Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 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 Public Float | $ 26,500,381,927 | ||
Entity Common Stock, Shares Outstanding | 694,049,792 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
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 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating Revenues | ||||
Operating Revenues | $ 7,447 | $ 7,517 | $ 7,669 | |
Operation | ||||
Fuel | 759 | 791 | 863 | |
Energy purchases | 685 | 706 | 855 | |
Other operation and maintenance | 1,635 | 1,745 | 1,938 | |
Depreciation | 1,008 | 926 | 883 | |
Taxes, other than income | 292 | 301 | 299 | |
Total Operating Expenses | 4,379 | 4,469 | 4,838 | |
Operating Income | 3,068 | 3,048 | 2,831 | |
Other Income (Expense) - net | (255) | 390 | 108 | |
Interest Expense | 901 | 888 | 871 | |
Income Before Income Taxes | 1,912 | 2,550 | 2,068 | |
Income Taxes | 784 | 648 | 465 | |
Income from continuing operations (net of income taxes) | 1,128 | 1,902 | 1,603 | |
Loss from Discontinued Operations (net of income taxes) | 0 | 0 | (921) | |
Net income | $ 1,128 | $ 1,902 | $ 682 | |
Income from Continuing Operations After Income Taxes Available to PPL Common Shareholders | ||||
Basic (in dollars per share) | $ 1.64 | $ 2.80 | $ 2.38 | |
Diluted (in dollars per share) | 1.64 | 2.79 | 2.37 | |
Net Income Available to PPL Common Shareowners | ||||
Basic (in dollars per share) | 1.64 | 2.80 | 1.01 | |
Diluted (in dollars per share) | 1.64 | 2.79 | 1.01 | |
Dividends Declared Per Share of Common Stock | $ 1.58 | $ 1.52 | $ 1.50 | |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | ||||
Basic | 685,240 | 677,592 | 669,814 | |
Diluted | 687,334 | 680,446 | 672,586 | |
PPL Electric Utilities Corp [Member] | ||||
Operating Revenues | ||||
Operating Revenues | $ 2,195 | $ 2,156 | $ 2,124 | |
Operation | ||||
Energy purchases | 507 | 535 | 657 | |
Energy purchases from affiliate | 0 | 0 | 14 | |
Other operation and maintenance | 571 | 599 | 607 | |
Depreciation | 309 | 253 | 214 | |
Taxes, other than income | 107 | 105 | 94 | |
Total Operating Expenses | 1,494 | 1,492 | 1,586 | |
Operating Income | 701 | 664 | 538 | |
Other Income (Expense) - net | 11 | 17 | 8 | |
Interest Income from Affiliate | 5 | 0 | 0 | |
Interest Expense | 142 | 129 | 130 | |
Income Before Income Taxes | 575 | 552 | 416 | |
Income Taxes | 213 | 212 | 164 | |
Net income | [1] | 362 | 340 | 252 |
LG And E And KU Energy LLC [Member] | ||||
Operating Revenues | ||||
Operating Revenues | 3,156 | 3,141 | 3,115 | |
Operation | ||||
Fuel | 759 | 791 | 863 | |
Energy purchases | 178 | 171 | 184 | |
Other operation and maintenance | 806 | 804 | 837 | |
Depreciation | 439 | 404 | 382 | |
Taxes, other than income | 65 | 62 | 57 | |
Total Operating Expenses | 2,247 | 2,232 | 2,323 | |
Operating Income | 909 | 909 | 792 | |
Other Income (Expense) - net | (3) | (9) | (8) | |
Interest Expense | 197 | 197 | 178 | |
Interest Expense with Affiliates | 18 | 17 | 3 | |
Income Before Income Taxes | 691 | 686 | 603 | |
Income Taxes | 375 | 257 | 239 | |
Net income | 316 | 429 | 364 | |
Louisville Gas And Electric Co [Member] | ||||
Operating Revenues | ||||
Retail and wholesale | 1,422 | 1,406 | 1,407 | |
Electric revenue from affiliates | 31 | 24 | 37 | |
Operating Revenues | 1,453 | 1,430 | 1,444 | |
Operation | ||||
Fuel | 292 | 301 | 329 | |
Energy purchases | 160 | 153 | 166 | |
Energy purchases from affiliate | 10 | 14 | 20 | |
Other operation and maintenance | 355 | 355 | 377 | |
Depreciation | 183 | 170 | 162 | |
Taxes, other than income | 33 | 32 | 28 | |
Total Operating Expenses | 1,033 | 1,025 | 1,082 | |
Operating Income | 420 | 405 | 362 | |
Other Income (Expense) - net | (5) | (5) | (6) | |
Interest Expense | 71 | 71 | 57 | |
Income Before Income Taxes | 344 | 329 | 299 | |
Income Taxes | 131 | 126 | 114 | |
Net income | [2] | 213 | 203 | 185 |
Kentucky Utilities Co [Member] | ||||
Operating Revenues | ||||
Retail and wholesale | 1,734 | 1,735 | 1,708 | |
Electric revenue from affiliates | 10 | 14 | 20 | |
Operating Revenues | 1,744 | 1,749 | 1,728 | |
Operation | ||||
Fuel | 467 | 490 | 534 | |
Energy purchases | 18 | 18 | 18 | |
Energy purchases from affiliate | 31 | 24 | 37 | |
Other operation and maintenance | 424 | 424 | 435 | |
Depreciation | 255 | 234 | 220 | |
Taxes, other than income | 32 | 30 | 29 | |
Total Operating Expenses | 1,227 | 1,220 | 1,273 | |
Operating Income | 517 | 529 | 455 | |
Other Income (Expense) - net | (3) | (5) | 1 | |
Interest Expense | 96 | 96 | 82 | |
Income Before Income Taxes | 418 | 428 | 374 | |
Income Taxes | 159 | 163 | 140 | |
Net income | [3] | $ 259 | $ 265 | $ 234 |
[1] | Net income equals comprehensive income. | |||
[2] | Net income equals comprehensive income. | |||
[3] | Net income approximates comprehensive income. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Net income | $ 1,128 | $ 1,902 | $ 682 | |
Amounts arising during the period - gains (losses), net of tax (expense) benefit: | ||||
Foreign currency translation adjustments, net of tax | 538 | (1,107) | (234) | |
Available-for-sale securities, net of tax | 0 | 0 | 8 | |
Qualifying derivatives, net of tax | (79) | 91 | 26 | |
Defined benefit plans: | ||||
Prior service costs, net of tax | 0 | (3) | (9) | |
Net actuarial gain (loss), net of tax | (308) | (61) | (366) | |
Reclassifications to net income - (gains) losses, net of tax expense (benefit): | ||||
Available-for-sale securities, net of tax | 0 | 0 | (2) | |
Qualifying derivatives, net of tax | 73 | (91) | 2 | |
Equity investees' other comprehensive (income) loss, net of tax | 1 | (1) | (1) | |
Defined benefit plans: | ||||
Prior service costs, net of tax | 1 | 1 | 0 | |
Net actuarial (gain) loss, net of tax | 130 | 121 | 146 | |
Total other comprehensive income (loss) | 356 | (1,050) | (430) | |
Comprehensive income | 1,484 | 852 | 252 | |
PPL Electric Utilities Corp [Member] | ||||
Net income | [1] | 362 | 340 | 252 |
LG And E And KU Energy LLC [Member] | ||||
Net income | 316 | 429 | 364 | |
Defined benefit plans: | ||||
Prior service costs, net of tax | (2) | 0 | (3) | |
Net actuarial gain (loss), net of tax | (23) | (27) | (4) | |
Reclassifications to net income - (gains) losses, net of tax expense (benefit): | ||||
Equity investees' other comprehensive (income) loss, net of tax | 1 | (1) | 0 | |
Defined benefit plans: | ||||
Prior service costs, net of tax | 1 | 2 | 1 | |
Net actuarial (gain) loss, net of tax | 5 | 2 | 5 | |
Total other comprehensive income (loss) | (18) | (24) | (1) | |
Comprehensive income | 298 | 405 | 363 | |
Louisville Gas And Electric Co [Member] | ||||
Net income | [2] | 213 | 203 | 185 |
Kentucky Utilities Co [Member] | ||||
Net income | [3] | 259 | 265 | $ 234 |
Defined benefit plans: | ||||
Total other comprehensive income (loss) | $ 1 | $ (1) | ||
[1] | Net income equals comprehensive income. | |||
[2] | Net income equals comprehensive income. | |||
[3] | Net income approximates comprehensive income. |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tax effect of foreign currency translation adjustments arising during the period | $ (1) | $ (4) | $ 1 |
Tax effect of available-for-sale securities arising during the period | 0 | 0 | (9) |
Tax effect of qualifying derivatives arising during the period | 19 | (18) | 0 |
Tax effect of defined benefit plans - prior service costs arising during period | 0 | 2 | 6 |
Tax effect of defined benefit plans - net actuarial gain (loss) arising during period | 72 | 40 | 67 |
Tax effect of available-for-sale securities reclassified to net income | 0 | 0 | 2 |
Tax effect of qualifying derivatives reclassified to net income | (18) | 21 | (15) |
Tax effect of equity investees' other comprehensive (income) loss reclassified to net income | 0 | 0 | 0 |
Tax effect of defined benefit plans - prior service costs reclassified to net income | (1) | (1) | 0 |
Tax effect of defined benefit plans - net actuarial (gain) loss reclassified to net income | (37) | (35) | (46) |
LG And E And KU Energy LLC [Member] | |||
Tax effect of defined benefit plans - prior service costs arising during period | (1) | 0 | (2) |
Tax effect of defined benefit plans - net actuarial gain (loss) arising during period | 13 | 18 | 2 |
Tax effect of equity investees' other comprehensive (income) loss reclassified to net income | 0 | 0 | 0 |
Tax effect of defined benefit plans - prior service costs reclassified to net income | 1 | 1 | 1 |
Tax effect of defined benefit plans - net actuarial (gain) loss reclassified to net income | $ 2 | $ 1 | $ 3 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash Flows from Operating Activities | ||||
Net income | $ 1,128 | $ 1,902 | $ 682 | |
Loss from Discontinued Operations (net of income taxes) | 0 | 0 | 921 | |
Income from continuing operations (net of income taxes) | 1,128 | 1,902 | 1,603 | |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 1,008 | 926 | 883 | |
Amortization | 97 | 80 | 59 | |
Defined benefit plans - expense (income) | (95) | (40) | 56 | |
Deferred income taxes and investment tax credits | 707 | 560 | 428 | |
Unrealized (gains) losses on derivatives, and other hedging activities | 178 | 19 | (77) | |
Stock compensation expense | 38 | 28 | 31 | |
Other | (9) | (12) | (14) | |
Change in current assets and current liabilities | ||||
Accounts receivable | (33) | (15) | 47 | |
Accounts payable | (10) | 57 | (116) | |
Unbilled Revenues | (48) | (63) | 54 | |
Fuel, materials and supplies | 40 | (3) | 24 | |
Taxes payable | 3 | 31 | (175) | |
Regulatory assets and liabilities | (12) | (59) | 42 | |
Other | 14 | (32) | (7) | |
Other operating activities | ||||
Defined benefit plans - funding | (565) | (427) | (499) | |
Settlement of interest rate swaps | 2 | (9) | (101) | |
Other assets | 30 | 42 | (19) | |
Other liabilities | (12) | (95) | 53 | |
Net cash provided by operating activities - continuing operations | 2,461 | 2,890 | 2,272 | |
Net cash provided by operating activities - discontinued operations | 0 | 0 | 343 | |
Net cash provided by (used in) operating activities | 2,461 | 2,890 | 2,615 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (3,133) | (2,920) | (3,533) | |
Expenditures for intangible assets | (38) | (37) | (37) | |
Proceeds from the sale of other investments | 0 | 2 | 136 | |
Other investing activities | 15 | 37 | (5) | |
Net cash used in investing activities - continuing operations | (3,156) | (2,918) | (3,439) | |
Net cash used in investing activities - discontinued operations | 0 | 0 | (149) | |
Net cash provided by (used in) investing activities | (3,156) | (2,918) | (3,588) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 1,515 | 1,342 | 2,236 | |
Retirement of long-term debt | (168) | (930) | (1,000) | |
Issuance of common stock | 453 | 144 | 203 | |
Payment of common stock dividends | (1,072) | (1,030) | (1,004) | |
Net increase (decrease) in short-term debt | 115 | 29 | 94 | |
Other financing activities | (19) | 6 | (47) | |
Net cash used in financing activities - discontinued operations | 0 | 0 | (546) | |
Net cash distributions to parent from discontinued operations | 0 | 132 | ||
Net cash provided by (used in) financing activities | 824 | (439) | 68 | |
Effect of Exchange Rates on Cash and Cash Equivalents | 15 | (28) | (10) | |
Net (Increase) Decrease in Cash and Cash Equivalents included in Discontinued Operations | 0 | 0 | 352 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 144 | (495) | (563) | |
Cash and Cash Equivalents at Beginning of Period | 341 | 836 | 1,399 | |
Cash and Cash Equivalents at End of Period | 485 | 341 | 836 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 845 | 854 | 822 | |
Income taxes - net | 65 | 70 | 179 | |
Accrued expenditures for property, plant and equipment at December 31, | 360 | 281 | 310 | |
Accrued expenditures for intangible assets at December 31, | 68 | 117 | 55 | |
PPL Electric Utilities Corp [Member] | ||||
Cash Flows from Operating Activities | ||||
Net income | [1] | 362 | 340 | 252 |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 309 | 253 | 214 | |
Amortization | 33 | 32 | 26 | |
Defined benefit plans - expense (income) | 12 | 11 | 16 | |
Deferred income taxes and investment tax credits | 258 | 221 | 220 | |
Other | (8) | (13) | (12) | |
Change in current assets and current liabilities | ||||
Accounts receivable | (57) | 16 | 50 | |
Accounts payable | 3 | 58 | (107) | |
Unbilled Revenues | (13) | (23) | 22 | |
Prepayments | 3 | 43 | (1) | |
Taxes payable | (4) | (12) | (108) | |
Regulatory assets and liabilities | (5) | (62) | 35 | |
Other | (1) | (7) | 21 | |
Other operating activities | ||||
Defined benefit plans - funding | (24) | 0 | (33) | |
Other assets | 15 | 19 | (10) | |
Other liabilities | (3) | (4) | 17 | |
Net cash provided by (used in) operating activities | 880 | 872 | 602 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (1,244) | (1,125) | (1,097) | |
Expenditures for intangible assets | (10) | (9) | (10) | |
Other investing activities | 2 | 4 | (1) | |
Net cash provided by (used in) investing activities | (1,252) | (1,130) | (1,108) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 470 | 224 | 348 | |
Retirement of long-term debt | 0 | (224) | (100) | |
Contributions from parent | 575 | 220 | 275 | |
Payment of common stock dividends to parent | (336) | (288) | (181) | |
Net increase (decrease) in short-term debt | (295) | 295 | 0 | |
Other financing activities | (6) | (3) | (3) | |
Net cash provided by (used in) financing activities | 408 | 224 | 339 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 36 | (34) | (167) | |
Cash and Cash Equivalents at Beginning of Period | 13 | 47 | 214 | |
Cash and Cash Equivalents at End of Period | 49 | 13 | 47 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 128 | 115 | 117 | |
Income taxes - net | 4 | (48) | 38 | |
Accrued expenditures for property, plant and equipment at December 31, | 133 | 126 | 98 | |
LG And E And KU Energy LLC [Member] | ||||
Cash Flows from Operating Activities | ||||
Net income | 316 | 429 | 364 | |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 439 | 404 | 382 | |
Amortization | 24 | 29 | 27 | |
Defined benefit plans - expense (income) | 25 | 27 | 38 | |
Deferred income taxes and investment tax credits | 294 | 291 | 236 | |
Other | 0 | 0 | 2 | |
Change in current assets and current liabilities | ||||
Accounts receivable | (12) | (31) | 24 | |
Accounts payable | (9) | 24 | (58) | |
Unbilled Revenues | (33) | (23) | 20 | |
Accounts payable to affiliates | 2 | 1 | (2) | |
Fuel, materials and supplies | 45 | 2 | 6 | |
Income tax receivable | 0 | 1 | 135 | |
Taxes payable | 27 | (7) | 10 | |
Accrued interest | 0 | 0 | 9 | |
Other | 34 | (6) | 23 | |
Other operating activities | ||||
Defined benefit plans - funding | (35) | (85) | (70) | |
Settlement of interest rate swaps | 0 | (9) | (88) | |
Expenditures for asset retirement obligations | (34) | (26) | (7) | |
Other assets | 8 | 2 | (7) | |
Other liabilities | 8 | 4 | 19 | |
Net cash provided by (used in) operating activities | 1,099 | 1,027 | 1,063 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (892) | (791) | (1,210) | |
Other investing activities | 4 | 1 | 7 | |
Net cash provided by (used in) investing activities | (888) | (790) | (1,203) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 160 | 221 | 1,050 | |
Issuance of long-term note with affiliate | 0 | 0 | 400 | |
Retirement of long-term debt | (70) | (246) | (900) | |
Contributions from member | 0 | 61 | 125 | |
Distributions to member | (402) | (316) | (219) | |
Net increase (decrease) in notes payable to affiliates | 62 | 109 | 13 | |
Net increase (decrease) in short-term debt | 59 | (80) | (310) | |
Other financing activities | (3) | (3) | (10) | |
Net cash provided by (used in) financing activities | (194) | (254) | 149 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 17 | (17) | 9 | |
Cash and Cash Equivalents at Beginning of Period | 13 | 30 | 21 | |
Cash and Cash Equivalents at End of Period | 30 | 13 | 30 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 204 | 198 | 163 | |
Income taxes - net | 48 | (24) | (139) | |
Accrued expenditures for property, plant and equipment at December 31, | 174 | 104 | 150 | |
Louisville Gas And Electric Co [Member] | ||||
Cash Flows from Operating Activities | ||||
Net income | [2] | 213 | 203 | 185 |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 183 | 170 | 162 | |
Amortization | 14 | 14 | 11 | |
Defined benefit plans - expense (income) | 7 | 8 | 12 | |
Deferred income taxes and investment tax credits | 126 | 147 | 126 | |
Other | 1 | 0 | 8 | |
Change in current assets and current liabilities | ||||
Accounts receivable | (7) | (22) | 19 | |
Accounts receivable from affiliates | 4 | (16) | 11 | |
Accounts payable | (7) | 31 | (29) | |
Unbilled Revenues | (16) | (8) | 9 | |
Accounts payable to affiliates | (4) | 1 | 5 | |
Fuel, materials and supplies | 12 | 8 | 3 | |
Income tax receivable | 0 | 4 | 70 | |
Taxes payable | (15) | 20 | 1 | |
Accrued interest | 0 | 0 | 5 | |
Other | 11 | (7) | 17 | |
Other operating activities | ||||
Defined benefit plans - funding | (4) | (46) | (26) | |
Settlement of interest rate swaps | 0 | (9) | (44) | |
Expenditures for asset retirement obligations | (15) | (18) | (6) | |
Other assets | 5 | 0 | 11 | |
Other liabilities | 4 | 2 | 4 | |
Net cash provided by (used in) operating activities | 512 | 482 | 554 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (458) | (439) | (689) | |
Net cash provided by (used in) investing activities | (458) | (439) | (689) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 160 | 125 | 550 | |
Retirement of long-term debt | (70) | (150) | (250) | |
Contributions from parent | 30 | 71 | 90 | |
Payment of common stock dividends to parent | (192) | (128) | (119) | |
Net increase (decrease) in short-term debt | 30 | 27 | (122) | |
Other financing activities | (2) | (2) | (5) | |
Net cash provided by (used in) financing activities | (44) | (57) | 144 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 10 | (14) | 9 | |
Cash and Cash Equivalents at Beginning of Period | 5 | 19 | 10 | |
Cash and Cash Equivalents at End of Period | 15 | 5 | 19 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 65 | 65 | 48 | |
Income taxes - net | 22 | (43) | (81) | |
Accrued expenditures for property, plant and equipment at December 31, | 92 | 56 | 97 | |
Kentucky Utilities Co [Member] | ||||
Cash Flows from Operating Activities | ||||
Net income | [3] | 259 | 265 | 234 |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 255 | 234 | 220 | |
Amortization | 9 | 14 | 13 | |
Defined benefit plans - expense (income) | 4 | 5 | 10 | |
Deferred income taxes and investment tax credits | 152 | 126 | 160 | |
Other | 0 | (1) | (5) | |
Change in current assets and current liabilities | ||||
Accounts receivable | (5) | (8) | 5 | |
Accounts receivable from affiliates | 0 | 1 | (1) | |
Accounts payable | 0 | (10) | (32) | |
Unbilled Revenues | (17) | (15) | 11 | |
Accounts payable to affiliates | (6) | 15 | (10) | |
Fuel, materials and supplies | 32 | (6) | 3 | |
Income tax receivable | 0 | 0 | 59 | |
Taxes payable | (26) | 25 | 6 | |
Accrued interest | 0 | 0 | 5 | |
Other | 7 | (3) | 4 | |
Other operating activities | ||||
Defined benefit plans - funding | (23) | (20) | (21) | |
Settlement of interest rate swaps | 0 | 0 | (44) | |
Expenditures for asset retirement obligations | (19) | (8) | (1) | |
Other assets | 3 | (6) | (11) | |
Other liabilities | 9 | (2) | 3 | |
Net cash provided by (used in) operating activities | 634 | 606 | 608 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (432) | (350) | (519) | |
Other investing activities | 4 | 1 | 7 | |
Net cash provided by (used in) investing activities | (428) | (349) | (512) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 0 | 96 | 500 | |
Retirement of long-term debt | 0 | (96) | (250) | |
Contributions from parent | 0 | 20 | 0 | |
Payment of common stock dividends to parent | (226) | (248) | (153) | |
Net increase (decrease) in short-term debt | 29 | (32) | (188) | |
Other financing activities | (1) | (1) | (5) | |
Net cash provided by (used in) financing activities | (198) | (261) | (96) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 8 | (4) | 0 | |
Cash and Cash Equivalents at Beginning of Period | 7 | 11 | 11 | |
Cash and Cash Equivalents at End of Period | 15 | 7 | 11 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 92 | 89 | 75 | |
Income taxes - net | 34 | 13 | (84) | |
Accrued expenditures for property, plant and equipment at December 31, | $ 82 | $ 47 | $ 53 | |
[1] | Net income equals comprehensive income. | |||
[2] | Net income equals comprehensive income. | |||
[3] | Net income approximates comprehensive income. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Current Assets | |||
Cash and cash equivalents | $ 485 | $ 341 | |
Accounts receivable (less reserve:) | |||
Customer | 681 | 666 | |
Other | 100 | 46 | |
Unbilled revenues | 543 | 480 | |
Fuel, materials and supplies | 320 | 356 | |
Prepayments | 66 | 63 | |
Price risk management assets | 49 | 63 | |
Regulatory assets | 34 | 39 | |
Other current assets | 50 | 52 | |
Total Current Assets | 2,294 | 2,067 | |
Property, Plant and Equipment | |||
Regulated utility plant | 38,228 | 34,674 | |
Less: accumulated depreciation - regulated utility plant | 6,785 | 6,013 | |
Regulated utility plant, net | 31,443 | 28,661 | |
Non-regulated property, plant and equipment | 384 | 413 | |
Less: accumulated depreciation - non-regulated property, plant and equipment | 110 | 134 | |
Non-regulated property, plant and equipment, net | 274 | 279 | |
Construction work in progress | 1,375 | 1,134 | |
Property, Plant and Equipment, net | 33,092 | 30,074 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,504 | 1,918 | |
Goodwill | 3,258 | 3,060 | |
Other intangibles | 697 | 700 | |
Pension benefit asset | 284 | 9 | |
Price risk management assets | 215 | 336 | |
Other noncurrent assets | 135 | 151 | |
Total Other Noncurrent Assets | 6,093 | 6,174 | |
Total Assets | 41,479 | 38,315 | |
Current Liabilities | |||
Short-term debt | 1,080 | 923 | |
Long-term debt due within one year | 348 | 518 | |
Accounts payable | 924 | 820 | |
Taxes | 105 | 101 | |
Interest | 282 | 270 | |
Dividends | 273 | 259 | |
Customer deposits | 292 | 276 | |
Regulatory liabilities | 95 | 101 | |
Other current liabilities | 624 | 569 | |
Total Current Liabilities | 4,023 | 3,837 | |
Long-term Debt [Abstract] | |||
Long-term Debt | 19,847 | 17,808 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 2,462 | 3,889 | |
Investment tax credits | 129 | 132 | |
Accrued pension obligations | 800 | 1,001 | |
Asset retirement obligations | 312 | 428 | |
Regulatory liabilities | 2,704 | 899 | |
Other deferred credits and noncurrent liabilities | 441 | 422 | |
Total Deferred Credits and Other Noncurrent Liabilities | 6,848 | 6,771 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [1] | 7 | 7 |
Additional paid-in capital | 10,305 | 9,841 | |
Earnings reinvested | 3,871 | 3,829 | |
Accumulated other comprehensive loss | (3,422) | (3,778) | |
Total Equity | 10,761 | 9,899 | |
Total Liabilities and Equity | 41,479 | 38,315 | |
PPL Electric Utilities Corp [Member] | |||
Current Assets | |||
Cash and cash equivalents | 49 | 13 | |
Accounts receivable (less reserve:) | |||
Customer | 279 | 272 | |
Other | 71 | 21 | |
Unbilled revenues | 127 | 114 | |
Fuel, materials and supplies | 34 | 32 | |
Prepayments | 6 | 9 | |
Regulatory assets | 16 | 19 | |
Other current assets | 6 | 8 | |
Total Current Assets | 588 | 488 | |
Property, Plant and Equipment | |||
Regulated utility plant | 10,785 | 9,654 | |
Less: accumulated depreciation - regulated utility plant | 2,778 | 2,714 | |
Regulated utility plant, net | 8,007 | 6,940 | |
Construction work in progress | 508 | 641 | |
Property, Plant and Equipment, net | 8,515 | 7,581 | |
Other Noncurrent Assets | |||
Regulatory assets | 709 | 1,094 | |
Other intangibles | 259 | 251 | |
Other noncurrent assets | 11 | 12 | |
Total Other Noncurrent Assets | 979 | 1,357 | |
Total Assets | 10,082 | 9,426 | |
Current Liabilities | |||
Short-term debt | 0 | 295 | |
Long-term debt due within one year | 0 | 224 | |
Accounts payable | 386 | 367 | |
Accounts payable to affiliates | 31 | 42 | |
Taxes | 8 | 12 | |
Interest | 36 | 34 | |
Regulatory liabilities | 86 | 83 | |
Other current liabilities | 98 | 101 | |
Total Current Liabilities | 645 | 1,158 | |
Long-term Debt [Abstract] | |||
Long-term Debt | 3,298 | 2,607 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,154 | 1,899 | |
Accrued pension obligations | 246 | 281 | |
Regulatory liabilities | 668 | 0 | |
Other deferred credits and noncurrent liabilities | 79 | 90 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,147 | 2,270 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [2] | 364 | 364 |
Additional paid-in capital | 2,729 | 2,154 | |
Earnings reinvested | 899 | 873 | |
Total Equity | 3,992 | 3,391 | |
Total Liabilities and Equity | 10,082 | 9,426 | |
LG And E And KU Energy LLC [Member] | |||
Current Assets | |||
Cash and cash equivalents | 30 | 13 | |
Accounts receivable (less reserve:) | |||
Customer | 246 | 235 | |
Other | 44 | 17 | |
Unbilled revenues | 203 | 170 | |
Fuel, materials and supplies | 254 | 297 | |
Prepayments | 25 | 24 | |
Regulatory assets | 18 | 20 | |
Other current assets | 8 | 4 | |
Total Current Assets | 828 | 780 | |
Property, Plant and Equipment | |||
Regulated utility plant | 13,187 | 12,746 | |
Less: accumulated depreciation - regulated utility plant | 1,785 | 1,465 | |
Regulated utility plant, net | 11,402 | 11,281 | |
Construction work in progress | 627 | 317 | |
Property, Plant and Equipment, net | 12,029 | 11,598 | |
Other Noncurrent Assets | |||
Regulatory assets | 795 | 824 | |
Goodwill | 996 | 996 | |
Other intangibles | 86 | 95 | |
Other noncurrent assets | 68 | 78 | |
Total Other Noncurrent Assets | 1,945 | 1,993 | |
Total Assets | 14,802 | 14,371 | |
Current Liabilities | |||
Short-term debt | 244 | 185 | |
Long-term debt due within one year | 98 | 194 | |
Notes payable with affiliates | 225 | 163 | |
Accounts payable | 338 | 251 | |
Accounts payable to affiliates | 7 | 6 | |
Taxes | 66 | 39 | |
Interest | 32 | 32 | |
Asset Retirement Obligations | 85 | 60 | |
Price risk management liabilities | 4 | 4 | |
Customer deposits | 58 | 56 | |
Regulatory liabilities | 9 | 18 | |
Other current liabilities | 161 | 119 | |
Total Current Liabilities | 1,327 | 1,127 | |
Long-term Debt [Abstract] | |||
Long-term debt | 4,661 | 4,471 | |
Long-term debt to affiliate | 400 | 400 | |
Long-term Debt | 5,061 | 4,871 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 866 | 1,735 | |
Investment tax credits | 129 | 132 | |
Price risk management liabilities | 22 | 27 | |
Accrued pension obligations | 365 | 350 | |
Asset retirement obligations | 271 | 373 | |
Regulatory liabilities | 2,036 | 899 | |
Other deferred credits and noncurrent liabilities | 162 | 190 | |
Total Deferred Credits and Other Noncurrent Liabilities | 3,851 | 3,706 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Accumulated other comprehensive loss | (88) | (70) | |
Member's Equity | 4,563 | 4,667 | |
Total Liabilities and Equity | 14,802 | 14,371 | |
Louisville Gas And Electric Co [Member] | |||
Current Assets | |||
Cash and cash equivalents | 15 | 5 | |
Accounts receivable (less reserve:) | |||
Customer | 116 | 109 | |
Other | 13 | 11 | |
Accounts receivable from affiliates | 24 | 28 | |
Unbilled revenues | 91 | 75 | |
Fuel, materials and supplies | 131 | 143 | |
Prepayments | 11 | 12 | |
Regulatory assets | 12 | 9 | |
Other current assets | 3 | 1 | |
Total Current Assets | 416 | 393 | |
Property, Plant and Equipment | |||
Regulated utility plant | 5,587 | 5,357 | |
Less: accumulated depreciation - regulated utility plant | 614 | 498 | |
Regulated utility plant, net | 4,973 | 4,859 | |
Construction work in progress | 305 | 133 | |
Property, Plant and Equipment, net | 5,278 | 4,992 | |
Other Noncurrent Assets | |||
Regulatory assets | 411 | 450 | |
Goodwill | 389 | 389 | |
Other intangibles | 53 | 59 | |
Other noncurrent assets | 12 | 17 | |
Total Other Noncurrent Assets | 865 | 915 | |
Total Assets | 6,559 | 6,300 | |
Current Liabilities | |||
Short-term debt | 199 | 169 | |
Long-term debt due within one year | 98 | 194 | |
Accounts payable | 179 | 148 | |
Accounts payable to affiliates | 23 | 26 | |
Taxes | 25 | 40 | |
Interest | 11 | 11 | |
Asset Retirement Obligations | 24 | 41 | |
Price risk management liabilities | 4 | 4 | |
Customer deposits | 27 | 27 | |
Regulatory liabilities | 3 | 5 | |
Other current liabilities | 52 | 36 | |
Total Current Liabilities | 645 | 701 | |
Long-term Debt [Abstract] | |||
Long-term Debt | 1,611 | 1,423 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 572 | 974 | |
Investment tax credits | 35 | 36 | |
Price risk management liabilities | 22 | 27 | |
Accrued pension obligations | 45 | 53 | |
Asset retirement obligations | 97 | 104 | |
Regulatory liabilities | 919 | 419 | |
Other deferred credits and noncurrent liabilities | 86 | 87 | |
Total Deferred Credits and Other Noncurrent Liabilities | 1,776 | 1,700 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [3] | 424 | 424 |
Additional paid-in capital | 1,712 | 1,682 | |
Earnings reinvested | 391 | 370 | |
Total Equity | 2,527 | 2,476 | |
Total Liabilities and Equity | 6,559 | 6,300 | |
Kentucky Utilities Co [Member] | |||
Current Assets | |||
Cash and cash equivalents | 15 | 7 | |
Accounts receivable (less reserve:) | |||
Customer | 130 | 126 | |
Other | 30 | 5 | |
Unbilled revenues | 112 | 95 | |
Fuel, materials and supplies | 123 | 154 | |
Prepayments | 14 | 12 | |
Regulatory assets | 6 | 11 | |
Other current assets | 5 | 3 | |
Total Current Assets | 435 | 413 | |
Property, Plant and Equipment | |||
Regulated utility plant | 7,592 | 7,382 | |
Less: accumulated depreciation - regulated utility plant | 1,170 | 965 | |
Regulated utility plant, net | 6,422 | 6,417 | |
Construction work in progress | 321 | 181 | |
Property, Plant and Equipment, net | 6,743 | 6,598 | |
Other Noncurrent Assets | |||
Regulatory assets | 384 | 374 | |
Goodwill | 607 | 607 | |
Other intangibles | 33 | 36 | |
Other noncurrent assets | 52 | 57 | |
Total Other Noncurrent Assets | 1,076 | 1,074 | |
Total Assets | 8,254 | 8,085 | |
Current Liabilities | |||
Short-term debt | 45 | 16 | |
Long-term debt due within one year | 0 | 0 | |
Accounts payable | 137 | 78 | |
Accounts payable to affiliates | 53 | 56 | |
Taxes | 19 | 45 | |
Interest | 16 | 16 | |
Asset Retirement Obligations | 61 | 19 | |
Customer deposits | 31 | 29 | |
Regulatory liabilities | 6 | 13 | |
Other current liabilities | 46 | 36 | |
Total Current Liabilities | 414 | 308 | |
Long-term Debt [Abstract] | |||
Long-term Debt | 2,328 | 2,327 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 691 | 1,170 | |
Investment tax credits | 94 | 96 | |
Accrued pension obligations | 36 | 62 | |
Asset retirement obligations | 174 | 269 | |
Regulatory liabilities | 1,117 | 480 | |
Other deferred credits and noncurrent liabilities | 43 | 50 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,155 | 2,127 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [4] | 308 | 308 |
Additional paid-in capital | 2,616 | 2,616 | |
Earnings reinvested | 433 | 400 | |
Accumulated other comprehensive loss | 0 | (1) | |
Total Equity | 3,357 | 3,323 | |
Total Liabilities and Equity | $ 8,254 | $ 8,085 | |
[1] | 1,560,000 shares authorized; 693,398 and 679,731 shares issued and outstanding at December 31, 2017 and December 31, 2016. | ||
[2] | 170,000 shares authorized; 66,368 shares issued and outstanding at December 31, 2017 and December 31, 2016 | ||
[3] | 75,000 shares authorized; 21,294 shares issued and outstanding at December 31, 2017 and December 31, 2016. | ||
[4] | 80,000 shares authorized; 37,818 shares issued and outstanding at December 31, 2017 and December 31, 2016. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables Net Current [Abstract] | ||
Accounts receivable reserve for uncollectible accounts | $ 51 | $ 54 |
Equity | ||
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 1,560,000 | 1,560,000 |
Common stock shares issued | 693,398 | 679,731 |
Common stock shares outstanding | 693,398 | 679,731 |
PPL Electric Utilities Corp [Member] | ||
Receivables Net Current [Abstract] | ||
Accounts receivable reserve for uncollectible accounts | $ 24 | $ 28 |
Equity | ||
Common stock no par value | $ 0 | $ 0 |
Common stock shares authorized | 170,000 | 170,000 |
Common stock shares issued | 66,368 | 66,368 |
Common stock shares outstanding | 66,368 | 66,368 |
LG And E And KU Energy LLC [Member] | ||
Receivables Net Current [Abstract] | ||
Accounts receivable reserve for uncollectible accounts | $ 25 | $ 24 |
Louisville Gas And Electric Co [Member] | ||
Receivables Net Current [Abstract] | ||
Accounts receivable reserve for uncollectible accounts | $ 1 | $ 2 |
Equity | ||
Common stock no par value | $ 0 | $ 0 |
Common stock shares authorized | 75,000 | 75,000 |
Common stock shares issued | 21,294 | 21,294 |
Common stock shares outstanding | 21,294 | 21,294 |
Kentucky Utilities Co [Member] | ||
Receivables Net Current [Abstract] | ||
Accounts receivable reserve for uncollectible accounts | $ 1 | $ 2 |
Equity | ||
Common stock no par value | $ 0 | $ 0 |
Common stock shares authorized | 80,000 | 80,000 |
Common stock shares issued | 37,818 | 37,818 |
Common stock shares outstanding | 37,818 | 37,818 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Earnings Reinvested | Accumulated Other Comprehensive Loss | PPL Electric Utilities Corp [Member] | PPL Electric Utilities Corp [Member]Common Stock | PPL Electric Utilities Corp [Member]Additional Paid-in Capital | PPL Electric Utilities Corp [Member]Earnings Reinvested | LG And E And KU Energy LLC [Member] | Louisville Gas And Electric Co [Member] | Louisville Gas And Electric Co [Member]Common Stock | Louisville Gas And Electric Co [Member]Additional Paid-in Capital | Louisville Gas And Electric Co [Member]Earnings Reinvested | Kentucky Utilities Co [Member] | Kentucky Utilities Co [Member]Common Stock | Kentucky Utilities Co [Member]Additional Paid-in Capital | Kentucky Utilities Co [Member]Earnings Reinvested | Kentucky Utilities Co [Member]Accumulated Other Comprehensive Loss | |||||||||
Balance at beginning of period - shares at Dec. 31, 2014 | 665,849 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | ||||||||||||||||||||
Balance at beginning of period at Dec. 31, 2014 | $ 4,248 | |||||||||||||||||||||||||||
Balance at beginning of period at Dec. 31, 2014 | $ 13,628 | $ 7 | $ 9,433 | $ 6,462 | $ (2,274) | $ 2,717 | $ 364 | $ 1,603 | $ 750 | $ 2,174 | $ 424 | $ 1,521 | $ 229 | $ 3,206 | $ 308 | $ 2,596 | $ 302 | $ 0 | ||||||||||
Common stock shares issued | [1] | 8,008 | ||||||||||||||||||||||||||
Common stock issued | 249 | 249 | ||||||||||||||||||||||||||
Stock-based compensation | 5 | 5 | ||||||||||||||||||||||||||
Net income | 682 | 682 | 252 | [5] | 252 | 364 | 185 | [6] | 185 | 234 | [7] | 234 | ||||||||||||||||
Capital contributions from parent | 331 | [8] | 331 | [8] | 90 | 90 | ||||||||||||||||||||||
Dividends, dividend equivalents, redemptions and distributions | (1,010) | (1,010) | ||||||||||||||||||||||||||
Cash dividends declared on common stock | (181) | (181) | (119) | (119) | (153) | (153) | ||||||||||||||||||||||
Contributions from member | 125 | |||||||||||||||||||||||||||
Distributions to member | (219) | |||||||||||||||||||||||||||
Distribution of PPL Energy Supply | (3,205) | (3,181) | (24) | |||||||||||||||||||||||||
Other comprehensive income (loss) | (430) | (430) | (1) | |||||||||||||||||||||||||
Balance at end of period - shares at Dec. 31, 2015 | 673,857 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | ||||||||||||||||||||
Balance at end of period at Dec. 31, 2015 | 4,517 | |||||||||||||||||||||||||||
Balance at end 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 | ||||||||||
Common stock shares issued | [1] | 5,874 | ||||||||||||||||||||||||||
Common stock issued | 185 | 185 | ||||||||||||||||||||||||||
Stock-based compensation | (31) | (31) | ||||||||||||||||||||||||||
Net income | 1,902 | 1,902 | 340 | [5] | 340 | 429 | 203 | [6] | 203 | 265 | [7] | 265 | ||||||||||||||||
Capital contributions from parent | 220 | 220 | 71 | 71 | 20 | 20 | ||||||||||||||||||||||
Dividends, dividend equivalents, redemptions and distributions | (1,033) | (1,033) | ||||||||||||||||||||||||||
Cash dividends declared on common stock | $ (288) | (288) | $ (128) | (128) | (248) | (248) | ||||||||||||||||||||||
Contributions from member | 61 | |||||||||||||||||||||||||||
Distributions to member | (316) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | (1,050) | (1,050) | (24) | $ (1) | (1) | |||||||||||||||||||||||
Adoption of stock-based compensation guidance cumulative effect adjustment | $ 7 | 7 | ||||||||||||||||||||||||||
Balance at end 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 end of period at Dec. 31, 2016 | 4,667 | |||||||||||||||||||||||||||
Balance at end 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) | ||||||||||
Common stock shares issued | [1] | 13,667 | ||||||||||||||||||||||||||
Common stock issued | 482 | 482 | ||||||||||||||||||||||||||
Stock-based compensation | (18) | (18) | ||||||||||||||||||||||||||
Net income | 1,128 | 1,128 | 362 | [5] | 362 | 316 | 213 | [6] | 213 | 259 | [7] | 259 | ||||||||||||||||
Capital contributions from parent | 575 | 575 | 30 | 30 | ||||||||||||||||||||||||
Dividends, dividend equivalents, redemptions and distributions | (1,086) | (1,086) | ||||||||||||||||||||||||||
Cash dividends declared on common stock | $ (336) | (336) | $ (192) | (192) | (226) | (226) | ||||||||||||||||||||||
Distributions to member | (402) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | $ 356 | 356 | (18) | $ 1 | 1 | |||||||||||||||||||||||
Balance at end of period - shares at Dec. 31, 2017 | 693,398 | 693,398 | [1] | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 37,818 | [4] | ||||||||||||||||
Balance at end of period at Dec. 31, 2017 | $ 4,563 | |||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2017 | $ 10,761 | $ 7 | $ 10,305 | $ 3,871 | $ (3,422) | $ 3,992 | $ 364 | $ 2,729 | $ 899 | $ 2,527 | $ 424 | $ 1,712 | $ 391 | $ 3,357 | $ 308 | $ 2,616 | $ 433 | $ 0 | ||||||||||
[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 equals comprehensive income. | |||||||||||||||||||||||||||
[7] | Net income approximates comprehensive income. | |||||||||||||||||||||||||||
[8] | Includes non-cash contributions of $56 million. See Note 11 for additional information. |
CONSOLIDATED STATEMENTS OF EQU9
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017vote | Dec. 31, 2016vote | Dec. 31, 2015USD ($)vote | |
Vote per share of PPL's common stock | vote | 1 | 1 | 1 |
PPL Electric Utilities Corp [Member] | |||
Non-cash contributions related to remeasurement and separation of benefit plans | $ | $ 56 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies (All Registrants) General Capitalized terms and abbreviations appearing in the combined notes to 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. Business and Consolidation (PPL) PPL is a utility holding company that, through its regulated subsidiaries, is primarily engaged in: 1) the distribution of electricity in the U.K.; 2) the generation, transmission, distribution and sale of electricity and the distribution and sale of natural gas, primarily in Kentucky; and 3) the transmission, distribution and sale of electricity in Pennsylvania. Headquartered in Allentown, PA, PPL's principal subsidiaries are PPL Global, LKE (including its principal subsidiaries, LG&E and KU) and PPL Electric. PPL's corporate level financing subsidiary is PPL Capital Funding. WPD, a subsidiary of PPL Global, through indirect, wholly owned subsidiaries, operates distribution networks providing electricity service in the U.K. WPD serves end-users in South Wales and southwest and central England. Its principal subsidiaries are WPD (South Wales), WPD (South West), WPD (East Midlands) and WPD (West Midlands). PPL consolidates WPD on a one -month lag. Material events, such as debt issuances that occur in the lag period, are recognized in the current period financial statements. Events that are significant but not material are disclosed. (PPL and PPL Electric) PPL Electric is a cost-based rate-regulated utility subsidiary of PPL. PPL Electric's principal business is the transmission and distribution of electricity to serve retail customers in its franchised territory in eastern and central Pennsylvania and the regulated supply of electricity to retail customers in that territory as a PLR. (PPL, LKE, LG&E and KU) LKE is a utility holding company with cost-based rate-regulated utility operations through its subsidiaries, LG&E and KU. LG&E and KU are engaged in the generation, transmission, distribution and sale of electricity. LG&E also engages in the distribution and sale of natural gas. LG&E and KU maintain their separate identities and serve customers in Kentucky under their respective names. KU also serves customers in Virginia under the Old Dominion Power name and in Tennessee under the KU name. (PPL) "Loss from Discontinued Operations (net of income taxes)" on the 2015 Statement of Income includes the activities of PPL Energy Supply, substantially representing PPL's former Supply segment, which was spun off and distributed to PPL shareowners on June 1, 2015. In addition, the Statement of Cash Flows for the same period separately reports the cash flows of the discontinued operations. See Note 8 for additional information. (All Registrants) The financial statements of the Registrants include each company's own accounts as well as the accounts of all entities in which the company has a controlling financial interest. Entities for which a controlling financial interest is not demonstrated through voting interests are evaluated based on accounting guidance for Variable Interest Entities (VIEs). The Registrants consolidate a VIE when they are determined to have a controlling interest in the VIE, and as a result are the primary beneficiary of the entity. The Registrants are not the primary beneficiary in any VIEs. Investments in entities in which a company has the ability to exercise significant influence but does not have a controlling financial interest are accounted for under the equity method. All other investments are carried at cost or fair value. All significant intercompany transactions have been eliminated. The financial statements of PPL, LKE, LG&E and KU include their share of any undivided interests in jointly owned facilities, as well as their share of the related operating costs of those facilities. See Note 12 for additional information. Regulation (PPL) WPD operates in an incentive-based regulatory structure under distribution licenses granted by Ofgem. Electricity distribution revenues are set by Ofgem for a given time period through price control reviews that are not directly based on cost recovery. The price control formula that governs WPD's allowed revenue is designed to provide economic incentives to minimize operating, capital and financing costs. As a result, WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP and does not record regulatory assets and liabilities. (PPL Electric, LG&E and KU) PPL Electric, LG&E and KU are cost-based rate-regulated utilities for which rates are set by regulators to enable PPL Electric, LG&E and KU to recover the costs of providing electric or gas service, as applicable, and to provide a reasonable return to shareholders. Base rates are generally established based on a future test period. As a result, the financial statements are subject to the accounting for certain types of regulation as prescribed by GAAP and reflect the effects of regulatory actions. Regulatory assets are recognized for the effect of transactions or events where future recovery of underlying costs is probable in regulated customer rates. The effect of such accounting is to defer certain or qualifying costs that would otherwise currently be charged to expense. Regulatory liabilities are recognized for amounts expected to be returned through future regulated customer rates. In certain cases, regulatory liabilities are recorded based on an understanding or agreement with the regulator that rates have been set to recover costs that are expected to be incurred in the future, and the regulated entity is accountable for any amounts charged pursuant to such rates and not yet expended for the intended purpose. The accounting for regulatory assets and regulatory liabilities is based on specific ratemaking decisions or precedent for each transaction or event as prescribed by the FERC or the applicable state regulatory commissions. See Note 6 for additional details regarding regulatory matters. Accounting Records The system of accounts for domestic regulated entities is maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the applicable state regulatory commissions. (All Registrants) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Loss Accruals Potential losses are accrued when (1) information is available that indicates it is "probable" that a loss has been incurred, given the likelihood of the uncertain future events and (2) the amount of the loss can be reasonably estimated. Accounting guidance defines "probable" as cases in which "the future event or events are likely to occur." The Registrants continuously assess potential loss contingencies for environmental remediation, litigation claims, regulatory penalties and other events. Loss accruals for environmental remediation are discounted when appropriate. The accrual of contingencies that might result in gains is not recorded, unless realization is assured. Earnings Per Share (PPL) EPS is computed using the two-class method, which is an earnings allocation method for computing EPS that treats a participating security as having rights to earnings that would otherwise have been available to common shareowners. Share-based payment awards that provide recipients a non-forfeitable right to dividends or dividend equivalents are considered participating securities. Price Risk Management (All Registrants) Interest rate contracts are used to hedge exposure to changes in the fair value of debt instruments and to hedge exposure to variability in expected cash flows associated with existing floating-rate debt instruments or forecasted fixed-rate issuances of debt. Foreign currency exchange contracts are used to hedge foreign currency exposures, primarily associated with PPL's investments in U.K. subsidiaries. Similar derivatives may receive different accounting treatment, depending on management's intended use and documentation. Certain contracts may not meet the definition of a derivative because they lack a notional amount or a net settlement provision. In cases where there is no net settlement provision, markets are periodically assessed to determine whether market mechanisms have evolved that would facilitate net settlement. Certain derivative contracts may be excluded from the requirements of derivative accounting treatment because NPNS has been elected. These contracts are accounted for using accrual accounting. Contracts that have been classified as derivative contracts are reflected on the balance sheets at fair value. The portion of derivative positions that deliver within a year are included in "Current Assets" and "Current Liabilities," while the portion of derivative positions that deliver beyond a year are recorded in "Other Noncurrent Assets" and "Deferred Credits and Other Noncurrent Liabilities." Cash inflows and outflows related to derivative instruments are included as a component of operating, investing or financing activities on the Statements of Cash Flows, depending on the classification of the hedged items. PPL and its subsidiaries have elected not to offset net derivative positions against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. (PPL) Processes exist that allow for subsequent review and validation of the contract information as it relates to interest rate and foreign currency derivatives. The accounting department provides the treasury department with guidelines on appropriate accounting classifications for various contract types and strategies. Examples of accounting guidelines provided to the treasury department staff include, but are not limited to: • Transactions to lock in an interest rate prior to a debt issuance can be designated as cash flow hedges, to the extent the forecasted debt issuances remain probable of occurring. • Cross-currency transactions to hedge interest and principal repayments can be designated as cash flow hedges. • Transactions to hedge fluctuations in the fair value of existing debt can be designated as fair value hedges. • Transactions to hedge the value of a net investment of foreign operations can be designated as net investment hedges. • Derivative transactions that do not qualify for cash flow or net investment hedge treatment are marked to fair value through earnings. These transactions generally include foreign currency forwards and options to hedge GBP-denominated earnings translation risk associated with PPL's U.K. subsidiaries that report their financial statements in GBP. As such, these transactions reduce earnings volatility due solely to changes in foreign currency exchange rates. (All Registrants) • Derivative transactions may be marked to fair value through regulatory assets/liabilities at PPL Electric, LG&E and KU if approved by the appropriate regulatory body. These transactions generally include the effect of interest rate swaps that are included in customer rates. (PPL and PPL Electric) To meet its obligation as a PLR to its customers, PPL Electric has entered into certain contracts that meet the definition of a derivative. However, NPNS has been elected for these contracts. See Notes 16 and 17 for additional information on derivatives. Revenue (PPL) Operating Revenues For the years ended December 31, the Statements of Income "Operating Revenues" line item contains revenue from the following: 2017 2016 2015 Domestic electric and gas revenues (a) $ 5,351 $ 5,297 $ 5,239 U.K. operating revenues (b) 2,091 2,207 2,410 Domestic - other 5 13 20 Total $ 7,447 $ 7,517 $ 7,669 (a) Represents revenues from cost-based rate-regulated generation, transmission and/or distribution in Pennsylvania, Kentucky, Virginia and Tennessee, including regulated wholesale revenue. (b) Primarily represents regulated electricity distribution revenues from the operation of WPD's distribution networks. Revenue Recognition (All Registrants) Operating revenues are primarily recorded based on energy deliveries through the end of the calendar month. Unbilled retail revenues result because customers' bills are rendered throughout the month, rather than bills being rendered at the end of the month. For LKE, LG&E and KU, unbilled revenues for a month are calculated by multiplying an estimate of unbilled kWh by the estimated average cents per kWh. Any difference between estimated and actual revenues is adjusted the following month when the previous unbilled estimate is reversed and actual billings occur. For PPL Electric, unbilled revenues for a month are calculated by multiplying the actual unbilled kWh by an average rate per customer class. (PPL) WPD is currently operating under the eight-year price control period of RIIO-ED1, which commenced for electric distribution companies on April 1, 2015. Ofgem has adopted a price control mechanism that establishes the amount of base demand revenue WPD can earn, subject to certain true-ups, and provides for an increase or reduction in revenues based on incentives or penalties for performance relative to pre-established targets. WPD's allowed revenue primarily includes base demand revenue (adjusted for inflation using RPI), performance incentive revenues/penalties and adjustments for over or under-recovery from prior periods. As the regulatory model is incentive based rather than a cost recovery model, WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. Therefore, the accounting treatment of adjustments to base demand revenue and/or allowed revenue is evaluated primarily based on revenue recognition accounting guidance. Unlike prior price control reviews, base demand revenue under RIIO-ED1 is adjusted during the price control period. The most significant of those adjustments are: • Inflation True-Up - The base demand revenue for the RIIO-ED1 period was set based on 2012/13 prices. Therefore an inflation factor as determined by forecasted RPI, provided by HM Treasury, is applied to base demand revenue. Forecasted RPI is trued up to actuals and affects future base demand revenue two regulatory years later. This revenue change is called the "TRU" adjustment. • Annual Iteration Process (AIP) - The RIIO-ED1 price control period also includes an AIP. This will allow future base demand revenues agreed with the regulator as part of the price control review, to be updated during the price control period for financial adjustments including tax, pensions, cost of debt, legacy price control adjustments from preceding price control periods and adjustments relating to actual and allowed total expenditure together with the Totex Incentive Mechanism (TIM). Under the TIM, WPD's DNOs are able to retain 70% of any amounts not spent against the RIIO-ED1 plan and bear 70% of any over-spends. The AIP calculates an incremental change to base demand revenue, known as the "MOD" adjustment. As both MOD and TRU are changes to future base demand revenues as determined by Ofgem, these adjustments are recognized as a component of revenues in future years in which service is provided and revenues are collected or returned to customers. In addition to base demand revenue, certain other items are added or subtracted to arrive at allowed revenue. The most significant of these are: • Incentives - Ofgem has established incentives to provide opportunities for DNO's to enhance overall returns by improving network efficiency, reliability and customer service. These incentives can result in an increase or reduction in revenues based on incentives or penalties for actual performance against pre-established targets based on past performance. The annual incentives and penalties are reflected in customers' rates on a two -year lag from the time they are earned and/or assessed. Incentive revenues and penalties are included in revenues when they are billed to customers. • Correction Factor - During the current price control period, WPD sets its tariffs to recover allowed revenue. However, in any fiscal period, WPD's revenue could be negatively affected if its tariffs and the volume delivered do not fully recover the revenue allowed for a particular period. Conversely, WPD could also over-recover revenue. Over and under-recoveries are subtracted from or added to allowed revenue in future years when they are billed to customers, known as the "Correction Factor" or "K-factor." Over and under-recovered amounts arising for the periods beginning with the 2014/15 regulatory year and refunded/recovered under RIIO-ED1 will be refunded/recovered on a two year lag (previously one year ). Therefore the 2014/15 over/under-recovery adjustment occurred in the 2016/17 regulatory year. Accounts Receivable (All Registrants) Accounts receivable are reported on the Balance Sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Allowance for Doubtful Accounts Accounts receivable collectability is evaluated using a combination of factors, including past due status based on contractual terms, trends in write-offs and the age of the receivable. Specific events, such as bankruptcies, are also considered when applicable. Adjustments to the allowance for doubtful accounts are made when necessary based on the results of analysis, the aging of receivables and historical and industry trends. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. The changes in the allowance for doubtful accounts were: Additions Balance at Beginning of Period Charged to Income Charged to Other Accounts Deductions (a) Balance at End of Period PPL 2017 $ 54 $ 28 $ (1 ) $ 30 $ 51 2016 41 44 — 31 54 2015 44 49 (2 ) 50 41 PPL Electric 2017 $ 28 $ 18 $ — $ 22 $ 24 2016 16 35 — 23 28 2015 17 39 — 40 16 Additions Balance at Beginning of Period Charged to Income Charged to Other Accounts Deductions (a) Balance at End of Period LKE 2017 $ 24 $ 8 $ (1 ) $ 6 $ 25 2016 23 8 — 7 24 2015 25 9 (2 ) 9 23 LG&E 2017 $ 2 $ 2 $ (1 ) $ 2 $ 1 2016 1 2 1 2 2 2015 2 2 — 3 1 KU 2017 $ 2 $ 4 $ (1 ) $ 4 $ 1 2016 2 4 — 4 2 2015 2 5 — 5 2 (a) Primarily related to uncollectible accounts written off. Cash (All Registrants) Cash Equivalents All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. (PPL and PPL Electric) Restricted Cash and Cash Equivalents Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash and cash equivalents. The change in restricted cash and cash equivalents is reported as an investing activity on the Statements of Cash Flows. On the Balance Sheets, the current portion of restricted cash and cash equivalents is included in "Other current assets," while the noncurrent portion is included in "Other noncurrent assets." At December 31, the balances of restricted cash and cash equivalents included the following: PPL PPL Electric 2017 2016 2017 2016 Low carbon network fund (a) $ 17 $ 17 $ — $ — Other 9 9 2 2 Total $ 26 $ 26 $ 2 $ 2 (a) Funds received by WPD, which are to be spent on approved initiatives to support a low carbon environment. (All Registrants) Fair Value Measurements The Registrants value certain financial and nonfinancial assets and liabilities at fair value. Generally, the most significant fair value measurements relate to price risk management assets and liabilities, investments in securities in defined benefit plans, and cash and cash equivalents. PPL and its subsidiaries use, as appropriate, 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) to measure the fair value of an asset or liability. 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 Registrants classify fair value measurements within one of three levels in the fair value hierarchy. The level assigned to a fair value measurement is based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: • Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 - inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for substantially the full term of the asset or liability. • Level 3 - unobservable inputs that management believes are predicated on the assumptions market participants would use to measure the asset or liability at fair value. Assessing the significance of a particular input requires judgment that considers factors specific to the asset or liability. As such, the Registrants' assessment of the significance of a particular input may affect how the assets and liabilities are classified within the fair value hierarchy. Investments (All Registrants) Generally, the original maturity date of an investment and management's intent and ability to sell an investment prior to its original maturity determine the classification of investments as either short-term or long-term. Investments that would otherwise be classified as short-term, but are restricted as to withdrawal or use for other than current operations or are clearly designated for expenditure in the acquisition or construction of noncurrent assets or for the liquidation of long-term debts, are classified as long-term. Short-term Investments Short-term investments generally include certain deposits as well as securities that are considered highly liquid or provide for periodic reset of interest rates. Investments with original maturities greater than three months and less than a year, as well as investments with original maturities of greater than a year that management has the ability and intent to sell within a year, are included in "Other current assets" on the Balance Sheets. (PPL, LKE, LG&E and KU) Cost Method Investment LG&E and KU each have an investment in OVEC, which is accounted for using the cost method. The investment is recorded in "Other noncurrent assets" on the PPL, LKE, LG&E and KU Balance Sheets. LG&E and KU and ten other electric utilities are equity owners of OVEC. OVEC's power is currently supplied to LG&E and KU and 11 other companies affiliated with the various owners. LG&E and KU own 5.63% and 2.5% of OVEC's common stock. Pursuant to a power purchase agreement, LG&E and KU are contractually entitled to their ownership percentage of OVEC's output, which is approximately 120 MW for LG&E and approximately 53 MW for KU. LG&E's and KU's combined investment in OVEC is not significant. The direct exposure to loss as a result of LG&E's and KU's involvement with OVEC is generally limited to the value of their investments; however, LG&E and KU are conditionally responsible for a pro-rata share of certain OVEC obligations, pursuant to their power purchase contract with OVEC. As part of PPL's acquisition of LKE, the value of the power purchase contract was recorded as an intangible asset with an offsetting regulatory liability, both of which are being amortized using the units-of-production method until March 2026. See Notes 6, 13 and 18 for additional discussion of the power purchase agreement. Long-Lived and Intangible Assets Property, Plant and Equipment (All Registrants) PP&E is recorded at original cost, unless impaired. PP&E acquired in business combinations is recorded at fair value at the time of acquisition. If impaired, the asset is written down to fair value at that time, which becomes the new cost basis of the asset. Original cost for constructed assets includes material, labor, contractor costs, certain overheads and financing costs, where applicable. The cost of repairs and minor replacements are charged to expense as incurred. The Registrants record costs associated with planned major maintenance projects in the period in which the costs are incurred. No costs associated with planned major maintenance projects are accrued to PP&E in advance of the period in which the work is performed. LG&E and KU accrue costs of removal net of estimated salvage value through depreciation, which is included in the calculation of customer rates over the assets' depreciable lives in accordance with regulatory practices. Cost of removal amounts accrued through depreciation rates are accumulated as a regulatory liability until the removal costs are incurred. For LKE, LG&E and KU, all ARO depreciation expenses are reclassified to a regulatory asset. See "Asset Retirement Obligations" below and Note 6 for additional information. PPL Electric records net costs of removal when incurred as a regulatory asset. The regulatory asset is subsequently amortized through depreciation over a five -year period, which is recoverable in customer rates in accordance with regulatory practices. AFUDC is capitalized at PPL Electric as part of the construction costs for cost-based rate-regulated projects for which a return on such costs is recovered after the project is placed in service. The debt component of AFUDC is credited to "Interest Expense" and the equity component is credited to "Other Income (Expense) - net" on the Statements of Income. LG&E and KU generally do not record AFUDC, except for certain instances in KU's FERC approved rates charged to its municipal customers, as a return is provided on construction work in progress. (PPL) PPL capitalizes interest costs as part of construction costs. Capitalized interest, including the debt component of AFUDC for PPL, was $11 million in 2017, 2016 and 2015. Depreciation (All Registrants) Depreciation is recorded over the estimated useful lives of property using various methods including the straight-line, composite and group methods. When a component of PP&E that was depreciated under the composite or group method is retired, the original cost is charged to accumulated depreciation. When all or a significant portion of an operating unit that was depreciated under the composite or group method is retired or sold, the property and the related accumulated depreciation account is reduced and any gain or loss is included in income, unless otherwise required by regulators. Following are the weighted-average annual rates of depreciation, for regulated utility plant, for the years ended December 31: 2017 2016 2015 PPL 2.65 % 2.73 % 2.57 % PPL Electric 2.86 % 2.63 % 2.46 % LKE 3.64 % 3.69 % 3.69 % LG&E 3.63 % 3.58 % 3.65 % KU 3.66 % 3.77 % 3.71 % (All Registrants) Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price paid over the fair value of the identifiable net assets acquired in a business combination. Other acquired intangible assets are initially measured based on their fair value. Intangibles that have finite useful lives are amortized over their useful lives based upon the pattern in which the economic benefits of the intangible assets are consumed or otherwise used. Costs incurred to obtain an initial license and renew or extend terms of licenses are capitalized as intangible assets. When determining the useful life of an intangible asset, including intangible assets that are renewed or extended, PPL and its subsidiaries consider: • the expected use of the asset; • the expected useful life of other assets to which the useful life of the intangible asset may relate; • legal, regulatory, or contractual provisions that may limit the useful life; • the company's historical experience as evidence of its ability to support renewal or extension; • the effects of obsolescence, demand, competition, and other economic factors; and, • the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Asset Impairment (Excluding Investments) The Registrants review long-lived assets that are subject to depreciation or amortization, including finite-lived intangibles, for impairment when events or circumstances indicate carrying amounts may not be recoverable. A long-lived asset classified as held and used is impaired when the carrying amount of the asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If impaired, the asset's carrying value is written down to its fair value. A long-lived asset classified as held for sale is impaired when the carrying amount of the asset (disposal group) exceeds its fair value less cost to sell. If impaired, the asset's (disposal group's) carrying value is written down to its fair value less cost to sell. PPL, LKE, LG&E and KU review goodwill for impairment at the reporting unit level annually or more frequently when events or circumstances indicate that the carrying amount of a reporting unit may be greater than the unit's fair value. Additionally, goodwill must be tested for impairment in circumstances when a portion of goodwill has been allocated to a business to be disposed. PPL's, LKE's, LG&E's and KU's reporting units are at the operating segment level. PPL, LKE, LG&E and KU may elect either to initially make a qualitative evaluation about the likelihood of an impairment of goodwill or to bypass the qualitative evaluation and test goodwill for impairment using a two-step quantitative test. If the qualitative evaluation (referred to as "step zero") is elected and the assessment results in a determination that it is not more likely than not that the fair value of a reporting unit is less than the carrying amount, the two-step quantitative impairment test is not necessary. However, the quantitative impairment test is required if management concludes it is more likely than not that the fair value of a reporting unit is less than the carrying amount based on the step zero assessment. If the carrying amount of the reporting unit, including goodwill, exceeds its fair value, the implied fair value of goodwill must be calculated in the same manner as goodwill in a business combination. The fair value of a reporting unit is allocated to all assets and liabilities of that unit as if the reporting unit had been acquired in a business combination. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. If the implied fair value of goodwill is less than the carrying amount, goodwill is written down to its implied fair value. PPL (for its U.K. Regulated and Kentucky Regulated segments), and individually, LKE, LG&E and KU elected to perform the qualitative step zero evaluation of goodwill as of October 1, 2017. These evaluations considered the excess of fair value over the carrying value of each reporting unit that was calculated during step one of the quantitative impairment tests performed in the fourth quarter of 2015, and the relevant events and circumstances that occurred since those tests were performed including: • current year financial performance versus the prior year; • changes in planned capital expenditures; • the consistency of forecasted free cash flows; • earnings quality and sustainability; • changes in market participant discount rates; • changes in long-term growth rates • changes in PPL's market capitalization; and, • the overall economic and regulatory environments in which these regulated entities operate. Based on these evaluations, management concluded it was not more likely than not that the f |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 2. Segment and Related Information (PPL) PPL is organized into three segments: U.K. Regulated, Kentucky Regulated and Pennsylvania Regulated. PPL's segments are segmented by geographic location. The U.K. Regulated segment consists of PPL Global, which primarily includes WPD's regulated electricity distribution operations, the results of hedging the translation of WPD's earnings from GBP into U.S. dollars, and certain costs, such as U.S. income taxes, administrative costs, and certain acquisition-related financing costs. The Kentucky Regulated segment consists primarily of LKE's regulated electricity generation, transmission and distribution operations of LG&E and KU, as well as LG&E's regulated distribution and sale of natural gas. In addition, certain acquisition-related financing costs are allocated to the Kentucky Regulated segment. The Pennsylvania Regulated segment includes the regulated electricity transmission and distribution operations of PPL Electric. In addition, certain costs are allocated to the Pennsylvania Regulated segment. "Corporate and Other" primarily includes financing costs incurred at the corporate level that have not been allocated or assigned to the segments, as well as certain other unallocated costs, which is presented to reconcile segment information to PPL's consolidated results. On June 1, 2015, PPL completed the spinoff of PPL Energy Supply, which substantially represented PPL's Supply segment. As a result of this transaction, PPL no longer has a Supply segment and its results are presented in "Discontinued Operations". See Note 8 for additional information. Income Statement data for the segments and reconciliation to PPL's consolidated results for the years ended December 31 are as follows: 2017 2016 2015 Operating Revenues from external customers (a) U.K. Regulated $ 2,091 $ 2,207 $ 2,410 Kentucky Regulated 3,156 3,141 3,115 Pennsylvania Regulated 2,195 2,156 2,124 Corporate and Other 5 13 20 Total $ 7,447 $ 7,517 $ 7,669 Depreciation U.K. Regulated $ 230 $ 233 $ 242 Kentucky Regulated 439 404 382 Pennsylvania Regulated 309 253 214 Corporate and Other 30 36 45 Total $ 1,008 $ 926 $ 883 Amortization (b) U.K. Regulated $ 34 $ 16 $ 6 Kentucky Regulated 24 29 27 Pennsylvania Regulated 33 32 26 Corporate and Other 6 3 — Total $ 97 $ 80 $ 59 Unrealized (gains) losses on derivatives and other hedging activities (c) U.K. Regulated $ 166 $ 13 $ (88 ) Kentucky Regulated 6 6 11 Corporate and Other 6 — — Total $ 178 $ 19 $ (77 ) Interest Expense U.K. Regulated $ 397 $ 402 $ 417 Kentucky Regulated 261 260 232 Pennsylvania Regulated 142 129 130 Corporate and Other 101 97 92 Total $ 901 $ 888 $ 871 Income from Continuing Operations Before Income Taxes U.K. Regulated $ 804 $ 1,479 $ 1,249 Kentucky Regulated 645 640 547 Pennsylvania Regulated 575 550 416 Corporate and Other (d) (112 ) (119 ) (144 ) Total $ 1,912 $ 2,550 $ 2,068 Income Taxes (e) U.K. Regulated $ 152 $ 233 $ 128 Kentucky Regulated 359 242 221 Pennsylvania Regulated 216 212 164 Corporate and Other (d) 57 (39 ) (48 ) Total $ 784 $ 648 $ 465 Deferred income taxes and investment tax credits (f) U.K. Regulated $ 66 $ 31 $ 45 Kentucky Regulated 294 291 236 Pennsylvania Regulated 257 221 220 Corporate and Other (d) 90 17 (73 ) Total $ 707 $ 560 $ 428 2017 2016 2015 Net Income U.K. Regulated $ 652 $ 1,246 $ 1,121 Kentucky Regulated 286 398 326 Pennsylvania Regulated 359 338 252 Corporate and Other (d) (169 ) (80 ) (96 ) Discontinued Operations (g) — — (921 ) Total $ 1,128 $ 1,902 $ 682 (a) See Note 1 for additional information on Operating Revenues. (b) Represents non-cash expense items that include amortization of regulatory assets, debt discounts and premiums, debt issuance costs, emission allowances and RECs. (c) Includes unrealized gains and losses from economic activity. See Note 17 for additional information. (d) 2015 includes certain costs related to the spinoff of PPL Energy Supply, including deferred income tax expense, transition costs and separation benefits for PPL Services employees. See Note 8 for additional information. (e) Represents both current and deferred income taxes, including investment tax credits. See Note 5 for additional information on the impact of the TCJA in 2017. (f) Represents a non-cash expense item that is also included in "Income Taxes." (g) 2015 includes an $879 million loss on the spinoff of PPL Energy Supply and five months of Supply segment earnings. See Note 8 for additional information on these transactions. Cash Flow data for the segments and reconciliation to PPL's consolidated results for the years ended December 31 are as follows: 2017 2016 2015 Expenditures for long-lived assets U.K. Regulated $ 1,015 $ 1,031 $ 1,242 Kentucky Regulated 892 791 1,210 Pennsylvania Regulated 1,254 1,134 1,107 Corporate and Other 10 1 11 Total $ 3,171 $ 2,957 $ 3,570 The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated results as of: As of December 31, 2017 2016 Total Assets U.K. Regulated (a) $ 16,813 $ 14,537 Kentucky Regulated 14,468 14,037 Pennsylvania Regulated 10,082 9,426 Corporate and Other (b) 116 315 Total $ 41,479 $ 38,315 (a) Includes $12.5 billion and $10.8 billion of net PP&E as of December 31, 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. Geographic data for the years ended December 31 are as follows: 2017 2016 2015 Revenues from external customers U.K. $ 2,091 $ 2,207 $ 2,410 U.S. 5,356 5,310 5,259 Total $ 7,447 $ 7,517 $ 7,669 As of December 31, 2017 2016 Long-Lived Assets U.K. $ 12,851 $ 11,177 U.S. 20,936 19,595 Total $ 33,787 $ 30,772 (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. |
Preferred Securities
Preferred Securities | 12 Months Ended |
Dec. 31, 2017 | |
Preferred Securities [Line Items] | |
Preferred Securities | 3. Preferred Securities (PPL) PPL is authorized to issue up to 10 million shares of preferred stock. No PPL preferred stock was issued or outstanding in 2017 , 2016 or 2015 . (PPL Electric) PPL Electric is authorized to issue up to 20,629,936 shares of preferred stock. No PPL Electric preferred stock was issued or outstanding in 2017 , 2016 or 2015 . (LG&E) LG&E is authorized to issue up to 1,720,000 shares of preferred stock at a $25 par value and 6,750,000 shares of preferred stock without par value. LG&E had no preferred stock issued or outstanding in 2017 , 2016 or 2015 . (KU) KU is authorized to issue up to 5,300,000 shares of preferred stock and 2,000,000 shares of preference stock without par value. KU had no preferred or preference stock issued or outstanding in 2017 , 2016 or 2015 . |
PPL Electric Utilities Corp [Member] | |
Preferred Securities [Line Items] | |
Preferred Securities | 3. Preferred Securities (PPL) PPL is authorized to issue up to 10 million shares of preferred stock. No PPL preferred stock was issued or outstanding in 2017 , 2016 or 2015 . (PPL Electric) PPL Electric is authorized to issue up to 20,629,936 shares of preferred stock. No PPL Electric preferred stock was issued or outstanding in 2017 , 2016 or 2015 . (LG&E) LG&E is authorized to issue up to 1,720,000 shares of preferred stock at a $25 par value and 6,750,000 shares of preferred stock without par value. LG&E had no preferred stock issued or outstanding in 2017 , 2016 or 2015 . (KU) KU is authorized to issue up to 5,300,000 shares of preferred stock and 2,000,000 shares of preference stock without par value. KU had no preferred or preference stock issued or outstanding in 2017 , 2016 or 2015 . |
Louisville Gas And Electric Co [Member] | |
Preferred Securities [Line Items] | |
Preferred Securities | 3. Preferred Securities (PPL) PPL is authorized to issue up to 10 million shares of preferred stock. No PPL preferred stock was issued or outstanding in 2017 , 2016 or 2015 . (PPL Electric) PPL Electric is authorized to issue up to 20,629,936 shares of preferred stock. No PPL Electric preferred stock was issued or outstanding in 2017 , 2016 or 2015 . (LG&E) LG&E is authorized to issue up to 1,720,000 shares of preferred stock at a $25 par value and 6,750,000 shares of preferred stock without par value. LG&E had no preferred stock issued or outstanding in 2017 , 2016 or 2015 . (KU) KU is authorized to issue up to 5,300,000 shares of preferred stock and 2,000,000 shares of preference stock without par value. KU had no preferred or preference stock issued or outstanding in 2017 , 2016 or 2015 . |
Kentucky Utilities Co [Member] | |
Preferred Securities [Line Items] | |
Preferred Securities | 3. Preferred Securities (PPL) PPL is authorized to issue up to 10 million shares of preferred stock. No PPL preferred stock was issued or outstanding in 2017 , 2016 or 2015 . (PPL Electric) PPL Electric is authorized to issue up to 20,629,936 shares of preferred stock. No PPL Electric preferred stock was issued or outstanding in 2017 , 2016 or 2015 . (LG&E) LG&E is authorized to issue up to 1,720,000 shares of preferred stock at a $25 par value and 6,750,000 shares of preferred stock without par value. LG&E had no preferred stock issued or outstanding in 2017 , 2016 or 2015 . (KU) KU is authorized to issue up to 5,300,000 shares of preferred stock and 2,000,000 shares of preference stock without par value. KU had no preferred or preference stock issued or outstanding in 2017 , 2016 or 2015 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 December 31, used in the EPS calculation are: 2017 2016 2015 Income (Numerator) Income from continuing operations after income taxes $ 1,128 $ 1,902 $ 1,603 Less amounts allocated to participating securities 2 6 6 Income from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted $ 1,126 $ 1,896 $ 1,597 Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted $ — $ — $ (921 ) Net income $ 1,128 $ 1,902 $ 682 Less amounts allocated to participating securities 2 6 2 Net income available to PPL common shareowners - Basic and Diluted $ 1,126 $ 1,896 $ 680 2017 2016 2015 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 685,240 677,592 669,814 Add incremental non-participating securities: Share-based payment awards (a) 2,094 2,854 2,772 Weighted-average shares - Diluted EPS 687,334 680,446 672,586 Basic EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 1.64 $ 2.80 $ 2.38 Income (loss) from discontinued operations (net of income taxes) — — (1.37 ) Net Income $ 1.64 $ 2.80 $ 1.01 Diluted EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 1.64 $ 2.79 $ 2.37 Income (loss) from discontinued operations (net of income taxes) — — (1.36 ) Net Income $ 1.64 $ 2.79 $ 1.01 (a) The Treasury Stock Method was applied to non-participating share-based payment awards. For the year ended December 31, PPL issued common stock related to stock-based compensation plans and DRIP as follows (in thousands): 2017 Stock-based compensation plans (a) 1,748 DRIP 1,552 (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 ATM Program. For the years ended December 31, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive: 2017 2016 2015 Stock options 696 696 1,087 Performance units — 176 36 |
Income and Other Taxes
Income and Other Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income and Other Taxes | 5. Income and Other Taxes (All Registrants) Tax Cuts and Jobs Act (TCJA) On December 22, 2017, President Trump signed into law the TCJA. Substantially all of the provisions of the TCJA are effective for taxable years beginning after December 31, 2017. The TCJA includes significant changes to the taxation of corporations, including provisions specifically applicable to regulated public utilities. The more significant changes that impact the Registrants are: • The reduction in the U.S. federal corporate income tax rate from a top marginal rate of 35% to a flat rate of 21%, effective January 1, 2018; • The exclusion from U.S. federal taxable income of dividends from foreign subsidiaries and the associated "transition tax;" • Limitations on the tax deductibility of interest expense, with an exception to these limitations for regulated public utilities; • Full current year expensing of capital expenditures with an exception for regulated public utilities that qualify for the exception to the interest expense limitation; and • The continuation of certain rate normalization requirements for accelerated depreciation benefits. For non-regulated businesses, the TCJA generally provides for full expensing of property acquired after September 27, 2017. Under GAAP, the tax effect of changes in tax laws must be recognized in the period in which the law is enacted, or December 2017 for TCJA. The changes enacted by the TCJA were recorded as an adjustment to the Registrants' deferred tax provision, and have been reflected in "Income Taxes" on the Statement of Income for the year ended December 31, 2017 as follows: PPL PPL Electric LKE LG&E KU Income tax expense (benefit) $ 321 $ (13 ) $ 112 $ — $ — The components of these adjustments are discussed below: Reduction of U.S. Federal Corporate Income Tax Rate GAAP requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Thus, at the date of enactment, the Registrants' deferred taxes were remeasured based upon the new U.S. federal corporate income tax rate of 21%. For PPL’s regulated entities, the changes in deferred taxes were, in large part, recorded as an offset to either a regulatory asset or regulatory liability and will be reflected in future rates charged to customers. The rate reduction on non-regulated deferred tax assets and liabilities were recorded as an adjustment to the Registrants' deferred tax provision, and have been reflected in "Income Taxes" on the Statement of Income for the year ended December 31, 2017 as follows: PPL PPL Electric LKE LG&E KU Income tax expense (benefit) $ 220 $ (13 ) $ 112 $ — $ — As indicated in Note 1 - "Summary of Significant Accounting Policies - Income Taxes", PPL’s U.S. regulated operations' accounting for income taxes are impacted by rate regulation. Therefore, reductions in accumulated deferred income tax balances due to the reduction in the U.S. federal corporate income tax rate to 21% under the provisions of the TCJA may result in amounts previously collected from utility customers for these deferred taxes to be refundable to such customers over a period of time. The TCJA includes provisions that stipulate how these excess deferred taxes are to be passed back to customers for certain accelerated tax depreciation benefits. Potential refunds of other deferred taxes will be determined by the Registrants’ regulators. The Balance Sheets at December 31, 2017 reflect the increase to the Registrants' net regulatory liabilities as a result of the TCJA as follows: PPL PPL Electric LKE LG&E KU Net Increase in Regulatory Liabilities $ 2,185 $ 1,019 $ 1,166 $ 532 $ 634 Prior to the TCJA, PPL Electric had recorded a net regulatory asset related to taxes recoverable on certain property related deferred taxes, the tax benefit of which was received by the customer. The net regulatory asset represents the future taxes owed in excess of taxes paid by the customer to date, with an additional tax gross-up. As a result of the U.S. federal corporate income tax rate reduction enacted by the TCJA, the future taxes expected to be due are now less than taxes funded through rates, resulting in a net regulatory liability. Transition Tax The TCJA included a conversion from a worldwide tax system to a territorial tax system, effective January 1, 2018. In the transition to the territorial regime, a one-time transition tax was imposed on PPL’s unrepatriated accumulated foreign earnings in 2017. These earnings were treated as a taxable deemed dividend to PPL of approximately $462 million . As the PPL consolidated U.S. group had a taxable loss for 2017, inclusive of the taxable deemed dividend, the foreign tax credits associated with the deemed dividend were recorded as a deferred tax asset. However, it is expected that under the TCJA, the current and prior year foreign tax credit carryforwards will not be fully realizable. As a result, the net deferred income tax expense impact of the deemed repatriation was $101 million and was recorded in "Income Taxes" on the PPL Statement of Income for the year ended December 31, 2017 and "Deferred tax liabilities" on the PPL Balance Sheet at December 31, 2017. SEC Guidance on Accounting for TCJA On December 22, 2017, the SEC issued guidance for accounting for income taxes in the event that information is not available or is incomplete for purposes of reflecting the impact of the TCJA. The SEC guidance provides a period of up to one year (the measurement period) to complete the analysis and accounting to properly reflect the TCJA. The SEC guidance provides a three-step process that companies should apply to each reporting period within the measurement period: 1. A company should record the effects of the TCJA for which the accounting is complete. 2. A company should report provisional amounts (or adjustments to provisional amounts) for the effects of the TCJA for which the accounting is not complete, but for which a reasonable estimate can be determined. Provisional amounts and any related adjustments to such provisional amounts should be recorded to income tax expense through continuing operations in the period they are identified. 3. A company should continue to apply GAAP based on the tax law in effect just prior to enactment of TCJA if a reasonable estimate of the specific effect of the TCJA cannot be made. The measurement period ends at the earlier of the time the company finalizes its accounting for the impact of the TCJA or one year. The Registrants have completed or made reasonable estimates of the effects of the TCJA and reflected these amounts in their December 31, 2017 financial statements. The Registrants continue to evaluate the application of the TCJA and have made certain assumptions concerning the application of various components of the law in the calculation of 2017 income tax expense. The current and deferred components of the income tax expense calculations that the Registrants consider provisional within the meaning of the SEC guidance due to uncertainty either with respect to the technical application of the law or the quantification of the impact of the law include (but are not limited to): tax depreciation, deductible executive compensation, and the accumulated foreign earnings used to calculate the deemed dividend included in PPL’s taxable income in 2017 along with the impact of associated foreign tax credits and related valuation allowances. The Registrants believe that classification of these items as provisional is appropriate. The Registrants have accounted for these items based on their interpretation of the TCJA. Further interpretive guidance on the TCJA from the IRS, Treasury, the Joint Committee on Taxation through its “Blue Book” or from Congress in the form of Technical Corrections may differ from the Registrants' interpretation of the TCJA. (PPL) "Income from Continuing Operations Before Income Taxes" included the following: 2017 2016 2015 Domestic income $ 874 $ 1,463 $ 968 Foreign income 1,038 1,087 1,100 Total $ 1,912 $ 2,550 $ 2,068 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and their basis for income tax purposes and the tax effects of net operating loss and tax credit carryforwards. The provision for PPL's deferred income taxes for regulated assets and liabilities is based upon the ratemaking principles of the applicable jurisdiction. See Notes 1 and 6 for additional information. Net deferred tax assets have been recognized based on management's estimates of future taxable income for the U.S. and the U.K. Significant components of PPL's deferred income tax assets and liabilities were as follows: 2017 (a) 2016 Deferred Tax Assets Deferred investment tax credits $ 33 $ 51 Regulatory liabilities 62 94 Income taxes due to customer (b) 499 — Accrued pension costs 159 250 Federal loss carryforwards 356 565 State loss carryforwards 409 326 Federal and state tax credit carryforwards 455 256 Foreign capital loss carryforwards 329 302 Foreign loss carryforwards 2 3 Foreign - pensions (32 ) 41 Foreign - regulatory obligations 2 6 Foreign - other 7 5 Contributions in aid of construction 134 141 Domestic - other 104 188 Unrealized losses on qualifying derivatives 10 20 Valuation allowances (838 ) (593 ) Total deferred tax assets 1,691 1,655 Deferred Tax Liabilities Domestic plant - net (b) 3,168 4,325 Taxes recoverable through future rates (b) — 170 Regulatory assets 211 343 Reacquired debt costs 15 25 Foreign plant - net 726 640 Domestic - other 9 14 Total deferred tax liabilities 4,129 5,517 Net deferred tax liability $ 2,438 $ 3,862 (a) Deferred tax assets and liabilities at December 31, 2017 reflect the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. (b) The impact on net deferred tax liabilities as a result of the U.S. federal corporate income tax rate reduction enacted by the TCJA is primarily related to plant (net of net operating losses) and resulted in a regulatory liability for income taxes due to customers, the deferred tax impact of which is reflected as a deferred tax asset. State deferred taxes are determined on a by entity, by jurisdiction basis. As a result, $24 million and $27 million of net deferred tax assets are shown as "Other noncurrent assets" on the Balance Sheets for 2017 and 2016 . At December 31, 2017 , PPL had the following loss and tax credit carryforwards, related deferred tax assets and valuation allowances recorded against the deferred tax assets. Gross Deferred Tax Asset Valuation Allowance Expiration Loss carryforwards Federal net operating losses (a) $ 1,662 $ 349 $ — 2029-2037 Federal charitable contributions (a) 36 7 — 2020-2022 State net operating losses (a) 5,512 407 (348 ) 2018-2037 State charitable contributions (a) 26 2 — 2018-2022 Foreign net operating losses 10 2 — Indefinite Foreign capital losses 1,938 329 (329 ) Indefinite Credit carryforwards Federal investment tax credit 133 — 2025-2036 Federal alternative minimum tax credit (b) 30 — Indefinite Federal foreign tax credits (c) 267 (148 ) 2024-2027 Federal - other 24 (8 ) 2019-2037 State - other 1 — Indefinite (a) Due to the enactment of the TCJA, deferred tax assets are reflected at the new U.S. federal corporate income tax rate of 21%. (b) The TCJA repealed the corporate alternative minimum tax (AMT) for tax years beginning after December 31, 2017. The existing indefinite carryforward period for AMT credits was retained. (c) Includes $62 million of foreign tax credits carried forward from 2016 and $205 million of additional foreign tax credits in 2017 related to the taxable deemed dividend associated with the TCJA. Valuation allowances have been established for the amount that, more likely than not, will not be realized. The changes in deferred tax valuation allowances were as follows: Additions Balance at Beginning of Period Charged to Income Charged to Other Accounts Deductions Balance at End of Period 2017 $ 593 $ 256 (a) $ — $ 11 $ 838 2016 662 17 2 88 (b) 593 2015 622 24 77 (c) 61 (b) 662 (a) Increase in valuation allowance of approximately $145 million related to expected future utilization of both 2017 foreign tax credits and pre-2017 foreign tax credits carried forward. For additional information, see the "Reconciliation of Income Tax Expense" and associated notes below. In addition, the reduction of the U.S. federal corporate income tax rate enacted by the TCJA in 2017 resulted in a $62 million increase in federal deferred tax assets and a corresponding valuation allowance related to the federal tax benefits of state net operating losses. (b) The reductions of the U.K. statutory income tax rates in 2016 and 2015 resulted in $19 million and $44 million in reductions in the deferred tax assets and corresponding valuation allowances. See "Reconciliation of Income Tax Expense" below for more information on the impact of the U.K. Finance Acts 2016 and 2015. In addition, the deferred tax assets and corresponding valuation allowances were reduced in 2016 by approximately $65 million due to the effect of foreign currency exchange rates. (c) Valuation allowance related to the deferred tax assets previously reflected on the PPL Energy Supply Segment. The deferred tax assets and related valuation allowance remained with PPL after the spinoff. PPL Global does not record U.S. income taxes on the unremitted earnings of WPD, as management has determined that such earnings are indefinitely reinvested. Current year distributions from WPD to the U.S. are sourced from a portion of the current year’s earnings of the WPD group. As noted above, the TCJA includes a conversion from a worldwide tax system to a territorial tax system, effective January 1, 2018. In the transition to the territorial regime, a one-time transition tax was imposed on PPL’s unrepatriated accumulated foreign earnings in 2017. These earnings were treated as a taxable deemed dividend from the U.K. The total amount of the taxable deemed dividend was approximately $462 million , including $205 million of foreign tax credits. The U.S. tax consequences of the deemed dividend have been recorded in PPL’s 2017 tax provision and are explained below. Despite this 2017 deemed dividend, there have been no material changes to the facts underlying PPL’s assertion that historically reinvested earnings of WPD as well as some portion of current year earnings will continue to be indefinitely reinvested. WPD's long-term working capital forecasts and capital expenditure projections for the foreseeable future require reinvestment of WPD's undistributed earnings. Additionally, U.S. long-term working capital forecasts and capital expenditure projections for the foreseeable future do not require or contemplate annual distributions from WPD in excess of some portion of WPD's future annual earnings. The cumulative undistributed earnings are included in "Earnings reinvested" on the Balance Sheets. The amount considered indefinitely reinvested at December 31, 2017 was $6.0 billion . It is not practicable to estimate the amount of additional taxes that could be payable on these foreign earnings in the event of repatriation to the U.S. Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income from Continuing Operations Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows: 2017 2016 2015 Income Tax Expense (Benefit) Current - Federal $ 6 $ (14 ) $ (26 ) Current - State 25 21 25 Current - Foreign 45 80 89 Total Current Expense 76 87 88 Deferred - Federal (a) 532 385 699 Deferred - State 88 89 68 Deferred - Foreign 133 86 41 Total Deferred Expense, excluding operating loss carryforwards 753 560 808 2017 2016 2015 Income Tax Expense (Benefit) Amortization of investment tax credit (3 ) (3 ) (4 ) Tax expense (benefit) of operating loss carryforwards Deferred - Federal (b) (16 ) 25 (396 ) Deferred - State (26 ) (21 ) (31 ) Total Tax Expense (Benefit) of Operating Loss Carryforwards (42 ) 4 (427 ) Total income taxes from continuing operations $ 784 $ 648 $ 465 Total income tax expense - Federal $ 519 $ 393 $ 273 Total income tax expense - State 87 89 62 Total income tax expense - Foreign 178 166 130 Total income taxes from continuing operations $ 784 $ 648 $ 465 (a) Due to the enactment of the TCJA in 2017, PPL recorded the following: • $220 million of deferred income tax expense related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities; • $162 million of deferred tax expense related to the utilization of current year losses resulting from the taxable deemed dividend; partially offset by, • $60 million of deferred tax benefits related to the $205 million of 2017 foreign tax credits partially offset by $145 million of valuation allowances. (b) Increase in federal loss carryforwards for 2015 primarily relates to the extension of bonus depreciation and the impact of bonus depreciation related to provision to return adjustments. In the table above, the following income tax expense (benefit) are excluded from income taxes from continuing operations: 2017 2016 2015 Discontinued operations - PPL Energy Supply Segment $ — $ — $ (30 ) Stock-based compensation recorded to Earnings Reinvested — (7 ) — Other comprehensive income (34 ) (6 ) (2 ) Valuation allowance on state deferred taxes recorded to other comprehensive income (1 ) 1 (4 ) Total $ (35 ) $ (12 ) $ (36 ) 2017 2016 2015 Reconciliation of Income Tax Expense Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 35% $ 669 $ 893 $ 724 Increase (decrease) due to: State income taxes, net of federal income tax benefit 46 46 31 Valuation allowance adjustments (a) 36 16 24 Impact of lower U.K. income tax rates (b) (176 ) (177 ) (176 ) U.S. income tax on foreign earnings - net of foreign tax credit (c) 47 (42 ) 8 Federal and state tax reserves adjustments (d) — — (22 ) Foreign income return adjustments (8 ) 2 — Impact of the U.K. Finance Acts on deferred tax balances (b) (16 ) (49 ) (91 ) Depreciation not normalized (10 ) (10 ) (5 ) Interest benefit on U.K. financing entities (16 ) (17 ) (20 ) Stock-based compensation (e) (3 ) (10 ) — Deferred tax impact of U.S. tax reform (f) 220 — — Other (5 ) (4 ) (8 ) Total increase (decrease) 115 (245 ) (259 ) Total income taxes from continuing operations $ 784 $ 648 $ 465 Effective income tax rate 41.0 % 25.4 % 22.5 % (a) During 2017, PPL recorded an increase in valuation allowances of $23 million primarily related to foreign tax credits recorded in 2016. The future utilization of these credits is expected to be lower as a result of the TCJA. During 2017 and 2016, PPL recorded deferred income tax expense of $16 million and $13 million for valuation allowances primarily related to increased Pennsylvania net operating loss carryforwards expected to be unutilized. During 2015, PPL recorded $24 million of deferred income tax expense related to deferred tax valuation allowances. PPL recorded state deferred income tax expense of $12 million primarily related to increased Pennsylvania net operating loss carryforwards expected to be unutilized and $12 million of federal deferred income tax expense primarily related to federal tax credit carryforwards that are expected to expire as a result of lower future taxable earnings due to the extension of bonus depreciation. (b) The U.K. Finance Act 2016, enacted in September 2016, reduced 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 $42 million deferred income tax benefit during 2016. The U.K. Finance Act 2015, enacted in November 2015, reduced the U.K. statutory income tax rate from 20% to 19% effective April 1, 2017 and from 19% to 18% effective April 1, 2020. As a result, PPL reduced its net deferred tax liabilities and recognized a $90 million deferred income tax benefit during 2015, related to both rate decreases. (c) During 2017, PPL recorded a federal income tax benefit of $35 million primarily attributable to U.K. pension contributions. During 2017, PPL recorded deferred income tax expense of $83 million primarily related to enactment of the TCJA. The enacted tax law included a conversion from a worldwide tax system to a territorial tax system, effective January 1, 2018. In the transition to the territorial regime, a one-time transition tax was imposed on PPL’s unrepatriated accumulated foreign earnings in 2017. These earnings were treated as a taxable deemed dividend to PPL of approximately $462 million , including $205 million of foreign tax credits. As the PPL consolidated U.S. group had a taxable loss for 2017, inclusive of the taxable deemed dividend, these credits were recorded as a deferred tax asset. However, it is expected that under the TCJA, only $83 million of the $205 million of foreign tax credits will be realized in the carry forward period. Accordingly, a valuation allowance on the current year foreign tax credits in the amount of $122 million has been recorded to reflect the reduction in the future utilization of the credits. The foreign tax credits associated with the deemed repatriation result in a gross carryforward and corresponding deferred tax asset of $205 million offset by a valuation allowance of $122 million . During 2016, PPL recorded lower income taxes primarily attributable to foreign tax credit carryforwards, arising from a decision to amend prior year tax returns to claim foreign tax credits rather than deduct foreign taxes. This decision was prompted by changes to the Company's most recent business plan. (d) During 2015, PPL recorded a $9 million income tax benefit related to a planned amendment of a prior period tax return and a $12 million income tax benefit related to the settlement of the IRS audit for the tax years 1998-2011. (e) During 2016, PPL recorded lower income tax expense related to the application of new stock-based compensation accounting guidance. See Note 1 for additional information. (f) During 2017, PPL recorded deferred income tax expense related to the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. 2017 2016 2015 Taxes, other than income State gross receipts (a) $ 102 $ 100 $ 89 State capital stock (6 ) — — Foreign property 127 135 148 Domestic Other 69 66 62 Total $ 292 $ 301 $ 299 (a) In 2015, the settlement of a 2011 gross receipts tax audit resulted in the reversal of $17 million of previously recognized reserves. (PPL Electric) The provision for PPL Electric's deferred income taxes for regulated assets and liabilities is based upon the ratemaking principles reflected in rates established by the PUC and the FERC. The difference in the provision for deferred income taxes for regulated assets and liabilities and the amount that otherwise would be recorded under GAAP is deferred and included in "Regulatory assets" or "Regulatory liabilities" on the Balance Sheets. Significant components of PPL Electric's deferred income tax assets and liabilities were as follows: 2017 (a) 2016 Deferred Tax Assets Accrued pension costs $ 63 $ 107 Contributions in aid of construction 117 112 Regulatory liabilities 25 34 Income taxes due to customers (b) 193 — State loss carryforwards 19 22 Federal loss carryforwards 91 147 Other 45 81 Total deferred tax assets 553 503 Deferred Tax Liabilities Electric utility plant - net (b) 1,544 2,001 Taxes recoverable through future rates (b) — 141 Reacquired debt costs 8 15 Regulatory assets 150 240 Other 5 5 Total deferred tax liabilities 1,707 2,402 Net deferred tax liability $ 1,154 $ 1,899 (a) Deferred tax assets and liabilities at December 31, 2017 reflect the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. (b) The impact on net deferred tax liabilities as a result of the U.S. federal tax rate reduction enacted by the TCJA is primarily related to plant (net of net operating losses) and resulted in a regulatory liability for income taxes due to customers, the deferred tax impact of which is reflected as a deferred tax asset. At December 31, 2017 , PPL Electric had the following loss carryforwards and related deferred tax assets: Gross Deferred Tax Asset Expiration Loss carryforwards (a) Federal net operating losses $ 426 $ 89 2031-2037 Federal charitable contributions 8 2 2020-2022 State net operating losses 233 18 2030-2032 State charitable contributions 13 1 2018-2022 (a) Due to the enactment of the TCJA, deferred tax assets are reflected at the new U.S. federal corporate income tax rate of 21%. Credit carryforwards were insignificant at December 31, 2017 . Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows. 2017 2016 2015 Income Tax Expense (Benefit) Current - Federal $ (65 ) $ (29 ) $ (80 ) Current - State 20 19 23 Total Current Expense (Benefit) (45 ) (10 ) (57 ) Deferred - Federal (a) 234 193 287 Deferred - State 29 29 12 Total Deferred Expense, excluding operating loss carryforwards 263 222 299 2017 2016 2015 Amortization of investment tax credit — — — Tax expense (benefit) of operating loss carryforwards Deferred - Federal (5 ) — (75 ) Deferred - State — — (3 ) Total Tax Expense (Benefit) of Operating Loss Carryforwards (5 ) — (78 ) Total income tax expense $ 213 $ 212 $ 164 Total income tax expense - Federal $ 164 $ 164 $ 132 Total income tax expense - State 49 48 32 Total income tax expense $ 213 $ 212 $ 164 (a) Due to the enactment of the TCJA in 2017, PPL Electric recorded a $13 million deferred tax benefit related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities. 2017 2016 2015 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 201 $ 193 $ 146 Increase (decrease) due to: State income taxes, net of federal income tax benefit 36 36 25 Depreciation not normalized (8 ) (8 ) (4 ) Stock-based compensation (a) (2 ) (6 ) — Deferred tax impact of U.S. tax reform (b) (13 ) — — Other (1 ) (3 ) (3 ) Total increase (decrease) 12 19 18 Total income tax expense $ 213 $ 212 $ 164 Effective income tax rate 37.0 % 38.4 % 39.4 % (a) During 2016, PPL Electric recorded lower income tax expense related to the application of new stock-based compensation accounting guidance. See Note 1 for additional information. (b) During 2017, PPL Electric recorded a deferred tax benefit related to the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. 2017 2016 2015 Taxes, other than income State gross receipts (a) $ 102 $ 100 $ 89 Property and other 5 5 5 Total $ 107 $ 105 $ 94 (a) In 2015, the settlement of a 2011 gross receipts tax audit resulted in the reversal of $17 million of previously recognized reserves. (LKE) The provision for LKE's deferred income taxes for regulated assets and liabilities is based upon the ratemaking principles reflected in rates established by the KPSC, VSCC and the FERC. The difference in the provision for deferred income taxes for regulated assets and liabilities and the amount that otherwise would be recorded under GAAP is deferred and included in "Regulatory assets" or "Regulatory liabilities" on the Balance Sheets. Significant components of LKE's deferred income tax assets and liabilities were as follows: 2017 (a) 2016 Deferred Tax Assets Federal loss carryforwards $ 150 $ 248 State loss carryforwards 41 35 Federal tax credit carryforwards 181 186 Contributions in aid of construction 17 29 Regulatory liabilities 37 60 Accrued pension costs 29 58 Income taxes due to customers (b) 305 15 Deferred investment tax credits 33 51 Derivative liability 7 12 Other 26 49 Valuation allowances (8 ) (11 ) Total deferred tax assets 818 732 Deferred Tax Liabilities Plant - net (b) 1,615 2,352 Regulatory assets 61 102 Other 8 13 Total deferred tax liabilities 1,684 2,467 Net deferred tax liability $ 866 $ 1,735 (a) Deferred tax assets and liabilities at December 31, 2017 reflect the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. (b) The impact on net deferred tax liabilities as a result of the U.S. federal tax rate reduction enacted by the TCJA is primarily related to plant (net of net operating losses) and resulted in a regulatory liability for income taxes due to customers, the deferred tax impact of which is reflected as a deferred tax asset. At December 31, 2017 , LKE had the following loss and tax credit carryforwards, related deferred tax assets, and valuation allowances recorded against the deferred tax assets. Gross Deferred Tax Asset Valuation Allowance Expiration Loss carryforwards (a) Federal net operating losses $ 713 $ 150 $ — 2028-2037 Federal charitable contributions 14 3 — 2020-2022 State net operating losses 874 41 — 2028-2037 Credit carryforwards Federal investment tax credit 133 — 2025-2036 Federal alternative minimum tax credit (b) 27 — Indefinite Federal - other 21 (8 ) 2019-2037 State - other 1 — Indefinite (a) Due to the enactment of the TCJA, deferred tax assets are reflected at the new U.S. federal corporate income tax rate of 21%. (b) The TCJA repealed the corporate alternative minimum tax (AMT) for tax years beginning after December 31, 2017. The existing indefinite carryforward period for AMT credits was retained. Changes in deferred tax valuation allowances were: Balance at Beginning of Period Additions Deductions Balance at End of Period 2017 $ 11 $ 4 (a) $ 7 (b) $ 8 2016 12 — 1 (b) 11 2015 — 12 (c) — 12 (a) Federal tax credits expiring in 2021 that are more likely than not to expire before being utilized. (b) Federal tax credit expiring. (c) Federal tax credits expiring in 2016 through 2020 that are more likely than not to expire before being utilized. Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income from Continuing Operations Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Income Tax Expense (Benefit) Current - Federal $ 74 $ (36 ) $ 2 Current - State 6 1 1 Total Current Expense (Benefit) 80 (35 ) 3 Deferred - Federal (a) 268 248 405 Deferred - State 32 38 32 Total Deferred Expense, excluding benefits of operating loss carryforwards 300 286 437 Amortization of investment tax credit - Federal (3 ) (3 ) (3 ) Tax benefit of operating loss carryforwards Deferred - Federal (2 ) 10 (198 ) Deferred - State — (1 ) — Total Tax Expense (Benefit) of Operating Loss Carryforwards (2 ) 9 (198 ) Total income tax expense from continuing operations (b) $ 375 $ 257 $ 239 Total income tax expense - Federal $ 337 $ 219 $ 206 Total income tax expense - State 38 38 33 Total income tax expense from continuing operations (b) $ 375 $ 257 $ 239 (a) Due to the enactment of the TCJA in 2017, LKE recorded $112 million of deferred income tax expense, of which $108 million related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities and $4 million related to valuation allowances on tax credits expiring in 2021. (b) Excludes deferred federal and state tax expense (benefit) recorded to OCI of $(10) million in 2017 , $(16) million in 2016 and less than $(1) million in 2015 . 2017 2016 2015 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 242 $ 240 $ 211 Increase (decrease) due to: State income taxes, net of federal income tax benefit 25 25 22 Amortization of investment tax credit (3 ) (3 ) (3 ) Valuation allowance adjustment (a) — — 12 Stock-based compensation (b) 1 (3 ) — Deferred tax impact of U.S. tax reform (c) 112 — — Other (2 ) (2 ) (3 ) Total increase 133 17 28 Total income tax expense $ 375 $ 257 $ 239 Effective income tax rate 54.3 % 37.5 % 39.6 % (a) Represents a valuation allowance against tax credits expiring through 2020 that are more likely than not to expire before being utilized. (b) During 2016, LKE recorded lower income tax expense related to the application of new stock-based compensation accounting guidance. See Note 1 for additional information. (c) During 2017, LKE recorded deferred income |
Utility Rate Regulation
Utility Rate Regulation | 12 Months Ended |
Dec. 31, 2017 | |
Utility Rate Regulation [Line Items] | |
Utility Rate Regulation | 6. Utility Rate Regulation Regulatory Assets and Liabilities (All Registrants) PPL, PPL Electric, LKE, LG&E and KU reflect the effects of regulatory actions in the financial statements for their cost-based rate-regulated utility operations. Regulatory assets and liabilities are classified as current if, upon initial recognition, the entire amount related to an item will be recovered or refunded within a year of the balance sheet date. (PPL) WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP and does not record regulatory assets and liabilities. See Note 1 for additional information. (PPL, LKE, LG&E and KU) LG&E is subject to the jurisdiction of the KPSC and FERC, and KU is subject to the jurisdiction of the KPSC, FERC and VSCC. LG&E's and KU's Kentucky base rates are calculated based on a return on capitalization (common equity, long-term debt and short-term debt) including adjustments for certain net investments and costs recovered separately through other means. As such, LG&E and KU generally earn a return on regulatory assets. As a result of purchase accounting requirements, certain fair value amounts related to contracts that had favorable or unfavorable terms relative to market were recorded on the Balance Sheets with an offsetting regulatory asset or liability. LG&E and KU recover in customer rates the cost of power purchases. As a result, management believes the regulatory assets and liabilities created to offset the fair value amounts at LKE's acquisition date meet the recognition criteria established by existing accounting guidance and eliminate any rate-making impact of the fair value adjustments. LG&E's and KU's customer rates continue to reflect the original contracted prices for remaining contracts. (PPL, LKE and KU) KU's Virginia base rates are calculated based on a return on rate base (net utility plant plus working capital less deferred taxes and miscellaneous deductions). All regulatory assets and liabilities, except the levelized fuel factor, are excluded from the return on rate base utilized in the calculation of Virginia base rates. Therefore, no return is earned on the related assets. KU's rates to municipal customers for wholesale requirements are calculated based on annual updates to a rate formula that utilizes a return on rate base (net utility plant plus working capital less deferred taxes and miscellaneous deductions). All regulatory assets and liabilities, except regulatory assets recorded for AROs related to certain CCR impoundments, are excluded from the return on rate base utilized in the development of municipal rates. Therefore, no return is earned on the related assets. (PPL and PPL Electric) PPL Electric's distribution base rates are calculated based on recovery of costs as well as a return on distribution rate base (net utility plant plus a working capital allowance less plant-related deferred taxes and other miscellaneous additions and deductions). PPL Electric's transmission revenues are billed in accordance with a FERC tariff that allows for recovery of transmission costs incurred, a return on transmission-related rate base (net utility plant plus a working capital allowance less plant-related deferred taxes and other miscellaneous additions and deductions) and an automatic annual update. See "Transmission Formula Rate" below for additional information on this tariff. All regulatory assets and liabilities are excluded from distribution and transmission return on investment calculations; therefore, generally no return is earned on PPL Electric's regulatory assets. (All Registrants) The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations at December 31, : PPL PPL Electric 2017 2016 2017 2016 Current Regulatory Assets: Environmental cost recovery $ 5 $ 6 $ — $ — Generation formula rate 6 11 — — Transmission service charge — 7 — 7 Gas supply clause 4 3 — — Smart meter rider 15 6 15 6 Storm costs — 5 — 5 Other 4 1 1 1 Total current regulatory assets (a) $ 34 $ 39 $ 16 $ 19 Noncurrent Regulatory Assets: Defined benefit plans $ 880 $ 947 $ 504 $ 549 Taxes recoverable through future rates 3 340 3 340 Storm costs 33 57 — 9 Unamortized loss on debt 54 61 29 36 Interest rate swaps 26 31 — — Terminated interest rate swaps 92 98 — — Accumulated cost of removal of utility plant 173 159 173 159 AROs 234 211 — — Other 9 14 — 1 Total noncurrent regulatory assets $ 1,504 $ 1,918 $ 709 $ 1,094 Current Regulatory Liabilities: Generation supply charge $ 34 $ 23 $ 34 $ 23 Transmission service charge 9 — 9 — Universal service rider 26 14 26 14 Transmission formula rate 9 15 9 15 Fuel adjustment clauses 3 11 — — Act 129 compliance rider — 17 — 17 Storm damage expense rider 8 13 8 13 Other 6 8 — 1 Total current regulatory liabilities $ 95 $ 101 $ 86 $ 83 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 677 $ 700 $ — $ — Power purchase agreement - OVEC (b) 68 75 — — Net deferred taxes (c) 1,853 23 668 — Defined benefit plans 27 23 — — Terminated interest rate swaps 74 78 — — Other 5 — — — Total noncurrent regulatory liabilities $ 2,704 $ 899 $ 668 $ — LKE LG&E KU 2017 2016 2017 2016 2017 2016 Current Regulatory Assets: Environmental cost recovery $ 5 $ 6 $ 5 $ 6 $ — $ — Generation formula rate 6 11 — — 6 11 Gas supply clause 4 3 4 3 — — Other 3 — 3 — — — Total current regulatory assets $ 18 $ 20 $ 12 $ 9 $ 6 $ 11 LKE LG&E KU 2017 2016 2017 2016 2017 2016 Noncurrent Regulatory Assets: Defined benefit plans $ 376 $ 398 $ 234 $ 246 $ 142 $ 152 Storm costs 33 48 18 26 15 22 Unamortized loss on debt 25 25 16 16 9 9 Interest rate swaps 26 31 26 31 — — Terminated interest rate swaps 92 98 54 57 38 41 AROs 234 211 61 70 173 141 Other 9 13 2 4 7 9 Total noncurrent regulatory assets $ 795 $ 824 $ 411 $ 450 $ 384 $ 374 Current Regulatory Liabilities: Demand side management $ — $ 3 $ — $ 2 $ — $ 1 Fuel adjustment clause 3 11 — 2 3 9 Gas line tracker 3 — 3 — — — Other 3 4 — 1 3 3 Total current regulatory liabilities $ 9 $ 18 $ 3 $ 5 $ 6 $ 13 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 677 $ 700 $ 282 $ 305 $ 395 $ 395 Power purchase agreement - OVEC (b) 68 75 47 52 21 23 Net deferred taxes (c) 1,185 23 552 23 633 — Defined benefit plans 27 23 — — 27 23 Terminated interest rate swaps 74 78 37 39 37 39 Other 5 — 1 — 4 — Total noncurrent regulatory liabilities $ 2,036 $ 899 $ 919 $ 419 $ 1,117 $ 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. (c) Primarily relates to excess deferred taxes recorded as a result of the TCJA, which lowered the federal corporate income tax rate effective January 1, 2018 requiring deferred tax balances and the associated regulatory liabilities to be remeasured as of December 31, 2017. Following is an overview of selected regulatory assets and liabilities detailed in the preceding tables. Specific developments with respect to certain of these regulatory assets and liabilities are discussed in "Regulatory Matters." Defined Benefit Plans (All Registrants) Defined benefit plan regulatory assets and liabilities represent prior service cost and net actuarial gains and losses that will be recovered in defined benefit plans expense through future base rates based upon established regulatory practices and, generally, are amortized over the average remaining service lives of plan participants. These regulatory assets and liabilities are adjusted at least annually or whenever the funded status of defined benefit plans is remeasured. Of the regulatory asset and liability balances recorded, costs of $68 million for PPL, $30 million for PPL Electric, $38 million for LKE, $26 million for LG&E and $12 million for KU, are expected to be amortized into net periodic defined benefit costs in 2018 in accordance with PPL's, PPL Electric's, LKE's, LG&E's and KU's pension accounting policy. (PPL, LKE, LG&E and KU) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between pension cost calculated in accordance with LG&E's and KU's pension accounting policy and pension cost calculated using a 15 -year amortization period for actuarial gains and losses is recorded as a regulatory asset. As of December 31, 2017 , the balances were $33 million for PPL and LKE, $18 million for LG&E and $15 million for KU. As of December 31, 2016 , the balances were $20 million for PPL and LKE, $11 million for LG&E and $9 million for KU. Of the costs expected to be amortized into net periodic defined benefit costs in 2018, $16 million for PPL and LKE, $10 million for LG&E and $6 million for KU, are expected to be recorded as a regulatory asset in 2018. (All Registrants) Storm Costs PPL Electric, LG&E and KU have the ability to request from the PUC, KPSC and VSCC, as applicable, the authority to treat expenses related to specific extraordinary storms as a regulatory asset and defer such costs for regulatory accounting and reporting purposes. Once such authority is granted, LG&E and KU can request recovery of those expenses in a base rate case and begin amortizing the costs when recovery starts. PPL Electric can recover qualifying expenses caused by major storm events, as defined in its retail tariff, over three years through the Storm Damage Expense Rider commencing in the application year after the storm occurred. PPL Electric's, LG&E's and KU's regulatory assets for storm costs are being amortized through various dates ending in 2020 . Unamortized Loss on Debt Unamortized loss on reacquired debt represents losses on long-term debt reacquired or redeemed that have been deferred and will be amortized and recovered over either the original life of the extinguished debt or the life of the replacement debt (in the case of refinancing). Such costs are being amortized through 2029 for PPL Electric, through 2042 for KU, and through 2044 for PPL, LKE and LG&E. Accumulated Cost of Removal of Utility Plant LG&E and KU charge costs of removal through depreciation expense with an offsetting credit to a regulatory liability. The regulatory liability is relieved as costs are incurred. PPL Electric does not accrue for costs of removal. When costs of removal are incurred, PPL Electric records the costs as a regulatory asset. Such deferral is included in rates and amortized over the subsequent five -year period. Regulatory Liability Associated with Net Deferred Taxes Regulatory liabilities associated with net deferred taxes represent the future revenue impact from the adjustment of deferred income taxes required primarily for excess deferred taxes and unamortized investment tax credits. At December 31, 2017, excess deferred taxes recorded as a result of the TCJA were $2.2 billion at PPL, $1.0 billion at PPL Electric, $1.2 billion at LKE, $532 million at LG&E and $634 million at KU, which include the gross-up associated with the excess deferred taxes. (PPL and PPL Electric) Generation Supply Charge (GSC) The GSC is a cost recovery mechanism that permits PPL Electric to recover costs incurred to provide generation supply to PLR customers who receive basic generation supply service. The recovery includes charges for generation supply (energy and capacity and ancillary services), as well as administration of the acquisition process. In addition, the GSC contains a reconciliation mechanism whereby any over- or under-recovery from prior quarters is refunded to, or recovered from, customers through the adjustment factor determined for the subsequent rate filing period. Transmission Service Charge (TSC) PPL Electric is charged by PJM for transmission service-related costs applicable to its PLR customers. PPL Electric passes these costs on to customers, who receive basic generation supply service through the PUC-approved TSC cost recovery mechanism. The TSC contains a reconciliation mechanism whereby any over- or under-recovery from customers is either refunded to, or recovered from, customers through the adjustment factor determined for the subsequent year. Transmission Formula Rate PPL Electric's transmission revenues are billed in accordance with a FERC-approved Open Access Transmission Tariff that utilizes a formula-based rate recovery mechanism. Under this formula, rates are put into effect in June of each year based upon prior year actual expenditures and current year forecasted capital additions. Rates are then adjusted the following year to reflect actual annual expenses and capital additions, as reported in PPL Electric's annual FERC Form 1, filed under the FERC's Uniform System of Accounts. Any difference between the revenue requirement in effect for the prior year and actual expenditures incurred for that year is recorded as a regulatory asset or regulatory liability. Storm Damage Expense Rider (SDER) The SDER is a reconcilable automatic adjustment clause under which PPL Electric annually will compare actual storm costs to storm costs allowed in base rates and refund or recover any differences from customers. In the 2015 rate case settlement approved by the PUC in November 2015, it was determined that reportable storm damage expenses to be recovered annually through base rates will be set at $15 million . The SDER will recover from or refund to customers, as appropriate, only applicable expenses from reportable storms that are greater than or less than $15 million recovered annually through base rates. Beginning January 1, 2018, the amortized 2011 storm expense of $5 million will be included in the base rate component of the SDER. Taxes Recoverable through Future Rates Taxes recoverable through future rates represent the portion of future income taxes that will be recovered through future rates based upon established regulatory practices. Accordingly, this regulatory asset is recognized when the offsetting deferred tax liability is recognized. For general-purpose financial reporting, this regulatory asset and the deferred tax liability are not offset; rather, each is displayed separately. This regulatory asset is expected to be recovered over the period that the underlying book-tax timing differences reverse and the actual cash taxes are incurred. Act 129 Compliance Rider In compliance with Pennsylvania's Act 129 of 2008 and implementing regulations, Phase I of PPL Electric's energy efficiency and conservation plan was approved by a PUC order in October 2009. The order allowed PPL Electric to recover the maximum $250 million cost of the program ratably over the life of the plan, from January 1, 2010 through May 31, 2013. Phase II of PPL's energy efficiency and conservation plan allowed PPL Electric to recover the maximum $185 million cost of the program over the three year period June 1, 2013 through May 31, 2016 . Phase III of PPL's energy efficiency and conservation plan allows PPL Electric to recover the maximum $313 million over the next five year period, June 1, 2016 through May 31, 2021. The plan includes programs intended to reduce electricity consumption. The recoverable costs include direct and indirect charges, including design and development costs, general and administrative costs and applicable state evaluator costs. The rates are applied to customers who receive distribution service through the Act 129 Compliance Rider. The Phase II program costs were reconciled at the end of the program and any remaining over- or under-recovery was rolled into Phase III. The actual Phase III program costs are reconcilable after each 12 month period, and any over- or under-recovery from customers will be refunded or recovered over the next rate filing period. See below under "Regulatory Matters - Pennsylvania Activities" for additional information on Act 129. Smart Meter Rider (SMR) Act 129, which became effective November 14, 2008, requires each electric distribution company (EDC) with more than 100,000 customers to have a PUC approved Smart Meter Technology Procurement and Installation Plan (SMP). PPL Electric filed its initial SMP in 2009. However, in 2010, the PUC found that PPL Electric's "Advanced Metering Infrastructure" (AMI) system did not fully meet the standards of Act 129. In 2014, PPL Electric filed its current SMP, which was approved by the PUC in 2015. Under its SMP, PPL Electric will replace its current meters with new meters that meet the Act 129 requirements by the end of 2019. Under Act 129, EDCs are able to recover the costs of providing smart metering technology. PPL Electric uses a mechanism known as the Smart Meter Rider (SMR) to recover the costs to implement its SMP on a full and current basis. The SMR is a reconciliation mechanism whereby any over-or under-recovery from prior years is refunded to, or recovered from, customers through the adjustment factor determined for the subsequent quarters. Universal Service Rider (USR) The USR provides for recovery of costs associated with universal service programs, OnTrack and Winter Relief Assistance Program (WRAP), provided by PPL Electric to residential customers. OnTrack is a special payment program for low-income households and WRAP provides low-income customers a means to reduce electric bills through energy saving methods. The USR rate is applied to residential customers who receive distribution service. The actual program costs are reconcilable, and any over- or under-recovery from customers will be refunded or recovered annually in the subsequent year. (PPL, LKE, LG&E and KU) Environmental Cost Recovery Kentucky law permits LG&E and KU to recover the costs, including a return of operating expenses and a return of and on capital invested, of complying with the Clean Air Act and those federal, state or local environmental requirements, which apply to coal combustion wastes and by-products from coal-fired electricity generating facilities. The KPSC requires reviews of the past operations of the environmental surcharge for six-month and two-year billing periods to evaluate the related charges, credits and rates of return, as well as to provide for the roll-in of ECR amounts to base rates each two-year period. In December 2017, the KPSC issued orders continuing the use of an authorized return on equity of 9.7% for all existing approved ECR plans and projects. The ECR regulatory asset or liability represents the amount that has been under- or over-recovered due to timing or adjustments to the mechanism and is typically recovered within 12 months . Fuel Adjustment Clauses LG&E's and KU's retail electric rates contain a fuel adjustment clause, whereby variances in the cost of fuel to generate electricity, including transportation costs, from the costs embedded in base rates are adjusted in LG&E's and KU's rates. The KPSC requires public hearings at six-month intervals to examine past fuel adjustments and at two-year intervals to review past operations of the fuel adjustment clause and, to the extent appropriate, reestablish the fuel charge included in base rates. The regulatory assets or liabilities represent the amounts that have been under- or over-recovered due to timing or adjustments to the mechanism and are typically recovered within 12 months . KU also employs a levelized fuel factor mechanism for Virginia customers using an average fuel cost factor based primarily on projected fuel costs. The Virginia levelized fuel factor allows fuel recovery based on projected fuel costs for the coming year plus an adjustment for any under- or over-recovery of fuel expenses from the prior year. The regulatory assets or liabilities represent the amounts that have been under- or over-recovered due to timing or adjustments to the mechanism and are typically recovered within 12 months . Demand Side Management LG&E's and KU's DSM programs consist of energy efficiency programs, intended to reduce peak demand and delay investment in additional power plant construction, provide customers with tools and information to become better managers of their energy usage and prepare for potential future legislation governing energy efficiency. LG&E's and KU's rates contain a DSM provision, which includes a rate recovery mechanism that provides for concurrent recovery of DSM costs and incentives, and allows for the recovery of DSM revenues from lost sales associated with the DSM programs. Additionally, LG&E and KU earn an approved return on equity for capital expenditures associated with the residential and commercial load management and demand conservation programs. The cost of DSM programs is assigned only to the class or classes of customers that benefit from the programs. AROs As discussed in Note 1, for LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. Power Purchase Agreement - OVEC As a result of purchase accounting associated with PPL's acquisition of LKE, the fair values of the OVEC power purchase agreement were recorded on the balance sheets of LKE, LG&E and KU with offsets to regulatory liabilities. The regulatory liabilities are being amortized using the units-of-production method until March 2026 , the expiration date of the agreement at the date of the acquisition. See Notes 1, 13 and 18 for additional discussion of the power purchase agreement. Interest Rate Swaps LG&E's unrealized gains and losses are recorded as regulatory assets or regulatory liabilities until they are realized as interest expense. Interest expense from existing swaps is realized and recovered over the terms of the associated debt, which matures through 2033 . Terminated Interest Rate Swaps Net realized gains and losses on all interest rate swaps are probable of recovery through regulated rates; as such, any gains and losses on these derivatives are included in regulatory assets or liabilities and are primarily recognized in "Interest Expense" on the Statements of Income over the life of the associated debt. A net cash settlement of $9 million was paid on a swap that was terminated by LG&E in December 2016. The KPSC authorized the recording of a regulatory asset and the recovery of such costs. As part of the Stipulation to the 2016 Kentucky rate case that became effective July 1, 2017, the KPSC authorized LG&E to recover the swap termination payment through amortization of the regulatory asset using a straight-line method over 17 years . The amortization of the regulatory asset is recognized in "Interest Expense" on the Statements of Income. Plant Outage Costs The Stipulation to the 2016 Kentucky rate case that became effective July 1, 2017 provided for the normalization of expenses associated with plant outages using an eight-year average. The eight-year average is comprised of four historical years' and four forecasted years' expenses. Plant outage expenses that are greater or less than the eight-year average will be collected from or returned to customers, through future base rates. These amounts are included in other current regulatory assets or other current regulatory liabilities above. (PPL, LKE and LG&E) Gas Line Tracker The GLT authorizes LG&E to recover its incremental operating expenses, depreciation, property taxes and cost of capital, including a return on equity, for capital associated with the five year gas service riser, leak mitigation and customer service line ownership programs. As part of this program, LG&E makes necessary repairs to the gas distribution system and assumes ownership of service lines when replaced. In the 2016 rate case, the KPSC approved additional projects for recovery through the GLT mechanism related to further gas line replacements and transmission pipeline modernizations. Effective July 1, 2017, LG&E is authorized to earn a 9.7% return on equity for the GLT mechanism. As part of the 2016 rate case, LG&E now annually files a combined application which includes revised rates based on projected costs and a balancing adjustment calculation with rates effective on the first billing cycle in May. After the completion of a plan year, the balancing adjustment, as part of the combined application filing to the KPSC, amends rates charged for the differences between the actual costs and actual GLT charges for the preceding year. The regulatory assets or liabilities represent the amounts that have been under- or over-recovered due to these cost differences. Gas Supply Clause LG&E's natural gas rates contain a gas supply clause, whereby the expected cost of natural gas supply and variances between actual and expected costs from prior periods are adjusted quarterly in LG&E's rates, subject to approval by the KPSC. The gas supply clause also includes a separate natural gas procurement incentive mechanism, which allows LG&E's rates to be adjusted annually to share savings between the actual cost of gas purchases and market indices with the shareholders and the customers during each performance-based rate year (12 months ending October 31). The regulatory assets or liabilities represent the total amounts that have been under- or over-recovered due to timing or adjustments to the mechanisms and are typically recovered within 18 months . (PPL, LKE and KU) Generation Formula Rates KU provides wholesale requirements service to its municipal customers and bills for this service pursuant to a FERC approved generation formula rate. Under this formula, rates are put into effect in July of each year utilizing a return on rate base calculation and actual expenses from the preceding year. The regulatory asset represents the difference between the revenue requirement in effect for the preceding year and actual expenditures incurred for the current year. Regulatory Matters (PPL) U.K. Activities RIIO-ED1 On April 1, 2015, the RIIO-ED1 eight-year price control period commenced for WPD's four DNOs. (PPL, LKE, LG&E and KU) Kentucky Activities 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. In April and May 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 LG&E base electricity rates of $59 million , LG&E base gas rates of $8 million and KU base electricity rates of $55 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. In June 2017, the KPSC issued orders approving, with certain modifications, the proposed stipulations filed in April and May 2017. The orders modified the stipulations to provide for increases in annual revenue requirements associated with LG&E base electricity rates of $57 million , LG&E base gas rates of $7 million , KU base electricity rates of $52 million and incorporated 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 their 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 resulted 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 resulted in base electricity and gas rate increases of 5.2% and 2.1% at LG&E and a base electricity rate increase of 3.2% at KU. The new base rates and all elements of the orders became effective July 1, 2017. On June 23, 2017, the KPSC 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 annual impact of the new authorized return for ECR projects is not expected to be significant. CPCN Filing On January 10, 2018, LG&E and KU filed an application for a CPCN with the KPSC requesting approval for implementing Advanced Metering Systems across their Kentucky service territories, including gas operations for LG&E. The full deployment is expected to be completed in 2021 with estimated capital costs of $155 million and $104 million for KU and LG&E electric service and $62 million for LG&E gas service. The full Advanced Metering Systems deployment will also result in incremental operation and maintenance costs during the deployment phase of $17 million and $11 million for KU and LG&E electric service and $3 million for LG&E gas service. TCJA Impact on LG&E and KU Rates On December 21, 2017, Kentucky Industrial Utility Customers, Inc. submitted a complaint with the KPSC against LG&E and KU, as well as other utility companies in Kentucky, alleging that their respective rates would no longer be fair, just and reasonable following the enactment of the TCJA reducing the federal corporate tax rate from 35% to 21%. The complaint requested the KPSC to issue an order requiring LG&E and KU to begin deferring, as of January 1, 2018, the revenue requirement effect of all income tax expense savings resulting from the federal corporate income tax reduction, including the amortization of excess deferred income taxes by recording those savings in a regulatory liability account and establishing a process by which the federal corporate income tax savings will be passed back to customers. On December 27, 2017, as a result of the complaint, the KPSC ordered LG&E and KU to satisfy or address the complaint and commence recording regulatory liabilities to reflect the reduction in the federal corporate tax rate to 21% and the associated savings in excess deferred taxes on an interim basis until utility rates are adjusted to reflect the federal tax savings. On January 8, 2018, LG&E and KU responded to the complaint, denying certain claims in the complaint but concurring that the TCJA will result in savings for their customers. LG&E and KU have stated in their responses that the companies have recorded regulatory liabilities as of December 31, 2017 to reflect the reduction in the federal corporate tax rate and the associated savings in excess deferred taxes and will make changes to their ECR, DSM and LG&E's GLT rate mechanisms to begin providing the applicable savings to customers. LG&E and KU also offered to establish a new bill credit mechanism effective with the April 2018 billing cycle to begin distributing the tax savings associated with base rates to customers. On January 29, 2018, LG&E and KU reached a settlement agreement to commence returning savings related to the TCJA to their customers. The savings will be distributed through their ECR, DSM and LG&E's GLT rate mechanisms beginning in March 2018 and through a new bill credit mechanism from April 1, 2018 through April 30, 2019 . The estimated impact of the rate reduction represents approximately $91 million in KU electricity revenues, $69 million in LG&E electricity revenues and $17 million in LG&E gas revenues for the period January 2018 through April 2019. Ongoing tax savings are expected to also be addressed in LG&E's and KU's next Kentucky base rate case. LG&E and KU have indicated their intent to file an application for base rate changes during 2018 to be effective during spring 2019. The settlement agreement is subject to review and approval by the KPSC. An order in the proceeding may occur during the first quarter of 2018. Additionally, on January 8, 2018, the VSCC ordered KU, as well as other utilities in Virginia, to accrue regulatory liabilities reflecting the Virginia jurisdictional revenue requirement impacts of the reduced federal corporate tax rate. The FERC has not issued any guidance on the effect on rates of the TCJA. LG&E and KU cannot predict the outcome of these proceedings. (LKE and LG&E) Gas Franchise LG&E’ |
Financing Activities
Financing Activities | 12 Months Ended |
Dec. 31, 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 except for borrowings under LG&E's Term Loan Facility which are recorded as "Long-term debt" on the Balance Sheets. The following credit facilities were in place at: December 31, 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) (c) Jan. 2022 £ 210 £ 148 £ — £ 60 £ 160 £ — WPD (South West) Syndicated Credit Facility (a) (c) July 2021 245 — — 245 110 — WPD (East Midlands) Syndicated Credit Facility (a) (c) July 2021 300 180 — 120 9 — WPD (West Midlands) Syndicated Credit Facility (a) (c) July 2021 300 120 — 180 — — Uncommitted Credit Facilities 100 — 4 96 60 4 Total U.K. Credit Facilities (b) £ 1,155 £ 448 £ 4 £ 701 £ 339 £ 4 U.S. PPL Capital Funding Syndicated Credit Facility (c) (d) Jan. 2022 $ 950 $ — $ 230 $ 720 $ — $ 20 Syndicated Credit Facility (c) (d) Nov. 2018 300 — — 300 — — Bilateral Credit Facility (c) (d) Mar. 2018 150 — 18 132 — 17 Total PPL Capital Funding Credit Facilities $ 1,400 $ — $ 248 $ 1,152 $ — $ 37 PPL Electric Syndicated Credit Facility (c) (d) Jan. 2022 $ 650 $ — $ 1 $ 649 $ — $ 296 LKE Syndicated Credit Facility (c) (d) Oct. 2018 $ 75 $ — $ — $ 75 $ — $ — LG&E Syndicated Credit Facility (c) (d) Jan. 2022 $ 500 $ — $ 199 $ 301 $ — $ 169 Term Loan Credit Facility (c) (e) Oct. 2019 200 100 — 100 — — Total LG&E Credit Facilities $ 700 $ 100 $ 199 $ 401 $ — $ 169 KU Syndicated Credit Facility (c) (d) Jan. 2022 $ 400 $ — $ 45 $ 355 $ — $ 16 Letter of Credit Facility (c) (d) (f) Oct. 2020 198 — 198 — — 198 Total KU Credit Facilities $ 598 $ — $ 243 $ 355 $ — $ 214 (a) The facilities contain financial covenants to maintain an interest coverage ratio of not less than 3.0 times consolidated earnings before income taxes, depreciation and amortization and total net debt not in excess of 85% of its RAV, calculated in accordance with the credit facility. (b) The WPD plc amounts borrowed at December 31, 2017 and 2016 included USD-denominated borrowings of $200 million for both periods, which bore interest at 2.17% and 1.43% . The unused capacity reflects the amount borrowed in GBP of £150 million as of the date borrowed. The WPD (East Midlands) amount borrowed at December 31, 2017 was a GBP-denominated borrowing, which equated to $244 million and bore interest at 0.89% . The WPD (West Midlands) amount borrowed at December 31, 2017 was a GBP-denominated borrowing, which equated to $162 million and bore interest at 0.89% . At December 31, 2017 , the unused capacity under the U.K. credit facilities was approximately $949 million . (c) Each company pays customary fees under its respective facility and borrowings generally bear interest at LIBOR-based rates plus an applicable margin. (d) The facilities contain a financial covenant requiring debt to total capitalization not to exceed 70% for PPL Capital Funding, PPL Electric, LKE, LG&E and KU, as calculated in accordance with the facilities and other customary covenants. Additionally, as it relates to the syndicated and bilateral credit facilities and subject to certain conditions, PPL Capital Funding may request that the capacity of its facilities expiring in November 2018 and March 2018 be increased by up to $30 million , LG&E and KU each may request up to a $100 million increase in its facility's capacity and LKE may request up to a $25 million increase in its facility's capacity. (e) LG&E entered into a term loan credit agreement in October 2017 whereby it may borrow up to $200 million . The outstanding borrowings at December 31, 2017 bore interest at a rate of 2.06% . (f) KU's letter of credit facility agreement allows for certain payments under the letter of credit facility to be converted to loans rather than requiring immediate payment. In January 2018, LG&E borrowed the remaining $100 million available under its $200 million term loan facility. The proceeds were used to repay short-term debt and for general corporate purposes. In January 2018, the expiration dates for the PPL Capital Funding, PPL Electric, LG&E and KU syndicated credit facilities expiring in January 2022 were extended to January 2023 . 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: December 31, 2017 December 31, 2016 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding 1.64% $ 1,000 $ 230 $ 770 1.10% $ 20 PPL Electric 650 — 650 1.05% 295 LG&E 1.83% 350 199 151 0.94% 169 KU 1.97% 350 45 305 0.87% 16 Total $ 2,350 $ 474 $ 1,876 $ 500 (PPL Electric, LKE, LG&E and KU) See Note 14 for discussion of intercompany borrowings. Long-term Debt (All Registrants) December 31, Weighted-Average Maturities (g) 2017 2016 PPL U.S. Senior Unsecured Notes 3.78 % 2020 - 2047 $ 4,575 $ 4,075 Senior Secured Notes/First Mortgage Bonds (a) (b) (c) 3.96 % 2018 - 2047 7,314 6,849 Junior Subordinated Notes 5.10 % 2067 - 2073 930 930 Term Loan Credit Facility 2.06 % 2019 100 — Total U.S. Long-term Debt 12,919 11,854 U.K. Senior Unsecured Notes (d) 5.24 % 2020 - 2040 6,351 5,707 Index-linked Senior Unsecured Notes (e) 1.56 % 2026 - 2056 1,012 838 Total U.K. Long-term Debt (f) 7,363 6,545 Total Long-term Debt Before Adjustments 20,282 18,399 Fair market value adjustments 21 22 Unamortized premium and (discount), net (e) 14 20 Unamortized debt issuance costs (122 ) (115 ) Total Long-term Debt 20,195 18,326 Less current portion of Long-term Debt 348 518 Total Long-term Debt, noncurrent $ 19,847 $ 17,808 December 31, Weighted-Average Maturities (g) 2017 2016 PPL Electric Senior Secured Notes/First Mortgage Bonds (a) (b) 4.23 % 2020 - 2047 $ 3,339 $ 2,864 Total Long-term Debt Before Adjustments 3,339 2,864 Unamortized discount (16 ) (12 ) Unamortized debt issuance costs (25 ) (21 ) Total Long-term Debt 3,298 2,831 Less current portion of Long-term Debt — 224 Total Long-term Debt, noncurrent $ 3,298 $ 2,607 LKE Senior Unsecured Notes 3.97 % 2020 - 2021 $ 725 $ 725 Term Loan Credit Facility 2.06 % 2019 100 — First Mortgage Bonds (a) (c) 3.73 % 2018 - 2045 3,975 3,985 Long-term debt to affiliate 3.50 % 2026 400 400 Total Long-term Debt Before Adjustments 5,200 5,110 Fair market value adjustments — (1 ) Unamortized discount (14 ) (15 ) Unamortized debt issuance costs (27 ) (29 ) Total Long-term Debt 5,159 5,065 Less current portion of Long-term Debt 98 194 Total Long-term Debt, noncurrent $ 5,061 $ 4,871 LG&E Term Loan Credit Facility 2.06 % 2019 $ 100 $ — First Mortgage Bonds (a) (c) 3.48 % 2018 - 2045 1,624 1,634 Total Long-term Debt Before Adjustments 1,724 1,634 Fair market value adjustments — (1 ) Unamortized discount (4 ) (4 ) Unamortized debt issuance costs (11 ) (12 ) Total Long-term Debt 1,709 1,617 Less current portion of Long-term Debt 98 194 Total Long-term Debt, noncurrent $ 1,611 $ 1,423 KU First Mortgage Bonds (a) (c) 3.91 % 2019 - 2045 $ 2,351 $ 2,351 Total Long-term Debt Before Adjustments 2,351 2,351 Unamortized discount (9 ) (9 ) Unamortized debt issuance costs (14 ) (15 ) Total Long-term Debt 2,328 2,327 Less current portion of Long-term Debt — — Total Long-term Debt, noncurrent $ 2,328 $ 2,327 (a) Includes PPL Electric's senior secured and first mortgage bonds that are secured by the lien of PPL Electric's 2001 Mortgage Indenture, which covers substantially all electric distribution plant and certain transmission plant owned by PPL Electric. The carrying value of PPL Electric's property, plant and equipment was approximately $8.5 billion and $7.6 billion at December 31, 2017 and 2016 . Includes LG&E's first mortgage bonds that are secured by the lien of the LG&E 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of LG&E's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity and the storage and distribution of natural gas. The aggregate carrying value of the property subject to the lien was $4.7 billion and $4.4 billion at December 31, 2017 and 2016 . Includes KU's first mortgage bonds that are secured by the lien of the KU 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of KU's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity. The aggregate carrying value of the property subject to the lien was $6.0 billion and $5.8 billion at December 31, 2017 and 2016 . (b) Includes PPL Electric's series of senior secured bonds that secure its obligations to make payments with respect to each series of Pollution Control Bonds that were issued by the LCIDA and the PEDFA on behalf of PPL Electric. These senior secured bonds were issued in the same principal amount, contain payment and redemption provisions that correspond to and bear the same interest rate as such Pollution Control Bonds. These senior secured bonds were issued under PPL Electric's 2001 Mortgage Indenture and are secured as noted in (a) above. This amount includes $224 million of which PPL Electric is allowed to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, or term rate of at least one year and $90 million that may be redeemed, in whole or in part, at par beginning in October 2020 , and are subject to mandatory redemption upon determination that the interest rate on the bonds would be included in the holders' gross income for federal tax purposes. (c) Includes LG&E's and KU's series of first mortgage bonds that were issued to the respective trustees of tax-exempt revenue bonds to secure its respective obligations to make payments with respect to each series of bonds. The first mortgage bonds were issued in the same principal amounts, contain payment and redemption provisions that correspond to and bear the same interest rate as such tax-exempt revenue bonds. These first mortgage bonds were issued under the LG&E 2010 Mortgage Indenture and the KU 2010 Mortgage Indenture and are secured as noted in (a) above. The related tax-exempt revenue bonds were issued by various governmental entities, principally counties in Kentucky, on behalf of LG&E and KU. The related revenue bond documents allow LG&E and KU to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, term rate of at least one year or, in some cases, an auction rate or a LIBOR index rate. At December 31, 2017 , the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $514 million for LKE, comprised of $391 million and $123 million for LG&E and KU. At December 31, 2017 , the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $375 million for LKE, comprised of $147 million and $228 million for LG&E and KU. These variable rate tax-exempt revenue bonds are subject to tender for purchase by LG&E and KU at the option of the holder and to mandatory tender for purchase by LG&E and KU upon the occurrence of certain events. (d) Includes £225 million ( $304 million at December 31, 2017 ) of notes that may be redeemed, in total but not in part, on December 21, 2026 , at the greater of the principal value or a value determined by reference to the gross redemption yield on a nominated U.K. Government bond. (e) The principal amount of the notes issued by WPD (South West), WPD (East Midlands) and WPD (South Wales) is adjusted based on changes in a specified index, as detailed in the terms of the related indentures. The adjustment to the principal amounts from 2016 to 2017 was an increase of approximately £27 million ( $37 million ) resulting from inflation. In addition, this amount includes £225 million ( $304 million at December 31, 2017 ) of notes issued by WPD (South West) that may be redeemed, in total by series, on December 1, 2026 , at the greater of the adjusted principal value and a make-whole value determined by reference to the gross real yield on a nominated U.K. government bond. (f) Includes £4.7 billion ( $6.4 billion at December 31, 2017 ) of notes that may be put by the holders to the issuer for redemption if the long-term credit ratings assigned to the notes are withdrawn by any of the rating agencies (Moody's or S&P) or reduced to a non-investment grade rating of Ba1 or BB+ or lower in connection with a restructuring event, which includes the loss of, or a material adverse change to, the distribution licenses under which the issuer operates. (g) The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of December 31, 2017 . None of the outstanding debt securities noted above have sinking fund requirements. The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2018 through 2022 and thereafter are as follows: PPL PPL Electric LKE LG&E KU 2018 $ 348 $ — $ 98 $ 98 $ — 2019 430 — 430 334 96 2020 1,278 100 975 — 500 2021 1,150 400 250 — — 2022 1,274 474 — — — Thereafter 15,802 2,365 3,447 1,292 1,755 Total $ 20,282 $ 3,339 $ 5,200 $ 1,724 $ 2,351 (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. In November 2017, WPD (South West) issued £250 million of 2.375% Senior Notes due 2029 . WPD (South West) received proceeds of £247 million , which equated to $326 million at the time of issuance, net of fees and a discount. The proceeds were used for general corporate purposes, including the re-financing of existing debt. In December 2017, WPD repaid the entire $100 million principal amount of its 7.25% Senior Notes upon maturity. (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 . In October 2017, LG&E entered into a $200 million term loan credit facility with a term expiring in October 2019 . As of December 31, 2017, LG&E had outstanding borrowings of $100 million under this agreement at a rate of 2.06% . In January 2018, LG&E borrowed the remaining $100 million available under this facility. In November 2017, LG&E redeemed, at par, its $10 million Louisville/Jefferson County Metro Government Environmental Facilities Revenue Bonds, 2001 Series A (Louisville Gas and Electric Company Project) due 2027 . Legal Separateness (All Registrants) The subsidiaries of PPL are separate legal entities. PPL's subsidiaries are not liable for the debts of PPL. Accordingly, creditors of PPL may not satisfy their debts from the assets of PPL's subsidiaries absent a specific contractual undertaking by a subsidiary to pay PPL's creditors or as required by applicable law or regulation. Similarly, PPL is not liable for the debts of its subsidiaries, nor are its subsidiaries liable for the debts of one another. Accordingly, creditors of PPL's subsidiaries may not satisfy their debts from the assets of PPL or its other subsidiaries absent a specific contractual undertaking by PPL or its other subsidiaries to pay the creditors or as required by applicable law or regulation. Similarly, the subsidiaries of PPL Electric and LKE are each separate legal entities. These subsidiaries are not liable for the debts of PPL Electric and LKE. Accordingly, creditors of PPL Electric and LKE may not satisfy their debts from the assets of their subsidiaries absent a specific contractual undertaking by a subsidiary to pay the creditors or as required by applicable law or regulation. Similarly, PPL Electric and LKE are not liable for the debts of their subsidiaries, nor are their subsidiaries liable for the debts of one another. Accordingly, creditors of these subsidiaries may not satisfy their debts from the assets of PPL Electric and LKE (or their other subsidiaries) absent a specific contractual undertaking by that parent or other subsidiary to pay such creditors or as required by applicable law or regulation. (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. The compensation paid to the selling agents by PPL may be up to 1% of the gross offering proceeds of the shares sold with respect to each equity distribution agreement. PPL issued the following for the years ended December 31: 2017 2016 2015 Number of shares (in thousands) 10,373 710 1,477 Net Proceeds $ 377 $ 25 $ 49 Distributions and Related Restrictions In November 2017 , PPL declared its quarterly common stock dividend, payable January 2, 2018 , at 39.5 cents per share (equivalent to $1.58 per annum). On February 22, 2018, PPL announced that the company is increasing its common stock dividend to 41.0 cents per share on a quarterly basis (equivalent to $ 1.64 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. See Note 8 for information regarding the June 1, 2015 distribution to PPL's shareowners of a newly formed entity, Holdco, which at closing owned all of the membership interests of PPL Energy Supply and all of the common stock of Talen Energy. Neither PPL Capital Funding nor PPL may declare or pay any cash dividend or distribution on its capital stock during any period in which PPL Capital Funding defers interest payments on its 2007 Series A Junior Subordinated Notes due 2067 or 2013 Series B Junior Subordinated Notes due 2073 . At December 31, 2017 , no interest payments were deferred. WPD subsidiaries have financing arrangements that limit their ability to pay dividends. However, PPL does not, at this time, expect that any of such limitations would significantly impact PPL's ability to meet its cash obligations. (All Registrants) PPL relies on dividends or loans from its subsidiaries to fund PPL's dividends to its common shareholders. The net assets of certain PPL subsidiaries are subject to legal restrictions. LKE primarily relies on dividends from its subsidiaries to fund its distributions to PPL. LG&E, KU and PPL Electric are subject to Section 305(a) of the Federal Power Act, which makes it unlawful for a public utility to make or pay a dividend from any funds "properly included in capital account." The meaning of this limitation has never been clarified under the Federal Power Act. LG&E, KU and PPL Electric believe, however, that this statutory restriction, as applied to their circumstances, would not be construed or applied by the FERC to prohibit the payment from retained earnings of dividends that are not excessive and are for lawful and legitimate business purposes. In February 2012, LG&E and KU petitioned the FERC requesting authorization to pay dividends in the future based on retained earnings balances calculated without giving effect to the impact of purchase accounting adjustments for the acquisition of LKE by PPL. In May 2012, the FERC approved the petitions with the further condition that each utility may not pay dividends if such payment would cause its adjusted equity ratio to fall below 30% of total capitalization. Accordingly, at December 31, 2017 , net assets of $2.7 billion ( $1.1 billion for LG&E and $1.6 billion for KU) were restricted for purposes of paying dividends to LKE, and net assets of $3.1 billion ( $1.4 billion for LG&E and $1.7 billion for KU) were available for payment of dividends to LKE. LG&E and KU believe they will not be required to change their current dividend practices as a result of the foregoing requirement. In addition, under Virginia law, KU is prohibited from making loans to affiliates without the prior approval of the VSCC. There are no comparable statutes under Kentucky law applicable to LG&E and KU, or under Pennsylvania law applicable to PPL Electric. However, orders from the KPSC require LG&E and KU to obtain prior consent or approval before lending amounts to PPL. |
Acquisitions, Development and D
Acquisitions, Development and Divestitures | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions Development And Divestitures [Abstract] | |
Acquisitions, Development and Divestitures | 8. Acquisitions, Development and Divestitures (All Registrants) The Registrants from time to time evaluate opportunities for potential acquisitions, divestitures and development projects. Development projects are reexamined based on market conditions and other factors to determine whether to proceed with, modify or terminate the projects. Any resulting transactions may impact future financial results. (PPL) Discontinued Operations Spinoff of PPL Energy Supply In June 2014, PPL and PPL Energy Supply executed definitive agreements with affiliates of Riverstone to spin off PPL Energy Supply and immediately combine it with Riverstone's competitive power generation businesses to form a new, stand-alone, publicly traded company named Talen Energy. The transaction was subject to customary closing conditions, including receipt of regulatory approvals from the NRC, FERC, DOJ and PUC, all of which were received by mid-April 2015. On April 29, 2015, PPL's Board of Directors declared the June 1, 2015 distribution to PPL's shareowners of record on May 20, 2015 of a newly formed entity, Holdco, which at closing owned all of the membership interests of PPL Energy Supply and all of the common stock of Talen Energy. Immediately following the spinoff on June 1, 2015, Holdco merged with a special purpose subsidiary of Talen Energy, with Holdco continuing as the surviving company to the merger and as a wholly owned subsidiary of Talen Energy and the sole owner of PPL Energy Supply. Substantially contemporaneous with the spinoff and merger, RJS Power was contributed by its owners to become a subsidiary of Talen Energy. PPL shareowners received approximately 0.1249 shares of Talen Energy common stock for each share of PPL common stock they owned on May 20, 2015. Following completion of these transactions, PPL shareowners owned 65% of Talen Energy and affiliates of Riverstone owned 35% . The spinoff had no effect on the number of PPL common shares owned by PPL shareowners or the number of shares of PPL common stock outstanding. The transaction is intended to be tax-free to PPL and its shareowners for U.S. federal income tax purposes. PPL has no continuing ownership interest in or control of Talen Energy and Talen Energy Supply (formerly PPL Energy Supply). Loss on Spinoff In June 2015, in conjunction with the accounting for the spinoff, PPL evaluated whether the fair value of the Supply segment's net assets was less than the carrying value as of the June 1, 2015 spinoff date. PPL considered several valuation methodologies to derive a fair value estimate of its Supply segment at the spinoff date. These methodologies included considering the closing "when-issued" Talen Energy market value on June 1, 2015 (the spinoff date), adjusted for the proportional share of the equity value attributable to the Supply segment, as well as, the valuation methods consistently used in PPL's quantitative goodwill impairment assessments - an income approach using a discounted cash flow analysis of the Supply segment and an alternative market approach considering market multiples of comparable companies. Although the Talen Energy market value approach utilized the most observable inputs of the three approaches, PPL considered certain limitations of the "when-issued" trading market for the spinoff transaction including the short trading duration, lack of liquidity in the market and anticipated initial Talen Energy stock ownership base selling pressure, among other factors, and concluded that these factors limited this input being solely determinative of the fair value of the Supply segment. As such, PPL also considered the other valuation approaches in estimating the overall fair value, but ultimately assigned the highest weighting to the Talen Energy market value approach. The following table summarizes PPL's fair value analysis: Approach Weighting Weighted Fair Value (in billions) Talen Energy Market Value 50% $ 1.4 Income/Discounted Cash Flow 30% 1.1 Alternative Market (Comparable Company) 20% 0.7 Estimated Fair Value $ 3.2 A key assumption included in the fair value estimate is the application of a control premium of 25% in the two market approaches. PPL concluded it was appropriate to apply a control premium in these approaches as the goodwill impairment testing guidance was followed in determining the estimated fair value of the Supply segment, which had historically been a reporting unit for PPL. This guidance provides that the market price of an individual security (and thus the market capitalization of a reporting unit with publicly traded equity securities) may not be representative of the fair value of the reporting unit. This guidance also indicates that substantial value may arise to a controlling shareholder from the ability to take advantage of synergies and other benefits that arise from control over another entity, and that the market price of a company's individual share of stock does not reflect this additional value to a controlling shareholder. Therefore, the quoted market price need not be the sole measurement basis for determining the fair value, and including a control premium is appropriate in measuring the fair value of a reporting unit. In determining the control premium, PPL reviewed premiums received during the prior five years in market sales transactions obtained from observable independent power producer and hybrid utility transactions greater than $1 billion . Premiums for these transactions ranged from 5% to 42% with a median of approximately 25% . Given these metrics, PPL concluded a control premium of 25% to be reasonable for both of the market valuation approaches used. Assumptions used in the discounted cash flow analysis included forward energy prices, forecasted generation, and forecasted operation and maintenance expenditures that were consistent with assumptions used in the Energy Supply portion of the Talen Energy business planning process at that time and a market participant discount rate. Using these methodologies and weightings, PPL determined the estimated fair value of the Supply segment (classified as Level 3) was below its carrying value of $4.1 billion and recorded a loss on the spinoff of $879 million in the second quarter of 2015, which is reflected in discontinued operations and is nondeductible for tax purposes. This amount served to reduce the basis of the net assets accounted for as a dividend at the June 1, 2015 spinoff date. Costs of Spinoff Following the announcement of the transaction to form Talen Energy, efforts were initiated to identify the appropriate staffing for Talen Energy and for PPL and its subsidiaries following completion of the spinoff. Organizational plans were substantially completed and estimated charges for employee separation benefits were recorded in 2014. In 2015, the organizational structures were finalized for both PPL and Talen Energy, which resulted in an additional charge of $10 million for employee separation benefits. Of this amount, $2 million related to Energy Supply positions and is reflected in discontinued operations. The remaining $8 million is reflected in "Other operation and maintenance" on the 2015 PPL Consolidated Statement of Income. The separation benefits include cash severance compensation, lump sum COBRA reimbursement payments and outplacement services. Additional employee-related costs incurred primarily included accelerated stock-based compensation and prorated performance-based cash incentive and stock-based compensation awards, primarily for PPL Energy Supply employees and for PPL Services employees who became PPL Energy Supply employees in connection with the transaction. PPL Energy Supply recognized $24 million of these costs at the spinoff closing date in 2015, which are reflected in discontinued operations. PPL recorded $45 million of third-party costs related to this transaction in 2015. Of these costs, $32 million were primarily for bank advisory, legal and accounting fees to facilitate the transaction, and are reflected in discontinued operations. An additional $13 million of consulting and other costs were incurred in 2015, related to the formation of the Talen Energy organization and to reconfigure the remaining PPL service functions. These costs are recorded primarily in "Other operation and maintenance" on the 2015 Statement of Income. At the close of the transaction in 2015, $72 million ( $42 million after-tax) of cash flow hedges, primarily unamortized losses on PPL interest rate swaps recorded in AOCI and designated as cash flow hedges of PPL Energy Supply's future interest payments, were reclassified into earnings and reflected in discontinued operations. Continuing Involvement (PPL and PPL Electric) As a result of the spinoff, PPL and PPL Energy Supply entered into a Transition Services Agreement (TSA) that terminated on May 31, 2017. The TSA set forth the terms and conditions for PPL and Talen Energy to provide certain transition services to one another. PPL provided Talen Energy certain information technology, financial and accounting, human resource and other specified services. PPL billed Talen Energy $1 million , $35 million and $25 million for these services in 2017 , 2016 and 2015. In general, the fees for the transition services allow the provider to recover its cost of the services, including overheads, but without margin or profit. Additionally, prior to the spinoff, through the annual competitive solicitation process, PPL EnergyPlus was awarded supply contracts for a portion of the PLR generation supply for PPL Electric, which were retained by Talen Energy Marketing as part of the spinoff transaction. PPL Electric's supply contracts with Talen Energy Marketing extended through November 2016. Energy purchases from PPL EnergyPlus were previously included in PPL Electric's Statements of Income as "Energy purchases from affiliate" but were eliminated in PPL's Consolidated Statements of Income. Subsequent to the spinoff, PPL Electric's energy purchases from Talen Energy Marketing were $106 million and $27 million for 2016 and 2015. There were no energy purchases from Talen Energy Marketing in 2017. These energy purchases are no longer considered affiliate transactions. (PPL) Summarized Results of Discontinued Operations The operations of the Supply segment are included in "Loss from Discontinued Operations (net of income taxes)" on the Statement of Income. Following are the components of Discontinued Operations in the Statement of Income for the period ended December 31: 2015 Operating revenues $ 1,427 Operating expenses 1,328 Other Income (Expense) - net (21 ) Interest expense (a) 150 Income tax expense (benefit) (30 ) Loss on spinoff (879 ) Loss from Discontinued Operations (net of income taxes) $ (921 ) (a) Includes interest associated with the Supply segment with no additional allocation as the Supply segment was sufficiently capitalized. Net assets, after recognition of the loss on the spinoff, of $3.2 billion were distributed to PPL shareowners in the June 1, 2015, spinoff of PPL Energy Supply. Development Regional Transmission Line Expansion Plan (PPL and PPL Electric) Northeast/Pocono In October 2012, the FERC issued an order in response to PPL Electric's December 2011 request for ratemaking incentives for the Northeast/Pocono Reliability project (a new 58 -mile, 230 kV transmission line that includes three new substations and upgrades to adjacent facilities). The FERC granted the incentive for inclusion in rate base of all prudently incurred construction work in progress costs but denied the requested incentive for a 100 basis point adder to the return on equity. In December 2012, PPL Electric submitted an application to the PUC requesting permission to site and construct the project. In January 2014, the PUC issued a final order approving the application. The line was energized in April 2016, completing the approximately $350 million project, which includes additional substation security enhancements. Costs related to the project are included on the Balance Sheets, primarily in "Regulated utility plant." Capacity Needs (PPL, LKE, LG&E and KU) As a result of environmental requirements and energy efficiency measures, KU anticipates retiring two older coal-fired electricity generating units at the E.W. Brown plant in 2019 with a combined summer rating capacity of 272 MW. The Cane Run Unit 7 NGCC was put into commercial operation in June 2015. As a result and to meet more stringent EPA regulations, LG&E retired one coal-fired generating unit at the Cane Run plant in March 2015 and retired the remaining two coal-fired generating units at the plant in June 2015. KU retired the two remaining coal-fired generating units at the Green River plant in September 2015. LG&E and KU incurred costs of $11 million and $6 million directly related to these retirements including inventory write-downs and separation benefits. There were no gains or losses on the retirement of these units. In December 2014, a final order was issued by the KPSC approving the request to construct a solar generation facility at the E.W. Brown facility. LG&E and KU completed construction activities and placed a 10 MW facility into commercial operation in June 2016 at a cost of $25 million . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Line Items] | |
Leases | 9. Leases (PPL, LKE, LG&E and KU) PPL and its subsidiaries have entered into various agreements for the lease of office space, vehicles, land, gas storage and other equipment. Rent - Operating Leases Rent expense for the years ended December 31 for operating leases was as follows: 2017 2016 2015 PPL $ 45 $ 50 $ 49 LKE 26 26 24 LG&E 15 15 12 KU 11 11 11 Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2018 $ 32 $ 26 $ 15 $ 10 2019 19 16 8 8 2020 13 11 5 6 2021 10 8 3 5 2022 8 6 2 4 Thereafter 22 15 6 8 Total $ 104 $ 82 $ 39 $ 41 |
LG And E And KU Energy LLC [Member] | |
Leases [Line Items] | |
Leases | 9. Leases (PPL, LKE, LG&E and KU) PPL and its subsidiaries have entered into various agreements for the lease of office space, vehicles, land, gas storage and other equipment. Rent - Operating Leases Rent expense for the years ended December 31 for operating leases was as follows: 2017 2016 2015 PPL $ 45 $ 50 $ 49 LKE 26 26 24 LG&E 15 15 12 KU 11 11 11 Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2018 $ 32 $ 26 $ 15 $ 10 2019 19 16 8 8 2020 13 11 5 6 2021 10 8 3 5 2022 8 6 2 4 Thereafter 22 15 6 8 Total $ 104 $ 82 $ 39 $ 41 |
Louisville Gas And Electric Co [Member] | |
Leases [Line Items] | |
Leases | 9. Leases (PPL, LKE, LG&E and KU) PPL and its subsidiaries have entered into various agreements for the lease of office space, vehicles, land, gas storage and other equipment. Rent - Operating Leases Rent expense for the years ended December 31 for operating leases was as follows: 2017 2016 2015 PPL $ 45 $ 50 $ 49 LKE 26 26 24 LG&E 15 15 12 KU 11 11 11 Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2018 $ 32 $ 26 $ 15 $ 10 2019 19 16 8 8 2020 13 11 5 6 2021 10 8 3 5 2022 8 6 2 4 Thereafter 22 15 6 8 Total $ 104 $ 82 $ 39 $ 41 |
Kentucky Utilities Co [Member] | |
Leases [Line Items] | |
Leases | 9. Leases (PPL, LKE, LG&E and KU) PPL and its subsidiaries have entered into various agreements for the lease of office space, vehicles, land, gas storage and other equipment. Rent - Operating Leases Rent expense for the years ended December 31 for operating leases was as follows: 2017 2016 2015 PPL $ 45 $ 50 $ 49 LKE 26 26 24 LG&E 15 15 12 KU 11 11 11 Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2018 $ 32 $ 26 $ 15 $ 10 2019 19 16 8 8 2020 13 11 5 6 2021 10 8 3 5 2022 8 6 2 4 Thereafter 22 15 6 8 Total $ 104 $ 82 $ 39 $ 41 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Line Items] | |
Stock-Based Compensation | 10. Stock-Based Compensation (PPL, PPL Electric and LKE) Under the ICP, SIP and the ICPKE (together, the Plans), restricted shares of PPL common stock, restricted stock units, performance units and stock options may be granted to officers and other key employees of PPL, PPL Electric, LKE and other affiliated companies. Awards under the Plans are made by the Compensation, Governance and Nominating Committee (CGNC) of the PPL Board of Directors, in the case of the ICP and SIP, and by the PPL Corporate Leadership Council (CLC), in the case of the ICPKE. The following table details the award limits under each of the Plans. Total Plan Annual Grant Limit Total As % of Outstanding Annual Grant Annual Grant Limit For Individual Participants - Performance Based Awards Award Limit PPL Common Stock On First Day of Limit Options For awards denominated in For awards denominated in Plan (Shares) Each Calendar Year (Shares) shares (Shares) cash (in dollars) SIP 15,000,000 2,000,000 750,000 $ 15,000,000 ICPKE 14,199,796 2 % 3,000,000 Any portion of these awards that has not been granted may be carried over and used in any subsequent year. If any award lapses, is forfeited or the rights of the participant terminate, the shares of PPL common stock underlying such an award are again available for grant. Shares delivered under the Plans may be in the form of authorized and unissued PPL common stock, common stock held in treasury by PPL or PPL common stock purchased on the open market (including private purchases) in accordance with applicable securities laws. Restricted Stock Units Restricted stock units are awards based on the fair value of PPL common stock on the date of grant. Actual PPL common shares will be issued upon completion of a restriction period, generally three years. Under the SIP, each restricted stock unit entitles the executive to accrue additional restricted stock units equal to the amount of quarterly dividends paid on PPL stock. These additional restricted stock units are deferred and payable in shares of PPL common stock at the end of the restriction period. Dividend equivalents on restricted stock unit awards granted under the ICPKE are currently paid in cash when dividends are declared by PPL. The fair value of restricted stock units granted is recognized on a straight-line basis over the service period or through the date at which the employee reaches retirement eligibility. The fair value of restricted stock units granted to retirement-eligible employees is recognized as compensation expense immediately upon the date of grant. Recipients of restricted stock units granted under the ICPKE may also be granted the right to receive dividend equivalents through the end of the restriction period or until the award is forfeited. Restricted stock units are subject to forfeiture or accelerated payout under the plan provisions for termination, retirement, disability and death of employees. Restrictions lapse on restricted stock units fully, in certain situations, as defined by each of the Plans. The weighted-average grant date fair value of restricted stock units granted was: 2017 2016 2015 PPL $ 35.30 $ 33.84 $ 34.50 PPL Electric 35.45 34.32 34.41 LKE 35.25 33.73 34.89 Restricted stock unit activity for 2017 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,337,025 $ 31.57 Granted 538,441 35.30 Vested (567,001 ) 29.28 Forfeited (16,816 ) 34.28 Nonvested, end of period (a) 1,291,649 34.10 Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 204,570 $ 31.27 Transfer between registrants (5,250 ) 32.05 Granted 79,321 35.45 Vested (91,117 ) 28.83 Forfeited (3,108 ) 34.68 Nonvested, end of period 184,416 34.20 LKE Nonvested, beginning of period 243,281 $ 31.53 Transfer between registrants 25,337 31.61 Granted 97,775 35.25 Vested (125,612 ) 29.68 Forfeited (9,224 ) 34.04 Nonvested, end of period 231,557 34.01 (a) Excludes 252,850 restricted stock units for which restrictions lapsed for former PPL Energy Supply employees as a result of the spinoff, but for which distribution will not occur until the end of the original restriction period of the awards. Substantially all restricted stock unit awards are expected to vest. The total fair value of restricted stock units vesting for the years ended December 31 was: 2017 2016 2015 PPL $ 20 $ 30 $ 28 PPL Electric 3 3 4 LKE 4 5 4 Performance Units - Total Shareowner Return Performance units based on Total Shareowner Return (TSR) are intended to encourage and reward future corporate performance. Performance units represent a target number of shares (Target Award) of PPL's common stock that the recipient would receive upon PPL's attainment of the applicable performance goal. Performance is determined based on TSR during a three -year performance period. At the end of the period, payout is determined by comparing PPL's performance to the TSR of the companies included in the Philadelphia Stock Exchange Utility Index. Awards are payable on a graduated basis based on thresholds that measure PPL's performance relative to peers that comprise the applicable index on which each years' awards are measured. Awards can be paid up to 200% of the Target Award or forfeited with no payout if performance is below a minimum established performance threshold. Dividends payable during the performance cycle accumulate and are converted into additional performance units and are payable in shares of PPL common stock upon completion of the performance period based on the determination of the CGNC of whether the performance goals have been achieved. Under the plan provisions, TSR performance units are subject to forfeiture upon termination of employment except for retirement, one year or more from commencement of the performance period, disability or death of an employee. The fair value of TSR performance units granted to retirement-eligible employees is recognized as compensation expense on a straight-line basis over a one -year period, the minimum vesting period required for an employee to be entitled to payout of the awards with no proration. For employees who are not retirement-eligible, compensation expense is recognized over the shorter of the three -year performance period or the period until the employee is retirement-eligible, with a minimum vesting and recognition period of one -year. If an employee retires before the one -year vesting period, the performance units are forfeited. Performance units vest on a pro rata basis, in certain situations, as defined by each of the Plans. The fair value of each performance unit granted was estimated using a Monte Carlo pricing model that considers stock beta, a risk-free interest rate, expected stock volatility and expected life. The stock beta was calculated comparing the risk of the individual securities to the average risk of the companies in the index group. The risk-free interest rate reflects the yield on a U.S. Treasury bond commensurate with the expected life of the performance unit. Volatility over the expected term of the performance unit is calculated using daily stock price observations for PPL and all companies in the index group and is evaluated with consideration given to prior periods that may need to be excluded based on events not likely to recur that had impacted PPL and the companies in the index group. PPL uses a mix of historic and implied volatility to value awards. The weighted-average assumptions used in the model were: 2017 2016 2015 Expected stock volatility 17.40 % 19.60 % 15.90 % Expected life 3 years 3 years 3 years The weighted-average grant date fair value of TSR performance units granted was: 2017 2016 2015 PPL $ 38.38 $ 35.74 $ 36.76 PPL Electric 38.37 35.68 37.93 LKE 38.24 35.28 37.10 TSR performance unit activity for 2017 was: TSR Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,070,536 $ 34.65 Granted 293,642 38.38 Vested (243,983 ) 32.42 Forfeited (141,964 ) 32.27 Nonvested, end of period (a) 978,231 36.67 PPL Electric Nonvested, beginning of period 76,726 $ 34.68 Granted 26,086 38.37 Vested (14,713 ) 32.14 Forfeited (12,586 ) 35.45 Nonvested, end of period 75,513 37.00 LKE Nonvested, beginning of period 191,601 $ 34.34 Transfer between registrants 8,307 35.96 Granted 64,555 38.24 Vested (48,980 ) 32.09 Forfeited (35,194 ) 35.25 Nonvested, end of period 180,289 36.69 (a) Excludes 41,405 TSR awards for which the service vesting requirement was waived for former PPL Energy Supply employees as a result of the spinoff, but for which the ultimate number of shares to be distributed will depend on the actual attainment of the performance goals at the end of the specified performance periods. The total fair value of TSR performance units vesting for the year ended December 31, 2017 , 2016 and 2015 was $8 million , $12 million and $6 million for PPL and insignificant for PPL Electric and LKE. Performance Units - Return on Equity Beginning in 2017, PPL changed its executive compensation mix to add performance units based on achievement of a corporate Return on Equity (ROE). ROE performance units are intended to further align compensation with the company’s strategy and reward for future corporate performance. Payout of these performance units will be based on the calculated average of the annual corporate ROE for each year of the three -year performance period for PPL Corporation. ROE performance units represent a target number of shares (Target Award) of PPL's common stock that the recipient would receive upon PPL's attainment of the applicable ROE performance goal. ROE performance units can be paid up to 200% of the Target Award or forfeited with no payout if performance is below a minimum established performance threshold. Dividends payable during the performance cycle accumulate and are converted into additional performance units and are payable in shares of PPL common stock upon completion of the performance period based on the determination of the CGNC of whether the performance goals have been achieved. Under the plan provisions, these performance units are subject to forfeiture upon termination of employment except for retirement, disability or death of an employee. The fair value of each ROE performance unit is based on the closing price of PPL Common Stock on the date of grant. The fair value of ROE performance units is recognized on a straight-line basis over the service period or through the date at which the employee reaches retirement eligibility. The fair value awards granted to retirement-eligible employees is recognized as compensation expense immediately upon the date of grant. As these awards are based on performance conditions, the level of attainment is monitored each reporting period and compensation expense is adjusted based on the expected attainment level. ROE performance unit activity for 2017 was: ROE Performance Unit Weighted- Average Grant Date Fair Value Per Share PPL Granted 97,925 $ 34.42 Forfeited (997 ) 34.41 Nonvested, end of period 96,928 34.42 PPL Electric Granted 8,696 $ 34.41 Nonvested, end of period 8,696 34.41 LKE Granted 21,536 $ 34.29 Forfeited (997 ) 34.41 Nonvested, end of period 20,539 34.29 Stock Options PPL's CGNC eliminated the use of stock options due to changes in its long-term incentive mix beginning in January 2014 . Under the Plans, stock options had been granted with an option exercise price per share not less than the fair value of PPL's common stock on the date of grant. Options outstanding at December 31, 2017 , are fully vested. All options expire no later than 10 years from the grant date. The options become exercisable immediately in certain situations, as defined by each of the Plans. Stock option activity for 2017 was: Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value PPL Outstanding at beginning of period 4,481,160 $ 28.98 Exercised (718,977 ) 26.67 Outstanding and exercisable at end of period 3,762,183 29.42 3.5 $ 14 PPL Electric Outstanding at beginning of period 240,939 $ 27.48 Exercised (42,659 ) 26.99 Outstanding and exercisable at end of period 198,280 27.58 3.8 $ 1 Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value LKE Outstanding at beginning of period 61,896 $ 25.81 Exercised (28,164 ) 26.59 Outstanding and exercisable at end of period 33,732 25.15 4.1 $ — For 2017 , 2016 and 2015 , PPL received $19 million , $52 million and $97 million in cash from stock options exercised. The related income tax benefits realized were not significant. The total intrinsic value of stock options exercised for 2017 , 2016 and 2015 were $8 million , $18 million and $21 million . Compensation Expense Compensation expense for restricted stock, restricted stock units, performance units and stock options accounted for as equity awards, which for PPL Electric and LKE includes an allocation of PPL Services' expense, was: 2017 2016 2015 PPL $ 32 $ 27 $ 33 PPL Electric 18 16 14 LKE 8 7 8 See Note 8 for details of the costs recognized in discontinued operations related to the accelerated vesting of awards for former PPL Energy Supply employees. The income tax benefit related to above compensation expense was as follows: 2017 2016 2015 PPL $ 13 $ 12 $ 14 PPL Electric 8 7 6 LKE 3 3 3 At December 31, 2017 , unrecognized compensation expense related to nonvested stock awards was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 10 1.7 PPL Electric 2 1.7 LKE 1 1.6 |
PPL Electric Utilities Corp [Member] | |
Stock-Based Compensation [Line Items] | |
Stock-Based Compensation | 10. Stock-Based Compensation (PPL, PPL Electric and LKE) Under the ICP, SIP and the ICPKE (together, the Plans), restricted shares of PPL common stock, restricted stock units, performance units and stock options may be granted to officers and other key employees of PPL, PPL Electric, LKE and other affiliated companies. Awards under the Plans are made by the Compensation, Governance and Nominating Committee (CGNC) of the PPL Board of Directors, in the case of the ICP and SIP, and by the PPL Corporate Leadership Council (CLC), in the case of the ICPKE. The following table details the award limits under each of the Plans. Total Plan Annual Grant Limit Total As % of Outstanding Annual Grant Annual Grant Limit For Individual Participants - Performance Based Awards Award Limit PPL Common Stock On First Day of Limit Options For awards denominated in For awards denominated in Plan (Shares) Each Calendar Year (Shares) shares (Shares) cash (in dollars) SIP 15,000,000 2,000,000 750,000 $ 15,000,000 ICPKE 14,199,796 2 % 3,000,000 Any portion of these awards that has not been granted may be carried over and used in any subsequent year. If any award lapses, is forfeited or the rights of the participant terminate, the shares of PPL common stock underlying such an award are again available for grant. Shares delivered under the Plans may be in the form of authorized and unissued PPL common stock, common stock held in treasury by PPL or PPL common stock purchased on the open market (including private purchases) in accordance with applicable securities laws. Restricted Stock Units Restricted stock units are awards based on the fair value of PPL common stock on the date of grant. Actual PPL common shares will be issued upon completion of a restriction period, generally three years. Under the SIP, each restricted stock unit entitles the executive to accrue additional restricted stock units equal to the amount of quarterly dividends paid on PPL stock. These additional restricted stock units are deferred and payable in shares of PPL common stock at the end of the restriction period. Dividend equivalents on restricted stock unit awards granted under the ICPKE are currently paid in cash when dividends are declared by PPL. The fair value of restricted stock units granted is recognized on a straight-line basis over the service period or through the date at which the employee reaches retirement eligibility. The fair value of restricted stock units granted to retirement-eligible employees is recognized as compensation expense immediately upon the date of grant. Recipients of restricted stock units granted under the ICPKE may also be granted the right to receive dividend equivalents through the end of the restriction period or until the award is forfeited. Restricted stock units are subject to forfeiture or accelerated payout under the plan provisions for termination, retirement, disability and death of employees. Restrictions lapse on restricted stock units fully, in certain situations, as defined by each of the Plans. The weighted-average grant date fair value of restricted stock units granted was: 2017 2016 2015 PPL $ 35.30 $ 33.84 $ 34.50 PPL Electric 35.45 34.32 34.41 LKE 35.25 33.73 34.89 Restricted stock unit activity for 2017 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,337,025 $ 31.57 Granted 538,441 35.30 Vested (567,001 ) 29.28 Forfeited (16,816 ) 34.28 Nonvested, end of period (a) 1,291,649 34.10 Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 204,570 $ 31.27 Transfer between registrants (5,250 ) 32.05 Granted 79,321 35.45 Vested (91,117 ) 28.83 Forfeited (3,108 ) 34.68 Nonvested, end of period 184,416 34.20 LKE Nonvested, beginning of period 243,281 $ 31.53 Transfer between registrants 25,337 31.61 Granted 97,775 35.25 Vested (125,612 ) 29.68 Forfeited (9,224 ) 34.04 Nonvested, end of period 231,557 34.01 (a) Excludes 252,850 restricted stock units for which restrictions lapsed for former PPL Energy Supply employees as a result of the spinoff, but for which distribution will not occur until the end of the original restriction period of the awards. Substantially all restricted stock unit awards are expected to vest. The total fair value of restricted stock units vesting for the years ended December 31 was: 2017 2016 2015 PPL $ 20 $ 30 $ 28 PPL Electric 3 3 4 LKE 4 5 4 Performance Units - Total Shareowner Return Performance units based on Total Shareowner Return (TSR) are intended to encourage and reward future corporate performance. Performance units represent a target number of shares (Target Award) of PPL's common stock that the recipient would receive upon PPL's attainment of the applicable performance goal. Performance is determined based on TSR during a three -year performance period. At the end of the period, payout is determined by comparing PPL's performance to the TSR of the companies included in the Philadelphia Stock Exchange Utility Index. Awards are payable on a graduated basis based on thresholds that measure PPL's performance relative to peers that comprise the applicable index on which each years' awards are measured. Awards can be paid up to 200% of the Target Award or forfeited with no payout if performance is below a minimum established performance threshold. Dividends payable during the performance cycle accumulate and are converted into additional performance units and are payable in shares of PPL common stock upon completion of the performance period based on the determination of the CGNC of whether the performance goals have been achieved. Under the plan provisions, TSR performance units are subject to forfeiture upon termination of employment except for retirement, one year or more from commencement of the performance period, disability or death of an employee. The fair value of TSR performance units granted to retirement-eligible employees is recognized as compensation expense on a straight-line basis over a one -year period, the minimum vesting period required for an employee to be entitled to payout of the awards with no proration. For employees who are not retirement-eligible, compensation expense is recognized over the shorter of the three -year performance period or the period until the employee is retirement-eligible, with a minimum vesting and recognition period of one -year. If an employee retires before the one -year vesting period, the performance units are forfeited. Performance units vest on a pro rata basis, in certain situations, as defined by each of the Plans. The fair value of each performance unit granted was estimated using a Monte Carlo pricing model that considers stock beta, a risk-free interest rate, expected stock volatility and expected life. The stock beta was calculated comparing the risk of the individual securities to the average risk of the companies in the index group. The risk-free interest rate reflects the yield on a U.S. Treasury bond commensurate with the expected life of the performance unit. Volatility over the expected term of the performance unit is calculated using daily stock price observations for PPL and all companies in the index group and is evaluated with consideration given to prior periods that may need to be excluded based on events not likely to recur that had impacted PPL and the companies in the index group. PPL uses a mix of historic and implied volatility to value awards. The weighted-average assumptions used in the model were: 2017 2016 2015 Expected stock volatility 17.40 % 19.60 % 15.90 % Expected life 3 years 3 years 3 years The weighted-average grant date fair value of TSR performance units granted was: 2017 2016 2015 PPL $ 38.38 $ 35.74 $ 36.76 PPL Electric 38.37 35.68 37.93 LKE 38.24 35.28 37.10 TSR performance unit activity for 2017 was: TSR Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,070,536 $ 34.65 Granted 293,642 38.38 Vested (243,983 ) 32.42 Forfeited (141,964 ) 32.27 Nonvested, end of period (a) 978,231 36.67 PPL Electric Nonvested, beginning of period 76,726 $ 34.68 Granted 26,086 38.37 Vested (14,713 ) 32.14 Forfeited (12,586 ) 35.45 Nonvested, end of period 75,513 37.00 LKE Nonvested, beginning of period 191,601 $ 34.34 Transfer between registrants 8,307 35.96 Granted 64,555 38.24 Vested (48,980 ) 32.09 Forfeited (35,194 ) 35.25 Nonvested, end of period 180,289 36.69 (a) Excludes 41,405 TSR awards for which the service vesting requirement was waived for former PPL Energy Supply employees as a result of the spinoff, but for which the ultimate number of shares to be distributed will depend on the actual attainment of the performance goals at the end of the specified performance periods. The total fair value of TSR performance units vesting for the year ended December 31, 2017 , 2016 and 2015 was $8 million , $12 million and $6 million for PPL and insignificant for PPL Electric and LKE. Performance Units - Return on Equity Beginning in 2017, PPL changed its executive compensation mix to add performance units based on achievement of a corporate Return on Equity (ROE). ROE performance units are intended to further align compensation with the company’s strategy and reward for future corporate performance. Payout of these performance units will be based on the calculated average of the annual corporate ROE for each year of the three -year performance period for PPL Corporation. ROE performance units represent a target number of shares (Target Award) of PPL's common stock that the recipient would receive upon PPL's attainment of the applicable ROE performance goal. ROE performance units can be paid up to 200% of the Target Award or forfeited with no payout if performance is below a minimum established performance threshold. Dividends payable during the performance cycle accumulate and are converted into additional performance units and are payable in shares of PPL common stock upon completion of the performance period based on the determination of the CGNC of whether the performance goals have been achieved. Under the plan provisions, these performance units are subject to forfeiture upon termination of employment except for retirement, disability or death of an employee. The fair value of each ROE performance unit is based on the closing price of PPL Common Stock on the date of grant. The fair value of ROE performance units is recognized on a straight-line basis over the service period or through the date at which the employee reaches retirement eligibility. The fair value awards granted to retirement-eligible employees is recognized as compensation expense immediately upon the date of grant. As these awards are based on performance conditions, the level of attainment is monitored each reporting period and compensation expense is adjusted based on the expected attainment level. ROE performance unit activity for 2017 was: ROE Performance Unit Weighted- Average Grant Date Fair Value Per Share PPL Granted 97,925 $ 34.42 Forfeited (997 ) 34.41 Nonvested, end of period 96,928 34.42 PPL Electric Granted 8,696 $ 34.41 Nonvested, end of period 8,696 34.41 LKE Granted 21,536 $ 34.29 Forfeited (997 ) 34.41 Nonvested, end of period 20,539 34.29 Stock Options PPL's CGNC eliminated the use of stock options due to changes in its long-term incentive mix beginning in January 2014 . Under the Plans, stock options had been granted with an option exercise price per share not less than the fair value of PPL's common stock on the date of grant. Options outstanding at December 31, 2017 , are fully vested. All options expire no later than 10 years from the grant date. The options become exercisable immediately in certain situations, as defined by each of the Plans. Stock option activity for 2017 was: Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value PPL Outstanding at beginning of period 4,481,160 $ 28.98 Exercised (718,977 ) 26.67 Outstanding and exercisable at end of period 3,762,183 29.42 3.5 $ 14 PPL Electric Outstanding at beginning of period 240,939 $ 27.48 Exercised (42,659 ) 26.99 Outstanding and exercisable at end of period 198,280 27.58 3.8 $ 1 Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value LKE Outstanding at beginning of period 61,896 $ 25.81 Exercised (28,164 ) 26.59 Outstanding and exercisable at end of period 33,732 25.15 4.1 $ — For 2017 , 2016 and 2015 , PPL received $19 million , $52 million and $97 million in cash from stock options exercised. The related income tax benefits realized were not significant. The total intrinsic value of stock options exercised for 2017 , 2016 and 2015 were $8 million , $18 million and $21 million . Compensation Expense Compensation expense for restricted stock, restricted stock units, performance units and stock options accounted for as equity awards, which for PPL Electric and LKE includes an allocation of PPL Services' expense, was: 2017 2016 2015 PPL $ 32 $ 27 $ 33 PPL Electric 18 16 14 LKE 8 7 8 See Note 8 for details of the costs recognized in discontinued operations related to the accelerated vesting of awards for former PPL Energy Supply employees. The income tax benefit related to above compensation expense was as follows: 2017 2016 2015 PPL $ 13 $ 12 $ 14 PPL Electric 8 7 6 LKE 3 3 3 At December 31, 2017 , unrecognized compensation expense related to nonvested stock awards was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 10 1.7 PPL Electric 2 1.7 LKE 1 1.6 |
LG And E And KU Energy LLC [Member] | |
Stock-Based Compensation [Line Items] | |
Stock-Based Compensation | 10. Stock-Based Compensation (PPL, PPL Electric and LKE) Under the ICP, SIP and the ICPKE (together, the Plans), restricted shares of PPL common stock, restricted stock units, performance units and stock options may be granted to officers and other key employees of PPL, PPL Electric, LKE and other affiliated companies. Awards under the Plans are made by the Compensation, Governance and Nominating Committee (CGNC) of the PPL Board of Directors, in the case of the ICP and SIP, and by the PPL Corporate Leadership Council (CLC), in the case of the ICPKE. The following table details the award limits under each of the Plans. Total Plan Annual Grant Limit Total As % of Outstanding Annual Grant Annual Grant Limit For Individual Participants - Performance Based Awards Award Limit PPL Common Stock On First Day of Limit Options For awards denominated in For awards denominated in Plan (Shares) Each Calendar Year (Shares) shares (Shares) cash (in dollars) SIP 15,000,000 2,000,000 750,000 $ 15,000,000 ICPKE 14,199,796 2 % 3,000,000 Any portion of these awards that has not been granted may be carried over and used in any subsequent year. If any award lapses, is forfeited or the rights of the participant terminate, the shares of PPL common stock underlying such an award are again available for grant. Shares delivered under the Plans may be in the form of authorized and unissued PPL common stock, common stock held in treasury by PPL or PPL common stock purchased on the open market (including private purchases) in accordance with applicable securities laws. Restricted Stock Units Restricted stock units are awards based on the fair value of PPL common stock on the date of grant. Actual PPL common shares will be issued upon completion of a restriction period, generally three years. Under the SIP, each restricted stock unit entitles the executive to accrue additional restricted stock units equal to the amount of quarterly dividends paid on PPL stock. These additional restricted stock units are deferred and payable in shares of PPL common stock at the end of the restriction period. Dividend equivalents on restricted stock unit awards granted under the ICPKE are currently paid in cash when dividends are declared by PPL. The fair value of restricted stock units granted is recognized on a straight-line basis over the service period or through the date at which the employee reaches retirement eligibility. The fair value of restricted stock units granted to retirement-eligible employees is recognized as compensation expense immediately upon the date of grant. Recipients of restricted stock units granted under the ICPKE may also be granted the right to receive dividend equivalents through the end of the restriction period or until the award is forfeited. Restricted stock units are subject to forfeiture or accelerated payout under the plan provisions for termination, retirement, disability and death of employees. Restrictions lapse on restricted stock units fully, in certain situations, as defined by each of the Plans. The weighted-average grant date fair value of restricted stock units granted was: 2017 2016 2015 PPL $ 35.30 $ 33.84 $ 34.50 PPL Electric 35.45 34.32 34.41 LKE 35.25 33.73 34.89 Restricted stock unit activity for 2017 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,337,025 $ 31.57 Granted 538,441 35.30 Vested (567,001 ) 29.28 Forfeited (16,816 ) 34.28 Nonvested, end of period (a) 1,291,649 34.10 Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 204,570 $ 31.27 Transfer between registrants (5,250 ) 32.05 Granted 79,321 35.45 Vested (91,117 ) 28.83 Forfeited (3,108 ) 34.68 Nonvested, end of period 184,416 34.20 LKE Nonvested, beginning of period 243,281 $ 31.53 Transfer between registrants 25,337 31.61 Granted 97,775 35.25 Vested (125,612 ) 29.68 Forfeited (9,224 ) 34.04 Nonvested, end of period 231,557 34.01 (a) Excludes 252,850 restricted stock units for which restrictions lapsed for former PPL Energy Supply employees as a result of the spinoff, but for which distribution will not occur until the end of the original restriction period of the awards. Substantially all restricted stock unit awards are expected to vest. The total fair value of restricted stock units vesting for the years ended December 31 was: 2017 2016 2015 PPL $ 20 $ 30 $ 28 PPL Electric 3 3 4 LKE 4 5 4 Performance Units - Total Shareowner Return Performance units based on Total Shareowner Return (TSR) are intended to encourage and reward future corporate performance. Performance units represent a target number of shares (Target Award) of PPL's common stock that the recipient would receive upon PPL's attainment of the applicable performance goal. Performance is determined based on TSR during a three -year performance period. At the end of the period, payout is determined by comparing PPL's performance to the TSR of the companies included in the Philadelphia Stock Exchange Utility Index. Awards are payable on a graduated basis based on thresholds that measure PPL's performance relative to peers that comprise the applicable index on which each years' awards are measured. Awards can be paid up to 200% of the Target Award or forfeited with no payout if performance is below a minimum established performance threshold. Dividends payable during the performance cycle accumulate and are converted into additional performance units and are payable in shares of PPL common stock upon completion of the performance period based on the determination of the CGNC of whether the performance goals have been achieved. Under the plan provisions, TSR performance units are subject to forfeiture upon termination of employment except for retirement, one year or more from commencement of the performance period, disability or death of an employee. The fair value of TSR performance units granted to retirement-eligible employees is recognized as compensation expense on a straight-line basis over a one -year period, the minimum vesting period required for an employee to be entitled to payout of the awards with no proration. For employees who are not retirement-eligible, compensation expense is recognized over the shorter of the three -year performance period or the period until the employee is retirement-eligible, with a minimum vesting and recognition period of one -year. If an employee retires before the one -year vesting period, the performance units are forfeited. Performance units vest on a pro rata basis, in certain situations, as defined by each of the Plans. The fair value of each performance unit granted was estimated using a Monte Carlo pricing model that considers stock beta, a risk-free interest rate, expected stock volatility and expected life. The stock beta was calculated comparing the risk of the individual securities to the average risk of the companies in the index group. The risk-free interest rate reflects the yield on a U.S. Treasury bond commensurate with the expected life of the performance unit. Volatility over the expected term of the performance unit is calculated using daily stock price observations for PPL and all companies in the index group and is evaluated with consideration given to prior periods that may need to be excluded based on events not likely to recur that had impacted PPL and the companies in the index group. PPL uses a mix of historic and implied volatility to value awards. The weighted-average assumptions used in the model were: 2017 2016 2015 Expected stock volatility 17.40 % 19.60 % 15.90 % Expected life 3 years 3 years 3 years The weighted-average grant date fair value of TSR performance units granted was: 2017 2016 2015 PPL $ 38.38 $ 35.74 $ 36.76 PPL Electric 38.37 35.68 37.93 LKE 38.24 35.28 37.10 TSR performance unit activity for 2017 was: TSR Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,070,536 $ 34.65 Granted 293,642 38.38 Vested (243,983 ) 32.42 Forfeited (141,964 ) 32.27 Nonvested, end of period (a) 978,231 36.67 PPL Electric Nonvested, beginning of period 76,726 $ 34.68 Granted 26,086 38.37 Vested (14,713 ) 32.14 Forfeited (12,586 ) 35.45 Nonvested, end of period 75,513 37.00 LKE Nonvested, beginning of period 191,601 $ 34.34 Transfer between registrants 8,307 35.96 Granted 64,555 38.24 Vested (48,980 ) 32.09 Forfeited (35,194 ) 35.25 Nonvested, end of period 180,289 36.69 (a) Excludes 41,405 TSR awards for which the service vesting requirement was waived for former PPL Energy Supply employees as a result of the spinoff, but for which the ultimate number of shares to be distributed will depend on the actual attainment of the performance goals at the end of the specified performance periods. The total fair value of TSR performance units vesting for the year ended December 31, 2017 , 2016 and 2015 was $8 million , $12 million and $6 million for PPL and insignificant for PPL Electric and LKE. Performance Units - Return on Equity Beginning in 2017, PPL changed its executive compensation mix to add performance units based on achievement of a corporate Return on Equity (ROE). ROE performance units are intended to further align compensation with the company’s strategy and reward for future corporate performance. Payout of these performance units will be based on the calculated average of the annual corporate ROE for each year of the three -year performance period for PPL Corporation. ROE performance units represent a target number of shares (Target Award) of PPL's common stock that the recipient would receive upon PPL's attainment of the applicable ROE performance goal. ROE performance units can be paid up to 200% of the Target Award or forfeited with no payout if performance is below a minimum established performance threshold. Dividends payable during the performance cycle accumulate and are converted into additional performance units and are payable in shares of PPL common stock upon completion of the performance period based on the determination of the CGNC of whether the performance goals have been achieved. Under the plan provisions, these performance units are subject to forfeiture upon termination of employment except for retirement, disability or death of an employee. The fair value of each ROE performance unit is based on the closing price of PPL Common Stock on the date of grant. The fair value of ROE performance units is recognized on a straight-line basis over the service period or through the date at which the employee reaches retirement eligibility. The fair value awards granted to retirement-eligible employees is recognized as compensation expense immediately upon the date of grant. As these awards are based on performance conditions, the level of attainment is monitored each reporting period and compensation expense is adjusted based on the expected attainment level. ROE performance unit activity for 2017 was: ROE Performance Unit Weighted- Average Grant Date Fair Value Per Share PPL Granted 97,925 $ 34.42 Forfeited (997 ) 34.41 Nonvested, end of period 96,928 34.42 PPL Electric Granted 8,696 $ 34.41 Nonvested, end of period 8,696 34.41 LKE Granted 21,536 $ 34.29 Forfeited (997 ) 34.41 Nonvested, end of period 20,539 34.29 Stock Options PPL's CGNC eliminated the use of stock options due to changes in its long-term incentive mix beginning in January 2014 . Under the Plans, stock options had been granted with an option exercise price per share not less than the fair value of PPL's common stock on the date of grant. Options outstanding at December 31, 2017 , are fully vested. All options expire no later than 10 years from the grant date. The options become exercisable immediately in certain situations, as defined by each of the Plans. Stock option activity for 2017 was: Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value PPL Outstanding at beginning of period 4,481,160 $ 28.98 Exercised (718,977 ) 26.67 Outstanding and exercisable at end of period 3,762,183 29.42 3.5 $ 14 PPL Electric Outstanding at beginning of period 240,939 $ 27.48 Exercised (42,659 ) 26.99 Outstanding and exercisable at end of period 198,280 27.58 3.8 $ 1 Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value LKE Outstanding at beginning of period 61,896 $ 25.81 Exercised (28,164 ) 26.59 Outstanding and exercisable at end of period 33,732 25.15 4.1 $ — For 2017 , 2016 and 2015 , PPL received $19 million , $52 million and $97 million in cash from stock options exercised. The related income tax benefits realized were not significant. The total intrinsic value of stock options exercised for 2017 , 2016 and 2015 were $8 million , $18 million and $21 million . Compensation Expense Compensation expense for restricted stock, restricted stock units, performance units and stock options accounted for as equity awards, which for PPL Electric and LKE includes an allocation of PPL Services' expense, was: 2017 2016 2015 PPL $ 32 $ 27 $ 33 PPL Electric 18 16 14 LKE 8 7 8 See Note 8 for details of the costs recognized in discontinued operations related to the accelerated vesting of awards for former PPL Energy Supply employees. The income tax benefit related to above compensation expense was as follows: 2017 2016 2015 PPL $ 13 $ 12 $ 14 PPL Electric 8 7 6 LKE 3 3 3 At December 31, 2017 , unrecognized compensation expense related to nonvested stock awards was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 10 1.7 PPL Electric 2 1.7 LKE 1 1.6 |
Retirement and Postemployment B
Retirement and Postemployment Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement and Postemployment Benefits | 11. Retirement and Postemployment Benefits (All Registrants) Defined Benefits The majority of the employees of PPL's domestic subsidiaries are eligible for pension benefits under non-contributory defined benefit pension plans with benefits based on length of service and final average pay, as defined by the plans. Effective January 1, 2012, PPL's primary defined benefit pension plan was closed to all newly hired salaried employees. Effective July 1, 2014, PPL's primary defined benefit pension plan was closed to all newly hired bargaining unit employees. Newly hired employees are eligible to participate in the PPL Retirement Savings Plan, a 401(k) savings plan with enhanced employer contributions. The defined benefit pension plans of LKE and its subsidiaries were closed to new salaried and bargaining unit employees hired after December 31, 2005. Employees hired after December 31, 2005 receive additional company contributions above the standard matching contributions to their savings plans. Effective April 1, 2010, the principal defined benefit pension plan applicable to WPD (South West) and WPD (South Wales) was closed to most new employees, except for those meeting specific grandfathered participation rights. WPD Midlands' defined benefit plan had been closed to new members, except for those meeting specific grandfathered participation rights, prior to acquisition. New employees not eligible to participate in the plans are offered benefits under a defined contribution plan. PPL and certain of its subsidiaries also provide supplemental retirement benefits to executives and other key management employees through unfunded nonqualified retirement plans. The majority of employees of PPL's domestic subsidiaries are eligible for certain health care and life insurance benefits upon retirement through contributory plans. Effective January 1, 2014, the PPL Postretirement Medical Plan was closed to all newly hired salaried employees. Effective July 1, 2014, the PPL Postretirement Medical Plan was closed to all newly hired bargaining unit employees. Postretirement health benefits may be paid from 401(h) accounts established as part of the PPL Retirement Plan and the LG&E and KU Retirement Plan within the PPL Services Corporation Master Trust, funded VEBA trusts and company funds. WPD does not sponsor any postretirement benefit plans other than pensions. (PPL) The following table provides the components of net periodic defined benefit costs for PPL's domestic (U.S.) and WPD's (U.K.) pension and other postretirement benefit plans for the years ended December 31. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Net periodic defined benefit costs (credits): Service cost $ 65 $ 66 $ 96 $ 76 $ 69 $ 79 $ 7 $ 7 $ 11 Interest cost 168 174 194 178 235 314 23 26 26 Expected return on plan assets (231 ) (228 ) (258 ) (514 ) (504 ) (523 ) (22 ) (22 ) (26 ) Amortization of: Prior service cost (credit) 10 8 7 — — — (1 ) — 1 Actuarial (gain) loss 69 50 84 144 138 158 1 1 — Net periodic defined benefit costs (credits) prior to settlements and termination benefits 81 70 123 (116 ) (62 ) 28 8 12 12 Settlements 1 3 — — — — — — — Termination benefits 1 — — — — — — — — Net periodic defined benefit costs (credits) $ 83 $ 73 $ 123 $ (116 ) $ (62 ) $ 28 $ 8 $ 12 $ 12 Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: Divestiture (a) $ — $ — $ (353 ) $ — $ — $ — $ — $ — $ (6 ) Settlement (1 ) (3 ) — — — — — — — Net (gain) loss 27 253 63 346 7 508 (28 ) 9 (9 ) Prior service cost (credit) (1 ) 15 18 — — — 8 — — Amortization of: Prior service (cost) credit (10 ) (8 ) (7 ) — — — 1 (1 ) (1 ) Actuarial gain (loss) (69 ) (50 ) (85 ) (144 ) (138 ) (158 ) (1 ) (1 ) — Total recognized in OCI and regulatory assets/liabilities (b) (54 ) 207 (364 ) 202 (131 ) 350 (20 ) 7 (16 ) Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities (b) $ 29 $ 280 $ (241 ) $ 86 $ (193 ) $ 378 $ (12 ) $ 19 $ (4 ) (a) As a result of the spinoff of PPL Energy Supply, amounts in AOCI were allocated to certain former active and inactive employees of PPL Energy Supply and included in the distribution. See Note 8 for additional details. (b) WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. As a result, WPD does not record regulatory assets/liabilities. For PPL's U.S. pension benefits and for other postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows: U.S. Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 OCI $ (53 ) $ 236 $ (269 ) $ (25 ) $ 7 $ 12 Regulatory assets/liabilities (1 ) (29 ) (95 ) 5 — (28 ) Total recognized in OCI and regulatory assets/liabilities $ (54 ) $ 207 $ (364 ) $ (20 ) $ 7 $ (16 ) The estimated amounts to be amortized from AOCI and regulatory assets/liabilities into net periodic defined benefit costs in 2018 are as follows: Pension Benefits U.S. U.K. Prior service cost (credit) $ 10 $ — Actuarial (gain) loss 86 152 Total $ 96 $ 152 Amortization from Balance Sheet: AOCI $ 28 $ 152 Regulatory assets/liabilities 68 — Total $ 96 $ 152 (LKE) The following table provides the components of net periodic defined benefit costs for LKE's pension and other postretirement benefit plans for the years ended December 31. Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Net periodic defined benefit costs (credits): Service cost $ 24 $ 23 $ 26 $ 4 $ 5 $ 5 Interest cost 68 71 68 9 9 9 Expected return on plan assets (92 ) (91 ) (88 ) (7 ) (6 ) (6 ) Amortization of: Prior service cost 8 8 7 1 3 3 Actuarial (gain) loss (a) 31 21 37 — (1 ) — Net periodic defined benefit costs (b) $ 39 $ 32 $ 50 $ 7 $ 10 $ 11 Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: Net (gain) loss $ 30 $ 119 $ 20 $ (14 ) $ 6 $ (15 ) Prior service cost 7 — 19 8 — — Amortization of: Prior service credit (8 ) (8 ) (7 ) (1 ) (3 ) (3 ) Actuarial gain (loss) (32 ) (21 ) (37 ) — 1 — Total recognized in OCI and regulatory assets/liabilities (3 ) 90 (5 ) (7 ) 4 (18 ) Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities $ 36 $ 122 $ 45 $ — $ 14 $ (7 ) (a) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between actuarial (gain)/loss calculated in accordance with LKE's pension accounting policy and actuarial (gain)/loss calculated using a 15 year amortization period was $11 million in 2017 , $6 million in 2016 and $9 million in 2015 . (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. For LKE's pension and other postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 OCI $ 33 $ 42 $ 4 $ (2 ) $ 2 $ (2 ) Regulatory assets/liabilities (36 ) 48 (9 ) (5 ) 2 (16 ) Total recognized in OCI and regulatory assets/liabilities $ (3 ) $ 90 $ (5 ) $ (7 ) $ 4 $ (18 ) The estimated amounts to be amortized from AOCI and regulatory assets/liabilities into net periodic defined benefit costs for LKE in 2018 are as follows. Pension Benefits Other Postretirement Benefits Prior service cost $ 9 $ 1 Actuarial Loss 39 — Total $ 48 $ 1 Amortization from Balance Sheet: AOCI $ 11 $ — Regulatory assets/liabilities 37 1 Total $ 48 $ 1 (LG&E) The following table provides the components of net periodic defined benefit costs for LG&E's pension benefit plan for the years ended December 31. Pension Benefits 2017 2016 2015 Net periodic defined benefit costs (credits): Service cost $ 1 $ 1 $ 1 Interest cost 13 15 14 Expected return on plan assets (22 ) (21 ) (20 ) Amortization of: Prior service cost 5 4 3 Actuarial loss (a) 9 7 11 Net periodic defined benefit costs (b) $ 6 $ 6 $ 9 Other Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets - Gross: Net (gain) loss $ (9 ) $ 22 $ 8 Prior service cost 7 — 10 Amortization of: Prior service credit (5 ) (4 ) (3 ) Actuarial gain (9 ) (7 ) (11 ) Total recognized in regulatory assets/liabilities (16 ) 11 4 Total recognized in net periodic defined benefit costs and regulatory assets $ (10 ) $ 17 $ 13 (a) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between actuarial (gain)/loss calculated in accordance with LG&E's pension accounting policy and actuarial (gain)/loss calculated using a 15 year amortization period was $7 million in 2017 , $5 million in 2016 and $3 million in 2015 . (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. The estimated amounts to be amortized from regulatory assets into net periodic defined benefit costs for LG&E in 2018 are as follows. Pension Benefits Prior service cost $ 5 Actuarial loss 9 Total $ 14 (All Registrants) The following net periodic defined benefit costs (credits) were charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 PPL $ 59 $ 53 $ 71 $ (151 ) $ (95 ) $ (21 ) $ 5 $ 7 $ 8 PPL Electric (a) 12 10 15 — 1 — LKE (b) 28 24 37 5 6 8 LG&E (b) 8 8 12 3 3 4 KU (a) (b) 4 5 9 1 2 2 (a) PPL Electric and KU do not directly sponsor any defined benefit plans. PPL Electric and KU were allocated these costs of defined benefit plans sponsored by PPL Services (for PPL Electric) and by LKE (for KU), based on their participation in those plans, which management believes are reasonable. KU is also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 14 for additional information on costs allocated to KU from LKS. (b) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between net periodic defined benefit costs calculated in accordance with LKE's, LG&E's and KU's pension accounting policy and the net periodic defined benefit costs calculated using a 15 year amortization period for gains and losses is recorded as a regulatory asset. Of the costs charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts, $4 million for LG&E and $2 million for KU were recorded as regulatory assets in 2017 , $3 million for LG&E and $2 million for KU were recorded as regulatory assets in 2016 and $4 million for LG&E and $1 million for KU were recorded as regulatory assets in 2015 . In the table above, LG&E amounts include costs for the specific plans it sponsors and the following allocated costs of defined benefit plans sponsored by LKE. LG&E is also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 14 for additional information on costs allocated to LG&E from LKS. These allocations are based on LG&E's participation in those plans, which management believes are reasonable: Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 LG&E Non-Union Only $ 5 $ 4 $ 5 $ 3 $ 3 $ 4 (PPL, LKE and LG&E) PPL, LKE and LG&E adopted the new mortality tables issued by the Society of Actuaries in October 2014 (RP-2014 base tables with collar and factor adjustments, where applicable) for all U.S. defined benefit pension and other postretirement benefit plans. In addition, in 2014, PPL, LKE and LG&E updated the basis for estimating projected mortality improvements and selected the IRS BB-2D two-dimensional improvement scale on a generational basis for all U.S. defined benefit pension and other postretirement benefit plans. In 2017, PPL, LKE and LG&E updated to the MP-2017 mortality improvement scale from 2006 on a generational basis. This new mortality assumption reflects the expectation of lower ongoing improvements in life expectancies. The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 PPL Discount rate 3.70 % 4.21 % 2.65 % 2.87 % 3.64 % 4.11 % Rate of compensation increase 3.78 % 3.95 % 3.50 % 3.50 % 3.75 % 3.92 % LKE Discount rate 3.69 % 4.19 % 3.65 % 4.12 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % LG&E Discount rate 3.65 % 4.13 % The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 PPL Discount rate service cost (b) 4.21 % 4.59 % 4.25 % 2.99 % 3.90 % 3.85 % 4.11 % 4.48 % 4.09 % Discount rate interest cost (b) 4.21 % 4.59 % 4.25 % 2.41 % 3.14 % 3.85 % 4.11 % 4.48 % 4.09 % Rate of compensation increase 3.95 % 3.93 % 3.91 % 3.50 % 4.00 % 4.00 % 3.92 % 3.91 % 3.86 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 7.22 % 7.20 % 7.19 % 6.21 % 6.11 % 6.06 % LKE Discount rate 4.19 % 4.56 % 4.25 % 4.12 % 4.49 % 4.06 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 6.82 % 6.82 % 6.82 % Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 LG&E Discount rate 4.13 % 4.49 % 4.20 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % (a) The expected long-term rates of return for pension and other postretirement benefits are based on management's projections using a best-estimate of expected returns, volatilities and correlations for each asset class. Each plan's specific current and expected asset allocations are also considered in developing a reasonable return assumption. (b) As of January 1, 2016, WPD began using individual spot rates from the yield curve used to discount the benefit obligation to measure service cost and interest cost. PPL's U.S. plans use a single discount rate derived from an individual bond matching model to measure the benefit obligation, service cost and interest cost. See Note 1 for additional details. (PPL and LKE) The following table provides the assumed health care cost trend rates for the years ended December 31: 2017 2016 2015 PPL and LKE Health care cost trend rate assumed for next year – obligations 6.6 % 7.0 % 6.8 % – cost 7.0 % 6.8 % 7.2 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) – obligations 5.0 % 5.0 % 5.0 % – cost 5.0 % 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate – obligations 2022 2022 2020 – cost 2022 2020 2020 A one percentage point change in the assumed health care costs trend rate assumption would have had the following effects on the other postretirement benefit plans in 2017 : One Percentage Point Increase Decrease Effect on accumulated postretirement benefit obligation PPL $ 4 $ (4 ) LKE 3 (3 ) (PPL) The funded status of PPL's plans at December 31 was as follows: Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 Change in Benefit Obligation Benefit Obligation, beginning of period $ 4,079 $ 3,863 $ 7,383 $ 8,404 $ 591 $ 596 Service cost 65 66 76 69 7 7 Interest cost 168 174 178 235 23 26 Participant contributions — — 13 14 14 14 Plan amendments (1 ) 14 — — 8 — Actuarial (gain) loss 233 214 293 484 4 11 Settlements (6 ) (9 ) (1 ) — — — Termination benefits 1 — — — — — Gross benefits paid (251 ) (243 ) (345 ) (357 ) (59 ) (64 ) Federal subsidy — — — — 1 1 Currency conversion — — 622 (1,466 ) — — Benefit Obligation, end of period 4,288 4,079 8,219 7,383 589 591 Change in Plan Assets Plan assets at fair value, beginning of period 3,243 3,227 7,211 7,625 378 379 Actual return on plan assets 437 189 480 979 54 25 Employer contributions 65 79 486 330 15 19 Participant contributions — — 13 14 13 14 Settlements (6 ) (9 ) (1 ) — — — Gross benefits paid (251 ) (243 ) (345 ) (357 ) (55 ) (59 ) Currency conversion — — 646 (1,380 ) — — Plan assets at fair value, end of period 3,488 3,243 8,490 7,211 405 378 Funded Status, end of period $ (800 ) $ (836 ) $ 271 $ (172 ) $ (184 ) $ (213 ) Amounts recognized in the Balance Sheets consist of: Noncurrent asset $ — $ — $ 284 $ 10 $ 2 $ 2 Current liability (13 ) (17 ) — — (3 ) (3 ) Noncurrent liability (787 ) (819 ) (13 ) (182 ) (183 ) (212 ) Net amount recognized, end of period $ (800 ) $ (836 ) $ 271 $ (172 ) $ (184 ) $ (213 ) Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: Prior service cost (credit) $ 49 $ 59 $ — $ — $ 9 $ — Net actuarial (gain) loss 1,134 1,178 2,755 2,553 16 45 Total (a) $ 1,183 $ 1,237 $ 2,755 $ 2,553 $ 25 $ 45 Total accumulated benefit obligation for defined benefit pension plans $ 4,000 $ 3,807 $ 7,542 $ 6,780 (a) WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP and as a result, does not record regulatory assets/liabilities. For PPL's U.S. pension and other postretirement benefit plans, the amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows: U.S. Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 AOCI $ 374 $ 357 $ 15 $ 20 Regulatory assets/liabilities 809 880 10 25 Total $ 1,183 $ 1,237 $ 25 $ 45 The following tables provide information on pension plans where the projected benefit obligation (PBO) or accumulated benefit obligation (ABO) exceed the fair value of plan assets: U.S. U.K. PBO in excess of plan assets PBO in excess of plan assets 2017 2016 2017 2016 Projected benefit obligation $ 4,288 $ 4,079 $ 3,083 $ 3,403 Fair value of plan assets 3,488 3,243 3,070 3,221 U.S. U.K. ABO in excess of plan assets ABO in excess of plan assets 2017 2016 2017 2016 Accumulated benefit obligation $ 4,000 $ 3,807 $ 10 $ 657 Fair value of plan assets 3,488 3,243 — 643 (LKE) The funded status of LKE's plans at December 31 was as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Change in Benefit Obligation Benefit Obligation, beginning of period $ 1,669 $ 1,588 $ 220 $ 216 Service cost 24 23 4 5 Interest cost 68 71 9 9 Participant contributions — — 8 7 Plan amendments (a) 6 — 8 — Actuarial (gain) loss 113 96 (7 ) 4 Gross benefits paid (a) (109 ) (109 ) (19 ) (21 ) Benefit Obligation, end of period 1,771 1,669 223 220 Change in Plan Assets Plan assets at fair value, beginning of period 1,315 1,289 98 88 Actual return on plan assets 175 69 14 4 Employer contributions 21 66 15 20 Participant contributions — — 8 7 Gross benefits paid (109 ) (109 ) (19 ) (21 ) Plan assets at fair value, end of period 1,402 1,315 116 98 Funded Status, end of period $ (369 ) $ (354 ) $ (107 ) $ (122 ) Amounts recognized in the Balance Sheets consist of: Noncurrent asset $ — $ — $ 2 $ 2 Current liability (4 ) (4 ) (3 ) (3 ) Noncurrent liability (365 ) (350 ) (106 ) (121 ) Net amount recognized, end of period $ (369 ) $ (354 ) $ (107 ) $ (122 ) Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: Prior service cost $ 44 $ 45 $ 13 $ 6 Net actuarial (gain) loss 434 436 (26 ) (13 ) Total $ 478 $ 481 $ (13 ) $ (7 ) Total accumulated benefit obligation for defined benefit pension plans $ 1,616 $ 1,531 (a) The pension plans were amended in December 2015 to allow active participants and terminated vested participants who had not previously elected a form of payment of their benefit to elect to receive their accrued pension benefit as a one-time lump-sum payment effective January 1, 2016. The projected benefit obligation at December 31, 2016 increased by $19 million as a result of the amendment. Gross benefits paid by the plans include lump-sum cash payments made to participants during 2017 and 2016 of $50 million and $53 million in connection with these offerings. The amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 AOCI $ 144 $ 111 $ 6 $ 8 Regulatory assets/liabilities 334 370 (19 ) (15 ) Total $ 478 $ 481 $ (13 ) $ (7 ) The following tables provide information on pension plans where the projected benefit obligation (PBO) or accumulated benefit obligations (ABO) exceed the fair value of plan assets: PBO in excess of plan assets 2017 2016 Projected benefit obligation $ 1,771 $ 1,669 Fair value of plan assets 1,402 1,315 ABO in excess of plan assets 2017 2016 Accumulated benefit obligation $ 1,616 $ 1,531 Fair value of plan assets 1,402 1,315 (LG&E) The funded status of LG&E's plan at December 31, was as follows: Pension Benefits 2017 2016 Change in Benefit Obligation Benefit Obligation, beginning of period $ 329 $ 326 Service cost 1 1 Interest cost 13 15 Plan amendments (a) 6 — Actuarial (gain) loss 11 15 Gross benefits paid (a) (34 ) (28 ) Benefit Obligation, end of period 326 329 Change in Plan Assets Plan assets at fair value, beginning of period 318 297 Actual return on plan assets 41 14 Employer contributions — 35 Gross benefits paid (34 ) (28 ) Plan assets at fair value, end of period 325 318 Funded Status, end of period $ (1 ) $ (11 ) Amounts recognized in the Balance Sheets consist of: Noncurrent liability $ (1 ) $ (11 ) Net amount recognized, end of period $ (1 ) $ (11 ) Amounts recognized in regulatory assets (pre-tax) consist of: Prior service cost $ 27 $ 25 Net actuarial loss 92 110 Total $ 119 $ 135 Total accumulated benefit obligation for defined benefit pension plan $ 326 $ 329 (a) The pension plan was amended in December 2015 to allow active participants and terminated vested participants who had not previously elected a form of payment of their benefit to elect to receive their accrued pension benefit as a one-time lump-sum payment effective January 1, 2016. The projected benefit obligation at December 31, 2015 increased by $10 million as a result of the amendment. Gross benefits paid by the plan include lump-sum cash payments made to participants during 2017 and 2016 of $19 million and $14 million in connection with this offering. LG&E's pension plan had projected and accumulated benefit obligations in excess of plan assets at December 31, 2017 and 2016 . In addition to the plan it sponsors, LG&E is allocated a portion of the funded status and costs of certain defined benefit plans sponsored by LKE. LG&E is also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 14 for additional information on costs allocated to LG&E from LKS. These allocations are based on LG&E's participation in those plans, which management believes are reasonable. The actuarially determined obligations of current active employees and retired employees are used as a basis to allocate total plan activity, including active and retiree costs and obligations. Allocations to LG&E resulted in liabilities at December 31 as follows: 2017 2016 Pension $ 44 $ 42 Other postretirement benefits 74 76 (PPL Electric) Although PPL Electric does not directly sponsor any defined benefit plans, it is allocated a portion of the funded status and costs of plans sponsored by PPL Services based on its participation in those plans, which management believes are reasonable. As a result of the spinoff of PPL Energy Supply in 2015, pension and other postretirement plans were remeasured resulting in adjustments to PPL Electric's allocated balances of $56 million , reflected as a non-cash contribution on the Statement of Equity. The actuarially determined obligations of current active employees and retirees are used as a basis to allocate total plan activity, including active and retiree costs and obligations. Allocations to PPL Electric resulted in liabilities at December 31 as follows: 2017 2016 Pension $ 246 $ 281 Other postretirement benefits 62 72 (KU) Although KU does not directly sponsor any defined benefit plans, it is allocated a portion of the funded status and costs of plans sponsored by LKE. KU is also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 14 for additional information on costs allocated to KU from LKS. These allocations are based on KU's participation in those plans, which management believes are reasonable. The actuarially determined obligations of current active employees and retired employees of KU are used as a basis to allocate total plan activity, including active and retiree costs and obligations. Allocations to KU resulted in liabilities at December 31 as follows. 2017 2016 Pension $ 36 $ 62 Other postretirement benefits 32 40 Plan Assets - U.S. Pension Plans (PPL, LKE and LG&E) PPL's primary legacy pension plan and the pension plans sponsored by LKE are invested in the PPL Services Corporation Master Trust (the Master Trust) that also includes 401(h) accounts that are restricted for certain other postretirement benefit obligations of PPL and LKE. The investment strategy for the Master Trust is to achieve a risk-adjusted return on a mix of assets that, in combination with PPL's funding policy, will ensure that sufficient assets are available to provide long-term growth and liquidity for benefit payments, while also managing the duration of the assets to complement the duration of the liabilities. The Master Trust benefits from a wide diversification of asset types, investment fund strategies and external investment fund managers, and therefore has no significant concentration of risk. The investment policy of the Master Trust outlines investment objectives and defines the responsibilities of the EBPB, external investment managers, investment advisor and trustee and custodian. The investment policy is reviewed annually by PPL's Board of Directors. The EBPB created a risk management framework around the trust assets and pension liabilities. This framework considers the trust assets as being composed of three sub-portfolios: growth, immunizing and liquidity portfolios. The growth portfolio is comprised of investments that generate a return at a reasonable risk, including equity securities, certain debt securities and alternative investments. The immunizing portfolio consists of debt securities, generally with long durations, and derivative positions. The immunizing portfolio is designed to offset a portion of the change in the pension liabilities due to changes in interest rates. The liquidity portfolio consists primarily of cash and cash equivalents. Target allocation ranges have been developed for each portfolio based on input from external consultants with a goal of limiting funded status volatility. The EBPB monitors the investments in each portfolio, and seeks to obtain a target portfolio that emphasizes reduction of risk of loss from market volatility. In pursuing that goal, the EBPB establishes revised guidelines from time to time. EBPB investment guidelines as of the end of 2017 are presented below. The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows: Percentage of trust assets 2017 2017 (a) 2016 Target Asset Allocation (a) Growth Portfolio 56 % 52 % 55 % Equity securities 32 % 30 % Debt securities (b) 14 % 12 % Alternative investments 10 % 10 % Immunizing Portfolio 43 % 46 % 43 % Debt securities (b) 39 % 43 % Derivatives 4 % 3 % Liquidity Portfolio 1 % 2 % 2 % Total 100 % 100 % 100 % (a) Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan. (b) Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes. (LKE) LKE has pension plans, including LG&E's plan, whose assets are invested solely in the Master Trust, which is fully disclosed below. The fair value of these plans' assets of $1.4 billion and $1.3 billion at December 31, 2017 and 2016 represents an interest of approximately 40% and 41% in the Master Trust. (LG&E) LG&E has a pension plan whose assets are invested solely in the Master Trust, which is fully disclosed below. The fair value of this plan's assets of $325 million and $318 million at December 31, 2017 and 2016 represents an interest of approximately 9% and 10% in the Master Trust. (PPL, LKE and LG&E) The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was: December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Services Corporation Master Trust Cash and cash equivalents $ 301 $ 301 $ — $ — $ 181 $ 181 $ — $ — Equity securities: U.S. Equity 229 229 — — 152 152 — — U.S. Equity fund measured at NAV (a) 364 — — — 272 — — — International equity fund at NAV (a) 538 — — — 551 — — — Commingled debt measured at NAV (a) 611 — — — 546 — — — December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Debt securities: U.S. Treasury and U.S. government sponsored agency 186 186 — — 381 381 — — Corporate 883 — 870 13 850 — 837 13 Other 10 — 10 — 8 — 8 — Alternative investments: Real estate measured at NAV (a) 109 — — — 102 — — — Private equity measured at NAV (a) 80 — — — 80 — — — Hedge funds measured at NAV (a) 175 — — — 167 — — — Derivatives: Interest rate swaps and swaptions 50 — 50 — 61 — 61 — Other 1 — 1 — 3 — 3 — Insurance contracts 24 — — 24 27 — — 27 PPL Services Corporation Master Trust assets, at fair value 3,561 $ 716 $ 931 $ 37 3,381 $ 714 $ 909 $ 40 Receivables and payables, net (b) 72 (15 ) 401(h) accounts restricted for other postretirement benefit obligations (145 ) (123 ) Total PPL Services Corporation Master Trust pension assets $ 3,488 $ 3,243 (a) In accordance with accounting guidance certain investments that are measured at fair value using the net asset value per share (NAV), or its equivalent, practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received. A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2017 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 13 $ 27 $ 40 Actual return on plan assets Relating to assets still held at the reporting date — 1 1 Purchases, sales and settlements — (4 ) (4 ) Balance at end of period $ 13 $ 24 $ 37 A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2016 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 10 $ 32 $ 42 Actual return on plan assets Relating to assets still held at the reporting date — 1 1 Purchases, sales and settlements 3 (6 ) (3 ) Balance at end of period $ 13 $ 27 $ 40 The fair value measurements of cash and cash equivalents are based on the amounts on deposit. The market approach is used to measure fair value of equity securities. The fair value measurements of equity securities (excluding commingled funds), which are generally classified as Level 1, are based on quoted prices in active markets. These securities represent actively and passively managed investments that are managed against various equity indices. Investments in commingled equity and debt funds are categorized as equity securities. Investments in commingled equity funds include funds that invest in U.S. and international equity securities. Investments in commingled debt funds include funds that invest in a diversified portfolio of emerging market debt obligations, as |
Jointly Owned Facilities
Jointly Owned Facilities | 12 Months Ended |
Dec. 31, 2017 | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Facilities | 12. Jointly Owned Facilities (PPL, LKE, LG&E and KU) At December 31, 2017 and 2016 , the Balance Sheets reflect the owned interests in the facilities listed below. Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress PPL and LKE December 31, 2017 Generating Plants Trimble County Unit 1 75.00 % $ 427 $ 69 $ 1 Trimble County Unit 2 75.00 % 1,032 176 198 December 31, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 LG&E December 31, 2017 Generating Plants E.W. Brown Units 6-7 38.00 % $ 41 $ 17 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 52 15 — Trimble County Unit 1 75.00 % 427 69 1 Trimble County Unit 2 14.25 % 215 36 102 Trimble County Units 5-6 29.00 % 32 9 — Trimble County Units 7-10 37.00 % 73 21 — Cane Run Unit 7 22.00 % 120 8 1 E.W. Brown Solar Unit 39.00 % 10 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 15 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 55 12 1 Trimble County Unit 1 75.00 % 407 55 1 Trimble County Unit 2 14.25 % 214 32 43 Trimble County Units 5-6 29.00 % 30 8 1 Trimble County Units 7-10 37.00 % 71 17 1 Cane Run Unit 7 22.00 % 114 5 2 E.W. Brown Solar Unit 39.00 % 10 — — Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU December 31, 2017 Generating Plants E.W. Brown Units 6-7 62.00 % $ 66 $ 27 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 46 13 — Trimble County Unit 2 60.75 % 817 140 96 Trimble County Units 5-6 71.00 % 76 20 — Trimble County Units 7-10 63.00 % 120 34 — Cane Run Unit 7 78.00 % 431 31 4 E.W. Brown Solar Unit 61.00 % 16 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 23 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 50 11 1 Trimble County Unit 2 60.75 % 812 129 40 Trimble County Units 5-6 71.00 % 74 19 — Trimble County Units 7-10 63.00 % 121 29 1 Cane Run Unit 7 78.00 % 412 18 4 E.W. Brown Solar Unit 61.00 % 15 — — Each subsidiary owning these interests provides its own funding for its share of the facility. Each receives a portion of the total output of the generating plants equal to its percentage ownership. The share of fuel and other operating costs associated with the plants is included in the corresponding operating expenses on the Statements of Income. |
LG And E And KU Energy LLC [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Facilities | 12. Jointly Owned Facilities (PPL, LKE, LG&E and KU) At December 31, 2017 and 2016 , the Balance Sheets reflect the owned interests in the facilities listed below. Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress PPL and LKE December 31, 2017 Generating Plants Trimble County Unit 1 75.00 % $ 427 $ 69 $ 1 Trimble County Unit 2 75.00 % 1,032 176 198 December 31, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 LG&E December 31, 2017 Generating Plants E.W. Brown Units 6-7 38.00 % $ 41 $ 17 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 52 15 — Trimble County Unit 1 75.00 % 427 69 1 Trimble County Unit 2 14.25 % 215 36 102 Trimble County Units 5-6 29.00 % 32 9 — Trimble County Units 7-10 37.00 % 73 21 — Cane Run Unit 7 22.00 % 120 8 1 E.W. Brown Solar Unit 39.00 % 10 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 15 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 55 12 1 Trimble County Unit 1 75.00 % 407 55 1 Trimble County Unit 2 14.25 % 214 32 43 Trimble County Units 5-6 29.00 % 30 8 1 Trimble County Units 7-10 37.00 % 71 17 1 Cane Run Unit 7 22.00 % 114 5 2 E.W. Brown Solar Unit 39.00 % 10 — — Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU December 31, 2017 Generating Plants E.W. Brown Units 6-7 62.00 % $ 66 $ 27 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 46 13 — Trimble County Unit 2 60.75 % 817 140 96 Trimble County Units 5-6 71.00 % 76 20 — Trimble County Units 7-10 63.00 % 120 34 — Cane Run Unit 7 78.00 % 431 31 4 E.W. Brown Solar Unit 61.00 % 16 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 23 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 50 11 1 Trimble County Unit 2 60.75 % 812 129 40 Trimble County Units 5-6 71.00 % 74 19 — Trimble County Units 7-10 63.00 % 121 29 1 Cane Run Unit 7 78.00 % 412 18 4 E.W. Brown Solar Unit 61.00 % 15 — — Each subsidiary owning these interests provides its own funding for its share of the facility. Each receives a portion of the total output of the generating plants equal to its percentage ownership. The share of fuel and other operating costs associated with the plants is included in the corresponding operating expenses on the Statements of Income. |
Louisville Gas And Electric Co [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Facilities | 12. Jointly Owned Facilities (PPL, LKE, LG&E and KU) At December 31, 2017 and 2016 , the Balance Sheets reflect the owned interests in the facilities listed below. Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress PPL and LKE December 31, 2017 Generating Plants Trimble County Unit 1 75.00 % $ 427 $ 69 $ 1 Trimble County Unit 2 75.00 % 1,032 176 198 December 31, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 LG&E December 31, 2017 Generating Plants E.W. Brown Units 6-7 38.00 % $ 41 $ 17 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 52 15 — Trimble County Unit 1 75.00 % 427 69 1 Trimble County Unit 2 14.25 % 215 36 102 Trimble County Units 5-6 29.00 % 32 9 — Trimble County Units 7-10 37.00 % 73 21 — Cane Run Unit 7 22.00 % 120 8 1 E.W. Brown Solar Unit 39.00 % 10 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 15 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 55 12 1 Trimble County Unit 1 75.00 % 407 55 1 Trimble County Unit 2 14.25 % 214 32 43 Trimble County Units 5-6 29.00 % 30 8 1 Trimble County Units 7-10 37.00 % 71 17 1 Cane Run Unit 7 22.00 % 114 5 2 E.W. Brown Solar Unit 39.00 % 10 — — Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU December 31, 2017 Generating Plants E.W. Brown Units 6-7 62.00 % $ 66 $ 27 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 46 13 — Trimble County Unit 2 60.75 % 817 140 96 Trimble County Units 5-6 71.00 % 76 20 — Trimble County Units 7-10 63.00 % 120 34 — Cane Run Unit 7 78.00 % 431 31 4 E.W. Brown Solar Unit 61.00 % 16 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 23 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 50 11 1 Trimble County Unit 2 60.75 % 812 129 40 Trimble County Units 5-6 71.00 % 74 19 — Trimble County Units 7-10 63.00 % 121 29 1 Cane Run Unit 7 78.00 % 412 18 4 E.W. Brown Solar Unit 61.00 % 15 — — Each subsidiary owning these interests provides its own funding for its share of the facility. Each receives a portion of the total output of the generating plants equal to its percentage ownership. The share of fuel and other operating costs associated with the plants is included in the corresponding operating expenses on the Statements of Income. |
Kentucky Utilities Co [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Facilities | 12. Jointly Owned Facilities (PPL, LKE, LG&E and KU) At December 31, 2017 and 2016 , the Balance Sheets reflect the owned interests in the facilities listed below. Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress PPL and LKE December 31, 2017 Generating Plants Trimble County Unit 1 75.00 % $ 427 $ 69 $ 1 Trimble County Unit 2 75.00 % 1,032 176 198 December 31, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 LG&E December 31, 2017 Generating Plants E.W. Brown Units 6-7 38.00 % $ 41 $ 17 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 52 15 — Trimble County Unit 1 75.00 % 427 69 1 Trimble County Unit 2 14.25 % 215 36 102 Trimble County Units 5-6 29.00 % 32 9 — Trimble County Units 7-10 37.00 % 73 21 — Cane Run Unit 7 22.00 % 120 8 1 E.W. Brown Solar Unit 39.00 % 10 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 15 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 55 12 1 Trimble County Unit 1 75.00 % 407 55 1 Trimble County Unit 2 14.25 % 214 32 43 Trimble County Units 5-6 29.00 % 30 8 1 Trimble County Units 7-10 37.00 % 71 17 1 Cane Run Unit 7 22.00 % 114 5 2 E.W. Brown Solar Unit 39.00 % 10 — — Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU December 31, 2017 Generating Plants E.W. Brown Units 6-7 62.00 % $ 66 $ 27 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 46 13 — Trimble County Unit 2 60.75 % 817 140 96 Trimble County Units 5-6 71.00 % 76 20 — Trimble County Units 7-10 63.00 % 120 34 — Cane Run Unit 7 78.00 % 431 31 4 E.W. Brown Solar Unit 61.00 % 16 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 23 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 50 11 1 Trimble County Unit 2 60.75 % 812 129 40 Trimble County Units 5-6 71.00 % 74 19 — Trimble County Units 7-10 63.00 % 121 29 1 Cane Run Unit 7 78.00 % 412 18 4 E.W. Brown Solar Unit 61.00 % 15 — — Each subsidiary owning these interests provides its own funding for its share of the facility. Each receives a portion of the total output of the generating plants equal to its percentage ownership. The share of fuel and other operating costs associated with the plants is included in the corresponding operating expenses on the Statements of Income. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies (PPL) All commitments, contingencies and guarantees associated with PPL Energy Supply and its subsidiaries were retained by Talen Energy and its subsidiaries at the spinoff date without recourse to PPL. Energy Purchase Commitments (PPL, LKE, LG&E and KU) LG&E and KU enter into purchase contracts to supply the coal and natural gas requirements for generation facilities and LG&E's retail natural gas supply operations. These contracts include the following commitments: Contract Type Maximum Maturity Date Natural Gas Fuel 2019 Natural Gas Retail Supply 2019 Coal 2023 Coal Transportation and Fleeting Services 2024 Natural Gas Transportation 2026 LG&E and KU have a power purchase agreement with OVEC expiring in June 2040 . See footnote (f) to the table in "Guarantees and Other Assurances" below for information on the OVEC power purchase contract, including recent developments in credit or debt conditions relating to OVEC. Future obligations for power purchases from OVEC are unconditional demand payments, comprised of debt-service payments and contractually-required reimbursements of plant operating, maintenance and other expenses, and are projected as follows: LG&E KU Total 2018 $ 20 $ 9 $ 29 2019 19 8 27 2020 18 8 26 2021 19 8 27 2022 19 8 27 Thereafter 316 141 457 Total $ 411 $ 182 $ 593 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2017 2016 2015 LG&E $ 14 $ 16 $ 15 KU 6 7 7 Total $ 20 $ 23 $ 22 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. (PPL, LKE and LG&E) Cane Run Environmental Claims In December 2013, six residents, on behalf of themselves and others similarly situated, filed a class action complaint against LG&E and PPL in the U.S. District Court for the Western District of Kentucky alleging violations of the Clean Air Act, RCRA, and common law claims of nuisance, trespass and negligence. These plaintiffs seek injunctive relief and civil penalties, plus costs and attorney fees, for the alleged statutory violations. Under the common law claims, these plaintiffs seek monetary compensation and punitive damages for property damage and diminished property values for a class consisting of residents within four miles of the Cane Run plant. In their individual capacities, these plaintiffs sought compensation for alleged adverse health effects. In July 2014, the court dismissed the RCRA claims and all but one Clean Air Act claim, but declined to dismiss the common law tort claims. In November 2016, the plaintiffs filed an amended complaint removing the personal injury claims and removing certain previously named plaintiffs. In February 2017, the District Court issued an order dismissing PPL as a defendant and dismissing the final federal claim against LG&E. On April 13, 2017, the federal District Court issued an order declining to exercise supplemental jurisdiction on the state law claims and dismissed the case in its entirety. On June 16, 2017, the plaintiffs filed a class action complaint in Jefferson Circuit Court, Kentucky, against LG&E alleging state law nuisance, negligence and trespass tort claims. The plaintiffs seek compensatory and punitive damages for alleged property damage due to purported plant emissions on behalf of a class of residents within one to three miles of the plant. Proceedings are currently underway regarding potential class certification, for which a decision may occur in late 2018 or in 2019. 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. (PPL, LKE and KU) E.W. Brown Environmental Claims 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 sought injunctive relief ordering KU to take all actions necessary to comply with the Clean Water Act and RCRA, including ceasing the discharges in question, abating effects associated with prior discharges and eliminating the alleged imminent and substantial endangerment. These plaintiffs also sought assessment of civil penalties and an award of litigation costs and attorney fees. On December 28, 2017 the U.S. District Court for the Eastern District of Kentucky issued an order dismissing the Clean Water Act and RCRA complaints against KU in their entirety. On January 26, 2018, the plaintiffs appealed the dismissal order to the U.S. Court of Appeals for the Sixth Circuit. KU is undertaking extensive remedial measures at the Brown plant including closure of the former ash pond, implementation of a groundwater remedial action plan, and performance of a corrective action plan including aquatic study of adjacent surface waters and risk assessment. PPL, LKE and KU cannot predict the outcome of these matters. (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 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. (All Registrants) Regulatory Issues 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 generation plants. Among other things, the Clean Air Act requires the EPA periodically to review and establish concentration levels in the ambient air for six pollutants to protect public health and welfare. The six pollutants are carbon monoxide, lead, nitrogen dioxide, ozone (contributed to by nitrogen oxide emissions), particulate matter and sulfur dioxide. The established concentration levels for these six pollutants are known as NAAQS. Under the Clean Air Act, the EPA is required to reassess the NAAQS on a five-year schedule. Federal environmental regulations of these six pollutants require states to adopt implementation plans, known as state implementation plans, which detail how the state will attain the standards that are mandated by the relevant law or regulation. Each state identifies the areas within its boundaries that meet the NAAQS (attainment areas) and those that do not (non-attainment areas), and must develop a state implementation plan both to bring non-attainment areas into compliance with the NAAQS and to maintain good air quality in attainment areas. In addition, for attainment of ozone and fine particulates standards, states in the eastern portion of the country, including Kentucky, are subject to a regional program developed by the EPA known as the Cross-State Air Pollution Rule. The NAAQS, future revisions to the NAAQS and state implementation plans, or future revisions to regional programs, may require installation of additional pollution controls, the costs of which PPL, LKE, LG&E and KU believe are subject to cost recovery. Although PPL, LKE, LG&E and KU do not anticipate significant costs to comply with these programs, changes in market or operating conditions could result in different costs than anticipated. Ozone The EPA issued the current ozone standard in October 2015. The states and the EPA are required to determine (based on ambient air monitoring data) those areas that meet the standard and those that are in 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 rules issued in 2015 imposing GHG emission standards for both new and existing power plants, the U.S. committed to an initial reduction target of 26% to 28% below 2005 levels by 2025. However, on June 1, 2017, President Trump announced a plan to withdraw from the Paris Agreement and undertake negotiations to reenter the current agreement or enter a new agreement on terms more favorable to the U.S. Under the terms of the Paris Agreement, any U.S. withdrawal would not be complete until November 2020. Additionally, the March 2017 Executive Order directed the EPA to review its 2015 greenhouse gas rules 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 There continues to be uncertainty around the EPA's regulation of existing coal-fired power plants. In 2015 the EPA had finalized rules imposing GHG emission standards for both new and existing power plants and had proposed a federal implementation plan that would apply to any states that failed to submit an acceptable state implementation plan to reduce GHG emissions on a state-by-state basis (the 2015 EPA Rules). Following legal challenges to the 2015 EPA Rules, a stay of those rules by the U.S. Supreme Court, and the President's March 2017 Executive Order (requiring the EPA to review the 2015 EPA Rules), however, in October 2017, the EPA proposed to rescind the 2015 EPA Rules and in December 2017, released an advanced notice of proposed rulemaking for a replacement rule (Replacement Rules) which contemplates GHG reductions based on "inside the fence" measures implemented at individual plants. The contemplated approach in the Replacement Rules is a more limited approach than that taken in the 2015 EPA Rules which had included assumed increased levels of fuel switching and renewable energy in determining the level of emission reduction required by each state. At present, the 2015 EPA Rules remain stayed and the Replacement Rules have not yet been published. 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 2015 EPA Rules, 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 are consistent with the EPA's notice of proposed rulemaking on the Replacement Rules. LG&E and KU are monitoring developments at the state and federal level. Until there is more clarity about the potential requirements that may be imposed under the Replacement Rules and Kentucky's implementation plan, PPL, LKE, LG&E and KU cannot predict the potential impact, if any, on plant operations, future capital or operating costs. PPL, LKE, LG&E and KU believe that the costs, which could be significant, would be subject to rate recovery. Sulfuric Acid Mist Emissions (PPL, LKE and LG&E) In June 2016, the EPA issued a notice of violation under the Clean Air Act alleging that LG&E violated applicable rules relating to sulfuric acid mist emissions at its Mill Creek plant. The notice alleges failure to install proper controls, failure to operate the facility consistent with good air pollution control practice, and causing emissions exceeding applicable requirements or constituting a nuisance or endangerment. LG&E believes it has complied with applicable regulations during the relevant time period. Discussions between the EPA and LG&E are ongoing. The parties have entered into a tolling agreement with respect to this matter through December 2018. 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. The EPA has advised the court that it expects to reconsider certain aspects of the CCR Rule in the near future. In January 2017, Kentucky issued a new state rule relating to CCR matters, effective May 2017, aimed at reflecting the requirements of the federal CCR Rule. In May 2017, a resident adjacent to LG&E's and KU's Trimble County plant filed a lawsuit in Franklin County, Kentucky Circuit Court against the Kentucky Energy and Environmental Cabinet and LG&E seeking to invalidate the new rule. On January 31, 2018, the state court issued an opinion invalidating certain elements of the new rule. PPL, LKE, LG&E and KU cannot predict the ultimate outcome of the litigation. LG&E and KU presently operate their Trimble County facilities under continuing permits authorized via the former program and do not currently anticipate material impacts as a result of the challenge to the new rule. Separately, in December 2016, federal legislation was enacted that authorized the EPA to approve equally protective state programs that would operate in lieu of the CCR Rule. The Kentucky Energy and Environmental Cabinet indicated it may propose rules under such authority in the future. LG&E and KU 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 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 19 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, taking various measures, remediating, or have completed the remediation of, for 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 December 31, 2017 , 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 property owners and other third parties alleging impacts from PPL's operations and undertake similar actions necessary to resolve environmental matters that arise in the course of normal operations. Based on analyses to date, resolution of these environmental matters is not expecte |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
PPL Electric Utilities Corp [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 14. Related Party Transactions PLR Contracts/Purchases of Accounts Receivable (PPL Electric) PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus was awarded a portion of the PLR generation supply through these competitive solicitations. The purchases from PPL EnergyPlus are included in PPL Electric's Statements of Income as "Energy purchases from affiliate" through May 31, 2015, the period through which PPL Electric and PPL EnergyPlus were affiliated entities. As a result of the June 1, 2015 spinoff of PPL Energy Supply and creation of Talen Energy, PPL EnergyPlus (renamed Talen Energy Marketing) is no longer an affiliate of PPL Electric. PPL Electric's purchases from Talen Energy Marketing subsequent to May 31, 2015 are included as purchases from an unaffiliated third party. PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 1 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including Talen Energy Marketing. See Note 8 for additional information regarding the spinoff of PPL Energy Supply. Wholesale Sales and Purchases (LG&E and KU) LG&E and KU jointly dispatch their generation units with the lowest cost generation used to serve their retail customers. When LG&E has excess generation capacity after serving its own retail customers and its generation cost is lower than that of KU, KU purchases electricity from LG&E and vice versa. These transactions are reflected in the Statements of Income as "Electric revenue from affiliate" and "Energy purchases from affiliate" and are recorded at a price equal to the seller's fuel cost plus any split savings. Savings realized from such intercompany transactions are shared equally between both companies. The volume of energy each company has to sell to the other is dependent on its retail customers' needs and its available generation. Support Costs (PPL Electric, LKE, LG&E and KU) PPL Services, PPL EU Services and LKS provide PPL, PPL Electric and LKE, their respective subsidiaries, including LG&E and KU, and each other 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. PPL Services may also use a ratio of overall direct and 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 years ended December 31, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. 2017 2016 2015 PPL Electric from PPL Services $ 182 $ 132 $ 125 LKE from PPL Services 20 18 16 PPL Electric from PPL EU Services 64 69 60 LG&E from LKS 169 178 155 KU from LKS 190 194 185 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $400 million revolving line of credit with a PPL Electric subsidiary. No balance was outstanding at December 31, 2017 and 2016. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income on the revolving line of credit was not significant for 2017, 2016 or 2015. (LKE) LKE maintains a revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. In December 2017, the revolving line of credit was increased by $50 million and the limit as of December 31, 2017 was $275 million . The interest rates on borrowings are equal to one-month LIBOR plus a spread. At December 31, 2017 and 2016 , $225 million and $163 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rate on the outstanding borrowings at December 31, 2017 and 2016 was 2.87% and 2.12% . Interest expense on the revolving line of credit was not significant for 2017 , 2016 or 2015 . LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. No balance was outstanding at December 31, 2017 and 2016 . The interest rate on the loan based on the PPL affiliates credit rating is currently equal to one-month LIBOR plus a spread. Interest income on this note was not significant for 2017 , 2016 or 2015 . LKE maintains a $400 million ten -year-note with a PPL affiliate with an interest rate of 3.5% . At December 31, 2017 and 2016, the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on this note was $14 million for 2017 and 2016 and not significant for 2015 . (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. No balances were outstanding at December 31, 2017 and 2016 . Interest expense incurred on the money pool agreement with KU was not significant for 2017 or 2016 . There was no money pool activity with KU in 2015 . (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. No balances were outstanding at December 31, 2017 and 2016 . Interest income incurred on the money pool agreement with LG&E was not significant for 2017 and 2016 . There was no money pool activity with LG&E in 2015 . Intercompany Derivatives (LKE, LG&E and KU) Periodically, LG&E and KU enter into forward-starting interest rate swaps with PPL. These hedging instruments have terms identical to forward-starting swaps entered into by PPL with third parties. Other (PPL Electric, LKE, LG&E and KU) See Note 1 for discussions regarding the intercompany tax sharing agreement (for PPL Electric, LKE, LG&E and KU) and intercompany allocations of stock-based compensation expense (for PPL Electric and LKE). For PPL Electric, LG&E and KU, see Note 11 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 | 14. Related Party Transactions PLR Contracts/Purchases of Accounts Receivable (PPL Electric) PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus was awarded a portion of the PLR generation supply through these competitive solicitations. The purchases from PPL EnergyPlus are included in PPL Electric's Statements of Income as "Energy purchases from affiliate" through May 31, 2015, the period through which PPL Electric and PPL EnergyPlus were affiliated entities. As a result of the June 1, 2015 spinoff of PPL Energy Supply and creation of Talen Energy, PPL EnergyPlus (renamed Talen Energy Marketing) is no longer an affiliate of PPL Electric. PPL Electric's purchases from Talen Energy Marketing subsequent to May 31, 2015 are included as purchases from an unaffiliated third party. PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 1 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including Talen Energy Marketing. See Note 8 for additional information regarding the spinoff of PPL Energy Supply. Wholesale Sales and Purchases (LG&E and KU) LG&E and KU jointly dispatch their generation units with the lowest cost generation used to serve their retail customers. When LG&E has excess generation capacity after serving its own retail customers and its generation cost is lower than that of KU, KU purchases electricity from LG&E and vice versa. These transactions are reflected in the Statements of Income as "Electric revenue from affiliate" and "Energy purchases from affiliate" and are recorded at a price equal to the seller's fuel cost plus any split savings. Savings realized from such intercompany transactions are shared equally between both companies. The volume of energy each company has to sell to the other is dependent on its retail customers' needs and its available generation. Support Costs (PPL Electric, LKE, LG&E and KU) PPL Services, PPL EU Services and LKS provide PPL, PPL Electric and LKE, their respective subsidiaries, including LG&E and KU, and each other 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. PPL Services may also use a ratio of overall direct and 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 years ended December 31, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. 2017 2016 2015 PPL Electric from PPL Services $ 182 $ 132 $ 125 LKE from PPL Services 20 18 16 PPL Electric from PPL EU Services 64 69 60 LG&E from LKS 169 178 155 KU from LKS 190 194 185 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $400 million revolving line of credit with a PPL Electric subsidiary. No balance was outstanding at December 31, 2017 and 2016. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income on the revolving line of credit was not significant for 2017, 2016 or 2015. (LKE) LKE maintains a revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. In December 2017, the revolving line of credit was increased by $50 million and the limit as of December 31, 2017 was $275 million . The interest rates on borrowings are equal to one-month LIBOR plus a spread. At December 31, 2017 and 2016 , $225 million and $163 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rate on the outstanding borrowings at December 31, 2017 and 2016 was 2.87% and 2.12% . Interest expense on the revolving line of credit was not significant for 2017 , 2016 or 2015 . LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. No balance was outstanding at December 31, 2017 and 2016 . The interest rate on the loan based on the PPL affiliates credit rating is currently equal to one-month LIBOR plus a spread. Interest income on this note was not significant for 2017 , 2016 or 2015 . LKE maintains a $400 million ten -year-note with a PPL affiliate with an interest rate of 3.5% . At December 31, 2017 and 2016, the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on this note was $14 million for 2017 and 2016 and not significant for 2015 . (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. No balances were outstanding at December 31, 2017 and 2016 . Interest expense incurred on the money pool agreement with KU was not significant for 2017 or 2016 . There was no money pool activity with KU in 2015 . (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. No balances were outstanding at December 31, 2017 and 2016 . Interest income incurred on the money pool agreement with LG&E was not significant for 2017 and 2016 . There was no money pool activity with LG&E in 2015 . Intercompany Derivatives (LKE, LG&E and KU) Periodically, LG&E and KU enter into forward-starting interest rate swaps with PPL. These hedging instruments have terms identical to forward-starting swaps entered into by PPL with third parties. Other (PPL Electric, LKE, LG&E and KU) See Note 1 for discussions regarding the intercompany tax sharing agreement (for PPL Electric, LKE, LG&E and KU) and intercompany allocations of stock-based compensation expense (for PPL Electric and LKE). For PPL Electric, LG&E and KU, see Note 11 for discussions regarding intercompany allocations associated with defined benefits. |
Louisville Gas And Electric Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 14. Related Party Transactions PLR Contracts/Purchases of Accounts Receivable (PPL Electric) PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus was awarded a portion of the PLR generation supply through these competitive solicitations. The purchases from PPL EnergyPlus are included in PPL Electric's Statements of Income as "Energy purchases from affiliate" through May 31, 2015, the period through which PPL Electric and PPL EnergyPlus were affiliated entities. As a result of the June 1, 2015 spinoff of PPL Energy Supply and creation of Talen Energy, PPL EnergyPlus (renamed Talen Energy Marketing) is no longer an affiliate of PPL Electric. PPL Electric's purchases from Talen Energy Marketing subsequent to May 31, 2015 are included as purchases from an unaffiliated third party. PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 1 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including Talen Energy Marketing. See Note 8 for additional information regarding the spinoff of PPL Energy Supply. Wholesale Sales and Purchases (LG&E and KU) LG&E and KU jointly dispatch their generation units with the lowest cost generation used to serve their retail customers. When LG&E has excess generation capacity after serving its own retail customers and its generation cost is lower than that of KU, KU purchases electricity from LG&E and vice versa. These transactions are reflected in the Statements of Income as "Electric revenue from affiliate" and "Energy purchases from affiliate" and are recorded at a price equal to the seller's fuel cost plus any split savings. Savings realized from such intercompany transactions are shared equally between both companies. The volume of energy each company has to sell to the other is dependent on its retail customers' needs and its available generation. Support Costs (PPL Electric, LKE, LG&E and KU) PPL Services, PPL EU Services and LKS provide PPL, PPL Electric and LKE, their respective subsidiaries, including LG&E and KU, and each other 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. PPL Services may also use a ratio of overall direct and 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 years ended December 31, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. 2017 2016 2015 PPL Electric from PPL Services $ 182 $ 132 $ 125 LKE from PPL Services 20 18 16 PPL Electric from PPL EU Services 64 69 60 LG&E from LKS 169 178 155 KU from LKS 190 194 185 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $400 million revolving line of credit with a PPL Electric subsidiary. No balance was outstanding at December 31, 2017 and 2016. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income on the revolving line of credit was not significant for 2017, 2016 or 2015. (LKE) LKE maintains a revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. In December 2017, the revolving line of credit was increased by $50 million and the limit as of December 31, 2017 was $275 million . The interest rates on borrowings are equal to one-month LIBOR plus a spread. At December 31, 2017 and 2016 , $225 million and $163 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rate on the outstanding borrowings at December 31, 2017 and 2016 was 2.87% and 2.12% . Interest expense on the revolving line of credit was not significant for 2017 , 2016 or 2015 . LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. No balance was outstanding at December 31, 2017 and 2016 . The interest rate on the loan based on the PPL affiliates credit rating is currently equal to one-month LIBOR plus a spread. Interest income on this note was not significant for 2017 , 2016 or 2015 . LKE maintains a $400 million ten -year-note with a PPL affiliate with an interest rate of 3.5% . At December 31, 2017 and 2016, the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on this note was $14 million for 2017 and 2016 and not significant for 2015 . (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. No balances were outstanding at December 31, 2017 and 2016 . Interest expense incurred on the money pool agreement with KU was not significant for 2017 or 2016 . There was no money pool activity with KU in 2015 . (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. No balances were outstanding at December 31, 2017 and 2016 . Interest income incurred on the money pool agreement with LG&E was not significant for 2017 and 2016 . There was no money pool activity with LG&E in 2015 . Intercompany Derivatives (LKE, LG&E and KU) Periodically, LG&E and KU enter into forward-starting interest rate swaps with PPL. These hedging instruments have terms identical to forward-starting swaps entered into by PPL with third parties. Other (PPL Electric, LKE, LG&E and KU) See Note 1 for discussions regarding the intercompany tax sharing agreement (for PPL Electric, LKE, LG&E and KU) and intercompany allocations of stock-based compensation expense (for PPL Electric and LKE). For PPL Electric, LG&E and KU, see Note 11 for discussions regarding intercompany allocations associated with defined benefits. |
Kentucky Utilities Co [Member] | |
Related Party Transactions [Line Items] | |
Related Party Transactions | 14. Related Party Transactions PLR Contracts/Purchases of Accounts Receivable (PPL Electric) PPL Electric holds competitive solicitations for PLR generation supply. PPL EnergyPlus was awarded a portion of the PLR generation supply through these competitive solicitations. The purchases from PPL EnergyPlus are included in PPL Electric's Statements of Income as "Energy purchases from affiliate" through May 31, 2015, the period through which PPL Electric and PPL EnergyPlus were affiliated entities. As a result of the June 1, 2015 spinoff of PPL Energy Supply and creation of Talen Energy, PPL EnergyPlus (renamed Talen Energy Marketing) is no longer an affiliate of PPL Electric. PPL Electric's purchases from Talen Energy Marketing subsequent to May 31, 2015 are included as purchases from an unaffiliated third party. PPL Electric's customers may choose an alternative supplier for their generation supply. See Note 1 for additional information regarding PPL Electric's purchases of accounts receivable from alternative suppliers, including Talen Energy Marketing. See Note 8 for additional information regarding the spinoff of PPL Energy Supply. Wholesale Sales and Purchases (LG&E and KU) LG&E and KU jointly dispatch their generation units with the lowest cost generation used to serve their retail customers. When LG&E has excess generation capacity after serving its own retail customers and its generation cost is lower than that of KU, KU purchases electricity from LG&E and vice versa. These transactions are reflected in the Statements of Income as "Electric revenue from affiliate" and "Energy purchases from affiliate" and are recorded at a price equal to the seller's fuel cost plus any split savings. Savings realized from such intercompany transactions are shared equally between both companies. The volume of energy each company has to sell to the other is dependent on its retail customers' needs and its available generation. Support Costs (PPL Electric, LKE, LG&E and KU) PPL Services, PPL EU Services and LKS provide PPL, PPL Electric and LKE, their respective subsidiaries, including LG&E and KU, and each other 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. PPL Services may also use a ratio of overall direct and 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 years ended December 31, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. 2017 2016 2015 PPL Electric from PPL Services $ 182 $ 132 $ 125 LKE from PPL Services 20 18 16 PPL Electric from PPL EU Services 64 69 60 LG&E from LKS 169 178 155 KU from LKS 190 194 185 In addition to the charges for services noted above, LKS makes payments on behalf of LG&E and KU for fuel purchases and other costs for products or services provided by third parties. LG&E and KU also provide services to each other and to LKS. Billings between LG&E and KU relate to labor and overheads associated with union and hourly employees performing work for the other company, charges related to jointly-owned generating units and other miscellaneous charges. Tax settlements between LKE and LG&E and KU are reimbursed through LKS. Intercompany Borrowings (PPL Electric) PPL Energy Funding maintains a $400 million revolving line of credit with a PPL Electric subsidiary. No balance was outstanding at December 31, 2017 and 2016. The interest rates on borrowings are equal to one-month LIBOR plus a spread. Interest income on the revolving line of credit was not significant for 2017, 2016 or 2015. (LKE) LKE maintains a revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. In December 2017, the revolving line of credit was increased by $50 million and the limit as of December 31, 2017 was $275 million . The interest rates on borrowings are equal to one-month LIBOR plus a spread. At December 31, 2017 and 2016 , $225 million and $163 million were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rate on the outstanding borrowings at December 31, 2017 and 2016 was 2.87% and 2.12% . Interest expense on the revolving line of credit was not significant for 2017 , 2016 or 2015 . LKE maintains an agreement with a PPL affiliate that has a $300 million borrowing limit whereby LKE can loan funds on a short-term basis at market-based rates. No balance was outstanding at December 31, 2017 and 2016 . The interest rate on the loan based on the PPL affiliates credit rating is currently equal to one-month LIBOR plus a spread. Interest income on this note was not significant for 2017 , 2016 or 2015 . LKE maintains a $400 million ten -year-note with a PPL affiliate with an interest rate of 3.5% . At December 31, 2017 and 2016, the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on this note was $14 million for 2017 and 2016 and not significant for 2015 . (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. No balances were outstanding at December 31, 2017 and 2016 . Interest expense incurred on the money pool agreement with KU was not significant for 2017 or 2016 . There was no money pool activity with KU in 2015 . (KU) KU participates in an intercompany money pool agreement whereby LKE and/or LG&E make available to KU funds up to $500 million at an interest rate based on a market index of commercial paper issues. No balances were outstanding at December 31, 2017 and 2016 . Interest income incurred on the money pool agreement with LG&E was not significant for 2017 and 2016 . There was no money pool activity with LG&E in 2015 . Intercompany Derivatives (LKE, LG&E and KU) Periodically, LG&E and KU enter into forward-starting interest rate swaps with PPL. These hedging instruments have terms identical to forward-starting swaps entered into by PPL with third parties. Other (PPL Electric, LKE, LG&E and KU) See Note 1 for discussions regarding the intercompany tax sharing agreement (for PPL Electric, LKE, LG&E and KU) and intercompany allocations of stock-based compensation expense (for PPL Electric and LKE). For PPL Electric, LG&E and KU, see Note 11 for discussions regarding intercompany allocations associated with defined benefits. |
Other Income (Expense) - net
Other Income (Expense) - net | 12 Months Ended |
Dec. 31, 2017 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income (Expense) - net | 15. Other Income (Expense) - net (PPL) The breakdown of "Other Income (Expense) - net" for the years ended December 31, was: 2017 2016 2015 Other Income Economic foreign currency exchange contracts (Note 17) $ (261 ) $ 384 $ 122 Interest income 2 3 4 AFUDC - equity component 16 19 14 Miscellaneous 17 6 6 Total Other Income (226 ) 412 146 Other Expense Charitable contributions 8 9 21 Miscellaneous 21 13 17 Total Other Expense 29 22 38 Other Income (Expense) - net $ (255 ) $ 390 $ 108 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Credit Concentration | 16. 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 2017 and 2016 , there were no transfers between Level 1 and Level 2. See Note 1 for information on the levels in the fair value hierarchy. Recurring Fair Value Measurements The assets and liabilities measured at fair value were: December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 485 $ 485 $ — $ — $ 341 $ 341 $ — $ — Restricted cash and cash equivalents (a) 26 26 — — 26 26 — — Price risk management assets (b): Foreign currency contracts 163 — 163 — 211 — 211 — Cross-currency swaps 101 — 101 — 188 — 188 — Total price risk management assets 264 — 264 — 399 — 399 — Total assets $ 775 $ 511 $ 264 $ — $ 766 $ 367 $ 399 $ — December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Price risk management liabilities (b): Interest rate swaps $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — Foreign currency contracts 148 — 148 — 27 — 27 — Total price risk management liabilities $ 174 $ — $ 174 $ — $ 58 $ — $ 58 $ — PPL Electric Assets Cash and cash equivalents $ 49 $ 49 $ — $ — $ 13 $ 13 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 51 $ 51 $ — $ — $ 15 $ 15 $ — $ — LKE Assets Cash and cash equivalents $ 30 $ 30 $ — $ — $ 13 $ 13 $ — $ — Cash collateral posted to counterparties (c) — — — — 3 3 — — Total assets $ 30 $ 30 $ — $ — $ 16 $ 16 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — Total price risk management liabilities $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — LG&E Assets Cash and cash equivalents $ 15 $ 15 $ — $ — $ 5 $ 5 $ — $ — Cash collateral posted to counterparties (c) — — — — 3 3 — — Total assets $ 15 $ 15 $ — $ — $ 8 $ 8 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — Total price risk management liabilities $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — KU Assets Cash and cash equivalents $ 15 $ 15 $ — $ — $ 7 $ 7 $ — $ — Total assets $ 15 $ 15 $ — $ — $ 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 exchange risk, PPL uses foreign currency contracts such as forwards, options, and cross-currency swaps that contain characteristics of both interest rate and foreign currency contracts. An income approach is used to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., LIBOR and government security rates) and forward foreign currency exchange rates (e.g., GBP), as well as inputs that may not be observable, such as credit valuation adjustments. In certain cases, market information cannot practicably be obtained to value credit risk and therefore internal models are relied upon. These models use projected probabilities of default and estimated recovery rates based on historical observances. When the credit valuation adjustment is significant to the overall valuation, the contracts are classified as Level 3. Nonrecurring Fair Value Measurements (PPL) See Note 8 for information regarding the estimated fair value of the Supply segment's net assets as of the June 1, 2015 spinoff date. 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. December 31, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value PPL $ 20,195 $ 23,783 $ 18,326 $ 21,355 PPL Electric 3,298 3,769 2,831 3,148 LKE 5,159 5,670 5,065 5,439 LG&E 1,709 1,865 1,617 1,710 KU 2,328 2,605 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 | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 17. 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 required to purchase electricity to fulfill its obligation as a PLR. Potential commodity price risk is mitigated through its PUC-approved cost recovery mechanism and full-requirement supply agreements to serve its PLR customers which transfer the risk to energy suppliers. • LG&E's and KU's rates include certain mechanisms for fuel, fuel-related expenses and energy purchases. In addition, LG&E's rates include a mechanism for natural gas supply expenses. These mechanisms generally provide for timely recovery of market price fluctuations associated with these expenses. Volumetric Risk PPL is exposed to volumetric risk through its subsidiaries as described below. • WPD is exposed to volumetric risk which is significantly mitigated as a result of the method of regulation in the U.K. Under the RIIO-ED1 price control regulations, recovery of such exposure occurs on a two year lag. See Note 1 for additional information on revenue recognition under RIIO-ED1. • PPL Electric, LG&E and KU are exposed to volumetric risk on retail sales, mainly due to weather and other economic conditions for which there is limited mitigation between rate cases. Equity Securities Price Risk • PPL and its subsidiaries are exposed to equity securities price risk associated with the fair value of the defined benefit plans' assets. This risk is significantly mitigated at the regulated domestic utilities and for certain plans at WPD due to the recovery methods in place. • PPL is exposed to equity securities price risk from future stock sales and/or purchases. Credit Risk Credit risk is the potential loss that may be incurred due to a counterparty's non-performance. PPL is exposed to credit risk from "in-the-money" interest rate and foreign currency derivatives with financial institutions, as well as additional credit risk through certain of its subsidiaries, as discussed below. In the event a supplier of PPL Electric, LG&E or KU defaults on its obligation, those Registrants would be required to seek replacement power or replacement fuel in the market. In general, subject to regulatory review or other processes, appropriate incremental costs incurred by these entities would be recoverable from customers through applicable rate mechanisms, thereby mitigating the financial risk for these entities. PPL and its subsidiaries have credit policies in place to manage credit risk, including the use of an established credit approval process, daily monitoring of counterparty positions and the use of master netting agreements or provisions. These agreements generally include credit mitigation provisions, such as margin, prepayment or collateral requirements. PPL and its subsidiaries may request additional credit assurance, in certain circumstances, in the event that the counterparties' credit ratings fall below investment grade, their tangible net worth falls below specified percentages or their exposures exceed an established credit limit. Master Netting Arrangements (PPL, LKE, LG&E and KU) Net derivative positions on the balance sheets are not offset against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. PPL had a $20 million and $19 million obligation to return cash collateral under master netting arrangements at December 31, 2017 and 2016 . LKE, LG&E and KU had no obligation to return cash collateral under master netting arrangements at December 31, 2017 and 2016 . PPL, LKE, and LG&E had no cash collateral posted under master netting arrangements at December 31, 2017 . PPL, LKE and LG&E posted $3 million of cash collateral under master netting arrangements at December 31, 2016 . KU did not post any cash collateral under master netting arrangements at December 31, 2017 and 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 portfolios, adjust the duration of the debt portfolios and lock in benchmark interest rates in anticipation of future financing, when appropriate. Risk limits under PPL's risk management program are designed to balance risk exposure to volatility in interest expense and changes in the fair value of the debt portfolio due to changes in benchmark interest rates. In addition, the interest rate risk of certain subsidiaries is potentially mitigated as a result of the existing regulatory framework or the timing of rate cases. Cash Flow Hedges (PPL) Interest rate risks include exposure to adverse interest rate movements for outstanding variable rate debt and for future anticipated financings. Financial interest rate swap contracts that qualify as cash flow hedges may be entered into to hedge floating interest rate risk associated with both existing and anticipated debt issuances. PPL held no such contracts at December 31, 2017. For 2017, PPL had no hedge ineffectiveness associated with interest rate derivatives. For 2016 and 2015, hedge ineffectiveness associated with interest rate derivatives was insignificant. At December 31, 2017 , PPL held an aggregate notional value in cross-currency interest rate swap contracts of $702 million that range in maturity from 2021 through 2028 to hedge the interest payments and principal of WPD's U.S. dollar-denominated senior notes. In December 2017, $100 million of WPD’s U.S. dollar-denominated senior notes were repaid upon maturity and $100 million notional value of cross-currency interest rate swap contracts matured. PPL recorded a $19 million gain upon settlement of the cross-currency interest rate swap contracts, which largely offset a loss recorded on the revaluation of U.S. dollar-denominated senior notes. Cash flow hedges are discontinued if it is no longer probable that the original forecasted transaction will occur by the end of the originally specified time period and any amounts previously recorded in AOCI are reclassified into earnings once it is determined that the hedged transaction is not probable of occurring. PPL had an insignificant amount of cash flow hedges reclassified into earnings associated with discontinued cash flow hedges in 2017 and 2016. As a result of the June 1, 2015 spinoff of PPL Energy Supply, all PPL cash flow hedges associated with PPL Energy Supply were ineffective and discontinued and therefore, reclassified into earnings during the second quarter of 2015 and reflected in discontinued operations for 2015. See Note 8 for additional information. PPL had no other cash flow hedges reclassified into earnings associated with discontinued cash flow hedges in 2015. At December 31, 2017 , the 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. In December 2016, a swap with a notional amount of $32 million was terminated. A cash settlement of $9 million was paid on the terminated swap. The settlement is included in noncurrent regulatory assets on the Balance Sheet and in "Cash Flows from Operating Activities" on the Statement of Cash Flows. At December 31, 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. There were no contracts outstanding at December 31, 2017 . At December 31, 2017 and 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 December 31, 2017 , the total exposure hedged by PPL was approximately £2.6 billion (approximately $3.5 billion based on contracted rates). These contracts had termination dates ranging from January 2018 through June 2020 . In the third quarter of 2016, PPL settled foreign currency hedges related to 2017 and 2018 anticipated earnings, resulting in receipt of $310 million of cash and entered into new hedges at current market rates. The notional amount of the settled hedges was approximately £1.3 billion (approximately $2.0 billion based on contracted rates) with termination dates from January 2017 through November 2018 . The settlement did not have a significant impact on net income as the hedge values were previously marked to fair value and recognized in "Other Income (Expense) - net" on the Statement of Income. 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 December 31, 2017 and 2016 . See Note 1 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. December 31, 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) $ — $ — $ — $ 4 $ — $ — $ — $ 4 Cross-currency swaps (b) 4 — — — 32 — — — Foreign currency contracts — — 45 67 — — 31 21 Total current 4 — 45 71 32 — 31 25 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 22 — — — 27 Cross-currency swaps (b) 97 — — — 156 — — — Foreign currency contracts — — 118 81 — — 180 6 Total noncurrent 97 — 118 103 156 — 180 33 Total derivatives $ 101 $ — $ 163 $ 174 $ 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. Derivative Relationships Derivative Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivative Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2017 Cash Flow Hedges: Interest rate swaps $ — Interest Expense $ (9 ) $ — Cross-currency swaps (98 ) Other Income (Expense) - net (82 ) — Total $ (98 ) $ (91 ) $ — Net Investment Hedges: Foreign currency contracts $ 1 2016 Cash Flow Hedges: Interest rate swaps $ (21 ) Interest Expense $ (7 ) $ — Cross-currency swaps 130 Other Income (Expense) - net 116 — Interest Expense 3 — Total $ 109 $ 112 $ — Net Investment Hedges: Foreign currency contracts $ 2 Derivative Relationships Derivative Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivative Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2015 Cash Flow Hedges: Interest rate swaps $ (34 ) Interest Expense $ (11 ) $ — Discontinued operations — (77 ) Cross-currency swaps 60 Other Income (Expense) - net 49 — Interest Expense 2 — Commodity contracts Discontinued operations 13 7 Total $ 26 $ 53 $ (70 ) Net Investment Hedges: Foreign currency contracts $ 9 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2017 2016 2015 Foreign currency contracts Other Income (Expense) - net $ (261 ) $ 384 $ 122 Interest rate swaps Interest Expense (6 ) (7 ) (8 ) Total $ (267 ) $ 377 $ 114 Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ — $ — $ (22 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ 5 $ 7 $ 1 (LKE) The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets. All derivative instruments designated as cash flow hedges were terminated in 2015 and there is no activity in the current period. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ — $ — $ (22 ) (LG&E) The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets. All derivative instruments designated as cash flow hedges were terminated in 2015 and there is no activity in the current period. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory asset - noncurrent $ — $ — $ (11 ) (KU) The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets. All derivative instruments designated as cash flow hedges were terminated in 2015 and there is no activity in the current period. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ — $ — $ (11 ) (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. December 31, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 4 $ — $ 4 Total current — 4 — 4 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 22 — 27 Total noncurrent — 22 — 27 Total derivatives $ — $ 26 $ — $ 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. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Interest Expense $ (6 ) $ (7 ) $ (8 ) Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ 5 $ 7 $ 1 (PPL, LKE, LG&E and KU) Offsetting Derivative Instruments PPL, LKE, LG&E and KU or certain of their subsidiaries have master netting arrangements in place and also enter into agreements pursuant to which they purchase or sell certain energy and other products. Under the agreements, upon termination of the agreement as a result of a default or other termination event, the non-defaulting party typically would have a right to set off amounts owed under the agreement against any other obligations arising between the two parties (whether under the agreement or not), whether matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation. PPL, LKE, LG&E and KU have elected not to offset derivative assets and liabilities and not to offset net derivative positions against the right to reclaim cash collateral pledged (an asset) or the obligation to return cash collateral received (a liability) under derivatives agreements. The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2017 Treasury Derivatives PPL $ 264 $ 107 $ 20 $ 137 $ 174 $ 107 $ — $ 67 LKE — — — — 26 — — 26 LG&E — — — — 26 — — 26 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net 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 December 31, 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 $ 51 $ 10 $ 10 Aggregate fair value of collateral posted on these derivative instruments — — — Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 51 10 10 (a) Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 18. Goodwill and Other Intangible Assets Goodwill (PPL) The changes in the carrying amount of goodwill by segment were: U.K. Regulated Kentucky Regulated Total 2017 2016 2017 2016 2017 2016 Balance at beginning of period (a) $ 2,398 $ 2,888 $ 662 $ 662 $ 3,060 $ 3,550 Effect of foreign currency exchange rates 198 (490 ) 198 (490 ) Balance at end of period (a) $ 2,596 $ 2,398 $ 662 $ 662 $ 3,258 $ 3,060 (a) There were no accumulated impairment losses related to goodwill. Other Intangible Assets (PPL) The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Contracts (a) $ 138 $ 67 $ 405 $ 325 Land and transmission rights 382 120 362 115 Emission allowances/RECs (b) 1 — 2 — Licenses and other 7 3 6 2 Total subject to amortization 528 190 775 442 Not subject to amortization due to indefinite life: Land and transmission rights 12 — 19 — Easements 347 — 348 — Total not subject to amortization due to indefinite life 359 — 367 — Total $ 887 $ 190 $ 1,142 $ 442 (a) Gross carrying amount in 2017 and 2016 includes the fair value at the acquisition date of the OVEC power purchase contract with terms favorable to market recognized as a result of the 2010 acquisition of LKE by PPL. Gross carrying amount in 2016 also includes the fair value at the acquisition date of coal contracts with terms favorable to market recognized as a result of the 2010 acquisition of LKE by PPL. At December 31, 2016, these coal contracts were fully amortized. Offsetting regulatory liabilities were recorded related to these contracts, which are being amortized over the same period as the intangible assets, eliminating any income statement impact. This is referred to as "regulatory offset" in the tables below. See Note 6 for additional information. (b) Emission allowances/RECs are expensed when consumed or sold; therefore, there is no accumulated amortization. Current intangible assets are included in "Other current assets" and long-term intangible assets are included in "Other intangibles" on the Balance Sheets. Amortization Expense was as follows: 2017 2016 2015 Intangible assets with no regulatory offset $ 6 $ 6 $ 6 Intangible assets with regulatory offset 9 24 51 Total $ 15 $ 30 $ 57 Amortization expense for each of the next five years, excluding insignificant amounts for consumption of emission allowances/RECs, is estimated to be: 2018 2019 2020 2021 2022 Intangible assets with no regulatory offset $ 6 $ 6 $ 6 $ 6 $ 6 Intangible assets with regulatory offset 9 9 8 8 8 Total $ 15 $ 15 $ 14 $ 14 $ 14 (PPL Electric) The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Land and transmission rights $ 361 $ 117 $ 341 $ 112 Licenses and other 3 1 3 1 Total subject to amortization 364 118 344 113 Not subject to amortization due to indefinite life: Land and transmission rights 13 — 20 — Total $ 377 $ 118 $ 364 $ 113 Intangible assets are shown as "Intangibles" on the Balance Sheets. Amortization expense was insignificant in 2017 , 2016 and 2015 and is expected to be insignificant in future years. (LKE) The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ — $ — $ 269 $ 269 Land and transmission rights 21 3 21 3 OVEC power purchase agreement (b) 126 58 126 49 Total subject to amortization $ 147 $ 61 $ 416 $ 321 (a) Gross carrying amount represents the fair value at the acquisition date of coal contracts with terms favorable to market recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to these contracts, which was amortized over the same period as the intangible asset, eliminating any income statement impact. (b) Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 6 for additional information. Long-term intangible assets are presented as "Other intangibles" on the Balance Sheets. Amortization expense was as follows: 2017 2016 2015 Intangible assets with no regulatory offset $ — $ 1 $ — Intangible assets with regulatory offset 9 24 51 Total $ 9 $ 25 $ 51 Amortization expense for each of the next five years is estimated to be: 2018 2019 2020 2021 2022 Intangible assets with regulatory offset $ 9 $ 9 $ 8 $ 8 $ 8 (LG&E) The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ — $ — $ 124 $ 124 Land and transmission rights 7 1 7 1 OVEC power purchase agreement (b) 87 40 87 34 Total subject to amortization $ 94 $ 41 $ 218 $ 159 (a) Gross carrying amount represents the fair value at the acquisition date of coal contracts with terms favorable to market recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to these contracts, which was amortized over the same period as the intangible asset, eliminating any income statement impact. (b) Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 6 for additional information. Long-term intangible assets are presented as "Other intangibles" on the Balance Sheets. Amortization expense was as follows: 2017 2016 2015 Intangible assets with regulatory offset $ 6 $ 13 $ 24 Amortization expense for each of the next five years is estimated to be: 2018 2019 2020 2021 2022 Intangible assets with regulatory offset $ 6 $ 6 $ 6 $ 6 $ 6 (KU) The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ — $ — $ 145 $ 145 Land and transmission rights 14 2 14 2 OVEC power purchase agreement (b) 39 18 39 15 Total subject to amortization $ 53 $ 20 $ 198 $ 162 (a) Gross carrying amount represents the fair value at the acquisition date of coal contracts with terms favorable to market recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to these contracts, which was amortized over the same period as the intangible asset, eliminating any income statement impact. (b) Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 6 for additional information. Long-term intangible assets are presented as "Other intangibles" on the Balance Sheets. Amortization expense was as follows: 2017 2016 2015 Intangible assets with no regulatory offset $ — $ 1 $ — Intangible assets with regulatory offset 3 11 27 Total $ 3 $ 12 $ 27 Amortization expense for each of the next five years is estimated to be: 2018 2019 2020 2021 2022 Intangible assets with regulatory offset $ 3 $ 3 $ 2 $ 2 $ 2 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 19. Asset Retirement Obligations (PPL) WPD has recorded conditional AROs required by U.K. law related to treated wood poles, gas-filled switchgear and fluid-filled cables. (PPL and PPL Electric) PPL Electric has identified legal retirement obligations for the retirement of certain transmission assets that could not be reasonably estimated due to indeterminable settlement dates. These assets are located on rights-of-way that allow the grantor to require PPL Electric to relocate or remove the assets. Since this option is at the discretion of the grantor of the right-of-way, PPL Electric is unable to determine when these events may occur. (PPL, LKE, LG&E and KU) LG&E's and KU's AROs are primarily related to the final retirement of assets associated with generating units. LG&E also has AROs related to natural gas mains and wells. LG&E's and KU's transmission and distribution lines largely operate under perpetual property easement agreements, which do not generally require restoration upon removal of the property. Therefore, no material AROs are recorded for transmission and distribution assets. As described in Notes 1 and 6, for LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows: PPL LKE LG&E KU 2017 2016 2017 2016 2017 2016 2017 2016 ARO at beginning of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 Accretion 21 24 20 22 7 7 13 15 Changes in estimated timing or cost (a) (73 ) (84 ) (54 ) (95 ) (8 ) (19 ) (46 ) (76 ) Effect of foreign currency exchange rates 4 (9 ) — — — — — — Obligations settled (43 ) (29 ) (43 ) (29 ) (23 ) (18 ) (20 ) (11 ) ARO at end of period $ 397 $ 488 $ 356 $ 433 $ 121 $ 145 $ 235 $ 288 (a) LKE recorded decreases of $60 million ( $52 million at KU and $8 million at LG&E) and $114 million ( $90 million at KU and $24 million at LG&E) to the existing AROs during 2017 and 2016 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. See Note 13 for information on the final CCR rule and Note 6 for information on the rate recovery applications. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | 20. Accumulated Other Comprehensive Income (Loss) (PPL and LKE) The after-tax changes in AOCI by component for the years ended December 31 were as follows: Unrealized gains (losses) Defined benefit plans Foreign currency translation adjustments Available- for-sale securities Qualifying derivatives Equity investees' AOCI Prior service costs Actuarial gain (loss) Total PPL December 31, 2014 $ (286 ) $ 201 $ 20 $ 1 $ 3 $ (2,213 ) $ (2,274 ) Amounts arising during the year (234 ) 8 26 — (9 ) (366 ) (575 ) Reclassifications from AOCI — (2 ) 2 (1 ) — 146 145 Net OCI during the year (234 ) 6 28 (1 ) (9 ) (220 ) (430 ) Distribution of PPL Energy — (207 ) (55 ) — — 238 (24 ) December 31, 2015 $ (520 ) $ — $ (7 ) $ — $ (6 ) $ (2,195 ) $ (2,728 ) Amounts arising during the year (1,107 ) — 91 — (3 ) (61 ) (1,080 ) Reclassifications from AOCI — — (91 ) (1 ) 1 121 30 Net OCI during the year (1,107 ) — — (1 ) (2 ) 60 (1,050 ) December 31, 2016 $ (1,627 ) $ — $ (7 ) $ (1 ) $ (8 ) $ (2,135 ) $ (3,778 ) Amounts arising during the year 538 — (79 ) — — (308 ) 151 Reclassifications from AOCI — — 73 1 1 130 205 Net OCI during the year 538 — (6 ) 1 1 (178 ) 356 December 31, 2017 $ (1,089 ) $ — $ (13 ) $ — $ (7 ) $ (2,313 ) $ (3,422 ) LKE December 31, 2014 $ — $ (8 ) $ (37 ) $ (45 ) Amounts arising during the year — (3 ) (4 ) (7 ) Reclassifications from AOCI — 1 5 6 Net OCI during the year — (2 ) 1 (1 ) December 31, 2015 $ — $ (10 ) $ (36 ) $ (46 ) Amounts arising during the year — — (27 ) (27 ) Reclassifications from AOCI (1 ) 2 2 3 Net OCI during the year (1 ) 2 (25 ) (24 ) December 31, 2016 $ (1 ) $ (8 ) $ (61 ) $ (70 ) Amounts arising during the year — (2 ) (23 ) (25 ) Reclassifications from AOCI 1 1 5 7 Net OCI during the year 1 (1 ) (18 ) (18 ) December 31, 2017 $ — $ (9 ) $ (79 ) $ (88 ) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the years ended December 31, 2017 , 2016 and 2015 . LKE amounts are insignificant for the years ended December 31, 2017 , 2016 and 2015 . The defined benefit plan components of AOCI are not reflected in their entirety in the statement of income; rather, they are included in the computation of net periodic defined benefit costs (credits) and subject to capitalization. See Note 11 for additional information. PPL Details about AOCI 2017 2016 2015 Affected Line Item on the Available-for-sale securities $ — $ — $ 4 Other Income (Expense) - net Total Pre-tax — — 4 Income Taxes — — (2 ) Total After-tax — — 2 PPL Details about AOCI 2017 2016 2015 Affected Line Item on the Qualifying derivatives Interest rate swaps (9 ) (7 ) (11 ) Interest Expense — — (77 ) Discontinued operations Cross-currency swaps (82 ) 116 49 Other Income (Expense) - net — 3 2 Interest Expense Commodity contracts — — 20 Discontinued operations Total Pre-tax (91 ) 112 (17 ) Income Taxes 18 (21 ) 15 Total After-tax (73 ) 91 (2 ) Equity Investees' AOCI (1 ) 1 1 Other Income (Expense) - net Total Pre-tax (1 ) 1 1 Income Taxes — — — Total After-tax (1 ) 1 1 Defined benefit plans Prior service costs (2 ) (2 ) — Net actuarial loss (167 ) (156 ) (192 ) Total Pre-tax (169 ) (158 ) (192 ) Income Taxes 38 36 46 Total After-tax (131 ) (122 ) (146 ) Total reclassifications during the year $ (205 ) $ (30 ) $ (145 ) |
LG And E And KU Energy LLC [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | 20. Accumulated Other Comprehensive Income (Loss) (PPL and LKE) The after-tax changes in AOCI by component for the years ended December 31 were as follows: Unrealized gains (losses) Defined benefit plans Foreign currency translation adjustments Available- for-sale securities Qualifying derivatives Equity investees' AOCI Prior service costs Actuarial gain (loss) Total PPL December 31, 2014 $ (286 ) $ 201 $ 20 $ 1 $ 3 $ (2,213 ) $ (2,274 ) Amounts arising during the year (234 ) 8 26 — (9 ) (366 ) (575 ) Reclassifications from AOCI — (2 ) 2 (1 ) — 146 145 Net OCI during the year (234 ) 6 28 (1 ) (9 ) (220 ) (430 ) Distribution of PPL Energy — (207 ) (55 ) — — 238 (24 ) December 31, 2015 $ (520 ) $ — $ (7 ) $ — $ (6 ) $ (2,195 ) $ (2,728 ) Amounts arising during the year (1,107 ) — 91 — (3 ) (61 ) (1,080 ) Reclassifications from AOCI — — (91 ) (1 ) 1 121 30 Net OCI during the year (1,107 ) — — (1 ) (2 ) 60 (1,050 ) December 31, 2016 $ (1,627 ) $ — $ (7 ) $ (1 ) $ (8 ) $ (2,135 ) $ (3,778 ) Amounts arising during the year 538 — (79 ) — — (308 ) 151 Reclassifications from AOCI — — 73 1 1 130 205 Net OCI during the year 538 — (6 ) 1 1 (178 ) 356 December 31, 2017 $ (1,089 ) $ — $ (13 ) $ — $ (7 ) $ (2,313 ) $ (3,422 ) LKE December 31, 2014 $ — $ (8 ) $ (37 ) $ (45 ) Amounts arising during the year — (3 ) (4 ) (7 ) Reclassifications from AOCI — 1 5 6 Net OCI during the year — (2 ) 1 (1 ) December 31, 2015 $ — $ (10 ) $ (36 ) $ (46 ) Amounts arising during the year — — (27 ) (27 ) Reclassifications from AOCI (1 ) 2 2 3 Net OCI during the year (1 ) 2 (25 ) (24 ) December 31, 2016 $ (1 ) $ (8 ) $ (61 ) $ (70 ) Amounts arising during the year — (2 ) (23 ) (25 ) Reclassifications from AOCI 1 1 5 7 Net OCI during the year 1 (1 ) (18 ) (18 ) December 31, 2017 $ — $ (9 ) $ (79 ) $ (88 ) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the years ended December 31, 2017 , 2016 and 2015 . LKE amounts are insignificant for the years ended December 31, 2017 , 2016 and 2015 . The defined benefit plan components of AOCI are not reflected in their entirety in the statement of income; rather, they are included in the computation of net periodic defined benefit costs (credits) and subject to capitalization. See Note 11 for additional information. PPL Details about AOCI 2017 2016 2015 Affected Line Item on the Available-for-sale securities $ — $ — $ 4 Other Income (Expense) - net Total Pre-tax — — 4 Income Taxes — — (2 ) Total After-tax — — 2 PPL Details about AOCI 2017 2016 2015 Affected Line Item on the Qualifying derivatives Interest rate swaps (9 ) (7 ) (11 ) Interest Expense — — (77 ) Discontinued operations Cross-currency swaps (82 ) 116 49 Other Income (Expense) - net — 3 2 Interest Expense Commodity contracts — — 20 Discontinued operations Total Pre-tax (91 ) 112 (17 ) Income Taxes 18 (21 ) 15 Total After-tax (73 ) 91 (2 ) Equity Investees' AOCI (1 ) 1 1 Other Income (Expense) - net Total Pre-tax (1 ) 1 1 Income Taxes — — — Total After-tax (1 ) 1 1 Defined benefit plans Prior service costs (2 ) (2 ) — Net actuarial loss (167 ) (156 ) (192 ) Total Pre-tax (169 ) (158 ) (192 ) Income Taxes 38 36 46 Total After-tax (131 ) (122 ) (146 ) Total reclassifications during the year $ (205 ) $ (30 ) $ (145 ) |
New Accounting Guidance Pending
New Accounting Guidance Pending Adoption | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Guidance Pending Adoption | 21. 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 their revenue under this new guidance and 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. 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. The Registrants will include disaggregation of revenues by geographic location, customer class or type of service, as applicable. 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 disclose the opening and closing balances of accounts receivable and any contract assets or contract liabilities resulting from contracts with customers. The Registrants adopted this guidance effective January 1, 2018 using the modified retrospective transition method. 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. One of these practical expedients allows entities to elect to not evaluate land easements as leases that exist or expired before the adoption date and were not previously accounted for as leases under current lease guidance. 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 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 adopted 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 $175 million and $120 million for the years ended 2017 and 2016. The Registrants are finalizing the expected 2018 impacts of adopting the guidance as the amounts are 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. (PPL and LKE) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued accounting guidance that gives entities the option to reclassify tax effects stranded within AOCI as a result of the TCJA to retained earnings. The reclassification applies only to those stranded tax effects arising from the TCJA enactment. Certain disclosures related to the stranded tax effects, including a description of the accounting policy for releasing income tax effects from AOCI, are required. For all entities, this guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The amendments should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Registrants are currently assessing this guidance and the period in which they will adopt it. |
SCHEDULE I - CONDENSED UNCONSOL
SCHEDULE I - CONDENSED UNCONSOLICATED FINANCIAL STATEMENTS AND NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2017 | |
PPL Corp [Member] | |
Condensed Unconsolidated Financial Information [Line Items] | |
Schedule I - Condensed Unconsolidated Financial Information | SCHEDULE I - PPL CORPORATION CONDENSED UNCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, (Millions of Dollars, except share data) 2017 2016 2015 Operating Revenues $ — $ — $ — Operating Expenses Other operation and maintenance 2 2 9 Total Operating Expenses 2 2 9 Operating Loss (2 ) (2 ) (9 ) Other Income (Expense) - net Equity in earnings of subsidiaries 1,175 1,915 711 Other income (expense) (1 ) (1 ) (15 ) Total 1,174 1,914 696 Interest Expense 8 8 9 Interest Expense with Affiliates 16 10 10 Income Before Income Taxes 1,148 1,894 668 Income Taxes 20 (8 ) (14 ) Net Income $ 1,128 $ 1,902 $ 682 Total other comprehensive income (loss) 356 (1,050 ) (430 ) Comprehensive Income Attributable to PPL Shareowners $ 1,484 $ 852 $ 252 Earnings Per Share of Common Stock: Net Income Available to PPL Common Shareowners: Basic $ 1.64 $ 2.80 $ 1.01 Diluted $ 1.64 $ 2.79 $ 1.01 Weighted-Average Shares of Common Stock Outstanding (in thousands) Basic 685,240 677,592 669,814 Diluted 687,334 680,446 672,586 The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. SCHEDULE I - PPL CORPORATION CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, (Millions of Dollars) 2017 2016 2015 Cash Flows from Operating Activities Net cash provided by (used in) operating activities $ 1,108 $ 1,563 $ 993 Cash Flows from Investing Activities Capital contributions to affiliated subsidiaries (585 ) (308 ) (491 ) Return of capital from affiliated subsidiaries — — 112 Net cash provided by (used in) investing activities (585 ) (308 ) (379 ) Cash Flows from Financing Activities Issuance of equity, net of issuance costs 453 144 203 Net increase (decrease) in short-term debt with affiliates 113 (341 ) 215 Payment of common stock dividends (1,072 ) (1,030 ) (1,004 ) Other (21 ) (24 ) (28 ) Net cash provided by (used in) financing activities (527 ) (1,251 ) (614 ) Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Period 4 — — Cash and Cash Equivalents at End of Period $ — $ 4 $ — Supplemental Disclosures of Cash Flow Information: Cash Dividends Received from Subsidiaries $ 1,253 $ 1,510 $ 1,198 The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. SCHEDULE I - PPL CORPORATION CONDENSED UNCONSOLIDATED BALANCE SHEETS AT DECEMBER 31, (Millions of Dollars, shares in thousands) 2017 2016 Assets Current Assets Cash and cash equivalents $ — $ 4 Accounts Receivable Other 7 7 Affiliates 17 10 Price risk management assets 196 63 Total Current Assets 220 84 Investments Affiliated companies at equity 11,141 10,160 Other Noncurrent Assets Deferred income taxes 46 70 Price risk management assets 186 284 Other noncurrent assets 1 1 Total Other Noncurrent Assets 233 355 Total Assets $ 11,594 $ 10,599 Liabilities and Equity Current Liabilities Short-term debt with affiliates $ 157 $ 44 Accounts payable with affiliates 2 30 Dividends 273 259 Price risk management liabilities 233 237 Other current liabilities 19 20 Total Current Liabilities 684 590 Deferred Credits and Other Noncurrent Liabilities 149 110 Equity Common stock - $0.01 par value (a) 7 7 Additional paid-in capital 10,305 9,841 Earnings reinvested 3,871 3,829 Accumulated other comprehensive loss (3,422 ) (3,778 ) Total Equity 10,761 9,899 Total Liabilities and Equity $ 11,594 $ 10,599 (a) 1,560,000 shares authorized; 693,398 and 679,731 shares issued and outstanding at December 31, 2017 and December 31, 2016. The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. SCHEDULE I - PPL CORPORATION NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS 1. Basis of Presentation PPL Corporation is a holding company and conducts substantially all of its business operations through its subsidiaries. Substantially all of its consolidated assets are held by such subsidiaries. PPL Corporation uses the equity method to account for its investments in entities in which it has a controlling financial interest. PPL Corporation's cash flow and its ability to meet its obligations are largely dependent upon the earnings of these subsidiaries and the distribution or other payment of such earnings to it in the form of dividends, loans or advances or repayment of loans and advances from it. These condensed financial statements and related footnotes have been prepared in accordance with Reg. §210.12-04 of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements and notes thereto of PPL Corporation. PPL Corporation indirectly or directly owns all of the ownership interests of its significant subsidiaries. PPL Corporation relies on dividends or loans from its subsidiaries to fund PPL Corporation's dividends to its common shareowners and to meet its other cash requirements. See Note 7 to PPL Corporation's consolidated financial statements for discussions related to restricted net assets of its subsidiaries for the purposes of transferring funds to PPL in the form of distributions, loans or advances. 2. Commitments and Contingencies See Note 13 to PPL Corporation's consolidated financial statements for commitments and contingencies of its subsidiaries. Guarantees and Other Assurances PPL Corporation's subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts that may become due under PPL Corporation's guarantees or other assurances or to make any funds available for such payment. PPL Corporation fully and unconditionally guarantees the payment of principal, premium and interest on all of the debt securities of PPL Capital Funding. The estimated maximum potential amount of future payments that could be required under the guarantees at December 31, 2017 was $9.7 billion . These guarantees will expire in 2073 . The probability of expected payment under these guarantees is remote. |
L G And E And K U Energy L L C Unconsolidated [Member] | |
Condensed Unconsolidated Financial Information [Line Items] | |
Schedule I - Condensed Unconsolidated Financial Information | SCHEDULE I - LG&E and KU Energy LLC CONDENSED UNCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, (Millions of Dollars) 2017 2016 2015 Other Income (Expense) - net Equity in Earnings of Subsidiaries $ 397 $ 452 $ 390 Interest Income with Affiliate 14 9 4 Total 411 461 394 Interest Expense 30 29 39 Interest Expense with Affiliate 20 18 5 Income Before Income Taxes 361 414 350 Income Tax Expense (Benefit) 45 (15 ) (14 ) Net Income $ 316 $ 429 $ 364 Total other comprehensive loss (18 ) (24 ) (1 ) Comprehensive Income Attributable to Member $ 298 $ 405 $ 363 The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. SCHEDULE I - LG&E and KU Energy LLC CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, (Millions of Dollars) 2017 2016 2015 Cash Flows from Operating Activities Net cash provided by (used in) operating activities $ 401 $ 285 $ 246 Cash Flows from Investing Activities Capital contributions to affiliated subsidiaries (30 ) (91 ) (140 ) Net decrease (increase) in notes receivable from affiliates (28 ) 47 73 Net cash provided by (used in) investing activities (58 ) (44 ) (67 ) Cash Flows from Financing Activities Net increase (decrease) in notes payable with affiliates 58 90 315 Net increase (decrease) in short-term debt — (75 ) — Retirement of long-term debt — — (400 ) Contribution from member — 61 125 Distribution to member (402 ) (316 ) (219 ) Net cash provided by (used in) financing activities (344 ) (240 ) (179 ) Net Increase (Decrease) in Cash and Cash Equivalents (1 ) 1 — Cash and Cash Equivalents at Beginning of Period 1 — — Cash and Cash Equivalents at End of Period $ — $ 1 $ — Supplemental disclosures of cash flow information: Cash Dividends Received from Subsidiaries $ 418 $ 376 $ 272 The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. SCHEDULE I - LG&E and KU Energy LLC CONDENSED UNCONSOLIDATED BALANCE SHEETS AT DECEMBER 31, (Millions of Dollars) 2017 2016 Assets Current Assets Cash and cash equivalents $ — $ 1 Accounts receivable 1 — Accounts receivable from affiliates 8 23 Income taxes receivable 1 31 Notes receivable from affiliates 1,035 1,007 Total Current Assets 1,045 1,062 Investments Affiliated companies at equity 5,209 5,219 Other Noncurrent Assets Deferred income taxes 263 227 Total Assets $ 6,517 $ 6,508 Liabilities and Equity Current Liabilities Notes payable to affiliates $ 241 $ 179 Accounts payable to affiliates 469 450 Taxes 35 — Other current liabilities 5 6 Total Current Liabilities 750 635 Long-term Debt Long-term debt 722 721 Notes payable to affiliates 476 480 Total Long-term Debt 1,198 1,201 Deferred Credits and Other Noncurrent Liabilities 6 5 Equity 4,563 4,667 Total Liabilities and Equity $ 6,517 $ 6,508 The accompanying Notes to Condensed Unconsolidated Financial Statements are an integral part of the financial statements. Schedule I - LG&E and KU Energy LLC Notes to Condensed Unconsolidated Financial Statements 1. Basis of Presentation LG&E and KU Energy LLC (LKE) is a holding company and conducts substantially all of its business operations through its subsidiaries. Substantially all of its consolidated assets are held by such subsidiaries. LKE uses the equity method to account for its investments in entities in which it has a controlling financial interest. LKE's cash flow and its ability to meet its obligations are largely dependent upon the earnings of these subsidiaries and the distribution or other payment of such earnings to it in the form of dividends or repayment of loans and advances from the subsidiaries. These condensed financial statements and related footnotes have been prepared in accordance with Reg. §210.12-04 of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements and notes thereto of LKE. LKE indirectly or directly owns all of the ownership interests of its significant subsidiaries. LKE relies primarily on dividends from its subsidiaries to fund LKE's distributions to its member and to meet its other cash requirements. See Note 7 to LKE's consolidated financial statements for discussions related to restricted net assets of its subsidiaries for the purposes of transferring funds to LKE in the form of distributions, loans or advances. 2. Commitments and Contingencies See Note 13 to LKE's consolidated financial statements for commitments and contingencies of its subsidiaries. Guarantees 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 formerly covered other indemnifications related to the purchase price of excess power, had a term expiring in 2023 , and a maximum exposure of $100 million , which excess power matter and related indemnifications had been the subject of a dispute and legal proceeding among the parties. In December 2017, the parties executed settlement agreements which resolved all claims relating to the excess power matter, and terminated such guarantee, for $11 million . 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. 3. Long-Term Debt See Note 7 to LKE's consolidated financial statements for the terms of LKE's outstanding senior unsecured notes outstanding. Of the total outstanding, $475 million matures in 2020 and $250 million matures in 2021 . These maturities are based on stated maturities. Also see Note 7 to LKE's consolidated financial statements for the terms of LKE's $400 million note payable to a PPL affiliate. This note matures in 2026 . LKE's $76 million note payable to LG&E and KU Services Company bears a variable interest rate, which resets each quarter based on LIBOR. The rate at December 31, 2017 was 2.1% . This note matures in 2019 . |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Unaudited [Line Items] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL, COMMON STOCK PRICE AND DIVIDEND DATA (Unaudited) PPL Corporation and Subsidiaries (Millions of Dollars, except per share data) For the Quarters Ended (a) March 31 June 30 Sept. 30 Dec. 31 2017 Operating revenues $ 1,951 $ 1,725 $ 1,845 $ 1,926 Operating income 796 702 777 793 Net income 403 292 355 78 Net income available to PPL common shareowners: (b) Basic EPS 0.59 0.43 0.52 0.11 Diluted EPS 0.59 0.43 0.51 0.11 Dividends declared per share of common stock (c) 0.3950 0.3950 0.3950 0.3950 Price per common share: High $ 37.70 $ 40.06 $ 39.83 $ 38.37 Low 33.94 37.11 37.36 30.76 2016 Operating revenues $ 2,011 $ 1,785 $ 1,889 $ 1,832 Operating income 823 725 786 714 Net income 481 483 473 465 Net income available to PPL common shareowners: (b) Basic EPS 0.71 0.71 0.70 0.68 Diluted EPS 0.71 0.71 0.69 0.68 Dividends declared per share of common stock (c) 0.38 0.38 0.38 0.38 Price per common share: High $ 38.07 $ 39.68 $ 37.71 $ 34.74 Low 32.80 36.27 33.63 32.19 (a) Quarterly results can vary depending on, among other things, weather. Accordingly, comparisons among quarters of a year may not be indicative of overall trends and changes in operations. (b) The sum of the quarterly amounts may not equal annual earnings per share due to changes in the number of common shares outstanding during the year or rounding. (c) PPL has paid quarterly cash dividends on its common stock in every year since 1946. Future dividends, declared at the discretion of the Board of Directors, will be dependent upon future earnings, cash flows, financial requirements and other factors. |
PPL Electric Utilities Corp [Member] | |
Quarterly Financial Information Unaudited [Line Items] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL DATA (Unaudited) PPL Electric Utilities Corporation and Subsidiaries (Millions of Dollars) For the Quarters Ended (a) March 31 June 30 Sept. 30 Dec. 31 2017 Operating revenues $ 573 $ 500 $ 547 $ 575 Operating income 159 156 189 197 Net income 79 77 95 111 2016 Operating revenues $ 585 $ 495 $ 539 $ 537 Operating income 180 154 176 154 Net income 94 79 90 77 (a) PPL Electric's business is seasonal in nature, with peak sales periods generally occurring in the winter and summer months. Accordingly, comparisons among quarters of a year may not be indicative of overall trends and changes in operations. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Line Items] | |
Business and Consolidation | Business and Consolidation (PPL) PPL is a utility holding company that, through its regulated subsidiaries, is primarily engaged in: 1) the distribution of electricity in the U.K.; 2) the generation, transmission, distribution and sale of electricity and the distribution and sale of natural gas, primarily in Kentucky; and 3) the transmission, distribution and sale of electricity in Pennsylvania. Headquartered in Allentown, PA, PPL's principal subsidiaries are PPL Global, LKE (including its principal subsidiaries, LG&E and KU) and PPL Electric. PPL's corporate level financing subsidiary is PPL Capital Funding. WPD, a subsidiary of PPL Global, through indirect, wholly owned subsidiaries, operates distribution networks providing electricity service in the U.K. WPD serves end-users in South Wales and southwest and central England. Its principal subsidiaries are WPD (South Wales), WPD (South West), WPD (East Midlands) and WPD (West Midlands). PPL consolidates WPD on a one -month lag. Material events, such as debt issuances that occur in the lag period, are recognized in the current period financial statements. Events that are significant but not material are disclosed. (PPL and PPL Electric) PPL Electric is a cost-based rate-regulated utility subsidiary of PPL. PPL Electric's principal business is the transmission and distribution of electricity to serve retail customers in its franchised territory in eastern and central Pennsylvania and the regulated supply of electricity to retail customers in that territory as a PLR. (PPL, LKE, LG&E and KU) LKE is a utility holding company with cost-based rate-regulated utility operations through its subsidiaries, LG&E and KU. LG&E and KU are engaged in the generation, transmission, distribution and sale of electricity. LG&E also engages in the distribution and sale of natural gas. LG&E and KU maintain their separate identities and serve customers in Kentucky under their respective names. KU also serves customers in Virginia under the Old Dominion Power name and in Tennessee under the KU name. (PPL) "Loss from Discontinued Operations (net of income taxes)" on the 2015 Statement of Income includes the activities of PPL Energy Supply, substantially representing PPL's former Supply segment, which was spun off and distributed to PPL shareowners on June 1, 2015. In addition, the Statement of Cash Flows for the same period separately reports the cash flows of the discontinued operations. See Note 8 for additional information. (All Registrants) The financial statements of the Registrants include each company's own accounts as well as the accounts of all entities in which the company has a controlling financial interest. Entities for which a controlling financial interest is not demonstrated through voting interests are evaluated based on accounting guidance for Variable Interest Entities (VIEs). The Registrants consolidate a VIE when they are determined to have a controlling interest in the VIE, and as a result are the primary beneficiary of the entity. The Registrants are not the primary beneficiary in any VIEs. Investments in entities in which a company has the ability to exercise significant influence but does not have a controlling financial interest are accounted for under the equity method. All other investments are carried at cost or fair value. All significant intercompany transactions have been eliminated. The financial statements of PPL, LKE, LG&E and KU include their share of any undivided interests in jointly owned facilities, as well as their share of the related operating costs of those facilities. See Note 12 for additional information. |
Regulation | Regulation (PPL) WPD operates in an incentive-based regulatory structure under distribution licenses granted by Ofgem. Electricity distribution revenues are set by Ofgem for a given time period through price control reviews that are not directly based on cost recovery. The price control formula that governs WPD's allowed revenue is designed to provide economic incentives to minimize operating, capital and financing costs. As a result, WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP and does not record regulatory assets and liabilities. (PPL Electric, LG&E and KU) PPL Electric, LG&E and KU are cost-based rate-regulated utilities for which rates are set by regulators to enable PPL Electric, LG&E and KU to recover the costs of providing electric or gas service, as applicable, and to provide a reasonable return to shareholders. Base rates are generally established based on a future test period. As a result, the financial statements are subject to the accounting for certain types of regulation as prescribed by GAAP and reflect the effects of regulatory actions. Regulatory assets are recognized for the effect of transactions or events where future recovery of underlying costs is probable in regulated customer rates. The effect of such accounting is to defer certain or qualifying costs that would otherwise currently be charged to expense. Regulatory liabilities are recognized for amounts expected to be returned through future regulated customer rates. In certain cases, regulatory liabilities are recorded based on an understanding or agreement with the regulator that rates have been set to recover costs that are expected to be incurred in the future, and the regulated entity is accountable for any amounts charged pursuant to such rates and not yet expended for the intended purpose. The accounting for regulatory assets and regulatory liabilities is based on specific ratemaking decisions or precedent for each transaction or event as prescribed by the FERC or the applicable state regulatory commissions. See Note 6 for additional details regarding regulatory matters. |
Accounting Records | Accounting Records The system of accounts for domestic regulated entities is maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the applicable state regulatory commissions. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Loss Accruals | Loss Accruals Potential losses are accrued when (1) information is available that indicates it is "probable" that a loss has been incurred, given the likelihood of the uncertain future events and (2) the amount of the loss can be reasonably estimated. Accounting guidance defines "probable" as cases in which "the future event or events are likely to occur." The Registrants continuously assess potential loss contingencies for environmental remediation, litigation claims, regulatory penalties and other events. Loss accruals for environmental remediation are discounted when appropriate. The accrual of contingencies that might result in gains is not recorded, unless realization is assured. |
Earnings Per Share | Earnings Per Share (PPL) EPS is computed using the two-class method, which is an earnings allocation method for computing EPS that treats a participating security as having rights to earnings that would otherwise have been available to common shareowners. Share-based payment awards that provide recipients a non-forfeitable right to dividends or dividend equivalents are considered participating securities. |
Price Risk Management | Price Risk Management (All Registrants) Interest rate contracts are used to hedge exposure to changes in the fair value of debt instruments and to hedge exposure to variability in expected cash flows associated with existing floating-rate debt instruments or forecasted fixed-rate issuances of debt. Foreign currency exchange contracts are used to hedge foreign currency exposures, primarily associated with PPL's investments in U.K. subsidiaries. Similar derivatives may receive different accounting treatment, depending on management's intended use and documentation. Certain contracts may not meet the definition of a derivative because they lack a notional amount or a net settlement provision. In cases where there is no net settlement provision, markets are periodically assessed to determine whether market mechanisms have evolved that would facilitate net settlement. Certain derivative contracts may be excluded from the requirements of derivative accounting treatment because NPNS has been elected. These contracts are accounted for using accrual accounting. Contracts that have been classified as derivative contracts are reflected on the balance sheets at fair value. The portion of derivative positions that deliver within a year are included in "Current Assets" and "Current Liabilities," while the portion of derivative positions that deliver beyond a year are recorded in "Other Noncurrent Assets" and "Deferred Credits and Other Noncurrent Liabilities." Cash inflows and outflows related to derivative instruments are included as a component of operating, investing or financing activities on the Statements of Cash Flows, depending on the classification of the hedged items. PPL and its subsidiaries have elected not to offset net derivative positions against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. (PPL) Processes exist that allow for subsequent review and validation of the contract information as it relates to interest rate and foreign currency derivatives. The accounting department provides the treasury department with guidelines on appropriate accounting classifications for various contract types and strategies. Examples of accounting guidelines provided to the treasury department staff include, but are not limited to: • Transactions to lock in an interest rate prior to a debt issuance can be designated as cash flow hedges, to the extent the forecasted debt issuances remain probable of occurring. • Cross-currency transactions to hedge interest and principal repayments can be designated as cash flow hedges. • Transactions to hedge fluctuations in the fair value of existing debt can be designated as fair value hedges. • Transactions to hedge the value of a net investment of foreign operations can be designated as net investment hedges. • Derivative transactions that do not qualify for cash flow or net investment hedge treatment are marked to fair value through earnings. These transactions generally include foreign currency forwards and options to hedge GBP-denominated earnings translation risk associated with PPL's U.K. subsidiaries that report their financial statements in GBP. As such, these transactions reduce earnings volatility due solely to changes in foreign currency exchange rates. (All Registrants) • Derivative transactions may be marked to fair value through regulatory assets/liabilities at PPL Electric, LG&E and KU if approved by the appropriate regulatory body. These transactions generally include the effect of interest rate swaps that are included in customer rates. (PPL and PPL Electric) To meet its obligation as a PLR to its customers, PPL Electric has entered into certain contracts that meet the definition of a derivative. However, NPNS has been elected for these contracts. See Notes 16 and 17 for additional information on derivatives. 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. |
Revenue Recognition | Revenue Recognition (All Registrants) Operating revenues are primarily recorded based on energy deliveries through the end of the calendar month. Unbilled retail revenues result because customers' bills are rendered throughout the month, rather than bills being rendered at the end of the month. For LKE, LG&E and KU, unbilled revenues for a month are calculated by multiplying an estimate of unbilled kWh by the estimated average cents per kWh. Any difference between estimated and actual revenues is adjusted the following month when the previous unbilled estimate is reversed and actual billings occur. For PPL Electric, unbilled revenues for a month are calculated by multiplying the actual unbilled kWh by an average rate per customer class. (PPL) WPD is currently operating under the eight-year price control period of RIIO-ED1, which commenced for electric distribution companies on April 1, 2015. Ofgem has adopted a price control mechanism that establishes the amount of base demand revenue WPD can earn, subject to certain true-ups, and provides for an increase or reduction in revenues based on incentives or penalties for performance relative to pre-established targets. WPD's allowed revenue primarily includes base demand revenue (adjusted for inflation using RPI), performance incentive revenues/penalties and adjustments for over or under-recovery from prior periods. As the regulatory model is incentive based rather than a cost recovery model, WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. Therefore, the accounting treatment of adjustments to base demand revenue and/or allowed revenue is evaluated primarily based on revenue recognition accounting guidance. Unlike prior price control reviews, base demand revenue under RIIO-ED1 is adjusted during the price control period. The most significant of those adjustments are: • Inflation True-Up - The base demand revenue for the RIIO-ED1 period was set based on 2012/13 prices. Therefore an inflation factor as determined by forecasted RPI, provided by HM Treasury, is applied to base demand revenue. Forecasted RPI is trued up to actuals and affects future base demand revenue two regulatory years later. This revenue change is called the "TRU" adjustment. • Annual Iteration Process (AIP) - The RIIO-ED1 price control period also includes an AIP. This will allow future base demand revenues agreed with the regulator as part of the price control review, to be updated during the price control period for financial adjustments including tax, pensions, cost of debt, legacy price control adjustments from preceding price control periods and adjustments relating to actual and allowed total expenditure together with the Totex Incentive Mechanism (TIM). Under the TIM, WPD's DNOs are able to retain 70% of any amounts not spent against the RIIO-ED1 plan and bear 70% of any over-spends. The AIP calculates an incremental change to base demand revenue, known as the "MOD" adjustment. As both MOD and TRU are changes to future base demand revenues as determined by Ofgem, these adjustments are recognized as a component of revenues in future years in which service is provided and revenues are collected or returned to customers. In addition to base demand revenue, certain other items are added or subtracted to arrive at allowed revenue. The most significant of these are: • Incentives - Ofgem has established incentives to provide opportunities for DNO's to enhance overall returns by improving network efficiency, reliability and customer service. These incentives can result in an increase or reduction in revenues based on incentives or penalties for actual performance against pre-established targets based on past performance. The annual incentives and penalties are reflected in customers' rates on a two -year lag from the time they are earned and/or assessed. Incentive revenues and penalties are included in revenues when they are billed to customers. • Correction Factor - During the current price control period, WPD sets its tariffs to recover allowed revenue. However, in any fiscal period, WPD's revenue could be negatively affected if its tariffs and the volume delivered do not fully recover the revenue allowed for a particular period. Conversely, WPD could also over-recover revenue. Over and under-recoveries are subtracted from or added to allowed revenue in future years when they are billed to customers, known as the "Correction Factor" or "K-factor." Over and under-recovered amounts arising for the periods beginning with the 2014/15 regulatory year and refunded/recovered under RIIO-ED1 will be refunded/recovered on a two year lag (previously one year ). Therefore the 2014/15 over/under-recovery adjustment occurred in the 2016/17 regulatory year. |
Accounts Receivable | Accounts Receivable (All Registrants) Accounts receivable are reported on the Balance Sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Allowance for Doubtful Accounts Accounts receivable collectability is evaluated using a combination of factors, including past due status based on contractual terms, trends in write-offs and the age of the receivable. Specific events, such as bankruptcies, are also considered when applicable. Adjustments to the allowance for doubtful accounts are made when necessary based on the results of analysis, the aging of receivables and historical and industry trends. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. |
Cash | Cash (All Registrants) Cash Equivalents All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. (PPL and PPL Electric) Restricted Cash and Cash Equivalents Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash and cash equivalents. The change in restricted cash and cash equivalents is reported as an investing activity on the Statements of Cash Flows. On the Balance Sheets, the current portion of restricted cash and cash equivalents is included in "Other current assets," while the noncurrent portion is included in "Other noncurrent assets." |
Fair Value Measurements | Fair Value Measurements The Registrants value certain financial and nonfinancial assets and liabilities at fair value. Generally, the most significant fair value measurements relate to price risk management assets and liabilities, investments in securities in defined benefit plans, and cash and cash equivalents. PPL and its subsidiaries use, as appropriate, 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) to measure the fair value of an asset or liability. 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 Registrants classify fair value measurements within one of three levels in the fair value hierarchy. The level assigned to a fair value measurement is based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: • Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 - inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for substantially the full term of the asset or liability. • Level 3 - unobservable inputs that management believes are predicated on the assumptions market participants would use to measure the asset or liability at fair value. Assessing the significance of a particular input requires judgment that considers factors specific to the asset or liability. As such, the Registrants' assessment of the significance of a particular input may affect how the assets and liabilities are classified within the fair value hierarchy. |
Investments | Investments (All Registrants) Generally, the original maturity date of an investment and management's intent and ability to sell an investment prior to its original maturity determine the classification of investments as either short-term or long-term. Investments that would otherwise be classified as short-term, but are restricted as to withdrawal or use for other than current operations or are clearly designated for expenditure in the acquisition or construction of noncurrent assets or for the liquidation of long-term debts, are classified as long-term. Short-term Investments Short-term investments generally include certain deposits as well as securities that are considered highly liquid or provide for periodic reset of interest rates. Investments with original maturities greater than three months and less than a year, as well as investments with original maturities of greater than a year that management has the ability and intent to sell within a year, are included in "Other current assets" on the Balance Sheets. (PPL, LKE, LG&E and KU) Cost Method Investment LG&E and KU each have an investment in OVEC, which is accounted for using the cost method. The investment is recorded in "Other noncurrent assets" on the PPL, LKE, LG&E and KU Balance Sheets. LG&E and KU and ten other electric utilities are equity owners of OVEC. OVEC's power is currently supplied to LG&E and KU and 11 other companies affiliated with the various owners. LG&E and KU own 5.63% and 2.5% of OVEC's common stock. Pursuant to a power purchase agreement, LG&E and KU are contractually entitled to their ownership percentage of OVEC's output, which is approximately 120 MW for LG&E and approximately 53 MW for KU. LG&E's and KU's combined investment in OVEC is not significant. The direct exposure to loss as a result of LG&E's and KU's involvement with OVEC is generally limited to the value of their investments; however, LG&E and KU are conditionally responsible for a pro-rata share of certain OVEC obligations, pursuant to their power purchase contract with OVEC. As part of PPL's acquisition of LKE, the value of the power purchase contract was recorded as an intangible asset with an offsetting regulatory liability, both of which are being amortized using the units-of-production method until March 2026. See Notes 6, 13 and 18 for additional discussion of the power purchase agreement. |
Property, Plant and Equipment | Depreciation (All Registrants) Depreciation is recorded over the estimated useful lives of property using various methods including the straight-line, composite and group methods. When a component of PP&E that was depreciated under the composite or group method is retired, the original cost is charged to accumulated depreciation. When all or a significant portion of an operating unit that was depreciated under the composite or group method is retired or sold, the property and the related accumulated depreciation account is reduced and any gain or loss is included in income, unless otherwise required by regulators. Property, Plant and Equipment (All Registrants) PP&E is recorded at original cost, unless impaired. PP&E acquired in business combinations is recorded at fair value at the time of acquisition. If impaired, the asset is written down to fair value at that time, which becomes the new cost basis of the asset. Original cost for constructed assets includes material, labor, contractor costs, certain overheads and financing costs, where applicable. The cost of repairs and minor replacements are charged to expense as incurred. The Registrants record costs associated with planned major maintenance projects in the period in which the costs are incurred. No costs associated with planned major maintenance projects are accrued to PP&E in advance of the period in which the work is performed. LG&E and KU accrue costs of removal net of estimated salvage value through depreciation, which is included in the calculation of customer rates over the assets' depreciable lives in accordance with regulatory practices. Cost of removal amounts accrued through depreciation rates are accumulated as a regulatory liability until the removal costs are incurred. For LKE, LG&E and KU, all ARO depreciation expenses are reclassified to a regulatory asset. See "Asset Retirement Obligations" below and Note 6 for additional information. PPL Electric records net costs of removal when incurred as a regulatory asset. The regulatory asset is subsequently amortized through depreciation over a five -year period, which is recoverable in customer rates in accordance with regulatory practices. AFUDC is capitalized at PPL Electric as part of the construction costs for cost-based rate-regulated projects for which a return on such costs is recovered after the project is placed in service. The debt component of AFUDC is credited to "Interest Expense" and the equity component is credited to "Other Income (Expense) - net" on the Statements of Income. LG&E and KU generally do not record AFUDC, except for certain instances in KU's FERC approved rates charged to its municipal customers, as a return is provided on construction work in progress. (PPL) PPL capitalizes interest costs as part of construction costs. |
Goodwill and Other Intangible Assets | (All Registrants) Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price paid over the fair value of the identifiable net assets acquired in a business combination. Other acquired intangible assets are initially measured based on their fair value. Intangibles that have finite useful lives are amortized over their useful lives based upon the pattern in which the economic benefits of the intangible assets are consumed or otherwise used. Costs incurred to obtain an initial license and renew or extend terms of licenses are capitalized as intangible assets. When determining the useful life of an intangible asset, including intangible assets that are renewed or extended, PPL and its subsidiaries consider: • the expected use of the asset; • the expected useful life of other assets to which the useful life of the intangible asset may relate; • legal, regulatory, or contractual provisions that may limit the useful life; • the company's historical experience as evidence of its ability to support renewal or extension; • the effects of obsolescence, demand, competition, and other economic factors; and, • the level of maintenance expenditures required to obtain the expected future cash flows from the asset. |
Asset Impairment (Excluding Investments) | Asset Impairment (Excluding Investments) The Registrants review long-lived assets that are subject to depreciation or amortization, including finite-lived intangibles, for impairment when events or circumstances indicate carrying amounts may not be recoverable. A long-lived asset classified as held and used is impaired when the carrying amount of the asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If impaired, the asset's carrying value is written down to its fair value. A long-lived asset classified as held for sale is impaired when the carrying amount of the asset (disposal group) exceeds its fair value less cost to sell. If impaired, the asset's (disposal group's) carrying value is written down to its fair value less cost to sell. PPL, LKE, LG&E and KU review goodwill for impairment at the reporting unit level annually or more frequently when events or circumstances indicate that the carrying amount of a reporting unit may be greater than the unit's fair value. Additionally, goodwill must be tested for impairment in circumstances when a portion of goodwill has been allocated to a business to be disposed. PPL's, LKE's, LG&E's and KU's reporting units are at the operating segment level. PPL, LKE, LG&E and KU may elect either to initially make a qualitative evaluation about the likelihood of an impairment of goodwill or to bypass the qualitative evaluation and test goodwill for impairment using a two-step quantitative test. If the qualitative evaluation (referred to as "step zero") is elected and the assessment results in a determination that it is not more likely than not that the fair value of a reporting unit is less than the carrying amount, the two-step quantitative impairment test is not necessary. However, the quantitative impairment test is required if management concludes it is more likely than not that the fair value of a reporting unit is less than the carrying amount based on the step zero assessment. If the carrying amount of the reporting unit, including goodwill, exceeds its fair value, the implied fair value of goodwill must be calculated in the same manner as goodwill in a business combination. The fair value of a reporting unit is allocated to all assets and liabilities of that unit as if the reporting unit had been acquired in a business combination. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. If the implied fair value of goodwill is less than the carrying amount, goodwill is written down to its implied fair value. PPL (for its U.K. Regulated and Kentucky Regulated segments), and individually, LKE, LG&E and KU elected to perform the qualitative step zero evaluation of goodwill as of October 1, 2017. These evaluations considered the excess of fair value over the carrying value of each reporting unit that was calculated during step one of the quantitative impairment tests performed in the fourth quarter of 2015, and the relevant events and circumstances that occurred since those tests were performed including: • current year financial performance versus the prior year; • changes in planned capital expenditures; • the consistency of forecasted free cash flows; • earnings quality and sustainability; • changes in market participant discount rates; • changes in long-term growth rates • changes in PPL's market capitalization; and, • the overall economic and regulatory environments in which these regulated entities operate. Based on these evaluations, management concluded it was not more likely than not that the fair value of these reporting units was less than their carrying value. As such, the two-step quantitative impairment test was not performed and no impairment was recognized. |
Asset Retirement Obligations | Asset Retirement Obligations PPL and its subsidiaries record liabilities to reflect various legal obligations associated with the retirement of long-lived assets. Initially, this obligation is measured at fair value and offset with an increase in the value of the capitalized asset, which is depreciated over the asset's useful life. Until the obligation is settled, the liability is increased through the recognition of accretion expense classified within "Other operation and maintenance" on the Statements of Income to reflect changes in the obligation due to the passage of time. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. Estimated ARO costs and settlement dates, which affect the carrying value of the ARO and the related capitalized asset, are reviewed periodically to ensure that any material changes are incorporated into the latest estimate of the ARO. Any change to the capitalized asset, positive or negative, is generally amortized over the remaining life of the associated long-lived asset. See Note 6 and Note 19 for additional information on AROs. |
Compensation and Benefits | Compensation and Benefits Defined Benefits (All Registrants) Certain PPL subsidiaries sponsor various defined benefit pension and other postretirement plans. An asset or liability is recorded to recognize the funded status of all defined benefit plans with an offsetting entry to AOCI or, for LG&E, KU and PPL Electric, to regulatory assets or liabilities. Consequently, the funded status of all defined benefit plans is fully recognized on the Balance Sheets. The expected return on plan assets is determined based on a market-related value of plan assets, which is calculated by rolling forward the prior year market-related value with contributions, disbursements and long-term expected return on investments. One-fifth of the difference between the actual value and the expected value is added (or subtracted if negative) to the expected value to determine the new market-related value. PPL uses an accelerated amortization method for the recognition of gains and losses for its defined benefit pension plans. Under the accelerated method, actuarial gains and losses in excess of 30% of the plan's projected benefit obligation are amortized on a straight-line basis over one-half of the expected average remaining service of active plan participants. Actuarial gains and losses in excess of 10% of the greater of the plan's projected benefit obligation or the market-related value of plan assets and less than 30% of the plan's projected benefit obligation are amortized on a straight-line basis over the expected average remaining service period of active plan participants. See Note 6 for a discussion of the regulatory treatment of defined benefit costs and Note 11 for a discussion of defined benefits. Discount Rate Change for U.K. Pension Plans (PPL) In selecting the discount rate for its U.K. pension plans, WPD historically used a single weighted-average discount rate in the calculation of net periodic defined benefit cost. WPD began using individual spot rates to measure service cost and interest cost for the calculation of net periodic defined benefit cost in 2016. In 2016, this change in discount rate resulted in lower net periodic defined benefit costs recognized on PPL's Statement of Income of $43 million ( $34 million after-tax or $0.05 per share). See Note 11 for additional information. Stock-Based Compensation (PPL, PPL Electric and LKE) PPL has several stock-based compensation plans for purposes of granting stock options, restricted stock, restricted stock units and performance units to certain employees as well as stock units and restricted stock units to directors. PPL grants most stock-based awards in the first quarter of each year. PPL and its subsidiaries recognize compensation expense for stock-based awards based on the fair value method. Forfeitures of awards are recognized when they occur. See Note 10 for a discussion of stock-based compensation. All awards are recorded as equity or a liability on the Balance Sheets. Stock-based compensation is primarily included in "Other operation and maintenance" on the Statements of Income. Stock-based compensation expense for PPL Electric and LKE includes an allocation of PPL Services' expense. |
Income Taxes | Taxes Income Taxes (All Registrants) PPL and its domestic subsidiaries file a consolidated U.S. federal income tax return. The Registrants have completed or made reasonable estimates of the effects of the TCJA and reflected these amounts in their December 31, 2017 financial statements. The Registrants continue to evaluate the application of the TCJA and have used significant management judgment to make certain assumptions concerning the application of various components of the law in the calculation of 2017 income tax expense. The current and deferred components of the income tax expense calculations that the Registrants consider provisional due to uncertainty either with respect to the technical application of the law or the quantification of the impact of the law include (but are not limited to): tax depreciation, deductible executive compensation, and the accumulated foreign earnings used to calculate the deemed dividend included in PPL's taxable income in 2017 along with the impact of associated foreign tax credits and related valuation allowances. The Registrants believe that classification of these items as provisional is appropriate. The Registrants have accounted for these items based on their interpretation of the TCJA. Further interpretive guidance on the TCJA from the IRS, Treasury, the Joint Committee on Taxation through its "Blue Book" or from Congress in the form of Technical Corrections may differ from the Registrants' interpretation of the TCJA. Significant management judgment is also required in developing the Registrants' provision for income taxes, primarily due to the uncertainty related to tax positions taken or expected to be taken in tax returns, valuation allowances on deferred tax assets and whether the undistributed earnings of WPD are considered indefinitely reinvested. Significant management judgment is also required to determine the amount of benefit to be recognized in relation to an uncertain tax position. The Registrants use a two-step process to evaluate tax positions. The first step requires an entity to determine whether, based on the technical merits supporting a particular tax position, it is more likely than not (greater than a 50% chance) that the tax position will be sustained. This determination assumes that the relevant taxing authority will examine the tax position and is aware of all the relevant facts surrounding the tax position. The second step requires an entity to recognize in the financial statements the benefit of a tax position that meets the more-likely-than-not recognition criterion. The benefit recognized is measured at the largest amount of benefit that has a likelihood of realization, upon settlement, that exceeds 50% . The amounts ultimately paid upon resolution of issues raised by taxing authorities may differ materially from the amounts accrued and may materially impact the financial statements of the Registrants in future periods. Deferred income taxes reflect the net future tax effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and their basis for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. The Registrants record valuation allowances to reduce deferred tax assets to the amounts that are more likely than not to be realized. The Registrants consider the reversal of temporary differences, future taxable income and ongoing prudent and feasible tax planning strategies in initially recording and subsequently reevaluating the need for valuation allowances. If the Registrants determine that they are able to realize deferred tax assets in the future in excess of recorded net deferred tax assets, adjustments to the valuation allowances increase income by reducing tax expense in the period that such determination is made. Likewise, if the Registrants determine that they are not able to realize all or part of net deferred tax assets in the future, adjustments to the valuation allowances would decrease income by increasing tax expense in the period that such determination is made. The Registrants defer investment tax credits when the credits are utilized and amortize the deferred amounts over the average lives of the related assets. The Registrants recognize interest and penalties in "Income Taxes" on their Statements of Income. See Note 5 for additional discussion regarding income taxes, including the impact of the TCJA and management's conclusion that the undistributed earnings of WPD are considered indefinitely reinvested. The provision for PPL's, PPL Electric's, LKE's, LG&E's and KU's deferred income taxes for regulatory assets and liabilities is based upon the ratemaking principles reflected in rates established by the regulators. The difference in the provision for deferred income taxes for regulatory assets and liabilities and the amount that otherwise would be recorded under GAAP is deferred and included on the Balance Sheets in noncurrent "Regulatory assets" or "Regulatory liabilities." |
Taxes, Other Than Income | Taxes, Other Than Income (All Registrants) The Registrants present sales taxes in "Other current liabilities" and PPL presents value-added taxes in "Taxes" on the Balance Sheets. These taxes are not reflected on the Statements of Income. See Note 5 for details on taxes included in "Taxes, other than income" on the Statements of Income. |
Leases | (All Registrants) Leases The Registrants evaluate whether arrangements entered into contain leases for accounting purposes. See Note 9 for additional information. |
Fuel, Materials and Supplies | Fuel, Materials and Supplies Fuel, natural gas stored underground and materials and supplies are valued using the average cost method. Fuel costs for electric generation are charged to expense as used. For LG&E, natural gas supply costs are charged to expense as delivered to the distribution system. See Note 6 for further discussion of the fuel adjustment clause and gas supply clause. |
Guarantees | Guarantees (All Registrants) Generally, the initial measurement of a guarantee liability is the fair value of the guarantee at its inception. However, there are certain guarantees excluded from the scope of accounting guidance and other guarantees that are not subject to the initial recognition and measurement provisions of accounting guidance that only require disclosure. See Note 13 for further discussion of recorded and unrecorded guarantees. |
Treasury Stock | Treasury Stock (PPL) PPL restores all shares of common stock acquired to authorized but unissued shares of common stock upon acquisition. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions (PPL) WPD's functional currency is the GBP, which is the local currency in the U.K. As such, assets and liabilities are translated to U.S. dollars at the exchange rates on the date of consolidation and related revenues and expenses are generally translated at average exchange rates prevailing during the period included in PPL's results of operations. Adjustments resulting from foreign currency translation are recorded in AOCI. Gains or losses relating to foreign currency transactions are recognized in "Other Income (Expense) - net" on the Statements of Income. See Note 15 for additional information. |
PPL Electric Utilities Corp [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Business and Consolidation | PPL Electric is a cost-based rate-regulated utility subsidiary of PPL. PPL Electric's principal business is the transmission and distribution of electricity to serve retail customers in its franchised territory in eastern and central Pennsylvania and the regulated supply of electricity to retail customers in that territory as a PLR. |
Price Risk Management | (PPL and PPL Electric) To meet its obligation as a PLR to its customers, PPL Electric has entered into certain contracts that meet the definition of a derivative. However, NPNS has been elected for these contracts. See Notes 16 and 17 for additional information on derivatives. |
Cash | Restricted Cash and Cash Equivalents Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash and cash equivalents. The change in restricted cash and cash equivalents is reported as an investing activity on the Statements of Cash Flows. On the Balance Sheets, the current portion of restricted cash and cash equivalents is included in "Other current assets," while the noncurrent portion is included in "Other noncurrent assets." |
Compensation and Benefits | Stock-Based Compensation (PPL, PPL Electric and LKE) PPL has several stock-based compensation plans for purposes of granting stock options, restricted stock, restricted stock units and performance units to certain employees as well as stock units and restricted stock units to directors. PPL grants most stock-based awards in the first quarter of each year. PPL and its subsidiaries recognize compensation expense for stock-based awards based on the fair value method. Forfeitures of awards are recognized when they occur. See Note 10 for a discussion of stock-based compensation. All awards are recorded as equity or a liability on the Balance Sheets. Stock-based compensation is primarily included in "Other operation and maintenance" on the Statements of Income. Stock-based compensation expense for PPL Electric and LKE includes an allocation of PPL Services' expense. |
Income Taxes | (PPL Electric, LKE, LG&E and KU) The income tax provision for PPL Electric, LG&E and KU is calculated in accordance with an intercompany tax sharing agreement, which provides that taxable income be calculated as if PPL Electric, LG&E, KU and any domestic subsidiaries each filed a separate return. Tax benefits are not shared between companies. The entity that generates a tax benefit is the entity that is entitled to the tax benefit. The effect of PPL filing a consolidated tax return is taken into account in the settlement of current taxes and the recognition of deferred taxes. |
LG And E And KU Energy LLC [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Business and Consolidation | LKE is a utility holding company with cost-based rate-regulated utility operations through its subsidiaries, LG&E and KU. LG&E and KU are engaged in the generation, transmission, distribution and sale of electricity. LG&E also engages in the distribution and sale of natural gas. LG&E and KU maintain their separate identities and serve customers in Kentucky under their respective names. KU also serves customers in Virginia under the Old Dominion Power name and in Tennessee under the KU name. |
Investments | Cost Method Investment LG&E and KU each have an investment in OVEC, which is accounted for using the cost method. The investment is recorded in "Other noncurrent assets" on the PPL, LKE, LG&E and KU Balance Sheets. LG&E and KU and ten other electric utilities are equity owners of OVEC. OVEC's power is currently supplied to LG&E and KU and 11 other companies affiliated with the various owners. LG&E and KU own 5.63% and 2.5% of OVEC's common stock. Pursuant to a power purchase agreement, LG&E and KU are contractually entitled to their ownership percentage of OVEC's output, which is approximately 120 MW for LG&E and approximately 53 MW for KU. LG&E's and KU's combined investment in OVEC is not significant. The direct exposure to loss as a result of LG&E's and KU's involvement with OVEC is generally limited to the value of their investments; however, LG&E and KU are conditionally responsible for a pro-rata share of certain OVEC obligations, pursuant to their power purchase contract with OVEC. As part of PPL's acquisition of LKE, the value of the power purchase contract was recorded as an intangible asset with an offsetting regulatory liability, both of which are being amortized using the units-of-production method until March 2026. See Notes 6, 13 and 18 for additional discussion of the power purchase agreement. |
Asset Retirement Obligations | Asset Retirement Obligations PPL and its subsidiaries record liabilities to reflect various legal obligations associated with the retirement of long-lived assets. Initially, this obligation is measured at fair value and offset with an increase in the value of the capitalized asset, which is depreciated over the asset's useful life. Until the obligation is settled, the liability is increased through the recognition of accretion expense classified within "Other operation and maintenance" on the Statements of Income to reflect changes in the obligation due to the passage of time. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. Estimated ARO costs and settlement dates, which affect the carrying value of the ARO and the related capitalized asset, are reviewed periodically to ensure that any material changes are incorporated into the latest estimate of the ARO. Any change to the capitalized asset, positive or negative, is generally amortized over the remaining life of the associated long-lived asset. See Note 6 and Note 19 for additional information on AROs. |
Compensation and Benefits | Stock-Based Compensation (PPL, PPL Electric and LKE) PPL has several stock-based compensation plans for purposes of granting stock options, restricted stock, restricted stock units and performance units to certain employees as well as stock units and restricted stock units to directors. PPL grants most stock-based awards in the first quarter of each year. PPL and its subsidiaries recognize compensation expense for stock-based awards based on the fair value method. Forfeitures of awards are recognized when they occur. See Note 10 for a discussion of stock-based compensation. All awards are recorded as equity or a liability on the Balance Sheets. Stock-based compensation is primarily included in "Other operation and maintenance" on the Statements of Income. Stock-based compensation expense for PPL Electric and LKE includes an allocation of PPL Services' expense. |
Income Taxes | (PPL Electric, LKE, LG&E and KU) The income tax provision for PPL Electric, LG&E and KU is calculated in accordance with an intercompany tax sharing agreement, which provides that taxable income be calculated as if PPL Electric, LG&E, KU and any domestic subsidiaries each filed a separate return. Tax benefits are not shared between companies. The entity that generates a tax benefit is the entity that is entitled to the tax benefit. The effect of PPL filing a consolidated tax return is taken into account in the settlement of current taxes and the recognition of deferred taxes. |
Louisville Gas And Electric Co [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Business and Consolidation | LKE is a utility holding company with cost-based rate-regulated utility operations through its subsidiaries, LG&E and KU. LG&E and KU are engaged in the generation, transmission, distribution and sale of electricity. LG&E also engages in the distribution and sale of natural gas. LG&E and KU maintain their separate identities and serve customers in Kentucky under their respective names. KU also serves customers in Virginia under the Old Dominion Power name and in Tennessee under the KU name. |
Investments | Cost Method Investment LG&E and KU each have an investment in OVEC, which is accounted for using the cost method. The investment is recorded in "Other noncurrent assets" on the PPL, LKE, LG&E and KU Balance Sheets. LG&E and KU and ten other electric utilities are equity owners of OVEC. OVEC's power is currently supplied to LG&E and KU and 11 other companies affiliated with the various owners. LG&E and KU own 5.63% and 2.5% of OVEC's common stock. Pursuant to a power purchase agreement, LG&E and KU are contractually entitled to their ownership percentage of OVEC's output, which is approximately 120 MW for LG&E and approximately 53 MW for KU. LG&E's and KU's combined investment in OVEC is not significant. The direct exposure to loss as a result of LG&E's and KU's involvement with OVEC is generally limited to the value of their investments; however, LG&E and KU are conditionally responsible for a pro-rata share of certain OVEC obligations, pursuant to their power purchase contract with OVEC. As part of PPL's acquisition of LKE, the value of the power purchase contract was recorded as an intangible asset with an offsetting regulatory liability, both of which are being amortized using the units-of-production method until March 2026. See Notes 6, 13 and 18 for additional discussion of the power purchase agreement. |
Asset Retirement Obligations | Asset Retirement Obligations PPL and its subsidiaries record liabilities to reflect various legal obligations associated with the retirement of long-lived assets. Initially, this obligation is measured at fair value and offset with an increase in the value of the capitalized asset, which is depreciated over the asset's useful life. Until the obligation is settled, the liability is increased through the recognition of accretion expense classified within "Other operation and maintenance" on the Statements of Income to reflect changes in the obligation due to the passage of time. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. Estimated ARO costs and settlement dates, which affect the carrying value of the ARO and the related capitalized asset, are reviewed periodically to ensure that any material changes are incorporated into the latest estimate of the ARO. Any change to the capitalized asset, positive or negative, is generally amortized over the remaining life of the associated long-lived asset. See Note 6 and Note 19 for additional information on AROs. |
Income Taxes | (PPL Electric, LKE, LG&E and KU) The income tax provision for PPL Electric, LG&E and KU is calculated in accordance with an intercompany tax sharing agreement, which provides that taxable income be calculated as if PPL Electric, LG&E, KU and any domestic subsidiaries each filed a separate return. Tax benefits are not shared between companies. The entity that generates a tax benefit is the entity that is entitled to the tax benefit. The effect of PPL filing a consolidated tax return is taken into account in the settlement of current taxes and the recognition of deferred taxes. |
Kentucky Utilities Co [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Business and Consolidation | LKE is a utility holding company with cost-based rate-regulated utility operations through its subsidiaries, LG&E and KU. LG&E and KU are engaged in the generation, transmission, distribution and sale of electricity. LG&E also engages in the distribution and sale of natural gas. LG&E and KU maintain their separate identities and serve customers in Kentucky under their respective names. KU also serves customers in Virginia under the Old Dominion Power name and in Tennessee under the KU name. |
Investments | Cost Method Investment LG&E and KU each have an investment in OVEC, which is accounted for using the cost method. The investment is recorded in "Other noncurrent assets" on the PPL, LKE, LG&E and KU Balance Sheets. LG&E and KU and ten other electric utilities are equity owners of OVEC. OVEC's power is currently supplied to LG&E and KU and 11 other companies affiliated with the various owners. LG&E and KU own 5.63% and 2.5% of OVEC's common stock. Pursuant to a power purchase agreement, LG&E and KU are contractually entitled to their ownership percentage of OVEC's output, which is approximately 120 MW for LG&E and approximately 53 MW for KU. LG&E's and KU's combined investment in OVEC is not significant. The direct exposure to loss as a result of LG&E's and KU's involvement with OVEC is generally limited to the value of their investments; however, LG&E and KU are conditionally responsible for a pro-rata share of certain OVEC obligations, pursuant to their power purchase contract with OVEC. As part of PPL's acquisition of LKE, the value of the power purchase contract was recorded as an intangible asset with an offsetting regulatory liability, both of which are being amortized using the units-of-production method until March 2026. See Notes 6, 13 and 18 for additional discussion of the power purchase agreement. |
Asset Retirement Obligations | Asset Retirement Obligations PPL and its subsidiaries record liabilities to reflect various legal obligations associated with the retirement of long-lived assets. Initially, this obligation is measured at fair value and offset with an increase in the value of the capitalized asset, which is depreciated over the asset's useful life. Until the obligation is settled, the liability is increased through the recognition of accretion expense classified within "Other operation and maintenance" on the Statements of Income to reflect changes in the obligation due to the passage of time. For LKE, LG&E and KU, all ARO accretion and depreciation expenses are reclassified as a regulatory asset. ARO regulatory assets associated with certain CCR projects are amortized to expense in accordance with regulatory approvals. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. Estimated ARO costs and settlement dates, which affect the carrying value of the ARO and the related capitalized asset, are reviewed periodically to ensure that any material changes are incorporated into the latest estimate of the ARO. Any change to the capitalized asset, positive or negative, is generally amortized over the remaining life of the associated long-lived asset. See Note 6 and Note 19 for additional information on AROs. |
Income Taxes | (PPL Electric, LKE, LG&E and KU) The income tax provision for PPL Electric, LG&E and KU is calculated in accordance with an intercompany tax sharing agreement, which provides that taxable income be calculated as if PPL Electric, LG&E, KU and any domestic subsidiaries each filed a separate return. Tax benefits are not shared between companies. The entity that generates a tax benefit is the entity that is entitled to the tax benefit. The effect of PPL filing a consolidated tax return is taken into account in the settlement of current taxes and the recognition of deferred taxes. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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. |
Derivative Instruments and He35
Derivative Instruments and Hedging Activities (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives | Price Risk Management (All Registrants) Interest rate contracts are used to hedge exposure to changes in the fair value of debt instruments and to hedge exposure to variability in expected cash flows associated with existing floating-rate debt instruments or forecasted fixed-rate issuances of debt. Foreign currency exchange contracts are used to hedge foreign currency exposures, primarily associated with PPL's investments in U.K. subsidiaries. Similar derivatives may receive different accounting treatment, depending on management's intended use and documentation. Certain contracts may not meet the definition of a derivative because they lack a notional amount or a net settlement provision. In cases where there is no net settlement provision, markets are periodically assessed to determine whether market mechanisms have evolved that would facilitate net settlement. Certain derivative contracts may be excluded from the requirements of derivative accounting treatment because NPNS has been elected. These contracts are accounted for using accrual accounting. Contracts that have been classified as derivative contracts are reflected on the balance sheets at fair value. The portion of derivative positions that deliver within a year are included in "Current Assets" and "Current Liabilities," while the portion of derivative positions that deliver beyond a year are recorded in "Other Noncurrent Assets" and "Deferred Credits and Other Noncurrent Liabilities." Cash inflows and outflows related to derivative instruments are included as a component of operating, investing or financing activities on the Statements of Cash Flows, depending on the classification of the hedged items. PPL and its subsidiaries have elected not to offset net derivative positions against the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. (PPL) Processes exist that allow for subsequent review and validation of the contract information as it relates to interest rate and foreign currency derivatives. The accounting department provides the treasury department with guidelines on appropriate accounting classifications for various contract types and strategies. Examples of accounting guidelines provided to the treasury department staff include, but are not limited to: • Transactions to lock in an interest rate prior to a debt issuance can be designated as cash flow hedges, to the extent the forecasted debt issuances remain probable of occurring. • Cross-currency transactions to hedge interest and principal repayments can be designated as cash flow hedges. • Transactions to hedge fluctuations in the fair value of existing debt can be designated as fair value hedges. • Transactions to hedge the value of a net investment of foreign operations can be designated as net investment hedges. • Derivative transactions that do not qualify for cash flow or net investment hedge treatment are marked to fair value through earnings. These transactions generally include foreign currency forwards and options to hedge GBP-denominated earnings translation risk associated with PPL's U.K. subsidiaries that report their financial statements in GBP. As such, these transactions reduce earnings volatility due solely to changes in foreign currency exchange rates. (All Registrants) • Derivative transactions may be marked to fair value through regulatory assets/liabilities at PPL Electric, LG&E and KU if approved by the appropriate regulatory body. These transactions generally include the effect of interest rate swaps that are included in customer rates. (PPL and PPL Electric) To meet its obligation as a PLR to its customers, PPL Electric has entered into certain contracts that meet the definition of a derivative. However, NPNS has been elected for these contracts. See Notes 16 and 17 for additional information on derivatives. 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. |
Price Risk Management | 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. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Line Items] | |
Schedule of Utility Revenue | For the years ended December 31, the Statements of Income "Operating Revenues" line item contains revenue from the following: 2017 2016 2015 Domestic electric and gas revenues (a) $ 5,351 $ 5,297 $ 5,239 U.K. operating revenues (b) 2,091 2,207 2,410 Domestic - other 5 13 20 Total $ 7,447 $ 7,517 $ 7,669 (a) Represents revenues from cost-based rate-regulated generation, transmission and/or distribution in Pennsylvania, Kentucky, Virginia and Tennessee, including regulated wholesale revenue. (b) Primarily represents regulated electricity distribution revenues from the operation of WPD's distribution networks. |
Schedule of Valuation and Qualifying Accounts Disclosure | The changes in the allowance for doubtful accounts were: Additions Balance at Beginning of Period Charged to Income Charged to Other Accounts Deductions (a) Balance at End of Period PPL 2017 $ 54 $ 28 $ (1 ) $ 30 $ 51 2016 41 44 — 31 54 2015 44 49 (2 ) 50 41 PPL Electric 2017 $ 28 $ 18 $ — $ 22 $ 24 2016 16 35 — 23 28 2015 17 39 — 40 16 Additions Balance at Beginning of Period Charged to Income Charged to Other Accounts Deductions (a) Balance at End of Period LKE 2017 $ 24 $ 8 $ (1 ) $ 6 $ 25 2016 23 8 — 7 24 2015 25 9 (2 ) 9 23 LG&E 2017 $ 2 $ 2 $ (1 ) $ 2 $ 1 2016 1 2 1 2 2 2015 2 2 — 3 1 KU 2017 $ 2 $ 4 $ (1 ) $ 4 $ 1 2016 2 4 — 4 2 2015 2 5 — 5 2 (a) Primarily related to uncollectible accounts written off. |
Schedule of Restricted Cash and Cash Equivalents | At December 31, the balances of restricted cash and cash equivalents included the following: PPL PPL Electric 2017 2016 2017 2016 Low carbon network fund (a) $ 17 $ 17 $ — $ — Other 9 9 2 2 Total $ 26 $ 26 $ 2 $ 2 (a) Funds received by WPD, which are to be spent on approved initiatives to support a low carbon environment. |
Weighted-average Rates of Depreciation | Following are the weighted-average annual rates of depreciation, for regulated utility plant, for the years ended December 31: 2017 2016 2015 PPL 2.65 % 2.73 % 2.57 % PPL Electric 2.86 % 2.63 % 2.46 % LKE 3.64 % 3.69 % 3.69 % LG&E 3.63 % 3.58 % 3.65 % KU 3.66 % 3.77 % 3.71 % |
Schedule of Utility Inventory | "Fuel, materials and supplies" on the Balance Sheets consisted of the following at December 31: PPL LKE LG&E KU 2017 2016 2017 2016 2017 2016 2017 2016 Fuel $ 107 $ 158 $ 107 $ 158 $ 45 $ 60 $ 62 $ 98 Natural gas stored underground 43 42 43 42 43 42 — — Materials and supplies 170 156 104 97 43 41 61 56 Total $ 320 $ 356 $ 254 $ 297 $ 131 $ 143 $ 123 $ 154 |
PPL Electric Utilities Corp [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Schedule of Restricted Cash and Cash Equivalents | At December 31, the balances of restricted cash and cash equivalents included the following: PPL PPL Electric 2017 2016 2017 2016 Low carbon network fund (a) $ 17 $ 17 $ — $ — Other 9 9 2 2 Total $ 26 $ 26 $ 2 $ 2 (a) Funds received by WPD, which are to be spent on approved initiatives to support a low carbon environment. |
Intercompany tax receivables (payables) | At December 31, the following intercompany tax receivables (payables) were recorded: 2017 2016 PPL Electric $ 61 $ 13 LKE (23 ) 1 LG&E — (18 ) KU — (29 ) |
LG And E And KU Energy LLC [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Intercompany tax receivables (payables) | At December 31, the following intercompany tax receivables (payables) were recorded: 2017 2016 PPL Electric $ 61 $ 13 LKE (23 ) 1 LG&E — (18 ) KU — (29 ) |
Schedule of Utility Inventory | "Fuel, materials and supplies" on the Balance Sheets consisted of the following at December 31: PPL LKE LG&E KU 2017 2016 2017 2016 2017 2016 2017 2016 Fuel $ 107 $ 158 $ 107 $ 158 $ 45 $ 60 $ 62 $ 98 Natural gas stored underground 43 42 43 42 43 42 — — Materials and supplies 170 156 104 97 43 41 61 56 Total $ 320 $ 356 $ 254 $ 297 $ 131 $ 143 $ 123 $ 154 |
Louisville Gas And Electric Co [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Intercompany tax receivables (payables) | At December 31, the following intercompany tax receivables (payables) were recorded: 2017 2016 PPL Electric $ 61 $ 13 LKE (23 ) 1 LG&E — (18 ) KU — (29 ) |
Schedule of Utility Inventory | "Fuel, materials and supplies" on the Balance Sheets consisted of the following at December 31: PPL LKE LG&E KU 2017 2016 2017 2016 2017 2016 2017 2016 Fuel $ 107 $ 158 $ 107 $ 158 $ 45 $ 60 $ 62 $ 98 Natural gas stored underground 43 42 43 42 43 42 — — Materials and supplies 170 156 104 97 43 41 61 56 Total $ 320 $ 356 $ 254 $ 297 $ 131 $ 143 $ 123 $ 154 |
Kentucky Utilities Co [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Intercompany tax receivables (payables) | At December 31, the following intercompany tax receivables (payables) were recorded: 2017 2016 PPL Electric $ 61 $ 13 LKE (23 ) 1 LG&E — (18 ) KU — (29 ) |
Schedule of Utility Inventory | "Fuel, materials and supplies" on the Balance Sheets consisted of the following at December 31: PPL LKE LG&E KU 2017 2016 2017 2016 2017 2016 2017 2016 Fuel $ 107 $ 158 $ 107 $ 158 $ 45 $ 60 $ 62 $ 98 Natural gas stored underground 43 42 43 42 43 42 — — Materials and supplies 170 156 104 97 43 41 61 56 Total $ 320 $ 356 $ 254 $ 297 $ 131 $ 143 $ 123 $ 154 |
Segment and Related Informati37
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Income Statement data for the segments and reconciliation to PPL's consolidated results for the years ended December 31 are as follows: 2017 2016 2015 Operating Revenues from external customers (a) U.K. Regulated $ 2,091 $ 2,207 $ 2,410 Kentucky Regulated 3,156 3,141 3,115 Pennsylvania Regulated 2,195 2,156 2,124 Corporate and Other 5 13 20 Total $ 7,447 $ 7,517 $ 7,669 Depreciation U.K. Regulated $ 230 $ 233 $ 242 Kentucky Regulated 439 404 382 Pennsylvania Regulated 309 253 214 Corporate and Other 30 36 45 Total $ 1,008 $ 926 $ 883 Amortization (b) U.K. Regulated $ 34 $ 16 $ 6 Kentucky Regulated 24 29 27 Pennsylvania Regulated 33 32 26 Corporate and Other 6 3 — Total $ 97 $ 80 $ 59 Unrealized (gains) losses on derivatives and other hedging activities (c) U.K. Regulated $ 166 $ 13 $ (88 ) Kentucky Regulated 6 6 11 Corporate and Other 6 — — Total $ 178 $ 19 $ (77 ) Interest Expense U.K. Regulated $ 397 $ 402 $ 417 Kentucky Regulated 261 260 232 Pennsylvania Regulated 142 129 130 Corporate and Other 101 97 92 Total $ 901 $ 888 $ 871 Income from Continuing Operations Before Income Taxes U.K. Regulated $ 804 $ 1,479 $ 1,249 Kentucky Regulated 645 640 547 Pennsylvania Regulated 575 550 416 Corporate and Other (d) (112 ) (119 ) (144 ) Total $ 1,912 $ 2,550 $ 2,068 Income Taxes (e) U.K. Regulated $ 152 $ 233 $ 128 Kentucky Regulated 359 242 221 Pennsylvania Regulated 216 212 164 Corporate and Other (d) 57 (39 ) (48 ) Total $ 784 $ 648 $ 465 Deferred income taxes and investment tax credits (f) U.K. Regulated $ 66 $ 31 $ 45 Kentucky Regulated 294 291 236 Pennsylvania Regulated 257 221 220 Corporate and Other (d) 90 17 (73 ) Total $ 707 $ 560 $ 428 2017 2016 2015 Net Income U.K. Regulated $ 652 $ 1,246 $ 1,121 Kentucky Regulated 286 398 326 Pennsylvania Regulated 359 338 252 Corporate and Other (d) (169 ) (80 ) (96 ) Discontinued Operations (g) — — (921 ) Total $ 1,128 $ 1,902 $ 682 (a) See Note 1 for additional information on Operating Revenues. (b) Represents non-cash expense items that include amortization of regulatory assets, debt discounts and premiums, debt issuance costs, emission allowances and RECs. (c) Includes unrealized gains and losses from economic activity. See Note 17 for additional information. (d) 2015 includes certain costs related to the spinoff of PPL Energy Supply, including deferred income tax expense, transition costs and separation benefits for PPL Services employees. See Note 8 for additional information. (e) Represents both current and deferred income taxes, including investment tax credits. See Note 5 for additional information on the impact of the TCJA in 2017. (f) Represents a non-cash expense item that is also included in "Income Taxes." (g) 2015 includes an $879 million loss on the spinoff of PPL Energy Supply and five months of Supply segment earnings. See Note 8 for additional information on these transactions. Cash Flow data for the segments and reconciliation to PPL's consolidated results for the years ended December 31 are as follows: 2017 2016 2015 Expenditures for long-lived assets U.K. Regulated $ 1,015 $ 1,031 $ 1,242 Kentucky Regulated 892 791 1,210 Pennsylvania Regulated 1,254 1,134 1,107 Corporate and Other 10 1 11 Total $ 3,171 $ 2,957 $ 3,570 The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated results as of: As of December 31, 2017 2016 Total Assets U.K. Regulated (a) $ 16,813 $ 14,537 Kentucky Regulated 14,468 14,037 Pennsylvania Regulated 10,082 9,426 Corporate and Other (b) 116 315 Total $ 41,479 $ 38,315 (a) Includes $12.5 billion and $10.8 billion of net PP&E as of December 31, 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. |
Geographic Data | Geographic data for the years ended December 31 are as follows: 2017 2016 2015 Revenues from external customers U.K. $ 2,091 $ 2,207 $ 2,410 U.S. 5,356 5,310 5,259 Total $ 7,447 $ 7,517 $ 7,669 |
Long-lived Assets | Geographic data for the years ended December 31 are as follows: As of December 31, 2017 2016 Long-Lived Assets U.K. $ 12,851 $ 11,177 U.S. 20,936 19,595 Total $ 33,787 $ 30,772 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, used in the EPS calculation are: 2017 2016 2015 Income (Numerator) Income from continuing operations after income taxes $ 1,128 $ 1,902 $ 1,603 Less amounts allocated to participating securities 2 6 6 Income from continuing operations after income taxes available to PPL common shareowners - Basic and Diluted $ 1,126 $ 1,896 $ 1,597 Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted $ — $ — $ (921 ) Net income $ 1,128 $ 1,902 $ 682 Less amounts allocated to participating securities 2 6 2 Net income available to PPL common shareowners - Basic and Diluted $ 1,126 $ 1,896 $ 680 2017 2016 2015 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 685,240 677,592 669,814 Add incremental non-participating securities: Share-based payment awards (a) 2,094 2,854 2,772 Weighted-average shares - Diluted EPS 687,334 680,446 672,586 Basic EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 1.64 $ 2.80 $ 2.38 Income (loss) from discontinued operations (net of income taxes) — — (1.37 ) Net Income $ 1.64 $ 2.80 $ 1.01 Diluted EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 1.64 $ 2.79 $ 2.37 Income (loss) from discontinued operations (net of income taxes) — — (1.36 ) Net Income $ 1.64 $ 2.79 $ 1.01 (a) The Treasury Stock Method was applied to non-participating share-based payment awards. |
Common Stock Issuances | For the year ended December 31, PPL issued common stock related to stock-based compensation plans and DRIP as follows (in thousands): 2017 Stock-based compensation plans (a) 1,748 DRIP 1,552 (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 years ended December 31, the following shares (in thousands) were excluded from the computations of diluted EPS because the effect would have been antidilutive: 2017 2016 2015 Stock options 696 696 1,087 Performance units — 176 36 |
Income and Other Taxes (Tables)
Income and Other Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Line Items] | |
Tax Reform | The changes enacted by the TCJA were recorded as an adjustment to the Registrants' deferred tax provision, and have been reflected in "Income Taxes" on the Statement of Income for the year ended December 31, 2017 as follows: PPL PPL Electric LKE LG&E KU Income tax expense (benefit) $ 321 $ (13 ) $ 112 $ — $ — The rate reduction on non-regulated deferred tax assets and liabilities were recorded as an adjustment to the Registrants' deferred tax provision, and have been reflected in "Income Taxes" on the Statement of Income for the year ended December 31, 2017 as follows: PPL PPL Electric LKE LG&E KU Income tax expense (benefit) $ 220 $ (13 ) $ 112 $ — $ — The Balance Sheets at December 31, 2017 reflect the increase to the Registrants' net regulatory liabilities as a result of the TCJA as follows: PPL PPL Electric LKE LG&E KU Net Increase in Regulatory Liabilities $ 2,185 $ 1,019 $ 1,166 $ 532 $ 634 |
Components of Income (Loss) From Continuing Operations Before Income Taxes | "Income from Continuing Operations Before Income Taxes" included the following: 2017 2016 2015 Domestic income $ 874 $ 1,463 $ 968 Foreign income 1,038 1,087 1,100 Total $ 1,912 $ 2,550 $ 2,068 |
Components of Deferred Tax Assets and Liabilities | Significant components of PPL's deferred income tax assets and liabilities were as follows: 2017 (a) 2016 Deferred Tax Assets Deferred investment tax credits $ 33 $ 51 Regulatory liabilities 62 94 Income taxes due to customer (b) 499 — Accrued pension costs 159 250 Federal loss carryforwards 356 565 State loss carryforwards 409 326 Federal and state tax credit carryforwards 455 256 Foreign capital loss carryforwards 329 302 Foreign loss carryforwards 2 3 Foreign - pensions (32 ) 41 Foreign - regulatory obligations 2 6 Foreign - other 7 5 Contributions in aid of construction 134 141 Domestic - other 104 188 Unrealized losses on qualifying derivatives 10 20 Valuation allowances (838 ) (593 ) Total deferred tax assets 1,691 1,655 Deferred Tax Liabilities Domestic plant - net (b) 3,168 4,325 Taxes recoverable through future rates (b) — 170 Regulatory assets 211 343 Reacquired debt costs 15 25 Foreign plant - net 726 640 Domestic - other 9 14 Total deferred tax liabilities 4,129 5,517 Net deferred tax liability $ 2,438 $ 3,862 (a) Deferred tax assets and liabilities at December 31, 2017 reflect the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. (b) The impact on net deferred tax liabilities as a result of the U.S. federal corporate income tax rate reduction enacted by the TCJA is primarily related to plant (net of net operating losses) and resulted in a regulatory liability for income taxes due to customers, the deferred tax impact of which is reflected as a deferred tax asset. |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2017 , PPL had the following loss and tax credit carryforwards, related deferred tax assets and valuation allowances recorded against the deferred tax assets. Gross Deferred Tax Asset Valuation Allowance Expiration Loss carryforwards Federal net operating losses (a) $ 1,662 $ 349 $ — 2029-2037 Federal charitable contributions (a) 36 7 — 2020-2022 State net operating losses (a) 5,512 407 (348 ) 2018-2037 State charitable contributions (a) 26 2 — 2018-2022 Foreign net operating losses 10 2 — Indefinite Foreign capital losses 1,938 329 (329 ) Indefinite Credit carryforwards Federal investment tax credit 133 — 2025-2036 Federal alternative minimum tax credit (b) 30 — Indefinite Federal foreign tax credits (c) 267 (148 ) 2024-2027 Federal - other 24 (8 ) 2019-2037 State - other 1 — Indefinite (a) Due to the enactment of the TCJA, deferred tax assets are reflected at the new U.S. federal corporate income tax rate of 21%. (b) The TCJA repealed the corporate alternative minimum tax (AMT) for tax years beginning after December 31, 2017. The existing indefinite carryforward period for AMT credits was retained. (c) Includes $62 million of foreign tax credits carried forward from 2016 and $205 million of additional foreign tax credits in 2017 related to the taxable deemed dividend associated with the TCJA. |
Schedule of Valuation and Qualifying Accounts of Deferred Tax Assets | The changes in deferred tax valuation allowances were as follows: Additions Balance at Beginning of Period Charged to Income Charged to Other Accounts Deductions Balance at End of Period 2017 $ 593 $ 256 (a) $ — $ 11 $ 838 2016 662 17 2 88 (b) 593 2015 622 24 77 (c) 61 (b) 662 (a) Increase in valuation allowance of approximately $145 million related to expected future utilization of both 2017 foreign tax credits and pre-2017 foreign tax credits carried forward. For additional information, see the "Reconciliation of Income Tax Expense" and associated notes below. In addition, the reduction of the U.S. federal corporate income tax rate enacted by the TCJA in 2017 resulted in a $62 million increase in federal deferred tax assets and a corresponding valuation allowance related to the federal tax benefits of state net operating losses. (b) The reductions of the U.K. statutory income tax rates in 2016 and 2015 resulted in $19 million and $44 million in reductions in the deferred tax assets and corresponding valuation allowances. See "Reconciliation of Income Tax Expense" below for more information on the impact of the U.K. Finance Acts 2016 and 2015. In addition, the deferred tax assets and corresponding valuation allowances were reduced in 2016 by approximately $65 million due to the effect of foreign currency exchange rates. (c) Valuation allowance related to the deferred tax assets previously reflected on the PPL Energy Supply Segment. The deferred tax assets and related valuation allowance remained with PPL after the spinoff. |
Components of Income Tax Expense (Benefit) From Continuing Operations | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income from Continuing Operations Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows: 2017 2016 2015 Income Tax Expense (Benefit) Current - Federal $ 6 $ (14 ) $ (26 ) Current - State 25 21 25 Current - Foreign 45 80 89 Total Current Expense 76 87 88 Deferred - Federal (a) 532 385 699 Deferred - State 88 89 68 Deferred - Foreign 133 86 41 Total Deferred Expense, excluding operating loss carryforwards 753 560 808 2017 2016 2015 Income Tax Expense (Benefit) Amortization of investment tax credit (3 ) (3 ) (4 ) Tax expense (benefit) of operating loss carryforwards Deferred - Federal (b) (16 ) 25 (396 ) Deferred - State (26 ) (21 ) (31 ) Total Tax Expense (Benefit) of Operating Loss Carryforwards (42 ) 4 (427 ) Total income taxes from continuing operations $ 784 $ 648 $ 465 Total income tax expense - Federal $ 519 $ 393 $ 273 Total income tax expense - State 87 89 62 Total income tax expense - Foreign 178 166 130 Total income taxes from continuing operations $ 784 $ 648 $ 465 (a) Due to the enactment of the TCJA in 2017, PPL recorded the following: • $220 million of deferred income tax expense related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities; • $162 million of deferred tax expense related to the utilization of current year losses resulting from the taxable deemed dividend; partially offset by, • $60 million of deferred tax benefits related to the $205 million of 2017 foreign tax credits partially offset by $145 million of valuation allowances. (b) Increase in federal loss carryforwards for 2015 primarily relates to the extension of bonus depreciation and the impact of bonus depreciation related to provision to return adjustments. In the table above, the following income tax expense (benefit) are excluded from income taxes from continuing operations: 2017 2016 2015 Discontinued operations - PPL Energy Supply Segment $ — $ — $ (30 ) Stock-based compensation recorded to Earnings Reinvested — (7 ) — Other comprehensive income (34 ) (6 ) (2 ) Valuation allowance on state deferred taxes recorded to other comprehensive income (1 ) 1 (4 ) Total $ (35 ) $ (12 ) $ (36 ) |
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income from Continuing Operations Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows: 2017 2016 2015 Reconciliation of Income Tax Expense Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 35% $ 669 $ 893 $ 724 Increase (decrease) due to: State income taxes, net of federal income tax benefit 46 46 31 Valuation allowance adjustments (a) 36 16 24 Impact of lower U.K. income tax rates (b) (176 ) (177 ) (176 ) U.S. income tax on foreign earnings - net of foreign tax credit (c) 47 (42 ) 8 Federal and state tax reserves adjustments (d) — — (22 ) Foreign income return adjustments (8 ) 2 — Impact of the U.K. Finance Acts on deferred tax balances (b) (16 ) (49 ) (91 ) Depreciation not normalized (10 ) (10 ) (5 ) Interest benefit on U.K. financing entities (16 ) (17 ) (20 ) Stock-based compensation (e) (3 ) (10 ) — Deferred tax impact of U.S. tax reform (f) 220 — — Other (5 ) (4 ) (8 ) Total increase (decrease) 115 (245 ) (259 ) Total income taxes from continuing operations $ 784 $ 648 $ 465 Effective income tax rate 41.0 % 25.4 % 22.5 % (a) During 2017, PPL recorded an increase in valuation allowances of $23 million primarily related to foreign tax credits recorded in 2016. The future utilization of these credits is expected to be lower as a result of the TCJA. During 2017 and 2016, PPL recorded deferred income tax expense of $16 million and $13 million for valuation allowances primarily related to increased Pennsylvania net operating loss carryforwards expected to be unutilized. During 2015, PPL recorded $24 million of deferred income tax expense related to deferred tax valuation allowances. PPL recorded state deferred income tax expense of $12 million primarily related to increased Pennsylvania net operating loss carryforwards expected to be unutilized and $12 million of federal deferred income tax expense primarily related to federal tax credit carryforwards that are expected to expire as a result of lower future taxable earnings due to the extension of bonus depreciation. (b) The U.K. Finance Act 2016, enacted in September 2016, reduced 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 $42 million deferred income tax benefit during 2016. The U.K. Finance Act 2015, enacted in November 2015, reduced the U.K. statutory income tax rate from 20% to 19% effective April 1, 2017 and from 19% to 18% effective April 1, 2020. As a result, PPL reduced its net deferred tax liabilities and recognized a $90 million deferred income tax benefit during 2015, related to both rate decreases. (c) During 2017, PPL recorded a federal income tax benefit of $35 million primarily attributable to U.K. pension contributions. During 2017, PPL recorded deferred income tax expense of $83 million primarily related to enactment of the TCJA. The enacted tax law included a conversion from a worldwide tax system to a territorial tax system, effective January 1, 2018. In the transition to the territorial regime, a one-time transition tax was imposed on PPL’s unrepatriated accumulated foreign earnings in 2017. These earnings were treated as a taxable deemed dividend to PPL of approximately $462 million , including $205 million of foreign tax credits. As the PPL consolidated U.S. group had a taxable loss for 2017, inclusive of the taxable deemed dividend, these credits were recorded as a deferred tax asset. However, it is expected that under the TCJA, only $83 million of the $205 million of foreign tax credits will be realized in the carry forward period. Accordingly, a valuation allowance on the current year foreign tax credits in the amount of $122 million has been recorded to reflect the reduction in the future utilization of the credits. The foreign tax credits associated with the deemed repatriation result in a gross carryforward and corresponding deferred tax asset of $205 million offset by a valuation allowance of $122 million . During 2016, PPL recorded lower income taxes primarily attributable to foreign tax credit carryforwards, arising from a decision to amend prior year tax returns to claim foreign tax credits rather than deduct foreign taxes. This decision was prompted by changes to the Company's most recent business plan. (d) During 2015, PPL recorded a $9 million income tax benefit related to a planned amendment of a prior period tax return and a $12 million income tax benefit related to the settlement of the IRS audit for the tax years 1998-2011. (e) During 2016, PPL recorded lower income tax expense related to the application of new stock-based compensation accounting guidance. See Note 1 for additional information. (f) During 2017, PPL recorded deferred income tax expense related to the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. |
Details of Taxes Other Than Income | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income from Continuing Operations Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows: 2017 2015 2015 Taxes, other than income State gross receipts (a) $ 102 $ 100 $ 89 State capital stock (6 ) — — Foreign property 127 135 148 Domestic Other 69 66 62 Total $ 292 $ 301 $ 299 (a) In 2015, the settlement of a 2011 gross receipts tax audit resulted in the reversal of $17 million of previously recognized reserves. |
Summary of Income Tax Examinations | With few exceptions, at December 31, 2017 , these jurisdictions, as well as the tax years that are no longer subject to examination, were as follows. PPL PPL Electric LKE LG&E KU U.S. (federal) 2013 and prior 2013 and prior 2013 and prior 2013 and prior 2013 and prior Pennsylvania (state) 2011 and prior 2011 and prior Kentucky (state) 2012 and prior 2012 and prior 2012 and prior 2012 and prior U.K. (foreign) 2014 and prior |
PPL Electric Utilities Corp [Member] | |
Income Taxes [Line Items] | |
Components of Deferred Tax Assets and Liabilities | Significant components of PPL Electric's deferred income tax assets and liabilities were as follows: 2017 (a) 2016 Deferred Tax Assets Accrued pension costs $ 63 $ 107 Contributions in aid of construction 117 112 Regulatory liabilities 25 34 Income taxes due to customers (b) 193 — State loss carryforwards 19 22 Federal loss carryforwards 91 147 Other 45 81 Total deferred tax assets 553 503 Deferred Tax Liabilities Electric utility plant - net (b) 1,544 2,001 Taxes recoverable through future rates (b) — 141 Reacquired debt costs 8 15 Regulatory assets 150 240 Other 5 5 Total deferred tax liabilities 1,707 2,402 Net deferred tax liability $ 1,154 $ 1,899 (a) Deferred tax assets and liabilities at December 31, 2017 reflect the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. (b) The impact on net deferred tax liabilities as a result of the U.S. federal tax rate reduction enacted by the TCJA is primarily related to plant (net of net operating losses) and resulted in a regulatory liability for income taxes due to customers, the deferred tax impact of which is reflected as a deferred tax asset. |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2017 , PPL Electric had the following loss carryforwards and related deferred tax assets: Gross Deferred Tax Asset Expiration Loss carryforwards (a) Federal net operating losses $ 426 $ 89 2031-2037 Federal charitable contributions 8 2 2020-2022 State net operating losses 233 18 2030-2032 State charitable contributions 13 1 2018-2022 (a) Due to the enactment of the TCJA, deferred tax assets are reflected at the new U.S. federal corporate income tax rate of 21%. |
Components of Income Tax Expense (Benefit) From Continuing Operations | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows. 2017 2016 2015 Income Tax Expense (Benefit) Current - Federal $ (65 ) $ (29 ) $ (80 ) Current - State 20 19 23 Total Current Expense (Benefit) (45 ) (10 ) (57 ) Deferred - Federal (a) 234 193 287 Deferred - State 29 29 12 Total Deferred Expense, excluding operating loss carryforwards 263 222 299 2017 2016 2015 Amortization of investment tax credit — — — Tax expense (benefit) of operating loss carryforwards Deferred - Federal (5 ) — (75 ) Deferred - State — — (3 ) Total Tax Expense (Benefit) of Operating Loss Carryforwards (5 ) — (78 ) Total income tax expense $ 213 $ 212 $ 164 Total income tax expense - Federal $ 164 $ 164 $ 132 Total income tax expense - State 49 48 32 Total income tax expense $ 213 $ 212 $ 164 (a) Due to the enactment of the TCJA in 2017, PPL Electric recorded a $13 million deferred tax benefit related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities. |
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows. 2017 2016 2015 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 201 $ 193 $ 146 Increase (decrease) due to: State income taxes, net of federal income tax benefit 36 36 25 Depreciation not normalized (8 ) (8 ) (4 ) Stock-based compensation (a) (2 ) (6 ) — Deferred tax impact of U.S. tax reform (b) (13 ) — — Other (1 ) (3 ) (3 ) Total increase (decrease) 12 19 18 Total income tax expense $ 213 $ 212 $ 164 Effective income tax rate 37.0 % 38.4 % 39.4 % (a) During 2016, PPL Electric recorded lower income tax expense related to the application of new stock-based compensation accounting guidance. See Note 1 for additional information. (b) During 2017, PPL Electric recorded a deferred tax benefit related to the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. |
Details of Taxes Other Than Income | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were as follows. 2017 2016 2015 Taxes, other than income State gross receipts (a) $ 102 $ 100 $ 89 Property and other 5 5 5 Total $ 107 $ 105 $ 94 (a) In 2015, the settlement of a 2011 gross receipts tax audit resulted in the reversal of $17 million of previously recognized reserves. |
LG And E And KU Energy LLC [Member] | |
Income Taxes [Line Items] | |
Components of Deferred Tax Assets and Liabilities | Significant components of LKE's deferred income tax assets and liabilities were as follows: 2017 (a) 2016 Deferred Tax Assets Federal loss carryforwards $ 150 $ 248 State loss carryforwards 41 35 Federal tax credit carryforwards 181 186 Contributions in aid of construction 17 29 Regulatory liabilities 37 60 Accrued pension costs 29 58 Income taxes due to customers (b) 305 15 Deferred investment tax credits 33 51 Derivative liability 7 12 Other 26 49 Valuation allowances (8 ) (11 ) Total deferred tax assets 818 732 Deferred Tax Liabilities Plant - net (b) 1,615 2,352 Regulatory assets 61 102 Other 8 13 Total deferred tax liabilities 1,684 2,467 Net deferred tax liability $ 866 $ 1,735 (a) Deferred tax assets and liabilities at December 31, 2017 reflect the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. (b) The impact on net deferred tax liabilities as a result of the U.S. federal tax rate reduction enacted by the TCJA is primarily related to plant (net of net operating losses) and resulted in a regulatory liability for income taxes due to customers, the deferred tax impact of which is reflected as a deferred tax asset. |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2017 , LKE had the following loss and tax credit carryforwards, related deferred tax assets, and valuation allowances recorded against the deferred tax assets. Gross Deferred Tax Asset Valuation Allowance Expiration Loss carryforwards (a) Federal net operating losses $ 713 $ 150 $ — 2028-2037 Federal charitable contributions 14 3 — 2020-2022 State net operating losses 874 41 — 2028-2037 Credit carryforwards Federal investment tax credit 133 — 2025-2036 Federal alternative minimum tax credit (b) 27 — Indefinite Federal - other 21 (8 ) 2019-2037 State - other 1 — Indefinite (a) Due to the enactment of the TCJA, deferred tax assets are reflected at the new U.S. federal corporate income tax rate of 21%. (b) The TCJA repealed the corporate alternative minimum tax (AMT) for tax years beginning after December 31, 2017. The existing indefinite carryforward period for AMT credits was retained. |
Schedule of Valuation and Qualifying Accounts of Deferred Tax Assets | Changes in deferred tax valuation allowances were: Balance at Beginning of Period Additions Deductions Balance at End of Period 2017 $ 11 $ 4 (a) $ 7 (b) $ 8 2016 12 — 1 (b) 11 2015 — 12 (c) — 12 (a) Federal tax credits expiring in 2021 that are more likely than not to expire before being utilized. (b) Federal tax credit expiring. (c) Federal tax credits expiring in 2016 through 2020 that are more likely than not to expire before being utilized. |
Components of Income Tax Expense (Benefit) From Continuing Operations | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income from Continuing Operations Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Income Tax Expense (Benefit) Current - Federal $ 74 $ (36 ) $ 2 Current - State 6 1 1 Total Current Expense (Benefit) 80 (35 ) 3 Deferred - Federal (a) 268 248 405 Deferred - State 32 38 32 Total Deferred Expense, excluding benefits of operating loss carryforwards 300 286 437 Amortization of investment tax credit - Federal (3 ) (3 ) (3 ) Tax benefit of operating loss carryforwards Deferred - Federal (2 ) 10 (198 ) Deferred - State — (1 ) — Total Tax Expense (Benefit) of Operating Loss Carryforwards (2 ) 9 (198 ) Total income tax expense from continuing operations (b) $ 375 $ 257 $ 239 Total income tax expense - Federal $ 337 $ 219 $ 206 Total income tax expense - State 38 38 33 Total income tax expense from continuing operations (b) $ 375 $ 257 $ 239 (a) Due to the enactment of the TCJA in 2017, LKE recorded $112 million of deferred income tax expense, of which $108 million related to the impact of the U.S. federal corporate income tax rate reduction from 35% to 21% on deferred tax assets and liabilities and $4 million related to valuation allowances on tax credits expiring in 2021. (b) Excludes deferred federal and state tax expense (benefit) recorded to OCI of $(10) million in 2017 , $(16) million in 2016 and less than $(1) million in 2015 . |
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income from Continuing Operations Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 242 $ 240 $ 211 Increase (decrease) due to: State income taxes, net of federal income tax benefit 25 25 22 Amortization of investment tax credit (3 ) (3 ) (3 ) Valuation allowance adjustment (a) — — 12 Stock-based compensation (b) 1 (3 ) — Deferred tax impact of U.S. tax reform (c) 112 — — Other (2 ) (2 ) (3 ) Total increase 133 17 28 Total income tax expense $ 375 $ 257 $ 239 Effective income tax rate 54.3 % 37.5 % 39.6 % (a) Represents a valuation allowance against tax credits expiring through 2020 that are more likely than not to expire before being utilized. (b) During 2016, LKE recorded lower income tax expense related to the application of new stock-based compensation accounting guidance. See Note 1 for additional information. (c) During 2017, LKE recorded deferred income tax expense primarily due to the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. |
Details of Taxes Other Than Income | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income from Continuing Operations Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Taxes, other than income Property and other $ 65 $ 62 $ 57 Total $ 65 $ 62 $ 57 |
Louisville Gas And Electric Co [Member] | |
Income Taxes [Line Items] | |
Components of Deferred Tax Assets and Liabilities | Significant components of LG&E's deferred income tax assets and liabilities were as follows: 2017 (a) 2016 Deferred Tax Assets Federal loss carryforwards $ 29 $ 80 Contributions in aid of construction 11 18 Regulatory liabilities 21 34 Deferred investment tax credits 9 14 Income taxes due to customers (b) 142 17 Derivative liability 7 12 Other 12 17 Total deferred tax assets 231 192 Deferred Tax Liabilities Plant - net (b) 724 1,058 Regulatory assets 40 65 Accrued pension costs 34 35 Other 5 8 Total deferred tax liabilities 803 1,166 Net deferred tax liability $ 572 $ 974 (a) Deferred tax assets and liabilities at December 31, 2017 reflect the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. (b) The impact on net deferred tax liabilities as a result of the U.S. federal tax rate reduction enacted by the TCJA is primarily related to plant (net of net operating losses) and resulted in a regulatory liability for income taxes due to customers, the deferred tax impact of which is reflected as a deferred tax asset. |
Components of Income Tax Expense (Benefit) From Continuing Operations | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Income Tax Expense (Benefit) Current - Federal $ — $ (22 ) $ (15 ) Current - State 5 1 3 Total current Expense (Benefit) 5 (21 ) (12 ) Deferred - Federal 112 134 190 Deferred - State 14 18 13 Total Deferred Expense, excluding benefits of operating loss carryforwards 126 152 203 Amortization of investment tax credit - Federal (1 ) (1 ) (1 ) Tax benefit of operating loss carryforwards Deferred - Federal 1 (4 ) (76 ) Total Tax Benefit of Operating Loss Carryforwards 1 (4 ) (76 ) Total income tax expense $ 131 $ 126 $ 114 Total income tax expense - Federal $ 112 $ 107 $ 98 Total income tax expense - State 19 19 16 Total income tax expense $ 131 $ 126 $ 114 |
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 120 $ 115 $ 105 Increase (decrease) due to: State income taxes, net of federal income tax benefit 13 12 11 Amortization of investment tax credit (1 ) (1 ) (1 ) Other (1 ) — (1 ) Total increase 11 11 9 Total income tax expense $ 131 $ 126 $ 114 Effective income tax rate 38.1 % 38.3 % 38.1 % |
Details of Taxes Other Than Income | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Taxes, other than income Property and other $ 33 $ 32 $ 28 Total $ 33 $ 32 $ 28 |
Kentucky Utilities Co [Member] | |
Income Taxes [Line Items] | |
Components of Deferred Tax Assets and Liabilities | Significant components of KU's deferred income tax assets and liabilities were as follows: 2017 (a) 2016 Deferred Tax Assets Federal loss carryforwards $ 13 $ 79 Contributions in aid of construction 6 11 Regulatory liabilities 16 26 Deferred investment tax credits 24 37 Income taxes due to customers (b) 163 — Other 9 11 Total deferred tax assets 231 164 Deferred Tax Liabilities Plant - net (b) 882 1,280 Regulatory assets 21 37 Accrued pension costs 17 12 Other 2 5 Total deferred tax liabilities 922 1,334 Net deferred tax liability $ 691 $ 1,170 (a) Deferred tax assets and liabilities at December 31, 2017 reflect the U.S. federal corporate income tax rate reduction from 35% to 21% enacted by the TCJA. (b) The impact on net deferred tax liabilities as a result of the U.S. federal tax rate reduction enacted by the TCJA is primarily related to plant (net of net operating losses) and resulted in a regulatory liability for income taxes due to customers, the deferred tax impact of which is reflected as a deferred tax asset. |
Components of Income Tax Expense (Benefit) From Continuing Operations | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Income Tax Expense (Benefit) Current - Federal $ — $ 31 $ (21 ) Current - State 7 5 1 Total Current Expense (Benefit) 7 36 (20 ) Deferred - Federal 138 131 240 Deferred - State 16 19 19 Total Deferred Expense, excluding benefits of operating loss carryforwards 154 150 259 Amortization of investment tax credit - Federal (2 ) (2 ) (2 ) Tax benefit of operating loss carryforwards Deferred - Federal — (21 ) (97 ) Total Tax Benefit of Operating Loss Carryforwards — (21 ) (97 ) Total income tax expense (a) $ 159 $ 163 $ 140 Total income tax expense - Federal $ 136 $ 139 $ 120 Total income tax expense - State 23 24 20 Total income tax expense (a) $ 159 $ 163 $ 140 (a) Excludes deferred federal and state tax expense (benefit) recorded to OCI of less than $1 million in 2017 , and less than $(1) million in 2016 and 2015 . |
Reconciliation of Income Tax Expense Derived From Statutory Tax Rate | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 146 $ 150 $ 131 Increase (decrease) due to: State income taxes, net of federal income tax benefit 15 16 13 Amortization of investment tax credit (2 ) (2 ) (2 ) Other — (1 ) (2 ) Total increase 13 13 9 Total income tax expense $ 159 $ 163 $ 140 Effective income tax rate 38.0 % 38.1 % 37.4 % |
Details of Taxes Other Than Income | Details of the components of income tax expense, a reconciliation of federal income taxes derived from statutory tax rates applied to "Income Before Income Taxes" to income taxes for reporting purposes, and details of "Taxes, other than income" were: 2017 2016 2015 Taxes, other than income Property and other $ 32 $ 30 $ 29 Total $ 32 $ 30 $ 29 |
Utility Rate Regulation (Tables
Utility Rate Regulation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Line Items] | |
Regulatory Assets and Liabilities | The following table provides information about the regulatory assets and liabilities of cost-based rate-regulated utility operations at December 31, : PPL PPL Electric 2017 2016 2017 2016 Current Regulatory Assets: Environmental cost recovery $ 5 $ 6 $ — $ — Generation formula rate 6 11 — — Transmission service charge — 7 — 7 Gas supply clause 4 3 — — Smart meter rider 15 6 15 6 Storm costs — 5 — 5 Other 4 1 1 1 Total current regulatory assets (a) $ 34 $ 39 $ 16 $ 19 Noncurrent Regulatory Assets: Defined benefit plans $ 880 $ 947 $ 504 $ 549 Taxes recoverable through future rates 3 340 3 340 Storm costs 33 57 — 9 Unamortized loss on debt 54 61 29 36 Interest rate swaps 26 31 — — Terminated interest rate swaps 92 98 — — Accumulated cost of removal of utility plant 173 159 173 159 AROs 234 211 — — Other 9 14 — 1 Total noncurrent regulatory assets $ 1,504 $ 1,918 $ 709 $ 1,094 Current Regulatory Liabilities: Generation supply charge $ 34 $ 23 $ 34 $ 23 Transmission service charge 9 — 9 — Universal service rider 26 14 26 14 Transmission formula rate 9 15 9 15 Fuel adjustment clauses 3 11 — — Act 129 compliance rider — 17 — 17 Storm damage expense rider 8 13 8 13 Other 6 8 — 1 Total current regulatory liabilities $ 95 $ 101 $ 86 $ 83 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 677 $ 700 $ — $ — Power purchase agreement - OVEC (b) 68 75 — — Net deferred taxes (c) 1,853 23 668 — Defined benefit plans 27 23 — — Terminated interest rate swaps 74 78 — — Other 5 — — — Total noncurrent regulatory liabilities $ 2,704 $ 899 $ 668 $ — LKE LG&E KU 2017 2016 2017 2016 2017 2016 Current Regulatory Assets: Environmental cost recovery $ 5 $ 6 $ 5 $ 6 $ — $ — Generation formula rate 6 11 — — 6 11 Gas supply clause 4 3 4 3 — — Other 3 — 3 — — — Total current regulatory assets $ 18 $ 20 $ 12 $ 9 $ 6 $ 11 LKE LG&E KU 2017 2016 2017 2016 2017 2016 Noncurrent Regulatory Assets: Defined benefit plans $ 376 $ 398 $ 234 $ 246 $ 142 $ 152 Storm costs 33 48 18 26 15 22 Unamortized loss on debt 25 25 16 16 9 9 Interest rate swaps 26 31 26 31 — — Terminated interest rate swaps 92 98 54 57 38 41 AROs 234 211 61 70 173 141 Other 9 13 2 4 7 9 Total noncurrent regulatory assets $ 795 $ 824 $ 411 $ 450 $ 384 $ 374 Current Regulatory Liabilities: Demand side management $ — $ 3 $ — $ 2 $ — $ 1 Fuel adjustment clause 3 11 — 2 3 9 Gas line tracker 3 — 3 — — — Other 3 4 — 1 3 3 Total current regulatory liabilities $ 9 $ 18 $ 3 $ 5 $ 6 $ 13 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 677 $ 700 $ 282 $ 305 $ 395 $ 395 Power purchase agreement - OVEC (b) 68 75 47 52 21 23 Net deferred taxes (c) 1,185 23 552 23 633 — Defined benefit plans 27 23 — — 27 23 Terminated interest rate swaps 74 78 37 39 37 39 Other 5 — 1 — 4 — Total noncurrent regulatory liabilities $ 2,036 $ 899 $ 919 $ 419 $ 1,117 $ 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. (c) Primarily relates to excess deferred taxes recorded as a result of the TCJA, which lowered the federal corporate income tax rate effective January 1, 2018 requiring deferred tax balances and the associated regulatory liabilities to be remeasured as of December 31, 2017. |
Financing Activities (Tables)
Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Line Items] | |
Credit Facilities in Place at Period End | The following credit facilities were in place at: December 31, 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) (c) Jan. 2022 £ 210 £ 148 £ — £ 60 £ 160 £ — WPD (South West) Syndicated Credit Facility (a) (c) July 2021 245 — — 245 110 — WPD (East Midlands) Syndicated Credit Facility (a) (c) July 2021 300 180 — 120 9 — WPD (West Midlands) Syndicated Credit Facility (a) (c) July 2021 300 120 — 180 — — Uncommitted Credit Facilities 100 — 4 96 60 4 Total U.K. Credit Facilities (b) £ 1,155 £ 448 £ 4 £ 701 £ 339 £ 4 U.S. PPL Capital Funding Syndicated Credit Facility (c) (d) Jan. 2022 $ 950 $ — $ 230 $ 720 $ — $ 20 Syndicated Credit Facility (c) (d) Nov. 2018 300 — — 300 — — Bilateral Credit Facility (c) (d) Mar. 2018 150 — 18 132 — 17 Total PPL Capital Funding Credit Facilities $ 1,400 $ — $ 248 $ 1,152 $ — $ 37 PPL Electric Syndicated Credit Facility (c) (d) Jan. 2022 $ 650 $ — $ 1 $ 649 $ — $ 296 LKE Syndicated Credit Facility (c) (d) Oct. 2018 $ 75 $ — $ — $ 75 $ — $ — LG&E Syndicated Credit Facility (c) (d) Jan. 2022 $ 500 $ — $ 199 $ 301 $ — $ 169 Term Loan Credit Facility (c) (e) Oct. 2019 200 100 — 100 — — Total LG&E Credit Facilities $ 700 $ 100 $ 199 $ 401 $ — $ 169 KU Syndicated Credit Facility (c) (d) Jan. 2022 $ 400 $ — $ 45 $ 355 $ — $ 16 Letter of Credit Facility (c) (d) (f) Oct. 2020 198 — 198 — — 198 Total KU Credit Facilities $ 598 $ — $ 243 $ 355 $ — $ 214 (a) The facilities contain financial covenants to maintain an interest coverage ratio of not less than 3.0 times consolidated earnings before income taxes, depreciation and amortization and total net debt not in excess of 85% of its RAV, calculated in accordance with the credit facility. (b) The WPD plc amounts borrowed at December 31, 2017 and 2016 included USD-denominated borrowings of $200 million for both periods, which bore interest at 2.17% and 1.43% . The unused capacity reflects the amount borrowed in GBP of £150 million as of the date borrowed. The WPD (East Midlands) amount borrowed at December 31, 2017 was a GBP-denominated borrowing, which equated to $244 million and bore interest at 0.89% . The WPD (West Midlands) amount borrowed at December 31, 2017 was a GBP-denominated borrowing, which equated to $162 million and bore interest at 0.89% . At December 31, 2017 , the unused capacity under the U.K. credit facilities was approximately $949 million . (c) Each company pays customary fees under its respective facility and borrowings generally bear interest at LIBOR-based rates plus an applicable margin. (d) The facilities contain a financial covenant requiring debt to total capitalization not to exceed 70% for PPL Capital Funding, PPL Electric, LKE, LG&E and KU, as calculated in accordance with the facilities and other customary covenants. Additionally, as it relates to the syndicated and bilateral credit facilities and subject to certain conditions, PPL Capital Funding may request that the capacity of its facilities expiring in November 2018 and March 2018 be increased by up to $30 million , LG&E and KU each may request up to a $100 million increase in its facility's capacity and LKE may request up to a $25 million increase in its facility's capacity. (e) LG&E entered into a term loan credit agreement in October 2017 whereby it may borrow up to $200 million . The outstanding borrowings at December 31, 2017 bore interest at a rate of 2.06% . (f) KU's letter of credit facility agreement allows for certain payments under the letter of credit facility to be converted to loans rather than requiring immediate payment. |
Commercial paper | The following commercial paper programs were in place at: December 31, 2017 December 31, 2016 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding 1.64% $ 1,000 $ 230 $ 770 1.10% $ 20 PPL Electric 650 — 650 1.05% 295 LG&E 1.83% 350 199 151 0.94% 169 KU 1.97% 350 45 305 0.87% 16 Total $ 2,350 $ 474 $ 1,876 $ 500 |
Long-term Debt | Long-term Debt (All Registrants) December 31, Weighted-Average Maturities (g) 2017 2016 PPL U.S. Senior Unsecured Notes 3.78 % 2020 - 2047 $ 4,575 $ 4,075 Senior Secured Notes/First Mortgage Bonds (a) (b) (c) 3.96 % 2018 - 2047 7,314 6,849 Junior Subordinated Notes 5.10 % 2067 - 2073 930 930 Term Loan Credit Facility 2.06 % 2019 100 — Total U.S. Long-term Debt 12,919 11,854 U.K. Senior Unsecured Notes (d) 5.24 % 2020 - 2040 6,351 5,707 Index-linked Senior Unsecured Notes (e) 1.56 % 2026 - 2056 1,012 838 Total U.K. Long-term Debt (f) 7,363 6,545 Total Long-term Debt Before Adjustments 20,282 18,399 Fair market value adjustments 21 22 Unamortized premium and (discount), net (e) 14 20 Unamortized debt issuance costs (122 ) (115 ) Total Long-term Debt 20,195 18,326 Less current portion of Long-term Debt 348 518 Total Long-term Debt, noncurrent $ 19,847 $ 17,808 December 31, Weighted-Average Maturities (g) 2017 2016 PPL Electric Senior Secured Notes/First Mortgage Bonds (a) (b) 4.23 % 2020 - 2047 $ 3,339 $ 2,864 Total Long-term Debt Before Adjustments 3,339 2,864 Unamortized discount (16 ) (12 ) Unamortized debt issuance costs (25 ) (21 ) Total Long-term Debt 3,298 2,831 Less current portion of Long-term Debt — 224 Total Long-term Debt, noncurrent $ 3,298 $ 2,607 LKE Senior Unsecured Notes 3.97 % 2020 - 2021 $ 725 $ 725 Term Loan Credit Facility 2.06 % 2019 100 — First Mortgage Bonds (a) (c) 3.73 % 2018 - 2045 3,975 3,985 Long-term debt to affiliate 3.50 % 2026 400 400 Total Long-term Debt Before Adjustments 5,200 5,110 Fair market value adjustments — (1 ) Unamortized discount (14 ) (15 ) Unamortized debt issuance costs (27 ) (29 ) Total Long-term Debt 5,159 5,065 Less current portion of Long-term Debt 98 194 Total Long-term Debt, noncurrent $ 5,061 $ 4,871 LG&E Term Loan Credit Facility 2.06 % 2019 $ 100 $ — First Mortgage Bonds (a) (c) 3.48 % 2018 - 2045 1,624 1,634 Total Long-term Debt Before Adjustments 1,724 1,634 Fair market value adjustments — (1 ) Unamortized discount (4 ) (4 ) Unamortized debt issuance costs (11 ) (12 ) Total Long-term Debt 1,709 1,617 Less current portion of Long-term Debt 98 194 Total Long-term Debt, noncurrent $ 1,611 $ 1,423 KU First Mortgage Bonds (a) (c) 3.91 % 2019 - 2045 $ 2,351 $ 2,351 Total Long-term Debt Before Adjustments 2,351 2,351 Unamortized discount (9 ) (9 ) Unamortized debt issuance costs (14 ) (15 ) Total Long-term Debt 2,328 2,327 Less current portion of Long-term Debt — — Total Long-term Debt, noncurrent $ 2,328 $ 2,327 (a) Includes PPL Electric's senior secured and first mortgage bonds that are secured by the lien of PPL Electric's 2001 Mortgage Indenture, which covers substantially all electric distribution plant and certain transmission plant owned by PPL Electric. The carrying value of PPL Electric's property, plant and equipment was approximately $8.5 billion and $7.6 billion at December 31, 2017 and 2016 . Includes LG&E's first mortgage bonds that are secured by the lien of the LG&E 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of LG&E's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity and the storage and distribution of natural gas. The aggregate carrying value of the property subject to the lien was $4.7 billion and $4.4 billion at December 31, 2017 and 2016 . Includes KU's first mortgage bonds that are secured by the lien of the KU 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of KU's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity. The aggregate carrying value of the property subject to the lien was $6.0 billion and $5.8 billion at December 31, 2017 and 2016 . (b) Includes PPL Electric's series of senior secured bonds that secure its obligations to make payments with respect to each series of Pollution Control Bonds that were issued by the LCIDA and the PEDFA on behalf of PPL Electric. These senior secured bonds were issued in the same principal amount, contain payment and redemption provisions that correspond to and bear the same interest rate as such Pollution Control Bonds. These senior secured bonds were issued under PPL Electric's 2001 Mortgage Indenture and are secured as noted in (a) above. This amount includes $224 million of which PPL Electric is allowed to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, or term rate of at least one year and $90 million that may be redeemed, in whole or in part, at par beginning in October 2020 , and are subject to mandatory redemption upon determination that the interest rate on the bonds would be included in the holders' gross income for federal tax purposes. (c) Includes LG&E's and KU's series of first mortgage bonds that were issued to the respective trustees of tax-exempt revenue bonds to secure its respective obligations to make payments with respect to each series of bonds. The first mortgage bonds were issued in the same principal amounts, contain payment and redemption provisions that correspond to and bear the same interest rate as such tax-exempt revenue bonds. These first mortgage bonds were issued under the LG&E 2010 Mortgage Indenture and the KU 2010 Mortgage Indenture and are secured as noted in (a) above. The related tax-exempt revenue bonds were issued by various governmental entities, principally counties in Kentucky, on behalf of LG&E and KU. The related revenue bond documents allow LG&E and KU to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, term rate of at least one year or, in some cases, an auction rate or a LIBOR index rate. At December 31, 2017 , the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $514 million for LKE, comprised of $391 million and $123 million for LG&E and KU. At December 31, 2017 , the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $375 million for LKE, comprised of $147 million and $228 million for LG&E and KU. These variable rate tax-exempt revenue bonds are subject to tender for purchase by LG&E and KU at the option of the holder and to mandatory tender for purchase by LG&E and KU upon the occurrence of certain events. (d) Includes £225 million ( $304 million at December 31, 2017 ) of notes that may be redeemed, in total but not in part, on December 21, 2026 , at the greater of the principal value or a value determined by reference to the gross redemption yield on a nominated U.K. Government bond. (e) The principal amount of the notes issued by WPD (South West), WPD (East Midlands) and WPD (South Wales) is adjusted based on changes in a specified index, as detailed in the terms of the related indentures. The adjustment to the principal amounts from 2016 to 2017 was an increase of approximately £27 million ( $37 million ) resulting from inflation. In addition, this amount includes £225 million ( $304 million at December 31, 2017 ) of notes issued by WPD (South West) that may be redeemed, in total by series, on December 1, 2026 , at the greater of the adjusted principal value and a make-whole value determined by reference to the gross real yield on a nominated U.K. government bond. (f) Includes £4.7 billion ( $6.4 billion at December 31, 2017 ) of notes that may be put by the holders to the issuer for redemption if the long-term credit ratings assigned to the notes are withdrawn by any of the rating agencies (Moody's or S&P) or reduced to a non-investment grade rating of Ba1 or BB+ or lower in connection with a restructuring event, which includes the loss of, or a material adverse change to, the distribution licenses under which the issuer operates. (g) The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of December 31, 2017 . |
Long-term Debt Maturities | The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2018 through 2022 and thereafter are as follows: PPL PPL Electric LKE LG&E KU 2018 $ 348 $ — $ 98 $ 98 $ — 2019 430 — 430 334 96 2020 1,278 100 975 — 500 2021 1,150 400 250 — — 2022 1,274 474 — — — Thereafter 15,802 2,365 3,447 1,292 1,755 Total $ 20,282 $ 3,339 $ 5,200 $ 1,724 $ 2,351 |
Schedule Of Stock Offering Program | PPL issued the following for the years ended December 31: 2017 2016 2015 Number of shares (in thousands) 10,373 710 1,477 Net Proceeds $ 377 $ 25 $ 49 |
Acquisitions, Development and42
Acquisitions, Development and Divestures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions, Development and Divestitures [Line Items] | |
Components of Discontinued Operations | Following are the components of Discontinued Operations in the Statement of Income for the period ended December 31: 2015 Operating revenues $ 1,427 Operating expenses 1,328 Other Income (Expense) - net (21 ) Interest expense (a) 150 Income tax expense (benefit) (30 ) Loss on spinoff (879 ) Loss from Discontinued Operations (net of income taxes) $ (921 ) (a) Includes interest associated with the Supply segment with no additional allocation as the Supply segment was sufficiently capitalized. The following table summarizes PPL's fair value analysis: Approach Weighting Weighted Fair Value (in billions) Talen Energy Market Value 50% $ 1.4 Income/Discounted Cash Flow 30% 1.1 Alternative Market (Comparable Company) 20% 0.7 Estimated Fair Value $ 3.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Line Items] | |
Rent Expense for Operating Leases | Rent expense for the years ended December 31 for operating leases was as follows: 2017 2016 2015 PPL $ 45 $ 50 $ 49 LKE 26 26 24 LG&E 15 15 12 KU 11 11 11 |
Future Minimum Rental Payments for All Operating Leases | Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2018 $ 32 $ 26 $ 15 $ 10 2019 19 16 8 8 2020 13 11 5 6 2021 10 8 3 5 2022 8 6 2 4 Thereafter 22 15 6 8 Total $ 104 $ 82 $ 39 $ 41 |
LG And E And KU Energy LLC [Member] | |
Leases [Line Items] | |
Rent Expense for Operating Leases | Rent expense for the years ended December 31 for operating leases was as follows: 2017 2016 2015 PPL $ 45 $ 50 $ 49 LKE 26 26 24 LG&E 15 15 12 KU 11 11 11 |
Future Minimum Rental Payments for All Operating Leases | Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2018 $ 32 $ 26 $ 15 $ 10 2019 19 16 8 8 2020 13 11 5 6 2021 10 8 3 5 2022 8 6 2 4 Thereafter 22 15 6 8 Total $ 104 $ 82 $ 39 $ 41 |
Louisville Gas And Electric Co [Member] | |
Leases [Line Items] | |
Rent Expense for Operating Leases | Rent expense for the years ended December 31 for operating leases was as follows: 2017 2016 2015 PPL $ 45 $ 50 $ 49 LKE 26 26 24 LG&E 15 15 12 KU 11 11 11 |
Future Minimum Rental Payments for All Operating Leases | Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2018 $ 32 $ 26 $ 15 $ 10 2019 19 16 8 8 2020 13 11 5 6 2021 10 8 3 5 2022 8 6 2 4 Thereafter 22 15 6 8 Total $ 104 $ 82 $ 39 $ 41 |
Kentucky Utilities Co [Member] | |
Leases [Line Items] | |
Rent Expense for Operating Leases | Rent expense for the years ended December 31 for operating leases was as follows: 2017 2016 2015 PPL $ 45 $ 50 $ 49 LKE 26 26 24 LG&E 15 15 12 KU 11 11 11 |
Future Minimum Rental Payments for All Operating Leases | Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2018 $ 32 $ 26 $ 15 $ 10 2019 19 16 8 8 2020 13 11 5 6 2021 10 8 3 5 2022 8 6 2 4 Thereafter 22 15 6 8 Total $ 104 $ 82 $ 39 $ 41 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |
Stock-Based Compensation, Plan Award Limits | The following table details the award limits under each of the Plans. Total Plan Annual Grant Limit Total As % of Outstanding Annual Grant Annual Grant Limit For Individual Participants - Performance Based Awards Award Limit PPL Common Stock On First Day of Limit Options For awards denominated in For awards denominated in Plan (Shares) Each Calendar Year (Shares) shares (Shares) cash (in dollars) SIP 15,000,000 2,000,000 750,000 $ 15,000,000 ICPKE 14,199,796 2 % 3,000,000 |
Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of restricted stock units granted was: 2017 2016 2015 PPL $ 35.30 $ 33.84 $ 34.50 PPL Electric 35.45 34.32 34.41 LKE 35.25 33.73 34.89 |
Restricted Stock and Restricted Stock Units, Activity Rollforward | Restricted stock unit activity for 2017 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,337,025 $ 31.57 Granted 538,441 35.30 Vested (567,001 ) 29.28 Forfeited (16,816 ) 34.28 Nonvested, end of period (a) 1,291,649 34.10 Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 204,570 $ 31.27 Transfer between registrants (5,250 ) 32.05 Granted 79,321 35.45 Vested (91,117 ) 28.83 Forfeited (3,108 ) 34.68 Nonvested, end of period 184,416 34.20 LKE Nonvested, beginning of period 243,281 $ 31.53 Transfer between registrants 25,337 31.61 Granted 97,775 35.25 Vested (125,612 ) 29.68 Forfeited (9,224 ) 34.04 Nonvested, end of period 231,557 34.01 (a) Excludes 252,850 restricted stock units for which restrictions lapsed for former PPL Energy Supply employees as a result of the spinoff, but for which distribution will not occur until the end of the original restriction period of the awards. |
Restricted Stock and Restricted Stock Units, Total Fair Value Vested at Year End | The total fair value of restricted stock units vesting for the years ended December 31 was: 2017 2016 2015 PPL $ 20 $ 30 $ 28 PPL Electric 3 3 4 LKE 4 5 4 |
Performance Units, Valuation Assumptions | The weighted-average assumptions used in the model were: 2017 2016 2015 Expected stock volatility 17.40 % 19.60 % 15.90 % Expected life 3 years 3 years 3 years |
Performance Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of TSR performance units granted was: 2017 2016 2015 PPL $ 38.38 $ 35.74 $ 36.76 PPL Electric 38.37 35.68 37.93 LKE 38.24 35.28 37.10 |
Performance Units, Activity Rollforward | TSR performance unit activity for 2017 was: TSR Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,070,536 $ 34.65 Granted 293,642 38.38 TSR Performance Units Weighted- Average Grant Date Fair Value Per Share Vested (243,983 ) 32.42 Forfeited (141,964 ) 32.27 Nonvested, end of period (a) 978,231 36.67 PPL Electric Nonvested, beginning of period 76,726 $ 34.68 Granted 26,086 38.37 Vested (14,713 ) 32.14 Forfeited (12,586 ) 35.45 Nonvested, end of period 75,513 37.00 LKE Nonvested, beginning of period 191,601 $ 34.34 Transfer between registrants 8,307 35.96 Granted 64,555 38.24 Vested (48,980 ) 32.09 Forfeited (35,194 ) 35.25 Nonvested, end of period 180,289 36.69 (a) Excludes 41,405 TSR awards for which the service vesting requirement was waived for former PPL Energy Supply employees as a result of the spinoff, but for which the ultimate number of shares to be distributed will depend on the actual attainment of the performance goals at the end of the specified performance periods. ROE performance unit activity for 2017 was: ROE Performance Unit Weighted- Average Grant Date Fair Value Per Share PPL Granted 97,925 $ 34.42 Forfeited (997 ) 34.41 Nonvested, end of period 96,928 34.42 PPL Electric Granted 8,696 $ 34.41 Nonvested, end of period 8,696 34.41 LKE Granted 21,536 $ 34.29 Forfeited (997 ) 34.41 Nonvested, end of period 20,539 34.29 |
Stock Options, Activity Rollforward | Stock option activity for 2017 was: Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value PPL Outstanding at beginning of period 4,481,160 $ 28.98 Exercised (718,977 ) 26.67 Outstanding and exercisable at end of period 3,762,183 29.42 3.5 $ 14 PPL Electric Outstanding at beginning of period 240,939 $ 27.48 Exercised (42,659 ) 26.99 Outstanding and exercisable at end of period 198,280 27.58 3.8 $ 1 Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value LKE Outstanding at beginning of period 61,896 $ 25.81 Exercised (28,164 ) 26.59 Outstanding and exercisable at end of period 33,732 25.15 4.1 $ — |
Compensation Costs for Restricted Stock, Restricted Stock Units, Performance Units and Stock Options | Compensation expense for restricted stock, restricted stock units, performance units and stock options accounted for as equity awards, which for PPL Electric and LKE includes an allocation of PPL Services' expense, was: 2017 2016 2015 PPL $ 32 $ 27 $ 33 PPL Electric 18 16 14 LKE 8 7 8 The income tax benefit related to above compensation expense was as follows: 2017 2016 2015 PPL $ 13 $ 12 $ 14 PPL Electric 8 7 6 LKE 3 3 3 |
Unrecognized Compensation Cost, Nonvested Restricted Stock, Restricted Stock Units, Performance Units and Stock Option Awards | At December 31, 2017 , unrecognized compensation expense related to nonvested stock awards was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 10 1.7 PPL Electric 2 1.7 LKE 1 1.6 |
PPL Electric Utilities Corp [Member] | |
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |
Stock-Based Compensation, Plan Award Limits | The following table details the award limits under each of the Plans. Total Plan Annual Grant Limit Total As % of Outstanding Annual Grant Annual Grant Limit For Individual Participants - Performance Based Awards Award Limit PPL Common Stock On First Day of Limit Options For awards denominated in For awards denominated in Plan (Shares) Each Calendar Year (Shares) shares (Shares) cash (in dollars) SIP 15,000,000 2,000,000 750,000 $ 15,000,000 ICPKE 14,199,796 2 % 3,000,000 |
Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of restricted stock units granted was: 2017 2016 2015 PPL $ 35.30 $ 33.84 $ 34.50 PPL Electric 35.45 34.32 34.41 LKE 35.25 33.73 34.89 |
Restricted Stock and Restricted Stock Units, Activity Rollforward | Restricted stock unit activity for 2017 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,337,025 $ 31.57 Granted 538,441 35.30 Vested (567,001 ) 29.28 Forfeited (16,816 ) 34.28 Nonvested, end of period (a) 1,291,649 34.10 Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 204,570 $ 31.27 Transfer between registrants (5,250 ) 32.05 Granted 79,321 35.45 Vested (91,117 ) 28.83 Forfeited (3,108 ) 34.68 Nonvested, end of period 184,416 34.20 LKE Nonvested, beginning of period 243,281 $ 31.53 Transfer between registrants 25,337 31.61 Granted 97,775 35.25 Vested (125,612 ) 29.68 Forfeited (9,224 ) 34.04 Nonvested, end of period 231,557 34.01 (a) Excludes 252,850 restricted stock units for which restrictions lapsed for former PPL Energy Supply employees as a result of the spinoff, but for which distribution will not occur until the end of the original restriction period of the awards. |
Restricted Stock and Restricted Stock Units, Total Fair Value Vested at Year End | The total fair value of restricted stock units vesting for the years ended December 31 was: 2017 2016 2015 PPL $ 20 $ 30 $ 28 PPL Electric 3 3 4 LKE 4 5 4 |
Performance Units, Valuation Assumptions | The weighted-average assumptions used in the model were: 2017 2016 2015 Expected stock volatility 17.40 % 19.60 % 15.90 % Expected life 3 years 3 years 3 years |
Performance Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of TSR performance units granted was: 2017 2016 2015 PPL $ 38.38 $ 35.74 $ 36.76 PPL Electric 38.37 35.68 37.93 LKE 38.24 35.28 37.10 |
Performance Units, Activity Rollforward | TSR performance unit activity for 2017 was: TSR Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,070,536 $ 34.65 Granted 293,642 38.38 TSR Performance Units Weighted- Average Grant Date Fair Value Per Share Vested (243,983 ) 32.42 Forfeited (141,964 ) 32.27 Nonvested, end of period (a) 978,231 36.67 PPL Electric Nonvested, beginning of period 76,726 $ 34.68 Granted 26,086 38.37 Vested (14,713 ) 32.14 Forfeited (12,586 ) 35.45 Nonvested, end of period 75,513 37.00 LKE Nonvested, beginning of period 191,601 $ 34.34 Transfer between registrants 8,307 35.96 Granted 64,555 38.24 Vested (48,980 ) 32.09 Forfeited (35,194 ) 35.25 Nonvested, end of period 180,289 36.69 (a) Excludes 41,405 TSR awards for which the service vesting requirement was waived for former PPL Energy Supply employees as a result of the spinoff, but for which the ultimate number of shares to be distributed will depend on the actual attainment of the performance goals at the end of the specified performance periods. ROE performance unit activity for 2017 was: ROE Performance Unit Weighted- Average Grant Date Fair Value Per Share PPL Granted 97,925 $ 34.42 Forfeited (997 ) 34.41 Nonvested, end of period 96,928 34.42 PPL Electric Granted 8,696 $ 34.41 Nonvested, end of period 8,696 34.41 LKE Granted 21,536 $ 34.29 Forfeited (997 ) 34.41 Nonvested, end of period 20,539 34.29 |
Stock Options, Activity Rollforward | Stock option activity for 2017 was: Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value PPL Outstanding at beginning of period 4,481,160 $ 28.98 Exercised (718,977 ) 26.67 Outstanding and exercisable at end of period 3,762,183 29.42 3.5 $ 14 PPL Electric Outstanding at beginning of period 240,939 $ 27.48 Exercised (42,659 ) 26.99 Outstanding and exercisable at end of period 198,280 27.58 3.8 $ 1 Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value LKE Outstanding at beginning of period 61,896 $ 25.81 Exercised (28,164 ) 26.59 Outstanding and exercisable at end of period 33,732 25.15 4.1 $ — |
Compensation Costs for Restricted Stock, Restricted Stock Units, Performance Units and Stock Options | Compensation expense for restricted stock, restricted stock units, performance units and stock options accounted for as equity awards, which for PPL Electric and LKE includes an allocation of PPL Services' expense, was: 2017 2016 2015 PPL $ 32 $ 27 $ 33 PPL Electric 18 16 14 LKE 8 7 8 The income tax benefit related to above compensation expense was as follows: 2017 2016 2015 PPL $ 13 $ 12 $ 14 PPL Electric 8 7 6 LKE 3 3 3 |
Unrecognized Compensation Cost, Nonvested Restricted Stock, Restricted Stock Units, Performance Units and Stock Option Awards | At December 31, 2017 , unrecognized compensation expense related to nonvested stock awards was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 10 1.7 PPL Electric 2 1.7 LKE 1 1.6 |
LG And E And KU Energy LLC [Member] | |
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |
Stock-Based Compensation, Plan Award Limits | The following table details the award limits under each of the Plans. Total Plan Annual Grant Limit Total As % of Outstanding Annual Grant Annual Grant Limit For Individual Participants - Performance Based Awards Award Limit PPL Common Stock On First Day of Limit Options For awards denominated in For awards denominated in Plan (Shares) Each Calendar Year (Shares) shares (Shares) cash (in dollars) SIP 15,000,000 2,000,000 750,000 $ 15,000,000 ICPKE 14,199,796 2 % 3,000,000 |
Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of restricted stock units granted was: 2017 2016 2015 PPL $ 35.30 $ 33.84 $ 34.50 PPL Electric 35.45 34.32 34.41 LKE 35.25 33.73 34.89 |
Restricted Stock and Restricted Stock Units, Activity Rollforward | Restricted stock unit activity for 2017 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,337,025 $ 31.57 Granted 538,441 35.30 Vested (567,001 ) 29.28 Forfeited (16,816 ) 34.28 Nonvested, end of period (a) 1,291,649 34.10 Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 204,570 $ 31.27 Transfer between registrants (5,250 ) 32.05 Granted 79,321 35.45 Vested (91,117 ) 28.83 Forfeited (3,108 ) 34.68 Nonvested, end of period 184,416 34.20 LKE Nonvested, beginning of period 243,281 $ 31.53 Transfer between registrants 25,337 31.61 Granted 97,775 35.25 Vested (125,612 ) 29.68 Forfeited (9,224 ) 34.04 Nonvested, end of period 231,557 34.01 (a) Excludes 252,850 restricted stock units for which restrictions lapsed for former PPL Energy Supply employees as a result of the spinoff, but for which distribution will not occur until the end of the original restriction period of the awards. |
Restricted Stock and Restricted Stock Units, Total Fair Value Vested at Year End | The total fair value of restricted stock units vesting for the years ended December 31 was: 2017 2016 2015 PPL $ 20 $ 30 $ 28 PPL Electric 3 3 4 LKE 4 5 4 |
Performance Units, Valuation Assumptions | The weighted-average assumptions used in the model were: 2017 2016 2015 Expected stock volatility 17.40 % 19.60 % 15.90 % Expected life 3 years 3 years 3 years |
Performance Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of TSR performance units granted was: 2017 2016 2015 PPL $ 38.38 $ 35.74 $ 36.76 PPL Electric 38.37 35.68 37.93 LKE 38.24 35.28 37.10 |
Performance Units, Activity Rollforward | TSR performance unit activity for 2017 was: TSR Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,070,536 $ 34.65 Granted 293,642 38.38 TSR Performance Units Weighted- Average Grant Date Fair Value Per Share Vested (243,983 ) 32.42 Forfeited (141,964 ) 32.27 Nonvested, end of period (a) 978,231 36.67 PPL Electric Nonvested, beginning of period 76,726 $ 34.68 Granted 26,086 38.37 Vested (14,713 ) 32.14 Forfeited (12,586 ) 35.45 Nonvested, end of period 75,513 37.00 LKE Nonvested, beginning of period 191,601 $ 34.34 Transfer between registrants 8,307 35.96 Granted 64,555 38.24 Vested (48,980 ) 32.09 Forfeited (35,194 ) 35.25 Nonvested, end of period 180,289 36.69 (a) Excludes 41,405 TSR awards for which the service vesting requirement was waived for former PPL Energy Supply employees as a result of the spinoff, but for which the ultimate number of shares to be distributed will depend on the actual attainment of the performance goals at the end of the specified performance periods. ROE performance unit activity for 2017 was: ROE Performance Unit Weighted- Average Grant Date Fair Value Per Share PPL Granted 97,925 $ 34.42 Forfeited (997 ) 34.41 Nonvested, end of period 96,928 34.42 PPL Electric Granted 8,696 $ 34.41 Nonvested, end of period 8,696 34.41 LKE Granted 21,536 $ 34.29 Forfeited (997 ) 34.41 Nonvested, end of period 20,539 34.29 |
Stock Options, Activity Rollforward | Stock option activity for 2017 was: Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value PPL Outstanding at beginning of period 4,481,160 $ 28.98 Exercised (718,977 ) 26.67 Outstanding and exercisable at end of period 3,762,183 29.42 3.5 $ 14 PPL Electric Outstanding at beginning of period 240,939 $ 27.48 Exercised (42,659 ) 26.99 Outstanding and exercisable at end of period 198,280 27.58 3.8 $ 1 Number of Options Weighted Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Total Intrinsic Value LKE Outstanding at beginning of period 61,896 $ 25.81 Exercised (28,164 ) 26.59 Outstanding and exercisable at end of period 33,732 25.15 4.1 $ — |
Compensation Costs for Restricted Stock, Restricted Stock Units, Performance Units and Stock Options | Compensation expense for restricted stock, restricted stock units, performance units and stock options accounted for as equity awards, which for PPL Electric and LKE includes an allocation of PPL Services' expense, was: 2017 2016 2015 PPL $ 32 $ 27 $ 33 PPL Electric 18 16 14 LKE 8 7 8 The income tax benefit related to above compensation expense was as follows: 2017 2016 2015 PPL $ 13 $ 12 $ 14 PPL Electric 8 7 6 LKE 3 3 3 |
Unrecognized Compensation Cost, Nonvested Restricted Stock, Restricted Stock Units, Performance Units and Stock Option Awards | At December 31, 2017 , unrecognized compensation expense related to nonvested stock awards was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 10 1.7 PPL Electric 2 1.7 LKE 1 1.6 |
Retirement and Postemployment45
Retirement and Postemployment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | The following table provides the components of net periodic defined benefit costs for PPL's domestic (U.S.) and WPD's (U.K.) pension and other postretirement benefit plans for the years ended December 31. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Net periodic defined benefit costs (credits): Service cost $ 65 $ 66 $ 96 $ 76 $ 69 $ 79 $ 7 $ 7 $ 11 Interest cost 168 174 194 178 235 314 23 26 26 Expected return on plan assets (231 ) (228 ) (258 ) (514 ) (504 ) (523 ) (22 ) (22 ) (26 ) Amortization of: Prior service cost (credit) 10 8 7 — — — (1 ) — 1 Actuarial (gain) loss 69 50 84 144 138 158 1 1 — Net periodic defined benefit costs (credits) prior to settlements and termination benefits 81 70 123 (116 ) (62 ) 28 8 12 12 Settlements 1 3 — — — — — — — Termination benefits 1 — — — — — — — — Net periodic defined benefit costs (credits) $ 83 $ 73 $ 123 $ (116 ) $ (62 ) $ 28 $ 8 $ 12 $ 12 Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: Divestiture (a) $ — $ — $ (353 ) $ — $ — $ — $ — $ — $ (6 ) Settlement (1 ) (3 ) — — — — — — — Net (gain) loss 27 253 63 346 7 508 (28 ) 9 (9 ) Prior service cost (credit) (1 ) 15 18 — — — 8 — — Amortization of: Prior service (cost) credit (10 ) (8 ) (7 ) — — — 1 (1 ) (1 ) Actuarial gain (loss) (69 ) (50 ) (85 ) (144 ) (138 ) (158 ) (1 ) (1 ) — Total recognized in OCI and regulatory assets/liabilities (b) (54 ) 207 (364 ) 202 (131 ) 350 (20 ) 7 (16 ) Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities (b) $ 29 $ 280 $ (241 ) $ 86 $ (193 ) $ 378 $ (12 ) $ 19 $ (4 ) (a) As a result of the spinoff of PPL Energy Supply, amounts in AOCI were allocated to certain former active and inactive employees of PPL Energy Supply and included in the distribution. See Note 8 for additional details. (b) WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. As a result, WPD does not record regulatory assets/liabilities. |
Schedule of Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities | For PPL's U.S. pension benefits and for other postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows: U.S. Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 OCI $ (53 ) $ 236 $ (269 ) $ (25 ) $ 7 $ 12 Regulatory assets/liabilities (1 ) (29 ) (95 ) 5 — (28 ) Total recognized in OCI and regulatory assets/liabilities $ (54 ) $ 207 $ (364 ) $ (20 ) $ 7 $ (16 ) |
Schedule of Amounts to be Amortized from AOCI and Regulatory Assets/Liabilities in Next Fiscal Year | The estimated amounts to be amortized from AOCI and regulatory assets/liabilities into net periodic defined benefit costs in 2018 are as follows: Pension Benefits U.S. U.K. Prior service cost (credit) $ 10 $ — Actuarial (gain) loss 86 152 Total $ 96 $ 152 Amortization from Balance Sheet: AOCI $ 28 $ 152 Regulatory assets/liabilities 68 — Total $ 96 $ 152 |
Schedule of Net Periodic Defined Benefit Costs Included in Income Statement | The following net periodic defined benefit costs (credits) were charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 PPL $ 59 $ 53 $ 71 $ (151 ) $ (95 ) $ (21 ) $ 5 $ 7 $ 8 PPL Electric (a) 12 10 15 — 1 — LKE (b) 28 24 37 5 6 8 LG&E (b) 8 8 12 3 3 4 KU (a) (b) 4 5 9 1 2 2 (a) PPL Electric and KU do not directly sponsor any defined benefit plans. PPL Electric and KU were allocated these costs of defined benefit plans sponsored by PPL Services (for PPL Electric) and by LKE (for KU), based on their participation in those plans, which management believes are reasonable. KU is also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 14 for additional information on costs allocated to KU from LKS. (b) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between net periodic defined benefit costs calculated in accordance with LKE's, LG&E's and KU's pension accounting policy and the net periodic defined benefit costs calculated using a 15 year amortization period for gains and losses is recorded as a regulatory asset. Of the costs charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts, $4 million for LG&E and $2 million for KU were recorded as regulatory assets in 2017 , $3 million for LG&E and $2 million for KU were recorded as regulatory assets in 2016 and $4 million for LG&E and $1 million for KU were recorded as regulatory assets in 2015 . |
Defined Benefit Plan Assumptions and Impact of One Point Change on Postretirement Plans | The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 PPL Discount rate 3.70 % 4.21 % 2.65 % 2.87 % 3.64 % 4.11 % Rate of compensation increase 3.78 % 3.95 % 3.50 % 3.50 % 3.75 % 3.92 % LKE Discount rate 3.69 % 4.19 % 3.65 % 4.12 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % LG&E Discount rate 3.65 % 4.13 % The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 PPL Discount rate service cost (b) 4.21 % 4.59 % 4.25 % 2.99 % 3.90 % 3.85 % 4.11 % 4.48 % 4.09 % Discount rate interest cost (b) 4.21 % 4.59 % 4.25 % 2.41 % 3.14 % 3.85 % 4.11 % 4.48 % 4.09 % Rate of compensation increase 3.95 % 3.93 % 3.91 % 3.50 % 4.00 % 4.00 % 3.92 % 3.91 % 3.86 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 7.22 % 7.20 % 7.19 % 6.21 % 6.11 % 6.06 % LKE Discount rate 4.19 % 4.56 % 4.25 % 4.12 % 4.49 % 4.06 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 6.82 % 6.82 % 6.82 % Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 LG&E Discount rate 4.13 % 4.49 % 4.20 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % (a) The expected long-term rates of return for pension and other postretirement benefits are based on management's projections using a best-estimate of expected returns, volatilities and correlations for each asset class. Each plan's specific current and expected asset allocations are also considered in developing a reasonable return assumption. (b) As of January 1, 2016, WPD began using individual spot rates from the yield curve used to discount the benefit obligation to measure service cost and interest cost. PPL's U.S. plans use a single discount rate derived from an individual bond matching model to measure the benefit obligation, service cost and interest cost. See Note 1 for additional details. (PPL and LKE) The following table provides the assumed health care cost trend rates for the years ended December 31: 2017 2016 2015 PPL and LKE Health care cost trend rate assumed for next year – obligations 6.6 % 7.0 % 6.8 % – cost 7.0 % 6.8 % 7.2 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) – obligations 5.0 % 5.0 % 5.0 % – cost 5.0 % 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate – obligations 2022 2022 2020 – cost 2022 2020 2020 A one percentage point change in the assumed health care costs trend rate assumption would have had the following effects on the other postretirement benefit plans in 2017 : One Percentage Point Increase Decrease Effect on accumulated postretirement benefit obligation PPL $ 4 $ (4 ) LKE 3 (3 ) |
Schedule of Funded Status of Defined Benefit Plans | The funded status of PPL's plans at December 31 was as follows: Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 Change in Benefit Obligation Benefit Obligation, beginning of period $ 4,079 $ 3,863 $ 7,383 $ 8,404 $ 591 $ 596 Service cost 65 66 76 69 7 7 Interest cost 168 174 178 235 23 26 Participant contributions — — 13 14 14 14 Plan amendments (1 ) 14 — — 8 — Actuarial (gain) loss 233 214 293 484 4 11 Settlements (6 ) (9 ) (1 ) — — — Termination benefits 1 — — — — — Gross benefits paid (251 ) (243 ) (345 ) (357 ) (59 ) (64 ) Federal subsidy — — — — 1 1 Currency conversion — — 622 (1,466 ) — — Benefit Obligation, end of period 4,288 4,079 8,219 7,383 589 591 Change in Plan Assets Plan assets at fair value, beginning of period 3,243 3,227 7,211 7,625 378 379 Actual return on plan assets 437 189 480 979 54 25 Employer contributions 65 79 486 330 15 19 Participant contributions — — 13 14 13 14 Settlements (6 ) (9 ) (1 ) — — — Gross benefits paid (251 ) (243 ) (345 ) (357 ) (55 ) (59 ) Currency conversion — — 646 (1,380 ) — — Plan assets at fair value, end of period 3,488 3,243 8,490 7,211 405 378 Funded Status, end of period $ (800 ) $ (836 ) $ 271 $ (172 ) $ (184 ) $ (213 ) Amounts recognized in the Balance Sheets consist of: Noncurrent asset $ — $ — $ 284 $ 10 $ 2 $ 2 Current liability (13 ) (17 ) — — (3 ) (3 ) Noncurrent liability (787 ) (819 ) (13 ) (182 ) (183 ) (212 ) Net amount recognized, end of period $ (800 ) $ (836 ) $ 271 $ (172 ) $ (184 ) $ (213 ) Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: Prior service cost (credit) $ 49 $ 59 $ — $ — $ 9 $ — Net actuarial (gain) loss 1,134 1,178 2,755 2,553 16 45 Total (a) $ 1,183 $ 1,237 $ 2,755 $ 2,553 $ 25 $ 45 Total accumulated benefit obligation for defined benefit pension plans $ 4,000 $ 3,807 $ 7,542 $ 6,780 (a) WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP and as a result, does not record regulatory assets/liabilities. For PPL's U.S. pension and other postretirement benefit plans, the amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows: U.S. Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 AOCI $ 374 $ 357 $ 15 $ 20 Regulatory assets/liabilities 809 880 10 25 Total $ 1,183 $ 1,237 $ 25 $ 45 |
Schedule of Projected or Accumulated Benefit Obligations In Excess of Plan Assets | The following tables provide information on pension plans where the projected benefit obligation (PBO) or accumulated benefit obligation (ABO) exceed the fair value of plan assets: U.S. U.K. PBO in excess of plan assets PBO in excess of plan assets 2017 2016 2017 2016 Projected benefit obligation $ 4,288 $ 4,079 $ 3,083 $ 3,403 Fair value of plan assets 3,488 3,243 3,070 3,221 U.S. U.K. ABO in excess of plan assets ABO in excess of plan assets 2017 2016 2017 2016 Accumulated benefit obligation $ 4,000 $ 3,807 $ 10 $ 657 Fair value of plan assets 3,488 3,243 — 643 |
Schedules of Asset Allocation of U.S. Pension Trusts Assets | The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows: Percentage of trust assets 2017 2017 (a) 2016 Target Asset Allocation (a) Growth Portfolio 56 % 52 % 55 % Equity securities 32 % 30 % Debt securities (b) 14 % 12 % Alternative investments 10 % 10 % Immunizing Portfolio 43 % 46 % 43 % Debt securities (b) 39 % 43 % Derivatives 4 % 3 % Liquidity Portfolio 1 % 2 % 2 % Total 100 % 100 % 100 % (a) Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan. (b) Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes. |
Schedule of Fair Value of Financial Assets for U.S. Pension Plan Assets | The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was: December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Services Corporation Master Trust Cash and cash equivalents $ 301 $ 301 $ — $ — $ 181 $ 181 $ — $ — Equity securities: U.S. Equity 229 229 — — 152 152 — — U.S. Equity fund measured at NAV (a) 364 — — — 272 — — — International equity fund at NAV (a) 538 — — — 551 — — — Commingled debt measured at NAV (a) 611 — — — 546 — — — December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Debt securities: U.S. Treasury and U.S. government sponsored agency 186 186 — — 381 381 — — Corporate 883 — 870 13 850 — 837 13 Other 10 — 10 — 8 — 8 — Alternative investments: Real estate measured at NAV (a) 109 — — — 102 — — — Private equity measured at NAV (a) 80 — — — 80 — — — Hedge funds measured at NAV (a) 175 — — — 167 — — — Derivatives: Interest rate swaps and swaptions 50 — 50 — 61 — 61 — Other 1 — 1 — 3 — 3 — Insurance contracts 24 — — 24 27 — — 27 PPL Services Corporation Master Trust assets, at fair value 3,561 $ 716 $ 931 $ 37 3,381 $ 714 $ 909 $ 40 Receivables and payables, net (b) 72 (15 ) 401(h) accounts restricted for other postretirement benefit obligations (145 ) (123 ) Total PPL Services Corporation Master Trust pension assets $ 3,488 $ 3,243 (a) In accordance with accounting guidance certain investments that are measured at fair value using the net asset value per share (NAV), or its equivalent, practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received. |
Reconciliation of U.S. Pension Trust Assets Classified as Level 3 Included in Earnings | A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2017 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 13 $ 27 $ 40 Actual return on plan assets Relating to assets still held at the reporting date — 1 1 Purchases, sales and settlements — (4 ) (4 ) Balance at end of period $ 13 $ 24 $ 37 A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2016 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 10 $ 32 $ 42 Actual return on plan assets Relating to assets still held at the reporting date — 1 1 Purchases, sales and settlements 3 (6 ) (3 ) Balance at end of period $ 13 $ 27 $ 40 |
Schedules of Target Allocation of U.S. Other Postretirement Benefit Plans VEBA Trust | The asset allocation for the PPL VEBA trusts, excluding LKE, and the target allocation, by asset class, at December 31 are detailed below. Percentage of plan assets Target Asset Allocation 2017 2016 2017 Asset Class U.S. Equity securities 47 % 48 % 45 % Debt securities (a) 49 % 50 % 50 % Cash and cash equivalents (b) 4 % 2 % 5 % Total 100 % 100 % 100 % (a) Includes commingled debt funds and debt securities. (b) Includes money market funds. |
Schedule of Fair Value of Financial Assets for U.S. Postretirement Benefits | The fair value of assets in the U.S. other postretirement benefit plans by asset class and level within the fair value hierarchy was: December 31, 2017 December 31, 2016 Fair Value Measurement Using Fair Value Measurement Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Money market funds $ 10 $ 10 $ — $ — $ 5 $ 5 $ — $ — U.S. Equity securities: Large-cap equity fund measure at NAV (a) 123 — — — 123 — — — Commingled debt fund measured at NAV (a) 96 — — — 114 — — — Debt securities: Corporate bonds 30 — 30 — — — — — Municipalities — — — — 12 — 12 — Total VEBA trust assets, at fair value 259 $ 10 $ 30 $ — 254 $ 5 $ 12 $ — Receivables and payables, net (b) 1 1 401(h) account assets 145 123 Total other postretirement benefit plan assets $ 405 $ 378 (a) In accordance with accounting guidance certain investments that are measured at fair value using the net asset value per share (NAV), or its equivalent, practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received. |
Schedules of Asset Allocation of U.K. Pension Plan Assets | The asset allocation and target allocation at December 31 of WPD's pension plans are detailed below. Target Asset Percentage of plan assets Allocation 2017 2016 2017 Asset Class Cash and cash equivalents 2 % 1 % — % Equity securities U.K. 2 % 3 % 2 % European (excluding the U.K.) 1 % 2 % 1 % Asian-Pacific 1 % 2 % 1 % North American 1 % 3 % 1 % Emerging markets 1 % 3 % 1 % Global equities 16 % 6 % 10 % Global Tactical Asset Allocation 33 % 33 % 41 % Debt securities (a) 37 % 41 % 38 % Alternative investments 6 % 6 % 5 % Total 100 % 100 % 100 % (a) Includes commingled debt funds. |
Schedule of Fair Value of Financial Assets for U.K. Pension Plan Assets | The fair value of assets in the U.K. pension plans by asset class and level within the fair value hierarchy was: December 31, 2017 December 31, 2016 Fair Value Measurement Using Fair Value Measurement Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 216 $ 216 $ — $ — $ 42 $ 42 $ — $ — Equity securities measured at NAV (a) : U.K. companies 157 — — — 210 — — — European companies (excluding the U.K.) 98 — — — 177 — — — Asian-Pacific companies 60 — — — 140 — — — North American companies 123 — — — 227 — — — Emerging markets companies 62 — — — 209 — — — Global Equities 1,335 — — — 466 — — — Other 2,807 — — — 2,363 — — — Debt Securities: U.K. corporate bonds 3 — 3 — 2 — 2 — U.K. gilts 3,137 — 3,137 — 2,940 — 2,940 — Alternative investments: Real estate measured at NAV (a) 492 — — — 435 — — — Fair value - U.K. pension plans $ 8,490 $ 216 $ 3,140 $ — $ 7,211 $ 42 $ 2,942 $ — (a) In accordance with accounting guidance certain investments that are measured at fair value using the net asset value per share (NAV), or its equivalent, practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. |
Schedule of Expected Cash Flows - U.S. Defined Benefit Plans - Expected Payments and Related Federal Subsidy | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans and the following federal subsidy payments are expected to be received by PPL. Other Postretirement Pension Benefit Payment Expected Federal Subsidy 2018 $ 260 $ 51 $ 1 2019 269 51 — 2020 268 50 1 2021 270 49 — 2022 272 48 — 2023-2027 1,328 218 2 |
Schedule of Expected Cash Flows - U.K. Pension Plans - Expected Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans. Pension 2018 $ 343 2019 349 2020 353 2021 356 2022 362 2023-2027 1,843 |
Expected Employer Contributions to U.S. Savings Plans | Substantially all employees of PPL's subsidiaries are eligible to participate in deferred savings plans (401(k)s). Employer contributions to the plans were: 2017 2016 2015 PPL $ 36 $ 35 $ 34 PPL Electric 6 6 6 LKE 18 17 16 LG&E 5 5 5 KU 4 4 4 |
PPL Electric Utilities Corp [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Funded Status of Defined Benefit Plans | Allocations to PPL Electric resulted in liabilities at December 31 as follows: 2017 2016 Pension $ 246 $ 281 Other postretirement benefits 62 72 |
LG And E And KU Energy LLC [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | The following table provides the components of net periodic defined benefit costs for LKE's pension and other postretirement benefit plans for the years ended December 31. Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Net periodic defined benefit costs (credits): Service cost $ 24 $ 23 $ 26 $ 4 $ 5 $ 5 Interest cost 68 71 68 9 9 9 Expected return on plan assets (92 ) (91 ) (88 ) (7 ) (6 ) (6 ) Amortization of: Prior service cost 8 8 7 1 3 3 Actuarial (gain) loss (a) 31 21 37 — (1 ) — Net periodic defined benefit costs (b) $ 39 $ 32 $ 50 $ 7 $ 10 $ 11 Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: Net (gain) loss $ 30 $ 119 $ 20 $ (14 ) $ 6 $ (15 ) Prior service cost 7 — 19 8 — — Amortization of: Prior service credit (8 ) (8 ) (7 ) (1 ) (3 ) (3 ) Actuarial gain (loss) (32 ) (21 ) (37 ) — 1 — Total recognized in OCI and regulatory assets/liabilities (3 ) 90 (5 ) (7 ) 4 (18 ) Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities $ 36 $ 122 $ 45 $ — $ 14 $ (7 ) (a) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between actuarial (gain)/loss calculated in accordance with LKE's pension accounting policy and actuarial (gain)/loss calculated using a 15 year amortization period was $11 million in 2017 , $6 million in 2016 and $9 million in 2015 . (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. |
Schedule of Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities | For LKE's pension and other postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 OCI $ 33 $ 42 $ 4 $ (2 ) $ 2 $ (2 ) Regulatory assets/liabilities (36 ) 48 (9 ) (5 ) 2 (16 ) Total recognized in OCI and regulatory assets/liabilities $ (3 ) $ 90 $ (5 ) $ (7 ) $ 4 $ (18 ) |
Schedule of Amounts to be Amortized from AOCI and Regulatory Assets/Liabilities in Next Fiscal Year | The estimated amounts to be amortized from AOCI and regulatory assets/liabilities into net periodic defined benefit costs for LKE in 2018 are as follows. Pension Benefits Other Postretirement Benefits Prior service cost $ 9 $ 1 Actuarial Loss 39 — Total $ 48 $ 1 Amortization from Balance Sheet: AOCI $ 11 $ — Regulatory assets/liabilities 37 1 Total $ 48 $ 1 |
Defined Benefit Plan Assumptions and Impact of One Point Change on Postretirement Plans | The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 PPL Discount rate 3.70 % 4.21 % 2.65 % 2.87 % 3.64 % 4.11 % Rate of compensation increase 3.78 % 3.95 % 3.50 % 3.50 % 3.75 % 3.92 % LKE Discount rate 3.69 % 4.19 % 3.65 % 4.12 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % LG&E Discount rate 3.65 % 4.13 % The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 PPL Discount rate service cost (b) 4.21 % 4.59 % 4.25 % 2.99 % 3.90 % 3.85 % 4.11 % 4.48 % 4.09 % Discount rate interest cost (b) 4.21 % 4.59 % 4.25 % 2.41 % 3.14 % 3.85 % 4.11 % 4.48 % 4.09 % Rate of compensation increase 3.95 % 3.93 % 3.91 % 3.50 % 4.00 % 4.00 % 3.92 % 3.91 % 3.86 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 7.22 % 7.20 % 7.19 % 6.21 % 6.11 % 6.06 % LKE Discount rate 4.19 % 4.56 % 4.25 % 4.12 % 4.49 % 4.06 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 6.82 % 6.82 % 6.82 % Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 LG&E Discount rate 4.13 % 4.49 % 4.20 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % (a) The expected long-term rates of return for pension and other postretirement benefits are based on management's projections using a best-estimate of expected returns, volatilities and correlations for each asset class. Each plan's specific current and expected asset allocations are also considered in developing a reasonable return assumption. (b) As of January 1, 2016, WPD began using individual spot rates from the yield curve used to discount the benefit obligation to measure service cost and interest cost. PPL's U.S. plans use a single discount rate derived from an individual bond matching model to measure the benefit obligation, service cost and interest cost. See Note 1 for additional details. (PPL and LKE) The following table provides the assumed health care cost trend rates for the years ended December 31: 2017 2016 2015 PPL and LKE Health care cost trend rate assumed for next year – obligations 6.6 % 7.0 % 6.8 % – cost 7.0 % 6.8 % 7.2 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) – obligations 5.0 % 5.0 % 5.0 % – cost 5.0 % 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate – obligations 2022 2022 2020 – cost 2022 2020 2020 A one percentage point change in the assumed health care costs trend rate assumption would have had the following effects on the other postretirement benefit plans in 2017 : One Percentage Point Increase Decrease Effect on accumulated postretirement benefit obligation PPL $ 4 $ (4 ) LKE 3 (3 ) |
Schedule of Funded Status of Defined Benefit Plans | The funded status of LKE's plans at December 31 was as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Change in Benefit Obligation Benefit Obligation, beginning of period $ 1,669 $ 1,588 $ 220 $ 216 Service cost 24 23 4 5 Interest cost 68 71 9 9 Participant contributions — — 8 7 Plan amendments (a) 6 — 8 — Actuarial (gain) loss 113 96 (7 ) 4 Gross benefits paid (a) (109 ) (109 ) (19 ) (21 ) Benefit Obligation, end of period 1,771 1,669 223 220 Change in Plan Assets Plan assets at fair value, beginning of period 1,315 1,289 98 88 Actual return on plan assets 175 69 14 4 Employer contributions 21 66 15 20 Participant contributions — — 8 7 Gross benefits paid (109 ) (109 ) (19 ) (21 ) Plan assets at fair value, end of period 1,402 1,315 116 98 Funded Status, end of period $ (369 ) $ (354 ) $ (107 ) $ (122 ) Amounts recognized in the Balance Sheets consist of: Noncurrent asset $ — $ — $ 2 $ 2 Current liability (4 ) (4 ) (3 ) (3 ) Noncurrent liability (365 ) (350 ) (106 ) (121 ) Net amount recognized, end of period $ (369 ) $ (354 ) $ (107 ) $ (122 ) Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: Prior service cost $ 44 $ 45 $ 13 $ 6 Net actuarial (gain) loss 434 436 (26 ) (13 ) Total $ 478 $ 481 $ (13 ) $ (7 ) Total accumulated benefit obligation for defined benefit pension plans $ 1,616 $ 1,531 (a) The pension plans were amended in December 2015 to allow active participants and terminated vested participants who had not previously elected a form of payment of their benefit to elect to receive their accrued pension benefit as a one-time lump-sum payment effective January 1, 2016. The projected benefit obligation at December 31, 2016 increased by $19 million as a result of the amendment. Gross benefits paid by the plans include lump-sum cash payments made to participants during 2017 and 2016 of $50 million and $53 million in connection with these offerings. The amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 AOCI $ 144 $ 111 $ 6 $ 8 Regulatory assets/liabilities 334 370 (19 ) (15 ) Total $ 478 $ 481 $ (13 ) $ (7 ) |
Schedule of Projected or Accumulated Benefit Obligations In Excess of Plan Assets | The following tables provide information on pension plans where the projected benefit obligation (PBO) or accumulated benefit obligations (ABO) exceed the fair value of plan assets: PBO in excess of plan assets 2017 2016 Projected benefit obligation $ 1,771 $ 1,669 Fair value of plan assets 1,402 1,315 ABO in excess of plan assets 2017 2016 Accumulated benefit obligation $ 1,616 $ 1,531 Fair value of plan assets 1,402 1,315 |
Schedules of Asset Allocation of U.S. Pension Trusts Assets | The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows: Percentage of trust assets 2017 2017 (a) 2016 Target Asset Allocation (a) Growth Portfolio 56 % 52 % 55 % Equity securities 32 % 30 % Debt securities (b) 14 % 12 % Alternative investments 10 % 10 % Immunizing Portfolio 43 % 46 % 43 % Debt securities (b) 39 % 43 % Derivatives 4 % 3 % Liquidity Portfolio 1 % 2 % 2 % Total 100 % 100 % 100 % (a) Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan. (b) Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes. |
Schedule of Fair Value of Financial Assets for U.S. Pension Plan Assets | The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was: December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Services Corporation Master Trust Cash and cash equivalents $ 301 $ 301 $ — $ — $ 181 $ 181 $ — $ — Equity securities: U.S. Equity 229 229 — — 152 152 — — U.S. Equity fund measured at NAV (a) 364 — — — 272 — — — International equity fund at NAV (a) 538 — — — 551 — — — Commingled debt measured at NAV (a) 611 — — — 546 — — — December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Debt securities: U.S. Treasury and U.S. government sponsored agency 186 186 — — 381 381 — — Corporate 883 — 870 13 850 — 837 13 Other 10 — 10 — 8 — 8 — Alternative investments: Real estate measured at NAV (a) 109 — — — 102 — — — Private equity measured at NAV (a) 80 — — — 80 — — — Hedge funds measured at NAV (a) 175 — — — 167 — — — Derivatives: Interest rate swaps and swaptions 50 — 50 — 61 — 61 — Other 1 — 1 — 3 — 3 — Insurance contracts 24 — — 24 27 — — 27 PPL Services Corporation Master Trust assets, at fair value 3,561 $ 716 $ 931 $ 37 3,381 $ 714 $ 909 $ 40 Receivables and payables, net (b) 72 (15 ) 401(h) accounts restricted for other postretirement benefit obligations (145 ) (123 ) Total PPL Services Corporation Master Trust pension assets $ 3,488 $ 3,243 (a) In accordance with accounting guidance certain investments that are measured at fair value using the net asset value per share (NAV), or its equivalent, practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received. |
Reconciliation of U.S. Pension Trust Assets Classified as Level 3 Included in Earnings | A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2017 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 13 $ 27 $ 40 Actual return on plan assets Relating to assets still held at the reporting date — 1 1 Purchases, sales and settlements — (4 ) (4 ) Balance at end of period $ 13 $ 24 $ 37 A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2016 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 10 $ 32 $ 42 Actual return on plan assets Relating to assets still held at the reporting date — 1 1 Purchases, sales and settlements 3 (6 ) (3 ) Balance at end of period $ 13 $ 27 $ 40 |
Schedule of Fair Value of Financial Assets for U.S. Postretirement Benefits | The fair value of assets in the U.S. other postretirement benefit plans by asset class and level within the fair value hierarchy was: December 31, 2017 December 31, 2016 Fair Value Measurement Using Fair Value Measurement Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Money market funds $ 10 $ 10 $ — $ — $ 5 $ 5 $ — $ — U.S. Equity securities: Large-cap equity fund measure at NAV (a) 123 — — — 123 — — — Commingled debt fund measured at NAV (a) 96 — — — 114 — — — Debt securities: Corporate bonds 30 — 30 — — — — — Municipalities — — — — 12 — 12 — Total VEBA trust assets, at fair value 259 $ 10 $ 30 $ — 254 $ 5 $ 12 $ — Receivables and payables, net (b) 1 1 401(h) account assets 145 123 Total other postretirement benefit plan assets $ 405 $ 378 (a) In accordance with accounting guidance certain investments that are measured at fair value using the net asset value per share (NAV), or its equivalent, practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received. |
Schedule of Expected Cash Flows - U.S. Defined Benefit Plans - Expected Payments and Related Federal Subsidy | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans and the following federal subsidy payments are expected to be received by LKE. Other Postretirement Pension Benefit Payment Expected Federal Subsidy 2018 $ 109 $ 14 $ — 2019 113 15 — 2020 114 16 1 2021 115 16 — 2022 116 16 — 2023-2027 573 79 2 |
Louisville Gas And Electric Co [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | The following table provides the components of net periodic defined benefit costs for LG&E's pension benefit plan for the years ended December 31. Pension Benefits 2017 2016 2015 Net periodic defined benefit costs (credits): Service cost $ 1 $ 1 $ 1 Interest cost 13 15 14 Expected return on plan assets (22 ) (21 ) (20 ) Amortization of: Prior service cost 5 4 3 Actuarial loss (a) 9 7 11 Net periodic defined benefit costs (b) $ 6 $ 6 $ 9 Other Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets - Gross: Net (gain) loss $ (9 ) $ 22 $ 8 Prior service cost 7 — 10 Amortization of: Prior service credit (5 ) (4 ) (3 ) Actuarial gain (9 ) (7 ) (11 ) Total recognized in regulatory assets/liabilities (16 ) 11 4 Total recognized in net periodic defined benefit costs and regulatory assets $ (10 ) $ 17 $ 13 (a) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between actuarial (gain)/loss calculated in accordance with LG&E's pension accounting policy and actuarial (gain)/loss calculated using a 15 year amortization period was $7 million in 2017 , $5 million in 2016 and $3 million in 2015 . (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. |
Schedule of Amounts to be Amortized from AOCI and Regulatory Assets/Liabilities in Next Fiscal Year | The estimated amounts to be amortized from regulatory assets into net periodic defined benefit costs for LG&E in 2018 are as follows. Pension Benefits Prior service cost $ 5 Actuarial loss 9 Total $ 14 |
Schedule of Net Periodic Defined Benefit Costs Included in Income Statement | In the table above, LG&E amounts include costs for the specific plans it sponsors and the following allocated costs of defined benefit plans sponsored by LKE. LG&E is also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 14 for additional information on costs allocated to LG&E from LKS. These allocations are based on LG&E's participation in those plans, which management believes are reasonable: Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 LG&E Non-Union Only $ 5 $ 4 $ 5 $ 3 $ 3 $ 4 |
Defined Benefit Plan Assumptions and Impact of One Point Change on Postretirement Plans | The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 PPL Discount rate 3.70 % 4.21 % 2.65 % 2.87 % 3.64 % 4.11 % Rate of compensation increase 3.78 % 3.95 % 3.50 % 3.50 % 3.75 % 3.92 % LKE Discount rate 3.69 % 4.19 % 3.65 % 4.12 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % LG&E Discount rate 3.65 % 4.13 % The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only. Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 PPL Discount rate service cost (b) 4.21 % 4.59 % 4.25 % 2.99 % 3.90 % 3.85 % 4.11 % 4.48 % 4.09 % Discount rate interest cost (b) 4.21 % 4.59 % 4.25 % 2.41 % 3.14 % 3.85 % 4.11 % 4.48 % 4.09 % Rate of compensation increase 3.95 % 3.93 % 3.91 % 3.50 % 4.00 % 4.00 % 3.92 % 3.91 % 3.86 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 7.22 % 7.20 % 7.19 % 6.21 % 6.11 % 6.06 % LKE Discount rate 4.19 % 4.56 % 4.25 % 4.12 % 4.49 % 4.06 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 6.82 % 6.82 % 6.82 % Pension Benefits U.S. U.K. Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 LG&E Discount rate 4.13 % 4.49 % 4.20 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % (a) The expected long-term rates of return for pension and other postretirement benefits are based on management's projections using a best-estimate of expected returns, volatilities and correlations for each asset class. Each plan's specific current and expected asset allocations are also considered in developing a reasonable return assumption. (b) As of January 1, 2016, WPD began using individual spot rates from the yield curve used to discount the benefit obligation to measure service cost and interest cost. PPL's U.S. plans use a single discount rate derived from an individual bond matching model to measure the benefit obligation, service cost and interest cost. See Note 1 for additional details. |
Schedule of Funded Status of Defined Benefit Plans | (LG&E) The funded status of LG&E's plan at December 31, was as follows: Pension Benefits 2017 2016 Change in Benefit Obligation Benefit Obligation, beginning of period $ 329 $ 326 Service cost 1 1 Interest cost 13 15 Plan amendments (a) 6 — Actuarial (gain) loss 11 15 Gross benefits paid (a) (34 ) (28 ) Benefit Obligation, end of period 326 329 Change in Plan Assets Plan assets at fair value, beginning of period 318 297 Actual return on plan assets 41 14 Employer contributions — 35 Gross benefits paid (34 ) (28 ) Plan assets at fair value, end of period 325 318 Funded Status, end of period $ (1 ) $ (11 ) Amounts recognized in the Balance Sheets consist of: Noncurrent liability $ (1 ) $ (11 ) Net amount recognized, end of period $ (1 ) $ (11 ) Amounts recognized in regulatory assets (pre-tax) consist of: Prior service cost $ 27 $ 25 Net actuarial loss 92 110 Total $ 119 $ 135 Total accumulated benefit obligation for defined benefit pension plan $ 326 $ 329 (a) The pension plan was amended in December 2015 to allow active participants and terminated vested participants who had not previously elected a form of payment of their benefit to elect to receive their accrued pension benefit as a one-time lump-sum payment effective January 1, 2016. The projected benefit obligation at December 31, 2015 increased by $10 million as a result of the amendment. Gross benefits paid by the plan include lump-sum cash payments made to participants during 2017 and 2016 of $19 million and $14 million in connection with this offering. Allocations to LG&E resulted in liabilities at December 31 as follows: 2017 2016 Pension $ 44 $ 42 Other postretirement benefits 74 76 |
Schedules of Asset Allocation of U.S. Pension Trusts Assets | The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows: Percentage of trust assets 2017 2017 (a) 2016 Target Asset Allocation (a) Growth Portfolio 56 % 52 % 55 % Equity securities 32 % 30 % Debt securities (b) 14 % 12 % Alternative investments 10 % 10 % Immunizing Portfolio 43 % 46 % 43 % Debt securities (b) 39 % 43 % Derivatives 4 % 3 % Liquidity Portfolio 1 % 2 % 2 % Total 100 % 100 % 100 % (a) Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan. (b) Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes. |
Schedule of Fair Value of Financial Assets for U.S. Pension Plan Assets | The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was: December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Services Corporation Master Trust Cash and cash equivalents $ 301 $ 301 $ — $ — $ 181 $ 181 $ — $ — Equity securities: U.S. Equity 229 229 — — 152 152 — — U.S. Equity fund measured at NAV (a) 364 — — — 272 — — — International equity fund at NAV (a) 538 — — — 551 — — — Commingled debt measured at NAV (a) 611 — — — 546 — — — December 31, 2017 December 31, 2016 Fair Value Measurements Using Fair Value Measurements Using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Debt securities: U.S. Treasury and U.S. government sponsored agency 186 186 — — 381 381 — — Corporate 883 — 870 13 850 — 837 13 Other 10 — 10 — 8 — 8 — Alternative investments: Real estate measured at NAV (a) 109 — — — 102 — — — Private equity measured at NAV (a) 80 — — — 80 — — — Hedge funds measured at NAV (a) 175 — — — 167 — — — Derivatives: Interest rate swaps and swaptions 50 — 50 — 61 — 61 — Other 1 — 1 — 3 — 3 — Insurance contracts 24 — — 24 27 — — 27 PPL Services Corporation Master Trust assets, at fair value 3,561 $ 716 $ 931 $ 37 3,381 $ 714 $ 909 $ 40 Receivables and payables, net (b) 72 (15 ) 401(h) accounts restricted for other postretirement benefit obligations (145 ) (123 ) Total PPL Services Corporation Master Trust pension assets $ 3,488 $ 3,243 (a) In accordance with accounting guidance certain investments that are measured at fair value using the net asset value per share (NAV), or its equivalent, practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received. |
Reconciliation of U.S. Pension Trust Assets Classified as Level 3 Included in Earnings | A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2017 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 13 $ 27 $ 40 Actual return on plan assets Relating to assets still held at the reporting date — 1 1 Purchases, sales and settlements — (4 ) (4 ) Balance at end of period $ 13 $ 24 $ 37 A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2016 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 10 $ 32 $ 42 Actual return on plan assets Relating to assets still held at the reporting date — 1 1 Purchases, sales and settlements 3 (6 ) (3 ) Balance at end of period $ 13 $ 27 $ 40 |
Schedule of Expected Cash Flows - U.S. Defined Benefit Plans - Expected Payments and Related Federal Subsidy | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plan. Pension 2018 $ 26 2019 26 2020 26 2021 25 2022 24 2023-2027 104 |
Kentucky Utilities Co [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Funded Status of Defined Benefit Plans | Allocations to KU resulted in liabilities at December 31 as follows. 2017 2016 Pension $ 36 $ 62 Other postretirement benefits 32 40 |
Jointly Owned Utility Facilitie
Jointly Owned Utility Facilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Utility Facilities | At December 31, 2017 and 2016 , the Balance Sheets reflect the owned interests in the facilities listed below. Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress PPL and LKE December 31, 2017 Generating Plants Trimble County Unit 1 75.00 % $ 427 $ 69 $ 1 Trimble County Unit 2 75.00 % 1,032 176 198 December 31, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 LG&E December 31, 2017 Generating Plants E.W. Brown Units 6-7 38.00 % $ 41 $ 17 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 52 15 — Trimble County Unit 1 75.00 % 427 69 1 Trimble County Unit 2 14.25 % 215 36 102 Trimble County Units 5-6 29.00 % 32 9 — Trimble County Units 7-10 37.00 % 73 21 — Cane Run Unit 7 22.00 % 120 8 1 E.W. Brown Solar Unit 39.00 % 10 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 15 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 55 12 1 Trimble County Unit 1 75.00 % 407 55 1 Trimble County Unit 2 14.25 % 214 32 43 Trimble County Units 5-6 29.00 % 30 8 1 Trimble County Units 7-10 37.00 % 71 17 1 Cane Run Unit 7 22.00 % 114 5 2 E.W. Brown Solar Unit 39.00 % 10 — — Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU December 31, 2017 Generating Plants E.W. Brown Units 6-7 62.00 % $ 66 $ 27 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 46 13 — Trimble County Unit 2 60.75 % 817 140 96 Trimble County Units 5-6 71.00 % 76 20 — Trimble County Units 7-10 63.00 % 120 34 — Cane Run Unit 7 78.00 % 431 31 4 E.W. Brown Solar Unit 61.00 % 16 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 23 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 50 11 1 Trimble County Unit 2 60.75 % 812 129 40 Trimble County Units 5-6 71.00 % 74 19 — Trimble County Units 7-10 63.00 % 121 29 1 Cane Run Unit 7 78.00 % 412 18 4 E.W. Brown Solar Unit 61.00 % 15 — — |
LG And E And KU Energy LLC [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Utility Facilities | At December 31, 2017 and 2016 , the Balance Sheets reflect the owned interests in the facilities listed below. Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress PPL and LKE December 31, 2017 Generating Plants Trimble County Unit 1 75.00 % $ 427 $ 69 $ 1 Trimble County Unit 2 75.00 % 1,032 176 198 December 31, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 LG&E December 31, 2017 Generating Plants E.W. Brown Units 6-7 38.00 % $ 41 $ 17 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 52 15 — Trimble County Unit 1 75.00 % 427 69 1 Trimble County Unit 2 14.25 % 215 36 102 Trimble County Units 5-6 29.00 % 32 9 — Trimble County Units 7-10 37.00 % 73 21 — Cane Run Unit 7 22.00 % 120 8 1 E.W. Brown Solar Unit 39.00 % 10 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 15 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 55 12 1 Trimble County Unit 1 75.00 % 407 55 1 Trimble County Unit 2 14.25 % 214 32 43 Trimble County Units 5-6 29.00 % 30 8 1 Trimble County Units 7-10 37.00 % 71 17 1 Cane Run Unit 7 22.00 % 114 5 2 E.W. Brown Solar Unit 39.00 % 10 — — Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU December 31, 2017 Generating Plants E.W. Brown Units 6-7 62.00 % $ 66 $ 27 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 46 13 — Trimble County Unit 2 60.75 % 817 140 96 Trimble County Units 5-6 71.00 % 76 20 — Trimble County Units 7-10 63.00 % 120 34 — Cane Run Unit 7 78.00 % 431 31 4 E.W. Brown Solar Unit 61.00 % 16 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 23 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 50 11 1 Trimble County Unit 2 60.75 % 812 129 40 Trimble County Units 5-6 71.00 % 74 19 — Trimble County Units 7-10 63.00 % 121 29 1 Cane Run Unit 7 78.00 % 412 18 4 E.W. Brown Solar Unit 61.00 % 15 — — |
Louisville Gas And Electric Co [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Utility Facilities | At December 31, 2017 and 2016 , the Balance Sheets reflect the owned interests in the facilities listed below. Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress PPL and LKE December 31, 2017 Generating Plants Trimble County Unit 1 75.00 % $ 427 $ 69 $ 1 Trimble County Unit 2 75.00 % 1,032 176 198 December 31, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 LG&E December 31, 2017 Generating Plants E.W. Brown Units 6-7 38.00 % $ 41 $ 17 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 52 15 — Trimble County Unit 1 75.00 % 427 69 1 Trimble County Unit 2 14.25 % 215 36 102 Trimble County Units 5-6 29.00 % 32 9 — Trimble County Units 7-10 37.00 % 73 21 — Cane Run Unit 7 22.00 % 120 8 1 E.W. Brown Solar Unit 39.00 % 10 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 15 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 55 12 1 Trimble County Unit 1 75.00 % 407 55 1 Trimble County Unit 2 14.25 % 214 32 43 Trimble County Units 5-6 29.00 % 30 8 1 Trimble County Units 7-10 37.00 % 71 17 1 Cane Run Unit 7 22.00 % 114 5 2 E.W. Brown Solar Unit 39.00 % 10 — — Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU December 31, 2017 Generating Plants E.W. Brown Units 6-7 62.00 % $ 66 $ 27 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 46 13 — Trimble County Unit 2 60.75 % 817 140 96 Trimble County Units 5-6 71.00 % 76 20 — Trimble County Units 7-10 63.00 % 120 34 — Cane Run Unit 7 78.00 % 431 31 4 E.W. Brown Solar Unit 61.00 % 16 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 23 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 50 11 1 Trimble County Unit 2 60.75 % 812 129 40 Trimble County Units 5-6 71.00 % 74 19 — Trimble County Units 7-10 63.00 % 121 29 1 Cane Run Unit 7 78.00 % 412 18 4 E.W. Brown Solar Unit 61.00 % 15 — — |
Kentucky Utilities Co [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Utility Facilities | At December 31, 2017 and 2016 , the Balance Sheets reflect the owned interests in the facilities listed below. Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress PPL and LKE December 31, 2017 Generating Plants Trimble County Unit 1 75.00 % $ 427 $ 69 $ 1 Trimble County Unit 2 75.00 % 1,032 176 198 December 31, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 LG&E December 31, 2017 Generating Plants E.W. Brown Units 6-7 38.00 % $ 41 $ 17 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 52 15 — Trimble County Unit 1 75.00 % 427 69 1 Trimble County Unit 2 14.25 % 215 36 102 Trimble County Units 5-6 29.00 % 32 9 — Trimble County Units 7-10 37.00 % 73 21 — Cane Run Unit 7 22.00 % 120 8 1 E.W. Brown Solar Unit 39.00 % 10 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 15 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 55 12 1 Trimble County Unit 1 75.00 % 407 55 1 Trimble County Unit 2 14.25 % 214 32 43 Trimble County Units 5-6 29.00 % 30 8 1 Trimble County Units 7-10 37.00 % 71 17 1 Cane Run Unit 7 22.00 % 114 5 2 E.W. Brown Solar Unit 39.00 % 10 — — Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU December 31, 2017 Generating Plants E.W. Brown Units 6-7 62.00 % $ 66 $ 27 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 46 13 — Trimble County Unit 2 60.75 % 817 140 96 Trimble County Units 5-6 71.00 % 76 20 — Trimble County Units 7-10 63.00 % 120 34 — Cane Run Unit 7 78.00 % 431 31 4 E.W. Brown Solar Unit 61.00 % 16 1 — December 31, 2016 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 23 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 50 11 1 Trimble County Unit 2 60.75 % 812 129 40 Trimble County Units 5-6 71.00 % 74 19 — Trimble County Units 7-10 63.00 % 121 29 1 Cane Run Unit 7 78.00 % 412 18 4 E.W. Brown Solar Unit 61.00 % 15 — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Line Items] | |
Unrecorded Unconditional Purchase Obligations | LG&E and KU enter into purchase contracts to supply the coal and natural gas requirements for generation facilities and LG&E's retail natural gas supply operations. These contracts include the following commitments: Contract Type Maximum Maturity Date Natural Gas Fuel 2019 Natural Gas Retail Supply 2019 Coal 2023 Coal Transportation and Fleeting Services 2024 Natural Gas Transportation 2026 Future obligations for power purchases from OVEC are unconditional demand payments, comprised of debt-service payments and contractually-required reimbursements of plant operating, maintenance and other expenses, and are projected as follows: LG&E KU Total 2018 $ 20 $ 9 $ 29 2019 19 8 27 2020 18 8 26 2021 19 8 27 2022 19 8 27 Thereafter 316 141 457 Total $ 411 $ 182 $ 593 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2017 2016 2015 LG&E $ 14 $ 16 $ 15 KU 6 7 7 Total $ 20 $ 23 $ 22 |
Guarantees | The table below details guarantees provided as of December 31, 2017 . Exposure at Expiration Date PPL Indemnifications related to the WPD Midlands acquisition (a) WPD indemnifications for entities in liquidation and sales of assets $ 11 (b) 2020 WPD guarantee of pension and other obligations of unconsolidated entities 95 (c) PPL Electric Guarantee of inventory value 16 (d) 2018 LKE Indemnification of lease termination and other divestitures 201 (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 December 31, 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. In January 2018, this agreement was superseded by a new contract which extends the guarantee until 2020. (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 formerly covered other indemnifications related to the purchase price of excess power, had a term expiring in 2023, and a maximum exposure of $100 million which excess power matter and related indemnifications had been the subject of a dispute and legal proceeding among the parties. In December 2017, the parties executed settlement agreements which resolved all claims relating to the excess power matter, and terminated such guarantee, for $11 million . 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 $117 million at December 31, 2017 , consisting of LG&E's share of $81 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" above 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, have allowed implementation of a limited, partial OVEC reserve fund for debt costs and 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 and accelerated maturities of OVEC's existing short and long-term debt. 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. |
LG And E And KU Energy LLC [Member] | |
Commitments And Contingencies [Line Items] | |
Unrecorded Unconditional Purchase Obligations | LG&E and KU enter into purchase contracts to supply the coal and natural gas requirements for generation facilities and LG&E's retail natural gas supply operations. These contracts include the following commitments: Contract Type Maximum Maturity Date Natural Gas Fuel 2019 Natural Gas Retail Supply 2019 Coal 2023 Coal Transportation and Fleeting Services 2024 Natural Gas Transportation 2026 Future obligations for power purchases from OVEC are unconditional demand payments, comprised of debt-service payments and contractually-required reimbursements of plant operating, maintenance and other expenses, and are projected as follows: LG&E KU Total 2018 $ 20 $ 9 $ 29 2019 19 8 27 2020 18 8 26 2021 19 8 27 2022 19 8 27 Thereafter 316 141 457 Total $ 411 $ 182 $ 593 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2017 2016 2015 LG&E $ 14 $ 16 $ 15 KU 6 7 7 Total $ 20 $ 23 $ 22 |
Louisville Gas And Electric Co [Member] | |
Commitments And Contingencies [Line Items] | |
Unrecorded Unconditional Purchase Obligations | Future obligations for power purchases from OVEC are unconditional demand payments, comprised of debt-service payments and contractually-required reimbursements of plant operating, maintenance and other expenses, and are projected as follows: LG&E KU Total 2018 $ 20 $ 9 $ 29 2019 19 8 27 2020 18 8 26 2021 19 8 27 2022 19 8 27 Thereafter 316 141 457 Total $ 411 $ 182 $ 593 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2017 2016 2015 LG&E $ 14 $ 16 $ 15 KU 6 7 7 Total $ 20 $ 23 $ 22 LG&E and KU enter into purchase contracts to supply the coal and natural gas requirements for generation facilities and LG&E's retail natural gas supply operations. These contracts include the following commitments: Contract Type Maximum Maturity Date Natural Gas Fuel 2019 Natural Gas Retail Supply 2019 Coal 2023 Coal Transportation and Fleeting Services 2024 Natural Gas Transportation 2026 |
Kentucky Utilities Co [Member] | |
Commitments And Contingencies [Line Items] | |
Unrecorded Unconditional Purchase Obligations | LG&E and KU enter into purchase contracts to supply the coal and natural gas requirements for generation facilities and LG&E's retail natural gas supply operations. These contracts include the following commitments: Contract Type Maximum Maturity Date Natural Gas Fuel 2019 Natural Gas Retail Supply 2019 Coal 2023 Coal Transportation and Fleeting Services 2024 Natural Gas Transportation 2026 Future obligations for power purchases from OVEC are unconditional demand payments, comprised of debt-service payments and contractually-required reimbursements of plant operating, maintenance and other expenses, and are projected as follows: LG&E KU Total 2018 $ 20 $ 9 $ 29 2019 19 8 27 2020 18 8 26 2021 19 8 27 2022 19 8 27 Thereafter 316 141 457 Total $ 411 $ 182 $ 593 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2017 2016 2015 LG&E $ 14 $ 16 $ 15 KU 6 7 7 Total $ 20 $ 23 $ 22 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. 2017 2016 2015 PPL Electric from PPL Services $ 182 $ 132 $ 125 LKE from PPL Services 20 18 16 PPL Electric from PPL EU Services 64 69 60 LG&E from LKS 169 178 155 KU from LKS 190 194 185 |
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 years ended December 31, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. 2017 2016 2015 PPL Electric from PPL Services $ 182 $ 132 $ 125 LKE from PPL Services 20 18 16 PPL Electric from PPL EU Services 64 69 60 LG&E from LKS 169 178 155 KU from LKS 190 194 185 |
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 years ended December 31, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. 2017 2016 2015 PPL Electric from PPL Services $ 182 $ 132 $ 125 LKE from PPL Services 20 18 16 PPL Electric from PPL EU Services 64 69 60 LG&E from LKS 169 178 155 KU from LKS 190 194 185 |
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 years ended December 31, including amounts applied to accounts that are further distributed between capital and expense on the books of the recipients, based on methods that are believed to be reasonable. 2017 2016 2015 PPL Electric from PPL Services $ 182 $ 132 $ 125 LKE from PPL Services 20 18 16 PPL Electric from PPL EU Services 64 69 60 LG&E from LKS 169 178 155 KU from LKS 190 194 185 |
Other Income (Expense) - net (T
Other Income (Expense) - net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income (Expense) Net [Line Items] | |
Other Income (Expense) - net | The breakdown of "Other Income (Expense) - net" for the years ended December 31, was: 2017 2016 2015 Other Income Economic foreign currency exchange contracts (Note 17) $ (261 ) $ 384 $ 122 Interest income 2 3 4 AFUDC - equity component 16 19 14 Miscellaneous 17 6 6 Total Other Income (226 ) 412 146 Other Expense Charitable contributions 8 9 21 Miscellaneous 21 13 17 Total Other Expense 29 22 38 Other Income (Expense) - net $ (255 ) $ 390 $ 108 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value [Line Items] | |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The assets and liabilities measured at fair value were: December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 485 $ 485 $ — $ — $ 341 $ 341 $ — $ — Restricted cash and cash equivalents (a) 26 26 — — 26 26 — — Price risk management assets (b): Foreign currency contracts 163 — 163 — 211 — 211 — Cross-currency swaps 101 — 101 — 188 — 188 — Total price risk management assets 264 — 264 — 399 — 399 — Total assets $ 775 $ 511 $ 264 $ — $ 766 $ 367 $ 399 $ — December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Price risk management liabilities (b): Interest rate swaps $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — Foreign currency contracts 148 — 148 — 27 — 27 — Total price risk management liabilities $ 174 $ — $ 174 $ — $ 58 $ — $ 58 $ — PPL Electric Assets Cash and cash equivalents $ 49 $ 49 $ — $ — $ 13 $ 13 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 51 $ 51 $ — $ — $ 15 $ 15 $ — $ — LKE Assets Cash and cash equivalents $ 30 $ 30 $ — $ — $ 13 $ 13 $ — $ — Cash collateral posted to counterparties (c) — — — — 3 3 — — Total assets $ 30 $ 30 $ — $ — $ 16 $ 16 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — Total price risk management liabilities $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — LG&E Assets Cash and cash equivalents $ 15 $ 15 $ — $ — $ 5 $ 5 $ — $ — Cash collateral posted to counterparties (c) — — — — 3 3 — — Total assets $ 15 $ 15 $ — $ — $ 8 $ 8 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — Total price risk management liabilities $ 26 $ — $ 26 $ — $ 31 $ — $ 31 $ — KU Assets Cash and cash equivalents $ 15 $ 15 $ — $ — $ 7 $ 7 $ — $ — Total assets $ 15 $ 15 $ — $ — $ 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 of Financial Instruments Not Recorded at Fair Value - Other | The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below. December 31, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value PPL $ 20,195 $ 23,783 $ 18,326 $ 21,355 PPL Electric 3,298 3,769 2,831 3,148 LKE 5,159 5,670 5,065 5,439 LG&E 1,709 1,865 1,617 1,710 KU 2,328 2,605 2,327 2,514 |
Derivative Instruments and He51
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities [Line Items] | |
Fair Value and Balance Sheet Location of Derivative Instruments | The following table presents the fair value and location of derivative instruments recorded on the Balance Sheets. December 31, 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) $ — $ — $ — $ 4 $ — $ — $ — $ 4 Cross-currency swaps (b) 4 — — — 32 — — — Foreign currency contracts — — 45 67 — — 31 21 Total current 4 — 45 71 32 — 31 25 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 22 — — — 27 Cross-currency swaps (b) 97 — — — 156 — — — Foreign currency contracts — — 118 81 — — 180 6 Total noncurrent 97 — 118 103 156 — 180 33 Total derivatives $ 101 $ — $ 163 $ 174 $ 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. |
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | The following tables present the pre-tax effect of derivative instruments recognized in income, OCI or regulatory assets and regulatory liabilities. Derivative Relationships Derivative Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivative Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2017 Cash Flow Hedges: Interest rate swaps $ — Interest Expense $ (9 ) $ — Cross-currency swaps (98 ) Other Income (Expense) - net (82 ) — Total $ (98 ) $ (91 ) $ — Net Investment Hedges: Foreign currency contracts $ 1 2016 Cash Flow Hedges: Interest rate swaps $ (21 ) Interest Expense $ (7 ) $ — Cross-currency swaps 130 Other Income (Expense) - net 116 — Interest Expense 3 — Total $ 109 $ 112 $ — Net Investment Hedges: Foreign currency contracts $ 2 Derivative Relationships Derivative Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivative Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2015 Cash Flow Hedges: Interest rate swaps $ (34 ) Interest Expense $ (11 ) $ — Discontinued operations — (77 ) Cross-currency swaps 60 Other Income (Expense) - net 49 — Interest Expense 2 — Commodity contracts Discontinued operations 13 7 Total $ 26 $ 53 $ (70 ) Net Investment Hedges: Foreign currency contracts $ 9 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2017 2016 2015 Foreign currency contracts Other Income (Expense) - net $ (261 ) $ 384 $ 122 Interest rate swaps Interest Expense (6 ) (7 ) (8 ) Total $ (267 ) $ 377 $ 114 Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ — $ — $ (22 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ 5 $ 7 $ 1 |
Derivative Positions Eligible for Offset with Related Cash Collateral | The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged. Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2017 Treasury Derivatives PPL $ 264 $ 107 $ 20 $ 137 $ 174 $ 107 $ — $ 67 LKE — — — — 26 — — 26 LG&E — — — — 26 — — 26 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net 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 December 31, 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 $ 51 $ 10 $ 10 Aggregate fair value of collateral posted on these derivative instruments — — — Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 51 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] | |
Fair Value and Balance Sheet Location of Derivative Instruments | The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. December 31, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 4 $ — $ 4 Total current — 4 — 4 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 22 — 27 Total noncurrent — 22 — 27 Total derivatives $ — $ 26 $ — $ 31 |
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Interest Expense $ (6 ) $ (7 ) $ (8 ) Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ 5 $ 7 $ 1 The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets. All derivative instruments designated as cash flow hedges were terminated in 2015 and there is no activity in the current period. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ — $ — $ (22 ) |
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 December 31, 2017 Treasury Derivatives PPL $ 264 $ 107 $ 20 $ 137 $ 174 $ 107 $ — $ 67 LKE — — — — 26 — — 26 LG&E — — — — 26 — — 26 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net 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 December 31, 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 $ 51 $ 10 $ 10 Aggregate fair value of collateral posted on these derivative instruments — — — Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 51 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] | |
Fair Value and Balance Sheet Location of Derivative Instruments | The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments. December 31, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities: Interest rate swaps $ — $ 4 $ — $ 4 Total current — 4 — 4 Noncurrent: Price Risk Management Assets/Liabilities: Interest rate swaps — 22 — 27 Total noncurrent — 22 — 27 Total derivatives $ — $ 26 $ — $ 31 |
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Interest Expense $ (6 ) $ (7 ) $ (8 ) Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ 5 $ 7 $ 1 The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets. All derivative instruments designated as cash flow hedges were terminated in 2015 and there is no activity in the current period. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory asset - noncurrent $ — $ — $ (11 ) |
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 December 31, 2017 Treasury Derivatives PPL $ 264 $ 107 $ 20 $ 137 $ 174 $ 107 $ — $ 67 LKE — — — — 26 — — 26 LG&E — — — — 26 — — 26 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net 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 December 31, 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 $ 51 $ 10 $ 10 Aggregate fair value of collateral posted on these derivative instruments — — — Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 51 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] | |
Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet | The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets. All derivative instruments designated as cash flow hedges were terminated in 2015 and there is no activity in the current period. Derivative Instruments Location of Gain (Loss) 2017 2016 2015 Interest rate swaps Regulatory assets - noncurrent $ — $ — $ (11 ) |
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 December 31, 2017 Treasury Derivatives PPL $ 264 $ 107 $ 20 $ 137 $ 174 $ 107 $ — $ 67 LKE — — — — 26 — — 26 LG&E — — — — 26 — — 26 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2016 Treasury Derivatives PPL $ 399 $ 27 $ 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Line Items] | |
Goodwill Rollforward | The changes in the carrying amount of goodwill by segment were: U.K. Regulated Kentucky Regulated Total 2017 2016 2017 2016 2017 2016 Balance at beginning of period (a) $ 2,398 $ 2,888 $ 662 $ 662 $ 3,060 $ 3,550 Effect of foreign currency exchange rates 198 (490 ) 198 (490 ) Balance at end of period (a) $ 2,596 $ 2,398 $ 662 $ 662 $ 3,258 $ 3,060 (a) There were no accumulated impairment losses related to goodwill. |
Other Intangible Assets | The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Contracts (a) $ 138 $ 67 $ 405 $ 325 Land and transmission rights 382 120 362 115 Emission allowances/RECs (b) 1 — 2 — Licenses and other 7 3 6 2 Total subject to amortization 528 190 775 442 Not subject to amortization due to indefinite life: Land and transmission rights 12 — 19 — Easements 347 — 348 — Total not subject to amortization due to indefinite life 359 — 367 — Total $ 887 $ 190 $ 1,142 $ 442 (a) Gross carrying amount in 2017 and 2016 includes the fair value at the acquisition date of the OVEC power purchase contract with terms favorable to market recognized as a result of the 2010 acquisition of LKE by PPL. Gross carrying amount in 2016 also includes the fair value at the acquisition date of coal contracts with terms favorable to market recognized as a result of the 2010 acquisition of LKE by PPL. At December 31, 2016, these coal contracts were fully amortized. Offsetting regulatory liabilities were recorded related to these contracts, which are being amortized over the same period as the intangible assets, eliminating any income statement impact. This is referred to as "regulatory offset" in the tables below. See Note 6 for additional information. (b) Emission allowances/RECs are expensed when consumed or sold; therefore, there is no accumulated amortization. |
Amortization Expense, Excluding Consumption of Emission Allowances / Renewable Energy Credits | Amortization Expense was as follows: 2017 2016 2015 Intangible assets with no regulatory offset $ 6 $ 6 $ 6 Intangible assets with regulatory offset 9 24 51 Total $ 15 $ 30 $ 57 |
Future Amortization Expense | Amortization expense for each of the next five years, excluding insignificant amounts for consumption of emission allowances/RECs, is estimated to be: 2018 2019 2020 2021 2022 Intangible assets with no regulatory offset $ 6 $ 6 $ 6 $ 6 $ 6 Intangible assets with regulatory offset 9 9 8 8 8 Total $ 15 $ 15 $ 14 $ 14 $ 14 |
PPL Electric Utilities Corp [Member] | |
Goodwill and Other Intangible Assets [Line Items] | |
Other Intangible Assets | The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Land and transmission rights $ 361 $ 117 $ 341 $ 112 Licenses and other 3 1 3 1 Total subject to amortization 364 118 344 113 Not subject to amortization due to indefinite life: Land and transmission rights 13 — 20 — Total $ 377 $ 118 $ 364 $ 113 |
LG And E And KU Energy LLC [Member] | |
Goodwill and Other Intangible Assets [Line Items] | |
Other Intangible Assets | The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ — $ — $ 269 $ 269 Land and transmission rights 21 3 21 3 OVEC power purchase agreement (b) 126 58 126 49 Total subject to amortization $ 147 $ 61 $ 416 $ 321 (a) Gross carrying amount represents the fair value at the acquisition date of coal contracts with terms favorable to market recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to these contracts, which was amortized over the same period as the intangible asset, eliminating any income statement impact. (b) Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 6 for additional information. |
Amortization Expense, Excluding Consumption of Emission Allowances / Renewable Energy Credits | Amortization expense was as follows: 2017 2016 2015 Intangible assets with no regulatory offset $ — $ 1 $ — Intangible assets with regulatory offset 9 24 51 Total $ 9 $ 25 $ 51 |
Future Amortization Expense | Amortization expense for each of the next five years is estimated to be: 2018 2019 2020 2021 2022 Intangible assets with regulatory offset $ 9 $ 9 $ 8 $ 8 $ 8 |
Louisville Gas And Electric Co [Member] | |
Goodwill and Other Intangible Assets [Line Items] | |
Other Intangible Assets | The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ — $ — $ 124 $ 124 Land and transmission rights 7 1 7 1 OVEC power purchase agreement (b) 87 40 87 34 Total subject to amortization $ 94 $ 41 $ 218 $ 159 (a) Gross carrying amount represents the fair value at the acquisition date of coal contracts with terms favorable to market recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to these contracts, which was amortized over the same period as the intangible asset, eliminating any income statement impact. (b) Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 6 for additional information. |
Amortization Expense, Excluding Consumption of Emission Allowances / Renewable Energy Credits | Amortization expense was as follows: 2017 2016 2015 Intangible assets with regulatory offset $ 6 $ 13 $ 24 |
Future Amortization Expense | Amortization expense for each of the next five years is estimated to be: 2018 2019 2020 2021 2022 Intangible assets with regulatory offset $ 6 $ 6 $ 6 $ 6 $ 6 |
Kentucky Utilities Co [Member] | |
Goodwill and Other Intangible Assets [Line Items] | |
Other Intangible Assets | The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ — $ — $ 145 $ 145 Land and transmission rights 14 2 14 2 OVEC power purchase agreement (b) 39 18 39 15 Total subject to amortization $ 53 $ 20 $ 198 $ 162 (a) Gross carrying amount represents the fair value at the acquisition date of coal contracts with terms favorable to market recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to these contracts, which was amortized over the same period as the intangible asset, eliminating any income statement impact. (b) Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 6 for additional information. |
Amortization Expense, Excluding Consumption of Emission Allowances / Renewable Energy Credits | Amortization expense was as follows: 2017 2016 2015 Intangible assets with no regulatory offset $ — $ 1 $ — Intangible assets with regulatory offset 3 11 27 Total $ 3 $ 12 $ 27 |
Future Amortization Expense | Amortization expense for each of the next five years is estimated to be: 2018 2019 2020 2021 2022 Intangible assets with regulatory offset $ 3 $ 3 $ 2 $ 2 $ 2 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 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 2017 2016 2017 2016 2017 2016 2017 2016 ARO at beginning of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 Accretion 21 24 20 22 7 7 13 15 Changes in estimated timing or cost (a) (73 ) (84 ) (54 ) (95 ) (8 ) (19 ) (46 ) (76 ) Effect of foreign currency exchange rates 4 (9 ) — — — — — — Obligations settled (43 ) (29 ) (43 ) (29 ) (23 ) (18 ) (20 ) (11 ) ARO at end of period $ 397 $ 488 $ 356 $ 433 $ 121 $ 145 $ 235 $ 288 |
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 2017 2016 2017 2016 2017 2016 2017 2016 ARO at beginning of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 Accretion 21 24 20 22 7 7 13 15 Changes in estimated timing or cost (a) (73 ) (84 ) (54 ) (95 ) (8 ) (19 ) (46 ) (76 ) Effect of foreign currency exchange rates 4 (9 ) — — — — — — Obligations settled (43 ) (29 ) (43 ) (29 ) (23 ) (18 ) (20 ) (11 ) ARO at end of period $ 397 $ 488 $ 356 $ 433 $ 121 $ 145 $ 235 $ 288 |
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 2017 2016 2017 2016 2017 2016 2017 2016 ARO at beginning of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 Accretion 21 24 20 22 7 7 13 15 Changes in estimated timing or cost (a) (73 ) (84 ) (54 ) (95 ) (8 ) (19 ) (46 ) (76 ) Effect of foreign currency exchange rates 4 (9 ) — — — — — — Obligations settled (43 ) (29 ) (43 ) (29 ) (23 ) (18 ) (20 ) (11 ) ARO at end of period $ 397 $ 488 $ 356 $ 433 $ 121 $ 145 $ 235 $ 288 |
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 2017 2016 2017 2016 2017 2016 2017 2016 ARO at beginning of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 Accretion 21 24 20 22 7 7 13 15 Changes in estimated timing or cost (a) (73 ) (84 ) (54 ) (95 ) (8 ) (19 ) (46 ) (76 ) Effect of foreign currency exchange rates 4 (9 ) — — — — — — Obligations settled (43 ) (29 ) (43 ) (29 ) (23 ) (18 ) (20 ) (11 ) ARO at end of period $ 397 $ 488 $ 356 $ 433 $ 121 $ 145 $ 235 $ 288 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | The after-tax changes in AOCI by component for the years ended December 31 were as follows: Unrealized gains (losses) Defined benefit plans Foreign currency translation adjustments Available- for-sale securities Qualifying derivatives Equity investees' AOCI Prior service costs Actuarial gain (loss) Total PPL December 31, 2014 $ (286 ) $ 201 $ 20 $ 1 $ 3 $ (2,213 ) $ (2,274 ) Amounts arising during the year (234 ) 8 26 — (9 ) (366 ) (575 ) Reclassifications from AOCI — (2 ) 2 (1 ) — 146 145 Net OCI during the year (234 ) 6 28 (1 ) (9 ) (220 ) (430 ) Distribution of PPL Energy — (207 ) (55 ) — — 238 (24 ) December 31, 2015 $ (520 ) $ — $ (7 ) $ — $ (6 ) $ (2,195 ) $ (2,728 ) Amounts arising during the year (1,107 ) — 91 — (3 ) (61 ) (1,080 ) Reclassifications from AOCI — — (91 ) (1 ) 1 121 30 Net OCI during the year (1,107 ) — — (1 ) (2 ) 60 (1,050 ) December 31, 2016 $ (1,627 ) $ — $ (7 ) $ (1 ) $ (8 ) $ (2,135 ) $ (3,778 ) Amounts arising during the year 538 — (79 ) — — (308 ) 151 Reclassifications from AOCI — — 73 1 1 130 205 Net OCI during the year 538 — (6 ) 1 1 (178 ) 356 December 31, 2017 $ (1,089 ) $ — $ (13 ) $ — $ (7 ) $ (2,313 ) $ (3,422 ) LKE December 31, 2014 $ — $ (8 ) $ (37 ) $ (45 ) Amounts arising during the year — (3 ) (4 ) (7 ) Reclassifications from AOCI — 1 5 6 Net OCI during the year — (2 ) 1 (1 ) December 31, 2015 $ — $ (10 ) $ (36 ) $ (46 ) Amounts arising during the year — — (27 ) (27 ) Reclassifications from AOCI (1 ) 2 2 3 Net OCI during the year (1 ) 2 (25 ) (24 ) December 31, 2016 $ (1 ) $ (8 ) $ (61 ) $ (70 ) Amounts arising during the year — (2 ) (23 ) (25 ) Reclassifications from AOCI 1 1 5 7 Net OCI during the year 1 (1 ) (18 ) (18 ) December 31, 2017 $ — $ (9 ) $ (79 ) $ (88 ) |
Reclassification out of Other Comprehensive Income (Loss) | The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the years ended December 31, 2017 , 2016 and 2015 . PPL Details about AOCI 2017 2016 2015 Affected Line Item on the Available-for-sale securities $ — $ — $ 4 Other Income (Expense) - net Total Pre-tax — — 4 Income Taxes — — (2 ) Total After-tax — — 2 Qualifying derivatives Interest rate swaps (9 ) (7 ) (11 ) Interest Expense — — (77 ) Discontinued operations Cross-currency swaps (82 ) 116 49 Other Income (Expense) - net — 3 2 Interest Expense Commodity contracts — — 20 Discontinued operations Total Pre-tax (91 ) 112 (17 ) Income Taxes 18 (21 ) 15 Total After-tax (73 ) 91 (2 ) Equity Investees' AOCI (1 ) 1 1 Other Income (Expense) - net Total Pre-tax (1 ) 1 1 Income Taxes — — — Total After-tax (1 ) 1 1 Defined benefit plans Prior service costs (2 ) (2 ) — Net actuarial loss (167 ) (156 ) (192 ) Total Pre-tax (169 ) (158 ) (192 ) Income Taxes 38 36 46 Total After-tax (131 ) (122 ) (146 ) Total reclassifications during the year $ (205 ) $ (30 ) $ (145 ) |
LG And E And KU Energy LLC [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) | The after-tax changes in AOCI by component for the years ended December 31 were as follows: Unrealized gains (losses) Defined benefit plans Foreign currency translation adjustments Available- for-sale securities Qualifying derivatives Equity investees' AOCI Prior service costs Actuarial gain (loss) Total PPL December 31, 2014 $ (286 ) $ 201 $ 20 $ 1 $ 3 $ (2,213 ) $ (2,274 ) Amounts arising during the year (234 ) 8 26 — (9 ) (366 ) (575 ) Reclassifications from AOCI — (2 ) 2 (1 ) — 146 145 Net OCI during the year (234 ) 6 28 (1 ) (9 ) (220 ) (430 ) Distribution of PPL Energy — (207 ) (55 ) — — 238 (24 ) December 31, 2015 $ (520 ) $ — $ (7 ) $ — $ (6 ) $ (2,195 ) $ (2,728 ) Amounts arising during the year (1,107 ) — 91 — (3 ) (61 ) (1,080 ) Reclassifications from AOCI — — (91 ) (1 ) 1 121 30 Net OCI during the year (1,107 ) — — (1 ) (2 ) 60 (1,050 ) December 31, 2016 $ (1,627 ) $ — $ (7 ) $ (1 ) $ (8 ) $ (2,135 ) $ (3,778 ) Amounts arising during the year 538 — (79 ) — — (308 ) 151 Reclassifications from AOCI — — 73 1 1 130 205 Net OCI during the year 538 — (6 ) 1 1 (178 ) 356 December 31, 2017 $ (1,089 ) $ — $ (13 ) $ — $ (7 ) $ (2,313 ) $ (3,422 ) LKE December 31, 2014 $ — $ (8 ) $ (37 ) $ (45 ) Amounts arising during the year — (3 ) (4 ) (7 ) Reclassifications from AOCI — 1 5 6 Net OCI during the year — (2 ) 1 (1 ) December 31, 2015 $ — $ (10 ) $ (36 ) $ (46 ) Amounts arising during the year — — (27 ) (27 ) Reclassifications from AOCI (1 ) 2 2 3 Net OCI during the year (1 ) 2 (25 ) (24 ) December 31, 2016 $ (1 ) $ (8 ) $ (61 ) $ (70 ) Amounts arising during the year — (2 ) (23 ) (25 ) Reclassifications from AOCI 1 1 5 7 Net OCI during the year 1 (1 ) (18 ) (18 ) December 31, 2017 $ — $ (9 ) $ (79 ) $ (88 ) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Line Items] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL, COMMON STOCK PRICE AND DIVIDEND DATA (Unaudited) PPL Corporation and Subsidiaries (Millions of Dollars, except per share data) For the Quarters Ended (a) March 31 June 30 Sept. 30 Dec. 31 2017 Operating revenues $ 1,951 $ 1,725 $ 1,845 $ 1,926 Operating income 796 702 777 793 Net income 403 292 355 78 Net income available to PPL common shareowners: (b) Basic EPS 0.59 0.43 0.52 0.11 Diluted EPS 0.59 0.43 0.51 0.11 Dividends declared per share of common stock (c) 0.3950 0.3950 0.3950 0.3950 Price per common share: High $ 37.70 $ 40.06 $ 39.83 $ 38.37 Low 33.94 37.11 37.36 30.76 2016 Operating revenues $ 2,011 $ 1,785 $ 1,889 $ 1,832 Operating income 823 725 786 714 Net income 481 483 473 465 Net income available to PPL common shareowners: (b) Basic EPS 0.71 0.71 0.70 0.68 Diluted EPS 0.71 0.71 0.69 0.68 Dividends declared per share of common stock (c) 0.38 0.38 0.38 0.38 Price per common share: High $ 38.07 $ 39.68 $ 37.71 $ 34.74 Low 32.80 36.27 33.63 32.19 (a) Quarterly results can vary depending on, among other things, weather. Accordingly, comparisons among quarters of a year may not be indicative of overall trends and changes in operations. (b) The sum of the quarterly amounts may not equal annual earnings per share due to changes in the number of common shares outstanding during the year or rounding. (c) PPL has paid quarterly cash dividends on its common stock in every year since 1946. Future dividends, declared at the discretion of the Board of Directors, will be dependent upon future earnings, cash flows, financial requirements and other factors. |
PPL Electric Utilities Corp [Member] | |
Quarterly Financial Information Disclosure [Line Items] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL DATA (Unaudited) PPL Electric Utilities Corporation and Subsidiaries (Millions of Dollars) For the Quarters Ended (a) March 31 June 30 Sept. 30 Dec. 31 2017 Operating revenues $ 573 $ 500 $ 547 $ 575 Operating income 159 156 189 197 Net income 79 77 95 111 2016 Operating revenues $ 585 $ 495 $ 539 $ 537 Operating income 180 154 176 154 Net income 94 79 90 77 (a) PPL Electric's business is seasonal in nature, with peak sales periods generally occurring in the winter and summer months. Accordingly, comparisons among quarters of a year may not be indicative of overall trends and changes in operations. |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)IntegerMW | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | |
Utility Revenue (Details) [Abstract] | |||||||||||
Domestic electric and gas revenue | $ 5,351 | $ 5,297 | $ 5,239 | ||||||||
U.K. operating revenues | 2,091 | 2,207 | 2,410 | ||||||||
Domestic - other | 5 | 13 | 20 | ||||||||
Operating Revenues | $ 1,926 | $ 1,845 | $ 1,725 | $ 1,951 | $ 1,832 | $ 1,889 | $ 1,785 | $ 2,011 | 7,447 | 7,517 | 7,669 |
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | |||||||||||
Restricted cash and cash equivalents | 26 | 26 | 26 | 26 | |||||||
Property, Plant and Equipment (Numeric) [Abstract] | |||||||||||
Interest costs, capitalized during the period | $ 11 | 11 | $ 11 | ||||||||
Defined Benefits [Abstract] | |||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | ||||||||||
Minimum percentage of gains and losses under the accelerated method that are amortized on a straight line basis | 10.00% | ||||||||||
Maximum percentage of gains and losses under the accelerated that are amortized on a straight line basis | 30.00% | ||||||||||
Discount Rate Change For United Kingdom Pension Plans Numeric [Abstract] | |||||||||||
Decrease in net periodic defined benefit cost from change in the discount rate | 43 | ||||||||||
Decrease in net periodic defined benefit cost from change in the discount rate, after-tax | $ 34 | ||||||||||
Decrease in net periodic defined benefit cost from change in the discount rate, per share | $ / shares | $ 0.05 | ||||||||||
Income Taxes [Abstract] | |||||||||||
Minimum percentage to be attained of likelihood of uncertain tax position being realized | 50.00% | ||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 320 | 356 | $ 320 | $ 356 | |||||||
Fuel [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 107 | 158 | 107 | 158 | |||||||
Natural Gas Stored Underground [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 43 | 42 | 43 | 42 | |||||||
Material And Supplies [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 170 | 156 | $ 170 | $ 156 | |||||||
Regulated Operations [Member] | Utility Plant [Member] | |||||||||||
Depreciation (Details) [Abstract] | |||||||||||
Weighted-average rates | 2.65% | 2.73% | 2.57% | ||||||||
Low Carbon Network Fund [Member] | |||||||||||
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | |||||||||||
Restricted cash and cash equivalents | 17 | 17 | $ 17 | $ 17 | |||||||
Other Restricted Cash [Member] | |||||||||||
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | |||||||||||
Restricted cash and cash equivalents | 9 | 9 | 9 | 9 | |||||||
Allowance For Doubtful Accounts [Member] | |||||||||||
Allowance for Doubtful Accounts (Details) [Roll Forward] | |||||||||||
Balance at beginning of period | 54 | 41 | 54 | 41 | $ 44 | ||||||
Additions charged to income | 28 | 44 | 49 | ||||||||
Additions charged to other accounts | (1) | 0 | (2) | ||||||||
Deductions | 30 | 31 | 50 | ||||||||
Balance at end of period | 51 | 54 | $ 51 | 54 | 41 | ||||||
WPD [Member] | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Period of lag in reporting results for WPD (in months) | Integer | 1 | ||||||||||
Revenue Recognition (Numeric) [Abstract] | |||||||||||
Number of regulatory years later future demand revenue is affected | 2 years | ||||||||||
Percentage WPD's distribution network operators are able to retain of any under-spends | 70.00% | ||||||||||
Percentage WPD's distribution network operators bear of any over-spends | 70.00% | ||||||||||
Period of lag between incentives and penalties are reflected in customers' rates | 2 years | ||||||||||
Refunded/recovered period of lag for recovery of over and under-recovered amounts arising from 2014/15 onwards | 2 years | ||||||||||
Previous refunded/recovered period of lag for recovery of over and under-recovered amounts | 1 year | ||||||||||
LGE [Member] | Ohio Valley Electric Corporation [Member] | |||||||||||
Cost Method Investments [Abstract] | |||||||||||
Number of electric utilities that are equity owners | Integer | 10 | ||||||||||
Number of companies power is supplied to | Integer | 11 | ||||||||||
Ownership percentage | 5.63% | ||||||||||
Generation capacity in terms of ownership percentage (in MW) | MW | 120 | ||||||||||
KU [Member] | Ohio Valley Electric Corporation [Member] | |||||||||||
Cost Method Investments [Abstract] | |||||||||||
Number of electric utilities that are equity owners | Integer | 10 | ||||||||||
Number of companies power is supplied to | Integer | 11 | ||||||||||
Ownership percentage | 2.50% | ||||||||||
Generation capacity in terms of ownership percentage (in MW) | MW | 53 | ||||||||||
PPL Electric Utilities Corp [Member] | |||||||||||
Utility Revenue (Details) [Abstract] | |||||||||||
Operating Revenues | 575 | $ 547 | $ 500 | 573 | 537 | $ 539 | $ 495 | 585 | $ 2,195 | 2,156 | $ 2,124 |
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | |||||||||||
Restricted cash and cash equivalents | 2 | 2 | $ 2 | 2 | |||||||
Property, Plant and Equipment (Numeric) [Abstract] | |||||||||||
Regulatory Asset Amortization Period | 5 years | ||||||||||
Defined Benefits [Abstract] | |||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | ||||||||||
Minimum percentage of gains and losses under the accelerated method that are amortized on a straight line basis | 10.00% | ||||||||||
Maximum percentage of gains and losses under the accelerated that are amortized on a straight line basis | 30.00% | ||||||||||
Income Taxes [Abstract] | |||||||||||
Minimum percentage to be attained of likelihood of uncertain tax position being realized | 50.00% | ||||||||||
Intercompany tax receivables (payables) | 61 | 13 | $ 61 | $ 13 | |||||||
PPL Electric Utilities Corp [Member] | Regulated Operations [Member] | Utility Plant [Member] | |||||||||||
Depreciation (Details) [Abstract] | |||||||||||
Weighted-average rates | 2.86% | 2.63% | 2.46% | ||||||||
PPL Electric Utilities Corp [Member] | Low Carbon Network Fund [Member] | |||||||||||
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | |||||||||||
Restricted cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |||||||
PPL Electric Utilities Corp [Member] | Other Restricted Cash [Member] | |||||||||||
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | |||||||||||
Restricted cash and cash equivalents | 2 | 2 | 2 | 2 | |||||||
PPL Electric Utilities Corp [Member] | Allowance For Doubtful Accounts [Member] | |||||||||||
Allowance for Doubtful Accounts (Details) [Roll Forward] | |||||||||||
Balance at beginning of period | 28 | 16 | 28 | 16 | $ 17 | ||||||
Additions charged to income | 18 | 35 | 39 | ||||||||
Additions charged to other accounts | 0 | 0 | 0 | ||||||||
Deductions | 22 | 23 | 40 | ||||||||
Balance at end of period | 24 | 28 | 24 | 28 | 16 | ||||||
LG And E And KU Energy LLC [Member] | |||||||||||
Utility Revenue (Details) [Abstract] | |||||||||||
Operating Revenues | $ 3,156 | 3,141 | $ 3,115 | ||||||||
Defined Benefits [Abstract] | |||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | ||||||||||
Minimum percentage of gains and losses under the accelerated method that are amortized on a straight line basis | 10.00% | ||||||||||
Maximum percentage of gains and losses under the accelerated that are amortized on a straight line basis | 30.00% | ||||||||||
Income Taxes [Abstract] | |||||||||||
Minimum percentage to be attained of likelihood of uncertain tax position being realized | 50.00% | ||||||||||
Intercompany tax receivables (payables) | (23) | 1 | $ (23) | 1 | |||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 254 | 297 | 254 | 297 | |||||||
LG And E And KU Energy LLC [Member] | Fuel [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 107 | 158 | 107 | 158 | |||||||
LG And E And KU Energy LLC [Member] | Natural Gas Stored Underground [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 43 | 42 | 43 | 42 | |||||||
LG And E And KU Energy LLC [Member] | Material And Supplies [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 104 | 97 | $ 104 | $ 97 | |||||||
LG And E And KU Energy LLC [Member] | Regulated Operations [Member] | Utility Plant [Member] | |||||||||||
Depreciation (Details) [Abstract] | |||||||||||
Weighted-average rates | 3.64% | 3.69% | 3.69% | ||||||||
LG And E And KU Energy LLC [Member] | Allowance For Doubtful Accounts [Member] | |||||||||||
Allowance for Doubtful Accounts (Details) [Roll Forward] | |||||||||||
Balance at beginning of period | 24 | 23 | $ 24 | $ 23 | $ 25 | ||||||
Additions charged to income | 8 | 8 | 9 | ||||||||
Additions charged to other accounts | (1) | 0 | (2) | ||||||||
Deductions | 6 | 7 | 9 | ||||||||
Balance at end of period | 25 | 24 | $ 25 | 24 | 23 | ||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Ohio Valley Electric Corporation [Member] | |||||||||||
Cost Method Investments [Abstract] | |||||||||||
Number of electric utilities that are equity owners | Integer | 10 | ||||||||||
Number of companies power is supplied to | Integer | 11 | ||||||||||
Ownership percentage | 5.63% | ||||||||||
Generation capacity in terms of ownership percentage (in MW) | MW | 120 | ||||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Ohio Valley Electric Corporation [Member] | |||||||||||
Cost Method Investments [Abstract] | |||||||||||
Number of electric utilities that are equity owners | Integer | 10 | ||||||||||
Number of companies power is supplied to | Integer | 11 | ||||||||||
Ownership percentage | 2.50% | ||||||||||
Generation capacity in terms of ownership percentage (in MW) | MW | 53 | ||||||||||
Louisville Gas And Electric Co [Member] | |||||||||||
Utility Revenue (Details) [Abstract] | |||||||||||
Operating Revenues | $ 1,453 | 1,430 | $ 1,444 | ||||||||
Defined Benefits [Abstract] | |||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | ||||||||||
Minimum percentage of gains and losses under the accelerated method that are amortized on a straight line basis | 10.00% | ||||||||||
Maximum percentage of gains and losses under the accelerated that are amortized on a straight line basis | 30.00% | ||||||||||
Income Taxes [Abstract] | |||||||||||
Minimum percentage to be attained of likelihood of uncertain tax position being realized | 50.00% | ||||||||||
Intercompany tax receivables (payables) | 0 | (18) | $ 0 | (18) | |||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 131 | 143 | 131 | 143 | |||||||
Louisville Gas And Electric Co [Member] | Fuel [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 45 | 60 | 45 | 60 | |||||||
Louisville Gas And Electric Co [Member] | Natural Gas Stored Underground [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 43 | 42 | 43 | 42 | |||||||
Louisville Gas And Electric Co [Member] | Material And Supplies [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 43 | 41 | $ 43 | $ 41 | |||||||
Louisville Gas And Electric Co [Member] | Regulated Operations [Member] | Utility Plant [Member] | |||||||||||
Depreciation (Details) [Abstract] | |||||||||||
Weighted-average rates | 3.63% | 3.58% | 3.65% | ||||||||
Louisville Gas And Electric Co [Member] | Ohio Valley Electric Corporation [Member] | |||||||||||
Cost Method Investments [Abstract] | |||||||||||
Number of electric utilities that are equity owners | Integer | 10 | ||||||||||
Number of companies power is supplied to | Integer | 11 | ||||||||||
Ownership percentage | 5.63% | ||||||||||
Generation capacity in terms of ownership percentage (in MW) | MW | 120 | ||||||||||
Louisville Gas And Electric Co [Member] | Allowance For Doubtful Accounts [Member] | |||||||||||
Allowance for Doubtful Accounts (Details) [Roll Forward] | |||||||||||
Balance at beginning of period | 2 | 1 | $ 2 | $ 1 | $ 2 | ||||||
Additions charged to income | 2 | 2 | 2 | ||||||||
Additions charged to other accounts | (1) | 1 | 0 | ||||||||
Deductions | 2 | 2 | 3 | ||||||||
Balance at end of period | 1 | 2 | 1 | 2 | 1 | ||||||
Kentucky Utilities Co [Member] | |||||||||||
Utility Revenue (Details) [Abstract] | |||||||||||
Operating Revenues | $ 1,744 | 1,749 | $ 1,728 | ||||||||
Defined Benefits [Abstract] | |||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | ||||||||||
Minimum percentage of gains and losses under the accelerated method that are amortized on a straight line basis | 10.00% | ||||||||||
Maximum percentage of gains and losses under the accelerated that are amortized on a straight line basis | 30.00% | ||||||||||
Income Taxes [Abstract] | |||||||||||
Minimum percentage to be attained of likelihood of uncertain tax position being realized | 50.00% | ||||||||||
Intercompany tax receivables (payables) | 0 | (29) | $ 0 | (29) | |||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 123 | 154 | 123 | 154 | |||||||
Kentucky Utilities Co [Member] | Fuel [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 62 | 98 | 62 | 98 | |||||||
Kentucky Utilities Co [Member] | Natural Gas Stored Underground [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 0 | 0 | 0 | 0 | |||||||
Kentucky Utilities Co [Member] | Material And Supplies [Member] | |||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | |||||||||||
Fuel, materials and supplies on the Balance Sheet | 61 | 56 | $ 61 | $ 56 | |||||||
Kentucky Utilities Co [Member] | Regulated Operations [Member] | Utility Plant [Member] | |||||||||||
Depreciation (Details) [Abstract] | |||||||||||
Weighted-average rates | 3.66% | 3.77% | 3.71% | ||||||||
Kentucky Utilities Co [Member] | Ohio Valley Electric Corporation [Member] | |||||||||||
Cost Method Investments [Abstract] | |||||||||||
Number of electric utilities that are equity owners | Integer | 10 | ||||||||||
Number of companies power is supplied to | Integer | 11 | ||||||||||
Ownership percentage | 2.50% | ||||||||||
Generation capacity in terms of ownership percentage (in MW) | MW | 53 | ||||||||||
Kentucky Utilities Co [Member] | Allowance For Doubtful Accounts [Member] | |||||||||||
Allowance for Doubtful Accounts (Details) [Roll Forward] | |||||||||||
Balance at beginning of period | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | ||||||
Additions charged to income | 4 | 4 | 5 | ||||||||
Additions charged to other accounts | (1) | 0 | 0 | ||||||||
Deductions | 4 | 4 | 5 | ||||||||
Balance at end of period | $ 1 | $ 2 | $ 1 | $ 2 | $ 2 |
Segment and Related Informati57
Segment and Related Information (Income Statement and Balance Sheet Data) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Integer | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | $ 1,926 | $ 1,845 | $ 1,725 | $ 1,951 | $ 1,832 | $ 1,889 | $ 1,785 | $ 2,011 | $ 7,447 | $ 7,517 | $ 7,669 | ||||
Depreciation | 1,008 | 926 | 883 | ||||||||||||
Amortization | 97 | 80 | 59 | ||||||||||||
Unrealized (gains) losses on derivatives and other hedging activities | 178 | 19 | (77) | ||||||||||||
Interest Expense | 901 | 888 | 871 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 1,912 | 2,550 | 2,068 | ||||||||||||
Income Taxes | 784 | 648 | 465 | ||||||||||||
Deferred income taxes and investment tax credits | 707 | 560 | 428 | ||||||||||||
Net income | 78 | 355 | 292 | 403 | 465 | 473 | 483 | 481 | 1,128 | 1,902 | 682 | ||||
Loss from Discontinued Operations (net of income taxes) | 0 | 0 | (921) | ||||||||||||
Cash Flow Data | |||||||||||||||
Expenditures for long-lived assets | 3,171 | 2,957 | 3,570 | ||||||||||||
Balance Sheet Data | |||||||||||||||
Total Assets | 41,479 | 38,315 | $ 41,479 | 38,315 | |||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||
Number of reportable segments | Integer | 3 | ||||||||||||||
PPL Energy Supply Spinoff [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Loss from Discontinued Operations (net of income taxes) | (921) | ||||||||||||||
Gain (loss) on disposal group | (879) | ||||||||||||||
U.K. Regulated [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | $ 2,091 | 2,207 | 2,410 | ||||||||||||
Depreciation | 230 | 233 | 242 | ||||||||||||
Amortization | 34 | 16 | 6 | ||||||||||||
Unrealized (gains) losses on derivatives and other hedging activities | 166 | 13 | (88) | ||||||||||||
Interest Expense | 397 | 402 | 417 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 804 | 1,479 | 1,249 | ||||||||||||
Income Taxes | 152 | 233 | 128 | ||||||||||||
Deferred income taxes and investment tax credits | 66 | 31 | 45 | ||||||||||||
Net income | 652 | 1,246 | 1,121 | ||||||||||||
Cash Flow Data | |||||||||||||||
Expenditures for long-lived assets | 1,015 | 1,031 | 1,242 | ||||||||||||
Balance Sheet Data | |||||||||||||||
Total Assets | 16,813 | 14,537 | 16,813 | 14,537 | |||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||
Net property, plant and equipment not subject to accounting for the effects of certain types of regulation | 12,500 | 10,800 | 12,500 | 10,800 | |||||||||||
Kentucky Regulated [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | 3,156 | 3,141 | 3,115 | ||||||||||||
Depreciation | 439 | 404 | 382 | ||||||||||||
Amortization | 24 | 29 | 27 | ||||||||||||
Unrealized (gains) losses on derivatives and other hedging activities | 6 | 6 | 11 | ||||||||||||
Interest Expense | 261 | 260 | 232 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 645 | 640 | 547 | ||||||||||||
Income Taxes | 359 | 242 | 221 | ||||||||||||
Deferred income taxes and investment tax credits | 294 | 291 | 236 | ||||||||||||
Net income | 286 | 398 | 326 | ||||||||||||
Cash Flow Data | |||||||||||||||
Expenditures for long-lived assets | 892 | 791 | 1,210 | ||||||||||||
Balance Sheet Data | |||||||||||||||
Total Assets | 14,468 | 14,037 | 14,468 | 14,037 | |||||||||||
Pennsylvania Regulated [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | 2,195 | 2,156 | 2,124 | ||||||||||||
Depreciation | 309 | 253 | 214 | ||||||||||||
Amortization | 33 | 32 | 26 | ||||||||||||
Interest Expense | 142 | 129 | 130 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 575 | 550 | 416 | ||||||||||||
Income Taxes | 216 | 212 | 164 | ||||||||||||
Deferred income taxes and investment tax credits | 257 | 221 | 220 | ||||||||||||
Net income | 359 | 338 | 252 | ||||||||||||
Cash Flow Data | |||||||||||||||
Expenditures for long-lived assets | 1,254 | 1,134 | 1,107 | ||||||||||||
Balance Sheet Data | |||||||||||||||
Total Assets | 10,082 | 9,426 | 10,082 | 9,426 | |||||||||||
Corporate And Other [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | 5 | 13 | 20 | ||||||||||||
Depreciation | 30 | 36 | 45 | ||||||||||||
Amortization | 6 | 3 | 0 | ||||||||||||
Unrealized (gains) losses on derivatives and other hedging activities | 6 | 0 | 0 | ||||||||||||
Interest Expense | 101 | 97 | 92 | ||||||||||||
Income from Continuing Operations Before Income Taxes | (112) | (119) | (144) | ||||||||||||
Income Taxes | 57 | (39) | (48) | ||||||||||||
Deferred income taxes and investment tax credits | 90 | 17 | (73) | ||||||||||||
Net income | (169) | (80) | (96) | ||||||||||||
Cash Flow Data | |||||||||||||||
Expenditures for long-lived assets | 10 | 1 | 11 | ||||||||||||
Balance Sheet Data | |||||||||||||||
Total Assets | 116 | 315 | 116 | 315 | |||||||||||
Discontinued Operations [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Loss from Discontinued Operations (net of income taxes) | 0 | 0 | (921) | ||||||||||||
PPL Electric Utilities Corp [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | 575 | 547 | 500 | 573 | 537 | 539 | 495 | 585 | 2,195 | 2,156 | 2,124 | ||||
Depreciation | 309 | 253 | 214 | ||||||||||||
Amortization | 33 | 32 | 26 | ||||||||||||
Interest Expense | 142 | 129 | 130 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 575 | 552 | 416 | ||||||||||||
Income Taxes | 213 | 212 | 164 | ||||||||||||
Deferred income taxes and investment tax credits | 258 | 221 | 220 | ||||||||||||
Net income | 111 | $ 95 | $ 77 | $ 79 | 77 | $ 90 | $ 79 | $ 94 | 362 | [1] | 340 | [1] | 252 | [1] | |
Balance Sheet Data | |||||||||||||||
Total Assets | 10,082 | 9,426 | $ 10,082 | 9,426 | |||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||
Number of operating segments | Integer | 2 | ||||||||||||||
Number of reportable segments | Integer | 1 | ||||||||||||||
LG And E And KU Energy LLC [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | $ 3,156 | 3,141 | 3,115 | ||||||||||||
Depreciation | 439 | 404 | 382 | ||||||||||||
Amortization | 24 | 29 | 27 | ||||||||||||
Interest Expense | 197 | 197 | 178 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 691 | 686 | 603 | ||||||||||||
Income Taxes | 375 | 257 | 239 | ||||||||||||
Deferred income taxes and investment tax credits | 294 | 291 | 236 | ||||||||||||
Net income | 316 | 429 | 364 | ||||||||||||
Balance Sheet Data | |||||||||||||||
Total Assets | 14,802 | 14,371 | $ 14,802 | 14,371 | |||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||
Number of operating segments | Integer | 1 | ||||||||||||||
Number of reportable segments | Integer | 1 | ||||||||||||||
Louisville Gas And Electric Co [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | $ 1,453 | 1,430 | 1,444 | ||||||||||||
Depreciation | 183 | 170 | 162 | ||||||||||||
Amortization | 14 | 14 | 11 | ||||||||||||
Interest Expense | 71 | 71 | 57 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 344 | 329 | 299 | ||||||||||||
Income Taxes | 131 | 126 | 114 | ||||||||||||
Deferred income taxes and investment tax credits | 126 | 147 | 126 | ||||||||||||
Net income | [2] | 213 | 203 | 185 | |||||||||||
Balance Sheet Data | |||||||||||||||
Total Assets | 6,559 | 6,300 | $ 6,559 | 6,300 | |||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||
Number of operating segments | Integer | 1 | ||||||||||||||
Number of reportable segments | Integer | 1 | ||||||||||||||
Kentucky Utilities Co [Member] | |||||||||||||||
Income Statement Data | |||||||||||||||
Operating Revenues from external customers | $ 1,744 | 1,749 | 1,728 | ||||||||||||
Depreciation | 255 | 234 | 220 | ||||||||||||
Amortization | 9 | 14 | 13 | ||||||||||||
Interest Expense | 96 | 96 | 82 | ||||||||||||
Income from Continuing Operations Before Income Taxes | 418 | 428 | 374 | ||||||||||||
Income Taxes | 159 | 163 | 140 | ||||||||||||
Deferred income taxes and investment tax credits | 152 | 126 | 160 | ||||||||||||
Net income | [3] | 259 | 265 | $ 234 | |||||||||||
Balance Sheet Data | |||||||||||||||
Total Assets | $ 8,254 | $ 8,085 | $ 8,254 | $ 8,085 | |||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||
Number of operating segments | Integer | 1 | ||||||||||||||
Number of reportable segments | Integer | 1 | ||||||||||||||
[1] | Net income equals comprehensive income. | ||||||||||||||
[2] | Net income equals comprehensive income. | ||||||||||||||
[3] | Net income approximates comprehensive income. |
Segment and Related Informati58
Segment and Related Information (Geographic Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from external customers | $ 1,926 | $ 1,845 | $ 1,725 | $ 1,951 | $ 1,832 | $ 1,889 | $ 1,785 | $ 2,011 | $ 7,447 | $ 7,517 | $ 7,669 |
Long-lived assets | 33,787 | 30,772 | 33,787 | 30,772 | |||||||
U.S. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from external customers | 5,356 | 5,310 | 5,259 | ||||||||
Long-lived assets | 20,936 | 19,595 | 20,936 | 19,595 | |||||||
U.K. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | $ 12,851 | $ 11,177 | 12,851 | 11,177 | |||||||
U.K. Regulated [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from external customers | $ 2,091 | $ 2,207 | $ 2,410 |
Preferred Securities (Details)
Preferred Securities (Details) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred Stock [Member] | |||
Preferred Securities [Line Items] | |||
Shares authorized | 10,000,000 | ||
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
PPL Electric Utilities Corp [Member] | Preferred Stock [Member] | |||
Preferred Securities [Line Items] | |||
Shares authorized | 20,629,936 | ||
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Louisville Gas And Electric Co [Member] | Preferred Stock [Member] | |||
Preferred Securities [Line Items] | |||
Shares authorized | 1,720,000 | ||
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Par value of stock | $ 25 | ||
Louisville Gas And Electric Co [Member] | Preferred Stock Without Par Value [Member] | |||
Preferred Securities [Line Items] | |||
Shares authorized | 6,750,000 | ||
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Kentucky Utilities Co [Member] | Preferred Stock Without Par Value [Member] | |||
Preferred Securities [Line Items] | |||
Shares authorized | 5,300,000 | ||
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Kentucky Utilities Co [Member] | Preference Stock Without Par Value [Member] | |||
Preferred Securities [Line Items] | |||
Shares authorized | 2,000,000 | ||
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (Numerator) | |||||||||||
Income from continuing operations after income taxes | $ 1,128 | $ 1,902 | $ 1,603 | ||||||||
Less amounts allocated to participating securities | 2 | 6 | 6 | ||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic | 1,126 | 1,896 | 1,597 | ||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Diluted | 1,126 | 1,896 | 1,597 | ||||||||
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic | 0 | 0 | (921) | ||||||||
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Diluted | 0 | 0 | (921) | ||||||||
Net income | $ 78 | $ 355 | $ 292 | $ 403 | $ 465 | $ 473 | $ 483 | $ 481 | 1,128 | 1,902 | 682 |
Less amounts allocated to participating securities | 2 | 6 | 2 | ||||||||
Net income available to PPL common shareowners - Basic | 1,126 | 1,896 | 680 | ||||||||
Net income available to PPL common shareowners - Diluted | $ 1,126 | $ 1,896 | $ 680 | ||||||||
Shares of Common Stock (Denominator) | |||||||||||
Weighted-average shares - Basic EPS (in shares) | 685,240 | 677,592 | 669,814 | ||||||||
Add incremental non-participating securities: | |||||||||||
Share-based payment awards (in shares) | 2,094 | 2,854 | 2,772 | ||||||||
Weighted-average shares - Diluted EPS (in shares) | 687,334 | 680,446 | 672,586 | ||||||||
Basic EPS - Available to PPL common shareowners: | |||||||||||
Income from continuing operations after income taxes (in dollars per share) | $ 1.64 | $ 2.80 | $ 2.38 | ||||||||
Income (loss) from discontinued operations (net of income taxes) (in dollars per share) | 0 | 0 | (1.37) | ||||||||
Net Income (in dollars per share) | $ 0.11 | $ 0.52 | $ 0.43 | $ 0.59 | $ 0.68 | $ 0.70 | $ 0.71 | $ 0.71 | 1.64 | 2.80 | 1.01 |
Diluted EPS - Available to PPL common shareowners: | |||||||||||
Income from continuing operations after income taxes (in dollars per share) | 1.64 | 2.79 | 2.37 | ||||||||
Income (loss) from discontinued operations (net of income taxes) (in dollars per share) | 0 | 0 | (1.36) | ||||||||
Net Income (in dollars per share) | $ 0.11 | $ 0.51 | $ 0.43 | $ 0.59 | $ 0.68 | $ 0.69 | $ 0.71 | $ 0.71 | $ 1.64 | $ 2.79 | $ 1.01 |
Shares Issued (Numeric) [Abstract] | |||||||||||
Common stock issued under stock-based compensation plans (in shares) | 1,748 | ||||||||||
Common stock issued under DRIP (in shares) | 1,552 | ||||||||||
Stock Options [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares excluded from the computations of diluted EPS | 696 | 696 | 1,087 | ||||||||
Performance Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares excluded from the computations of diluted EPS | 0 | 176 | 36 |
Income and Other Taxes (Tax Ref
Income and Other Taxes (Tax Reform) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | $ 784 | $ 648 | $ 465 |
Net Increase in Regulatory Liability | 12 | 59 | (42) |
Deferred Tax Liabilities, Net | 2,438 | 3,862 | |
Tax Cuts And Jobs Act [Member] | |||
Tax Reform [Line Items] | |||
Taxable Deemed Dividend | 462 | ||
Income Tax Expense (Benefit) | 321 | ||
Net Increase in Regulatory Liability | 2,185 | ||
Deferred Tax Liabilities, Net | 101 | ||
Tax Cuts And Jobs Act [Member] | Non-Regulated Deferred Tax Assets And Liabilities [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 220 | ||
PPL Electric Utilities Corp [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 213 | 212 | 164 |
Net Increase in Regulatory Liability | 5 | 62 | (35) |
Deferred Tax Liabilities, Net | 1,154 | 1,899 | |
PPL Electric Utilities Corp [Member] | Tax Cuts And Jobs Act [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | (13) | ||
Net Increase in Regulatory Liability | 1,019 | ||
PPL Electric Utilities Corp [Member] | Tax Cuts And Jobs Act [Member] | Non-Regulated Deferred Tax Assets And Liabilities [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | (13) | ||
LG And E And KU Energy LLC [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 375 | 257 | 239 |
Deferred Tax Liabilities, Net | 866 | 1,735 | |
LG And E And KU Energy LLC [Member] | Tax Cuts And Jobs Act [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 112 | ||
Net Increase in Regulatory Liability | 1,166 | ||
LG And E And KU Energy LLC [Member] | Tax Cuts And Jobs Act [Member] | Non-Regulated Deferred Tax Assets And Liabilities [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 112 | ||
Louisville Gas And Electric Co [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 131 | 126 | 114 |
Deferred Tax Liabilities, Net | 572 | 974 | |
Louisville Gas And Electric Co [Member] | Tax Cuts And Jobs Act [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 0 | ||
Net Increase in Regulatory Liability | 532 | ||
Louisville Gas And Electric Co [Member] | Tax Cuts And Jobs Act [Member] | Non-Regulated Deferred Tax Assets And Liabilities [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 0 | ||
Kentucky Utilities Co [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 159 | 163 | $ 140 |
Deferred Tax Liabilities, Net | 691 | $ 1,170 | |
Kentucky Utilities Co [Member] | Tax Cuts And Jobs Act [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | 0 | ||
Net Increase in Regulatory Liability | 634 | ||
Kentucky Utilities Co [Member] | Tax Cuts And Jobs Act [Member] | Non-Regulated Deferred Tax Assets And Liabilities [Member] | |||
Tax Reform [Line Items] | |||
Income Tax Expense (Benefit) | $ 0 |
Income and Other Taxes (Deferre
Income and Other Taxes (Deferred Tax Assets and Liabilities and Loss Carryforwards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (Loss) from Continuing Operations (Details) [Abstract] | |||
Domestic income | $ 874 | $ 1,463 | $ 968 |
Foreign income | 1,038 | 1,087 | 1,100 |
Income Before Income Taxes | 1,912 | 2,550 | 2,068 |
Deferred Tax Assets | |||
Deferred investment tax credits | 33 | 51 | |
Regulatory liabilities | 62 | 94 | |
Income taxes due to customer | 499 | 0 | |
Accrued pension costs | 159 | 250 | |
Federal loss carryforwards | 356 | 565 | |
State loss carryforwards | 409 | 326 | |
Federal and state tax credit carryforwards | 455 | 256 | |
Foreign capital loss carryforwards | 329 | 302 | |
Foreign loss carryforwards | 2 | 3 | |
Foreign - pensions | (32) | 41 | |
Foreign - regulatory obligations | 2 | 6 | |
Foreign - other | 7 | 5 | |
Contributions in aid of construction | 134 | 141 | |
Domestic - other | 104 | 188 | |
Unrealized losses on qualifying derivatives | 10 | 20 | |
Valuation allowances | (838) | (593) | |
Total deferred tax assets | 1,691 | 1,655 | |
Deferred Tax Liabilities | |||
Domestic plant - net | 3,168 | 4,325 | |
Taxes recoverable through future rates | 0 | 170 | |
Regulatory assets | 211 | 343 | |
Reacquired debt costs | 15 | 25 | |
Foreign plant - net | 726 | 640 | |
Domestic - other | 9 | 14 | |
Total deferred tax liabilities | 4,129 | 5,517 | |
Net deferred tax liability | 2,438 | 3,862 | |
Loss carryforwards | |||
Federal loss carryforwards | 356 | 565 | |
Federal [Member] | |||
Deferred Tax Assets | |||
Federal loss carryforwards | 349 | ||
Loss carryforwards | |||
Net operating losses | 1,662 | ||
Charitable contributions | 36 | ||
Federal loss carryforwards | 349 | ||
Charitable contribution carryforwards | 7 | ||
Loss carryforward valuation allowance on net operating losses | 0 | ||
Charitable Contributions Loss Carryforwards valuation allowance | 0 | ||
State [Member] | |||
Deferred Tax Assets | |||
State loss carryforwards | 407 | ||
Loss carryforwards | |||
Net operating losses | 5,512 | ||
Charitable contributions | 26 | ||
Charitable contribution carryforwards | 2 | ||
Loss carryforward valuation allowance on net operating losses | (348) | ||
Charitable Contributions Loss Carryforwards valuation allowance | 0 | ||
Foreign Tax Authority [Member] | |||
Deferred Tax Assets | |||
Foreign capital loss carryforwards | 329 | ||
Foreign loss carryforwards | 2 | ||
Loss carryforwards | |||
Net operating losses | 10 | ||
Capital losses | 1,938 | ||
Loss carryforward valuation allowance on net operating losses | 0 | ||
Loss carryforward valuation allowance on capital losses | (329) | ||
Tax Cuts And Jobs Act [Member] | |||
Deferred Tax Liabilities | |||
Net deferred tax liability | 101 | ||
Other Noncurrent Assets [Member] | |||
Deferred Tax Liabilities | |||
Deferred Tax Assets, State Taxes | $ 24 | 27 | |
Minimum [Member] | Federal [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2029 | ||
Expiration - charitable contributions | Dec. 31, 2020 | ||
Minimum [Member] | State [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2018 | ||
Expiration - charitable contributions | Dec. 31, 2018 | ||
Maximum [Member] | Federal [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2037 | ||
Expiration - charitable contributions | Dec. 31, 2022 | ||
Maximum [Member] | State [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2037 | ||
Expiration - charitable contributions | Dec. 31, 2022 | ||
PPL Electric Utilities Corp [Member] | |||
Income (Loss) from Continuing Operations (Details) [Abstract] | |||
Income Before Income Taxes | $ 575 | 552 | 416 |
Deferred Tax Assets | |||
Regulatory liabilities | 25 | 34 | |
Income taxes due to customer | 193 | 0 | |
Accrued pension costs | 63 | 107 | |
Federal loss carryforwards | 91 | 147 | |
State loss carryforwards | 19 | 22 | |
Contributions in aid of construction | 117 | 112 | |
Domestic - other | 45 | 81 | |
Total deferred tax assets | 553 | 503 | |
Deferred Tax Liabilities | |||
Domestic plant - net | 1,544 | 2,001 | |
Taxes recoverable through future rates | 0 | 141 | |
Regulatory assets | 150 | 240 | |
Reacquired debt costs | 8 | 15 | |
Domestic - other | 5 | 5 | |
Total deferred tax liabilities | 1,707 | 2,402 | |
Net deferred tax liability | 1,154 | 1,899 | |
Loss carryforwards | |||
Federal loss carryforwards | 91 | 147 | |
PPL Electric Utilities Corp [Member] | Federal [Member] | |||
Deferred Tax Assets | |||
Federal loss carryforwards | 89 | ||
Loss carryforwards | |||
Net operating losses | 426 | ||
Charitable contributions | 8 | ||
Federal loss carryforwards | 89 | ||
Charitable contribution carryforwards | 2 | ||
PPL Electric Utilities Corp [Member] | State [Member] | |||
Deferred Tax Assets | |||
State loss carryforwards | 18 | ||
Loss carryforwards | |||
Net operating losses | 233 | ||
Charitable contributions | 13 | ||
Charitable contribution carryforwards | $ 1 | ||
PPL Electric Utilities Corp [Member] | Minimum [Member] | Federal [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2031 | ||
Expiration - charitable contributions | Dec. 31, 2020 | ||
PPL Electric Utilities Corp [Member] | Minimum [Member] | State [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2030 | ||
Expiration - charitable contributions | Dec. 31, 2018 | ||
PPL Electric Utilities Corp [Member] | Maximum [Member] | Federal [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2037 | ||
Expiration - charitable contributions | Dec. 31, 2022 | ||
PPL Electric Utilities Corp [Member] | Maximum [Member] | State [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2032 | ||
Expiration - charitable contributions | Dec. 31, 2022 | ||
LG And E And KU Energy LLC [Member] | |||
Income (Loss) from Continuing Operations (Details) [Abstract] | |||
Income Before Income Taxes | $ 691 | 686 | 603 |
Deferred Tax Assets | |||
Deferred investment tax credits | 33 | 51 | |
Regulatory liabilities | 37 | 60 | |
Income taxes due to customer | 305 | 15 | |
Accrued pension costs | 29 | 58 | |
Federal loss carryforwards | 150 | 248 | |
State loss carryforwards | 41 | 35 | |
Federal and state tax credit carryforwards | 181 | 186 | |
Contributions in aid of construction | 17 | 29 | |
Domestic - other | 26 | 49 | |
Unrealized losses on qualifying derivatives | 7 | 12 | |
Valuation allowances | (8) | (11) | |
Total deferred tax assets | 818 | 732 | |
Deferred Tax Liabilities | |||
Domestic plant - net | 1,615 | 2,352 | |
Regulatory assets | 61 | 102 | |
Domestic - other | 8 | 13 | |
Total deferred tax liabilities | 1,684 | 2,467 | |
Net deferred tax liability | 866 | 1,735 | |
Loss carryforwards | |||
Federal loss carryforwards | 150 | 248 | |
LG And E And KU Energy LLC [Member] | Federal [Member] | |||
Deferred Tax Assets | |||
Federal loss carryforwards | 150 | ||
Loss carryforwards | |||
Net operating losses | 713 | ||
Charitable contributions | 14 | ||
Federal loss carryforwards | 150 | ||
Charitable contribution carryforwards | 3 | ||
Loss carryforward valuation allowance on net operating losses | 0 | ||
Charitable Contributions Loss Carryforwards valuation allowance | 0 | ||
LG And E And KU Energy LLC [Member] | State [Member] | |||
Deferred Tax Assets | |||
Federal loss carryforwards | 41 | ||
Loss carryforwards | |||
Net operating losses | 874 | ||
Federal loss carryforwards | 41 | ||
Loss carryforward valuation allowance on net operating losses | $ 0 | ||
LG And E And KU Energy LLC [Member] | Minimum [Member] | Federal [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2028 | ||
Expiration - charitable contributions | Dec. 31, 2020 | ||
LG And E And KU Energy LLC [Member] | Minimum [Member] | State [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2028 | ||
LG And E And KU Energy LLC [Member] | Maximum [Member] | Federal [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2037 | ||
Expiration - charitable contributions | Dec. 31, 2022 | ||
LG And E And KU Energy LLC [Member] | Maximum [Member] | State [Member] | |||
Loss carryforwards | |||
Expiration - operating losses | Dec. 31, 2037 | ||
Louisville Gas And Electric Co [Member] | |||
Income (Loss) from Continuing Operations (Details) [Abstract] | |||
Income Before Income Taxes | $ 344 | 329 | 299 |
Deferred Tax Assets | |||
Deferred investment tax credits | 9 | 14 | |
Regulatory liabilities | 21 | 34 | |
Income taxes due to customer | 142 | 17 | |
Federal loss carryforwards | 29 | 80 | |
Contributions in aid of construction | 11 | 18 | |
Domestic - other | 12 | 17 | |
Unrealized losses on qualifying derivatives | 7 | 12 | |
Total deferred tax assets | 231 | 192 | |
Deferred Tax Liabilities | |||
Domestic plant - net | 724 | 1,058 | |
Regulatory assets | 40 | 65 | |
Accrued pension costs | 34 | 35 | |
Domestic - other | 5 | 8 | |
Total deferred tax liabilities | 803 | 1,166 | |
Net deferred tax liability | 572 | 974 | |
Loss carryforwards | |||
Federal loss carryforwards | 29 | 80 | |
Louisville Gas And Electric Co [Member] | Federal [Member] | |||
Loss carryforwards | |||
Net operating losses | $ 140 | ||
Expiration - operating losses | Dec. 31, 2035 | ||
Kentucky Utilities Co [Member] | |||
Income (Loss) from Continuing Operations (Details) [Abstract] | |||
Income Before Income Taxes | $ 418 | 428 | $ 374 |
Deferred Tax Assets | |||
Deferred investment tax credits | 24 | 37 | |
Regulatory liabilities | 16 | 26 | |
Income taxes due to customer | 163 | 0 | |
Federal loss carryforwards | 13 | 79 | |
Contributions in aid of construction | 6 | 11 | |
Domestic - other | 9 | 11 | |
Total deferred tax assets | 231 | 164 | |
Deferred Tax Liabilities | |||
Domestic plant - net | 882 | 1,280 | |
Regulatory assets | 21 | 37 | |
Accrued pension costs | 17 | 12 | |
Domestic - other | 2 | 5 | |
Total deferred tax liabilities | 922 | 1,334 | |
Net deferred tax liability | 691 | 1,170 | |
Loss carryforwards | |||
Federal loss carryforwards | 13 | $ 79 | |
Kentucky Utilities Co [Member] | Federal [Member] | |||
Loss carryforwards | |||
Net operating losses | $ 61 | ||
Expiration - operating losses | Dec. 31, 2035 |
Income and Other Taxes (Credit
Income and Other Taxes (Credit Carryforwards and Valuation Allowances and Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Credit carryforwards | |||
Deferred tax asset credit carryforwards | $ 455 | $ 256 | |
Tax Cuts And Jobs Act [Member] | |||
Credit carryforwards | |||
Credit Carryforward Valuation Allowance Foreign Tax Credits | 122 | ||
Taxable Deemed Dividend | 462 | ||
Deferred Tax Assets, Foreign Tax Credit Carryforwards | 205 | ||
Permanently reinvested cumulative undistributed foreign earnings | 6,000 | ||
Valuation Allowances and Reserves (Details) [Roll Forward] | |||
Increase of the valuation allowance as a result of the expected future utilization of foreign tax credits | 145 | ||
Valuation Allowance Of Deferred Tax Assets [Member] | |||
Valuation Allowances and Reserves (Details) [Roll Forward] | |||
Balance at beginning of period | 593 | 662 | $ 622 |
Additions charged to income | 256 | 17 | 24 |
Additions charged to other accounts | 0 | 2 | 77 |
Deductions | 11 | 88 | 61 |
Balance at end of period | 838 | 593 | 662 |
Increase of the valuation allowance as a result of the expected future utilization of foreign tax credits | 145 | ||
Increase of the valuation allowance as a result of the reduction in the U.S. federal corporate income tax rate | 62 | ||
Reduction of the valuation allowance as a result of the reduction in the UK statutory income tax rate | (19) | (44) | |
Valuation Rollforward Specific Transaction Deductions Exchange Rates | 65 | ||
Investment Tax Credit [Member] | Federal [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | 133 | ||
Credit Carryforward Valuation Allowance Investment Tax Credit | $ 0 | ||
Investment Tax Credit [Member] | Federal [Member] | Minimum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2025 | ||
Investment Tax Credit [Member] | Federal [Member] | Maximum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2036 | ||
Foreign Tax Credit [Member] | Federal [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | $ 267 | ||
Credit Carryforward Valuation Allowance Foreign Tax Credits | (148) | ||
Foreign Tax Credit [Member] | Federal [Member] | Tax Year 2016 [Member] | Tax Cuts And Jobs Act [Member] | |||
Credit carryforwards | |||
Deferred Tax Assets, Foreign Tax Credit Carryforwards | 62 | ||
Foreign Tax Credit [Member] | Federal [Member] | Tax Year 2017 [Member] | Tax Cuts And Jobs Act [Member] | |||
Credit carryforwards | |||
Deferred Tax Assets, Foreign Tax Credit Carryforwards | $ 205 | ||
Foreign Tax Credit [Member] | Federal [Member] | Minimum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2024 | ||
Foreign Tax Credit [Member] | Federal [Member] | Maximum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2027 | ||
Alternative Minimum Tax Credit [Member] | Federal [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | $ 30 | ||
Credit Carryforward Valuation Allowance Alternative Minimum Tax Credit | 0 | ||
Other [Member] | Federal [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | 24 | ||
Credit Carryforward Valuation Allowance Other | $ (8) | ||
Other [Member] | Federal [Member] | Minimum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2019 | ||
Other [Member] | Federal [Member] | Maximum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2037 | ||
Other [Member] | State [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | $ 1 | ||
Credit Carryforward Valuation Allowance Other | 0 | ||
LG And E And KU Energy LLC [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | 181 | 186 | |
LG And E And KU Energy LLC [Member] | Valuation Allowance Of Deferred Tax Assets [Member] | |||
Valuation Allowances and Reserves (Details) [Roll Forward] | |||
Balance at beginning of period | 11 | 12 | 0 |
Additions charged to other accounts | 4 | 0 | 12 |
Deductions | 7 | 1 | 0 |
Balance at end of period | 8 | $ 11 | $ 12 |
LG And E And KU Energy LLC [Member] | Investment Tax Credit [Member] | Federal [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | 133 | ||
Credit Carryforward Valuation Allowance Investment Tax Credit | $ 0 | ||
LG And E And KU Energy LLC [Member] | Investment Tax Credit [Member] | Federal [Member] | Minimum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2025 | ||
LG And E And KU Energy LLC [Member] | Investment Tax Credit [Member] | Federal [Member] | Maximum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2036 | ||
LG And E And KU Energy LLC [Member] | Alternative Minimum Tax Credit [Member] | Federal [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | $ 27 | ||
Credit Carryforward Valuation Allowance Alternative Minimum Tax Credit | 0 | ||
LG And E And KU Energy LLC [Member] | Other [Member] | Federal [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | 21 | ||
Credit Carryforward Valuation Allowance Other | $ (8) | ||
LG And E And KU Energy LLC [Member] | Other [Member] | Federal [Member] | Minimum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2019 | ||
LG And E And KU Energy LLC [Member] | Other [Member] | Federal [Member] | Maximum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2037 | ||
LG And E And KU Energy LLC [Member] | Other [Member] | State [Member] | |||
Credit carryforwards | |||
Deferred tax asset credit carryforwards | $ 1 | ||
Credit Carryforward Valuation Allowance Other | 0 | ||
Louisville Gas And Electric Co [Member] | Other [Member] | Federal [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward, Amount | $ 6 | ||
Louisville Gas And Electric Co [Member] | Other [Member] | Federal [Member] | Minimum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2034 | ||
Louisville Gas And Electric Co [Member] | Other [Member] | Federal [Member] | Maximum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2037 | ||
Kentucky Utilities Co [Member] | Other [Member] | Federal [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward, Amount | $ 6 | ||
Kentucky Utilities Co [Member] | Other [Member] | Federal [Member] | Minimum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2034 | ||
Kentucky Utilities Co [Member] | Other [Member] | Federal [Member] | Maximum [Member] | |||
Credit carryforwards | |||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2037 |
Income and Other Taxes (Income
Income and Other Taxes (Income Tax Expense and Reconciliation of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit) | |||
Current - Federal | $ 6 | $ (14) | $ (26) |
Current - State | 25 | 21 | 25 |
Current - Foreign | 45 | 80 | 89 |
Total Current Expense (Benefit) | 76 | 87 | 88 |
Deferred - Federal | 532 | 385 | 699 |
Deferred - State | 88 | 89 | 68 |
Deferred - Foreign | 133 | 86 | 41 |
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 753 | 560 | 808 |
Amortization of investment tax credit - Federal | (3) | (3) | (4) |
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Deferred - Federal | (16) | 25 | (396) |
Deferred - State | (26) | (21) | (31) |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (42) | 4 | (427) |
Total income tax from continuing operations | 784 | 648 | 465 |
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax expense - Federal | 519 | 393 | 273 |
Total income tax expense - State | 87 | 89 | 62 |
Total income tax expense - Foreign | 178 | 166 | 130 |
Total income tax from continuing operations | 784 | 648 | 465 |
Discontinued operations | 0 | 0 | (30) |
Stock-based compensation recorded to Earnings Reinvested | 0 | (7) | 0 |
Other comprehensive income | (34) | (6) | (2) |
Valuation allowance on state deferred taxes recorded to other comprehensive income | (1) | 1 | (4) |
Total income tax expense (benefits) excluded from incomes taxes from continuing operations | (35) | (12) | (36) |
Reconciliation of Income Tax Expense | |||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 669 | $ 893 | $ 724 |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: | |||
State income taxes, net of federal income tax benefit | $ 46 | $ 46 | $ 31 |
Valuation allowance adjustments | 36 | 16 | 24 |
Stock-based compensation | (3) | (10) | 0 |
Deferred tax impact of U.S. tax reform | 220 | 0 | 0 |
Impact of lower U.K. income tax rates | (176) | (177) | (176) |
U.S. income tax on foreign earnings - net of foreign tax credit | 47 | (42) | 8 |
Federal and state tax reserve adjustments | 0 | 0 | (22) |
Foreign income return adjustments | (8) | 2 | 0 |
Impact of the United Kingdom Finance Acts on deferred tax balances | (16) | (49) | (91) |
Depreciation not normalized | (10) | (10) | (5) |
Interest benefit on United Kingdom financing entities | (16) | (17) | (20) |
Other | (5) | (4) | (8) |
Total increase (decrease) | 115 | (245) | (259) |
Total income tax from continuing operations | $ 784 | $ 648 | $ 465 |
Effective income tax rate | 41.00% | 25.40% | 22.50% |
Expense related to increased Pennsylvania net operating loss carryforwards expected to be unutilized | $ 16 | $ 13 | $ 12 |
Expense related to federal tax credit carryforwards that are expected to expire as a result of future taxable earnings | 12 | ||
Benefit recorded in continuing operations related to the settlement of the IRS audit for tax years 1998-2011 | 12 | ||
Benefit recorded in continuing operations related to the planned amendment of a prior period tax return. | (9) | ||
Deferred Income Tax Expense Benefit Statutory Tax Rate Change | 42 | 90 | |
Deferred Income Tax Expense Benefit Foreign Pension Contribution | 35 | ||
Taxes, other than income | |||
State gross receipts | 102 | 100 | 89 |
State capital stock | (6) | 0 | 0 |
Foreign property | 127 | 135 | 148 |
Domestic property and other | 69 | 66 | 62 |
Total | 292 | 301 | 299 |
Previously recorded reserves | 17 | ||
Income Tax Reconciliation Valuation Allowance Foreign Tax Credits | 23 | ||
Tax Cuts And Jobs Act [Member] | |||
Income Tax Expense (Benefit) | |||
Deferred Income Tax Expense (Benefit) Tax Rate Change | 220 | ||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Total income tax from continuing operations | 321 | ||
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax from continuing operations | 321 | ||
Increase (decrease) due to: | |||
Total income tax from continuing operations | 321 | ||
Deferred Income Tax Expense Benefit Tax Reform | 83 | ||
Taxable Deemed Dividend | 462 | ||
Taxes, other than income | |||
Deferred Income Tax Expense (Benefit) Net Operating Loss | 162 | ||
Deferred Income Tax Benefit Foreign Tax Credits | 60 | ||
Deferred Tax Assets, Foreign Tax Credit Carryforwards | 205 | ||
Valuation Rollfoward Specific Transaction Additions Foreign Tax Credits | 145 | ||
Credit Carryforward Valuation Allowance Foreign Tax Credits | 122 | ||
Credit Carryforward Expected Realization Foreign Tax Credits | 83 | ||
PPL Electric Utilities Corp [Member] | |||
Income Tax Expense (Benefit) | |||
Current - Federal | (65) | (29) | (80) |
Current - State | 20 | 19 | 23 |
Total Current Expense (Benefit) | (45) | (10) | (57) |
Deferred - Federal | 234 | 193 | 287 |
Deferred - State | 29 | 29 | 12 |
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 263 | 222 | 299 |
Amortization of investment tax credit - Federal | 0 | 0 | 0 |
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Deferred - Federal | (5) | 0 | (75) |
Deferred - State | 0 | 0 | (3) |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (5) | 0 | (78) |
Total income tax from continuing operations | 213 | 212 | 164 |
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax expense - Federal | 164 | 164 | 132 |
Total income tax expense - State | 49 | 48 | 32 |
Total income tax from continuing operations | 213 | 212 | 164 |
Reconciliation of Income Tax Expense | |||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 201 | $ 193 | $ 146 |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: | |||
State income taxes, net of federal income tax benefit | $ 36 | $ 36 | $ 25 |
Stock-based compensation | (2) | (6) | 0 |
Deferred tax impact of U.S. tax reform | (13) | 0 | 0 |
Depreciation not normalized | (8) | (8) | (4) |
Other | (1) | (3) | (3) |
Total increase (decrease) | 12 | 19 | 18 |
Total income tax from continuing operations | $ 213 | $ 212 | $ 164 |
Effective income tax rate | 37.00% | 38.40% | 39.40% |
Taxes, other than income | |||
State gross receipts | $ 102 | $ 100 | $ 89 |
Domestic property and other | 5 | 5 | 5 |
Total | 107 | 105 | 94 |
Previously recorded reserves | 17 | ||
PPL Electric Utilities Corp [Member] | Tax Cuts And Jobs Act [Member] | |||
Income Tax Expense (Benefit) | |||
Deferred Income Tax Expense (Benefit) Tax Rate Change | (13) | ||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Total income tax from continuing operations | (13) | ||
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax from continuing operations | (13) | ||
Increase (decrease) due to: | |||
Total income tax from continuing operations | (13) | ||
LG And E And KU Energy LLC [Member] | |||
Income Tax Expense (Benefit) | |||
Current - Federal | 74 | (36) | 2 |
Current - State | 6 | 1 | 1 |
Total Current Expense (Benefit) | 80 | (35) | 3 |
Deferred - Federal | 268 | 248 | 405 |
Deferred - State | 32 | 38 | 32 |
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 300 | 286 | 437 |
Amortization of investment tax credit - Federal | (3) | (3) | (3) |
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Deferred - Federal | (2) | 10 | (198) |
Deferred - State | 0 | (1) | 0 |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (2) | 9 | (198) |
Total income tax from continuing operations | 375 | 257 | 239 |
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax expense - Federal | 337 | 219 | 206 |
Total income tax expense - State | 38 | 38 | 33 |
Total income tax from continuing operations | 375 | 257 | 239 |
Other comprehensive income | (10) | (16) | (1) |
Reconciliation of Income Tax Expense | |||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 242 | $ 240 | $ 211 |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: | |||
State income taxes, net of federal income tax benefit | $ 25 | $ 25 | $ 22 |
Valuation allowance adjustments | 0 | 0 | 12 |
Stock-based compensation | 1 | (3) | 0 |
Deferred tax impact of U.S. tax reform | 112 | 0 | 0 |
Amortization of investment tax credit | (3) | (3) | (3) |
Other | (2) | (2) | (3) |
Total increase (decrease) | 133 | 17 | 28 |
Total income tax from continuing operations | $ 375 | $ 257 | $ 239 |
Effective income tax rate | 54.30% | 37.50% | 39.60% |
Taxes, other than income | |||
Domestic property and other | $ 65 | $ 62 | $ 57 |
Total | 65 | 62 | 57 |
LG And E And KU Energy LLC [Member] | Tax Cuts And Jobs Act [Member] | |||
Income Tax Expense (Benefit) | |||
Deferred Income Tax Expense (Benefit) Tax Rate Change | 108 | ||
Deferred Income Tax Expense (Benefit) Expiring Tax Credit | 4 | ||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Total income tax from continuing operations | 112 | ||
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax from continuing operations | 112 | ||
Increase (decrease) due to: | |||
Total income tax from continuing operations | 112 | ||
Deferred Income Tax Expense Benefit Tax Reform | 112 | ||
Louisville Gas And Electric Co [Member] | |||
Income Tax Expense (Benefit) | |||
Current - Federal | 0 | (22) | (15) |
Current - State | 5 | 1 | 3 |
Total Current Expense (Benefit) | 5 | (21) | (12) |
Deferred - Federal | 112 | 134 | 190 |
Deferred - State | 14 | 18 | 13 |
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 126 | 152 | 203 |
Amortization of investment tax credit - Federal | (1) | (1) | (1) |
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Deferred - Federal | 1 | (4) | (76) |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | 1 | (4) | (76) |
Total income tax from continuing operations | 131 | 126 | 114 |
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax expense - Federal | 112 | 107 | 98 |
Total income tax expense - State | 19 | 19 | 16 |
Total income tax from continuing operations | 131 | 126 | 114 |
Reconciliation of Income Tax Expense | |||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 120 | $ 115 | $ 105 |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: | |||
State income taxes, net of federal income tax benefit | $ 13 | $ 12 | $ 11 |
Amortization of investment tax credit | (1) | (1) | (1) |
Other | (1) | 0 | (1) |
Total increase (decrease) | 11 | 11 | 9 |
Total income tax from continuing operations | $ 131 | $ 126 | $ 114 |
Effective income tax rate | 38.10% | 38.30% | 38.10% |
Taxes, other than income | |||
Domestic property and other | $ 33 | $ 32 | $ 28 |
Total | 33 | 32 | 28 |
Louisville Gas And Electric Co [Member] | Tax Cuts And Jobs Act [Member] | |||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Total income tax from continuing operations | 0 | ||
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax from continuing operations | 0 | ||
Increase (decrease) due to: | |||
Total income tax from continuing operations | 0 | ||
Kentucky Utilities Co [Member] | |||
Income Tax Expense (Benefit) | |||
Current - Federal | 0 | 31 | (21) |
Current - State | 7 | 5 | 1 |
Total Current Expense (Benefit) | 7 | 36 | (20) |
Deferred - Federal | 138 | 131 | 240 |
Deferred - State | 16 | 19 | 19 |
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 154 | 150 | 259 |
Amortization of investment tax credit - Federal | (2) | (2) | (2) |
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Deferred - Federal | 0 | (21) | (97) |
Total Tax Expense (Benefit) of Operating Loss Carryforwards | 0 | (21) | (97) |
Total income tax from continuing operations | 159 | 163 | 140 |
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax expense - Federal | 136 | 139 | 120 |
Total income tax expense - State | 23 | 24 | 20 |
Total income tax from continuing operations | 159 | 163 | 140 |
Other comprehensive income | 1 | (1) | (1) |
Reconciliation of Income Tax Expense | |||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 146 | $ 150 | $ 131 |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to: | |||
State income taxes, net of federal income tax benefit | $ 15 | $ 16 | $ 13 |
Amortization of investment tax credit | (2) | (2) | (2) |
Other | 0 | (1) | (2) |
Total increase (decrease) | 13 | 13 | 9 |
Total income tax from continuing operations | $ 159 | $ 163 | $ 140 |
Effective income tax rate | 38.00% | 38.10% | 37.40% |
Taxes, other than income | |||
Domestic property and other | $ 32 | $ 30 | $ 29 |
Total | 32 | $ 30 | $ 29 |
Kentucky Utilities Co [Member] | Tax Cuts And Jobs Act [Member] | |||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||
Total income tax from continuing operations | 0 | ||
Income tax expense (benefit) from continuing operations [Abstract] | |||
Total income tax from continuing operations | 0 | ||
Increase (decrease) due to: | |||
Total income tax from continuing operations | $ 0 |
Income and Other Taxes (Unrecog
Income and Other Taxes (Unrecognized to End) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017Integer | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Income Tax Examination (Details) [Line Items] | |||
Number of major tax jurisdictions tax returns are filed | 4 | ||
Income Tax Other (Numeric) [Abstract] | |||
Benefit recorded related to the settlement of the IRS audit for tax years 1998-2011 | $ | $ 3 | $ 24 | |
Benefit recorded in continuing operations related to the settlement of the IRS audit for tax years 1998-2011 | $ | $ 12 | ||
US - Federal [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2013 and prior | ||
Pennsylvania - State [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2011 and prior | ||
Kentucky - State [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2012 and prior | ||
United Kingdom - Foreign [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2014 and prior | ||
PPL Electric Utilities Corp [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Number of major tax jurisdictions tax returns are filed | 2 | ||
PPL Electric Utilities Corp [Member] | US - Federal [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2013 and prior | ||
PPL Electric Utilities Corp [Member] | Pennsylvania - State [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2011 and prior | ||
LG And E And KU Energy LLC [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Number of major tax jurisdictions tax returns are filed | 2 | ||
LG And E And KU Energy LLC [Member] | US - Federal [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2013 and prior | ||
LG And E And KU Energy LLC [Member] | Kentucky - State [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2012 and prior | ||
Louisville Gas And Electric Co [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Number of major tax jurisdictions tax returns are filed | 2 | ||
Louisville Gas And Electric Co [Member] | US - Federal [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2013 and prior | ||
Louisville Gas And Electric Co [Member] | Kentucky - State [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2012 and prior | ||
Kentucky Utilities Co [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Number of major tax jurisdictions tax returns are filed | 2 | ||
Kentucky Utilities Co [Member] | US - Federal [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2013 and prior | ||
Kentucky Utilities Co [Member] | Kentucky - State [Member] | |||
Income Tax Examination (Details) [Line Items] | |||
Income tax examination, year(s) no longer under examination | 2012 and prior |
Utility Rate Regulation (Regula
Utility Rate Regulation (Regulatory Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 34 | $ 39 |
Noncurrent regulatory assets | 1,504 | 1,918 |
Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 6 |
Municipal Generation True-up [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 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 | 4 | 3 |
Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 880 | 947 |
Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 15 | 6 |
Taxes Recoverable Through Future Rates [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 3 | 340 |
Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 5 |
Noncurrent regulatory assets | 33 | 57 |
Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 54 | 61 |
Interest Rate Swaps [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 26 | 31 |
Terminated Interest Rate Swap [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 92 | 98 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 173 | 159 |
Asset Retirement Obligations Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 234 | 211 |
Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 1 |
Noncurrent regulatory assets | 9 | 14 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 16 | 19 |
Noncurrent regulatory assets | 709 | 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] | Municipal Generation True-up [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] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 504 | 549 |
PPL Electric Utilities Corp [Member] | Smart Meter Rider [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 15 | 6 |
PPL Electric Utilities Corp [Member] | Taxes Recoverable Through Future Rates [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 3 | 340 |
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 5 |
Noncurrent regulatory assets | 0 | 9 |
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 29 | 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 | 173 | 159 |
PPL Electric Utilities Corp [Member] | Asset Retirement Obligations Costs [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 | 18 | 20 |
Noncurrent regulatory assets | 795 | 824 |
LG And E And KU Energy LLC [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 6 |
LG And E And KU Energy LLC [Member] | Municipal Generation True-up [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 11 |
LG And E And KU Energy LLC [Member] | Gas Supply Clause [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4 | 3 |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 376 | 398 |
LG And E And KU Energy LLC [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 33 | 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 | 26 | 31 |
LG And E And KU Energy LLC [Member] | Terminated Interest Rate Swap [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 92 | 98 |
LG And E And KU Energy LLC [Member] | Asset Retirement Obligations Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 234 | 211 |
LG And E And KU Energy LLC [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 0 |
Noncurrent regulatory assets | 9 | 13 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 12 | 9 |
Noncurrent regulatory assets | 411 | 450 |
Louisville Gas And Electric Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 5 | 6 |
Louisville Gas And Electric Co [Member] | Municipal Generation True-up [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 | 4 | 3 |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 234 | 246 |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 18 | 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 | 26 | 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 Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 61 | 70 |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 3 | 0 |
Noncurrent regulatory assets | 2 | 4 |
Kentucky Utilities Co [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 11 |
Noncurrent regulatory assets | 384 | 374 |
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Kentucky Utilities Co [Member] | Municipal Generation True-up [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 6 | 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 | 142 | 152 |
Kentucky Utilities Co [Member] | Storm Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 15 | 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 | 38 | 41 |
Kentucky Utilities Co [Member] | Asset Retirement Obligations Costs [Member] | ||
Regulatory Assets [Line Items] | ||
Noncurrent regulatory assets | 173 | 141 |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 0 | 0 |
Noncurrent regulatory assets | $ 7 | $ 9 |
Utility Rate Regulation (Regu67
Utility Rate Regulation (Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | $ 95 | $ 101 |
Noncurrent regulatory liabilities | 2,704 | 899 |
Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 34 | 23 |
Transmission Service Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 9 | 0 |
Universal Service Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 26 | 14 |
Transmission Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 9 | 15 |
Fuel Adjustment Clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 3 | 11 |
Storm Damage Expense [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 8 | 13 |
Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 677 | 700 |
Power Purchase Agreement Ohio Valley Electric Corporation [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 68 | 75 |
Net Deferred Tax Assets [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 1,853 | 23 |
Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 17 |
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 | 6 | 8 |
Noncurrent regulatory liabilities | 5 | 0 |
PPL Electric Utilities Corp [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 86 | 83 |
Noncurrent regulatory liabilities | 668 | 0 |
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 34 | 23 |
PPL Electric Utilities Corp [Member] | Transmission Service Charge [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 9 | 0 |
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 26 | 14 |
PPL Electric Utilities Corp [Member] | Transmission Formula Rate [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 9 | 15 |
PPL Electric Utilities Corp [Member] | Fuel Adjustment Clause [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 0 |
PPL Electric Utilities Corp [Member] | Storm Damage Expense [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 8 | 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 Ohio Valley Electric Corporation [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 | 668 | 0 |
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 0 | 17 |
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 | 9 | 18 |
Noncurrent regulatory liabilities | 2,036 | 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 | 3 | 11 |
LG And E And KU Energy LLC [Member] | Gas Line Tracker [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 3 | 0 |
LG And E And KU Energy LLC [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 677 | 700 |
LG And E And KU Energy LLC [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 68 | 75 |
LG And E And KU Energy LLC [Member] | Net Deferred Tax Assets [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 1,185 | 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 | 3 | 4 |
Noncurrent regulatory liabilities | 5 | 0 |
Louisville Gas And Electric Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 3 | 5 |
Noncurrent regulatory liabilities | 919 | 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 | 0 | 2 |
Louisville Gas And Electric Co [Member] | Gas Line Tracker [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 3 | 0 |
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 282 | 305 |
Louisville Gas And Electric Co [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 47 | 52 |
Louisville Gas And Electric Co [Member] | Net Deferred Tax Assets [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 552 | 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 | 0 | 1 |
Noncurrent regulatory liabilities | 1 | 0 |
Kentucky Utilities Co [Member] | ||
Regulatory Liabilities [Line Items] | ||
Current regulatory liabilities | 6 | 13 |
Noncurrent regulatory liabilities | 1,117 | 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 | 3 | 9 |
Kentucky Utilities Co [Member] | Gas Line Tracker [Member] | ||
Regulatory Liabilities [Line Items] | ||
Regulatory Liabilities | 0 | 0 |
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||
Regulatory Liabilities [Line Items] | ||
Noncurrent regulatory liabilities | 395 | 395 |
Kentucky Utilities Co [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [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 | 633 | 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 | 3 | 3 |
Noncurrent regulatory liabilities | $ 4 | $ 0 |
Utility Rate Regulation (Regu68
Utility Rate Regulation (Regulatory Assets and Liabilities) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 12 | $ 59 | $ (42) | |
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | ||||
Net cash settlements on terminated interest rate swaps | $ 2 | (9) | (101) | |
Defined Benefit Plans [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 15 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory asset and liability balances expected to be amortized into net periodic defined benefit costs in the next year | $ 68 | |||
Regulatory Asset Amortization Period | 15 years | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period to be recorded as a regulatory asset in the following year | $ 16 | |||
Unamortized Loss On Debt [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2044 | |||
Power Purchase Agreement Ohio Valley Electric Corporation [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Mar. 31, 2026 | |||
Tax Cuts And Jobs Act [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 2,185 | |||
PPL Electric [Member] | Storm Costs [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2020 | |||
Regulatory Assets and Liabilities - Storm Costs (Numeric) [Abstract] | ||||
Period over which storm costs will be recovered (in years) | 3 years | |||
PPL Electric [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 5 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 5 years | |||
PPL Electric [Member] | Storm Damage Expense Rider [Member] | ||||
Regulatory Assets and Liabilities - Storm Damage Expense Rider (Numeric) [Abstract] | ||||
Maximum reportable storm damage expenses to be recovered annually through base rates | $ 15 | |||
Amount of amortized storm expense included in base rate component | 5 | |||
PPL Electric [Member] | Act 129 Compliance Rider [Member] | ||||
Regulatory Assets and Liabilities - Act 129 Compliance Rider (Numeric) [Abstract] | ||||
Maximum recoverable cost | 250 | |||
Maximum recoverable cost Phase II | $ 185 | |||
Period over which program costs can be recovered for Phase II (in years) | 3 years | |||
Maximum amount of costs that can be recovered under the Act 129 Phase III plan | $ 313 | |||
Period over which program costs can be recovered for Phase III (in years) | 5 years | |||
LKE [Member] | Defined Benefit Plans [Member] | ||||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 33 | 20 | ||
LGE [Member] | Storm Costs [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2020 | |||
LGE [Member] | Fuel Adjustment Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
LGE [Member] | Interest Rate Swaps [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2033 | |||
LGE [Member] | Terminated Interest Rate Swap [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 17 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 17 years | |||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | ||||
Net cash settlements on terminated interest rate swaps | $ 9 | |||
LGE [Member] | Gas Line Tracker [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Gas Line Tracker (Numeric) [Abstract] | ||||
Term, in years, of the gas service rider program | 5 years | |||
LGE [Member] | Gas Supply Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 18 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 18 months | |||
LGE [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
KU [Member] | Storm Costs [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2020 | |||
KU [Member] | Fuel Adjustment Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
KU [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
PPL Electric Utilities Corp [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 5 years | |||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 5 | 62 | (35) | |
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 5 years | |||
Regulatory Assets and Liabilities - Act 129 Compliance Rider (Numeric) [Abstract] | ||||
Maximum amount of costs that can be recovered under the Act 129 Phase III plan | $ 313 | |||
Period over which program costs can be recovered for Phase III (in years) | 5 years | |||
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | ||||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory asset and liability balances expected to be amortized into net periodic defined benefit costs in the next year | $ 30 | |||
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2020 | |||
Regulatory Assets and Liabilities - Storm Costs (Numeric) [Abstract] | ||||
Period over which storm costs will be recovered (in years) | 3 years | |||
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2029 | |||
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 5 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 5 years | |||
PPL Electric Utilities Corp [Member] | Storm Damage Expense Rider [Member] | ||||
Regulatory Assets and Liabilities - Storm Damage Expense Rider (Numeric) [Abstract] | ||||
Maximum reportable storm damage expenses to be recovered annually through base rates | $ 15 | |||
Amount of amortized storm expense included in base rate component | 5 | |||
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | ||||
Regulatory Assets and Liabilities - Act 129 Compliance Rider (Numeric) [Abstract] | ||||
Maximum recoverable cost | 250 | |||
Maximum recoverable cost Phase II | $ 185 | |||
Period over which program costs can be recovered for Phase II (in years) | 3 years | |||
Maximum amount of costs that can be recovered under the Act 129 Phase III plan | $ 313 | |||
Period over which program costs can be recovered for Phase III (in years) | 5 years | |||
PPL Electric Utilities Corp [Member] | Tax Cuts And Jobs Act [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 1,019 | |||
LG And E And KU Energy LLC [Member] | ||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | ||||
Net cash settlements on terminated interest rate swaps | $ 0 | (9) | (88) | |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 15 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory asset and liability balances expected to be amortized into net periodic defined benefit costs in the next year | $ 38 | |||
Regulatory Asset Amortization Period | 15 years | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 33 | 20 | ||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period to be recorded as a regulatory asset in the following year | $ 16 | |||
LG And E And KU Energy LLC [Member] | Unamortized Loss On Debt [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2044 | |||
LG And E And KU Energy LLC [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Mar. 31, 2026 | |||
LG And E And KU Energy LLC [Member] | Tax Cuts And Jobs Act [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 1,166 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Storm Costs [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2020 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Fuel Adjustment Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Interest Rate Swaps [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2033 | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Terminated Interest Rate Swap [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 17 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 17 years | |||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | ||||
Net cash settlements on terminated interest rate swaps | (9) | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Gas Line Tracker [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Gas Line Tracker (Numeric) [Abstract] | ||||
Term, in years, of the gas service rider program | 5 years | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Gas Supply Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 18 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 18 months | |||
LG And E And KU Energy LLC [Member] | LGE [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Storm Costs [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2020 | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Fuel Adjustment Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
LG And E And KU Energy LLC [Member] | KU [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
Louisville Gas And Electric Co [Member] | ||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | ||||
Net cash settlements on terminated interest rate swaps | $ 0 | (9) | (44) | |
Louisville Gas And Electric Co [Member] | Defined Benefit Plans [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 15 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory asset and liability balances expected to be amortized into net periodic defined benefit costs in the next year | $ 26 | |||
Regulatory Asset Amortization Period | 15 years | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 18 | 11 | ||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period to be recorded as a regulatory asset in the following year | $ 10 | |||
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2020 | |||
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2044 | |||
Louisville Gas And Electric Co [Member] | Fuel Adjustment Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2033 | |||
Louisville Gas And Electric Co [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Mar. 31, 2026 | |||
Louisville Gas And Electric Co [Member] | Terminated Interest Rate Swap [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 17 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 17 years | |||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | ||||
Net cash settlements on terminated interest rate swaps | $ 9 | |||
Louisville Gas And Electric Co [Member] | Gas Line Tracker [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Gas Line Tracker (Numeric) [Abstract] | ||||
Term, in years, of the gas service rider program | 5 years | |||
Louisville Gas And Electric Co [Member] | Gas Supply Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 18 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 18 months | |||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
Louisville Gas And Electric Co [Member] | Tax Cuts And Jobs Act [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 532 | |||
Kentucky Utilities Co [Member] | ||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | ||||
Net cash settlements on terminated interest rate swaps | $ 0 | 0 | $ (44) | |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 15 years | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory asset and liability balances expected to be amortized into net periodic defined benefit costs in the next year | $ 12 | |||
Regulatory Asset Amortization Period | 15 years | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 15 | $ 9 | ||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period to be recorded as a regulatory asset in the following year | $ 6 | |||
Kentucky Utilities Co [Member] | Storm Costs [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2020 | |||
Kentucky Utilities Co [Member] | Unamortized Loss On Debt [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Dec. 31, 2042 | |||
Kentucky Utilities Co [Member] | Fuel Adjustment Clause [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Kentucky Utilities Co [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Amortization end date | Mar. 31, 2026 | |||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Return on equity | 9.70% | |||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | ||||
Regulatory Asset Amortization Period | 12 months | |||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | ||||
Return on equity | 9.70% | |||
Kentucky Utilities Co [Member] | Tax Cuts And Jobs Act [Member] | ||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | ||||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 634 |
Utility Rate Regulation (Regu69
Utility Rate Regulation (Regulatory Matters) (Details) $ in Millions | Jan. 29, 2018USD ($) | Jan. 10, 2018USD ($) | Jun. 23, 2017 | Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Aug. 31, 2016 | Dec. 31, 2017USD ($)Integer |
Regulatory Matters - United Kingdom Activities - Ofgem Review of Line Loss Calculation (Numeric) [Abstract] | |||||||
Number Of Distribution Network Operators | Integer | 4 | ||||||
PPL Electric [Member] | Act 129 Compliance Rider [Member] | |||||||
Regulatory Matters - Pennsylvania Activities - Act 129 (Numeric) [Abstract] | |||||||
Minimum term of long term supply contract under Act 129 (in years) | 4 years | ||||||
Maximum term of long term supply contract under Act 129 (in years) | 20 years | ||||||
Maximum percentage of long-term contracts that can be included in the mix of PLR supply contracts under Act 129 | 25.00% | ||||||
Maximum amount of costs that can be recovered under the Act 129 Phase III plan | $ 313 | ||||||
Period over which program costs can be recovered (in years) | 5 years | ||||||
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) | $ 15 | ||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Return On Equity Approved Projects In 2016 Environmental Cost Recovery Proceedings | 9.80% | ||||||
Return On Equity For All Existing Approved Environmental Cost Recovery Plans And Projects | 9.70% | ||||||
Return on equity | 9.70% | ||||||
Amortization period for the deferred recovery of a regulatory asset | 12 months | ||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 5.20% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 59 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 57 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 59 | ||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 2.10% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 8 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 7 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 8 | ||||||
LGE [Member] | Subsequent Event [Member] | Electric Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 69 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 69 | ||||||
LGE [Member] | Subsequent Event [Member] | Gas Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 17 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 17 | ||||||
LGE [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Electric Service | $ 104 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Electric Service | 11 | ||||||
LGE [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Gas Service | 62 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Gas Service | 3 | ||||||
KU [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Return On Equity Approved Projects In 2016 Environmental Cost Recovery Proceedings | 9.80% | ||||||
Return On Equity For All Existing Approved Environmental Cost Recovery Plans And Projects | 9.70% | ||||||
Return on equity | 9.70% | ||||||
Amortization period for the deferred recovery of a regulatory asset | 12 months | ||||||
KU [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 3.20% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 55 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 52 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 55 | ||||||
KU [Member] | Subsequent Event [Member] | Electric Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 91 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 91 | ||||||
KU [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Electric Service | 155 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Electric Service | 17 | ||||||
PPL Electric Utilities Corp [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Amortization period for the deferred recovery of a regulatory asset | 5 years | ||||||
Regulatory Matters - Pennsylvania Activities - Act 129 (Numeric) [Abstract] | |||||||
Minimum term of long term supply contract under Act 129 (in years) | 4 years | ||||||
Maximum term of long term supply contract under Act 129 (in years) | 20 years | ||||||
Maximum percentage of long-term contracts that can be included in the mix of PLR supply contracts under Act 129 | 25.00% | ||||||
Maximum amount of costs that can be recovered under the Act 129 Phase III plan | $ 313 | ||||||
Period over which program costs can be recovered (in years) | 5 years | ||||||
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | |||||||
Regulatory Matters - Pennsylvania Activities - Act 129 (Numeric) [Abstract] | |||||||
Maximum amount of costs that can be recovered under the Act 129 Phase III plan | $ 313 | ||||||
Period over which program costs can be recovered (in years) | 5 years | ||||||
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) | $ 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] | Environmental Cost Recovery [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Return On Equity Approved Projects In 2016 Environmental Cost Recovery Proceedings | 9.80% | ||||||
Return On Equity For All Existing Approved Environmental Cost Recovery Plans And Projects | 9.70% | ||||||
Return on equity | 9.70% | ||||||
Amortization period for the deferred recovery of a regulatory asset | 12 months | ||||||
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, Approved Rate Increase (Decrease), Percentage | 5.20% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 59 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 57 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 59 | ||||||
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, Approved Rate Increase (Decrease), Percentage | 2.10% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 8 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 7 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 8 | ||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Subsequent Event [Member] | Electric Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 69 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 69 | ||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Subsequent Event [Member] | Gas Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 17 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 17 | ||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Electric Service | 104 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Electric Service | 11 | ||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Gas Service | 62 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Gas Service | 3 | ||||||
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] | |||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Return On Equity Approved Projects In 2016 Environmental Cost Recovery Proceedings | 9.80% | ||||||
Return On Equity For All Existing Approved Environmental Cost Recovery Plans And Projects | 9.70% | ||||||
Return on equity | 9.70% | ||||||
Amortization period for the deferred recovery of a regulatory asset | 12 months | ||||||
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, Approved Rate Increase (Decrease), Percentage | 3.20% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 55 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 52 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 55 | ||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Subsequent Event [Member] | Electric Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 91 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 91 | ||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Electric Service | 155 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Electric Service | 17 | ||||||
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] | Environmental Cost Recovery [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Return On Equity Approved Projects In 2016 Environmental Cost Recovery Proceedings | 9.80% | ||||||
Return On Equity For All Existing Approved Environmental Cost Recovery Plans And Projects | 9.70% | ||||||
Return on equity | 9.70% | ||||||
Amortization period for the deferred recovery of a regulatory asset | 12 months | ||||||
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, Approved Rate Increase (Decrease), Percentage | 5.20% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 59 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 57 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 59 | ||||||
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, Approved Rate Increase (Decrease), Percentage | 2.10% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 8 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 7 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 8 | ||||||
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) | $ 4 | ||||||
Louisville Gas And Electric Co [Member] | Subsequent Event [Member] | Electric Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 69 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 69 | ||||||
Louisville Gas And Electric Co [Member] | Subsequent Event [Member] | Gas Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 17 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 17 | ||||||
Louisville Gas And Electric Co [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Electric Service | 104 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Electric Service | 11 | ||||||
Louisville Gas And Electric Co [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Gas Service | 62 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Gas Service | 3 | ||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Return On Equity Approved Projects In 2016 Environmental Cost Recovery Proceedings | 9.80% | ||||||
Return On Equity For All Existing Approved Environmental Cost Recovery Plans And Projects | 9.70% | ||||||
Return on equity | 9.70% | ||||||
Amortization period for the deferred recovery of a regulatory asset | 12 months | ||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 3.20% | ||||||
Public Utilities Proposed Return On Equity Percentage | 9.75% | ||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 55 | ||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 52 | ||||||
Return on equity | 9.70% | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 55 | ||||||
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) | $ 11 | ||||||
Kentucky Utilities Co [Member] | Subsequent Event [Member] | Electric Rates [Member] | TCJA Savings Distributed To Customers [Member] | |||||||
Regulatory Matters - Kentucky Activities - Rate Case Proceedings (Numeric) [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | 91 | ||||||
Regulatory Matters - Kentucky Activities - TCJA Impact On LG&E And KU Rates [Abstract] | |||||||
Public Utilities Proposed Rate Increase Decrease Amount | $ 91 | ||||||
Kentucky Utilities Co [Member] | Subsequent Event [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | |||||||
Regulatory Matters - Kentucky Activities - CPCN Filings (Numeric) [Abstract] | |||||||
Advanced Metering Systems Deployment Estimated Capital Cost, Electric Service | 155 | ||||||
Advanced Metering Systems Deployment Incremental O&M Cost, Electric Service | $ 17 |
Utility Rate Regulation Utility
Utility Rate Regulation Utility Rate Regulation (Other) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
PPL Electric [Member] | Unaffiliated Third Party Entity [Member] | |||
Purchases Of Accounts Receivable [Line Items] | |||
Purchases of accounts receivable | $ 1,300 | $ 1,400 | $ 1,300 |
PPL Electric Utilities Corp [Member] | Unaffiliated Third Party Entity [Member] | |||
Purchases Of Accounts Receivable [Line Items] | |||
Purchases of accounts receivable | $ 1,300 | $ 1,400 | 1,300 |
PPL Electric Utilities Corp [Member] | PPL EnergyPlus [Member] | |||
Purchases Of Accounts Receivable [Line Items] | |||
Purchases of accounts receivable | $ 146 |
Financing Activities (Credit Ar
Financing Activities (Credit Arrangements) (Details) £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | |
U.K. [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | £ | £ 1,155 | |||||
Borrowed | £ | 448 | £ 339 | ||||
Letters of credit and commercial paper issued | £ | 4 | 4 | ||||
Unused capacity | $ 949 | 701 | ||||
U.K. [Member] | Uncommitted Credit Facilities [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | £ | 100 | |||||
Borrowed | £ | 0 | 60 | ||||
Letters of credit and commercial paper issued | £ | 4 | 4 | ||||
Unused capacity | £ | 96 | |||||
WPD PLC [Member] | U.K. [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | £ | 210 | |||||
Borrowed | $ 200 | 148 | $ 200 | 160 | ||
Letters of credit and commercial paper issued | £ | 0 | £ 0 | ||||
Unused capacity | £ | £ 60 | |||||
Minimum interest coverage ratio allowed under the credit facility | 3.0 times | |||||
Maximum percentage of total net debt to RAV allowed under the credit facility | 85.00% | 85.00% | ||||
Interest rate on outstanding borrowing | 2.17% | 2.17% | 1.43% | 1.43% | ||
Borrowed | £ | £ 150 | |||||
WPD South West [Member] | U.K. [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jul. 31, 2021 | |||||
Capacity | £ | 245 | |||||
Borrowed | £ | 0 | £ 110 | ||||
Letters of credit and commercial paper issued | £ | 0 | 0 | ||||
Unused capacity | £ | £ 245 | |||||
Minimum interest coverage ratio allowed under the credit facility | 3.0 times | |||||
Maximum percentage of total net debt to RAV allowed under the credit facility | 85.00% | 85.00% | ||||
WPD East Midlands [Member] | U.K. [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jul. 31, 2021 | |||||
Capacity | £ | £ 300 | |||||
Borrowed | $ 244 | 180 | 9 | |||
Letters of credit and commercial paper issued | £ | 0 | 0 | ||||
Unused capacity | £ | £ 120 | |||||
Minimum interest coverage ratio allowed under the credit facility | 3.0 times | |||||
Maximum percentage of total net debt to RAV allowed under the credit facility | 85.00% | 85.00% | ||||
Interest rate on outstanding borrowing | 0.89% | 0.89% | ||||
WPD West Midlands [Member] | U.K. [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jul. 31, 2021 | |||||
Capacity | £ | £ 300 | |||||
Borrowed | $ 162 | 120 | 0 | |||
Letters of credit and commercial paper issued | £ | 0 | £ 0 | ||||
Unused capacity | £ | £ 180 | |||||
Minimum interest coverage ratio allowed under the credit facility | 3.0 times | |||||
Maximum percentage of total net debt to RAV allowed under the credit facility | 85.00% | 85.00% | ||||
Interest rate on outstanding borrowing | 0.89% | 0.89% | ||||
PPL Capital Funding [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
PPL Capital Funding [Member] | U.S. [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | $ 1,400 | |||||
Borrowed | 0 | $ 0 | ||||
Letters of credit and commercial paper issued | 248 | 37 | ||||
Unused capacity | $ 1,152 | |||||
PPL Capital Funding [Member] | U.S. [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 950 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 230 | 20 | ||||
Unused capacity | $ 720 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
PPL Capital Funding [Member] | U.S. [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
PPL Capital Funding [Member] | U.S. [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Nov. 30, 2018 | |||||
Capacity | $ 300 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 0 | 0 | ||||
Unused capacity | $ 300 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 30 | |||||
PPL Capital Funding [Member] | U.S. [Member] | Bilateral Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Mar. 31, 2018 | |||||
Capacity | $ 150 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 18 | 17 | ||||
Unused capacity | $ 132 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 30 | |||||
PPL Electric [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 650 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 1 | 296 | ||||
Unused capacity | $ 649 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
PPL Electric [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
LKE [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Oct. 31, 2018 | |||||
Capacity | $ 75 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 0 | 0 | ||||
Unused capacity | $ 75 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 25 | |||||
LGE [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | 700 | |||||
Borrowed | 100 | 0 | ||||
Letters of credit and commercial paper issued | 199 | 169 | ||||
Unused capacity | $ 401 | |||||
LGE [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 500 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 199 | 169 | ||||
Unused capacity | $ 301 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 | |||||
LGE [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
LGE [Member] | Term Loan Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Oct. 31, 2019 | Oct. 31, 2019 | ||||
Capacity | $ 200 | $ 200 | ||||
Borrowed | 100 | 0 | ||||
Letters of credit and commercial paper issued | 0 | 0 | ||||
Unused capacity | $ 100 | |||||
Interest rate on outstanding borrowing | 2.06% | 2.06% | ||||
LGE [Member] | Term Loan Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Borrowed | $ 100 | |||||
KU [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | $ 598 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 243 | 214 | ||||
Unused capacity | $ 355 | |||||
KU [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 400 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 45 | 16 | ||||
Unused capacity | $ 355 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 | |||||
KU [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
KU [Member] | Letter Of Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Oct. 31, 2020 | |||||
Capacity | $ 198 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 198 | 198 | ||||
Unused capacity | $ 0 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 | |||||
PPL Electric Utilities Corp [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 650 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 1 | 296 | ||||
Unused capacity | $ 649 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
PPL Electric Utilities Corp [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
LG And E And KU Energy LLC [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Oct. 31, 2018 | |||||
Capacity | $ 75 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 0 | 0 | ||||
Unused capacity | $ 75 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 25 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | 700 | |||||
Borrowed | 100 | 0 | ||||
Letters of credit and commercial paper issued | 199 | 169 | ||||
Unused capacity | $ 401 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 500 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 199 | 169 | ||||
Unused capacity | $ 301 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Term Loan Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Oct. 31, 2019 | Oct. 31, 2019 | ||||
Capacity | $ 200 | $ 200 | ||||
Borrowed | 100 | 0 | ||||
Letters of credit and commercial paper issued | 0 | 0 | ||||
Unused capacity | $ 100 | |||||
Interest rate on outstanding borrowing | 2.06% | 2.06% | ||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Term Loan Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Borrowed | $ 100 | |||||
LG And E And KU Energy LLC [Member] | KU [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | $ 598 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 243 | 214 | ||||
Unused capacity | $ 355 | |||||
LG And E And KU Energy LLC [Member] | KU [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 400 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 45 | 16 | ||||
Unused capacity | $ 355 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 | |||||
LG And E And KU Energy LLC [Member] | KU [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
LG And E And KU Energy LLC [Member] | KU [Member] | Letter Of Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Oct. 31, 2020 | |||||
Capacity | $ 198 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 198 | 198 | ||||
Unused capacity | $ 0 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 | |||||
Louisville Gas And Electric Co [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | 700 | |||||
Borrowed | 100 | 0 | ||||
Letters of credit and commercial paper issued | 199 | 169 | ||||
Unused capacity | $ 401 | |||||
Louisville Gas And Electric Co [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 500 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 199 | 169 | ||||
Unused capacity | $ 301 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 | |||||
Louisville Gas And Electric Co [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
Louisville Gas And Electric Co [Member] | Term Loan Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Oct. 31, 2019 | Oct. 31, 2019 | ||||
Capacity | $ 200 | $ 200 | ||||
Borrowed | 100 | 0 | ||||
Letters of credit and commercial paper issued | 0 | 0 | ||||
Unused capacity | $ 100 | |||||
Interest rate on outstanding borrowing | 2.06% | 2.06% | ||||
Louisville Gas And Electric Co [Member] | Term Loan Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Borrowed | $ 100 | |||||
Kentucky Utilities Co [Member] | ||||||
Financing Activities [Line Items] | ||||||
Capacity | $ 598 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 243 | 214 | ||||
Unused capacity | $ 355 | |||||
Kentucky Utilities Co [Member] | Syndicated Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2022 | |||||
Capacity | $ 400 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 45 | 16 | ||||
Unused capacity | $ 355 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 | |||||
Kentucky Utilities Co [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Jan. 31, 2023 | |||||
Kentucky Utilities Co [Member] | Letter Of Credit Facility [Member] | ||||||
Financing Activities [Line Items] | ||||||
Expiration date | Oct. 31, 2020 | |||||
Capacity | $ 198 | |||||
Borrowed | 0 | 0 | ||||
Letters of credit and commercial paper issued | 198 | $ 198 | ||||
Unused capacity | $ 0 | |||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||
Potential capacity increase | $ 100 |
Financing Activities (Short-ter
Financing Activities (Short-term Debt) (Details) - Commercial Paper [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Capacity | $ 2,350 | |
Commercial paper issuances | 474 | $ 500 |
Unused capacity | $ 1,876 | |
PPL Capital Funding [Member] | ||
Short-term Debt [Line Items] | ||
Weighted-average interest rate | 1.64% | 1.10% |
Capacity | $ 1,000 | |
Commercial paper issuances | 230 | $ 20 |
Unused capacity | $ 770 | |
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 | 1.83% | 0.94% |
Capacity | $ 350 | |
Commercial paper issuances | 199 | $ 169 |
Unused capacity | $ 151 | |
KU [Member] | ||
Short-term Debt [Line Items] | ||
Weighted-average interest rate | 1.97% | 0.87% |
Capacity | $ 350 | |
Commercial paper issuances | 45 | $ 16 |
Unused capacity | $ 305 | |
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 | 1.83% | 0.94% |
Capacity | $ 350 | |
Commercial paper issuances | 199 | $ 169 |
Unused capacity | $ 151 | |
LG And E And KU Energy LLC [Member] | KU [Member] | ||
Short-term Debt [Line Items] | ||
Weighted-average interest rate | 1.97% | 0.87% |
Capacity | $ 350 | |
Commercial paper issuances | 45 | $ 16 |
Unused capacity | $ 305 | |
Louisville Gas And Electric Co [Member] | ||
Short-term Debt [Line Items] | ||
Weighted-average interest rate | 1.83% | 0.94% |
Capacity | $ 350 | |
Commercial paper issuances | 199 | $ 169 |
Unused capacity | $ 151 | |
Kentucky Utilities Co [Member] | ||
Short-term Debt [Line Items] | ||
Weighted-average interest rate | 1.97% | 0.87% |
Capacity | $ 350 | |
Commercial paper issuances | 45 | $ 16 |
Unused capacity | $ 305 |
Financing Activities (Long-term
Financing Activities (Long-term Debt and Equity Securities) (Details) shares in Thousands, £ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($) | Nov. 30, 2017GBP (£) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($) | Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2016 | Feb. 28, 2015USD ($)Integer | Mar. 31, 2017USD ($) | Mar. 31, 2017GBP (£) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Jan. 31, 2018USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016GBP (£) | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 20,282 | $ 20,282 | $ 18,399 | |||||||||||||||||
Less current portion of Long-term debt | 348 | 348 | 518 | |||||||||||||||||
Long-term Debt | 19,847 | 19,847 | 17,808 | |||||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||||
2,018 | 348 | 348 | ||||||||||||||||||
2,019 | 430 | 430 | ||||||||||||||||||
2,020 | 1,278 | 1,278 | ||||||||||||||||||
2,021 | 1,150 | 1,150 | ||||||||||||||||||
2,022 | 1,274 | 1,274 | ||||||||||||||||||
Thereafter | 15,802 | 15,802 | ||||||||||||||||||
Equity Programs (Numeric) [Abstract] | ||||||||||||||||||||
Net proceeds from issuance of common stock | $ 453 | 144 | $ 203 | |||||||||||||||||
WPD [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayments of Senior Debt | $ 100 | |||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Stated interest rate | 7.25% | 7.25% | 7.25% | |||||||||||||||||
WPD South West [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 250 | |||||||||||||||||||
Stated interest rate | 2.375% | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2029 | Dec. 31, 2029 | ||||||||||||||||||
Proceeds from debt, including premium net of debt issuance costs | $ 326 | £ 247 | ||||||||||||||||||
WPD South West [Member] | Index Linked Senior Unsecured Notes [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount that may be redeemed in total by series | $ 304 | $ 304 | £ 225 | |||||||||||||||||
Earliest date the company may redeem the debt in total by series | Dec. 1, 2026 | |||||||||||||||||||
Increase (decrease) in principal due to inflation | 37 | $ 37 | 27 | |||||||||||||||||
WPD South Wales [Member] | Index Linked Senior Unsecured Notes [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | £ | £ 50 | |||||||||||||||||||
Stated interest rate | 0.01% | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2029 | Dec. 31, 2029 | ||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | £ | £ 53 | |||||||||||||||||||
Proceeds from debt, including premium net of debt issuance costs | $ 64 | |||||||||||||||||||
Increase (decrease) in principal due to inflation | 37 | 37 | 27 | |||||||||||||||||
WPD East Midlands [Member] | Index Linked Senior Unsecured Notes [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Increase (decrease) in principal due to inflation | 37 | 37 | £ 27 | |||||||||||||||||
PPL Capital Funding [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 500 | $ 500 | ||||||||||||||||||
Stated interest rate | 4.00% | 4.00% | ||||||||||||||||||
Maturity date (in years) | Dec. 31, 2047 | |||||||||||||||||||
Proceeds from debt, including premium net of debt issuance costs | $ 490 | |||||||||||||||||||
PPL Electric [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2027 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Aug. 15, 2022 | |||||||||||||||||||
PPL Electric [Member] | Senior Secured Notes [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 | ||||||||||||||||||
Stated interest rate | 1.80% | 1.80% | ||||||||||||||||||
Maturity date (in years) | Dec. 31, 2029 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Sep. 1, 2022 | |||||||||||||||||||
PPL Electric [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | Mortgage Indenture [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate carrying value of property subject to lien | 8,500 | 8,500 | 7,600 | |||||||||||||||||
PPL Electric [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | Pollution Control Revenue Refunding Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount that may be redeemed at a future date | 224 | 224 | ||||||||||||||||||
Principal amount that may be redeemed in whole or in part | 90 | $ 90 | ||||||||||||||||||
Earliest date the company may redeem the debt in whole or in part | Oct. 31, 2020 | |||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||||
PPL Electric [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 475 | |||||||||||||||||||
Stated interest rate | 3.95% | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2047 | |||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 466 | |||||||||||||||||||
LGE [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | 700 | $ 700 | ||||||||||||||||||
Borrowed | $ 100 | $ 100 | 0 | |||||||||||||||||
LGE [Member] | Term Loan Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Expiration date | Oct. 31, 2019 | Oct. 31, 2019 | ||||||||||||||||||
Interest rate on outstanding borrowing | 2.06% | 2.06% | 2.06% | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | $ 200 | $ 200 | $ 200 | |||||||||||||||||
Borrowed | 100 | 100 | 0 | |||||||||||||||||
LGE [Member] | Term Loan Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Borrowed | $ 100 | |||||||||||||||||||
LGE [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Apr. 1, 2019 | |||||||||||||||||||
LGE [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 1, 2027 | |||||||||||||||||||
LGE [Member] | Senior Secured Notes [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series A [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 60 | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2033 | |||||||||||||||||||
LGE [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 3, 2019 | |||||||||||||||||||
LGE [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 3, 2019 | |||||||||||||||||||
LGE [Member] | Senior Secured Notes [Member] | Louisville/Jefferson County Metro Government Environmental Facilities Revenue Bonds 2001 Series A [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 10 | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2027 | Dec. 31, 2027 | ||||||||||||||||||
LGE [Member] | First Mortgage Bonds [Member] | 2010 Mortgage Indenture [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate carrying value of property subject to lien | 4,700 | $ 4,700 | 4,400 | |||||||||||||||||
LGE [Member] | First Mortgage Bonds [Member] | Tax Exempt Revenue Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||||
LKE [Member] | First Mortgage Bonds [Member] | Tax Exempt Revenue Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a term rate mode | 514 | $ 514 | ||||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a variable rate mode | 375 | 375 | ||||||||||||||||||
KU [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | 598 | 598 | ||||||||||||||||||
Borrowed | 0 | 0 | 0 | |||||||||||||||||
KU [Member] | First Mortgage Bonds [Member] | 2010 Mortgage Indenture [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate carrying value of property subject to lien | 6,000 | $ 6,000 | $ 5,800 | |||||||||||||||||
KU [Member] | First Mortgage Bonds [Member] | Tax Exempt Revenue Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||||
At The Market Stock Offering Program [Member] | ||||||||||||||||||||
Equity Programs (Numeric) [Abstract] | ||||||||||||||||||||
Shares of common stock issued during the period | shares | 10,373 | 710 | 1,477 | |||||||||||||||||
Net proceeds from issuance of common stock | $ 377 | $ 25 | $ 49 | |||||||||||||||||
Maximum Percentage Paid To Selling Agents | 1.00% | |||||||||||||||||||
Number of distribution agreements | Integer | 2 | |||||||||||||||||||
Aggregate sales price of common stock based on two separate equity distribution agreements | $ 500 | |||||||||||||||||||
U.S. [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | $ 12,919 | $ 12,919 | 11,854 | |||||||||||||||||
U.S. [Member] | Senior Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 3.78% | 3.78% | 3.78% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2020 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2047 | |||||||||||||||||||
Principal outstanding | $ 4,575 | $ 4,575 | 4,075 | |||||||||||||||||
U.S. [Member] | Term Loan Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 2.06% | 2.06% | 2.06% | |||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2019 | |||||||||||||||||||
Principal outstanding | $ 100 | $ 100 | 0 | |||||||||||||||||
U.S. [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 3.96% | 3.96% | 3.96% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2018 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2047 | |||||||||||||||||||
Principal outstanding | $ 7,314 | $ 7,314 | 6,849 | |||||||||||||||||
U.S. [Member] | Junior Subordinated Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 5.10% | 5.10% | 5.10% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2067 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2073 | |||||||||||||||||||
Principal outstanding | $ 930 | $ 930 | 930 | |||||||||||||||||
U.S. [Member] | PPL Capital Funding [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | 1,400 | 1,400 | ||||||||||||||||||
Borrowed | 0 | 0 | 0 | |||||||||||||||||
U.K. [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | 7,363 | 7,363 | 6,545 | |||||||||||||||||
Fair market value adjustments | 21 | 21 | 22 | |||||||||||||||||
Unamortized premium and (discount), net | 14 | 14 | 20 | |||||||||||||||||
Unamortized debt issuance costs | (122) | (122) | (115) | |||||||||||||||||
Total Long-term Debt | 20,195 | 20,195 | 18,326 | |||||||||||||||||
Less current portion of Long-term debt | 348 | 348 | 518 | |||||||||||||||||
Long-term Debt | 19,847 | 19,847 | 17,808 | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount that may be put back to the issuer | $ 6,400 | $ 6,400 | £ 4,700 | |||||||||||||||||
Capacity | £ | 1,155 | |||||||||||||||||||
Borrowed | £ | £ 448 | £ 339 | ||||||||||||||||||
U.K. [Member] | Senior Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 5.24% | 5.24% | 5.24% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2020 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2040 | |||||||||||||||||||
Principal outstanding | $ 6,351 | $ 6,351 | 5,707 | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount that may be redeemed in total but not in part | $ 304 | $ 304 | £ 225 | |||||||||||||||||
Earliest date the company may redeem the debt in total but not in part | Dec. 21, 2026 | |||||||||||||||||||
U.K. [Member] | Index Linked Senior Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 1.56% | 1.56% | 1.56% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2026 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2056 | |||||||||||||||||||
Principal outstanding | $ 1,012 | $ 1,012 | 838 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | 3,339 | 3,339 | 2,864 | |||||||||||||||||
Unamortized discount | (16) | (16) | (12) | |||||||||||||||||
Unamortized debt issuance costs | (25) | (25) | (21) | |||||||||||||||||
Total Long-term Debt | 3,298 | 3,298 | 2,831 | |||||||||||||||||
Less current portion of Long-term debt | 0 | 0 | 224 | |||||||||||||||||
Long-term Debt | 3,298 | 3,298 | 2,607 | |||||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||||
2,018 | 0 | 0 | ||||||||||||||||||
2,019 | 0 | 0 | ||||||||||||||||||
2,020 | 100 | 100 | ||||||||||||||||||
2,021 | 400 | 400 | ||||||||||||||||||
2,022 | 474 | 474 | ||||||||||||||||||
Thereafter | $ 2,365 | $ 2,365 | ||||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2027 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Aug. 15, 2022 | |||||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes [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 | ||||||||||||||||||
Stated interest rate | 1.80% | 1.80% | ||||||||||||||||||
Maturity date (in years) | Dec. 31, 2029 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Sep. 1, 2022 | |||||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 4.23% | 4.23% | 4.23% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2020 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2047 | |||||||||||||||||||
Principal outstanding | $ 3,339 | $ 3,339 | 2,864 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | Mortgage Indenture [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate carrying value of property subject to lien | 8,500 | 8,500 | 7,600 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | Pollution Control Revenue Refunding Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount that may be redeemed at a future date | 224 | 224 | ||||||||||||||||||
Principal amount that may be redeemed in whole or in part | 90 | $ 90 | ||||||||||||||||||
Earliest date the company may redeem the debt in whole or in part | Oct. 31, 2020 | |||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||||
PPL Electric Utilities Corp [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 475 | |||||||||||||||||||
Stated interest rate | 3.95% | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2047 | |||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 466 | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | 5,200 | $ 5,200 | 5,110 | |||||||||||||||||
Fair market value adjustments | 0 | 0 | (1) | |||||||||||||||||
Unamortized discount | (14) | (14) | (15) | |||||||||||||||||
Unamortized debt issuance costs | (27) | (27) | (29) | |||||||||||||||||
Total Long-term Debt | 5,159 | 5,159 | 5,065 | |||||||||||||||||
Less current portion of Long-term debt | 98 | 98 | 194 | |||||||||||||||||
Long-term Debt | 5,061 | 5,061 | 4,871 | |||||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||||
2,018 | 98 | 98 | ||||||||||||||||||
2,019 | 430 | 430 | ||||||||||||||||||
2,020 | 975 | 975 | ||||||||||||||||||
2,021 | 250 | 250 | ||||||||||||||||||
2,022 | 0 | 0 | ||||||||||||||||||
Thereafter | $ 3,447 | $ 3,447 | ||||||||||||||||||
LG And E And KU Energy LLC [Member] | Senior Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 3.97% | 3.97% | 3.97% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2020 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2021 | |||||||||||||||||||
Principal outstanding | $ 725 | $ 725 | 725 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | Term Loan Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 2.06% | 2.06% | 2.06% | |||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2019 | |||||||||||||||||||
Principal outstanding | $ 100 | $ 100 | 0 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 3.73% | 3.73% | 3.73% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2018 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2045 | |||||||||||||||||||
Principal outstanding | $ 3,975 | $ 3,975 | 3,985 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | First Mortgage Bonds [Member] | Tax Exempt Revenue Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a term rate mode | 514 | 514 | ||||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a variable rate mode | $ 375 | $ 375 | ||||||||||||||||||
LG And E And KU Energy LLC [Member] | Note Payable [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 3.50% | 3.50% | 3.50% | |||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2026 | |||||||||||||||||||
Principal outstanding | $ 400 | $ 400 | 400 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | 700 | 700 | ||||||||||||||||||
Borrowed | $ 100 | $ 100 | 0 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Term Loan Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Expiration date | Oct. 31, 2019 | Oct. 31, 2019 | ||||||||||||||||||
Interest rate on outstanding borrowing | 2.06% | 2.06% | 2.06% | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | $ 200 | $ 200 | $ 200 | |||||||||||||||||
Borrowed | 100 | 100 | 0 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Term Loan Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Borrowed | 100 | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Apr. 1, 2019 | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 1, 2027 | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series A [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 60 | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2033 | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 3, 2019 | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 3, 2019 | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [Member] | Louisville/Jefferson County Metro Government Environmental Facilities Revenue Bonds 2001 Series A [Member] [Domain] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 10 | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2027 | Dec. 31, 2027 | ||||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | First Mortgage Bonds [Member] | 2010 Mortgage Indenture [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate carrying value of property subject to lien | 4,700 | $ 4,700 | 4,400 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | First Mortgage Bonds [Member] | Tax Exempt Revenue Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | 598 | $ 598 | ||||||||||||||||||
Borrowed | 0 | 0 | 0 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | First Mortgage Bonds [Member] | 2010 Mortgage Indenture [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate carrying value of property subject to lien | 6,000 | $ 6,000 | 5,800 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | First Mortgage Bonds [Member] | Tax Exempt Revenue Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | 1,724 | $ 1,724 | 1,634 | |||||||||||||||||
Fair market value adjustments | 0 | 0 | (1) | |||||||||||||||||
Unamortized discount | (4) | (4) | (4) | |||||||||||||||||
Unamortized debt issuance costs | (11) | (11) | (12) | |||||||||||||||||
Total Long-term Debt | 1,709 | 1,709 | 1,617 | |||||||||||||||||
Less current portion of Long-term debt | 98 | 98 | 194 | |||||||||||||||||
Long-term Debt | 1,611 | 1,611 | 1,423 | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | 700 | 700 | ||||||||||||||||||
Borrowed | 100 | 100 | 0 | |||||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||||
2,018 | 98 | 98 | ||||||||||||||||||
2,019 | 334 | 334 | ||||||||||||||||||
2,020 | 0 | 0 | ||||||||||||||||||
2,021 | 0 | 0 | ||||||||||||||||||
2,022 | 0 | 0 | ||||||||||||||||||
Thereafter | $ 1,292 | $ 1,292 | ||||||||||||||||||
Louisville Gas And Electric Co [Member] | Term Loan Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Expiration date | Oct. 31, 2019 | Oct. 31, 2019 | ||||||||||||||||||
Interest rate on outstanding borrowing | 2.06% | 2.06% | 2.06% | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | $ 200 | $ 200 | $ 200 | |||||||||||||||||
Borrowed | $ 100 | $ 100 | 0 | |||||||||||||||||
Louisville Gas And Electric Co [Member] | Term Loan Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Borrowed | $ 100 | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | Term Loan Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 2.06% | 2.06% | 2.06% | |||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2019 | |||||||||||||||||||
Principal outstanding | $ 100 | $ 100 | 0 | |||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Apr. 1, 2019 | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 1, 2027 | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [Member] | Environmental Facilities Revenue Refunding Bonds, 2007 Series A [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 60 | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2033 | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 3, 2019 | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [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 (in years) | Dec. 31, 2033 | |||||||||||||||||||
Debt Instruments Future Repurchase Date | Jun. 3, 2019 | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [Member] | Louisville/Jefferson County Metro Government Environmental Facilities Revenue Bonds 2001 Series A [Member] [Domain] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Principal amount | $ 10 | |||||||||||||||||||
Maturity date (in years) | Dec. 31, 2027 | Dec. 31, 2027 | ||||||||||||||||||
Louisville Gas And Electric Co [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 3.48% | 3.48% | 3.48% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2018 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2045 | |||||||||||||||||||
Principal outstanding | $ 1,624 | $ 1,624 | 1,634 | |||||||||||||||||
Louisville Gas And Electric Co [Member] | First Mortgage Bonds [Member] | 2010 Mortgage Indenture [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate carrying value of property subject to lien | 4,700 | $ 4,700 | 4,400 | |||||||||||||||||
Louisville Gas And Electric Co [Member] | First Mortgage Bonds [Member] | Tax Exempt Revenue Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a term rate mode | 391 | $ 391 | ||||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a variable rate mode | 147 | 147 | ||||||||||||||||||
Kentucky Utilities Co [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal outstanding | 2,351 | 2,351 | 2,351 | |||||||||||||||||
Unamortized discount | (9) | (9) | (9) | |||||||||||||||||
Unamortized debt issuance costs | (14) | (14) | (15) | |||||||||||||||||
Total Long-term Debt | 2,328 | 2,328 | 2,327 | |||||||||||||||||
Less current portion of Long-term debt | 0 | 0 | 0 | |||||||||||||||||
Long-term Debt | 2,328 | 2,328 | 2,327 | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Capacity | 598 | 598 | ||||||||||||||||||
Borrowed | 0 | 0 | 0 | |||||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||||
2,018 | 0 | 0 | ||||||||||||||||||
2,019 | 96 | 96 | ||||||||||||||||||
2,020 | 500 | 500 | ||||||||||||||||||
2,021 | 0 | 0 | ||||||||||||||||||
2,022 | 0 | 0 | ||||||||||||||||||
Thereafter | $ 1,755 | $ 1,755 | ||||||||||||||||||
Kentucky Utilities Co [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted-Average Rate | 3.91% | 3.91% | 3.91% | |||||||||||||||||
Maturity date of long-term debt range start | Dec. 31, 2019 | |||||||||||||||||||
Maturity date of long-term date range end | Dec. 31, 2045 | |||||||||||||||||||
Principal outstanding | $ 2,351 | $ 2,351 | 2,351 | |||||||||||||||||
Kentucky Utilities Co [Member] | First Mortgage Bonds [Member] | 2010 Mortgage Indenture [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Aggregate carrying value of property subject to lien | 6,000 | $ 6,000 | $ 5,800 | |||||||||||||||||
Kentucky Utilities Co [Member] | First Mortgage Bonds [Member] | Tax Exempt Revenue Bonds [Member] | ||||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a term rate mode | 123 | $ 123 | ||||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a variable rate mode | $ 228 | $ 228 |
Financing Activities (Distribut
Financing Activities (Distributions and Capital Contributions) (Details) - USD ($) $ / shares in Units, $ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 28, 2018 | Nov. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Distributions [Line Items] | |||||||||||||
Dividend payable date of quarterly common stock dividend | Jan. 2, 2018 | ||||||||||||
Current quarterly common stock dividend (in dollars per share) | $ 0.395 | $ 0.3950 | $ 0.3950 | $ 0.3950 | $ 0.3950 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.38 | $ 1.58 | $ 1.52 | $ 1.50 | |
Annualized current quarterly common stock dividend (in dollars per share) | $ 1.58 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Distributions [Line Items] | |||||||||||||
Current quarterly common stock dividend (in dollars per share) | $ 0.410 | ||||||||||||
Annualized current quarterly common stock dividend (in dollars per share) | $ 1.64 | ||||||||||||
LKE [Member] | |||||||||||||
Distributions [Line Items] | |||||||||||||
Restricted net assets at end of period | $ 2.7 | $ 2.7 | |||||||||||
Unrestricted assets at the end of period | 3.1 | $ 3.1 | |||||||||||
Minimum adjusted equity to total capitalization in order to pay dividends | 30.00% | ||||||||||||
LG And E And KU Energy LLC [Member] | |||||||||||||
Distributions [Line Items] | |||||||||||||
Restricted net assets at end of period | 2.7 | $ 2.7 | |||||||||||
Unrestricted assets at the end of period | 3.1 | $ 3.1 | |||||||||||
Minimum adjusted equity to total capitalization in order to pay dividends | 30.00% | ||||||||||||
Louisville Gas And Electric Co [Member] | |||||||||||||
Distributions [Line Items] | |||||||||||||
Restricted net assets at end of period | 1.1 | $ 1.1 | |||||||||||
Unrestricted assets at the end of period | 1.4 | $ 1.4 | |||||||||||
Minimum adjusted equity to total capitalization in order to pay dividends | 30.00% | ||||||||||||
Kentucky Utilities Co [Member] | |||||||||||||
Distributions [Line Items] | |||||||||||||
Restricted net assets at end of period | 1.6 | $ 1.6 | |||||||||||
Unrestricted assets at the end of period | $ 1.7 | $ 1.7 | |||||||||||
Minimum adjusted equity to total capitalization in order to pay dividends | 30.00% |
Acquisitions, Development and75
Acquisitions, Development and Divestures (Details) $ in Millions | Jun. 01, 2015USD ($)shares | Jun. 30, 2016USD ($)MW | Sep. 30, 2015USD ($)coal-fired_unit | Jun. 30, 2015USD ($)Integercoal-fired_unit | Mar. 31, 2015coal-fired_unit | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)kVIntegercoal-fired_unitmi | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Continuing Involvement (Details) [Abstract] | |||||||||
Energy purchases | $ 685 | $ 706 | $ 855 | ||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Results of Discontinued Operations (Details) [Abstract] | |||||||||
Income tax expense (benefit) | 0 | 0 | (30) | ||||||
Loss from Discontinued Operations (net of income taxes) | $ 0 | 0 | (921) | ||||||
PPL Energy Supply Spinoff [Member] | |||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Spinoff agreement execution date | Jun. 9, 2014 | ||||||||
Date of record | May 20, 2015 | ||||||||
Effective date of spinoff | Jun. 1, 2015 | ||||||||
Certain details of spinoff transaction | In June 2014, PPL and PPL Energy Supply executed definitive agreements with affiliates of Riverstone to spin off PPL Energy Supply and immediately combine it with Riverstone's competitive power generation businesses to form a new, stand-alone, publicly traded company named Talen Energy. The transaction was subject to customary closing conditions, including receipt of regulatory approvals from the NRC, FERC, DOJ and PUC, all of which were received by mid-April 2015. On April 29, 2015, PPL's Board of Directors declared the June 1, 2015 distribution to PPL's shareowners of record on May 20, 2015 of a newly formed entity, Holdco, which at closing owned all of the membership interests of PPL Energy Supply and all of the common stock of Talen Energy. | ||||||||
Number of shares of Talen common stock for one share of PPL common stock | shares | 0.1249 | ||||||||
Initial percent ownership in new company, Talen Energy, by PPL shareowners | 65.00% | ||||||||
Initial percent ownership in new company, Talen Energy, by Riverstone Holdings, LLC | 35.00% | ||||||||
Number of approaches | Integer | 3 | ||||||||
Net assets distributed | $ 3,200 | ||||||||
Number of market approaches | Integer | 2 | ||||||||
Review period used in determining the control premium (in years) | 5 years | ||||||||
Minimum transaction value reviewed in determining the control premium | $ 1,000 | ||||||||
Carrying value of the Supply segment | 4,100 | ||||||||
Gain (loss) on interest rate swaps recognized in discontinued operations on the statement of income | (72) | ||||||||
Gain (loss), after-tax, on interest rate swaps recognized in discontinued operations on the statement of income | (42) | ||||||||
Adjustment for loss on spinoff | 879 | ||||||||
Continuing Involvement (Details) [Abstract] | |||||||||
Amount for services billed to spinoff | $ 1 | 35 | 25 | ||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Results of Discontinued Operations (Details) [Abstract] | |||||||||
Operating revenues | 1,427 | ||||||||
Operating expenses | 1,328 | ||||||||
Other Income (Expense) - net | (21) | ||||||||
Interest expense | 150 | ||||||||
Income tax expense (benefit) | (30) | ||||||||
Gain (loss) on disposal group | (879) | ||||||||
Loss from Discontinued Operations (net of income taxes) | (921) | ||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Assets and Liabilities of Discontinued Operations (Details) [Abstract] | |||||||||
Net assets distributed | 3,200 | ||||||||
PPL Energy Supply Spinoff [Member] | Talen Energy Market Value [Member] | |||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Weighting | 50.00% | ||||||||
Net assets distributed | 1,400 | ||||||||
Midpoint of premiums received in market sales transactions reviewed | 25.00% | ||||||||
Control Premium | 25.00% | ||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Assets and Liabilities of Discontinued Operations (Details) [Abstract] | |||||||||
Net assets distributed | 1,400 | ||||||||
PPL Energy Supply Spinoff [Member] | Talen Energy Market Value [Member] | Minimum [Member] | |||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Control Premium | 5.00% | ||||||||
PPL Energy Supply Spinoff [Member] | Talen Energy Market Value [Member] | Maximum [Member] | |||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Control Premium | 42.00% | ||||||||
PPL Energy Supply Spinoff [Member] | Income Discounted Cash Flow [Member] | |||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Weighting | 30.00% | ||||||||
Net assets distributed | 1,100 | ||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Assets and Liabilities of Discontinued Operations (Details) [Abstract] | |||||||||
Net assets distributed | 1,100 | ||||||||
PPL Energy Supply Spinoff [Member] | Alternative Market Comparable Company [Member] | |||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Weighting | 20.00% | ||||||||
Net assets distributed | $ 700 | ||||||||
Midpoint of premiums received in market sales transactions reviewed | 25.00% | ||||||||
Control Premium | 25.00% | ||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Assets and Liabilities of Discontinued Operations (Details) [Abstract] | |||||||||
Net assets distributed | $ 700 | ||||||||
PPL Energy Supply Spinoff [Member] | Alternative Market Comparable Company [Member] | Minimum [Member] | |||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Control Premium | 5.00% | ||||||||
PPL Energy Supply Spinoff [Member] | Alternative Market Comparable Company [Member] | Maximum [Member] | |||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Control Premium | 42.00% | ||||||||
Spinoff [Member] | PPL Energy Supply Spinoff [Member] | |||||||||
Divestitures - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Separation benefits | 10 | ||||||||
Third-party costs | 45 | ||||||||
Spinoff [Member] | PPL Energy Supply Spinoff [Member] | Other Operation Maintenance [Member] | |||||||||
Divestitures - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Separation benefits | 8 | ||||||||
Consulting and other costs | 13 | ||||||||
Spinoff [Member] | PPL Energy Supply Spinoff [Member] | Discontinued Operations [Member] | |||||||||
Divestitures - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||
Separation benefits | 2 | ||||||||
Employee-related costs recognized | $ 24 | ||||||||
Bank advisory, legal and accounting fees | 32 | ||||||||
PPL Electric [Member] | Northeast Pocono Reliability Project [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Total length (in miles) of the expansion project | mi | 58 | ||||||||
Capacity (in kilovolts) of a transmission line | kV | 230 | ||||||||
Number of new substations included in request | Integer | 3 | ||||||||
Adder to the return on equity incentive denied in ratemaking request (in basis points) | Integer | 100 | ||||||||
Project costs capitalized | $ 350 | ||||||||
PPL Electric [Member] | PPL Energy Supply Spinoff [Member] | Talen Energy Marketing [Member] | |||||||||
Continuing Involvement (Details) [Abstract] | |||||||||
Energy purchases | $ 27 | $ 0 | 106 | ||||||
LGE [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Generating units retired at the Cane Run plant | coal-fired_unit | 2 | 1 | |||||||
Costs associated with the retirement of generating units | $ 11 | ||||||||
KU [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Generating Units Retired Plant Anticipated | coal-fired_unit | 2 | ||||||||
Generating Units Retired Megawatts Anticipated | Integer | 272 | ||||||||
Generating Units Retired Plant Two | coal-fired_unit | 2 | ||||||||
Costs associated with the retirement of generating units | $ 6 | ||||||||
LGE and KU [Member] | Solar Generation Facility [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Completed Megawatt Expansion Of Capacity | MW | 10 | ||||||||
Actual Capital Cost Of Expansion Project | $ 25 | ||||||||
PPL Electric Utilities Corp [Member] | |||||||||
Continuing Involvement (Details) [Abstract] | |||||||||
Energy purchases | $ 507 | 535 | 657 | ||||||
PPL Electric Utilities Corp [Member] | Northeast Pocono Reliability Project [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Total length (in miles) of the expansion project | mi | 58 | ||||||||
Capacity (in kilovolts) of a transmission line | kV | 230 | ||||||||
Number of new substations included in request | Integer | 3 | ||||||||
Adder to the return on equity incentive denied in ratemaking request (in basis points) | Integer | 100 | ||||||||
Project costs capitalized | $ 350 | ||||||||
PPL Electric Utilities Corp [Member] | PPL Energy Supply Spinoff [Member] | Talen Energy Marketing [Member] | |||||||||
Continuing Involvement (Details) [Abstract] | |||||||||
Energy purchases | $ 27 | 106 | |||||||
LG And E And KU Energy LLC [Member] | |||||||||
Continuing Involvement (Details) [Abstract] | |||||||||
Energy purchases | $ 178 | 171 | 184 | ||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Generating units retired at the Cane Run plant | coal-fired_unit | 2 | 1 | |||||||
Costs associated with the retirement of generating units | $ 11 | ||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Generating Units Retired Plant Anticipated | coal-fired_unit | 2 | ||||||||
Generating Units Retired Megawatts Anticipated | Integer | 272 | ||||||||
Generating Units Retired Plant Two | coal-fired_unit | 2 | ||||||||
Costs associated with the retirement of generating units | $ 6 | ||||||||
LG And E And KU Energy LLC [Member] | LGE and KU [Member] | Solar Generation Facility [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Completed Megawatt Expansion Of Capacity | MW | 10 | ||||||||
Actual Capital Cost Of Expansion Project | $ 25 | ||||||||
Louisville Gas And Electric Co [Member] | |||||||||
Continuing Involvement (Details) [Abstract] | |||||||||
Energy purchases | $ 160 | 153 | 166 | ||||||
Development Projects [Abstract] | |||||||||
Generating units retired at the Cane Run plant | coal-fired_unit | 2 | 1 | |||||||
Costs associated with the retirement of generating units | $ 11 | ||||||||
Louisville Gas And Electric Co [Member] | Solar Generation Facility [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Completed Megawatt Expansion Of Capacity | MW | 10 | ||||||||
Actual Capital Cost Of Expansion Project | $ 25 | ||||||||
Kentucky Utilities Co [Member] | |||||||||
Continuing Involvement (Details) [Abstract] | |||||||||
Energy purchases | $ 18 | $ 18 | $ 18 | ||||||
Development Projects [Abstract] | |||||||||
Generating Units Retired Plant Anticipated | coal-fired_unit | 2 | ||||||||
Generating Units Retired Megawatts Anticipated | Integer | 272 | ||||||||
Generating Units Retired Plant Two | coal-fired_unit | 2 | ||||||||
Costs associated with the retirement of generating units | $ 6 | ||||||||
Kentucky Utilities Co [Member] | Solar Generation Facility [Member] | |||||||||
Development Projects [Abstract] | |||||||||
Completed Megawatt Expansion Of Capacity | MW | 10 | ||||||||
Actual Capital Cost Of Expansion Project | $ 25 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rent - Operating Leases (Details) [Abstract] | |||
Operating leases, rent expense | $ 45 | $ 50 | $ 49 |
Operating leases, future minimum rental payments due (Details) [Abstract] | |||
2,018 | 32 | ||
2,019 | 19 | ||
2,020 | 13 | ||
2,021 | 10 | ||
2,022 | 8 | ||
Thereafter | 22 | ||
Total | 104 | ||
LG And E And KU Energy LLC [Member] | |||
Rent - Operating Leases (Details) [Abstract] | |||
Operating leases, rent expense | 26 | 26 | 24 |
Operating leases, future minimum rental payments due (Details) [Abstract] | |||
2,018 | 26 | ||
2,019 | 16 | ||
2,020 | 11 | ||
2,021 | 8 | ||
2,022 | 6 | ||
Thereafter | 15 | ||
Total | 82 | ||
Louisville Gas And Electric Co [Member] | |||
Rent - Operating Leases (Details) [Abstract] | |||
Operating leases, rent expense | 15 | 15 | 12 |
Operating leases, future minimum rental payments due (Details) [Abstract] | |||
2,018 | 15 | ||
2,019 | 8 | ||
2,020 | 5 | ||
2,021 | 3 | ||
2,022 | 2 | ||
Thereafter | 6 | ||
Total | 39 | ||
Kentucky Utilities Co [Member] | |||
Rent - Operating Leases (Details) [Abstract] | |||
Operating leases, rent expense | 11 | $ 11 | $ 11 |
Operating leases, future minimum rental payments due (Details) [Abstract] | |||
2,018 | 10 | ||
2,019 | 8 | ||
2,020 | 6 | ||
2,021 | 5 | ||
2,022 | 4 | ||
Thereafter | 8 | ||
Total | $ 41 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Integer$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | |
All Plans [Member] | Restricted Shares And Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 1,337,025 | ||
Granted (in shares) | 538,441 | ||
Vested (in shares) | (567,001) | ||
Forfeited (in shares) | (16,816) | ||
Nonvested, end of period (in shares) | 1,291,649 | 1,337,025 | |
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, nonvested, beginning of period (in dollars per share) | $ / shares | $ 31.57 | ||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 35.30 | $ 33.84 | $ 34.50 |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 29.28 | ||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 34.28 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.10 | $ 31.57 | |
Total fair value of units vested during the period | $ | $ 20,000,000 | $ 30,000,000 | $ 28,000,000 |
Fair value assumptions and methodology [Abstract] | |||
Award vesting period (in years) | 3 years | 3 years | 3 years |
All Plans [Member] | Restricted Shares And Units [Member] | PPL Energy Supply Spinoff [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Vested (in shares) | (252,850) | ||
All Plans [Member] | Total Shareowner Return Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 1,070,536 | ||
Granted (in shares) | 293,642 | ||
Vested (in shares) | (243,983) | ||
Forfeited (in shares) | (141,964) | ||
Nonvested, end of period (in shares) | 978,231 | 1,070,536 | |
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, nonvested, beginning of period (in dollars per share) | $ / shares | $ 34.65 | ||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 38.38 | $ 35.74 | $ 36.76 |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 32.42 | ||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 32.27 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 36.67 | $ 34.65 | |
Total fair value of units vested during the period | $ | $ 8,000,000 | $ 12,000,000 | $ 6,000,000 |
Period over which performance units fair value is recognized (in years) | 3 years | 3 years | 3 years |
Maximum payout percentage of target award | 200.00% | 200.00% | 200.00% |
Fair value assumptions and methodology [Abstract] | |||
Expected option life (in years) | 3 years | 3 years | 3 years |
Expected stock volatility | 17.40% | 19.60% | 15.90% |
All Plans [Member] | Total Shareowner Return Performance Units [Member] | PPL Energy Supply Spinoff [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Vested (in shares) | (41,405) | ||
All Plans [Member] | Total Shareowner Return Performance Units [Member] | Retirement Eligible [Member] | |||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Period over which performance units fair value is recognized (in years) | 1 year | 1 year | 1 year |
All Plans [Member] | Total Shareowner Return Performance Units [Member] | Not Retirement Eligible [Member] | |||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Period over which performance units fair value is recognized (in years) | 3 years | 3 years | 3 years |
Minimum period after which employee stock options become exercisable (in years) | 1 year | 1 year | 1 year |
All Plans [Member] | Return On Equity Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Granted (in shares) | 97,925 | ||
Forfeited (in shares) | (997) | ||
Nonvested, end of period (in shares) | 96,928 | ||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | $ 34.42 | ||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 34.41 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.42 | ||
Period over which performance units fair value is recognized (in years) | 3 years | ||
Maximum payout percentage of target award | 200.00% | ||
All Plans [Member] | Stock Options [Member] | |||
Stock option activity [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 4,481,160 | ||
Exercised (in shares) | (718,977) | ||
Outstanding at end of period (in shares) | 3,762,183 | 4,481,160 | |
Stock options - additional disclosures [Abstract] | |||
Period after which, employee stock options expire (in years) | 10 years | ||
Weighted-average exercise price per share at beginning of period (in dollars per share) | $ / shares | $ 28.98 | ||
Weighted average exercise price per share, exercised (in dollars per share) | $ / shares | 26.67 | ||
Weighted average exercise price per share at end of period (in dollars per share) | $ / shares | $ 29.42 | $ 28.98 | |
Weighted average remaining contractual term (in years) | 3 years 6 months | ||
Aggregate total intrinsic value | $ | $ 14,000,000 | ||
Cash received from exercise of stock options | $ | 19,000,000 | $ 52,000,000 | $ 97,000,000 |
Total intrinsic value of stock options exercised | $ | 8,000,000 | 18,000,000 | 21,000,000 |
All Plans [Member] | All Awards [Member] | |||
Aggregate disclosures [Abstract] | |||
Compensation expense | $ | 32,000,000 | 27,000,000 | 33,000,000 |
Income tax benefit | $ | 13,000,000 | $ 12,000,000 | $ 14,000,000 |
Unrecognized compensation expense | $ | $ 10,000,000 | ||
Weighted-average period for recognition | Integer | 1.7 | ||
Stock Incentive Plan [Member] | |||
Stock-Based Compensation [Line Items] | |||
Maximum number of shares approved for awards under the plan (in shares) | 15,000,000 | ||
Annual grant limit options (in shares) | 2,000,000 | ||
Annual grant limit for individual participants - performance based awards (in shares) | 750,000 | ||
Annual grant limit for individual participants - performance based awards | $ | $ 15,000,000 | ||
Incentive Compensation Plan For Key Employees [Member] | |||
Stock-Based Compensation [Line Items] | |||
Maximum number of shares approved for awards under the plan (in shares) | 14,199,796 | ||
Annual grant limit total as % of PPL outstanding PPL common stock on first day of each calendar year | 2.00% | ||
Annual grant limit options (in shares) | 3,000,000 | ||
PPL Electric Utilities Corp [Member] | All Plans [Member] | Restricted Shares And Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 204,570 | ||
Transfer between registrants | (5,250) | ||
Granted (in shares) | 79,321 | ||
Vested (in shares) | (91,117) | ||
Forfeited (in shares) | (3,108) | ||
Nonvested, end of period (in shares) | 184,416 | 204,570 | |
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, nonvested, beginning of period (in dollars per share) | $ / shares | $ 31.27 | ||
Weighted-average grant date fair value per share, transfer between registrants (in dollars per share) | $ / shares | 32.05 | ||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 35.45 | $ 34.32 | $ 34.41 |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 28.83 | ||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 34.68 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.20 | $ 31.27 | |
Total fair value of units vested during the period | $ | $ 3,000,000 | $ 3,000,000 | $ 4,000,000 |
Fair value assumptions and methodology [Abstract] | |||
Award vesting period (in years) | 3 years | 3 years | 3 years |
PPL Electric Utilities Corp [Member] | All Plans [Member] | Total Shareowner Return Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 76,726 | ||
Granted (in shares) | 26,086 | ||
Vested (in shares) | (14,713) | ||
Forfeited (in shares) | (12,586) | ||
Nonvested, end of period (in shares) | 75,513 | 76,726 | |
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, nonvested, beginning of period (in dollars per share) | $ / shares | $ 34.68 | ||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 38.37 | $ 35.68 | $ 37.93 |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 32.14 | ||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 35.45 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 37 | $ 34.68 | |
Period over which performance units fair value is recognized (in years) | 3 years | 3 years | 3 years |
Maximum payout percentage of target award | 200.00% | 200.00% | 200.00% |
PPL Electric Utilities Corp [Member] | All Plans [Member] | Total Shareowner Return Performance Units [Member] | Retirement Eligible [Member] | |||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Period over which performance units fair value is recognized (in years) | 1 year | 1 year | 1 year |
PPL Electric Utilities Corp [Member] | All Plans [Member] | Total Shareowner Return Performance Units [Member] | Not Retirement Eligible [Member] | |||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Period over which performance units fair value is recognized (in years) | 3 years | 3 years | 3 years |
Minimum period after which employee stock options become exercisable (in years) | 1 year | 1 year | 1 year |
PPL Electric Utilities Corp [Member] | All Plans [Member] | Return On Equity Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Granted (in shares) | 8,696 | ||
Nonvested, end of period (in shares) | 8,696 | ||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | $ 34.41 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.41 | ||
Period over which performance units fair value is recognized (in years) | 3 years | ||
Maximum payout percentage of target award | 200.00% | ||
PPL Electric Utilities Corp [Member] | All Plans [Member] | Performance Units [Member] | |||
Fair value assumptions and methodology [Abstract] | |||
Expected option life (in years) | 3 years | 3 years | 3 years |
Expected stock volatility | 17.40% | 19.60% | 15.90% |
PPL Electric Utilities Corp [Member] | All Plans [Member] | Stock Options [Member] | |||
Stock option activity [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 240,939 | ||
Exercised (in shares) | (42,659) | ||
Outstanding at end of period (in shares) | 198,280 | 240,939 | |
Stock options - additional disclosures [Abstract] | |||
Period after which, employee stock options expire (in years) | 10 years | ||
Weighted-average exercise price per share at beginning of period (in dollars per share) | $ / shares | $ 27.48 | ||
Weighted average exercise price per share, exercised (in dollars per share) | $ / shares | 26.99 | ||
Weighted average exercise price per share at end of period (in dollars per share) | $ / shares | $ 27.58 | $ 27.48 | |
Weighted average remaining contractual term (in years) | 3 years 9 months | ||
Aggregate total intrinsic value, options exercisable at end of period | $ | $ 1,000,000 | ||
PPL Electric Utilities Corp [Member] | All Plans [Member] | All Awards [Member] | |||
Aggregate disclosures [Abstract] | |||
Compensation expense | $ | 18,000,000 | $ 16,000,000 | $ 14,000,000 |
Income tax benefit | $ | 8,000,000 | $ 7,000,000 | $ 6,000,000 |
Unrecognized compensation expense | $ | $ 2,000,000 | ||
Weighted-average period for recognition | Integer | 1.7 | ||
PPL Electric Utilities Corp [Member] | Stock Incentive Plan [Member] | |||
Stock-Based Compensation [Line Items] | |||
Maximum number of shares approved for awards under the plan (in shares) | 15,000,000 | ||
Annual grant limit options (in shares) | 2,000,000 | ||
Annual grant limit for individual participants - performance based awards (in shares) | 750,000 | ||
Annual grant limit for individual participants - performance based awards | $ | $ 15,000,000 | ||
PPL Electric Utilities Corp [Member] | Incentive Compensation Plan For Key Employees [Member] | |||
Stock-Based Compensation [Line Items] | |||
Maximum number of shares approved for awards under the plan (in shares) | 14,199,796 | ||
Annual grant limit total as % of PPL outstanding PPL common stock on first day of each calendar year | 2.00% | ||
Annual grant limit options (in shares) | 3,000,000 | ||
LG And E And KU Energy LLC [Member] | All Plans [Member] | Restricted Shares And Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 243,281 | ||
Transfer between registrants | 25,337 | ||
Granted (in shares) | 97,775 | ||
Vested (in shares) | (125,612) | ||
Forfeited (in shares) | (9,224) | ||
Nonvested, end of period (in shares) | 231,557 | 243,281 | |
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, nonvested, beginning of period (in dollars per share) | $ / shares | $ 31.53 | ||
Weighted-average grant date fair value per share, transfer between registrants (in dollars per share) | $ / shares | 31.61 | ||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 35.25 | $ 33.73 | $ 34.89 |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 29.68 | ||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 34.04 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.01 | $ 31.53 | |
Total fair value of units vested during the period | $ | $ 4,000,000 | $ 5,000,000 | $ 4,000,000 |
Fair value assumptions and methodology [Abstract] | |||
Award vesting period (in years) | 3 years | 3 years | 3 years |
LG And E And KU Energy LLC [Member] | All Plans [Member] | Total Shareowner Return Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 191,601 | ||
Transfer between registrants | 8,307 | ||
Granted (in shares) | 64,555 | ||
Vested (in shares) | (48,980) | ||
Forfeited (in shares) | (35,194) | ||
Nonvested, end of period (in shares) | 180,289 | 191,601 | |
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, nonvested, beginning of period (in dollars per share) | $ / shares | $ 34.34 | ||
Weighted-average grant date fair value per share, transfer between registrants (in dollars per share) | $ / shares | 35.96 | ||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 38.24 | $ 35.28 | $ 37.10 |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 32.09 | ||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 35.25 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 36.69 | $ 34.34 | |
Period over which performance units fair value is recognized (in years) | 3 years | 3 years | 3 years |
Maximum payout percentage of target award | 200.00% | 200.00% | 200.00% |
LG And E And KU Energy LLC [Member] | All Plans [Member] | Total Shareowner Return Performance Units [Member] | Retirement Eligible [Member] | |||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Period over which performance units fair value is recognized (in years) | 1 year | 1 year | 1 year |
LG And E And KU Energy LLC [Member] | All Plans [Member] | Total Shareowner Return Performance Units [Member] | Not Retirement Eligible [Member] | |||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Period over which performance units fair value is recognized (in years) | 3 years | 3 years | 3 years |
Minimum period after which employee stock options become exercisable (in years) | 1 year | 1 year | 1 year |
LG And E And KU Energy LLC [Member] | All Plans [Member] | Return On Equity Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Granted (in shares) | 21,536 | ||
Forfeited (in shares) | (997) | ||
Nonvested, end of period (in shares) | 20,539 | ||
Awards, Equity Instruments Other than Options, additional disclosures (Details) [Abstract] | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | $ 34.29 | ||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 34.41 | ||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.29 | ||
Period over which performance units fair value is recognized (in years) | 3 years | ||
Maximum payout percentage of target award | 200.00% | ||
LG And E And KU Energy LLC [Member] | All Plans [Member] | Performance Units [Member] | |||
Fair value assumptions and methodology [Abstract] | |||
Expected option life (in years) | 3 years | 3 years | 3 years |
Expected stock volatility | 17.40% | 19.60% | 15.90% |
LG And E And KU Energy LLC [Member] | All Plans [Member] | Stock Options [Member] | |||
Stock option activity [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 61,896 | ||
Exercised (in shares) | (28,164) | ||
Outstanding at end of period (in shares) | 33,732 | 61,896 | |
Stock options - additional disclosures [Abstract] | |||
Period after which, employee stock options expire (in years) | 10 years | ||
Weighted-average exercise price per share at beginning of period (in dollars per share) | $ / shares | $ 25.81 | ||
Weighted average exercise price per share, exercised (in dollars per share) | $ / shares | 26.59 | ||
Weighted average exercise price per share at end of period (in dollars per share) | $ / shares | $ 25.15 | $ 25.81 | |
Weighted average remaining contractual term (in years) | 4 years 1 month | ||
Aggregate total intrinsic value, options exercisable at end of period | $ | $ 0 | ||
LG And E And KU Energy LLC [Member] | All Plans [Member] | All Awards [Member] | |||
Aggregate disclosures [Abstract] | |||
Compensation expense | $ | 8,000,000 | $ 7,000,000 | $ 8,000,000 |
Income tax benefit | $ | 3,000,000 | $ 3,000,000 | $ 3,000,000 |
Unrecognized compensation expense | $ | $ 1,000,000 | ||
Weighted-average period for recognition | Integer | 1.6 | ||
LG And E And KU Energy LLC [Member] | Stock Incentive Plan [Member] | |||
Stock-Based Compensation [Line Items] | |||
Maximum number of shares approved for awards under the plan (in shares) | 15,000,000 | ||
Annual grant limit options (in shares) | 2,000,000 | ||
Annual grant limit for individual participants - performance based awards (in shares) | 750,000 | ||
Annual grant limit for individual participants - performance based awards | $ | $ 15,000,000 | ||
LG And E And KU Energy LLC [Member] | Incentive Compensation Plan For Key Employees [Member] | |||
Stock-Based Compensation [Line Items] | |||
Maximum number of shares approved for awards under the plan (in shares) | 14,199,796 | ||
Annual grant limit total as % of PPL outstanding PPL common stock on first day of each calendar year | 2.00% | ||
Annual grant limit options (in shares) | 3,000,000 |
Retirement and Postemployment78
Retirement and Postemployment Benefits (Net Period Defined Benefit Costs (Credits) and Other Changes in Plan Assets and Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan [Member] | U.S. [Member] | |||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||
Service cost | $ 65 | $ 66 | $ 96 |
Interest cost | 168 | 174 | 194 |
Expected return on plan assets | (231) | (228) | (258) |
Amortization of: | |||
Prior service cost (credit) | 10 | 8 | 7 |
Actuarial (gain) loss | 69 | 50 | 84 |
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | 81 | 70 | 123 |
Settlements | 1 | 3 | 0 |
Termination benefits | 1 | 0 | 0 |
Net periodic defined benefit costs (credits) | 83 | 73 | 123 |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||
Divestiture | 0 | 0 | (353) |
Settlement | (1) | (3) | 0 |
Net (gain) loss | 27 | 253 | 63 |
Prior service costs (credit) | (1) | 15 | 18 |
Amortization of: [Abstract] | |||
Prior service (cost) credit | (10) | (8) | (7) |
Actuarial gain (loss) | (69) | (50) | (85) |
Total recognized in OCI and regulatory assets/liabilities | (54) | 207 | (364) |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | 29 | 280 | (241) |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||
OCI | (53) | 236 | (269) |
Regulatory assets/liabilities | (1) | (29) | (95) |
Total recognized in OCI and regulatory assets/liabilities | (54) | 207 | (364) |
Estimated Amounts to be Amortized From AOCI and Regulatory Assets into Net Periodic Benefit Costs in the Next Fiscal Period (Details) [Abstract] | |||
Prior service cost (credit) | 10 | ||
Actuarial (gain) loss | 86 | ||
Total | 96 | ||
Amortization from Balance Sheet: [Abstract] | |||
AOCI | 28 | ||
Regulatory assets/liabilities | 68 | ||
Total | 96 | ||
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | 59 | 53 | 71 |
Pension Plan [Member] | U.K. [Member] | |||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||
Service cost | 76 | 69 | 79 |
Interest cost | 178 | 235 | 314 |
Expected return on plan assets | (514) | (504) | (523) |
Amortization of: | |||
Prior service cost (credit) | 0 | 0 | 0 |
Actuarial (gain) loss | 144 | 138 | 158 |
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | (116) | (62) | 28 |
Settlements | 0 | 0 | 0 |
Termination benefits | 0 | 0 | 0 |
Net periodic defined benefit costs (credits) | (116) | (62) | 28 |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||
Divestiture | 0 | 0 | 0 |
Settlement | 0 | 0 | 0 |
Net (gain) loss | 346 | 7 | 508 |
Prior service costs (credit) | 0 | 0 | 0 |
Amortization of: [Abstract] | |||
Prior service (cost) credit | 0 | 0 | 0 |
Actuarial gain (loss) | (144) | (138) | (158) |
Total recognized in OCI and regulatory assets/liabilities | 202 | (131) | 350 |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | 86 | (193) | 378 |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||
Total recognized in OCI and regulatory assets/liabilities | 202 | (131) | 350 |
Estimated Amounts to be Amortized From AOCI and Regulatory Assets into Net Periodic Benefit Costs in the Next Fiscal Period (Details) [Abstract] | |||
Prior service cost (credit) | 0 | ||
Actuarial (gain) loss | 152 | ||
Total | 152 | ||
Amortization from Balance Sheet: [Abstract] | |||
AOCI | 152 | ||
Regulatory assets/liabilities | 0 | ||
Total | 152 | ||
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | (151) | (95) | (21) |
Other Postretirement Benefits Plan [Member] | |||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||
Service cost | 7 | 7 | 11 |
Interest cost | 23 | 26 | 26 |
Expected return on plan assets | (22) | (22) | (26) |
Amortization of: | |||
Prior service cost (credit) | (1) | 0 | 1 |
Actuarial (gain) loss | 1 | 1 | 0 |
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | 8 | 12 | 12 |
Settlements | 0 | 0 | 0 |
Termination benefits | 0 | 0 | 0 |
Net periodic defined benefit costs (credits) | 8 | 12 | 12 |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||
Divestiture | 0 | 0 | (6) |
Settlement | 0 | 0 | 0 |
Net (gain) loss | (28) | 9 | (9) |
Prior service costs (credit) | 8 | 0 | 0 |
Amortization of: [Abstract] | |||
Prior service (cost) credit | 1 | (1) | (1) |
Actuarial gain (loss) | (1) | (1) | 0 |
Total recognized in OCI and regulatory assets/liabilities | (20) | 7 | (16) |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | (12) | 19 | (4) |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||
OCI | (25) | 7 | 12 |
Regulatory assets/liabilities | 5 | 0 | (28) |
Total recognized in OCI and regulatory assets/liabilities | (20) | 7 | (16) |
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | $ 5 | 7 | 8 |
PPL Electric Utilities Corp [Member] | |||
Amortization of: | |||
Amortization period for the deferred recovery of a regulatory asset | 5 years | ||
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Amortization period for the deferred recovery of a regulatory asset | 5 years | ||
PPL Electric Utilities Corp [Member] | Pension Plan [Member] | U.S. [Member] | |||
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | $ 12 | 10 | 15 |
PPL Electric Utilities Corp [Member] | Other Postretirement Benefits Plan [Member] | |||
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | 0 | 1 | 0 |
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | |||
Amortization of: | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | 11 | 6 | 9 |
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | (11) | (6) | (9) |
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | |||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||
Service cost | 24 | 23 | 26 |
Interest cost | 68 | 71 | 68 |
Expected return on plan assets | (92) | (91) | (88) |
Amortization of: | |||
Prior service cost (credit) | 8 | 8 | 7 |
Actuarial (gain) loss | 31 | 21 | 37 |
Net periodic defined benefit costs (credits) | $ 39 | $ 32 | $ 50 |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | 15 years |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||
Net (gain) loss | $ 30 | $ 119 | $ 20 |
Prior service costs (credit) | 7 | 0 | 19 |
Amortization of: [Abstract] | |||
Prior service (cost) credit | (8) | (8) | (7) |
Actuarial gain (loss) | (32) | (21) | (37) |
Total recognized in OCI and regulatory assets/liabilities | (3) | 90 | (5) |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | 36 | 122 | 45 |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||
OCI | 33 | 42 | 4 |
Regulatory assets/liabilities | (36) | 48 | (9) |
Total recognized in OCI and regulatory assets/liabilities | (3) | 90 | (5) |
Estimated Amounts to be Amortized From AOCI and Regulatory Assets into Net Periodic Benefit Costs in the Next Fiscal Period (Details) [Abstract] | |||
Prior service cost (credit) | 9 | ||
Actuarial (gain) loss | 39 | ||
Total | 48 | ||
Amortization from Balance Sheet: [Abstract] | |||
AOCI | 11 | ||
Regulatory assets/liabilities | 37 | ||
Total | 48 | ||
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | $ 28 | $ 24 | $ 37 |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | 15 years |
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Qualified Plan [Member] | |||
Amortization of: | |||
Settlements | $ 5 | ||
LG And E And KU Energy LLC [Member] | Other Postretirement Benefits Plan [Member] | |||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||
Service cost | 4 | $ 5 | $ 5 |
Interest cost | 9 | 9 | 9 |
Expected return on plan assets | (7) | (6) | (6) |
Amortization of: | |||
Prior service cost (credit) | 1 | 3 | 3 |
Actuarial (gain) loss | 0 | (1) | 0 |
Net periodic defined benefit costs (credits) | $ 7 | $ 10 | $ 11 |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | 15 years |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||
Net (gain) loss | $ (14) | $ 6 | $ (15) |
Prior service costs (credit) | 8 | 0 | 0 |
Amortization of: [Abstract] | |||
Prior service (cost) credit | (1) | (3) | (3) |
Actuarial gain (loss) | 0 | 1 | 0 |
Total recognized in OCI and regulatory assets/liabilities | (7) | 4 | (18) |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | 0 | 14 | (7) |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||
OCI | (2) | 2 | (2) |
Regulatory assets/liabilities | (5) | 2 | (16) |
Total recognized in OCI and regulatory assets/liabilities | (7) | 4 | (18) |
Estimated Amounts to be Amortized From AOCI and Regulatory Assets into Net Periodic Benefit Costs in the Next Fiscal Period (Details) [Abstract] | |||
Prior service cost (credit) | 1 | ||
Actuarial (gain) loss | 0 | ||
Total | 1 | ||
Amortization from Balance Sheet: [Abstract] | |||
AOCI | 0 | ||
Regulatory assets/liabilities | 1 | ||
Total | 1 | ||
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | $ 5 | $ 6 | $ 8 |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | 15 years |
LG And E And KU Energy LLC [Member] | KU [Member] | Other Postretirement Benefits Plan [Member] | |||
Amortization of: | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ (2) | $ (2) | $ (1) |
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | 2 | 2 | 1 |
LG And E And KU Energy LLC [Member] | LGE [Member] | Other Postretirement Benefits Plan [Member] | |||
Amortization of: | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | (4) | (3) | (4) |
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | 4 | 3 | 4 |
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | |||
Amortization of: | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | 7 | 5 | 3 |
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | (7) | (5) | (3) |
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | |||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||
Service cost | 1 | 1 | 1 |
Interest cost | 13 | 15 | 14 |
Expected return on plan assets | (22) | (21) | (20) |
Amortization of: | |||
Prior service cost (credit) | 5 | 4 | 3 |
Actuarial (gain) loss | 9 | 7 | 11 |
Net periodic defined benefit costs (credits) | $ 6 | $ 6 | $ 9 |
Amortization period for the deferred recovery of a regulatory asset | 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 | $ (4) | $ (3) | $ (4) |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||
Net (gain) loss | (9) | 22 | 8 |
Prior service costs (credit) | 7 | 0 | 10 |
Amortization of: [Abstract] | |||
Prior service (cost) credit | (5) | (4) | (3) |
Actuarial gain (loss) | (9) | (7) | (11) |
Total recognized in OCI and regulatory assets/liabilities | (16) | 11 | 4 |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | (10) | 17 | 13 |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||
Total recognized in OCI and regulatory assets/liabilities | (16) | 11 | 4 |
Estimated Amounts to be Amortized From AOCI and Regulatory Assets into Net Periodic Benefit Costs in the Next Fiscal Period (Details) [Abstract] | |||
Prior service cost (credit) | 5 | ||
Actuarial (gain) loss | 9 | ||
Total | 14 | ||
Amortization from Balance Sheet: [Abstract] | |||
Total | 14 | ||
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | $ 8 | $ 8 | $ 12 |
Amortization period for the deferred recovery of a regulatory asset | 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 | $ 4 | $ 3 | $ 4 |
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Qualified Plan [Member] | |||
Amortization of: | |||
Settlements | 5 | ||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | LKE [Member] | |||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | |||
Costs allocated to subsidiary by plan sponsors | $ 5 | $ 4 | $ 5 |
Louisville Gas And Electric Co [Member] | Other Postretirement Benefits Plan [Member] | |||
Amortization of: | |||
Amortization period for the deferred recovery of a regulatory asset | 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 | $ (4) | $ (3) | $ (4) |
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | $ 3 | $ 3 | $ 4 |
Amortization period for the deferred recovery of a regulatory asset | 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 | $ 4 | $ 3 | $ 4 |
Louisville Gas And Electric Co [Member] | Other Postretirement Benefits Plan [Member] | LKE [Member] | |||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | |||
Costs allocated to subsidiary by plan sponsors | $ 3 | $ 3 | $ 4 |
Kentucky Utilities Co [Member] | Pension Plan [Member] | U.S. [Member] | |||
Amortization of: | |||
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | 15 years |
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ (2) | $ (2) | $ (1) |
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | $ 4 | $ 5 | $ 9 |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | 15 years |
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 2 | $ 2 | $ 1 |
Kentucky Utilities Co [Member] | Other Postretirement Benefits Plan [Member] | |||
Amortization of: | |||
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | 15 years |
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ (2) | $ (2) | $ (1) |
Net Periodic Defined Benefit Costs (Credits) Charged to Operating Expense or Regulatory Assets, Excluding Amounts Charged to Construction and Other Non-expense Accounts (Details) [Abstract] | |||
Net periodic defined benefit costs (credits) charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts | $ 1 | $ 2 | $ 2 |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | 15 years |
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 2 | $ 2 | $ 1 |
Retirement and Postemployment79
Retirement and Postemployment Benefits (Weighted-Average Assumptions, Cost Trend Rates and Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||
Noncurrent asset | $ 284 | $ 9 | |
Pension Plan [Member] | U.S. [Member] | |||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||
Benefit obligations valuation discount rate | 3.70% | 4.21% | |
Benefit obligations valuation rate of compensation increase | 3.78% | 3.95% | |
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||
Net periodic benefit costs discount rate - service cost | 4.21% | 4.59% | 4.25% |
Net periodic benefit costs discount rate - interest cost | 4.21% | 4.59% | 4.25% |
Net periodic benefit costs rate of compensation increase | 3.95% | 3.93% | 3.91% |
Net periodic benefit costs expected return on plan assets | 7.00% | 7.00% | 7.00% |
Assumed Health Care Cost Trend Rates (Details) [Abstract] | |||
Health care cost trend rate assumed for next year, obligations | 6.60% | 7.00% | 6.80% |
Health care cost trend rate assumed for next year, cost | 7.00% | 6.80% | 7.20% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), obligations | 5.00% | 5.00% | 5.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), cost | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate, obligations | 2,022 | 2,022 | 2,020 |
Year that the rate reaches the ultimate trend rate, cost | 2,022 | 2,020 | 2,020 |
Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of period | $ 4,079 | $ 3,863 | |
Service cost | 65 | 66 | $ 96 |
Interest cost | 168 | 174 | 194 |
Participant contributions | 0 | 0 | |
Plan Amendments | (1) | 14 | |
Actuarial (gain) loss | 233 | 214 | |
Settlements | (6) | (9) | |
Termination benefits | 1 | 0 | |
Gross benefits paid | (251) | (243) | |
Federal subsidy | 0 | 0 | |
Currency conversion | 0 | 0 | |
Benefit Obligation, end of period | 4,288 | 4,079 | 3,863 |
Change in Plan Assets [Roll Forward] | |||
Balance at beginning of period | 3,243 | 3,227 | |
Actual return on plan assets | 437 | 189 | |
Employer contributions | 65 | 79 | |
Participant contributions | 0 | 0 | |
Settlements | (6) | (9) | |
Gross benefits paid | (251) | (243) | |
Currency conversion | 0 | 0 | |
Balance at end of period | 3,488 | 3,243 | $ 3,227 |
Funded Status, end of period | (800) | (836) | |
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||
Noncurrent asset | 0 | 0 | |
Current liability | (13) | (17) | |
Noncurrent liability | (787) | (819) | |
Net amount recognized, end of period | (800) | (836) | |
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||
Prior service cost (credit) | 49 | 59 | |
Net actuarial (gain) loss | 1,134 | 1,178 | |
Total | 1,183 | 1,237 | |
Total accumulated benefit obligation for defined benefit pension plans | 4,000 | 3,807 | |
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||
AOCI | 374 | 357 | |
Regulatory assets/liabilities | 809 | 880 | |
Total | 1,183 | 1,237 | |
Pension Plans Where the Projected or Accumulated Benefit Obligation Exceed the Fair Value of Plan Assets (Details) [Abstract] | |||
Projected benefit obligations | 4,288 | 4,079 | |
Fair value of plan assets where the projected benefit obligations exceed the value of plan assets | 3,488 | 3,243 | |
Accumulated benefit obligation | 4,000 | 3,807 | |
Fair value of plan assets where the accumulated benefit obligations exceed the value of plan assets | $ 3,488 | $ 3,243 | |
Pension Plan [Member] | U.K. [Member] | |||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||
Benefit obligations valuation discount rate | 2.65% | 2.87% | |
Benefit obligations valuation rate of compensation increase | 3.50% | 3.50% | |
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||
Net periodic benefit costs discount rate - service cost | 2.99% | 3.90% | 3.85% |
Net periodic benefit costs discount rate - interest cost | 2.41% | 3.14% | 3.85% |
Net periodic benefit costs rate of compensation increase | 3.50% | 4.00% | 4.00% |
Net periodic benefit costs expected return on plan assets | 7.22% | 7.20% | 7.19% |
Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of period | $ 7,383 | $ 8,404 | |
Service cost | 76 | 69 | $ 79 |
Interest cost | 178 | 235 | 314 |
Participant contributions | 13 | 14 | |
Plan Amendments | 0 | 0 | |
Actuarial (gain) loss | 293 | 484 | |
Settlements | (1) | 0 | |
Termination benefits | 0 | 0 | |
Gross benefits paid | (345) | (357) | |
Federal subsidy | 0 | 0 | |
Currency conversion | 622 | (1,466) | |
Benefit Obligation, end of period | 8,219 | 7,383 | 8,404 |
Change in Plan Assets [Roll Forward] | |||
Balance at beginning of period | 7,211 | 7,625 | |
Actual return on plan assets | 480 | 979 | |
Employer contributions | 486 | 330 | |
Participant contributions | 13 | 14 | |
Settlements | (1) | 0 | |
Gross benefits paid | (345) | (357) | |
Currency conversion | 646 | (1,380) | |
Balance at end of period | 8,490 | 7,211 | $ 7,625 |
Funded Status, end of period | 271 | (172) | |
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||
Noncurrent asset | 284 | 10 | |
Current liability | 0 | 0 | |
Noncurrent liability | (13) | (182) | |
Net amount recognized, end of period | 271 | (172) | |
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||
Prior service cost (credit) | 0 | 0 | |
Net actuarial (gain) loss | 2,755 | 2,553 | |
Total | 2,755 | 2,553 | |
Total accumulated benefit obligation for defined benefit pension plans | 7,542 | 6,780 | |
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||
Total | 2,755 | 2,553 | |
Pension Plans Where the Projected or Accumulated Benefit Obligation Exceed the Fair Value of Plan Assets (Details) [Abstract] | |||
Projected benefit obligations | 3,083 | 3,403 | |
Fair value of plan assets where the projected benefit obligations exceed the value of plan assets | 3,070 | 3,221 | |
Accumulated benefit obligation | 10 | 657 | |
Fair value of plan assets where the accumulated benefit obligations exceed the value of plan assets | $ 0 | $ 643 | |
Other Postretirement Benefits Plan [Member] | |||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||
Benefit obligations valuation discount rate | 3.64% | 4.11% | |
Benefit obligations valuation rate of compensation increase | 3.75% | 3.92% | |
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||
Net periodic benefit costs discount rate - service cost | 4.11% | 4.48% | 4.09% |
Net periodic benefit costs discount rate - interest cost | 4.11% | 4.48% | 4.09% |
Net periodic benefit costs rate of compensation increase | 3.92% | 3.91% | 3.86% |
Net periodic benefit costs expected return on plan assets | 6.21% | 6.11% | 6.06% |
Effect of One Percentage Point Change in Assumed Health Care Costs Trend Rate (Details) [Abstract] | |||
Effect on accumulated postretirement benefit obligation of a one percentage point increase | $ 4 | ||
Effect on accumulated postretirement benefit obligation of a one percentage point decrease | (4) | ||
Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of period | 591 | $ 596 | |
Service cost | 7 | 7 | $ 11 |
Interest cost | 23 | 26 | 26 |
Participant contributions | 14 | 14 | |
Plan Amendments | 8 | 0 | |
Actuarial (gain) loss | 4 | 11 | |
Settlements | 0 | 0 | |
Termination benefits | 0 | 0 | |
Gross benefits paid | (59) | (64) | |
Federal subsidy | 1 | 1 | |
Currency conversion | 0 | 0 | |
Benefit Obligation, end of period | 589 | 591 | 596 |
Change in Plan Assets [Roll Forward] | |||
Balance at beginning of period | 378 | 379 | |
Actual return on plan assets | 54 | 25 | |
Employer contributions | 15 | 19 | |
Participant contributions | 13 | 14 | |
Settlements | 0 | 0 | |
Gross benefits paid | (55) | (59) | |
Currency conversion | 0 | 0 | |
Balance at end of period | 405 | 378 | 379 |
Funded Status, end of period | (184) | (213) | |
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||
Noncurrent asset | 2 | 2 | |
Current liability | (3) | (3) | |
Noncurrent liability | (183) | (212) | |
Net amount recognized, end of period | (184) | (213) | |
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||
Prior service cost (credit) | 9 | 0 | |
Net actuarial (gain) loss | 16 | 45 | |
Total | 25 | 45 | |
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||
AOCI | 15 | 20 | |
Regulatory assets/liabilities | 10 | 25 | |
Total | 25 | 45 | |
PPL Electric Utilities Corp [Member] | |||
Change in Plan Assets [Roll Forward] | |||
Non-cash contributions related to remeasurement and separation of benefit plans | 56 | ||
PPL Electric Utilities Corp [Member] | Pension Plan [Member] | U.S. [Member] | PPL Services Funded Status Allocation [Member] | |||
Change in Plan Assets [Roll Forward] | |||
Funded Status, end of period | 246 | 281 | |
Non-cash contributions related to remeasurement and separation of benefit plans | $ 56 | ||
PPL Electric Utilities Corp [Member] | Other Postretirement Benefits Plan [Member] | PPL Services Funded Status Allocation [Member] | |||
Change in Plan Assets [Roll Forward] | |||
Funded Status, end of period | $ 62 | $ 72 | |
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | |||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||
Benefit obligations valuation discount rate | 3.69% | 4.19% | |
Benefit obligations valuation rate of compensation increase | 3.50% | 3.50% | |
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||
Net periodic benefit costs discount rate | 4.19% | 4.56% | 4.25% |
Net periodic benefit costs rate of compensation increase | 3.50% | 3.50% | 3.50% |
Net periodic benefit costs expected return on plan assets | 7.00% | 7.00% | 7.00% |
Assumed Health Care Cost Trend Rates (Details) [Abstract] | |||
Health care cost trend rate assumed for next year, obligations | 6.60% | 7.00% | 6.80% |
Health care cost trend rate assumed for next year, cost | 7.00% | 6.80% | 7.20% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), obligations | 5.00% | 5.00% | 5.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate), cost | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate, obligations | 2,022 | 2,022 | 2,020 |
Year that the rate reaches the ultimate trend rate, cost | 2,022 | 2,020 | 2,020 |
Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of period | $ 1,669 | $ 1,588 | |
Service cost | 24 | 23 | $ 26 |
Interest cost | 68 | 71 | 68 |
Participant contributions | 0 | 0 | |
Plan Amendments | 6 | 0 | |
Actuarial (gain) loss | 113 | 96 | |
Gross benefits paid | (109) | (109) | |
Benefit Obligation, end of period | 1,771 | 1,669 | 1,588 |
Increase during the period resulting from a plan amendment | 19 | ||
Defined Benefit Plan One Time Cash Payouts To Terminated Vested Employees | 50 | 53 | |
Change in Plan Assets [Roll Forward] | |||
Balance at beginning of period | 1,315 | 1,289 | |
Actual return on plan assets | 175 | 69 | |
Employer contributions | 21 | 66 | |
Participant contributions | 0 | 0 | |
Gross benefits paid | (109) | (109) | |
Balance at end of period | 1,402 | 1,315 | $ 1,289 |
Funded Status, end of period | (369) | (354) | |
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||
Noncurrent asset | 0 | 0 | |
Current liability | (4) | (4) | |
Noncurrent liability | (365) | (350) | |
Net amount recognized, end of period | (369) | (354) | |
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||
Prior service cost (credit) | 44 | 45 | |
Net actuarial (gain) loss | 434 | 436 | |
Total | 478 | 481 | |
Total accumulated benefit obligation for defined benefit pension plans | 1,616 | 1,531 | |
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||
AOCI | 144 | 111 | |
Regulatory assets/liabilities | 334 | 370 | |
Total | 478 | 481 | |
Pension Plans Where the Projected or Accumulated Benefit Obligation Exceed the Fair Value of Plan Assets (Details) [Abstract] | |||
Projected benefit obligations | 1,771 | 1,669 | |
Fair value of plan assets where the projected benefit obligations exceed the value of plan assets | 1,402 | 1,315 | |
Accumulated benefit obligation | 1,616 | 1,531 | |
Fair value of plan assets where the accumulated benefit obligations exceed the value of plan assets | $ 1,402 | $ 1,315 | |
LG And E And KU Energy LLC [Member] | Other Postretirement Benefits Plan [Member] | |||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||
Benefit obligations valuation discount rate | 3.65% | 4.12% | |
Benefit obligations valuation rate of compensation increase | 3.50% | 3.50% | |
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||
Net periodic benefit costs discount rate | 4.12% | 4.49% | 4.06% |
Net periodic benefit costs rate of compensation increase | 3.50% | 3.50% | 3.50% |
Net periodic benefit costs expected return on plan assets | 6.82% | 6.82% | 6.82% |
Effect of One Percentage Point Change in Assumed Health Care Costs Trend Rate (Details) [Abstract] | |||
Effect on accumulated postretirement benefit obligation of a one percentage point increase | $ 3 | ||
Effect on accumulated postretirement benefit obligation of a one percentage point decrease | (3) | ||
Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of period | 220 | $ 216 | |
Service cost | 4 | 5 | $ 5 |
Interest cost | 9 | 9 | 9 |
Participant contributions | 8 | 7 | |
Plan Amendments | 8 | 0 | |
Actuarial (gain) loss | (7) | 4 | |
Gross benefits paid | (19) | (21) | |
Benefit Obligation, end of period | 223 | 220 | 216 |
Change in Plan Assets [Roll Forward] | |||
Balance at beginning of period | 98 | 88 | |
Actual return on plan assets | 14 | 4 | |
Employer contributions | 15 | 20 | |
Participant contributions | 8 | 7 | |
Gross benefits paid | (19) | (21) | |
Balance at end of period | 116 | 98 | $ 88 |
Funded Status, end of period | (107) | (122) | |
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||
Noncurrent asset | 2 | 2 | |
Current liability | (3) | (3) | |
Noncurrent liability | (106) | (121) | |
Net amount recognized, end of period | (107) | (122) | |
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||
Prior service cost (credit) | 13 | 6 | |
Net actuarial (gain) loss | (26) | (13) | |
Total | (13) | (7) | |
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||
AOCI | 6 | 8 | |
Regulatory assets/liabilities | (19) | (15) | |
Total | $ (13) | $ (7) | |
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | |||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||
Benefit obligations valuation discount rate | 3.65% | 4.13% | |
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||
Net periodic benefit costs discount rate | 4.13% | 4.49% | 4.20% |
Net periodic benefit costs expected return on plan assets | 7.00% | 7.00% | 7.00% |
Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation, beginning of period | $ 329 | $ 326 | |
Service cost | 1 | 1 | $ 1 |
Interest cost | 13 | 15 | 14 |
Plan Amendments | 6 | 0 | |
Actuarial (gain) loss | 11 | 15 | |
Gross benefits paid | (34) | (28) | |
Benefit Obligation, end of period | 326 | 329 | 326 |
Increase during the period resulting from a plan amendment | 10 | ||
Defined Benefit Plan One Time Cash Payouts To Terminated Vested Employees | 19 | 14 | |
Change in Plan Assets [Roll Forward] | |||
Balance at beginning of period | 318 | 297 | |
Actual return on plan assets | 41 | 14 | |
Employer contributions | 0 | 35 | |
Gross benefits paid | (34) | (28) | |
Balance at end of period | 325 | 318 | $ 297 |
Funded Status, end of period | (1) | (11) | |
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||
Noncurrent liability | (1) | (11) | |
Net amount recognized, end of period | (1) | (11) | |
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||
Prior service cost (credit) | 27 | 25 | |
Net actuarial (gain) loss | (92) | 110 | |
Total | 119 | 135 | |
Total accumulated benefit obligation for defined benefit pension plans | 326 | 329 | |
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||
Total | 119 | 135 | |
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | LKE Funded Status Allocation [Member] | |||
Change in Plan Assets [Roll Forward] | |||
Funded Status, end of period | 44 | 42 | |
Louisville Gas And Electric Co [Member] | Other Postretirement Benefits Plan [Member] | LKE Funded Status Allocation [Member] | |||
Change in Plan Assets [Roll Forward] | |||
Funded Status, end of period | 74 | 76 | |
Kentucky Utilities Co [Member] | Pension Plan [Member] | U.S. [Member] | LKE Funded Status Allocation [Member] | |||
Change in Plan Assets [Roll Forward] | |||
Funded Status, end of period | 36 | 62 | |
Kentucky Utilities Co [Member] | Other Postretirement Benefits Plan [Member] | LKE Funded Status Allocation [Member] | |||
Change in Plan Assets [Roll Forward] | |||
Funded Status, end of period | $ 32 | $ 40 |
Retirement and Postemployment80
Retirement and Postemployment Benefits (Plan Assets and Expected Cash Flows) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan [Member] | U.S. [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | $ 3,488 | $ 3,243 | $ 3,227 | $ 3,488 | $ 3,243 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 3,488 | 3,243 | 3,227 | ||
Balance at end of period | 3,488 | 3,243 | |||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | $ 65 | 79 | |||
Amount to be contributed to plan in the next fiscal year | 0 | ||||
Expected amount of benefit payments in the next period for non-qualified plans | 13 | ||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||
2,018 | 260 | ||||
2,019 | 269 | ||||
2,020 | 268 | ||||
2,021 | 270 | ||||
2,022 | 272 | ||||
2023-2027 | 1,328 | ||||
Pension Plan [Member] | U.S. [Member] | Subsequent Event [Member] | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | 145 | ||||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | |||||
Assumptions Used in Calculations (Numeric) [Abstract] | |||||
The limited lives of four partnership of private equity investments (in years) | 10 years | ||||
The amount of potential liability that maybe required to be funded by the master trust during life of the partnership | $ 28 | ||||
Number Of Days Notice Required To Redeem Shares | 45 days | ||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 100.00% | 100.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 100.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 3,561 | $ 3,381 | 3,381 | $ 3,561 | $ 3,381 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 3,561 | 3,381 | |||
Balance at end of period | 3,561 | 3,381 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 716 | 714 | 714 | 716 | 714 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 716 | 714 | |||
Balance at end of period | 716 | 714 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 931 | 909 | 909 | 931 | 909 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 931 | 909 | |||
Balance at end of period | 931 | 909 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 37 | 40 | 42 | 37 | 40 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 37 | 40 | 42 | ||
Actual return on plan assets relating to assets still held at the reporting date | 1 | 1 | |||
Purchases, sales and settlements | (4) | (3) | |||
Balance at end of period | 37 | 40 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 301 | 181 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 301 | 181 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 229 | 152 | |||
Measured at fair value using net asset value per share | 364 | 272 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 229 | 152 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | International Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 538 | 551 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Commingled Debt Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 611 | 546 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 186 | 381 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 186 | 381 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 883 | 850 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 870 | 837 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 13 | 13 | |||
Fair value at end of period | 13 | 13 | 10 | 13 | 13 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 13 | 13 | 10 | ||
Actual return on plan assets relating to assets still held at the reporting date | 0 | 0 | |||
Purchases, sales and settlements | 0 | 3 | |||
Balance at end of period | 13 | 13 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 10 | 8 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 10 | 8 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Real Estate Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 109 | 102 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Private Equity Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 80 | 80 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Hedge Fund Of Funds Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 175 | 167 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 50 | 61 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 50 | 61 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 1 | 3 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 1 | 3 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 24 | 27 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 24 | 27 | |||
Fair value at end of period | 24 | 27 | 32 | 24 | 27 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 24 | 27 | 32 | ||
Actual return on plan assets relating to assets still held at the reporting date | 1 | 1 | |||
Purchases, sales and settlements | (4) | (6) | |||
Balance at end of period | 24 | 27 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Receivables And Payables Net [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 72 | (15) | (15) | 72 | (15) |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 72 | (15) | |||
Balance at end of period | 72 | (15) | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Account 401 H [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | (145) | (123) | (123) | (145) | (123) |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | (145) | (123) | |||
Balance at end of period | (145) | (123) | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Total Trust Assets Not Including 401 H Assets [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 3,488 | 3,243 | 3,243 | $ 3,488 | $ 3,243 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 3,488 | 3,243 | |||
Balance at end of period | 3,488 | 3,243 | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 56.00% | 52.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 55.00% | ||||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 32.00% | 30.00% | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Debt Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 14.00% | 12.00% | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Alternative Investments [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 10.00% | 10.00% | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 43.00% | 46.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 43.00% | ||||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Debt Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 39.00% | 43.00% | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Derivatives [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 4.00% | 3.00% | |||
Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Liquidity Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 1.00% | 2.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 2.00% | ||||
Pension Plan [Member] | U.K. [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 100.00% | 100.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 100.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 8,490 | 7,211 | 7,625 | $ 8,490 | $ 7,211 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 8,490 | 7,211 | 7,625 | ||
Balance at end of period | 8,490 | 7,211 | |||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | $ 486 | 330 | |||
Amount to be contributed to plan in the next fiscal year | 191 | ||||
Recurrence of formal actuarial valuations (in years) | 3 years | ||||
Percentage of deficit funding requirements permitted to recover in rates | 78.00% | ||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||
2,018 | 343 | ||||
2,019 | 349 | ||||
2,020 | 353 | ||||
2,021 | 356 | ||||
2,022 | 362 | ||||
2023-2027 | 1,843 | ||||
Pension Plan [Member] | U.K. [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 216 | $ 42 | 42 | 216 | 42 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 216 | 42 | |||
Balance at end of period | 216 | 42 | |||
Pension Plan [Member] | U.K. [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 3,140 | 2,942 | 2,942 | 3,140 | 2,942 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 3,140 | 2,942 | |||
Balance at end of period | 3,140 | 2,942 | |||
Pension Plan [Member] | U.K. [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 0 | 0 | 0 | $ 0 | $ 0 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 0 | 0 | |||
Balance at end of period | 0 | 0 | |||
Pension Plan [Member] | U.K. [Member] | Cash And Cash Equivalents [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 2.00% | 1.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 0.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | $ 216 | $ 42 | |||
Pension Plan [Member] | U.K. [Member] | Cash And Cash Equivalents [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 216 | 42 | |||
Pension Plan [Member] | U.K. [Member] | Cash And Cash Equivalents [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.K. [Member] | Cash And Cash Equivalents [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | $ 0 | $ 0 | |||
Pension Plan [Member] | U.K. [Member] | U.K. Companies Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 2.00% | 3.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 2.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 157 | $ 210 | |||
Pension Plan [Member] | U.K. [Member] | European Companies Excluding U.K. Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 1.00% | 2.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 1.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 98 | $ 177 | |||
Pension Plan [Member] | U.K. [Member] | Asian Pacific Companies Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 1.00% | 2.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 1.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 60 | $ 140 | |||
Pension Plan [Member] | U.K. [Member] | North American Companies Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 1.00% | 3.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 1.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 123 | $ 227 | |||
Pension Plan [Member] | U.K. [Member] | Emerging Markets Companies Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 1.00% | 3.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 1.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 62 | $ 209 | |||
Pension Plan [Member] | U.K. [Member] | Global Equities Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 16.00% | 6.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 10.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 1,335 | $ 466 | |||
Pension Plan [Member] | U.K. [Member] | Global Tactical Asset Allocation Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 33.00% | 33.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 41.00% | ||||
Pension Plan [Member] | U.K. [Member] | Other Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 2,807 | $ 2,363 | |||
Pension Plan [Member] | U.K. [Member] | Debt Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 37.00% | 41.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 38.00% | ||||
Pension Plan [Member] | U.K. [Member] | U.K. Corporate Bonds Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | $ 3 | $ 2 | |||
Pension Plan [Member] | U.K. [Member] | U.K. Corporate Bonds Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.K. [Member] | U.K. Corporate Bonds Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 3 | 2 | |||
Pension Plan [Member] | U.K. [Member] | U.K. Corporate Bonds Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.K. [Member] | U.K. Gilts Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 3,137 | 2,940 | |||
Pension Plan [Member] | U.K. [Member] | U.K. Gilts Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Pension Plan [Member] | U.K. [Member] | U.K. Gilts Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 3,137 | 2,940 | |||
Pension Plan [Member] | U.K. [Member] | U.K. Gilts Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | $ 0 | $ 0 | |||
Pension Plan [Member] | U.K. [Member] | Alternative Investments [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 6.00% | 6.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 5.00% | ||||
Pension Plan [Member] | U.K. [Member] | Real Estate Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 492 | $ 435 | |||
Other Postretirement Benefits Plan [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 100.00% | 100.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 100.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 405 | 378 | 379 | $ 405 | $ 378 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 405 | 378 | 379 | ||
Balance at end of period | 405 | 378 | |||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | $ 15 | 19 | |||
Amount to be contributed to plan in the next fiscal year | 14 | ||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||
2,018 | 51 | ||||
2,019 | 51 | ||||
2,020 | 50 | ||||
2,021 | 49 | ||||
2,022 | 48 | ||||
2023-2027 | 218 | ||||
Expected Federal Subsidy (Details) [Abstract] | |||||
Federal subsidy 2018 | 1 | ||||
Federal subsidy 2019 | 0 | ||||
Federal subsidy 2020 | 1 | ||||
Federal subsidy 2021 | 0 | ||||
Federal subsidy 2022 | 0 | ||||
Federal subsidy 2023-2027 | $ 2 | ||||
Other Postretirement Benefits Plan [Member] | Cash And Cash Equivalents [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 4.00% | 2.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 5.00% | ||||
Other Postretirement Benefits Plan [Member] | Money Market Funds [Member] | |||||
Assumptions Used in Calculations (Numeric) [Abstract] | |||||
Number of months from date of purchase that investment must mature | 13 months | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 10 | $ 5 | 5 | $ 10 | $ 5 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 10 | 5 | |||
Balance at end of period | 10 | 5 | |||
Other Postretirement Benefits Plan [Member] | Money Market Funds [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 10 | 5 | |||
Other Postretirement Benefits Plan [Member] | Money Market Funds [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Other Postretirement Benefits Plan [Member] | Money Market Funds [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | $ 0 | $ 0 | |||
Other Postretirement Benefits Plan [Member] | Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 47.00% | 48.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 45.00% | ||||
Other Postretirement Benefits Plan [Member] | United States Large Cap Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 123 | $ 123 | |||
Other Postretirement Benefits Plan [Member] | Commingled Debt Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | $ 96 | $ 114 | |||
Other Postretirement Benefits Plan [Member] | Debt Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 49.00% | 50.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 50.00% | ||||
Other Postretirement Benefits Plan [Member] | Corporate Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 30 | 0 | 0 | $ 30 | $ 0 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 30 | 0 | |||
Balance at end of period | 30 | 0 | |||
Other Postretirement Benefits Plan [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Other Postretirement Benefits Plan [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 30 | 0 | |||
Other Postretirement Benefits Plan [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Other Postretirement Benefits Plan [Member] | Municipalities Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 12 | |||
Other Postretirement Benefits Plan [Member] | Municipalities Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Other Postretirement Benefits Plan [Member] | Municipalities Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 12 | |||
Other Postretirement Benefits Plan [Member] | Municipalities Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Other Postretirement Benefits Plan [Member] | Receivables And Payables Net [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 1 | 1 | 1 | 1 | 1 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 1 | 1 | |||
Balance at end of period | 1 | 1 | |||
Other Postretirement Benefits Plan [Member] | Account 401 H [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 145 | 123 | 123 | 145 | 123 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 145 | 123 | |||
Balance at end of period | 145 | 123 | |||
Other Postretirement Benefits Plan [Member] | Total Trust Assets Not Including 401 H Assets [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 259 | 254 | 254 | 259 | 254 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 259 | 254 | |||
Balance at end of period | 259 | 254 | |||
Other Postretirement Benefits Plan [Member] | Total Trust Assets Not Including 401 H Assets [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 10 | 5 | 5 | 10 | 5 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 10 | 5 | |||
Balance at end of period | 10 | 5 | |||
Other Postretirement Benefits Plan [Member] | Total Trust Assets Not Including 401 H Assets [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 30 | 12 | 12 | 30 | 12 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 30 | 12 | |||
Balance at end of period | 30 | 12 | |||
Other Postretirement Benefits Plan [Member] | Total Trust Assets Not Including 401 H Assets [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 0 | 0 | 0 | 0 | 0 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 0 | 0 | |||
Balance at end of period | $ 0 | $ 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | Master Trust [Member] | |||||
Information About Plan Assets (Numeric) [Abstract] | |||||
Undivided interest percentage in each asset category that PPL subsidiary holds | 40.00% | 41.00% | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 1,402 | $ 1,315 | $ 1,289 | 1,402 | 1,315 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 1,402 | 1,315 | 1,289 | ||
Balance at end of period | 1,402 | 1,315 | |||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | $ 21 | 66 | |||
Amount to be contributed to plan in the next fiscal year | 0 | ||||
Expected amount of benefit payments in the next period for non-qualified plans | 4 | ||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||
2,018 | 109 | ||||
2,019 | 113 | ||||
2,020 | 114 | ||||
2,021 | 115 | ||||
2,022 | 116 | ||||
2023-2027 | 573 | ||||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Subsequent Event [Member] | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | 105 | ||||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | |||||
Information About Plan Assets (Numeric) [Abstract] | |||||
Value of plan U.S. pension trust assets that relate to PPL subsidiary | 1,400 | $ 1,300 | |||
Assumptions Used in Calculations (Numeric) [Abstract] | |||||
The limited lives of four partnership of private equity investments (in years) | 10 years | ||||
The amount of potential liability that maybe required to be funded by the master trust during life of the partnership | $ 28 | ||||
Number Of Days Notice Required To Redeem Shares | 45 days | ||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 100.00% | 100.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 100.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 3,561 | $ 3,381 | 3,381 | $ 3,561 | $ 3,381 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 3,561 | 3,381 | |||
Balance at end of period | 3,561 | 3,381 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 716 | 714 | 714 | 716 | 714 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 716 | 714 | |||
Balance at end of period | 716 | 714 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 931 | 909 | 909 | 931 | 909 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 931 | 909 | |||
Balance at end of period | 931 | 909 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 37 | 40 | 42 | 37 | 40 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 37 | 40 | 42 | ||
Actual return on plan assets relating to assets still held at the reporting date | 1 | 1 | |||
Purchases, sales and settlements | (4) | (3) | |||
Balance at end of period | 37 | 40 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 301 | 181 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 301 | 181 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 229 | 152 | |||
Measured at fair value using net asset value per share | 364 | 272 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 229 | 152 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | International Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 538 | 551 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Commingled Debt Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 611 | 546 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 186 | 381 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 186 | 381 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 883 | 850 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 870 | 837 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 13 | 13 | |||
Fair value at end of period | 10 | ||||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 10 | ||||
Actual return on plan assets relating to assets still held at the reporting date | 0 | 0 | |||
Purchases, sales and settlements | 0 | 3 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 10 | 8 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 10 | 8 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Real Estate Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 109 | 102 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Private Equity Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 80 | 80 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Hedge Fund Of Funds Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 175 | 167 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 50 | 61 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 50 | 61 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 1 | 3 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 1 | 3 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 24 | 27 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 24 | 27 | |||
Fair value at end of period | 32 | ||||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 32 | ||||
Actual return on plan assets relating to assets still held at the reporting date | 1 | 1 | |||
Purchases, sales and settlements | (4) | (6) | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Receivables And Payables Net [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 72 | (15) | (15) | 72 | (15) |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 72 | (15) | |||
Balance at end of period | 72 | (15) | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Account 401 H [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | (145) | (123) | (123) | (145) | (123) |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | (145) | (123) | |||
Balance at end of period | (145) | (123) | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Total Trust Assets Not Including 401 H Assets [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 3,488 | 3,243 | 3,243 | $ 3,488 | $ 3,243 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 3,488 | 3,243 | |||
Balance at end of period | 3,488 | 3,243 | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 56.00% | 52.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 55.00% | ||||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 32.00% | 30.00% | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Debt Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 14.00% | 12.00% | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Alternative Investments [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 10.00% | 10.00% | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 43.00% | 46.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 43.00% | ||||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Debt Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 39.00% | 43.00% | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Derivatives [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 4.00% | 3.00% | |||
LG And E And KU Energy LLC [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Liquidity Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 1.00% | 2.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 2.00% | ||||
LG And E And KU Energy LLC [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 116 | 98 | 88 | $ 116 | $ 98 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 116 | 98 | 88 | ||
Balance at end of period | 116 | 98 | |||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | 15 | 20 | |||
Amount to be contributed to plan in the next fiscal year | 14 | ||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||
2,018 | 14 | ||||
2,019 | 15 | ||||
2,020 | 16 | ||||
2,021 | 16 | ||||
2,022 | 16 | ||||
2023-2027 | 79 | ||||
Expected Federal Subsidy (Details) [Abstract] | |||||
Federal subsidy 2018 | 0 | ||||
Federal subsidy 2019 | 0 | ||||
Federal subsidy 2020 | 1 | ||||
Federal subsidy 2021 | 0 | ||||
Federal subsidy 2022 | 0 | ||||
Federal subsidy 2023-2027 | 2 | ||||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 325 | 318 | 297 | 325 | 318 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 325 | 318 | 297 | ||
Balance at end of period | 325 | 318 | |||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | $ 0 | $ 35 | |||
Amount to be contributed to plan in the next fiscal year | 0 | ||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||
2,018 | 26 | ||||
2,019 | 26 | ||||
2,020 | 26 | ||||
2,021 | 25 | ||||
2,022 | 24 | ||||
2023-2027 | 104 | ||||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Subsequent Event [Member] | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||
Employer contributions | 54 | ||||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | |||||
Information About Plan Assets (Numeric) [Abstract] | |||||
Value of plan U.S. pension trust assets that relate to PPL subsidiary | 325 | $ 318 | |||
Undivided interest percentage in each asset category that PPL subsidiary holds | 9.00% | 10.00% | |||
Assumptions Used in Calculations (Numeric) [Abstract] | |||||
The limited lives of four partnership of private equity investments (in years) | 10 years | ||||
The amount of potential liability that maybe required to be funded by the master trust during life of the partnership | $ 28 | ||||
Number Of Days Notice Required To Redeem Shares | 45 days | ||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 100.00% | 100.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 100.00% | ||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 3,561 | $ 3,381 | $ 3,381 | $ 3,561 | $ 3,381 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 3,561 | 3,381 | |||
Balance at end of period | 3,561 | 3,381 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 716 | 714 | 714 | 716 | 714 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 716 | 714 | |||
Balance at end of period | 716 | 714 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 931 | 909 | 909 | 931 | 909 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 931 | 909 | |||
Balance at end of period | 931 | 909 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 37 | 40 | 42 | 37 | 40 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 37 | 40 | 42 | ||
Actual return on plan assets relating to assets still held at the reporting date | 1 | 1 | |||
Purchases, sales and settlements | (4) | (3) | |||
Balance at end of period | 37 | 40 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 301 | 181 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 301 | 181 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Cash And Cash Equivalents [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 229 | 152 | |||
Measured at fair value using net asset value per share | 364 | 272 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 229 | 152 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Equity Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | International Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 538 | 551 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Commingled Debt Equity Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 611 | 546 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 186 | 381 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 186 | 381 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | US Treasury And US Government Sponsored Agency Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 883 | 850 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 870 | 837 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 13 | 13 | |||
Fair value at end of period | 10 | ||||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 10 | ||||
Actual return on plan assets relating to assets still held at the reporting date | 0 | 0 | |||
Purchases, sales and settlements | 0 | 3 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 10 | 8 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 10 | 8 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Debt Securities [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Real Estate Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 109 | 102 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Private Equity Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 80 | 80 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Hedge Fund Of Funds Alternative Investments [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value using net asset value per share | 175 | 167 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 50 | 61 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 50 | 61 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Interest Rate Swaps And Swaptions Derivatives [ Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 1 | 3 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 1 | 3 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Other Derivatives [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 24 | 27 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 1 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 2 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 0 | 0 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Insurance Contracts [Member] | Level 3 [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Measured at fair value not using net asset value per share | 24 | 27 | |||
Fair value at end of period | 32 | ||||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 32 | ||||
Actual return on plan assets relating to assets still held at the reporting date | 1 | 1 | |||
Purchases, sales and settlements | (4) | (6) | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Receivables And Payables Net [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 72 | (15) | (15) | 72 | (15) |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 72 | (15) | |||
Balance at end of period | 72 | (15) | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Account 401 H [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | (145) | (123) | (123) | (145) | (123) |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | (145) | (123) | |||
Balance at end of period | (145) | (123) | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Total Trust Assets Not Including 401 H Assets [Member] | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||
Fair value at end of period | 3,488 | 3,243 | 3,243 | $ 3,488 | $ 3,243 |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||
Balance at beginning of period | $ 3,488 | 3,243 | |||
Balance at end of period | $ 3,488 | $ 3,243 | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 56.00% | 52.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 55.00% | ||||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Equity Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 32.00% | 30.00% | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Debt Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 14.00% | 12.00% | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Growth Portfolio [Member] | Alternative Investments [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 10.00% | 10.00% | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 43.00% | 46.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 43.00% | ||||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Debt Securities [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 39.00% | 43.00% | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Derivatives [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 4.00% | 3.00% | |||
Louisville Gas And Electric Co [Member] | Pension Plan [Member] | U.S. [Member] | Master Trust [Member] | Liquidity Portfolio [Member] | |||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||
Percentage of trust assets | 1.00% | 2.00% | |||
Target Allocations (Details ) [Abstract] | |||||
Target asset allocation | 2.00% |
Retirement and Postemployment81
Retirement and Postemployment Benefits (Savings Plans and Employee Stock Ownership Plan) (Details) - Deferred Savings Plans 401K [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Pension And Other Postretirement Plans [Line Items] | |||
Employer contributions to deferred savings plans | $ 36 | $ 35 | $ 34 |
PPL Electric Utilities Corp [Member] | |||
Defined Contribution Pension And Other Postretirement Plans [Line Items] | |||
Employer contributions to deferred savings plans | 6 | 6 | 6 |
LG And E And KU Energy LLC [Member] | |||
Defined Contribution Pension And Other Postretirement Plans [Line Items] | |||
Employer contributions to deferred savings plans | 18 | 17 | 16 |
Louisville Gas And Electric Co [Member] | |||
Defined Contribution Pension And Other Postretirement Plans [Line Items] | |||
Employer contributions to deferred savings plans | 5 | 5 | 5 |
Kentucky Utilities Co [Member] | |||
Defined Contribution Pension And Other Postretirement Plans [Line Items] | |||
Employer contributions to deferred savings plans | $ 4 | $ 4 | $ 4 |
Jointly Owned Facilities (Detai
Jointly Owned Facilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Trimble County Unit 1 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 75.00% | 75.00% |
Electric plant | $ 427 | $ 407 |
Accumulated depreciation | 69 | 55 |
Construction work in progress | $ 1 | $ 1 |
Trimble County Unit 2 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 75.00% | 75.00% |
Electric plant | $ 1,032 | $ 1,026 |
Accumulated depreciation | 176 | 161 |
Construction work in progress | $ 198 | $ 83 |
LG And E And KU Energy LLC [Member] | Trimble County Unit 1 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 75.00% | 75.00% |
Electric plant | $ 427 | $ 407 |
Accumulated depreciation | 69 | 55 |
Construction work in progress | $ 1 | $ 1 |
LG And E And KU Energy LLC [Member] | Trimble County Unit 2 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 75.00% | 75.00% |
Electric plant | $ 1,032 | $ 1,026 |
Accumulated depreciation | 176 | 161 |
Construction work in progress | $ 198 | $ 83 |
Louisville Gas And Electric Co [Member] | E W Brown Units 6 And 7 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 38.00% | 38.00% |
Electric plant | $ 41 | $ 40 |
Accumulated depreciation | 17 | 15 |
Construction work in progress | $ 0 | $ 0 |
Louisville Gas And Electric Co [Member] | Paddys Run Unit 13 And E W Brown Unit 5 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 53.00% | 53.00% |
Electric plant | $ 52 | $ 55 |
Accumulated depreciation | 15 | 12 |
Construction work in progress | $ 0 | $ 1 |
Louisville Gas And Electric Co [Member] | Trimble County Unit 1 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 75.00% | 75.00% |
Electric plant | $ 427 | $ 407 |
Accumulated depreciation | 69 | 55 |
Construction work in progress | $ 1 | $ 1 |
Louisville Gas And Electric Co [Member] | Trimble County Unit 2 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 14.25% | 14.25% |
Electric plant | $ 215 | $ 214 |
Accumulated depreciation | 36 | 32 |
Construction work in progress | $ 102 | $ 43 |
Louisville Gas And Electric Co [Member] | Trimble County Units 5 And 6 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 29.00% | 29.00% |
Electric plant | $ 32 | $ 30 |
Accumulated depreciation | 9 | 8 |
Construction work in progress | $ 0 | $ 1 |
Louisville Gas And Electric Co [Member] | Trimble County Units 7 Through 10 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 37.00% | 37.00% |
Electric plant | $ 73 | $ 71 |
Accumulated depreciation | 21 | 17 |
Construction work in progress | $ 0 | $ 1 |
Louisville Gas And Electric Co [Member] | Cane Run Unit 7 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 22.00% | 22.00% |
Electric plant | $ 120 | $ 114 |
Accumulated depreciation | 8 | 5 |
Construction work in progress | $ 1 | $ 2 |
Louisville Gas And Electric Co [Member] | E W Brown Solar Unit [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 39.00% | 39.00% |
Electric plant | $ 10 | $ 10 |
Accumulated depreciation | 1 | 0 |
Construction work in progress | $ 0 | $ 0 |
Kentucky Utilities Co [Member] | E W Brown Units 6 And 7 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 62.00% | 62.00% |
Electric plant | $ 66 | $ 65 |
Accumulated depreciation | 27 | 23 |
Construction work in progress | $ 0 | $ 0 |
Kentucky Utilities Co [Member] | Paddys Run Unit 13 And E W Brown Unit 5 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 47.00% | 47.00% |
Electric plant | $ 46 | $ 50 |
Accumulated depreciation | 13 | 11 |
Construction work in progress | $ 0 | $ 1 |
Kentucky Utilities Co [Member] | Trimble County Unit 2 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 60.75% | 60.75% |
Electric plant | $ 817 | $ 812 |
Accumulated depreciation | 140 | 129 |
Construction work in progress | $ 96 | $ 40 |
Kentucky Utilities Co [Member] | Trimble County Units 5 And 6 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 71.00% | 71.00% |
Electric plant | $ 76 | $ 74 |
Accumulated depreciation | 20 | 19 |
Construction work in progress | $ 0 | $ 0 |
Kentucky Utilities Co [Member] | Trimble County Units 7 Through 10 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 63.00% | 63.00% |
Electric plant | $ 120 | $ 121 |
Accumulated depreciation | 34 | 29 |
Construction work in progress | $ 0 | $ 1 |
Kentucky Utilities Co [Member] | Cane Run Unit 7 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 78.00% | 78.00% |
Electric plant | $ 431 | $ 412 |
Accumulated depreciation | 31 | 18 |
Construction work in progress | $ 4 | $ 4 |
Kentucky Utilities Co [Member] | E W Brown Solar Unit [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 61.00% | 61.00% |
Electric plant | $ 16 | $ 15 |
Accumulated depreciation | 1 | 0 |
Construction work in progress | $ 0 | $ 0 |
Commitments and Contingencies83
Commitments and Contingencies (Energy Purchases, Energy Sales, Other Commitments and Legal Matters) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2015coal-fired_unit | Mar. 31, 2015coal-fired_unit | Dec. 31, 2017USD ($)claimresidentmi | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
LKE [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
LKE [Member] | Power Purchase [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
2,018 | $ 29 | ||||
2,019 | 27 | ||||
2,020 | 26 | ||||
2,021 | 27 | ||||
2,022 | 27 | ||||
Thereafter | 457 | ||||
Total future obligation | 593 | ||||
Purchases | $ 20 | $ 23 | $ 22 | ||
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 | mi | 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 | 2 | 1 | |||
LGE [Member] | Minimum [Member] | |||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | |||||
Number of miles within plant that would include a class of residents | mi | 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 | mi | 3 | ||||
LGE and KU [Member] | Natural Gas Fuel Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,019 | ||||
LGE and KU [Member] | Natural Gas Retail Supply Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,019 | ||||
LGE and KU [Member] | Coal [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,023 | ||||
LGE and KU [Member] | Coal Transportation And Fleeting Services [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,024 | ||||
LGE and KU [Member] | Natural Gas Transportation [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,026 | ||||
LG And E And KU Energy LLC [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | |||||
Number of miles within plant that would include a class of residents | mi | 4 | ||||
LG And E And KU Energy LLC [Member] | Power Purchase [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
2,018 | $ 29 | ||||
2,019 | 27 | ||||
2,020 | 26 | ||||
2,021 | 27 | ||||
2,022 | 27 | ||||
Thereafter | 457 | ||||
Total future obligation | 593 | ||||
Purchases | $ 20 | 23 | 22 | ||
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 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 | 2 | 1 | |||
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 | mi | 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 | mi | 3 | ||||
LG And E And KU Energy LLC [Member] | LGE and KU [Member] | Natural Gas Fuel Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,019 | ||||
LG And E And KU Energy LLC [Member] | LGE and KU [Member] | Natural Gas Retail Supply Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,019 | ||||
LG And E And KU Energy LLC [Member] | LGE and KU [Member] | Coal [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,023 | ||||
LG And E And KU Energy LLC [Member] | LGE and KU [Member] | Coal Transportation And Fleeting Services [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,024 | ||||
LG And E And KU Energy LLC [Member] | LGE and KU [Member] | Natural Gas Transportation [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,026 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
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 | mi | 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 | 2 | 1 | |||
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 | mi | 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 | mi | 3 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | Power Purchase [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
2,018 | $ 20 | ||||
2,019 | 19 | ||||
2,020 | 18 | ||||
2,021 | 19 | ||||
2,022 | 19 | ||||
Thereafter | 316 | ||||
Total future obligation | 411 | ||||
Purchases | $ 14 | 16 | 15 | ||
LOUISVILLE GAS And ELECTRIC CO [Member] | Natural Gas Fuel Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,019 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | Natural Gas Retail Supply Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,019 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | Coal [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,023 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | Coal Transportation And Fleeting Services [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,024 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | Natural Gas Transportation [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,026 | ||||
Kentucky Utilities Co [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
Kentucky Utilities Co [Member] | Power Purchase [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
2,018 | $ 9 | ||||
2,019 | 8 | ||||
2,020 | 8 | ||||
2,021 | 8 | ||||
2,022 | 8 | ||||
Thereafter | 141 | ||||
Total future obligation | 182 | ||||
Purchases | $ 6 | $ 7 | $ 7 | ||
Kentucky Utilities Co [Member] | Natural Gas Fuel Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,019 | ||||
Kentucky Utilities Co [Member] | Natural Gas Retail Supply Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,019 | ||||
Kentucky Utilities Co [Member] | Coal [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,023 | ||||
Kentucky Utilities Co [Member] | Coal Transportation And Fleeting Services [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,024 | ||||
Kentucky Utilities Co [Member] | Natural Gas Transportation [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,026 |
Commitments and Contingencies84
Commitments and Contingencies (Environmental Matter and Other) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)employees | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Collective Bargaining Agreement Term | 5 years |
PPL Electric [Member] | PPL Electric Additional Sites [Member] | |
Environmental Matters - Superfund And Other Remediation (Numeric) [Abstract] | |
Environmental site accrual | $ | $ 10 |
PPL Electric Utilities Corp [Member] | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 1,400 |
Collective Bargaining Agreement Term | 5 years |
PPL Electric Utilities Corp [Member] | PPL Electric Additional Sites [Member] | |
Environmental Matters - Superfund And Other Remediation (Numeric) [Abstract] | |
Environmental site accrual | $ | $ 10 |
LG And E And KU Energy LLC [Member] | LGE [Member] | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 671 |
Collective Bargaining Agreement Term | 3 years |
LG And E And KU Energy LLC [Member] | KU [Member] | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 54 |
Collective Bargaining Agreement Term | 3 years |
Louisville Gas And Electric Co [Member] | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 671 |
Collective Bargaining Agreement Term | 3 years |
Kentucky Utilities Co [Member] | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 54 |
Collective Bargaining Agreement Term | 3 years |
Commitments and Contingencies85
Commitments and Contingencies (Guarantees and Other Assurances) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2018 | Dec. 31, 2017USD ($)Integer | Dec. 31, 2016USD ($) | |
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | $ 17 | $ 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 is not estimateable | 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 Sales Of Assets [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | $ 11 | ||
Expiration date | 2,020 | ||
Minimum period that indemnifications generally expire (in years) | Integer | 2 | ||
Maximum period that indemnifications generally expire (in years) | Integer | 7 | ||
PPL Guarantee [Member] | Financial Guarantee [Member] | WPD Guarantee Of Pension And Other Obligations Of Unconsolidated Entities [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | $ 95 | ||
PPL Electric Guarantee [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | $ 16 | ||
Expiration date | 2,018 | ||
PPL Electric Guarantee [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | Subsequent Event [Member] | |||
Guarantor Obligations [Line Items] | |||
Expiration date | 2,020 | ||
LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | $ 201 | ||
Term of guarantee (in years) | 12 years | ||
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | $ 200 | ||
Maximum exposure of other guarantees expiring related to a terminated lease | $ 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 | ||
LGE And KU Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure is not estimateable | The maximum exposure and the expiration date of these potential obligations are not presently determinable. | ||
Contingent potential proportionate share of OVEC's outstanding debt | $ 117 | ||
PPL Electric Utilities Corp [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | $ 16 | ||
Expiration date | 2,018 | ||
PPL Electric Utilities Corp [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | Subsequent Event [Member] | |||
Guarantor Obligations [Line Items] | |||
Expiration date | 2,020 | ||
LG And E And KU Energy LLC [Member] | |||
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | $ 11 | $ 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 | $ 201 | ||
Term of guarantee (in years) | 12 years | ||
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | $ 200 | ||
Maximum exposure of other guarantees expiring related to a terminated lease | $ 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] | |||
Contingent potential proportionate share of OVEC's outstanding debt | $ 117 | ||
Louisville Gas And Electric Co [Member] | LGE And KU Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | |||
Guarantor Obligations [Line Items] | |||
Contingent potential proportionate share of OVEC's outstanding debt | 81 | ||
Kentucky Utilities Co [Member] | LGE And KU Guarantee [Member] | Financial Guarantee [Member] | LGE And KU Guarantee Of Shortfall Related To OVEC [Member] | |||
Guarantor Obligations [Line Items] | |||
Contingent potential proportionate share of OVEC's outstanding debt | $ 36 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
PPL Electric Utilities Corp [Member] | PPL Services [Member] | |||
Support Costs (Details) [Abstract] | |||
Support cost allocations from subsidiary of parent to registrant | $ 182 | $ 132 | $ 125 |
PPL Electric Utilities Corp [Member] | PPL EU Services [Member] | |||
Support Costs (Details) [Abstract] | |||
Support cost allocations from subsidiary of parent to registrant | 64 | 69 | 60 |
PPL Electric Utilities Corp [Member] | PPL Energy Funding [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Intercompany note with affiliate maximum borrowing capacity | 400 | ||
Notes Receivable, Related Parties, Current | 0 | 0 | |
LG And E And KU Energy LLC [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Notes payable to affiliates | 225 | 163 | |
Long-term debt to affiliate | 400 | 400 | |
Interest Expense, Related Party | 18 | 17 | 3 |
LG And E And KU Energy LLC [Member] | PPL Services [Member] | |||
Support Costs (Details) [Abstract] | |||
Support cost allocations from subsidiary of parent to registrant | $ 20 | $ 18 | 16 |
LG And E And KU Energy LLC [Member] | PPL Energy Funding [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Intercompany borrowings demand note rate on outstanding borrowing | 2.87% | 2.12% | |
Notes payable to affiliates | $ 225 | $ 163 | |
Intercompany note with affiliate maximum borrowing capacity | 275 | ||
Intercompany Note Affiliate Maximum Borrowing Capacity Increase | $ 50 | ||
LG And E And KU Energy LLC [Member] | PPL Affiliate [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Debt Instrument, Term | 10 years | ||
Intercompany borrowings demand note rate on outstanding borrowing | 3.50% | ||
Long-term debt to affiliate | $ 400 | ||
Interest Expense, Related Party | 14 | 14 | |
LG And E And KU Energy LLC [Member] | PPL Affiliate [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Intercompany note with affiliate maximum borrowing capacity | 300 | ||
Long-term debt to affiliate | 0 | 0 | |
Louisville Gas And Electric Co [Member] | |||
Intercompany Billings by LKS (Details) [Abstract] | |||
Intercompany billings between affiliates | 169 | 178 | 155 |
Louisville Gas And Electric Co [Member] | Parent And Affiliate [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Notes payable to affiliates | 0 | 0 | |
Intercompany Money Pool Agreement Maximum Borrowing Capacity | 500 | ||
Kentucky Utilities Co [Member] | |||
Intercompany Billings by LKS (Details) [Abstract] | |||
Intercompany billings between affiliates | 190 | 194 | $ 185 |
Kentucky Utilities Co [Member] | Parent And Affiliate [Member] | |||
Intercompany Borrowings (Numeric) [Abstract] | |||
Notes payable to affiliates | 0 | $ 0 | |
Intercompany Money Pool Agreement Maximum Borrowing Capacity | $ 500 |
Other Income (Expense) - net (D
Other Income (Expense) - net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income [Line Items] | |||
Economic foreign currency exchange contracts | $ (261) | $ 384 | $ 122 |
Interest income | 2 | 3 | 4 |
Allowance for funds used during construction - equity component | 16 | 19 | 14 |
Miscellaneous | 17 | 6 | 6 |
Total Other Income | (226) | 412 | 146 |
Other Expense [Line Items] | |||
Charitable contributions | 8 | 9 | 21 |
Miscellaneous | 21 | 13 | 17 |
Total Other Expense | 29 | 22 | 38 |
Other Income (Expense) - net | $ (255) | $ 390 | $ 108 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis Table) (Details) - Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 485 | $ 341 |
Restricted cash and cash equivalents | 26 | 26 |
Price risk management assets: | ||
Foreign currency contracts | 163 | 211 |
Cross-currency swaps | 101 | 188 |
Total price risk management assets | 264 | 399 |
Total assets | 775 | 766 |
Price risk management liabilities: | ||
Interest rate swaps | 26 | 31 |
Foreign currency contracts | 148 | 27 |
Total price risk management liabilities | 174 | 58 |
Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 485 | 341 |
Restricted cash and cash equivalents | 26 | 26 |
Price risk management assets: | ||
Foreign currency contracts | 0 | 0 |
Cross-currency swaps | 0 | 0 |
Total price risk management assets | 0 | 0 |
Total assets | 511 | 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 | 163 | 211 |
Cross-currency swaps | 101 | 188 |
Total price risk management assets | 264 | 399 |
Total assets | 264 | 399 |
Price risk management liabilities: | ||
Interest rate swaps | 26 | 31 |
Foreign currency contracts | 148 | 27 |
Total price risk management liabilities | 174 | 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 | 49 | 13 |
Restricted cash and cash equivalents | 2 | 2 |
Price risk management assets: | ||
Total assets | 51 | 15 |
PPL Electric Utilities Corp [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 49 | 13 |
Restricted cash and cash equivalents | 2 | 2 |
Price risk management assets: | ||
Total assets | 51 | 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 | 30 | 13 |
Price risk management assets: | ||
Cash collateral posted to counterparties | 0 | 3 |
Total assets | 30 | 16 |
Price risk management liabilities: | ||
Interest rate swaps | 26 | 31 |
Total price risk management liabilities | 26 | 31 |
LG And E And KU Energy LLC [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 30 | 13 |
Price risk management assets: | ||
Cash collateral posted to counterparties | 0 | 3 |
Total assets | 30 | 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 |
Price risk management assets: | ||
Cash collateral posted to counterparties | 0 | 0 |
Total assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 26 | 31 |
Total price risk management liabilities | 26 | 31 |
LG And E And KU Energy LLC [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Cash collateral posted to counterparties | 0 | 0 |
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 | 15 | 5 |
Price risk management assets: | ||
Cash collateral posted to counterparties | 0 | 3 |
Total assets | 15 | 8 |
Price risk management liabilities: | ||
Interest rate swaps | 26 | 31 |
Total price risk management liabilities | 26 | 31 |
Louisville Gas And Electric Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 15 | 5 |
Price risk management assets: | ||
Cash collateral posted to counterparties | 0 | 3 |
Total assets | 15 | 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 |
Price risk management assets: | ||
Cash collateral posted to counterparties | 0 | 0 |
Total assets | 0 | 0 |
Price risk management liabilities: | ||
Interest rate swaps | 26 | 31 |
Total price risk management liabilities | 26 | 31 |
Louisville Gas And Electric Co [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Price risk management assets: | ||
Cash collateral posted to counterparties | 0 | 0 |
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 | 15 | 7 |
Price risk management assets: | ||
Total assets | 15 | 7 |
Kentucky Utilities Co [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 15 | 7 |
Price risk management assets: | ||
Total assets | 15 | 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 (Financ
Fair Value Measurements (Financial Instruments Not Recorded at Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | $ 20,195 | $ 18,326 |
Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 23,783 | 21,355 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 3,298 | 2,831 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 3,769 | 3,148 |
LG And E And KU Energy LLC [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 5,159 | 5,065 |
LG And E And KU Energy LLC [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 5,670 | 5,439 |
Louisville Gas And Electric Co [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 1,709 | 1,617 |
Louisville Gas And Electric Co [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 1,865 | 1,710 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 2,328 | 2,327 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | $ 2,605 | $ 2,514 |
Derivative Instruments and He90
Derivative Instruments and Hedging Activities (Intro) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash Collateral Obligation Under Master Netting Arrangement | $ 20 | $ 19 |
Cash Collateral Posted Under Master Netting Arrangements | 0 | 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 | 0 | 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 | 0 | 3 |
Kentucky Utilities Co [Member] | ||
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash Collateral Obligation Under Master Netting Arrangement | 0 | 0 |
Cash Collateral Posted Under Master Netting Arrangements | $ 0 | $ 0 |
Derivative Instruments and He91
Derivative Instruments and Hedging Activities (Risk Disclosures) (Details) $ in Millions, £ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017GBP (£) | Sep. 30, 2016GBP (£) | |
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ (2) | $ 9 | $ 101 | ||||
Cash Flow Hedges [Member] | |||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||||
Insignificant or no hedge ineffectiveness associated with interest rate cash flow hedges | For 2017, PPL had no hedge ineffectiveness associated with interest rate derivatives. For 2016 and 2015, hedge ineffectiveness associated with interest rate derivatives was insignificant. | ||||||
No or insignificant after-tax gains (losses) previously recorded in AOCI reclassified to earnings related to interest rate cash flow hedge contracts | PPL had an insignificant amount of cash flow hedges reclassified into earnings associated with discontinued cash flow hedges in 2017 and 2016. As a result of the June 1, 2015 spinoff of PPL Energy Supply, all PPL cash flow hedges associated with PPL Energy Supply were ineffective and discontinued and therefore, reclassified into earnings during the second quarter of 2015 and reflected in discontinued operations for 2015. See Note 8 for additional information. PPL had no other cash flow hedges reclassified into earnings associated with discontinued cash flow hedges in 2015. | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) To Be Reclassified During Next 12 Months Insignificant | insignificant. | ||||||
Cash Flow Hedges [Member] | Cross Currency Interest Rate Swaps [Member] | |||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | |||||||
Notional amount | $ 702 | $ 702 | |||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||||
Earliest maturity date of cross-currency cash flow hedge contracts | 2,021 | ||||||
Latest maturity date of cross-currency cash flow hedge contracts | 2,028 | ||||||
Repayment Of Senior Debt Related To Matured Cash Flow Hedge | 100 | ||||||
Derivative, Notional Amount Matured | 100 | $ 100 | |||||
Gain (loss) recognized in income upon settlement of cross-currency interest rate swap contracts | 19 | ||||||
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 | 3,500 | $ 3,500 | £ 2.6 | ||||
Earliest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | Jan. 31, 2018 | ||||||
Latest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | Jun. 30, 2020 | ||||||
Economic Hedges [Member] | Foreign Currency Contracts [Member] | Hedges 2017 and 2018 [Member] | |||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | |||||||
Notional amount | $ 2,000 | £ 1.3 | |||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||||
Earliest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | Jan. 31, 2017 | ||||||
Latest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | Nov. 30, 2018 | ||||||
Derivative Cash Received On Hedge | $ 310 | ||||||
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | |||||||
Foreign Currency Risk - Net Investment Hedges (Numeric) [Abstract] | |||||||
Net after tax gains (losses) on net investment hedges recognized in the foreign currency translation adjustment component of AOCI | $ 22 | 21 | |||||
LGE [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | |||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | |||||||
Notional amount | 147 | $ 147 | |||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Notional amount of terminated swaps | 32 | ||||||
Net cash settlements on terminated interest rate swaps | 9 | ||||||
Year of expiration of the maximum maturity date of interest rate economic activity contracts | 2,033 | ||||||
LG And E And KU Energy LLC [Member] | |||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ 0 | 9 | 88 | ||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | |||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | |||||||
Notional amount | 147 | $ 147 | |||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Notional amount of terminated swaps | 32 | ||||||
Net cash settlements on terminated interest rate swaps | 9 | ||||||
Year of expiration of the maximum maturity date of interest rate economic activity contracts | 2,033 | ||||||
Louisville Gas And Electric Co [Member] | |||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ 0 | 9 | 44 | ||||
Louisville Gas And Electric Co [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | |||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | |||||||
Notional amount | $ 147 | $ 147 | |||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Notional amount of terminated swaps | 32 | ||||||
Net cash settlements on terminated interest rate swaps | 9 | ||||||
Year of expiration of the maximum maturity date of interest rate economic activity contracts | 2,033 | ||||||
Kentucky Utilities Co [Member] | |||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ 0 | $ 0 | $ 44 |
Derivative Instruments and He92
Derivative Instruments and Hedging Activities (Fair Values) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | $ 101 | $ 188 |
Liability value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 4 | 32 |
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 4 | 32 |
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 97 | 156 |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 97 | 156 |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 163 | 211 |
Liability value | 174 | 58 |
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 45 | 31 |
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 45 | 31 |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 118 | 180 |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 118 | 180 |
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 71 | 25 |
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 4 |
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Foreign Currency Contracts [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 67 | 21 |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 103 | 33 |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 22 | 27 |
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Cross Currency Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 0 | 0 |
Derivatives 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] | Derivatives Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 26 | 31 |
LG And E And KU Energy LLC [Member] | Derivatives 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] | Derivatives 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] | Derivatives 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] | Derivatives 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] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 4 |
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 4 |
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 22 | 27 |
LG And E And KU Energy LLC [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 22 | 27 |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Asset value | 0 | 0 |
Liability value | 26 | 31 |
Louisville Gas And Electric Co [Member] | Derivatives 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] | Derivatives 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] | Derivatives 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] | Derivatives 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] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 4 |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 4 | 4 |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | 22 | 27 |
Louisville Gas And Electric Co [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ||
Fair Values by Balance Sheet Location [Abstract] | ||
Liability value | $ 22 | $ 27 |
Derivative Instruments and He93
Derivative Instruments and Hedging Activities (Gains and Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flow Hedges [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | $ (91) | $ 112 | $ 53 |
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | (70) |
Cash Flow Hedges [Member] | Other Comprehensive Income [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) recognized in OCI on derivative (effective portion) | (98) | 109 | 26 |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Comprehensive Income [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) recognized in OCI on derivative (effective portion) | 0 | (21) | (34) |
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 on derivative (effective portion) | (9) | (7) | (11) |
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Discontinued Operations [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 0 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | (77) | ||
Cash Flow Hedges [Member] | Cross Currency Swaps [Member] | Other Comprehensive Income [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) recognized in OCI on derivative (effective portion) | (98) | 130 | 60 |
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 on derivative (effective portion) | (82) | 116 | 49 |
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 |
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 on derivative (effective portion) | 3 | 2 | |
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | |
Cash Flow Hedges [Member] | Commodity Contracts [Member] | Discontinued Operations [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) reclassified from AOCI into income on derivative (effective portion) | 13 | ||
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 7 | ||
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | Other Comprehensive Income [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) recognized in OCI on derivative (effective portion) | 1 | 2 | 9 |
Derivatives Designated As Hedging Instruments [Member] | Cash Flow Hedges [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 | 0 | 0 | (22) |
Derivatives Not Designated As Hedging Instruments [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) recognized in income on derivative | (267) | 377 | 114 |
Derivatives 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 | 5 | 7 | 1 |
Derivatives 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 | (6) | (7) | (8) |
Derivatives 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 | (261) | 384 | 122 |
LG And E And KU Energy LLC [Member] | Derivatives Designated As Hedging Instruments [Member] | Cash Flow Hedges [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 | 0 | 0 | (22) |
LG And E And KU Energy LLC [Member] | Derivatives 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 | 5 | 7 | 1 |
LG And E And KU Energy LLC [Member] | Derivatives 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 | (6) | (7) | (8) |
Louisville Gas And Electric Co [Member] | Derivatives Designated As Hedging Instruments [Member] | Cash Flow Hedges [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 | 0 | 0 | (11) |
Louisville Gas And Electric Co [Member] | Derivatives 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 | 5 | 7 | 1 |
Louisville Gas And Electric Co [Member] | Derivatives 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 | (6) | (7) | (8) |
Kentucky Utilities Co [Member] | Derivatives Designated As Hedging Instruments [Member] | Cash Flow Hedges [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 | $ 0 | $ 0 | $ (11) |
Derivative Instruments and He94
Derivative Instruments and Hedging Activities (Offsetting Derivative Instruments and Credit Risk-Related Features) (Details) - USD ($) $ in Millions | Dec. 31, 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 | $ 51 | |
Aggregate fair value of collateral posted on these derivative instruments | 0 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 51 | |
Treasury Derivatives [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross assets | 264 | $ 399 |
Derivative instruments eligible for offset - assets | 107 | 27 |
Cash collateral received eligible for offset - assets | 20 | 19 |
Net assets | 137 | 353 |
Gross liabilities | 174 | 58 |
Derivative instruments eligible for offset - liabilities | 107 | 27 |
Cash collateral pledged eligible for offset - liabilities | 0 | 3 |
Net liabilities | 67 | 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 | 10 | |
Aggregate fair value of collateral posted on these derivative instruments | 0 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 10 | |
LG And E And KU Energy LLC [Member] | Treasury Derivatives [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross assets | 0 | 0 |
Derivative instruments eligible for offset - assets | 0 | 0 |
Cash collateral received eligible for offset - assets | 0 | 0 |
Net assets | 0 | 0 |
Gross liabilities | 26 | 31 |
Derivative instruments eligible for offset - liabilities | 0 | 0 |
Cash collateral pledged eligible for offset - liabilities | 0 | 3 |
Net liabilities | 26 | 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 | 10 | |
Aggregate fair value of collateral posted on these derivative instruments | 0 | |
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | 10 | |
Louisville Gas And Electric Co [Member] | Treasury Derivatives [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross assets | 0 | 0 |
Derivative instruments eligible for offset - assets | 0 | 0 |
Cash collateral received eligible for offset - assets | 0 | 0 |
Net assets | 0 | 0 |
Gross liabilities | 26 | 31 |
Derivative instruments eligible for offset - liabilities | 0 | 0 |
Cash collateral pledged eligible for offset - liabilities | 0 | 3 |
Net liabilities | $ 26 | $ 28 |
Goodwill and Other Intangible95
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | ||
Balance at beginning of period | $ 3,060 | $ 3,550 |
Effect of foreign currency exchange rates | 198 | (490) |
Balance at end of period | 3,258 | 3,060 |
U.K. Regulated [Member] | ||
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | ||
Balance at beginning of period | 2,398 | 2,888 |
Effect of foreign currency exchange rates | 198 | (490) |
Balance at end of period | 2,596 | 2,398 |
Kentucky Regulated [Member] | ||
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | ||
Balance at beginning of period | 662 | 662 |
Balance at end of period | 662 | 662 |
LG And E And KU Energy LLC [Member] | ||
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | ||
Balance at beginning of period | 996 | |
Balance at end of period | 996 | 996 |
Louisville Gas And Electric Co [Member] | ||
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | ||
Balance at beginning of period | 389 | |
Balance at end of period | 389 | 389 |
Kentucky Utilities Co [Member] | ||
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | ||
Balance at beginning of period | 607 | |
Balance at end of period | $ 607 | $ 607 |
Goodwill and Other Intangible96
Goodwill and Other Intangible Assets (Other Intangibles) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subject to amortization: [Abstract] | |||
Gross carrying amount | $ 528 | $ 775 | |
Accumulated amortization | 190 | 442 | |
Not subject to amortization due to indefinite life: [Line Items] | |||
Gross carrying amount | 359 | 367 | |
Gross carrying amount - other intangible assets | 887 | 1,142 | |
Land And Transmission Rights [Member] | |||
Not subject to amortization due to indefinite life: [Line Items] | |||
Gross carrying amount | 12 | 19 | |
Easements [Member] | |||
Not subject to amortization due to indefinite life: [Line Items] | |||
Gross carrying amount | 347 | 348 | |
Contracts [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 138 | 405 | |
Accumulated amortization | 67 | 325 | |
Land And Transmission Rights [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 382 | 362 | |
Accumulated amortization | 120 | 115 | |
Emission Allowances And Renewable Energy Credits [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 1 | 2 | |
Accumulated amortization | 0 | 0 | |
Licenses And Other [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 7 | 6 | |
Accumulated amortization | 3 | 2 | |
Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 15 | 30 | $ 57 |
Forecasted amortization in 2018 | 15 | ||
Forecasted amortization in 2019 | 15 | ||
Forecasted amortization in 2020 | 14 | ||
Forecasted amortization in 2021 | 14 | ||
Forecasted amortization in 2022 | 14 | ||
Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits With No Regulatory Offset [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 6 | 6 | 6 |
Forecasted amortization in 2018 | 6 | ||
Forecasted amortization in 2019 | 6 | ||
Forecasted amortization in 2020 | 6 | ||
Forecasted amortization in 2021 | 6 | ||
Forecasted amortization in 2022 | 6 | ||
Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits With Regulatory Offset [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 9 | 24 | 51 |
Forecasted amortization in 2018 | 9 | ||
Forecasted amortization in 2019 | 9 | ||
Forecasted amortization in 2020 | 8 | ||
Forecasted amortization in 2021 | 8 | ||
Forecasted amortization in 2022 | 8 | ||
PPL Electric Utilities Corp [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 364 | 344 | |
Accumulated amortization | 118 | 113 | |
Not subject to amortization due to indefinite life: [Line Items] | |||
Gross carrying amount - other intangible assets | 377 | 364 | |
PPL Electric Utilities Corp [Member] | Land And Transmission Rights [Member] | |||
Not subject to amortization due to indefinite life: [Line Items] | |||
Gross carrying amount | 13 | 20 | |
PPL Electric Utilities Corp [Member] | Land And Transmission Rights [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 361 | 341 | |
Accumulated amortization | 117 | 112 | |
PPL Electric Utilities Corp [Member] | Licenses And Other [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 3 | 3 | |
Accumulated amortization | 1 | 1 | |
LG And E And KU Energy LLC [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 147 | 416 | |
Accumulated amortization | 61 | 321 | |
LG And E And KU Energy LLC [Member] | Coal Contracts [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 0 | 269 | |
Accumulated amortization | 0 | 269 | |
LG And E And KU Energy LLC [Member] | Land And Transmission Rights [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 21 | 21 | |
Accumulated amortization | 3 | 3 | |
LG And E And KU Energy LLC [Member] | Ohio Valley Electric Corporation Power Purchase Agreement [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 126 | 126 | |
Accumulated amortization | 58 | 49 | |
LG And E And KU Energy LLC [Member] | Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 9 | 25 | 51 |
LG And E And KU Energy LLC [Member] | Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits With No Regulatory Offset [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 0 | 1 | 0 |
LG And E And KU Energy LLC [Member] | Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits With Regulatory Offset [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 9 | 24 | 51 |
Forecasted amortization in 2018 | 9 | ||
Forecasted amortization in 2019 | 9 | ||
Forecasted amortization in 2020 | 8 | ||
Forecasted amortization in 2021 | 8 | ||
Forecasted amortization in 2022 | 8 | ||
Louisville Gas And Electric Co [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 94 | 218 | |
Accumulated amortization | 41 | 159 | |
Louisville Gas And Electric Co [Member] | Coal Contracts [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 0 | 124 | |
Accumulated amortization | 0 | 124 | |
Louisville Gas And Electric Co [Member] | Land And Transmission Rights [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 7 | 7 | |
Accumulated amortization | 1 | 1 | |
Louisville Gas And Electric Co [Member] | Ohio Valley Electric Corporation Power Purchase Agreement [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 87 | 87 | |
Accumulated amortization | 40 | 34 | |
Louisville Gas And Electric Co [Member] | Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits With Regulatory Offset [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 6 | 13 | 24 |
Forecasted amortization in 2018 | 6 | ||
Forecasted amortization in 2019 | 6 | ||
Forecasted amortization in 2020 | 6 | ||
Forecasted amortization in 2021 | 6 | ||
Forecasted amortization in 2022 | 6 | ||
Kentucky Utilities Co [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 53 | 198 | |
Accumulated amortization | 20 | 162 | |
Kentucky Utilities Co [Member] | Coal Contracts [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 0 | 145 | |
Accumulated amortization | 0 | 145 | |
Kentucky Utilities Co [Member] | Land And Transmission Rights [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 14 | 14 | |
Accumulated amortization | 2 | 2 | |
Kentucky Utilities Co [Member] | Ohio Valley Electric Corporation Power Purchase Agreement [Member] | |||
Subject to amortization: [Abstract] | |||
Gross carrying amount | 39 | 39 | |
Accumulated amortization | 18 | 15 | |
Kentucky Utilities Co [Member] | Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 3 | 12 | 27 |
Kentucky Utilities Co [Member] | Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits With No Regulatory Offset [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 0 | 1 | 0 |
Kentucky Utilities Co [Member] | Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits With Regulatory Offset [Member] | |||
Subject to amortization: [Abstract] | |||
Amortization expense | 3 | $ 11 | $ 27 |
Forecasted amortization in 2018 | 3 | ||
Forecasted amortization in 2019 | 3 | ||
Forecasted amortization in 2020 | 2 | ||
Forecasted amortization in 2021 | 2 | ||
Forecasted amortization in 2022 | $ 2 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation [Rollforward] | ||
Balance at Beginning of Period | $ 488 | $ 586 |
Accretion | 21 | 24 |
Changes in estimated cash flow or settlement date | (73) | (84) |
Effect of foreign currency exchange rates | 4 | (9) |
Obligations settled | (43) | (29) |
Balance at End of Period | 397 | 488 |
LG And E And KU Energy LLC [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Balance at Beginning of Period | 433 | 535 |
Accretion | 20 | 22 |
Changes in estimated cash flow or settlement date | (54) | (95) |
Obligations settled | (43) | (29) |
Balance at End of Period | 356 | 433 |
Increase (Decrease) to the asset retirement obligation due to revisions in the amounts and timing of future expected costs related to the closure of CCR impoundments | (60) | 114 |
Louisville Gas And Electric Co [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Balance at Beginning of Period | 145 | 175 |
Accretion | 7 | 7 |
Changes in estimated cash flow or settlement date | (8) | (19) |
Obligations settled | (23) | (18) |
Balance at End of Period | 121 | 145 |
Increase (Decrease) to the asset retirement obligation due to revisions in the amounts and timing of future expected costs related to the closure of CCR impoundments | (8) | (24) |
Kentucky Utilities Co [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Balance at Beginning of Period | 288 | 360 |
Accretion | 13 | 15 |
Changes in estimated cash flow or settlement date | (46) | (76) |
Obligations settled | (20) | (11) |
Balance at End of Period | 235 | 288 |
Increase (Decrease) to the asset retirement obligation due to revisions in the amounts and timing of future expected costs related to the closure of CCR impoundments | $ (52) | $ (90) |
Accumulated Other Comprehensi98
Accumulated Other Comprehensive Income (Loss) (After-tax Changes by Component) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (3,778) | $ (2,728) | $ (2,274) |
Amounts arising during the period | 151 | (1,080) | (575) |
Reclassifications from AOCI | 205 | 30 | 145 |
Net OCI during the period | 356 | (1,050) | (430) |
Distribution of PPL Energy Supply | (24) | ||
Balance at end of period | (3,422) | (3,778) | (2,728) |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,627) | (520) | (286) |
Amounts arising during the period | 538 | (1,107) | (234) |
Reclassifications from AOCI | 0 | 0 | 0 |
Net OCI during the period | 538 | (1,107) | (234) |
Distribution of PPL Energy Supply | 0 | ||
Balance at end of period | (1,089) | (1,627) | (520) |
Available For Sale Securities Unrealized Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 0 | 0 | 201 |
Amounts arising during the period | 0 | 0 | 8 |
Reclassifications from AOCI | 0 | 0 | (2) |
Net OCI during the period | 0 | 0 | 6 |
Distribution of PPL Energy Supply | (207) | ||
Balance at end of period | 0 | 0 | 0 |
Qualifying Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (7) | (7) | 20 |
Amounts arising during the period | (79) | 91 | 26 |
Reclassifications from AOCI | 73 | (91) | 2 |
Net OCI during the period | (6) | 0 | 28 |
Distribution of PPL Energy Supply | (55) | ||
Balance at end of period | (13) | (7) | (7) |
Equity Investees AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1) | 0 | 1 |
Amounts arising during the period | 0 | 0 | 0 |
Reclassifications from AOCI | 1 | (1) | (1) |
Net OCI during the period | 1 | (1) | (1) |
Distribution of PPL Energy Supply | 0 | ||
Balance at end of period | 0 | (1) | 0 |
Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (8) | (6) | 3 |
Amounts arising during the period | 0 | (3) | (9) |
Reclassifications from AOCI | 1 | 1 | 0 |
Net OCI during the period | 1 | (2) | (9) |
Distribution of PPL Energy Supply | 0 | ||
Balance at end of period | (7) | (8) | (6) |
Defined Benefit Plans Actuarial Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (2,135) | (2,195) | (2,213) |
Amounts arising during the period | (308) | (61) | (366) |
Reclassifications from AOCI | 130 | 121 | 146 |
Net OCI during the period | (178) | 60 | (220) |
Distribution of PPL Energy Supply | 238 | ||
Balance at end of period | (2,313) | (2,135) | (2,195) |
LG And E And KU Energy LLC [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (70) | (46) | (45) |
Amounts arising during the period | (25) | (27) | (7) |
Reclassifications from AOCI | 7 | 3 | 6 |
Net OCI during the period | (18) | (24) | (1) |
Balance at end of period | (88) | (70) | (46) |
LG And E And KU Energy LLC [Member] | Equity Investees AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1) | 0 | 0 |
Amounts arising during the period | 0 | 0 | 0 |
Reclassifications from AOCI | 1 | (1) | 0 |
Net OCI during the period | 1 | (1) | 0 |
Balance at end of period | 0 | (1) | 0 |
LG And E And KU Energy LLC [Member] | Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (8) | (10) | (8) |
Amounts arising during the period | (2) | 0 | (3) |
Reclassifications from AOCI | 1 | 2 | 1 |
Net OCI during the period | (1) | 2 | (2) |
Balance at end of period | (9) | (8) | (10) |
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 | (61) | (36) | (37) |
Amounts arising during the period | (23) | (27) | (4) |
Reclassifications from AOCI | 5 | 2 | 5 |
Net OCI during the period | (18) | (25) | 1 |
Balance at end of period | $ (79) | $ (61) | $ (36) |
Accumulated Other Comprehensi99
Accumulated Other Comprehensive Income (Loss) (Income (Expense) Effect of Reclassifications) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Affected Line Item on the Statements of Income | |||
Interest Expense | $ (901) | $ (888) | $ (871) |
Other Income (Expense) - net | (255) | 390 | 108 |
Total Pre-tax | 1,912 | 2,550 | 2,068 |
Income Taxes | (784) | (648) | (465) |
Total After-Tax | 1,128 | 1,902 | 1,603 |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Total After-Tax | (205) | (30) | (145) |
Available For Sale Securities [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Other Income (Expense) - net | 0 | 0 | 4 |
Total Pre-tax | 0 | 0 | 4 |
Income Taxes | 0 | 0 | (2) |
Total After-Tax | 0 | 0 | 2 |
Qualifying Derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Total Pre-tax | (91) | 112 | (17) |
Income Taxes | 18 | (21) | 15 |
Total After-Tax | (73) | 91 | (2) |
Qualifying Derivatives [Member] | Interest Rate Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Interest Expense | (9) | (7) | (11) |
Discontinued operations | 0 | 0 | (77) |
Qualifying Derivatives [Member] | Cross Currency Swaps [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Interest Expense | 0 | 3 | 2 |
Other Income (Expense) - net | (82) | 116 | 49 |
Qualifying Derivatives [Member] | Commodity Contracts [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Discontinued operations | 0 | 0 | 20 |
Equity Investees AOCI [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Other Income (Expense) - net | (1) | 1 | 1 |
Total Pre-tax | (1) | 1 | 1 |
Income Taxes | 0 | 0 | 0 |
Total After-Tax | (1) | 1 | 1 |
Defined Benefit Plans [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Total Pre-tax | (169) | (158) | (192) |
Income Taxes | 38 | 36 | 46 |
Total After-Tax | (131) | (122) | (146) |
Defined Benefit Plans [Member] | Prior Service Costs [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Total Pre-tax | (2) | (2) | 0 |
Defined Benefit Plans [Member] | Net Actuarial Loss [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||
Affected Line Item on the Statements of Income | |||
Total Pre-tax | $ (167) | $ (156) | $ (192) |
New Accounting Guidance Pend100
New Accounting Guidance Pending Adoption New Accounting Guidance Pending Adoption (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan [Member] | U.K. [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated Impact Of Adoption Of ASU 2017-07 | $ 175 | $ 120 |
SCHEDULE I - CONDENSED UNCON101
SCHEDULE I - CONDENSED UNCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues [Abstract] | |||||||||||
Operating Revenues | $ 1,926 | $ 1,845 | $ 1,725 | $ 1,951 | $ 1,832 | $ 1,889 | $ 1,785 | $ 2,011 | $ 7,447 | $ 7,517 | $ 7,669 |
Operating Expenses [Abstract] | |||||||||||
Other operation and maintenance | 1,635 | 1,745 | 1,938 | ||||||||
Total Operating Expenses | 4,379 | 4,469 | 4,838 | ||||||||
Operating Loss | 793 | 777 | 702 | 796 | 714 | 786 | 725 | 823 | 3,068 | 3,048 | 2,831 |
Other Income (Expense) - net [Abstract] | |||||||||||
Other Income (Expense) - net | (255) | 390 | 108 | ||||||||
Interest Expense | 901 | 888 | 871 | ||||||||
Income Taxes | 784 | 648 | 465 | ||||||||
Net income | $ 78 | $ 355 | $ 292 | $ 403 | $ 465 | $ 473 | $ 483 | $ 481 | 1,128 | 1,902 | 682 |
Total other comprehensive income (loss) | 356 | (1,050) | (430) | ||||||||
Comprehensive Income Attributable to PPL Shareowners | $ 1,484 | $ 852 | $ 252 | ||||||||
Net Income Available to PPL Corporation Common Shareowners: (in dollars per share) | |||||||||||
Basic | $ 0.11 | $ 0.52 | $ 0.43 | $ 0.59 | $ 0.68 | $ 0.70 | $ 0.71 | $ 0.71 | $ 1.64 | $ 2.80 | $ 1.01 |
Diluted | $ 0.11 | $ 0.51 | $ 0.43 | $ 0.59 | $ 0.68 | $ 0.69 | $ 0.71 | $ 0.71 | $ 1.64 | $ 2.79 | $ 1.01 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||
Basic | 685,240 | 677,592 | 669,814 | ||||||||
Diluted | 687,334 | 680,446 | 672,586 | ||||||||
PPL Corp [Member] | |||||||||||
Operating Revenues [Abstract] | |||||||||||
Operating Revenues | $ 0 | $ 0 | $ 0 | ||||||||
Operating Expenses [Abstract] | |||||||||||
Other operation and maintenance | 2 | 2 | 9 | ||||||||
Total Operating Expenses | 2 | 2 | 9 | ||||||||
Operating Loss | (2) | (2) | (9) | ||||||||
Other Income (Expense) - net [Abstract] | |||||||||||
Equity in earnings of subsidiaries | 1,175 | 1,915 | 711 | ||||||||
Other income (expense) | (1) | (1) | (15) | ||||||||
Other Income (Expense) - net | 1,174 | 1,914 | 696 | ||||||||
Interest Expense | 8 | 8 | 9 | ||||||||
Interest Expense with Affiliates | 16 | 10 | 10 | ||||||||
Income Before Income Taxes | 1,148 | 1,894 | 668 | ||||||||
Income Taxes | 20 | (8) | (14) | ||||||||
Net income | 1,128 | 1,902 | 682 | ||||||||
Total other comprehensive income (loss) | 356 | (1,050) | (430) | ||||||||
Comprehensive Income Attributable to PPL Shareowners | $ 1,484 | $ 852 | $ 252 | ||||||||
Net Income Available to PPL Corporation Common Shareowners: (in dollars per share) | |||||||||||
Basic | $ 1.64 | $ 2.80 | $ 1.01 | ||||||||
Diluted | $ 1.64 | $ 2.79 | $ 1.01 | ||||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||
Basic | 685,240 | 677,592 | 669,814 | ||||||||
Diluted | 687,334 | 680,446 | 672,586 | ||||||||
L G And E And K U Energy L L C Unconsolidated [Member] | |||||||||||
Other Income (Expense) - net [Abstract] | |||||||||||
Equity in earnings of subsidiaries | $ 397 | $ 452 | $ 390 | ||||||||
Interest Income from Affiliate | 14 | 9 | 4 | ||||||||
Other Income (Expense) - net | 411 | 461 | 394 | ||||||||
Interest Expense | 30 | 29 | 39 | ||||||||
Interest Expense with Affiliates | 20 | 18 | 5 | ||||||||
Income Before Income Taxes | 361 | 414 | 350 | ||||||||
Income Taxes | 45 | (15) | (14) | ||||||||
Net income | 316 | 429 | 364 | ||||||||
Total other comprehensive income (loss) | (18) | (24) | (1) | ||||||||
Comprehensive Income Attributable to PPL Shareowners | $ 298 | $ 405 | $ 363 |
SCHEDULE I - CONDENSED UNCON102
SCHEDULE I - CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Unconsolidated Financial Statements [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 2,461 | $ 2,890 | $ 2,272 |
Cash Flows from Operating Activities [Abstract] | |||
Net cash provided by (used in) operating activities | 2,461 | 2,890 | 2,615 |
Cash Flows from Investing Activities [Abstract] | |||
Net cash provided by (used in) investing activities | (3,156) | (2,918) | (3,588) |
Cash Flows from Financing Activities [Abstract] | |||
Issuance of equity, net of issuance costs | 453 | 144 | 203 |
Net increase (decrease) in short-term debt | 115 | 29 | 94 |
Retirement of long-term debt | (168) | (930) | (1,000) |
Issuance of long-term debt | 1,515 | 1,342 | 2,236 |
Payment of common stock dividends | (1,072) | (1,030) | (1,004) |
Other | (19) | 6 | (47) |
Net cash provided by (used in) financing activities - continuing operations | 824 | (439) | 482 |
Net cash provided by (used in) financing activities | 824 | (439) | 68 |
Net Increase (Decrease) in Cash and Cash Equivalents | 144 | (495) | (563) |
Cash and Cash Equivalents at Beginning of Period | 341 | 836 | 1,399 |
Cash and Cash Equivalents at End of Period | 485 | 341 | 836 |
PPL Corp [Member] | |||
Cash Flows from Operating Activities [Abstract] | |||
Net cash provided by (used in) operating activities | 1,108 | 1,563 | 993 |
Cash Flows from Investing Activities [Abstract] | |||
Capital contributions to affiliated subsidiaries | (585) | (308) | (491) |
Return of capital from affiliated subsidiaries | 0 | 0 | 112 |
Net cash provided by (used in) investing activities | (585) | (308) | (379) |
Cash Flows from Financing Activities [Abstract] | |||
Issuance of equity, net of issuance costs | 453 | 144 | 203 |
Net increase (decrease) in short-term debt with affiliates | 113 | (341) | 215 |
Payment of common stock dividends | (1,072) | (1,030) | (1,004) |
Other | (21) | (24) | (28) |
Net cash provided by (used in) financing activities | (527) | (1,251) | (614) |
Cash and Cash Equivalents at Beginning of Period | 4 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 4 | 0 |
Supplemental Disclosures of Cash Flow Information: [Abstract] | |||
Cash Dividends Received from Subsidiaries | 1,253 | 1,510 | 1,198 |
L G And E And K U Energy L L C Unconsolidated [Member] | |||
Condensed Unconsolidated Financial Statements [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 401 | 285 | 246 |
Cash Flows from Investing Activities [Abstract] | |||
Capital contributions to affiliated subsidiaries | (30) | (91) | (140) |
Net decrease in notes receivable from affiliates | (28) | 47 | 73 |
Net cash provided by (used in) investing activities | (58) | (44) | (67) |
Cash Flows from Financing Activities [Abstract] | |||
Net increase (decrease) in notes payable to affiliates | 58 | 90 | 315 |
Net increase (decrease) in short-term debt | 0 | (75) | 0 |
Retirement of long-term debt | 0 | 0 | (400) |
Contributions from member | 0 | 61 | 125 |
Distributions to member | (402) | (316) | (219) |
Net cash provided by (used in) financing activities | (344) | (240) | (179) |
Net Increase (Decrease) in Cash and Cash Equivalents | (1) | 1 | 0 |
Cash and Cash Equivalents at Beginning of Period | 1 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 1 | 0 |
Supplemental Disclosures of Cash Flow Information: [Abstract] | |||
Cash Dividends Received from Subsidiaries | $ 418 | $ 376 | $ 272 |
SCHEDULE I - CONDENSED UNCON103
SCHEDULE I - CONDENSED UNCONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Assets | |||||
Cash and cash equivalents | $ 485 | $ 341 | $ 836 | $ 1,399 | |
Accounts Receivable [Abstract] | |||||
Other | 100 | 46 | |||
Accounts receivable | 681 | 666 | |||
Prepayments | 66 | 63 | |||
Price risk management assets | 49 | 63 | |||
Other current assets | 50 | 52 | |||
Total Current Assets | 2,294 | 2,067 | |||
Other Noncurrent Assets [Abstract] | |||||
Price risk management assets | 215 | 336 | |||
Other noncurrent assets | 135 | 151 | |||
Total Other Noncurrent Assets | 6,093 | 6,174 | |||
Total Assets | 41,479 | 38,315 | |||
Current Liabilities [Abstract] | |||||
Short-term debt | 1,080 | 923 | |||
Long-term debt due within one year | 348 | 518 | |||
Dividends | 273 | 259 | |||
Taxes | 105 | 101 | |||
Other current liabilities | 624 | 569 | |||
Total Current Liabilities | 4,023 | 3,837 | |||
Long-term Debt [Abstract] | |||||
Total Long-term Debt | 19,847 | 17,808 | |||
Total Deferred Credits and Other Noncurrent Liabilities | 6,848 | 6,771 | |||
Equity [Abstract] | |||||
Common stock | [1] | 7 | 7 | ||
Additional paid-in capital | 10,305 | 9,841 | |||
Earnings reinvested | 3,871 | 3,829 | |||
Accumulated other comprehensive loss | (3,422) | (3,778) | (2,728) | (2,274) | |
Total Equity | 10,761 | 9,899 | 9,919 | 13,628 | |
Total Liabilities and Equity | $ 41,479 | $ 38,315 | |||
PPL Corporation Shareowners' Common Equity Additional Information [Abstract] | |||||
Common stock par value | $ 0.01 | $ 0.01 | |||
Common stock shares authorized | 1,560,000 | 1,560,000 | |||
Common stock shares issued | 693,398 | 679,731 | |||
Common stock shares outstanding | 693,398 | 679,731 | |||
PPL Corp [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | $ 0 | $ 4 | 0 | 0 | |
Accounts Receivable [Abstract] | |||||
Other | 7 | 7 | |||
Accounts receivable from affiliates | 17 | 10 | |||
Price risk management assets | 196 | 63 | |||
Total Current Assets | 220 | 84 | |||
Investments [Abstract] | |||||
Affiliated companies at equity | 11,141 | 10,160 | |||
Other Noncurrent Assets [Abstract] | |||||
Deferred income taxes | 46 | 70 | |||
Price risk management assets | 186 | 284 | |||
Other noncurrent assets | 1 | 1 | |||
Total Other Noncurrent Assets | 233 | 355 | |||
Total Assets | 11,594 | 10,599 | |||
Current Liabilities [Abstract] | |||||
Short-term debt with affiliates | 157 | 44 | |||
Accounts payable with affiliates | 2 | 30 | |||
Dividends | 273 | 259 | |||
Price risk management liabilities | 233 | 237 | |||
Other current liabilities | 19 | 20 | |||
Total Current Liabilities | 684 | 590 | |||
Long-term Debt [Abstract] | |||||
Total Deferred Credits and Other Noncurrent Liabilities | 149 | 110 | |||
Equity [Abstract] | |||||
Common stock | 7 | 7 | |||
Additional paid-in capital | 10,305 | 9,841 | |||
Earnings reinvested | 3,871 | 3,829 | |||
Accumulated other comprehensive loss | (3,422) | (3,778) | |||
Total Equity | 10,761 | 9,899 | |||
Total Liabilities and Equity | $ 11,594 | $ 10,599 | |||
PPL Corporation Shareowners' Common Equity Additional Information [Abstract] | |||||
Common stock par value | $ 0.01 | $ 0.01 | |||
Common stock shares authorized | 1,560,000 | ||||
Common stock shares issued | 693,398 | 679,731 | |||
Common stock shares outstanding | 693,398 | 679,731 | |||
L G And E And K U Energy L L C Unconsolidated [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | $ 0 | $ 1 | $ 0 | $ 0 | |
Accounts Receivable [Abstract] | |||||
Accounts receivable | 1 | 0 | |||
Accounts receivable from affiliates | 8 | 23 | |||
Income Taxes Receivable, Current | 1 | 31 | |||
Notes receivable from affiliates | 1,035 | 1,007 | |||
Total Current Assets | 1,045 | 1,062 | |||
Investments [Abstract] | |||||
Affiliated companies at equity | 5,209 | 5,219 | |||
Other Noncurrent Assets [Abstract] | |||||
Deferred income taxes | 263 | 227 | |||
Total Assets | 6,517 | 6,508 | |||
Current Liabilities [Abstract] | |||||
Notes payable to affiliates | 241 | 179 | |||
Accounts payable with affiliates | 469 | 450 | |||
Taxes | 35 | 0 | |||
Other current liabilities | 5 | 6 | |||
Total Current Liabilities | 750 | 635 | |||
Long-term Debt [Abstract] | |||||
Long-term debt | 722 | 721 | |||
Notes payable to affiliates | 476 | 480 | |||
Total Long-term Debt | 1,198 | 1,201 | |||
Total Deferred Credits and Other Noncurrent Liabilities | 6 | 5 | |||
Equity [Abstract] | |||||
Members Equity | 4,563 | 4,667 | |||
Total Liabilities and Equity | $ 6,517 | $ 6,508 | |||
[1] | 1,560,000 shares authorized; 693,398 and 679,731 shares issued and outstanding at December 31, 2017 and December 31, 2016. |
SCHEDULE I - NOTES TO CONDENSED
SCHEDULE I - NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Unconsolidated Financial Statements [Line Items] | ||
2,020 | $ 1,278 | |
Aggregate maturities of long-term debt (Details) [Abstract] | ||
2,021 | 1,150 | |
Principal outstanding | 20,282 | $ 18,399 |
LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | ||
Condensed Unconsolidated Financial Statements [Line Items] | ||
Maximum exposure | $ 201 | |
Term of guarantee (in years) | 12 years | |
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | $ 200 | |
Maximum exposure of other guarantees expiring related to a terminated lease | $ 100 | |
L G And E And K U Energy L L C Unconsolidated [Member] | ||
Condensed Unconsolidated Financial Statements [Line Items] | ||
Loss Contingency, Settlement Agreement, Terms | 11 | |
PPL Corp [Member] | PPL Guarantee [Member] | Financial Guarantee [Member] | Indemnifications issued by PPL Capital Funding [Member] | ||
Condensed Unconsolidated Financial Statements [Line Items] | ||
Maximum exposure | $ 9,700 | |
Expiration date | 2,073 | |
L G And E And K U Energy L L C Unconsolidated [Member] | Senior Unsecured Notes [Member] | ||
Condensed Unconsolidated Financial Statements [Line Items] | ||
2,020 | $ 475 | |
Aggregate maturities of long-term debt (Details) [Abstract] | ||
2,021 | 250 | |
L G And E And K U Energy L L C Unconsolidated [Member] | Note Payable [Member] | PPL [Member] | ||
Aggregate maturities of long-term debt (Details) [Abstract] | ||
Principal outstanding | $ 400 | |
Maturity date (in years) | Dec. 31, 2026 | |
L G And E And K U Energy L L C Unconsolidated [Member] | Note Payable [Member] | L G And E And K U Services Company [Member] | ||
Aggregate maturities of long-term debt (Details) [Abstract] | ||
Principal outstanding | $ 76 | |
Maturity date (in years) | Dec. 31, 2019 | |
Stated interest rate | 2.10% | |
L G And E And K U Energy L L C Unconsolidated [Member] | LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | ||
Condensed Unconsolidated Financial Statements [Line Items] | ||
Term of guarantee (in years) | 12 | |
Expiration date minimum | 2,021 | |
Maximum exposure of guarantee related to terminated lease specific to operational, regulatory and environmental issues | $ 200 | |
Maximum exposure of other guarantees expiring related to a terminated lease | $ 100 | |
Expiration date maximum | 2,023 |
Quarterly Financial Data (Un105
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Nov. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||||||
Operating Revenues | $ 1,926 | $ 1,845 | $ 1,725 | $ 1,951 | $ 1,832 | $ 1,889 | $ 1,785 | $ 2,011 | $ 7,447 | $ 7,517 | $ 7,669 | ||||
Operating income | 793 | 777 | 702 | 796 | 714 | 786 | 725 | 823 | 3,068 | 3,048 | 2,831 | ||||
Income from continuing operations after income taxes | 1,128 | 1,902 | 1,603 | ||||||||||||
Loss from Discontinued Operations (net of income taxes) | 0 | 0 | (921) | ||||||||||||
Net income (loss) | $ 78 | $ 355 | $ 292 | $ 403 | $ 465 | $ 473 | $ 483 | $ 481 | $ 1,128 | $ 1,902 | $ 682 | ||||
Income from continuing operations after income taxes available to PPL common shareowners: [Abstract] | |||||||||||||||
Basic (in dollars per share) | $ 1.64 | $ 2.80 | $ 2.38 | ||||||||||||
Diluted (in dollars per share) | 1.64 | 2.79 | 2.37 | ||||||||||||
Net income (loss) available to PPL common shareowners: [Abstract] | |||||||||||||||
Basic (in dollars per share) | $ 0.11 | $ 0.52 | $ 0.43 | $ 0.59 | $ 0.68 | $ 0.70 | $ 0.71 | $ 0.71 | 1.64 | 2.80 | 1.01 | ||||
Diluted (in dollars per share) | 0.11 | 0.51 | 0.43 | 0.59 | 0.68 | 0.69 | 0.71 | 0.71 | 1.64 | 2.79 | 1.01 | ||||
Dividends declared per share of common stock (in dollars per share) | $ 0.395 | 0.3950 | 0.3950 | 0.3950 | 0.3950 | 0.38 | 0.38 | 0.38 | 0.38 | $ 1.58 | $ 1.52 | $ 1.50 | |||
Price per common share: [Abstract] | |||||||||||||||
High (in dollars per share) | 38.37 | 39.83 | 40.06 | 37.70 | 34.74 | 37.71 | 39.68 | 38.07 | |||||||
Low (in dollars per share) | $ 30.76 | $ 37.36 | $ 37.11 | $ 33.94 | $ 32.19 | $ 33.63 | $ 36.27 | $ 32.80 | |||||||
PPL Energy Supply Spinoff [Member] | |||||||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||||||
Loss from Discontinued Operations (net of income taxes) | $ (921) | ||||||||||||||
Price per common share: [Abstract] | |||||||||||||||
Gain (loss) on disposal group | (879) | ||||||||||||||
PPL Electric Utilities Corp [Member] | |||||||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||||||
Operating Revenues | $ 575 | $ 547 | $ 500 | $ 573 | $ 537 | $ 539 | $ 495 | $ 585 | $ 2,195 | $ 2,156 | 2,124 | ||||
Operating income | 197 | 189 | 156 | 159 | 154 | 176 | 154 | 180 | 701 | 664 | 538 | ||||
Net income (loss) | $ 111 | $ 95 | $ 77 | $ 79 | $ 77 | $ 90 | $ 79 | $ 94 | $ 362 | [1] | $ 340 | [1] | $ 252 | [1] | |
[1] | Net income equals comprehensive income. |