter
Financing Activities - Long-term Debt and ATM Program (Details) $ / shares in Units, shares in Thousands, £ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($) | Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2017GBP (£) | Feb. 28, 2015USD ($)Integer | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | |
At-the-Market Stock Offering Program (Numeric) [Abstract] | ||||||||||||
Net proceeds from issuance of common stock | $ 275 | $ 133 | ||||||||||
WPD South Wales PLC [Member] | Index Linked Senior Unsecured Notes [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | £ | £ 50 | |||||||||||
Stated interest rate | 0.01% | |||||||||||
Proceeds from debt, net of issuance costs | £ | £ 53 | |||||||||||
Maturity date | Mar. 31, 2029 | Mar. 31, 2029 | ||||||||||
Proceeds from debt, including premium net of debt issuance costs | $ 64 | |||||||||||
PPL Capital Funding [Member] | Senior Debt Obligations [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 500 | $ 500 | $ 500 | |||||||||
Stated interest rate | 4.00% | 4.00% | 4.00% | |||||||||
Maturity date | Dec. 31, 2047 | |||||||||||
Proceeds from debt, including premium net of debt issuance costs | $ 490 | |||||||||||
PPL Electric [Member] | First Mortgage [Member] | Mortgage Indenture 2001 [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 475 | |||||||||||
Stated interest rate | 3.95% | |||||||||||
Proceeds from debt, net of issuance costs | $ 466 | |||||||||||
Maturity date | Dec. 31, 2047 | |||||||||||
PPL Electric [Member] | Senior Debt Obligations [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds Series 2016B [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 108 | |||||||||||
Stated interest rate | 1.80% | |||||||||||
Maturity date | Dec. 31, 2027 | |||||||||||
Repurchase date of debt instruments | Aug. 15, 2022 | |||||||||||
PPL Electric [Member] | Senior Debt Obligations [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds Series 2016A [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 116 | $ 116 | $ 116 | |||||||||
Stated interest rate | 1.80% | 1.80% | 1.80% | |||||||||
Maturity date | Dec. 31, 2029 | |||||||||||
Repurchase date of debt instruments | Sep. 1, 2022 | |||||||||||
LGE [Member] | Senior Debt Obligations [Member] | Pollution Control Revenue Bonds, 2003 Series A [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 128 | |||||||||||
Stated interest rate | 1.50% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Apr. 1, 2019 | |||||||||||
LGE [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2017 Series A [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 60 | |||||||||||
Stated interest rate | 3.75% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 1, 2027 | |||||||||||
LGE [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series A [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 60 | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
LGE [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series A [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 31 | |||||||||||
Stated interest rate | 1.25% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 3, 2019 | |||||||||||
LGE [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series B [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 35 | |||||||||||
Stated interest rate | 1.25% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 3, 2019 | |||||||||||
PPL Electric Utilities Corp [Member] | First Mortgage [Member] | Mortgage Indenture 2001 [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 475 | |||||||||||
Stated interest rate | 3.95% | |||||||||||
Proceeds from debt, net of issuance costs | $ 466 | |||||||||||
Maturity date | Dec. 31, 2047 | |||||||||||
PPL Electric Utilities Corp [Member] | Senior Debt Obligations [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds Series 2016B [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 108 | |||||||||||
Stated interest rate | 1.80% | |||||||||||
Maturity date | Dec. 31, 2027 | |||||||||||
Repurchase date of debt instruments | Aug. 15, 2022 | |||||||||||
PPL Electric Utilities Corp [Member] | Senior Debt Obligations [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds Series 2016A [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 116 | $ 116 | $ 116 | |||||||||
Stated interest rate | 1.80% | 1.80% | 1.80% | |||||||||
Maturity date | Dec. 31, 2029 | |||||||||||
Repurchase date of debt instruments | Sep. 1, 2022 | |||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Debt Obligations [Member] | Pollution Control Revenue Bonds, 2003 Series A [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 128 | |||||||||||
Stated interest rate | 1.50% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Apr. 1, 2019 | |||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2017 Series A [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 60 | |||||||||||
Stated interest rate | 3.75% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 1, 2027 | |||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series A [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 60 | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series A [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 31 | |||||||||||
Stated interest rate | 1.25% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 3, 2019 | |||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series B [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 35 | |||||||||||
Stated interest rate | 1.25% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 3, 2019 | |||||||||||
Louisville Gas And Electric Co [Member] | Senior Debt Obligations [Member] | Pollution Control Revenue Bonds, 2003 Series A [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 128 | |||||||||||
Stated interest rate | 1.50% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Apr. 1, 2019 | |||||||||||
Louisville Gas And Electric Co [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2017 Series A [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 60 | |||||||||||
Stated interest rate | 3.75% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 1, 2027 | |||||||||||
Louisville Gas And Electric Co [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series A [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 60 | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Louisville Gas And Electric Co [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series A [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 31 | |||||||||||
Stated interest rate | 1.25% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 3, 2019 | |||||||||||
Louisville Gas And Electric Co [Member] | Senior Debt Obligations [Member] | Environmental Facilities Revenue Refunding Bonds 2007 Series B [Member] | Remarketed [Member] | ||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||
Principal amount | $ 35 | |||||||||||
Stated interest rate | 1.25% | |||||||||||
Maturity date | Dec. 31, 2033 | |||||||||||
Repurchase date of debt instruments | Jun. 3, 2019 | |||||||||||
At The Market Stock Offering Program [Member] | ||||||||||||
At-the-Market Stock Offering Program (Numeric) [Abstract] | ||||||||||||
Number of distribution agreements | Integer | 2 | |||||||||||
Aggregate sales price of common stock based on two separate equity distribution agreements | $ 500 | |||||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,049 | 710 | 5,526 | 710 | ||||||||
Average share price | $ / shares | $ 39.04 | $ 35.23 | $ 38.49 | $ 35.23 | ||||||||
Net proceeds from issuance of common stock | $ 79 | $ 25 | $ 211 | $ 25 |
Financing Activities - Distribu
Financing Activities - Distributions (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Distributions (Numeric) [Abstract] | |||||
Dividend payable date of quarterly common stock dividend | Oct. 2, 2017 | ||||
Current quarterly common stock dividend (in dollars per share) | $ 0.395 | $ 0.3950 | $ 0.38 | $ 1.185 | $ 1.14 |
Annualized current quarterly common stock dividend (in dollars per share) | $ 1.58 |
Defined Benefits (Details)
Defined Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Plan [Member] | U.S. | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | $ 17 | $ 16 | $ 49 | $ 49 |
Interest cost | 42 | 44 | 126 | 131 |
Expected return on plan assets | (58) | (57) | (173) | (171) |
Amortization of: [Abstract] | ||||
Prior service cost | 2 | 2 | 7 | 6 |
Actuarial loss | 18 | 12 | 52 | 37 |
Net periodic defined benefit costs (credits) before settlements and special termination benefits | 21 | 17 | 61 | 52 |
Settlements | 7 | 3 | 7 | 3 |
Special termination benefits | 0 | 0 | 1 | 0 |
Net periodic defined benefit costs (credits) | 28 | 20 | 69 | 55 |
Pension Plan [Member] | U.S. | Nonqualified Plan [Member] | ||||
Amortization of: [Abstract] | ||||
Settlements | 2 | 3 | 2 | 3 |
Pension Plan [Member] | U.S. | LGE [Member] | Qualified Plan [Member] | ||||
Amortization of: [Abstract] | ||||
Settlements | 5 | 5 | ||
Pension Plan [Member] | U.K. | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | 20 | 17 | 57 | 53 |
Interest cost | 45 | 58 | 132 | 182 |
Expected return on plan assets | (130) | (124) | (382) | (389) |
Amortization of: [Abstract] | ||||
Prior service cost | 0 | 0 | 0 | 0 |
Actuarial loss | 36 | 34 | 107 | 107 |
Net periodic defined benefit costs (credits) before settlements and special termination benefits | (29) | (15) | (86) | (47) |
Settlements | 0 | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 | 0 |
Net periodic defined benefit costs (credits) | (29) | (15) | (86) | (47) |
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Employer contributions | 485 | |||
Other Postretirement Benefits Plan [Member] | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | 2 | 2 | 6 | 6 |
Interest cost | 5 | 6 | 17 | 19 |
Expected return on plan assets | (6) | (6) | (17) | (17) |
Amortization of: [Abstract] | ||||
Prior service cost | 0 | 0 | (1) | 0 |
Actuarial loss | 1 | 1 | 1 | 1 |
Net periodic defined benefit costs (credits) | 2 | 3 | 6 | 9 |
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 | 6 | 6 | 19 | 17 |
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | ||||
Net Periodic Defined Benefit Costs (Credits) (Details) [Abstract] | ||||
Service cost | 6 | 6 | 18 | 18 |
Interest cost | 17 | 18 | 51 | 53 |
Expected return on plan assets | (23) | (23) | (69) | (68) |
Amortization of: [Abstract] | ||||
Prior service cost | 2 | 2 | 6 | 6 |
Actuarial loss | 8 | 5 | 23 | 15 |
Net periodic defined benefit costs before settlements | 10 | 8 | 29 | 24 |
Settlements | $ 5 | 0 | $ 5 | $ 0 |
Regulatory Asset Amortization Period | 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 | $ 3 | $ 8 | $ 4 | |
Net periodic defined benefit costs (credits) | 15 | 8 | 34 | 24 |
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 | 7 |
Expected return on plan assets | (2) | (2) | (5) | (5) |
Amortization of: [Abstract] | ||||
Prior service cost | 1 | 1 | 1 | 2 |
Net periodic defined benefit costs (credits) | 2 | 2 | 5 | 7 |
Louisville Gas And Electric Co [Member] | LKE [Member] | ||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | ||||
Costs allocated to subsidiary by plan sponsors | 3 | 2 | 8 | 7 |
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 | 3 | 4 | 9 | 11 |
Expected return on plan assets | (5) | (5) | (16) | (15) |
Amortization of: [Abstract] | ||||
Prior service cost | 1 | 1 | 3 | 3 |
Actuarial loss | 3 | 2 | 7 | 5 |
Net periodic defined benefit costs before settlements | 2 | 2 | 4 | 5 |
Settlements | $ 5 | $ 0 | $ 5 | 0 |
Regulatory Asset Amortization Period | 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 | $ 1 | $ 3 | |
Net periodic defined benefit costs (credits) | 7 | 2 | 9 | 5 |
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | Qualified Plan [Member] | ||||
Amortization of: [Abstract] | ||||
Settlements | 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 | $ 2 | $ 2 | $ 7 | $ 8 |
Commitments and Contingencies -
Commitments and Contingencies - Legal Matters and Regulatory Issues (Details) | 9 Months Ended |
Sep. 30, 2017claimresidentcoal-fired_unitmi | |
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 | 1 |
Additional generating units retired at the Cane Run plant | coal-fired_unit | 2 |
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 | 1 |
Additional generating units retired at the Cane Run plant | coal-fired_unit | 2 |
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 | 1 |
Additional generating units retired at the Cane Run plant | coal-fired_unit | 2 |
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 Contingencies55
Commitments and Contingencies - Environmental Matters and Other (Details) $ in Millions | 1 Months Ended | |||
Aug. 31, 2017employees | Mar. 31, 2017employees | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Other - Labor Union Agreements (Numeric) [Abstract] | ||||
Collective Bargaining Agreement Term | 5 years | |||
Number Of Union Employees | 1,400 | |||
PPL Electric [Member] | PPL Electric Additional Sites [Member] | ||||
Environmental Matters - Superfund and Other Remediation (Numeric) [Abstract] | ||||
Environmental site accrual | $ | $ 10 | $ 10 | ||
PPL Electric Utilities Corp [Member] | ||||
Other - Labor Union Agreements (Numeric) [Abstract] | ||||
Collective Bargaining Agreement Term | 5 years | |||
Number Of Union Employees | 1,400 | |||
PPL Electric Utilities Corp [Member] | PPL Electric Additional Sites [Member] | ||||
Environmental Matters - Superfund and Other Remediation (Numeric) [Abstract] | ||||
Environmental site accrual | $ | $ 10 | $ 10 | ||
LG And E And KU Energy LLC [Member] | KU [Member] | ||||
Other - Labor Union Agreements (Numeric) [Abstract] | ||||
Collective Bargaining Agreement Term | 3 years | |||
Number Of Union Employees | 53 | |||
Collective Bargaining Expiration Date | 2020-08 | |||
Kentucky Utilities Co [Member] | ||||
Other - Labor Union Agreements (Numeric) [Abstract] | ||||
Collective Bargaining Agreement Term | 3 years | |||
Number Of Union Employees | 53 | |||
Collective Bargaining Expiration Date | 2020-08 |
Commitments and Contingencies56
Commitments and Contingencies - Guarantees and Other Assurances (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Guarantor Obligations [Line Items] | ||
Recorded liability for all guarantees | $ 21 | $ 22 |
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 inestimable | 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 | |
Expiration date | 2,019 | |
PPL Guarantee [Member] | Financial Guarantee [Member] | WPD Guarantee Of Pension And Other Obligations Of Unconsolidated Entities [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | $ 95 | |
PPL Electric Guarantee [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | $ 17 | |
Expiration date | 2,018 | |
LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | $ 301 | |
Term of guarantee (in years) | 12 | |
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | $ 200 | |
Maximum exposure of other indemnifications related to the purchase price of excess power | $ 100 | |
LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Expiration date | 2,021 | |
LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Expiration date | 2,023 | |
LKE Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure inestimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | $ 118 | |
PPL Electric Utilities Corp [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure | $ 17 | |
Expiration date | 2,018 | |
LG And E And KU Energy LLC [Member] | ||
Guarantor Obligations [Line Items] | ||
Recorded liability for all guarantees | $ 16 | $ 17 |
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 | $ 301 | |
Term of guarantee (in years) | 12 | |
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | $ 200 | |
Maximum exposure of other indemnifications related to the purchase price of excess power | $ 100 | |
LG And E And KU Energy LLC [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Expiration date | 2,021 | |
LG And E And KU Energy LLC [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Expiration date | 2,023 | |
LG And E And KU Energy LLC [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure inestimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | $ 118 | |
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 inestimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | $ 82 | |
Kentucky Utilities Co [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum exposure inestimable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | |
Contingent proportionate share of OVEC's outstanding debt | $ 36 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
PPL Electric Utilities Corp [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes receivable from affiliate | $ 2 | $ 2 | $ 0 | ||
PPL Electric Utilities Corp [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Support cost allocations from subsidiary of parent to registrant | 43 | $ 33 | 138 | $ 98 | |
PPL Electric Utilities Corp [Member] | PPL EU Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Support cost allocations from subsidiary of parent to registrant | 15 | 17 | 48 | 50 | |
PPL Electric Utilities Corp [Member] | PPL Energy Funding [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany note with affiliate maximum borrowing capacity | 400 | $ 400 | |||
Intercompany borrowings demand note rate on outstanding borrowing | 2.98% | ||||
Notes receivable from affiliate | 2 | $ 2 | 0 | ||
LG And E And KU Energy LLC [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes payable to affiliates | 159 | 159 | 163 | ||
Long-term debt to affiliate | 400 | 400 | 400 | ||
Interest Expense with Affiliate | 5 | 4 | 13 | 12 | |
LG And E And KU Energy LLC [Member] | PPL Services [Member] | |||||
Support Costs (Details) [Abstract] | |||||
Support cost allocations from subsidiary of parent to registrant | 4 | 4 | 15 | 13 | |
LG And E And KU Energy LLC [Member] | PPL Energy Funding [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Intercompany note with affiliate maximum borrowing capacity | 225 | 225 | |||
Notes payable to affiliates | 159 | $ 159 | $ 163 | ||
Intercompany borrowings demand note rate on outstanding borrowing | 2.73% | 2.12% | |||
LG And E And KU Energy LLC [Member] | PPL Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Debt instrument term (in years) | 10 years | ||||
Long-term debt to affiliate | $ 400 | $ 400 | |||
Interest rate on ten-year note | 3.50% | 3.50% | |||
Louisville Gas And Electric Co [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes payable to affiliates | $ 10 | $ 10 | $ 0 | ||
Louisville Gas And Electric Co [Member] | LKS [Member] | |||||
Intercompany Billings by LKS (Details) [Abstract] | |||||
Intercompany billings between affiliates | 38 | 40 | 120 | 128 | |
Louisville Gas And Electric Co [Member] | Parent And Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes payable to affiliates | 10 | $ 10 | 0 | ||
Intercompany borrowings demand note rate on outstanding borrowing | 1.46% | ||||
Intercompany Money Pool Agreement Maximum Borrowing Capacity | 500 | $ 500 | |||
Kentucky Utilities Co [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes receivable from affiliate | 10 | 10 | 0 | ||
Kentucky Utilities Co [Member] | LKS [Member] | |||||
Intercompany Billings by LKS (Details) [Abstract] | |||||
Intercompany billings between affiliates | 43 | $ 46 | 134 | $ 151 | |
Kentucky Utilities Co [Member] | Parent And Affiliate [Member] | |||||
Intercompany Borrowings (Numeric) [Abstract] | |||||
Notes payable to affiliates | 0 | $ 0 | 0 | ||
Intercompany borrowings demand note rate on outstanding borrowing | 1.46% | ||||
Notes receivable from affiliate | 10 | $ 10 | $ 0 | ||
Intercompany Money Pool Agreement Maximum Borrowing Capacity | $ 500 | $ 500 |
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, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 676 | $ 341 |
Restricted cash and cash equivalents | 24 | 26 |
Price risk management assets: | ||
Foreign currency contracts | 164 | 211 |
Cross-currency swaps | 160 | 188 |
Total price risk management assets | 324 | 399 |
Total assets | 1,024 | 766 |
Price risk management liabilities: | ||
Interest rate swaps | 31 | 31 |
Foreign currency contracts | 167 | 27 |
Total price risk management liabilities | 198 | 58 |
Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 676 | 341 |
Restricted cash and cash equivalents | 24 | 26 |
Price risk management assets: | ||
Foreign currency contracts | 0 | 0 |
Cross-currency swaps | 0 | 0 |
Total price risk management assets | 0 | 0 |
Total assets | 700 | 367 |
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 |
Price risk management assets: | ||
Foreign currency contracts | 164 | 211 |
Cross-currency swaps | 160 | 188 |
Total price risk management assets | 324 | 399 |
Total assets | 324 | 399 |
Price risk management liabilities: | ||
Interest rate swaps | 31 | 31 |
Foreign currency contracts | 167 | 27 |
Total price risk management liabilities | 198 | 58 |
Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 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 | 243 | 13 |
Restricted cash and cash equivalents | 2 | 2 |
Price risk management assets: | ||
Total assets | 245 | 15 |
PPL Electric Utilities Corp [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 243 | 13 |
Restricted cash and cash equivalents | 2 | 2 |
Price risk management assets: | ||
Total assets | 245 | 15 |
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 | 40 | 13 |
Cash collateral posted to counterparties | 1 | 3 |
Price risk management assets: | ||
Total assets | 41 | 16 |
Price risk management liabilities: | ||
Interest rate swaps | 29 | 31 |
Total price risk management liabilities | 29 | 31 |
LG And E And KU Energy LLC [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 40 | 13 |
Cash collateral posted to counterparties | 1 | 3 |
Price risk management assets: | ||
Total assets | 41 | 16 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
LG And E And KU Energy LLC [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash collateral posted to counterparties | 0 | 0 |
Price risk management assets: | ||
Total assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 29 | 31 |
Total price risk management liabilities | 29 | 31 |
LG And E And KU Energy LLC [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash collateral posted to counterparties | 0 | 0 |
Price risk management assets: | ||
Total assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | ||
Assets | ||
Cash and cash equivalents | 9 | 5 |
Cash collateral posted to counterparties | 1 | 3 |
Price risk management assets: | ||
Total assets | 10 | 8 |
Price risk management liabilities: | ||
Interest rate swaps | 29 | 31 |
Total price risk management liabilities | 29 | 31 |
Louisville Gas And Electric Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 9 | 5 |
Cash collateral posted to counterparties | 1 | 3 |
Price risk management assets: | ||
Total assets | 10 | 8 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Louisville Gas And Electric Co [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash collateral posted to counterparties | 0 | 0 |
Price risk management assets: | ||
Total assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 29 | 31 |
Total price risk management liabilities | 29 | 31 |
Louisville Gas And Electric Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash collateral posted to counterparties | 0 | 0 |
Price risk management assets: | ||
Total assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 0 | 0 |
Total price risk management liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | ||
Assets | ||
Cash and cash equivalents | 31 | 7 |
Price risk management assets: | ||
Total assets | 31 | 7 |
Kentucky Utilities Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 31 | 7 |
Price risk management assets: | ||
Total assets | 31 | 7 |
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, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | $ 19,558 | $ 18,326 |
Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | 23,357 | 21,355 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | 3,298 | 2,831 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | 3,724 | 3,148 |
LG And E And KU Energy LLC [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | 5,068 | 5,065 |
LG And E And KU Energy LLC [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | 5,592 | 5,439 |
Louisville Gas And Electric Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | 1,619 | 1,617 |
Louisville Gas And Electric Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | 1,768 | 1,710 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | 2,328 | 2,327 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ||
Fair Value of Financial Instruments Not Recorded at Fair Value - Other | ||
Long-term debt | $ 2,602 | $ 2,514 |
Derivative Instruments and He60
Derivative Instruments and Hedging Activities - Intro (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash Collateral Obligation Under Master Netting Arrangement | $ 17 | $ 19 |
Cash collateral posted under master netting arrangements | 1 | 3 |
LG And E And KU Energy LLC [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash Collateral Obligation Under Master Netting Arrangement | 0 | 0 |
Cash collateral posted under master netting arrangements | 1 | 3 |
Louisville Gas And Electric Co [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash Collateral Obligation Under Master Netting Arrangement | 0 | 0 |
Cash collateral posted under master netting arrangements | $ 1 | $ 3 |
Derivative Instruments and He61
Derivative Instruments and Hedging Activities - Risk Disclosures (Details) £ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2017GBP (£) | |
Cash Flow Hedges [Member] | ||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||||
No or insignificant after-tax gains (losses) previously recorded in AOCI reclassified to earnings related to interest rate cash flow hedge contracts | For the three and nine months ended September 30, 2017, PPL had an insignificant amount of cash flow hedges reclassified into earnings associated with discontinued cash flow hedges. | |||||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | ||||
No or insignificant unrealized after-tax gains (losses) on interest rate cash flow hedge contracts expected to be reclassified into earnings during next 12 months | insignificant | |||||
Cash Flow Hedges [Member] | Cross Currency Interest Rate Swap Contracts [Member] | ||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | ||||||
Notional amount | $ 802 | $ 802 | ||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||||
Earliest maturity date of cross-currency cash flow hedge contracts | 2,017 | |||||
Latest maturity date of cross-currency cash flow hedge contracts | 2,028 | |||||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | 0 | $ 0 | $ 0 | ||
Cash Flow Hedges [Member] | Interest Rate Swap Contracts [Member] | ||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | ||||||
Notional amount | 242 | $ 242 | £ 188 | |||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | ||||||
Maturity date of interest rate swap cash flow hedge contracts | 2,027 | |||||
Mandatory Redemption Date of Interest Rate Swap Cash Flow Hedge | Nov. 30, 2017 | |||||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | $ 0 | $ 0 | |||
Interest Rate Cash Flow Hedge Ineffectiveness is Immaterial | for the nine months ended September 30, 2016, PPL had an insignificant amount of hedge ineffectiveness associated with interest rate derivatives. | |||||
Net Investment Hedges [Member] | Combined Foreign Currency Contracts And Intercompany Loans [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 | $ 22 | $ 21 | ||||
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | ||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | ||||||
Notional amount | 125 | 125 | 92 | |||
Economic Hedges [Member] | Interest Rate Swap Contracts [Member] | ||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | ||||||
Notional amount | 147 | $ 147 | ||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | ||||||
Year of expiration of the maximum maturity date of interest rate economic activity contracts | 2,033 | |||||
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 | 3,700 | $ 3,700 | £ 2,700 | |||
Earliest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | October 2,017 | |||||
Latest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | April 2,020 | |||||
LG And E And KU Energy LLC [Member] | Economic Hedges [Member] | Interest Rate Swap Contracts [Member] | ||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | ||||||
Notional amount | 147 | $ 147 | ||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | ||||||
Year of expiration of the maximum maturity date of interest rate economic activity contracts | 2,033 | |||||
Louisville Gas And Electric Co [Member] | Economic Hedges [Member] | Interest Rate Swap Contracts [Member] | ||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | ||||||
Notional amount | $ 147 | $ 147 | ||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | ||||||
Year of expiration of the maximum maturity date of interest rate economic activity contracts | 2,033 |
Derivative Instruments and He62
Derivative Instruments and Hedging Activities - Fair Values (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | $ 161 | $ 188 |
Liability value | 2 | 0 |
Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 29 | 32 |
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 | 28 | 32 |
Designated As Hedging Instruments [Member] | Current Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 1 | 0 |
Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 132 | 156 |
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 | 132 | 156 |
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 | 2 | 0 |
Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 2 | 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 | 163 | 211 |
Liability value | 196 | 58 |
Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 28 | 31 |
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 | 28 | 31 |
Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 135 | 180 |
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 | 135 | 180 |
Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 91 | 25 |
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 | 86 | 21 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 105 | 33 |
Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 24 | 27 |
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 | 81 | 6 |
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 | 29 | 31 |
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 | 24 | 27 |
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 | 24 | 27 |
Louisville Gas And Electric Co [Member] | Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 29 | 31 |
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 | 24 | 27 |
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 | $ 24 | $ 27 |
Derivative Instruments and He63
Derivative Instruments and Hedging Activities - Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flow Hedges [Member] | ||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ 1 | $ 86 | $ (29) | $ 77 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | (1) | 0 |
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 (Effective Portion) | 1 | 78 | (36) | 66 |
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 (Effective Portion) | 0 | 0 | (2) | (21) |
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 (Effective Portion) | (2) | (2) | (6) | (5) |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | (1) | 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 (Effective Portion) | 1 | 78 | (34) | 87 |
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 (Effective Portion) | 1 | 2 | 1 | 2 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 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 (Effective Portion) | 2 | 86 | (24) | 80 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 0 |
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 (Effective Portion) | 1 | 0 | 1 | 4 |
Not Designated As Hedging Instruments [Member] | ||||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | ||||
Gain (loss) recognized in income on derivative | (82) | 47 | (241) | 274 |
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 | (81) | 49 | (237) | 280 |
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 | 1 | 2 | 2 | (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) | (2) | (4) | (6) |
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 | 1 | 2 | 2 | (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) | (2) | (4) | (6) |
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 | 1 | 2 | 2 | (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) | $ (2) | $ (4) | $ (6) |
Derivative Instruments and He64
Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments and Credit Risk-Related Features (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | $ 43 | |
Aggregate fair value of collateral posted on these derivative instruments | 1 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 42 | |
Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 324 | $ 399 |
Derivative instruments - eligible for offset | 138 | 27 |
Cash collateral received - eligible for offset | 17 | 19 |
Net | 169 | 353 |
Liabilities [Abstract] | ||
Gross | 198 | 58 |
Derivative instruments - eligible for offset | 138 | 27 |
Cash collateral pledged - eligible for offset | 1 | 3 |
Net | 59 | 28 |
LG And E And KU Energy LLC [Member] | ||
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 11 | |
Aggregate fair value of collateral posted on these derivative instruments | 1 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 10 | |
LG And E And KU Energy LLC [Member] | Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 0 | 0 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral received - eligible for offset | 0 | 0 |
Net | 0 | 0 |
Liabilities [Abstract] | ||
Gross | 29 | 31 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 1 | 3 |
Net | 28 | 28 |
Louisville Gas And Electric Co [Member] | ||
Credit Risk-Related Contingent Features [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | 11 | |
Aggregate fair value of collateral posted on these derivative instruments | 1 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 10 | |
Louisville Gas And Electric Co [Member] | Treasury Derivatives [Member] | ||
Assets [Abstract] | ||
Gross | 0 | 0 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral received - eligible for offset | 0 | 0 |
Net | 0 | 0 |
Liabilities [Abstract] | ||
Gross | 29 | 31 |
Derivative instruments - eligible for offset | 0 | 0 |
Cash collateral pledged - eligible for offset | 1 | 3 |
Net | $ 28 | $ 28 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 488 |
Accretion | 16 |
Effect of foreign exchange rates | 2 |
Changes in estimated timing or cost | (70) |
Obligations settled | (30) |
Balance at End of Period | $ 406 |
Minimum [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Regulatory Asset Amortization Period | 10 years |
Maximum [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Regulatory Asset Amortization Period | 25 years |
LG And E And KU Energy LLC [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 433 |
Accretion | 15 |
Effect of foreign exchange rates | 0 |
Changes in estimated timing or cost | (63) |
Obligations settled | (30) |
Balance at End of Period | 355 |
Increase (Decrease) to the asset retirement obligations due to revisions in the amounts and timing of future expected costs related to the closure of CCR impoundments | $ (66) |
LG And E And KU Energy LLC [Member] | Minimum [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Regulatory Asset Amortization Period | 10 years |
LG And E And KU Energy LLC [Member] | Maximum [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Regulatory Asset Amortization Period | 25 years |
Louisville Gas And Electric Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 145 |
Accretion | 5 |
Effect of foreign exchange rates | 0 |
Changes in estimated timing or cost | (12) |
Obligations settled | (20) |
Balance at End of Period | 118 |
Increase (Decrease) to the asset retirement obligations due to revisions in the amounts and timing of future expected costs related to the closure of CCR impoundments | $ (10) |
Louisville Gas And Electric Co [Member] | Minimum [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Regulatory Asset Amortization Period | 10 years |
Louisville Gas And Electric Co [Member] | Maximum [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Regulatory Asset Amortization Period | 25 years |
Kentucky Utilities Co [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Balance at Beginning of Period | $ 288 |
Accretion | 10 |
Effect of foreign exchange rates | 0 |
Changes in estimated timing or cost | (51) |
Obligations settled | (10) |
Balance at End of Period | 237 |
Increase (Decrease) to the asset retirement obligations due to revisions in the amounts and timing of future expected costs related to the closure of CCR impoundments | $ (56) |
Kentucky Utilities Co [Member] | Minimum [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Regulatory Asset Amortization Period | 10 years |
Kentucky Utilities Co [Member] | Maximum [Member] | |
Asset Retirement Obligation [Roll Forward] | |
Regulatory Asset Amortization Period | 25 years |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Income (Loss) - After-tax Changes by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (3,523) | $ (2,857) | $ (3,778) | $ (2,728) |
Amounts arising during the period | (14) | (585) | 152 | (784) |
Reclassifications from accumulated other comprehensive income | 34 | (38) | 123 | 32 |
Net other comprehensive income during the period | 20 | (623) | 275 | (752) |
Balance at end of period | (3,503) | (3,480) | (3,503) | (3,480) |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (1,420) | (716) | (1,627) | (520) |
Amounts arising during the period | (12) | (641) | 195 | (837) |
Reclassifications from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net other comprehensive income during the period | (12) | (641) | 195 | (837) |
Balance at end of period | (1,432) | (1,357) | (1,432) | (1,357) |
Qualifying Derivatives Unrealized Gains (Losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (13) | (5) | (7) | (7) |
Amounts arising during the period | 1 | 62 | (29) | 57 |
Reclassifications from accumulated other comprehensive income | 0 | (69) | 24 | (62) |
Net other comprehensive income during the period | 1 | (7) | (5) | (5) |
Balance at end of period | (12) | (12) | (12) | (12) |
Equity Investees Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 0 | (1) | (1) | 0 |
Amounts arising during the period | 0 | 0 | 0 | 0 |
Reclassifications from accumulated other comprehensive income | 0 | 0 | 1 | (1) |
Net other comprehensive income during the period | 0 | 0 | 1 | (1) |
Balance at end of period | 0 | (1) | 0 | (1) |
Defined Benefit Plans Prior Service Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (7) | (5) | (8) | (6) |
Amounts arising during the period | 0 | 0 | 0 | 0 |
Reclassifications from accumulated other comprehensive income | 0 | 0 | 1 | 1 |
Net other comprehensive income during the period | 0 | 0 | 1 | 1 |
Balance at end of period | (7) | (5) | (7) | (5) |
Defined Benefit Plans Actuarial Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (2,083) | (2,130) | (2,135) | (2,195) |
Amounts arising during the period | (3) | (6) | (14) | (4) |
Reclassifications from accumulated other comprehensive income | 34 | 31 | 97 | 94 |
Net other comprehensive income during the period | 31 | 25 | 83 | 90 |
Balance at end of period | (2,052) | (2,105) | (2,052) | (2,105) |
LG And E And KU Energy LLC [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (77) | (43) | (70) | (46) |
Amounts arising during the period | (1) | (12) | 1 | |
Reclassifications from accumulated other comprehensive income | 1 | 1 | 5 | 3 |
Net other comprehensive income during the period | 0 | 1 | (7) | 4 |
Balance at end of period | (77) | (42) | (77) | (42) |
LG And E And KU Energy LLC [Member] | Equity Investees Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 0 | (1) | (1) | 0 |
Amounts arising during the period | 0 | 0 | 0 | |
Reclassifications from accumulated other comprehensive income | 0 | 0 | 1 | (1) |
Net other comprehensive income during the period | 0 | 0 | 1 | (1) |
Balance at end of period | 0 | (1) | 0 | (1) |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans Prior Service Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (7) | (9) | (8) | (10) |
Amounts arising during the period | 0 | 0 | 0 | |
Reclassifications from accumulated other comprehensive income | 0 | 0 | 1 | 1 |
Net other comprehensive income during the period | 0 | 0 | 1 | 1 |
Balance at end of period | (7) | (9) | (7) | (9) |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans Actuarial Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (70) | (33) | (61) | (36) |
Amounts arising during the period | (1) | (12) | 1 | |
Reclassifications from accumulated other comprehensive income | 1 | 1 | 3 | 3 |
Net other comprehensive income during the period | 0 | 1 | (9) | 4 |
Balance at end of period | $ (70) | $ (32) | $ (70) | $ (32) |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Income (Loss) - Income (Expense) Effect of Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Affected Line Item on the Statements of Income [Line Items] | ||||
Other Income (Expense) - net | $ (76) | $ 49 | $ (235) | $ 284 |
Interest Expense | (230) | (223) | (669) | (671) |
Income Taxes | (116) | (139) | (321) | (510) |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Total After-tax | (34) | 38 | (123) | (32) |
Qualifying Derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Total Pre-tax | 1 | 86 | (30) | 77 |
Income Taxes | (1) | (17) | 6 | (15) |
Total After-tax | 0 | 69 | (24) | 62 |
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) | (7) | (5) |
Qualifying Derivatives [Member] | Cross Currency Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Other Income (Expense) - net | 2 | 86 | (24) | 80 |
Interest Expense | 1 | 2 | 1 | 2 |
Equity Investees Accumulated Other Comprehensive Income [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Affected Line Item on the Statements of Income [Line Items] | ||||
Other Income (Expense) - net | 0 | 0 | (1) | 1 |
Total Pre-tax | 0 | 0 | (1) | 1 |
Income Taxes | 0 | 0 | 0 | 0 |
Total After-tax | 0 | 0 | (1) | 1 |
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 | (45) | (42) | (127) | (123) |
Income Taxes | 11 | 11 | 29 | 28 |
Total After-tax | (34) | (31) | (98) | (95) |
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 | $ (44) | $ (41) | $ (125) | $ (121) |
New Accounting Guidance Pendi68
New Accounting Guidance Pending Adoption New Accounting Guidance Pending Adoption (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Plan [Member] | U.K. | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated Impact Of The Adoption Of ASU 2017-07 | $ 130 | $ 90 |