Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
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 | $ 25,577,464,218 | ||
Entity Common Stock, Shares Outstanding | 680,602,000 | ||
Document Fiscal Year Focus | 2,016 | ||
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Operating Revenues | ||||
Operating Revenues | $ 7,517 | $ 7,669 | $ 7,852 | |
Operation | ||||
Fuel | 791 | 863 | 965 | |
Energy purchases | 706 | 855 | 924 | |
Other operation and maintenance | 1,745 | 1,938 | 1,856 | |
Depreciation | 926 | 883 | 923 | |
Taxes, other than income | 301 | 299 | 317 | |
Total Operating Expenses | 4,469 | 4,838 | 4,985 | |
Operating Income | 3,048 | 2,831 | 2,867 | |
Other Income (Expense) - net | 390 | 108 | 105 | |
Interest Expense | 888 | 871 | 843 | |
Income Before Income Taxes | 2,550 | 2,068 | 2,129 | |
Income Taxes | 648 | 465 | 692 | |
Income from continuing operations (net of income taxes) | 1,902 | 1,603 | 1,437 | |
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | (921) | 300 | |
Net income | $ 1,902 | $ 682 | $ 1,737 | |
Income from Continuing Operations After Income Taxes Available to PPL Common Shareholders | ||||
Basic (in dollars per share) | $ 2.80 | $ 2.38 | $ 2.19 | |
Diluted (in dollars per share) | 2.79 | 2.37 | 2.16 | |
Net Income Available to PPL Common Shareowners | ||||
Basic (in dollars per share) | 2.80 | 1.01 | 2.64 | |
Diluted (in dollars per share) | 2.79 | 1.01 | 2.61 | |
Dividends Declared Per Share of Common Stock | $ 1.52 | $ 1.50 | $ 1.49 | |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | ||||
Basic | 677,592 | 669,814 | 653,504 | |
Diluted | 680,446 | 672,586 | 665,973 | |
PPL Electric Utilities Corp [Member] | ||||
Operating Revenues | ||||
Operating Revenues | $ 2,156 | $ 2,124 | $ 2,044 | |
Operation | ||||
Energy purchases | 535 | 657 | 587 | |
Energy purchases from affiliate | 0 | 14 | 84 | |
Other operation and maintenance | 599 | 607 | 543 | |
Depreciation | 253 | 214 | 185 | |
Taxes, other than income | 105 | 94 | 107 | |
Total Operating Expenses | 1,492 | 1,586 | 1,506 | |
Operating Income | 664 | 538 | 538 | |
Other Income (Expense) - net | 17 | 8 | 7 | |
Interest Expense | 129 | 130 | 122 | |
Income Before Income Taxes | 552 | 416 | 423 | |
Income Taxes | 212 | 164 | 160 | |
Net income | [1] | 340 | 252 | 263 |
LG And E And KU Energy LLC [Member] | ||||
Operating Revenues | ||||
Operating Revenues | 3,141 | 3,115 | 3,168 | |
Operation | ||||
Fuel | 791 | 863 | 965 | |
Energy purchases | 171 | 184 | 253 | |
Other operation and maintenance | 804 | 837 | 815 | |
Depreciation | 404 | 382 | 354 | |
Taxes, other than income | 62 | 57 | 52 | |
Total Operating Expenses | 2,232 | 2,323 | 2,439 | |
Operating Income | 909 | 792 | 729 | |
Other Income (Expense) - net | (9) | (8) | (9) | |
Interest Expense | 197 | 178 | 167 | |
Interest Expense with Affiliates | 17 | 3 | 0 | |
Income Before Income Taxes | 686 | 603 | 553 | |
Income Taxes | 257 | 239 | 209 | |
Net income | 429 | 364 | 344 | |
Louisville Gas And Electric Co [Member] | ||||
Operating Revenues | ||||
Retail and wholesale | 1,406 | 1,407 | 1,445 | |
Electric revenue from affiliates | 24 | 37 | 88 | |
Operating Revenues | 1,430 | 1,444 | 1,533 | |
Operation | ||||
Fuel | 301 | 329 | 404 | |
Energy purchases | 153 | 166 | 230 | |
Energy purchases from affiliate | 14 | 20 | 14 | |
Other operation and maintenance | 355 | 377 | 379 | |
Depreciation | 170 | 162 | 157 | |
Taxes, other than income | 32 | 28 | 25 | |
Total Operating Expenses | 1,025 | 1,082 | 1,209 | |
Operating Income | 405 | 362 | 324 | |
Other Income (Expense) - net | (5) | (6) | (3) | |
Interest Expense | 71 | 57 | 49 | |
Income Before Income Taxes | 329 | 299 | 272 | |
Income Taxes | 126 | 114 | 103 | |
Net income | [2] | 203 | 185 | 169 |
Kentucky Utilities Co [Member] | ||||
Operating Revenues | ||||
Retail and wholesale | 1,735 | 1,708 | 1,723 | |
Electric revenue from affiliates | 14 | 20 | 14 | |
Operating Revenues | 1,749 | 1,728 | 1,737 | |
Operation | ||||
Fuel | 490 | 534 | 561 | |
Energy purchases | 18 | 18 | 23 | |
Energy purchases from affiliate | 24 | 37 | 88 | |
Other operation and maintenance | 424 | 435 | 408 | |
Depreciation | 234 | 220 | 197 | |
Taxes, other than income | 30 | 29 | 27 | |
Total Operating Expenses | 1,220 | 1,273 | 1,304 | |
Operating Income | 529 | 455 | 433 | |
Other Income (Expense) - net | (5) | 1 | (1) | |
Interest Expense | 96 | 82 | 77 | |
Income Before Income Taxes | 428 | 374 | 355 | |
Income Taxes | 163 | 140 | 135 | |
Net income | [3] | $ 265 | $ 234 | $ 220 |
[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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net income | $ 1,902 | $ 682 | $ 1,737 | |
Defined benefit plans: | ||||
Total other comprehensive income (loss) | (1,050) | (430) | (709) | |
Comprehensive income (loss) | 852 | 252 | 1,028 | |
PPL Electric Utilities Corp [Member] | ||||
Net income | [1] | 340 | 252 | 263 |
LG And E And KU Energy LLC [Member] | ||||
Net income | 429 | 364 | 344 | |
Defined benefit plans: | ||||
Prior service costs, net of tax | 0 | (3) | (7) | |
Net actuarial gain (loss), net of tax | (27) | (4) | (50) | |
Reclassifications to net income - (gains) losses, net of tax expense (benefit): | ||||
Equity investees' other comprehensive (income) loss, net of tax | (1) | 0 | (1) | |
Defined benefit plans: | ||||
Prior service costs, net of tax | 2 | 1 | 1 | |
Net actuarial (gain) loss, net of tax | 2 | 5 | (1) | |
Total other comprehensive income (loss) | (24) | (1) | (58) | |
Comprehensive income (loss) | 405 | 363 | 286 | |
Louisville Gas And Electric Co [Member] | ||||
Net income | [2] | 203 | 185 | 169 |
Kentucky Utilities Co [Member] | ||||
Net income | [3] | 265 | $ 234 | 220 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax effect of foreign currency translation adjustments arising during the period | $ (4) | $ 1 | $ (8) |
Tax effect of available-for-sale securities arising during the period | 0 | (9) | (39) |
Tax effect of qualifying derivatives arising during the period | (18) | 0 | 23 |
Tax effect of defined benefit plans - prior service costs arising during period | 2 | 6 | (4) |
Tax effect of defined benefit plans - net actuarial gain (loss) arising during period | 40 | 67 | 225 |
Tax effect of available-for-sale securities reclassified to net income | 0 | 2 | 7 |
Tax effect of qualifying derivatives reclassified to net income | 21 | (15) | 23 |
Tax effect of equity investees' other comprehensive (income) loss reclassified to net income | 0 | 0 | 0 |
Tax effect of prior service costs reclassified to net income | (1) | 0 | (3) |
Tax effect of net actuarial loss reclassified to net income | (35) | (46) | (34) |
LG And E And KU Energy LLC [Member] | |||
Tax effect of defined benefit plans - prior service costs arising during period | 0 | (2) | (4) |
Tax effect of defined benefit plans - net actuarial gain (loss) arising during period | 18 | 2 | 32 |
Tax effect of equity investees' other comprehensive (income) loss reclassified to net income | 0 | 0 | 0 |
Tax effect of prior service costs reclassified to net income | 1 | 1 | 0 |
Tax effect of net actuarial loss reclassified to net income | $ 1 | $ 3 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cash Flows from Operating Activities | ||||
Net income | $ 1,902 | $ 682 | $ 1,737 | |
Loss (income) from Discontinued Operations (net of income taxes) | 0 | 921 | (300) | |
Income from continuing operations (net of income taxes) | 1,902 | 1,603 | 1,437 | |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 926 | 883 | 923 | |
Amortization | 80 | 59 | 65 | |
Defined benefit plans - expense | (40) | 56 | 48 | |
Deferred income taxes and investment tax credits | 560 | 428 | 666 | |
Unrealized (gains) losses on derivatives, and other hedging activities | 19 | (77) | (187) | |
Adjustment to WPD line loss accrual | 0 | 0 | (65) | |
Other | 16 | 17 | 66 | |
Change in current assets and current liabilities | ||||
Accounts receivable | (15) | 47 | (123) | |
Accounts payable | 57 | (116) | 40 | |
Unbilled revenues | (63) | 54 | 22 | |
Prepayments | (4) | (23) | 87 | |
Taxes payable | 31 | (175) | 161 | |
Regulatory assets and liabilities | (59) | 42 | (7) | |
Other | (31) | 40 | 30 | |
Other operating activities | ||||
Defined benefit plans - funding | (427) | (499) | (384) | |
Settlement of interest rate swaps | (9) | (101) | 0 | |
Other assets | 42 | (19) | 9 | |
Other liabilities | (95) | 53 | 23 | |
Net cash provided by (used in) operating activities - continuing operations | 2,890 | 2,272 | 2,941 | |
Net cash provided by (used in) operating activities - discontinued operations | 0 | 343 | 462 | |
Net cash provided by (used in) operating activities | 2,890 | 2,615 | 3,403 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (2,920) | (3,533) | (3,674) | |
Expenditures for intangible assets | (37) | (37) | (49) | |
Purchases of other investments | 0 | 0 | (120) | |
Proceeds from the sale of other investments | 2 | 136 | 0 | |
Net decrease in restricted cash and cash equivalents | 8 | 8 | 19 | |
Other investing activities | 29 | (13) | (2) | |
Net cash provided by (used in) investing activities - continuing operations | (2,918) | (3,439) | (3,826) | |
Net cash provided by (used in) investing activities - discontinued operations | 0 | (149) | 497 | |
Net cash provided by (used in) investing activities | (2,918) | (3,588) | (3,329) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 1,342 | 2,236 | 296 | |
Retirement of long-term debt | (930) | (1,000) | (237) | |
Settlement of cross currency swaps | 46 | 0 | 0 | |
Issuance of common stock | 144 | 203 | 1,074 | |
Payment of common stock dividends | (1,030) | (1,004) | (967) | |
Net increase (decrease) in short-term debt | 29 | 94 | 147 | |
Other financing activities | (40) | (47) | (51) | |
Net cash provided by (used in) financing activities - continuing operations | (439) | 482 | 262 | |
Net cash provided by (used in) financing activities - discontinued operations | 0 | (546) | (846) | |
Net cash distributions to parent from discontinued operations | 0 | 132 | 1,167 | |
Net cash provided by (used in) financing activities | (439) | 68 | 583 | |
Effect of Exchange Rates on Cash and Cash Equivalents | (28) | (10) | (8) | |
Net (Increase) Decrease in Cash and Cash Equivalents included in Discontinued Operations | 0 | 352 | (113) | |
Net Increase (Decrease) in Cash and Cash Equivalents | (495) | (563) | 536 | |
Cash and Cash Equivalents at Beginning of Period | 836 | 1,399 | 863 | |
Cash and Cash Equivalents at End of Period | 341 | 836 | 1,399 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 854 | 822 | 959 | |
Income taxes - net | 70 | 179 | 190 | |
Accrued expenditures for property, plant and equipment at December 31, | 281 | 310 | 458 | |
Accrued expenditures for intangible assets at December 31, | 117 | 55 | 19 | |
PPL Electric Utilities Corp [Member] | ||||
Cash Flows from Operating Activities | ||||
Net income | [1] | 340 | 252 | 263 |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 253 | 214 | 185 | |
Amortization | 32 | 26 | 19 | |
Defined benefit plans - expense | 11 | 16 | 15 | |
Deferred income taxes and investment tax credits | 221 | 220 | 87 | |
Other | (13) | (12) | (23) | |
Change in current assets and current liabilities | ||||
Accounts receivable | 16 | 50 | (64) | |
Accounts payable | 58 | (107) | 30 | |
Unbilled revenues | (23) | 22 | 3 | |
Prepayments | 43 | (1) | 1 | |
Taxes payable | (12) | (108) | 75 | |
Regulatory assets and liabilities | (62) | 35 | 5 | |
Other | (7) | 21 | 10 | |
Other operating activities | ||||
Defined benefit plans - funding | 0 | (33) | (23) | |
Other assets | 19 | (10) | 19 | |
Other liabilities | (4) | 17 | 11 | |
Net cash provided by (used in) operating activities | 872 | 602 | 613 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (1,125) | (1,097) | (931) | |
Expenditures for intangible assets | (9) | (10) | (26) | |
Net decrease in notes receivable from affiliates | 0 | 0 | 150 | |
Other investing activities | 4 | (1) | 16 | |
Net cash provided by (used in) investing activities - continuing operations | (1,130) | (1,108) | (791) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 224 | 348 | 296 | |
Retirement of long-term debt | (224) | (100) | (10) | |
Contributions from PPL | 220 | 275 | 263 | |
Payment of common stock dividends to parent | (288) | (181) | (158) | |
Net increase (decrease) in short-term debt | 295 | 0 | (20) | |
Other financing activities | (3) | (3) | (4) | |
Net cash provided by (used in) financing activities - continuing operations | 224 | 339 | 367 | |
Net Increase (Decrease) in Cash and Cash Equivalents | (34) | (167) | 189 | |
Cash and Cash Equivalents at Beginning of Period | 47 | 214 | 25 | |
Cash and Cash Equivalents at End of Period | 13 | 47 | 214 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 115 | 117 | 110 | |
Income taxes - net | (48) | 38 | 40 | |
Accrued expenditures for property, plant and equipment at December 31, | 126 | 98 | 95 | |
LG And E And KU Energy LLC [Member] | ||||
Cash Flows from Operating Activities | ||||
Net income | 429 | 364 | 344 | |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 404 | 382 | 354 | |
Amortization | 29 | 27 | 25 | |
Defined benefit plans - expense | 27 | 38 | 25 | |
Deferred income taxes and investment tax credits | 291 | 236 | 449 | |
Other | 0 | 2 | 16 | |
Change in current assets and current liabilities | ||||
Accounts receivable | (31) | 24 | (20) | |
Accounts payable | 24 | (58) | 12 | |
Accounts payable to affiliates | 1 | (2) | (1) | |
Unbilled revenues | (23) | 20 | 13 | |
Fuel, materials and supplies | 2 | 6 | (32) | |
Income tax receivable | 1 | 135 | (136) | |
Taxes payable | (7) | 10 | (3) | |
Accrued interest | 0 | 9 | 0 | |
Other | (6) | 23 | (1) | |
Other operating activities | ||||
Defined benefit plans - funding | (85) | (70) | (45) | |
Settlement of interest rate swaps | (9) | (88) | 0 | |
Expenditures for asset retirement obligations | (26) | (7) | (5) | |
Other assets | 2 | (7) | (7) | |
Other liabilities | 4 | 19 | 11 | |
Net cash provided by (used in) operating activities - continuing operations | 1,027 | 1,063 | 999 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (791) | (1,210) | (1,262) | |
Net decrease in notes receivable from affiliates | 0 | 0 | 70 | |
Other investing activities | 1 | 7 | 1 | |
Net cash provided by (used in) investing activities - continuing operations | (790) | (1,203) | (1,191) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 221 | 1,050 | 0 | |
Issuance of long-term debt with affiliates | 0 | 400 | 0 | |
Retirement of long-term debt | (246) | (900) | 0 | |
Contributions from member | 61 | 125 | 248 | |
Distributions to member | (316) | (219) | (436) | |
Debt issuance and credit facility costs | (3) | (10) | (5) | |
Net increase (decrease) in notes payable to affiliates | 109 | 13 | 41 | |
Net increase (decrease) in short-term debt | (80) | (310) | 330 | |
Net cash provided by (used in) financing activities - continuing operations | (254) | 149 | 178 | |
Net Increase (Decrease) in Cash and Cash Equivalents | (17) | 9 | (14) | |
Cash and Cash Equivalents at Beginning of Period | 30 | 21 | 35 | |
Cash and Cash Equivalents at End of Period | 13 | 30 | 21 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 198 | 163 | 157 | |
Income taxes - net | (24) | (139) | (75) | |
Accrued expenditures for property, plant and equipment at December 31, | 104 | 150 | 286 | |
Louisville Gas And Electric Co [Member] | ||||
Cash Flows from Operating Activities | ||||
Net income | [2] | 203 | 185 | 169 |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 170 | 162 | 157 | |
Amortization | 14 | 11 | 12 | |
Defined benefit plans - expense | 8 | 12 | 9 | |
Deferred income taxes and investment tax credits | 147 | 126 | 118 | |
Other | 0 | 8 | 2 | |
Change in current assets and current liabilities | ||||
Accounts receivable | (22) | 19 | (12) | |
Accounts receivable from affiliates | (16) | 11 | (23) | |
Accounts payable | 31 | (29) | 25 | |
Accounts payable to affiliates | 1 | 5 | (4) | |
Unbilled revenues | (8) | 9 | 9 | |
Fuel, materials and supplies | 8 | 3 | (8) | |
Income tax receivable | 4 | 70 | (74) | |
Taxes payable | 20 | 1 | 8 | |
Accrued interest | 0 | 5 | 0 | |
Other | (7) | 17 | 0 | |
Other operating activities | ||||
Defined benefit plans - funding | (46) | (26) | (13) | |
Settlement of interest rate swaps | (9) | (44) | 0 | |
Expenditures for asset retirement obligations | (18) | (6) | (4) | |
Other assets | 0 | 11 | (2) | |
Other liabilities | 2 | 4 | 2 | |
Net cash provided by (used in) operating activities - continuing operations | 482 | 554 | 371 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (439) | (689) | (656) | |
Net cash provided by (used in) investing activities - continuing operations | (439) | (689) | (656) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 125 | 550 | 0 | |
Retirement of long-term debt | (150) | (250) | 0 | |
Contributions from PPL | 71 | 90 | 157 | |
Payment of common stock dividends to parent | (128) | (119) | (112) | |
Debt issuance and credit facility costs | (2) | (5) | (2) | |
Net increase (decrease) in short-term debt | 27 | (122) | 244 | |
Net cash provided by (used in) financing activities - continuing operations | (57) | 144 | 287 | |
Net Increase (Decrease) in Cash and Cash Equivalents | (14) | 9 | 2 | |
Cash and Cash Equivalents at Beginning of Period | 19 | 10 | 8 | |
Cash and Cash Equivalents at End of Period | 5 | 19 | 10 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 65 | 48 | 46 | |
Income taxes - net | (43) | (81) | 65 | |
Accrued expenditures for property, plant and equipment at December 31, | 56 | 97 | 162 | |
Kentucky Utilities Co [Member] | ||||
Cash Flows from Operating Activities | ||||
Net income | [3] | 265 | 234 | 220 |
Adjustments to reconcile income from continuing operations (net of taxes) to net cash provided by (used in) operating activities - continuing operations | ||||
Depreciation | 234 | 220 | 197 | |
Amortization | 14 | 13 | 11 | |
Defined benefit plans - expense | 5 | 10 | 5 | |
Deferred income taxes and investment tax credits | 126 | 160 | 224 | |
Other | (1) | (5) | 13 | |
Change in current assets and current liabilities | ||||
Accounts receivable | (8) | 5 | (9) | |
Accounts receivable from affiliates | 1 | (1) | 0 | |
Accounts payable | (10) | (32) | (10) | |
Accounts payable to affiliates | 15 | (10) | 22 | |
Unbilled revenues | (15) | 11 | 4 | |
Fuel, materials and supplies | (6) | 3 | (25) | |
Income tax receivable | 0 | 59 | (60) | |
Taxes payable | 25 | 6 | (19) | |
Accrued interest | 0 | 5 | 0 | |
Other | (3) | 4 | (5) | |
Other operating activities | ||||
Defined benefit plans - funding | (20) | (21) | (5) | |
Settlement of interest rate swaps | 0 | (44) | 0 | |
Expenditures for asset retirement obligations | (8) | (1) | (1) | |
Other assets | (6) | (11) | (4) | |
Other liabilities | (2) | 3 | 8 | |
Net cash provided by (used in) operating activities - continuing operations | 606 | 608 | 566 | |
Cash Flows from Investing Activities | ||||
Expenditures for property, plant and equipment | (350) | (519) | (604) | |
Other investing activities | 1 | 7 | 1 | |
Net cash provided by (used in) investing activities - continuing operations | (349) | (512) | (603) | |
Cash Flows from Financing Activities | ||||
Issuance of long-term debt | 96 | 500 | 0 | |
Retirement of long-term debt | (96) | (250) | 0 | |
Contributions from PPL | 20 | 0 | 91 | |
Payment of common stock dividends to parent | (248) | (153) | (148) | |
Debt issuance and credit facility costs | (1) | (5) | (2) | |
Net increase (decrease) in short-term debt | (32) | (188) | 86 | |
Net cash provided by (used in) financing activities - continuing operations | (261) | (96) | 27 | |
Net Increase (Decrease) in Cash and Cash Equivalents | (4) | 0 | (10) | |
Cash and Cash Equivalents at Beginning of Period | 11 | 11 | 21 | |
Cash and Cash Equivalents at End of Period | 7 | 11 | 11 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Interest - net of amount capitalized | 89 | 75 | 73 | |
Income taxes - net | 13 | (84) | 0 | |
Accrued expenditures for property, plant and equipment at December 31, | $ 47 | $ 53 | $ 124 | |
[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, 2016 | Dec. 31, 2015 | |
Current Assets | |||
Cash and cash equivalents | $ 341 | $ 836 | |
Accounts receivable (less reserve:) | |||
Customer | 666 | 673 | |
Other | 46 | 59 | |
Unbilled revenues | 480 | 453 | |
Fuel, materials and supplies | 356 | 357 | |
Prepayments | 63 | 66 | |
Price risk management assets | 63 | 139 | |
Regulatory assets | [1] | 39 | 48 |
Other current assets | 52 | 63 | |
Total Current Assets | 2,067 | 2,646 | |
Property, Plant and Equipment | |||
Regulated utility plant | 34,674 | 34,399 | |
Less: accumulated depreciation - regulated utility plant | 6,013 | 5,683 | |
Regulated utility plant, net | 28,661 | 28,716 | |
Non-regulated property, plant and equipment | 413 | 516 | |
Less: accumulated depreciation - non-regulated property, plant and equipment | 134 | 165 | |
Non-regulated property, plant and equipment, net | 279 | 351 | |
Construction work in progress | 1,134 | 1,315 | |
Property, Plant and Equipment, net | 30,074 | 30,382 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,918 | 1,733 | |
Goodwill | [2] | 3,060 | 3,550 |
Other intangibles | 700 | 679 | |
Price risk management assets | 336 | 156 | |
Other noncurrent assets | 160 | 155 | |
Total Other Noncurrent Assets | 6,174 | 6,273 | |
Total Assets | 38,315 | 39,301 | |
Current Liabilities | |||
Short-term debt | 923 | 916 | |
Long-term debt due within one year | 518 | 485 | |
Accounts payable | 820 | 812 | |
Taxes | 101 | 85 | |
Interest | 270 | 303 | |
Dividends | 259 | 255 | |
Customer deposits | 276 | 326 | |
Regulatory liabilities | 101 | 145 | |
Other current liabilities | 569 | 549 | |
Total Current Liabilities | 3,837 | 3,876 | |
Long-term Debt | 17,808 | 18,563 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 3,889 | 3,440 | |
Investment tax credits | 132 | 128 | |
Accrued pension obligations | 1,001 | 1,405 | |
Asset retirement obligations | 428 | 536 | |
Regulatory liabilities | 899 | 945 | |
Other deferred credits and noncurrent liabilities | 422 | 489 | |
Total Deferred Credits and Other Noncurrent Liabilities | 6,771 | 6,943 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [3] | 7 | 7 |
Additional paid-in capital | 9,841 | 9,687 | |
Earnings reinvested | 3,829 | 2,953 | |
Accumulated other comprehensive income (loss) | (3,778) | (2,728) | |
Total Equity | 9,899 | 9,919 | |
Total Liabilities and Equity | 38,315 | 39,301 | |
PPL Electric Utilities Corp [Member] | |||
Current Assets | |||
Cash and cash equivalents | 13 | 47 | |
Accounts receivable (less reserve:) | |||
Customer | 272 | 286 | |
Other | 21 | 10 | |
Unbilled revenues | 114 | 91 | |
Fuel, materials and supplies | 32 | 34 | |
Prepayments | 9 | 66 | |
Regulatory assets | 19 | 13 | |
Other current assets | 8 | 8 | |
Total Current Assets | 488 | 555 | |
Property, Plant and Equipment | |||
Regulated utility plant | 9,654 | 8,734 | |
Less: accumulated depreciation - regulated utility plant | 2,714 | 2,573 | |
Regulated utility plant, net | 6,940 | 6,161 | |
Construction work in progress | 641 | 530 | |
Property, Plant and Equipment, net | 7,581 | 6,691 | |
Other Noncurrent Assets | |||
Regulatory assets | 1,094 | 1,006 | |
Other intangibles | 251 | 244 | |
Other noncurrent assets | 12 | 15 | |
Total Other Noncurrent Assets | 1,357 | 1,265 | |
Total Assets | 9,426 | 8,511 | |
Current Liabilities | |||
Short-term debt | 295 | 0 | |
Long-term debt due within one year | 224 | 0 | |
Accounts payable | 367 | 288 | |
Accounts payable to affiliates | 42 | 35 | |
Taxes | 12 | 24 | |
Interest | 34 | 37 | |
Customer deposits | 23 | 31 | |
Regulatory liabilities | 83 | 113 | |
Other current liabilities | 78 | 77 | |
Total Current Liabilities | 1,158 | 605 | |
Long-term Debt | 2,607 | 2,828 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,899 | 1,663 | |
Accrued pension obligations | 281 | 183 | |
Regulatory liabilities | 0 | 22 | |
Other deferred credits and noncurrent liabilities | 90 | 91 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,270 | 1,959 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [4] | 364 | 364 |
Additional paid-in capital | 2,154 | 1,934 | |
Earnings reinvested | 873 | 821 | |
Total Equity | 3,391 | 3,119 | |
Total Liabilities and Equity | 9,426 | 8,511 | |
LG And E And KU Energy LLC [Member] | |||
Current Assets | |||
Cash and cash equivalents | 13 | 30 | |
Accounts receivable (less reserve:) | |||
Customer | 235 | 209 | |
Other | 17 | 17 | |
Unbilled revenues | 170 | 147 | |
Fuel, materials and supplies | 297 | 298 | |
Prepayments | 24 | 23 | |
Regulatory assets | 20 | 35 | |
Other current assets | 4 | 6 | |
Total Current Assets | 780 | 765 | |
Property, Plant and Equipment | |||
Regulated utility plant | 12,746 | 11,906 | |
Less: accumulated depreciation - regulated utility plant | 1,465 | 1,163 | |
Regulated utility plant, net | 11,281 | 10,743 | |
Construction work in progress | 317 | 660 | |
Property, Plant and Equipment, net | 11,598 | 11,403 | |
Other Noncurrent Assets | |||
Regulatory assets | 824 | 727 | |
Goodwill | 996 | 996 | |
Other intangibles | 95 | 123 | |
Other noncurrent assets | 78 | 76 | |
Total Other Noncurrent Assets | 1,993 | 1,922 | |
Total Assets | 14,371 | 14,090 | |
Current Liabilities | |||
Short-term debt | 185 | 265 | |
Long-term debt due within one year | 194 | 25 | |
Notes payable with affiliates | 163 | 54 | |
Accounts payable | 251 | 266 | |
Accounts payable to affiliates | 6 | 5 | |
Taxes | 39 | 46 | |
Interest | 32 | 32 | |
Asset Retirement Obligations | 60 | 50 | |
Price risk management liabilities | 4 | 5 | |
Customer deposits | 56 | 52 | |
Regulatory liabilities | 18 | 32 | |
Other current liabilities | 119 | 135 | |
Total Current Liabilities | 1,127 | 967 | |
Long-term debt | 4,471 | 4,663 | |
Long-term debt to affiliate | 400 | 400 | |
Long-term Debt | 4,871 | 5,063 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,735 | 1,463 | |
Investment tax credits | 132 | 128 | |
Price risk management liabilities | 27 | 42 | |
Accrued pension obligations | 350 | 296 | |
Asset retirement obligations | 373 | 485 | |
Regulatory liabilities | 899 | 923 | |
Other deferred credits and noncurrent liabilities | 190 | 206 | |
Total Deferred Credits and Other Noncurrent Liabilities | 3,706 | 3,543 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Accumulated other comprehensive income (loss) | (70) | (46) | |
Member's Equity | 4,667 | 4,517 | |
Total Liabilities and Equity | 14,371 | 14,090 | |
Louisville Gas And Electric Co [Member] | |||
Current Assets | |||
Cash and cash equivalents | 5 | 19 | |
Accounts receivable (less reserve:) | |||
Customer | 109 | 92 | |
Other | 11 | 11 | |
Accounts receivable from affiliates | 28 | 12 | |
Unbilled revenues | 75 | 67 | |
Fuel, materials and supplies | 143 | 151 | |
Prepayments | 12 | 5 | |
Regulatory assets | 9 | 16 | |
Other current assets | 1 | 2 | |
Total Current Assets | 393 | 375 | |
Property, Plant and Equipment | |||
Regulated utility plant | 5,357 | 4,804 | |
Less: accumulated depreciation - regulated utility plant | 498 | 404 | |
Regulated utility plant, net | 4,859 | 4,400 | |
Construction work in progress | 133 | 390 | |
Property, Plant and Equipment, net | 4,992 | 4,790 | |
Other Noncurrent Assets | |||
Regulatory assets | 450 | 424 | |
Goodwill | 389 | 389 | |
Other intangibles | 59 | 73 | |
Other noncurrent assets | 17 | 17 | |
Total Other Noncurrent Assets | 915 | 903 | |
Total Assets | 6,300 | 6,068 | |
Current Liabilities | |||
Short-term debt | 169 | 142 | |
Long-term debt due within one year | 194 | 25 | |
Accounts payable | 148 | 157 | |
Accounts payable to affiliates | 26 | 25 | |
Taxes | 40 | 20 | |
Interest | 11 | 11 | |
Asset Retirement Obligations | 41 | 25 | |
Price risk management liabilities | 4 | 5 | |
Customer deposits | 27 | 26 | |
Regulatory liabilities | 5 | 13 | |
Other current liabilities | 36 | 39 | |
Total Current Liabilities | 701 | 488 | |
Long-term Debt | 1,423 | 1,617 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 974 | 829 | |
Investment tax credits | 36 | 35 | |
Price risk management liabilities | 27 | 42 | |
Accrued pension obligations | 53 | 56 | |
Asset retirement obligations | 104 | 149 | |
Regulatory liabilities | 419 | 431 | |
Other deferred credits and noncurrent liabilities | 87 | 91 | |
Total Deferred Credits and Other Noncurrent Liabilities | 1,700 | 1,633 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [5] | 424 | 424 |
Additional paid-in capital | 1,682 | 1,611 | |
Earnings reinvested | 370 | 295 | |
Total Equity | 2,476 | 2,330 | |
Total Liabilities and Equity | 6,300 | 6,068 | |
Kentucky Utilities Co [Member] | |||
Current Assets | |||
Cash and cash equivalents | 7 | 11 | |
Accounts receivable (less reserve:) | |||
Customer | 126 | 117 | |
Other | 5 | 9 | |
Accounts receivable from affiliates | 0 | 1 | |
Unbilled revenues | 95 | 80 | |
Fuel, materials and supplies | 154 | 147 | |
Prepayments | 12 | 8 | |
Regulatory assets | 11 | 19 | |
Other current assets | 3 | 4 | |
Total Current Assets | 413 | 396 | |
Property, Plant and Equipment | |||
Regulated utility plant | 7,382 | 7,099 | |
Less: accumulated depreciation - regulated utility plant | 965 | 759 | |
Regulated utility plant, net | 6,417 | 6,340 | |
Construction work in progress | 181 | 267 | |
Property, Plant and Equipment, net | 6,598 | 6,607 | |
Other Noncurrent Assets | |||
Regulatory assets | 374 | 303 | |
Goodwill | 607 | 607 | |
Other intangibles | 36 | 50 | |
Other noncurrent assets | 57 | 48 | |
Total Other Noncurrent Assets | 1,074 | 1,008 | |
Total Assets | 8,085 | 8,011 | |
Current Liabilities | |||
Short-term debt | 16 | 48 | |
Long-term debt due within one year | 0 | 0 | |
Accounts payable | 78 | 88 | |
Accounts payable to affiliates | 56 | 39 | |
Taxes | 45 | 20 | |
Interest | 16 | 16 | |
Asset Retirement Obligations | 19 | 25 | |
Customer deposits | 29 | 26 | |
Regulatory liabilities | 13 | 19 | |
Other current liabilities | 36 | 44 | |
Total Current Liabilities | 308 | 325 | |
Long-term Debt | 2,327 | 2,326 | |
Deferred Credits and Other Noncurrent Liabilities | |||
Deferred income taxes | 1,170 | 1,046 | |
Investment tax credits | 96 | 93 | |
Accrued pension obligations | 62 | 46 | |
Asset retirement obligations | 269 | 336 | |
Regulatory liabilities | 480 | 492 | |
Other deferred credits and noncurrent liabilities | 50 | 60 | |
Total Deferred Credits and Other Noncurrent Liabilities | 2,127 | 2,073 | |
Commitments and Contingent Liabilities | |||
Equity | |||
Common stock | [6] | 308 | 308 |
Additional paid-in capital | 2,616 | 2,596 | |
Earnings reinvested | 400 | 383 | |
Accumulated other comprehensive income (loss) | (1) | 0 | |
Total Equity | 3,323 | 3,287 | |
Total Liabilities and Equity | $ 8,085 | $ 8,011 | |
[1] | For PPL, these amounts are included in "Other current assets" on the Balance Sheets. | ||
[2] | There were no accumulated impairment losses related to goodwill. | ||
[3] | 1,560,000 shares authorized; 679,731 shares issued and outstanding at December 31, 2016; 780,000 shares authorized; 673,857 shares issued and outstanding at December 31, 2015. | ||
[4] | 170,000 shares authorized; 66,368 shares issued and outstanding at December 31, 2016 and 2015 | ||
[5] | 75,000 shares authorized; 21,294 shares issued and outstanding at December 31, 2016 and December 31, 2015. | ||
[6] | 80,000 shares authorized; 37,818 shares issued and outstanding at December 31, 2016 and December 31, 2015. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables Net Current [Abstract] | ||
Accounts receivable reserve for uncollectible accounts | $ 54 | $ 41 |
Equity | ||
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 1,560,000 | 780,000 |
Common stock shares issued | 679,731 | 673,857 |
Common stock shares outstanding | 679,731 | 673,857 |
PPL Electric Utilities Corp [Member] | ||
Receivables Net Current [Abstract] | ||
Accounts receivable reserve for uncollectible accounts | $ 28 | $ 16 |
Equity | ||
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 | $ 24 | $ 23 |
Louisville Gas And Electric Co [Member] | ||
Receivables Net Current [Abstract] | ||
Accounts receivable reserve for uncollectible accounts | $ 2 | $ 1 |
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 | $ 2 | $ 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, 2013 | 630,321 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | ||||||||||||||||||||
Balance at beginning of period at Dec. 31, 2013 | $ 4,150 | |||||||||||||||||||||||||||
Balance at beginning of period at Dec. 31, 2013 | $ 12,466 | $ 6 | $ 8,316 | $ 5,709 | $ (1,565) | $ 2,349 | $ 364 | $ 1,340 | $ 645 | $ 1,960 | $ 424 | $ 1,364 | $ 172 | $ 3,044 | $ 308 | $ 2,505 | $ 230 | $ 1 | ||||||||||
Common stock shares issued | [1] | 35,528 | ||||||||||||||||||||||||||
Common stock issued | 1,090 | $ 1 | 1,089 | |||||||||||||||||||||||||
Stock-based compensation | 28 | 28 | ||||||||||||||||||||||||||
Net income | 1,737 | 1,737 | 263 | [5] | 263 | 344 | 169 | [6] | 169 | 220 | [7] | 220 | ||||||||||||||||
Capital contributions from parent | 263 | 263 | 157 | 157 | 91 | 91 | ||||||||||||||||||||||
Dividends, dividend equivalents, redemptions and distributions | (984) | (984) | ||||||||||||||||||||||||||
Cash dividends declared on common stock | (158) | (158) | (112) | (112) | (148) | (148) | ||||||||||||||||||||||
Contributions from member | 248 | |||||||||||||||||||||||||||
Distributions to member | (436) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | (709) | (709) | (58) | (1) | (1) | |||||||||||||||||||||||
Balance at end of period - shares at Dec. 31, 2014 | 665,849 | [1] | 66,368 | [2] | 21,294 | [3] | 37,818 | [4] | ||||||||||||||||||||
Balance at end of period at Dec. 31, 2014 | 4,248 | |||||||||||||||||||||||||||
Balance at end 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 | 673,857 | [1] | 66,368 | 66,368 | [2] | 21,294 | 21,294 | [3] | 37,818 | 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 | 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) | ||||||||||
[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, 2016vote | Dec. 31, 2015USD ($)vote | Dec. 31, 2014vote | |
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, 2016 | |
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) "Income (Loss) from Discontinued Operations (net of income taxes)" on the Statements of Income for the years 2015 and 2014 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 Statements of Cash Flows for the same periods separately report 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 thus 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. (All Registrants) 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. (All Registrants) 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 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. Changes in Classification The classification of certain amounts in the 2015 and 2014 financial statements have been changed to conform to the current presentation. These reclassifications did not affect the Registrants' net income or equity. 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 change in the fair value of debt instruments and to hedge exposures 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." See Note 17 for additional information. 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. See Note 17 for additional information. 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 entered into to hedge fluctuations in the fair value of existing debt can be designated as fair value hedges. • Transactions entered into 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 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. • 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: 2016 2015 2014 Domestic electric and gas revenues (a) $ 5,297 $ 5,239 $ 5,209 U.K. operating revenues (b) 2,207 2,410 2,621 Domestic - other 13 20 22 Total $ 7,517 $ 7,669 $ 7,852 (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. 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 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, adjustments for over or under-recovery from prior periods and adjustments related to the DPCR4 line loss close out. 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 based on revenue recognition and contingency accounting guidance. Unlike prior price control reviews, base demand revenue under RIIO-ED1 will be 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 in 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 - The RIIO-ED1 price control period also includes an Annual Iteration Process (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 and 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, under applicable GAAP, 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. Based on applicable GAAP, incentive revenues are not recorded as assets and are included in revenues when they are billed to customers. • DPCR4 Line Loss Adjustment - For regulatory years 2015/16 through 2018/19 allowed revenue will also be reduced to reflect Ofgem's final decision on the DPCR4 line loss incentives and penalties mechanism. WPD has a liability recorded related to this future revenue reduction and, therefore, this will not impact future earnings. See Note 6 for additional information. • Correction Factor - During the 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, 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 will occur in the 2016/17 regulatory year. Under applicable GAAP, WPD does not record a receivable for under-recoveries, but does record a liability for over-recoveries. K-factor is measured as of the end of the regulatory year, March 31. While WPD estimates over-recoveries and records a liability when it is probable that there will be an over-recovered position at the end of the regulatory-year, weather-related volume changes and other factors such as sales mix can affect the over or under-recovery between the end of PPL's calendar year and the end of the 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. (PPL and PPL Electric) In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for uncollectible accounts. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. During 2016 , 2015 and 2014 , PPL Electric purchased $1.4 billion , $1.3 billion and $1.1 billion of accounts receivable from unaffiliated third parties. During 2015 and 2014 , PPL Electric purchased $146 million and $336 million of accounts receivable from PPL EnergyPlus. PPL Electric's purchases from PPL EnergyPlus for 2015 include purchases through May 31, 2015, which is the period during 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 unaffiliated third parties. Allowance for Doubtful Accounts (All Registrants) 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 2016 $ 41 $ 44 $ — $ 31 $ 54 2015 44 49 (2 ) 50 41 2014 43 49 — 48 44 PPL Electric 2016 $ 16 $ 35 $ — $ 23 $ 28 2015 17 39 — 40 16 2014 18 34 — 35 17 LKE 2016 $ 23 $ 8 $ — $ 7 $ 24 2015 25 9 (2 ) 9 23 2014 22 14 — 11 25 LG&E 2016 $ 1 $ 2 $ 1 $ 2 $ 2 2015 2 2 — 3 1 2014 2 5 (1 ) 4 2 KU 2016 $ 2 $ 4 $ — $ 4 $ 2 2015 2 5 — 5 2 2014 4 8 (3 ) 7 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 2016 2015 2016 2015 Low carbon network fund (a) $ 17 $ 22 $ — $ — Other 9 11 2 2 Total $ 26 $ 33 $ 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 as follows: PPL 2016 $ 11 2015 11 2014 16 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: 2016 2015 2014 PPL 2.73 % 2.57 % 2.92 % PPL Electric 2.63 % 2.46 % 2.46 % LKE 3.69 % 3.69 % 3.80 % LG&E 3.58 % 3.65 % 4.05 % KU 3.77 % 3.71 % 3.63 % (PPL) Effective January 1, 2015, after completing a review of the useful lives of its distribution network assets, WPD extended the weighted average useful lives of these assets to 69 years from 55 years for GAAP reporting of depreciation expense. For 2015, this change in useful lives resulted in lower depreciation expense compared with 2014 of $84 million ( $66 million after-tax or $0.10 per share). (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 dispos |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
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. See Note 8 for additional information. Financial data for the segments for the years ended December 31 are as follows: 2016 2015 2014 Income Statement Data Operating Revenues from external customers (a) U.K. Regulated $ 2,207 $ 2,410 $ 2,621 Kentucky Regulated 3,141 3,115 3,168 Pennsylvania Regulated 2,156 2,124 2,044 Corporate and Other 13 20 19 Total $ 7,517 $ 7,669 $ 7,852 2016 2015 2014 Depreciation U.K. Regulated $ 233 $ 242 $ 337 Kentucky Regulated 404 382 354 Pennsylvania Regulated 253 214 185 Corporate and Other 36 45 47 Total $ 926 $ 883 $ 923 Amortization (b) U.K. Regulated $ 16 $ 6 $ 17 Kentucky Regulated 29 27 25 Pennsylvania Regulated 32 26 19 Corporate and Other 3 — 4 Total $ 80 $ 59 $ 65 Unrealized (gains) losses on derivatives and other hedging activities (c) U.K. Regulated $ 13 $ (88 ) $ (199 ) Kentucky Regulated 6 11 12 Total $ 19 $ (77 ) $ (187 ) Interest Expense U.K. Regulated $ 402 $ 417 $ 461 Kentucky Regulated 260 232 219 Pennsylvania Regulated 129 130 122 Corporate and Other 97 92 41 Total $ 888 $ 871 $ 843 Income from Continuing Operations Before Income Taxes U.K. Regulated $ 1,479 $ 1,249 $ 1,311 Kentucky Regulated 640 547 501 Pennsylvania Regulated 550 416 423 Corporate and Other (d) (119 ) (144 ) (106 ) Total $ 2,550 $ 2,068 $ 2,129 Income Taxes (e) U.K. Regulated $ 233 $ 128 $ 329 Kentucky Regulated 242 221 189 Pennsylvania Regulated 212 164 160 Corporate and Other (d) (39 ) (48 ) 14 Total $ 648 $ 465 $ 692 Deferred income taxes and investment tax credits (f) U.K. Regulated $ 31 $ 45 $ 94 Kentucky Regulated 291 236 449 Pennsylvania Regulated 221 220 87 Corporate and Other (d) 17 (73 ) 36 Total $ 560 $ 428 $ 666 Net Income U.K. Regulated $ 1,246 $ 1,121 $ 982 Kentucky Regulated 398 326 312 Pennsylvania Regulated 338 252 263 Corporate and Other (d) (80 ) (96 ) (120 ) Discontinued Operations (g) — (921 ) 300 Total $ 1,902 $ 682 $ 1,737 2016 2015 2014 Cash Flow Data Expenditures for long-lived assets U.K. Regulated $ 1,031 $ 1,242 $ 1,438 Kentucky Regulated 791 1,210 1,262 Pennsylvania Regulated 1,134 1,107 957 Corporate and Other 1 11 66 Total $ 2,957 $ 3,570 $ 3,723 As of December 31, 2016 2015 Balance Sheet Data Total Assets U.K. Regulated (h) $ 14,537 $ 16,669 Kentucky Regulated 14,037 13,756 Pennsylvania Regulated 9,426 8,511 Corporate and Other (i) 315 365 Total $ 38,315 $ 39,301 Geographic data for the years ended December 31 are as follows: 2016 2015 2014 Geographic Data Revenues from external customers U.K. $ 2,207 $ 2,410 $ 2,621 U.S. 5,310 5,259 5,231 Total $ 7,517 $ 7,669 $ 7,852 As of December 31, 2016 2015 Long-Lived Assets U.K. (h) $ 11,177 $ 12,487 U.S. 19,595 18,569 Total $ 30,772 $ 31,056 (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 and 2014 include 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. (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. 2014 includes a gain of $237 million ( $137 million after-tax) on the sale of the Montana hydroelectric generating facilities. See Note 8 for additional information on these transactions. (h) Includes $ 10.8 billion and $ 12.2 billion of net PP&E as of December 31, 2016 and December 31, 2015. WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. (i) Primarily consists of unallocated items, including cash, PP&E and the elimination of inter-segment transactions. (PPL Electric, LKE, LG&E and KU) PPL Electric has two operating segments that are aggregated into a single reportable segment. LKE, LG&E and KU are individually single operating and reportable segments. |
Preferred Securities
Preferred Securities | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . |
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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . |
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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . |
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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . (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 2016 , 2015 or 2014 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
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 or If-Converted Method, as applicable. 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: 2016 2015 2014 Income (Numerator) Income from continuing operations after income taxes $ 1,902 $ 1,603 $ 1,437 Less amounts allocated to participating securities 6 6 7 Income from continuing operations after income taxes available to PPL common shareowners - Basic 1,896 1,597 1,430 Plus interest charges (net of tax) related to Equity Units (a) — — 9 Income from continuing operations after income taxes available to PPL common shareowners - Diluted $ 1,896 $ 1,597 $ 1,439 Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted $ — $ (921 ) $ 300 Net income $ 1,902 $ 682 $ 1,737 Less amounts allocated to participating securities 6 2 9 Net income available to PPL common shareowners - Basic 1,896 680 1,728 Plus interest charges (net of tax) related to Equity Units (a) — — 9 Net income available to PPL common shareowners - Diluted $ 1,896 $ 680 $ 1,737 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 677,592 669,814 653,504 Add incremental non-participating securities: Share-based payment awards (b) 2,854 2,772 1,910 Equity Units (a) — — 10,559 Weighted-average shares - Diluted EPS 680,446 672,586 665,973 2016 2015 2014 Basic EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 2.80 $ 2.38 $ 2.19 Income (loss) from discontinued operations (net of income taxes) — (1.37 ) 0.45 Net Income $ 2.80 $ 1.01 $ 2.64 Diluted EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 2.79 $ 2.37 $ 2.16 Income (loss) from discontinued operations (net of income taxes) — (1.36 ) 0.45 Net Income $ 2.79 $ 1.01 $ 2.61 (a) In 2014 , the If-Converted Method was applied to the Equity Units prior to settlement. See Note 7 for additional information on the Equity Units, including the issuance of PPL common stock to settle the Purchase contracts. (b) 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): 2016 Stock-based compensation plans (a) 3,224 DRIP 1,562 (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: 2016 2015 2014 Stock options 696 1,087 1,816 Performance units 176 36 5 Restricted stock units — — 31 |
Income and Other Taxes
Income and Other Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income and Other Taxes | 5. Income and Other Taxes (PPL) "Income from Continuing Operations Before Income Taxes" included the following: 2016 2015 2014 Domestic income $ 1,463 $ 968 $ 922 Foreign income 1,087 1,100 1,207 Total $ 2,550 $ 2,068 $ 2,129 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: 2016 2015 Deferred Tax Assets Deferred investment tax credits $ 51 $ 50 Regulatory liabilities 94 123 Accrued pension costs 250 217 Federal loss carryforwards 565 587 State loss carryforwards 326 319 Federal and state tax credit carryforwards 256 201 Foreign capital loss carryforwards 302 387 Foreign loss carryforwards 3 4 Foreign - pensions 41 171 Foreign - regulatory obligations 6 12 Foreign - other 5 8 Contributions in aid of construction 141 139 Domestic - other 188 209 Unrealized losses on qualifying derivatives 20 15 Valuation allowances (a) (593 ) (662 ) Total deferred tax assets 1,655 1,780 Deferred Tax Liabilities Domestic plant - net 4,325 3,875 Taxes recoverable through future rates 170 162 Regulatory assets 343 332 Reacquired debt costs 25 28 Foreign plant - net 640 777 Domestic - other 14 24 Total deferred tax liabilities 5,517 5,198 Net deferred tax liability $ 3,862 $ 3,418 (a) Includes $77 million of deferred tax assets related to state loss carryforwards and related valuation allowances previously reflected on the PPL Energy Supply Segment. The deferred tax assets and related valuation allowance remained with PPL after the spinoff. State deferred taxes are determined on a by entity, by jurisdiction basis. As a result, $27 million and $22 million of net deferred tax assets are shown as "Other noncurrent assets" on the Balance Sheets for 2016 and 2015. At December 31, 2016, 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 $ 1,583 $ 554 $ — 2029-2035 Federal charitable contributions 28 11 — 2020-2021 State net operating losses 5,387 325 (269 ) 2017-2036 State charitable contributions 12 1 — 2017-2021 Foreign net operating losses 17 3 (3 ) Indefinite Foreign capital losses 1,783 302 (302 ) Indefinite Credit carryforwards Federal investment tax credit 133 — 2025-2036 Federal alternative minimum tax credit 30 — Indefinite Federal foreign tax credits 62 (3 ) 2024-2025 Federal - other 30 (11 ) 2017-2036 State - other 1 — Indefinite 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 2016 $ 662 $ 17 $ 2 $ 88 (a) $ 593 2015 622 24 77 (b) 61 (a) 662 2014 585 57 6 26 622 (a) 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. (b) 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 pay or record U.S. income taxes on the undistributed earnings of WPD as management has determined that the earnings are indefinitely reinvested for accounting purposes. Current year distributions from WPD to the U.S. are sourced from a portion of current year's earnings of the WPD group. 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 WPD's future annual earnings. The cumulative undistributed earnings are included in "Earnings reinvested" on the Balance Sheets. The amounts considered indefinitely reinvested at December 31, 2016 and 2015 were $5.5 billion and $4.6 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: 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ (14 ) $ (26 ) $ 18 Current - State 21 25 26 Current - Foreign 80 89 152 Total Current Expense 87 88 196 Deferred - Federal 385 699 299 Deferred - State 89 68 120 Deferred - Foreign 86 41 96 Total Deferred Expense, excluding operating loss carryforwards 560 808 515 Amortization of investment tax credit (3 ) (4 ) (5 ) Tax expense (benefit) of operating loss carryforwards Deferred - Federal (a) 25 (396 ) 8 Deferred - State (21 ) (31 ) (22 ) Total Tax Expense (Benefit) of Operating Loss Carryforwards 4 (427 ) (14 ) Total income taxes from continuing operations $ 648 $ 465 $ 692 Total income tax expense - Federal $ 393 $ 273 $ 320 Total income tax expense - State 89 62 124 Total income tax expense - Foreign 166 130 248 Total income taxes from continuing operations $ 648 $ 465 $ 692 (a) 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 (benefits) are excluded from income taxes from continuing operations: 2016 2015 2014 Discontinued operations - PPL Energy Supply Segment $ — $ (30 ) $ 198 Stock-based compensation recorded to Additional Paid-in Capital — — (4 ) Stock-based compensation recorded to Earnings Reinvested (7 ) — — Other comprehensive income (6 ) (2 ) (190 ) Valuation allowance on state deferred taxes recorded to other comprehensive income 1 (4 ) — Total $ (12 ) $ (36 ) $ 4 2016 2015 2014 Reconciliation of Income Tax Expense Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 35% $ 893 $ 724 $ 745 Increase (decrease) due to: State income taxes, net of federal income tax benefit 46 31 28 Valuation allowance adjustments (a) 16 24 55 Impact of lower U.K. income tax rates (b) (177 ) (176 ) (180 ) U.S. income tax on foreign earnings - net of foreign tax credit (c) (42 ) 8 63 Federal and state tax reserves adjustments (d) — (22 ) (1 ) Impact of the U.K. Finance Acts on deferred tax balances (b) (49 ) (91 ) (1 ) Depreciation not normalized (10 ) (5 ) (7 ) Interest benefit on U.K. financing entities (17 ) (20 ) (5 ) Stock-based compensation (e) (10 ) — — Other (2 ) (8 ) (5 ) Total increase (decrease) (245 ) (259 ) (53 ) Total income taxes from continuing operations $ 648 $ 465 $ 692 Effective income tax rate 25.4 % 22.5 % 32.5 % (a) During 2016, PPL recorded deferred tax expense 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. As a result of the PPL Energy Supply spinoff announcement, PPL recorded $50 million of deferred income tax expense during 2014 , to adjust the valuation allowance on deferred tax assets primarily for state net operating loss carryforwards that were previously supported by the future earnings of PPL Energy Supply. See Note 8 for additional information on the spinoff. (b) The U.K. Finance Act 2016, enacted in September 2016, reduces the U.K. statutory income tax rate effective April 1, 2020 from 18% to 17% . As a result, PPL reduced its net deferred tax liabilities and recognized a deferred tax benefit during 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 deferred tax benefit during 2015 , related to both rate decreases. (c) 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. During 2015 , PPL recorded lower income taxes primarily attributable to a decrease in taxable dividends. During 2014 , PPL recorded $47 million of income tax expense primarily attributable to taxable dividends. (d) During 2015 , PPL recorded a $12 million 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. 2016 2015 2014 Taxes, other than income State gross receipts (a) $ 100 $ 89 $ 102 Foreign property 135 148 157 Domestic Other 66 62 58 Total $ 301 $ 299 $ 317 (a) The decrease in 2015 was primarily due to the settlement of a 2011 gross receipts tax audit resulting 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 "Regulated liabilities" on the Balance Sheets. Significant components of PPL Electric's deferred income tax assets and liabilities were as follows: 2016 2015 Deferred Tax Assets Accrued pension costs $ 107 $ 92 Contributions in aid of construction 112 111 Regulatory liabilities 34 56 State loss carryforwards 22 27 Federal loss carryforwards 147 146 Other 81 87 Total deferred tax assets 503 519 Deferred Tax Liabilities Electric utility plant - net 2,001 1,803 Taxes recoverable through future rates 141 135 Reacquired debt costs 15 18 Regulatory assets 240 213 Other 5 13 Total deferred tax liabilities 2,402 2,182 Net deferred tax liability $ 1,899 $ 1,663 At December 31, 2016 , PPL Electric had the following loss carryforwards and related deferred tax assets: Gross Deferred Tax Asset Expiration Loss carryforwards Federal net operating losses $ 411 $ 144 2031-2035 Federal charitable contributions 5 2 2020-2021 State net operating losses (a) 327 21 2030-2032 State charitable contributions 11 1 2017-2021 (a) An immaterial amount of valuation allowances has been recorded against the deferred tax asset for state contributions. Credit carryforwards were insignificant at December 31, 2016 . 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. 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ (29 ) $ (80 ) $ 60 Current - State 19 23 15 Total Current Expense (Benefit) (10 ) (57 ) 75 Deferred - Federal 193 287 70 Deferred - State 29 12 16 Total Deferred Expense, excluding operating loss carryforwards 222 299 86 2016 2015 2014 Amortization of investment tax credit — — (1 ) Tax expense (benefit) of operating loss carryforwards Deferred - Federal — (75 ) — Deferred - State — (3 ) — Total Tax Expense (Benefit) of Operating Loss Carryforwards — (78 ) — Total income tax expense $ 212 $ 164 $ 160 Total income tax expense - Federal $ 164 $ 132 $ 129 Total income tax expense - State 48 32 31 Total income tax expense $ 212 $ 164 $ 160 2016 2015 2014 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 193 $ 146 $ 148 Increase (decrease) due to: State income taxes, net of federal income tax benefit 36 25 22 Depreciation not normalized (8 ) (4 ) (6 ) Stock-based compensation (a) (6 ) — — Other (3 ) (3 ) (4 ) Total increase (decrease) 19 18 12 Total income tax expense $ 212 $ 164 $ 160 Effective income tax rate 38.4 % 39.4 % 37.8 % (a) 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. 2016 2015 2014 Taxes, other than income State gross receipts (a) $ 100 $ 89 $ 102 Property and other 5 5 5 Total $ 105 $ 94 $ 107 (a) The decrease in 2015 was primarily due to the settlement of a 2011 gross receipts tax audit resulting 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: 2016 2015 Deferred Tax Assets Federal loss carryforwards $ 248 $ 280 State loss carryforwards 35 35 Tax credit carryforwards 186 181 Contributions in aid of construction 29 29 Regulatory liabilities 60 66 Accrued pension costs 58 53 Income taxes due to customers 15 17 Deferred investment tax credits 51 50 Derivative liability 12 18 Other 49 55 Valuation allowances (11 ) (12 ) Total deferred tax assets 732 772 Deferred Tax Liabilities Plant - net 2,352 2,105 Regulatory assets 102 119 Other 13 11 Total deferred tax liabilities 2,467 2,235 Net deferred tax liability $ 1,735 $ 1,463 At December 31, 2016 , 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 Federal net operating losses $ 709 $ 248 $ — 2029-2035 Federal contribution carryforwards 11 4 — 2020-2021 State net operating losses 907 35 — 2028-2036 Credit carryforwards Federal investment tax credit 133 — 2025-2036 Federal alternative minimum tax credit 27 — Indefinite Federal - other 26 (11 ) 2017-2036 State - other 1 — Indefinite Changes in deferred tax valuation allowances were: Balance at Beginning of Period Additions Deductions Balance at End of Period 2016 $ 12 $ — $ 1 (a) $ 11 2015 — 12 (b) — 12 2014 4 — 4 (c) — (a) Federal tax credit expiring in 2016. (b) Federal tax credits expiring in 2016 through 2020 that are more likely than not to expire before being utilized. (c) Primarily related to the expiration of state capital loss carryforwards. 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: 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ (36 ) $ 2 $ (247 ) Current - State 1 1 8 Total Current Expense (Benefit) (35 ) 3 (239 ) Deferred - Federal 248 405 437 Deferred - State 38 32 23 Total Deferred Expense, excluding benefits of operating loss carryforwards 286 437 460 Amortization of investment tax credit - Federal (3 ) (3 ) (4 ) Tax benefit of operating loss carryforwards Deferred - Federal 10 (198 ) (8 ) Deferred - State (1 ) — — Total Tax Expense (Benefit) of Operating Loss Carryforwards 9 (198 ) (8 ) Total income tax expense from continuing operations (a) $ 257 $ 239 $ 209 Total income tax expense - Federal $ 219 $ 206 $ 178 Total income tax expense - State 38 33 31 Total income tax expense from continuing operations (a) $ 257 $ 239 $ 209 (a) Excludes current and deferred federal and state tax expense (benefit) recorded to Discontinued Operations of less than $1 million in 2016 , 2015 and 2014 . Also, excludes deferred federal and state tax expense (benefit) recorded to OCI of $(16) million in 2016 , less than $(1) million in 2015 and $(36) million in 2014 . 2016 2015 2014 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 240 $ 211 $ 194 Increase (decrease) due to: State income taxes, net of federal income tax benefit 25 22 20 Amortization of investment tax credit (3 ) (3 ) (4 ) Valuation allowance adjustment (a) — 12 — Stock-based compensation (b) (3 ) — — Other (2 ) (3 ) (1 ) Total increase 17 28 15 Total income tax expense $ 257 $ 239 $ 209 Effective income tax rate 37.5 % 39.6 % 37.8 % (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. 2016 2015 2014 Taxes, other than income Property and other $ 62 $ 57 $ 52 Total $ 62 $ 57 $ 52 (LG&E) The provision for LG&E's deferred income taxes for regulated assets and liabilities is based upon the ratemaking principles reflected in rates established by the KPSC 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 LG&E's deferred income tax assets and liabilities were as follows: 2016 2015 Deferred Tax Assets Federal loss carryforwards $ 80 $ 76 Contributions in aid of constructions 18 18 Regulatory liabilities 34 38 Deferred investment tax credits 14 13 Income taxes due to customers 17 17 Derivative liability 12 18 Other 17 15 Total deferred tax assets 192 195 Deferred Tax Liabilities Plant - net 1,058 914 Regulatory assets 65 75 Accrued pension costs 35 28 Other 8 7 Total deferred tax liabilities 1,166 1,024 Net deferred tax liability $ 974 $ 829 LG&E expects to have adequate levels of taxable income to realize its recorded deferred income tax assets. At December 31, 2016 , LG&E had $229 million of federal net operating loss carryforwards that expire in 2035 , $7 million of federal contribution carryforwards that expire from 2020 to 2021 and $5 million of federal credit carryforwards that expire from 2034 to 2036 . 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: 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ (22 ) $ (15 ) $ (25 ) Current - State 1 3 10 Total Current Benefit (21 ) (12 ) (15 ) Deferred - Federal 134 190 114 Deferred - State 18 13 6 Total Deferred Expense, excluding benefits of operating loss carryforwards 152 203 120 Amortization of investment tax credit - Federal (1 ) (1 ) (2 ) Tax benefit of operating loss carryforwards Deferred - Federal (4 ) (76 ) — Total Tax Benefit of Operating Loss Carryforwards (4 ) (76 ) — Total income tax expense $ 126 $ 114 $ 103 Total income tax expense - Federal $ 107 $ 98 $ 87 Total income tax expense - State 19 16 16 Total income tax expense $ 126 $ 114 $ 103 2016 2015 2014 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 115 $ 105 $ 95 Increase (decrease) due to: State income taxes, net of federal income tax benefit 12 11 10 Amortization of investment tax credit (1 ) (1 ) (2 ) Other — (1 ) — Total increase 11 9 8 Total income tax expense $ 126 $ 114 $ 103 Effective income tax rate 38.3 % 38.1 % 37.9 % 2016 2015 2014 Taxes, other than income Property and other $ 32 $ 28 $ 25 Total $ 32 $ 28 $ 25 (KU) The provision for KU'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 KU's deferred income tax assets and liabilities were as follows: 2016 2015 Deferred Tax Assets Federal loss carryforwards $ 79 $ 97 Contributions in aid of construction 11 11 Regulatory liabilities 26 28 Deferred investment tax credits 37 36 Other 11 7 Total deferred tax assets 164 179 Deferred Tax Liabilities Plant - net 1,280 1,175 Regulatory assets 37 44 Accrued pension costs 12 4 Other 5 2 Total deferred tax liabilities 1,334 1,225 Net deferred tax liability $ 1,170 $ 1,046 KU expects to have adequate levels of taxable income to realize its recorded deferred income tax assets. At December 31, 2016 , KU had $227 million of federal net operating loss carryforwards that expire in 2035 and $5 million of federal credit carryforwards that expire from 2034 to 2036 . 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: 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ 31 $ (21 ) $ (95 ) Current - State 5 1 6 Total Current Expense (Benefit) 36 (20 ) (89 ) Deferred - Federal 131 240 212 Deferred - State 19 19 14 Total Deferred Expense, excluding benefits of operating loss carryforwards 150 259 226 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) $ 163 $ 140 $ 135 Total income tax expense - Federal $ 139 $ 120 $ 115 Total income tax expense - State 24 20 20 Total income tax expense (a) $ 163 $ 140 $ 135 (a) Excludes deferred federal and state tax expense (benefit) recorded to OCI of less than $(1) million in 2016 , 2015 and 2014 . 2016 2015 2014 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 150 $ 131 $ 124 Increase (decrease) due to: State income taxes, net of federal income tax benefit 16 13 13 Amortization of investment tax credit (2 ) (2 ) (2 ) Other (1 ) (2 ) — Total increase 13 9 11 Total income tax expense $ 163 $ 140 $ 135 Effective income tax rate 38.1 % 37.4 % 38.0 % 2016 2015 2014 Taxes, other than income Property and other $ 30 $ 29 $ 27 Total $ 30 $ 29 $ 27 Unrecognized Tax Benefits (All Registrants) PPL or its subsidiaries file tax returns in four major tax jurisdictions. The income tax provisions for PPL Electric, LKE, LG&E and KU are calculated in accordance with an intercompany tax sharing agreement, which provides that taxable income be calculated as if each domestic subsidiary filed a separate consolidated return. Based on this tax sharing agreement, PPL Electric or its subsidiaries indirectly or directly file tax returns in two major tax jurisdictions, and LKE, LG&E and KU or their subsidiaries indirectly or directly file tax returns in two major tax jurisdictions. With few exceptions, at December 31, 2016 , 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) 2012 and prior 2012 and prior 2012 and prior 2012 and prior 2012 and prior Pennsylvania (state) 2011 and prior 2011 and prior Kentucky (state) 2011 and prior 2011 and prior 2011 and prior 2011 and prior U.K. (foreign) 2013 and prior Other (PPL) In 2015, PPL recorded a tax benefit of $24 million , related to the settlement of the IRS audit for tax years 1998-2011. Of this amount, $12 million is reflected in continuing operations. PPL finalized the settlement of interest in 2016 and recorded an additional $3 million tax benefit. |
Utility Rate Regulation
Utility Rate Regulation | 12 Months Ended |
Dec. 31, 2016 | |
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 that item will be recovered or refunded within a year of the balance sheet date. 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 coal contracts, power purchases and emission allowances. 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 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 2016 2015 2016 2015 Current Regulatory Assets: Environmental cost recovery $ 6 $ 24 $ — $ — Generation formula rate 11 7 — — Transmission service charge 7 10 7 10 Smart meter rider 6 2 6 2 Storm costs 5 — 5 — Other 4 5 1 1 Total current regulatory assets (a) $ 39 $ 48 $ 19 $ 13 Noncurrent Regulatory Assets: Defined benefit plans $ 947 $ 809 $ 549 $ 469 Taxes recoverable through future rates 340 326 340 326 Storm costs 57 93 9 30 Unamortized loss on debt 61 68 36 42 Interest rate swaps 129 141 — — Accumulated cost of removal of utility plant 159 137 159 137 AROs 211 143 — — Other 14 16 1 2 Total noncurrent regulatory assets $ 1,918 $ 1,733 $ 1,094 $ 1,006 Current Regulatory Liabilities: Generation supply charge $ 23 $ 41 $ 23 $ 41 Demand side management 3 8 — — Gas supply clause — 6 — — Universal service rider 14 5 14 5 Transmission formula rate 15 48 15 48 Fuel adjustment clause 11 14 — — Act 129 compliance rider 17 — 17 — Storm damage expense 13 16 13 16 Other 5 7 1 3 Total current regulatory liabilities $ 101 $ 145 $ 83 $ 113 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 700 $ 691 $ — $ — Coal contracts (b) — 17 — — Power purchase agreement - OVEC (b) 75 83 — — Net deferred tax assets 23 23 — — Act 129 compliance rider — 22 — 22 Defined benefit plans 23 24 — — Interest rate swaps 78 82 — — Other — 3 — — Total noncurrent regulatory liabilities $ 899 $ 945 $ — $ 22 LKE LG&E KU 2016 2015 2016 2015 2016 2015 Current Regulatory Assets: Environmental cost recovery $ 6 $ 24 $ 6 $ 13 $ — $ 11 Generation formula rate 11 7 — — 11 7 Other 3 4 3 3 — 1 Total current regulatory assets $ 20 $ 35 $ 9 $ 16 $ 11 $ 19 LKE LG&E KU 2016 2015 2016 2015 2016 2015 Noncurrent Regulatory Assets: Defined benefit plans $ 398 $ 340 $ 246 $ 215 $ 152 $ 125 Storm costs 48 63 26 35 22 28 Unamortized loss on debt 25 26 16 17 9 9 Interest rate swaps 129 141 88 98 41 43 AROs 211 143 70 57 141 86 Plant retirement costs 4 6 — — 4 6 Other 9 8 4 2 5 6 Total noncurrent regulatory assets $ 824 $ 727 $ 450 $ 424 $ 374 $ 303 Current Regulatory Liabilities: Demand side management $ 3 $ 8 $ 2 $ 4 $ 1 $ 4 Gas supply clause — 6 — 6 — — Fuel adjustment clause 11 14 2 2 9 12 Other 4 4 1 1 3 3 Total current regulatory liabilities $ 18 $ 32 $ 5 $ 13 $ 13 $ 19 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 700 $ 691 $ 305 $ 301 $ 395 $ 390 Coal contracts (b) — 17 — 7 — 10 Power purchase agreement - OVEC (b) 75 83 52 57 23 26 Net deferred tax assets 23 23 23 23 — — Defined benefit plans 23 24 — — 23 24 Interest rate swaps 78 82 39 41 39 41 Other — 3 — 2 — 1 Total noncurrent regulatory liabilities $ 899 $ 923 $ 419 $ 431 $ 480 $ 492 (a) For PPL, these amounts are included in "Other current assets" on the Balance Sheets. (b) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. 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 the portion of unrecognized transition obligation, 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 re-measured. Of the regulatory asset and liability balances recorded, costs of $58 million for PPL, $25 million for PPL Electric, $33 million for LKE, $22 million for LG&E and $11 million for KU, are expected to be amortized into net periodic defined benefit costs in 2017 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, 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 2017, $14 million for PPL and LKE, $8 million for LG&E and $6 million for KU, are expected to be recorded as a regulatory asset in 2017. (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. (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 also requires installation of smart meters for new construction, upon the request of consumers and at their cost, or on a depreciation schedule not exceeding 15 years. Under Act 129, EDCs are able to recover the costs of providing smart metering technology. All of PPL Electric's metered customers currently have advanced meters installed at their service locations capable of many of the functions required under Act 129. PPL Electric conducted pilot projects and technical evaluations of its current advanced metering technology and concluded that the current technology does not meet all of the requirements of Act 129. In June 2014, PPL Electric filed a plan with the PUC to replace its current meters with new meters that meet the Act 129 requirements by the end of 2019. The SMR contains 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. As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, LG&E and KU were authorized to earn a 10% return on equity for all existing ECR plans. On August 8, 2016, the KPSC issued an order establishing a 9.8% authorized return on equity for the 2016 plan projects that pertain to the handling of coal combustion byproducts and MATS. 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 approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligation. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. Coal Contracts As a result of purchase accounting associated with PPL's acquisition of LKE, LG&E's and KU's coal contracts were recorded at fair value on the Balance Sheets with offsets to regulatory assets for those contracts with unfavorable terms relative to current market prices and offsets to regulatory liabilities for those contracts with favorable terms relative to current market prices. These regulatory assets and liabilities were amortized over the same terms as the related contracts, which expired at various times through 2016 . 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. Regulatory Liability Associated with Net Deferred Tax Assets LG&E's and KU's regulatory liabilities associated with net deferred tax assets represent the future revenue impact from the reversal of deferred income taxes required primarily for unamortized investment tax credits. These regulatory liabilities are recognized when the offsetting deferred tax assets are recognized. Interest Rate Swaps Periodically, LG&E and KU enter into forward-starting interest rate swaps with PPL that have terms identical to forward-starting swaps entered into by PPL with third parties. Net realized gains and losses on all of these 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 will be recognized in "Interest Expense" on the Statements of Income over the life of the underlying debt at the time the underlying hedged interest expense is recorded. In September 2015, first mortgage bonds totaling $1.05 billion were issued (LG&E issued $550 million and KU issued $500 million ) and all outstanding forward-starting interest rate swaps were terminated. Net cash settlements of $88 million were paid on the swaps that were terminated (LG&E and KU each paid $44 million ). Net realized losses on these terminated swaps will be recovered through regulated rates. As such, the net settlements were recorded in regulatory assets and are being recognized in "Interest Expense" on the Statements of Income over the life of the new debt that matures in 2025 and 2045. There were no forward starting interest rate swaps outstanding at December 31, 2016. See Note 17 for additional information related to the forward-starting interest rate swaps. Net cash settlements of $86 million were received on forward starting interest rate swaps that were terminated in 2013 (LG&E and KU each received $43 million ). Net realized gains on these terminated swaps will be returned through regulated rates. As such, the net settlements were recorded as regulatory liabilities and are being recognized in "Interest Expense" on the Statements of Income over the life of the associated debt that matures in 2043 . (PPL, LKE and LG&E) A net cash settlement of $9 million paid on a swap that was terminated by LG&E in December 2016 is included in “Cash Flows from Operating Activities” on the Statements of Cash Flows. The KPSC authorized the recording of a regulatory asset and the recovery of such costs is being sought in the current rate case filed in November 2016. In addition to the terminated interest rate swaps, realized amounts associated with LG&E's other interest rate swaps, including a swap contract terminated in 2008, are recoverable through rates based on an order from the KPSC. LG&E's unrealized losses and gains are recorded as a regulatory asset or liability 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 . Amortization of the loss related to the 2008 terminated swap contract, which is expensed to "Other operation and maintenance", is to be recovered through 2035 . 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 a result of the 2014 Kentucky rate case settlement, effective July 1, 2015, LG&E is authorized to earn a 10% return on equity for the GLT mechanism. 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, LG&E has requested additional projects for recovery through the GLT mechanism related to further gas line replacements and transmission pipeline modernizations. LG&E annually files revised rates based on projected costs in October with rates effective on the first billing cycle in January. After the completion of a plan year, LG&E submits a balancing adjustment filing to the KPSC to amend 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) Plant Retirement Costs The 2014 Kentucky rate case settlement that became effective July 1, 2015, provided for deferred recovery of costs associated with Green River's remaining coal-fired generating units through their retirement date, which occurred in September 2015. These costs include inventory write-downs and separation benefits and are being amortized over three years. 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. Ofgem Review of Line Loss Calculation In 2014, Ofgem issued its final decision on the DPCR4 line loss incentives and penalties mechanism. As a result, during 2014 WPD increased its liability by $65 million for over-recovery of line losses with a reduction to "Operating Revenues" on the Statement of Income. Other activity impacting the liability included reductions in the liability that has been included in tariffs and foreign exchange movements. WPD began refunding the liability to customers on April 1, 2015 and will continue through March 31, 2019 . The liability at December 31, 2016 and 2015 was $26 million and $61 million . (PPL, LKE, LG&E and KU) Kentucky Activities Rate Case Proceedings On November 23, 2016, LG&E and KU filed requests with the KPSC for increases in annual base electricity rates of approximately $103 million at KU and an increase in annual base electricity and gas rates of approximately $94 million and $14 million at LG&E. The proposed base rate increases would result in an electricity rate increase of 6.4% at KU and electricity and gas rate increases of 8.5% and 4.2% at LG&E. New rates are expected to become effective on July 1, 2017. LG&E's and KU's applications include requests for CPCNs for implementing an Advanced Metering System and a Distribution Automation program. The applications are based on a forecasted test year of July 1, 2017 through June 30, 2018 and a requested return on equity of 10.23%. A number of parties have been granted intervention requests in the proceedings. Data discovery and the filing of written testimony will continue through April 2017. A public hearing on the applications is scheduled to commence on May 2, 2017. LG&E and KU cannot predict the outcome of these proceedings. CPCN and ECR Filings On August 8, 2016, the KPSC issued an order approving CPCNs and ECR rate treatment regarding environmental construction projects relating to the EPA's regulations addressing the handling of coal combustion by-products and MATS. The construction projects began in 2016 and are expected to continue through 2023 . The KPSC order established a 9.8% authorized return on equity for these projects. Recovery of costs commenced with bills rendered on and after August 31, 2016. (LKE and LG&E) Gas Franchise LG&E’s gas franchise agreement for the Louisville/Jefferson County service area expired in March 2016. In August 2016, LG&E and Louisville/Jefferson County entered into a revised franchise agreement with a 5 -year term (with renewal options). The franchise fee may be modified at Louisville/Jefferson County's election upon 60 days' notice. However, any franchise fee is capped at 3% of gross receipts for natural gas service within the franchise area. The agreement further provides that if the KPSC determines that the franchise fee should be recovered from LG&E's customers, the franchise fee shall revert to zero . In August 2016, LG&E filed an application in a KPSC proceeding to review and rule upon the recoverability of the franchise fee. In August 2016, Louisville/Jefferson County submitted a motion to dismiss the proceeding filed by LG&E, and, in November 2016, filed an amended complaint against LG&E relating to these issues. LG&E submitted KPSC filings to respond to, request dismissal of and consolidate certain claims or aspects of the proceedings. In January 2017, the KPSC issued an order denying Louisville/Jefferson County's motion to dismiss, consolidating the matter with LG&E's filed application and establishing a procedural schedule for the case. Until the KPSC issues a final order in this proceeding, LG&E cannot predict the ultimate outcome of this matter but does not anticipate that it will have a material effect on its financial condition or results of operation. LG&E continues to provide gas service to customers in this franchise area at existing rates, but without collecting or remitting a franchise fee. (PPL and PPL Electric) Pennsylvania Activities Rate Case Proceeding On March 31, 2015, PPL Electric filed a request with the PUC for an increase in its annual distribution revenue requirement of approximately $168 million . The application was based on a fully projected future test year of January 1, 2016 through December 31, 2016 . On September 3, 2015, PPL Electric filed with the PUC Administrative Law Judge a petition for approval of a settlement agreement under which PPL Electric would be permitted to increase its annual distribution rates by $124 million , effective January 1, 2016. On November 19, 2015, the PUC entered a final order adopting the Administrative Law Judge's recommended decision. The new rates became effective January 1, 2016. Act 129 Act 129 requires Pennsylvania Electric Distribution Companies (EDCs) to meet, by specified dates, specified goals for reduction in customer electricity usage and peak demand. EDCs not meeting the requirements of Act 129 are subject to significant penalties. In November 2015, PPL Electric filed with the PUC its Act 129 Phase III Energy Efficiency and Conservation Plan for the period June 1, 2016 through May 31, 2021. In June 2016, the PUC approved PPL Electric's Phase III Plan, allowing PPL Electric to implement its energy efficiency and demand response programs and recover, through the Act 129 compliance rider, the $313 million cost of the programs over the five -year period June 1, 2016 through May 31, 2021. Act 129 also requires Default Servic |
Financing Activities
Financing Activities | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Financing Activities | 7. Financing Activities Credit Arrangements and Short-term Debt (All Registrants) The Registrants maintain credit facilities to enhance liquidity, provide credit support and provide a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, the credit facilities and commercial paper programs of PPL Electric, LKE, LG&E and KU also apply to PPL and the credit facilities and commercial paper programs of LG&E and KU also apply to LKE. The amounts borrowed below are recorded as "Short-term debt" on the Balance Sheets. The following credit facilities were in place at: December 31, 2016 December 31, 2015 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. 2021 £ 210 £ 160 £ — £ 49 £ 133 £ — WPD (South West) Syndicated Credit Facility (a) (c) July 2021 245 110 — 135 — — WPD (East Midlands) Syndicated Credit Facility (a) (c) July 2021 300 9 — 291 — — WPD (West Midlands) Syndicated Credit Facility (a) (c) July 2021 300 — — 300 — — Uncommitted Credit Facilities 90 60 4 26 — 4 Total U.K. Credit Facilities (b) £ 1,145 £ 339 £ 4 £ 801 £ 133 £ 4 U.S. PPL Capital Funding Syndicated Credit Facility (c) (d) Jan. 2021 $ 950 $ — $ 20 $ 930 $ — $ 151 Syndicated Credit Facility (c) (d) Nov. 2018 300 — — 300 — 300 Bilateral Credit Facility (c) (d) Mar. 2017 150 — 17 133 — 20 Total PPL Capital Funding Credit Facilities $ 1,400 $ — $ 37 $ 1,363 $ — $ 471 PPL Electric Syndicated Credit Facility (c) (d) Jan. 2021 $ 650 $ — $ 296 $ 354 $ — $ 1 LKE Syndicated Credit Facility (c) (d) (f) Oct. 2018 $ 75 $ — $ — $ 75 $ 75 $ — LG&E Syndicated Credit Facility (c) (d) Dec. 2020 $ 500 $ — $ 169 $ 331 $ — $ 142 KU Syndicated Credit Facility (c) (d) Dec. 2020 $ 400 $ — $ 16 $ 384 $ — $ 48 Letter of Credit Facility (c) (d) (e) Oct. 2017 198 — 198 — — 198 Total KU Credit Facilities $ 598 $ — $ 214 $ 384 $ — $ 246 (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, 2016 and 2015 included USD-denominated borrowings of $200 million for both periods, which bore interest at 1.43% and 1.83% . The unused capacity reflects the amount borrowed in GBP of £161 million as of the date borrowed. The WPD (South West) amount borrowed at December 31, 2016 was a GBP-denominated borrowing, which equated to $137 million and bore interest at 0.66% . The WPD (East Midlands) amount borrowed at December 31, 2016 was a GBP-denominated borrowing, which equated to $11 million and bore interest at 0.66% . The WPD Uncommitted Credit Facilities amounts borrowed at December 31, 2016 were GBP-denominated borrowings which equated to $75 million and bore interest at 1.26% . At December 31, 2016 , the unused capacity under the U.K. credit facilities was approximately $1 billion . (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 2017 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) 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. (f) At December 31, 2015 , LKE's interest rate on outstanding borrowings was 1.68% . In January 2017, the expiration dates for PPL Capital Funding and PPL Electric syndicated credit facilities expiring in January 2021, and the LG&E and KU syndicated credit facilities expiring in December 2020, were extended to January 2022 . 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, 2016 December 31, 2015 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding 1.10% $ 1,000 $ 20 $ 980 0.78% $ 451 PPL Electric 1.05% 400 295 105 — LG&E 0.94% 350 169 181 0.71% 142 KU 0.87% 350 16 334 0.72% 48 Total $ 2,100 $ 500 $ 1,600 $ 641 In January 2017, PPL Electric's commercial paper program capacity was increased to $650 million . (PPL and LKE) See Note 14 for discussion of intercompany borrowings. Long-term Debt (All Registrants) December 31, Weighted-Average Maturities (g) 2016 2015 PPL U.S. Senior Unsecured Notes 3.75 % 2018 - 2044 $ 4,075 $ 3,425 Senior Secured Notes/First Mortgage Bonds (a) (b) (c) 3.88 % 2017 - 2045 6,849 6,874 Junior Subordinated Notes 6.31 % 2067 - 2073 930 930 Total U.S. Long-term Debt 11,854 11,229 U.K. Senior Unsecured Notes (d) 5.44 % 2017 - 2040 5,707 7,170 Index-linked Senior Unsecured Notes (e) 1.67 % 2026 - 2056 838 772 Total U.K. Long-term Debt (f) 6,545 7,942 Total Long-term Debt Before Adjustments 18,399 19,171 Fair market value adjustments 22 30 Unamortized premium and (discount), net (e) 20 (28 ) Unamortized debt issuance costs (115 ) (125 ) Total Long-term Debt 18,326 19,048 Less current portion of Long-term Debt 518 485 Total Long-term Debt, noncurrent $ 17,808 $ 18,563 December 31, Weighted-Average Maturities (g) 2016 2015 PPL Electric Senior Secured Notes/First Mortgage Bonds (a) (b) 4.20 % 2017 - 2045 $ 2,864 $ 2,864 Total Long-term Debt Before Adjustments 2,864 2,864 Unamortized discount (12 ) (13 ) Unamortized debt issuance costs (21 ) (23 ) Total Long-term Debt 2,831 2,828 Less current portion of Long-term Debt 224 — Total Long-term Debt, noncurrent $ 2,607 $ 2,828 LKE Senior Unsecured Notes 3.97 % 2020 - 2021 $ 725 $ 725 First Mortgage Bonds (a) (c) 3.67 % 2017 - 2045 3,985 4,010 Long-term debt to affiliate 3.50 % 2025 400 400 Total Long-term Debt Before Adjustments 5,110 5,135 Fair market value adjustments (1 ) (1 ) Unamortized discount (15 ) (16 ) Unamortized debt issuance costs (29 ) (30 ) Total Long-term Debt 5,065 5,088 Less current portion of Long-term Debt 194 25 Total Long-term Debt, noncurrent $ 4,871 $ 5,063 LG&E First Mortgage Bonds (a) (c) 3.45 % 2017 - 2045 $ 1,634 $ 1,659 Total Long-term Debt Before Adjustments 1,634 1,659 Fair market value adjustments (1 ) (1 ) Unamortized discount (4 ) (4 ) Unamortized debt issuance costs (12 ) (12 ) Total Long-term Debt 1,617 1,642 Less current portion of Long-term Debt 194 25 Total Long-term Debt, noncurrent $ 1,423 $ 1,617 KU First Mortgage Bonds (a) (c) 3.82 % 2019 - 2045 $ 2,351 $ 2,351 Total Long-term Debt Before Adjustments 2,351 2,351 Unamortized discount (9 ) (10 ) Unamortized debt issuance costs (15 ) (15 ) Total Long-term Debt 2,327 2,326 Less current portion of Long-term Debt — — Total Long-term Debt, noncurrent $ 2,327 $ 2,326 (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 $7.6 billion and $6.7 billion at December 31, 2016 and 2015 . 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 $4.4 billion and $4.2 billion at December 31, 2016 and 2015 . 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 $5.8 billion and $5.7 billion at December 31, 2016 and 2015 . (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, 2016 , 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, respectively. At December 31, 2016 , the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $386 million for LKE, comprised of $158 million and $228 million for LG&E and KU, respectively. Certain of the variable rate tax-exempt revenue bonds totaling $375 million at December 31, 2016 ( $147 million for LG&E and $228 million for KU), 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 ( $281 million at December 31, 2016 ) 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) and WPD (East Midlands) 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 2015 to 2016 was an increase of approximately £10 million ( $13 million ) resulting from inflation. In addition, this amount includes £225 million ( $281 million at December 31, 2016 ) 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 £4.4 billion ( $5.5 billion at December 31, 2016 ) 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, 2016 . 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 2017 through 2021 and thereafter are as follows: PPL PPL Electric LKE LG&E KU 2017 $ 518 $ 224 $ 194 $ 194 $ — 2018 348 — 98 98 — 2019 136 — 136 40 96 2020 1,262 100 975 — 500 2021 1,150 400 250 — — Thereafter 14,985 2,140 3,457 1,302 1,755 Total $ 18,399 $ 2,864 $ 5,110 $ 1,634 $ 2,351 (PPL) In March 2014, PPL Capital Funding remarketed $978 million of 4.32% Junior Subordinated Notes due 2019 that were originally issued in April 2011 as a component of PPL's 2011 Equity Units. In connection with the remarketing, PPL Capital Funding retired $228 million of the 4.32% Junior Subordinated Notes due 2019 and issued $350 million of 2.189% Junior Subordinated Notes due 2017 and $400 million of 3.184% Junior Subordinated Notes due 2019 . Simultaneously, the newly issued Junior Subordinated Notes were exchanged for $350 million of 3.95% Senior Notes due 2024 and $400 million of 5.00% Senior Notes due 2044 . The transaction was accounted for as a debt extinguishment, resulting in a $9 million loss on extinguishment of the Junior Subordinated Notes, recorded to "Interest Expense" on the Statement of Income. Except for the $228 million retirement of the 4.32% Junior Subordinated Notes and fees related to the transactions, the activity was non-cash and excluded from the Statement of Cash Flows for the year ended December 31, 2014. Additionally, in May 2014, PPL issued 31.7 million shares of common stock at $30.86 per share to settle the 2011 Purchase Contracts. PPL received net cash proceeds of $978 million , which were used to repay short-term debt and for general corporate purposes. In May 2016, PPL Capital Funding issued $650 million of 3.10% Senior Notes due 2026 . PPL Capital Funding received proceeds of $645 million , net of a discount and underwriting fees, which will be used to invest in or make loans to subsidiaries of PPL, to repay short-term debt and for general corporate purposes. In May 2016, WPD (East Midlands) borrowed £100 million at 0.4975% under a new 10 -year index linked term loan agreement, which will be used for general corporate purposes. In May 2016, WPD plc repaid the entire $460 million principal amount of its 3.90% Senior Notes upon maturity. In October 2016, WPD (East Midlands) issued an additional £40 million of its 2.671% Index-linked Senior Notes due 2043 . WPD (East Midlands) received proceeds of £83 million , which equated to $101 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 indentures. The proceeds will be used for general corporate purposes. (PPL and PPL Electric) In March 2016, the LCIDA issued $116 million of Pollution Control Revenue Refunding Bonds, Series 2016A due 2029 and $108 million of Pollution Control Revenue Refunding Bonds, Series 2016B due 2027 on behalf of PPL Electric. The bonds were issued bearing interest at an initial term rate of 0.90% through their mandatory purchase dates of September 1, 2017 and August 15, 2017 . Thereafter, the method of determining the interest rate on the bonds may be converted from time to time at PPL Electric's option. The proceeds of the bonds were used to redeem $116 million of 4.70% Pollution Control Revenue Refunding Bonds, 2005 Series A due 2029 and $108 million of 4.75% % Pollution Control Revenue Refunding Bonds, 2005 Series B due 2027 previously issued by the LCIDA on behalf of PPL Electric. In connection with the issuance of each of these new series of LCIDA bonds, PPL Electric entered into a loan agreement with the LCIDA pursuant to which the LCIDA has loaned to PPL Electric the proceeds of the LCIDA bonds on payment terms that correspond to the LCIDA bonds. In order to secure its obligations under the loan agreement, PPL Electric issued $224 million of First Mortgage Bonds under its 2001 Mortgage Indenture, which also have payment terms that correspond to the LCIDA bonds. (PPL, LKE and LG&E) In September 2016, the County of Trimble, Kentucky issued $125 million of Pollution Control Revenue Refunding Bonds, 2016 Series A (Louisville Gas and Electric Company Project) due 2044 on behalf of LG&E. The bonds were issued with a floating interest rate that initially will reset weekly. The method of determining the interest rate on the bonds may be converted from time to time at LG&E’s option. The proceeds of the bonds were used to redeem $83 million of Pollution Control Revenue Refunding Bonds, 2000 Series A (Louisville Gas and Electric Company Project) due 2030 and $42 million of Pollution Control Revenue Refunding Bonds, 2002 Series A (Louisville Gas and Electric Company Project) due 2032 previously issued by the County of Trimble, Kentucky on behalf of LG&E. In December 2016, LG&E redeemed, at par, its $25 million Jefferson County Pollution Control Revenue Refunding Bonds, 2000 Series A (Louisville Gas and Electric Company Project) due 2027 . (PPL, LKE and KU) In August 2016, the County of Carroll, Kentucky issued $96 million of Pollution Control Revenue Refunding Bonds, 2016 Series A (Kentucky Utilities Company Project) due 2042 on behalf of KU. The bonds were issued bearing interest at an initial term rate of 1.05% through their mandatory purchase date of September 1, 2019 . Thereafter, the method of determining the interest rate on the bonds may be converted from time to time at KU’s option. The proceeds of the bonds were used to redeem $96 million of Pollution Control Revenue Refunding Bonds, 2002 Series C (Kentucky Utilities Company Project) due 2032 previously issued by the County of Carroll, Kentucky on behalf of KU. 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. PPL issued the following for the years ended December 31: 2016 2015 Number of shares (in thousands) 710 1,477 Average share price $ 35.23 $ 33.41 Net Proceeds $ 25 $ 49 Distributions and Related Restrictions In November 2016 , PPL declared its quarterly common stock dividend, payable January 3, 2017 , at 38 cents per share (equivalent to $1.52 per annum). On February 1, 2017, PPL announced that the company is increasing its common stock dividend to 39.5 cents per share on a quarterly basis (equivalent to $ 1.58 per annum). Future dividends, declared at the discretion of the Board of Directors, will depend upon future earnings, cash flows, financial and legal requirements and other factors. 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, 2016 , 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, 2016 , 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, 2016 | |
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 in 2014. The new organizational plans identified the need to resize and restructure the organizations and as a result, in 2014, estimated charges of $36 million for employee separation benefits were recorded related to 306 positions. Of this amount, $16 million related to 112 Energy Supply positions and is reflected in discontinued operations. The remaining $20 million is primarily reflected in "Other operation and maintenance" on the PPL Consolidated Statements of Income. 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 PPL Consolidated Statements of Income. The separation benefits include cash severance compensation, lump sum COBRA reimbursement payments and outplacement services. At December 31, 2015, the recorded liability related to the separation benefits was $13 million , which is included in "Other current liabilities" on the Balance Sheet. 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 and $27 million of third-party costs related to this transaction in 2015 and 2014. Of these costs, $32 million and $19 million were primarily for bank advisory, legal and accounting fees to facilitate the transaction, and are reflected in discontinued operations. An additional $13 million and $8 million of consulting and other costs were incurred in 2015 and 2014, 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 Statements 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. As a result of the June 2014 spinoff announcement, PPL recorded $50 million of deferred income tax expense in 2014, to adjust valuation allowances on deferred tax assets primarily for state net operating loss carryforwards that were previously supported by the future earnings of PPL Energy Supply. 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 terminates no later than two years from the spinoff date. The TSA sets forth the terms and conditions for PPL and Talen Energy to provide certain transition services to one another. PPL is providing Talen Energy certain information technology, financial and accounting, human resource and other specified services. PPL billed Talen Energy $35 million and $25 million for these services in 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 . These energy purchases are no longer considered affiliate transactions. (PPL) Summarized Results of Discontinued Operations The operations of the Supply segment are included in "Income (Loss) from Discontinued Operations (net of income taxes)" on the Statements of Income. Following are the components of Discontinued Operations in the Statements of Income for the periods ended December 31: 2015 2014 Operating revenues $ 1,427 $ 3,848 Operating expenses 1,328 3,410 Other Income (Expense) - net (21 ) 13 Interest expense (a) 150 190 Gain on sale of Montana Hydro Sale — 237 Income tax expense (benefit) (30 ) 198 Loss on spinoff (879 ) — Income (Loss) from Discontinued Operations (net of income taxes) $ (921 ) $ 300 (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. Montana Hydro Sale In November 2014, PPL Montana completed the sale to NorthWestern Corporation of 633 MW of hydroelectric generating facilities located in Montana for approximately $900 million in cash. The proceeds from the sale remained with PPL and did not transfer to Talen Energy as a result of the spinoff of PPL Energy Supply. The sale included 11 hydroelectric power facilities and related assets, included in the Supply segment. A gain of $237 million ( $137 million after-tax) was recorded on the sale of the hydroelectric power facilities. As the Montana hydroelectric power facilities were previously reported as a component of PPL Energy Supply and the Supply segment, the components of discontinued operations for these facilities contained in the Statements of Income are included in the disclosure above. Development Regional Transmission Line Expansion Plan (PPL and PPL Electric) Susquehanna-Roseland In 2007, PJM directed the construction of a new 150 -mile, 500 -kV transmission line between the Susquehanna substation in Pennsylvania and the Roseland substation in New Jersey that it identified as essential to long-term reliability of the Mid-Atlantic electricity grid. PJM determined that the line was needed to prevent potential overloads that could occur on several existing transmission lines in the interconnected PJM system. PJM directed PPL Electric to construct the Pennsylvania portion of the Susquehanna-Roseland line and Public Service Electric & Gas Company to construct the New Jersey portion of the line. The line was energized in May 2015, completing the approximately $648 million project. Costs related to the project are included on the Balance Sheets, primarily in "Regulated utility plant." 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) 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. See Note 6 for more information related to the regulatory recovery of the costs associated with the retirement of the Green River 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, 2016 | |
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: 2016 2015 2014 PPL $ 50 $ 49 $ 51 LKE 26 24 18 LG&E 15 12 7 KU 11 11 10 Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2017 $ 31 $ 24 $ 15 $ 9 2018 26 22 14 8 2019 16 13 7 6 2020 11 9 4 5 2021 8 6 2 4 Thereafter 26 19 8 10 Total $ 118 $ 93 $ 50 $ 42 |
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: 2016 2015 2014 PPL $ 50 $ 49 $ 51 LKE 26 24 18 LG&E 15 12 7 KU 11 11 10 Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2017 $ 31 $ 24 $ 15 $ 9 2018 26 22 14 8 2019 16 13 7 6 2020 11 9 4 5 2021 8 6 2 4 Thereafter 26 19 8 10 Total $ 118 $ 93 $ 50 $ 42 |
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: 2016 2015 2014 PPL $ 50 $ 49 $ 51 LKE 26 24 18 LG&E 15 12 7 KU 11 11 10 Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2017 $ 31 $ 24 $ 15 $ 9 2018 26 22 14 8 2019 16 13 7 6 2020 11 9 4 5 2021 8 6 2 4 Thereafter 26 19 8 10 Total $ 118 $ 93 $ 50 $ 42 |
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: 2016 2015 2014 PPL $ 50 $ 49 $ 51 LKE 26 24 18 LG&E 15 12 7 KU 11 11 10 Total future minimum rental payments for all operating leases are estimated to be: PPL LKE LG&E KU 2017 $ 31 $ 24 $ 15 $ 9 2018 26 22 14 8 2019 16 13 7 6 2020 11 9 4 5 2021 8 6 2 4 Thereafter 26 19 8 10 Total $ 118 $ 93 $ 50 $ 42 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
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 10,000,000 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 and Restricted Stock Units Restricted shares of PPL common stock are outstanding shares with full voting and dividend rights. Restricted stock awards are granted as a retention award for select key executives and vest when the recipient reaches a certain age or meets service or other criteria set forth in the executive's restricted stock award agreement. The Plans allow for the grant of 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 ICP and the ICPKE are currently paid in cash when dividends are declared by PPL. The fair value of restricted stock and 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 and 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 and 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 and restricted stock units fully, in certain situations, as defined by each of the Plans. The weighted-average grant date fair value of restricted stock and restricted stock units granted was: 2016 2015 2014 PPL $ 33.84 $ 34.50 $ 31.50 PPL Electric 34.32 34.41 31.81 LKE 33.73 34.89 30.98 Restricted stock and restricted stock unit activity for 2016 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,679,475 $ 29.65 Granted 536,208 33.84 Vested (869,932 ) 29.30 Forfeited (8,726 ) 32.59 Nonvested, end of period (a) 1,337,025 31.57 PPL Electric Nonvested, beginning of period 221,085 $ 29.48 Transfer between registrants (10,405 ) 30.98 Granted 70,486 34.32 Vested (73,488 ) 28.91 Forfeited (3,108 ) 32.81 Nonvested, end of period 204,570 31.27 LKE Nonvested, beginning of period 318,963 $ 29.65 Transfer between registrants (24,993 ) 30.52 Granted 86,987 33.73 Vested (137,676 ) 28.76 Nonvested, end of period 243,281 31.53 (a) Excludes 862,337 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 and restricted stock unit awards are expected to vest. The total fair value of restricted stock and restricted stock units vesting for the years ended December 31 was: 2016 2015 2014 PPL $ 30 $ 28 $ 11 PPL Electric 3 4 2 LKE 5 4 — Performance Units Performance units 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 total shareowner return during a three -year performance period. At the end of the period, payout is determined by comparing PPL's performance to the total shareowner return 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, performance units are subject to forfeiture upon termination of employment except for retirement, disability or death of an employee. For performance units granted prior to 2014, the performance units are eligible for pro-rata vesting at the end of the performance period for retirement, disability or death of an employee. Beginning in 2014, the fair value of 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. The fair value of performance units granted in 2013 and prior years was recognized as compensation expense on a straight-line basis over the three -year performance period. 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: 2016 2015 2014 Expected stock volatility 19.60 % 15.90 % 15.80 % Expected life 3 years 3 years 3 years The weighted-average grant date fair value of performance units granted was: 2016 2015 2014 PPL $ 35.74 $ 36.76 $ 34.55 PPL Electric 35.68 37.93 34.43 LKE 35.28 37.10 34.12 Performance unit activity for 2016 was: Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 993,540 $ 33.09 Granted 471,401 35.74 Vested (375,668 ) 31.96 Forfeited (18,737 ) 33.22 Nonvested, end of period (a) 1,070,536 34.65 Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 67,671 $ 33.05 Granted 35,694 35.68 Vested (23,880 ) 31.89 Forfeited (2,759 ) 31.74 Nonvested, end of period 76,726 34.68 LKE Nonvested, beginning of period 193,164 $ 32.96 Transfer between registrants (4,432 ) 35.07 Granted 84,298 35.28 Vested (70,048 ) 31.74 Forfeited (11,381 ) 33.61 Nonvested, end of period 191,601 34.34 (a) Excludes 230,196 performance units 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 performance units vesting for the year ended December 31, 2016 , 2015 and 2014 was $12 million , $6 million and $5 million for PPL and insignificant for PPL Electric and LKE. Stock Options PPL's CGNC eliminated the use of stock options and changed its long-term incentive mix to 60% performance units and 40% performance-contingent restricted stock units, resulting in 100% performance-based long-term incentive mix for equity awards granted 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, 2016 , are fully vested. All options expire no later than ten years from the grant date. The options become exercisable immediately in certain situations, as defined by each of the Plans. Stock option activity for 2016 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 6,385,149 $ 28.54 Exercised (1,903,989 ) 27.51 Outstanding and exercisable at end of period 4,481,160 28.98 4.4 $ 29 PPL Electric Outstanding at beginning of period 313,433 $ 27.79 Exercised (72,494 ) 28.84 Outstanding and exercisable at end of period 240,939 27.48 4.5 $ 2 LKE Outstanding at beginning of period 425,656 $ 26.08 Exercised (363,760 ) 26.12 Outstanding and exercisable at end of period 61,896 25.81 5.5 $ 1 For 2016 , 2015 and 2014 , PPL received $52 million , $97 million and $67 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 2016 , 2015 and 2014 were $18 million , $21 million and $13 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: 2016 2015 2014 PPL $ 27 $ 33 $ 30 PPL Electric 16 14 12 LKE 7 8 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: 2016 2015 2014 PPL $ 12 $ 14 $ 12 PPL Electric 7 6 5 LKE 3 3 3 At December 31, 2016 , unrecognized compensation expense related to nonvested restricted stock, restricted stock units, and performance units was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 8 1.8 PPL Electric 1 1.8 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 10,000,000 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 and Restricted Stock Units Restricted shares of PPL common stock are outstanding shares with full voting and dividend rights. Restricted stock awards are granted as a retention award for select key executives and vest when the recipient reaches a certain age or meets service or other criteria set forth in the executive's restricted stock award agreement. The Plans allow for the grant of 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 ICP and the ICPKE are currently paid in cash when dividends are declared by PPL. The fair value of restricted stock and 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 and 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 and 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 and restricted stock units fully, in certain situations, as defined by each of the Plans. The weighted-average grant date fair value of restricted stock and restricted stock units granted was: 2016 2015 2014 PPL $ 33.84 $ 34.50 $ 31.50 PPL Electric 34.32 34.41 31.81 LKE 33.73 34.89 30.98 Restricted stock and restricted stock unit activity for 2016 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,679,475 $ 29.65 Granted 536,208 33.84 Vested (869,932 ) 29.30 Forfeited (8,726 ) 32.59 Nonvested, end of period (a) 1,337,025 31.57 PPL Electric Nonvested, beginning of period 221,085 $ 29.48 Transfer between registrants (10,405 ) 30.98 Granted 70,486 34.32 Vested (73,488 ) 28.91 Forfeited (3,108 ) 32.81 Nonvested, end of period 204,570 31.27 LKE Nonvested, beginning of period 318,963 $ 29.65 Transfer between registrants (24,993 ) 30.52 Granted 86,987 33.73 Vested (137,676 ) 28.76 Nonvested, end of period 243,281 31.53 (a) Excludes 862,337 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 and restricted stock unit awards are expected to vest. The total fair value of restricted stock and restricted stock units vesting for the years ended December 31 was: 2016 2015 2014 PPL $ 30 $ 28 $ 11 PPL Electric 3 4 2 LKE 5 4 — Performance Units Performance units 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 total shareowner return during a three -year performance period. At the end of the period, payout is determined by comparing PPL's performance to the total shareowner return 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, performance units are subject to forfeiture upon termination of employment except for retirement, disability or death of an employee. For performance units granted prior to 2014, the performance units are eligible for pro-rata vesting at the end of the performance period for retirement, disability or death of an employee. Beginning in 2014, the fair value of 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. The fair value of performance units granted in 2013 and prior years was recognized as compensation expense on a straight-line basis over the three -year performance period. 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: 2016 2015 2014 Expected stock volatility 19.60 % 15.90 % 15.80 % Expected life 3 years 3 years 3 years The weighted-average grant date fair value of performance units granted was: 2016 2015 2014 PPL $ 35.74 $ 36.76 $ 34.55 PPL Electric 35.68 37.93 34.43 LKE 35.28 37.10 34.12 Performance unit activity for 2016 was: Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 993,540 $ 33.09 Granted 471,401 35.74 Vested (375,668 ) 31.96 Forfeited (18,737 ) 33.22 Nonvested, end of period (a) 1,070,536 34.65 Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 67,671 $ 33.05 Granted 35,694 35.68 Vested (23,880 ) 31.89 Forfeited (2,759 ) 31.74 Nonvested, end of period 76,726 34.68 LKE Nonvested, beginning of period 193,164 $ 32.96 Transfer between registrants (4,432 ) 35.07 Granted 84,298 35.28 Vested (70,048 ) 31.74 Forfeited (11,381 ) 33.61 Nonvested, end of period 191,601 34.34 (a) Excludes 230,196 performance units 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 performance units vesting for the year ended December 31, 2016 , 2015 and 2014 was $12 million , $6 million and $5 million for PPL and insignificant for PPL Electric and LKE. Stock Options PPL's CGNC eliminated the use of stock options and changed its long-term incentive mix to 60% performance units and 40% performance-contingent restricted stock units, resulting in 100% performance-based long-term incentive mix for equity awards granted 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, 2016 , are fully vested. All options expire no later than ten years from the grant date. The options become exercisable immediately in certain situations, as defined by each of the Plans. Stock option activity for 2016 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 6,385,149 $ 28.54 Exercised (1,903,989 ) 27.51 Outstanding and exercisable at end of period 4,481,160 28.98 4.4 $ 29 PPL Electric Outstanding at beginning of period 313,433 $ 27.79 Exercised (72,494 ) 28.84 Outstanding and exercisable at end of period 240,939 27.48 4.5 $ 2 LKE Outstanding at beginning of period 425,656 $ 26.08 Exercised (363,760 ) 26.12 Outstanding and exercisable at end of period 61,896 25.81 5.5 $ 1 For 2016 , 2015 and 2014 , PPL received $52 million , $97 million and $67 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 2016 , 2015 and 2014 were $18 million , $21 million and $13 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: 2016 2015 2014 PPL $ 27 $ 33 $ 30 PPL Electric 16 14 12 LKE 7 8 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: 2016 2015 2014 PPL $ 12 $ 14 $ 12 PPL Electric 7 6 5 LKE 3 3 3 At December 31, 2016 , unrecognized compensation expense related to nonvested restricted stock, restricted stock units, and performance units was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 8 1.8 PPL Electric 1 1.8 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 10,000,000 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 and Restricted Stock Units Restricted shares of PPL common stock are outstanding shares with full voting and dividend rights. Restricted stock awards are granted as a retention award for select key executives and vest when the recipient reaches a certain age or meets service or other criteria set forth in the executive's restricted stock award agreement. The Plans allow for the grant of 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 ICP and the ICPKE are currently paid in cash when dividends are declared by PPL. The fair value of restricted stock and 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 and 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 and 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 and restricted stock units fully, in certain situations, as defined by each of the Plans. The weighted-average grant date fair value of restricted stock and restricted stock units granted was: 2016 2015 2014 PPL $ 33.84 $ 34.50 $ 31.50 PPL Electric 34.32 34.41 31.81 LKE 33.73 34.89 30.98 Restricted stock and restricted stock unit activity for 2016 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,679,475 $ 29.65 Granted 536,208 33.84 Vested (869,932 ) 29.30 Forfeited (8,726 ) 32.59 Nonvested, end of period (a) 1,337,025 31.57 PPL Electric Nonvested, beginning of period 221,085 $ 29.48 Transfer between registrants (10,405 ) 30.98 Granted 70,486 34.32 Vested (73,488 ) 28.91 Forfeited (3,108 ) 32.81 Nonvested, end of period 204,570 31.27 LKE Nonvested, beginning of period 318,963 $ 29.65 Transfer between registrants (24,993 ) 30.52 Granted 86,987 33.73 Vested (137,676 ) 28.76 Nonvested, end of period 243,281 31.53 (a) Excludes 862,337 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 and restricted stock unit awards are expected to vest. The total fair value of restricted stock and restricted stock units vesting for the years ended December 31 was: 2016 2015 2014 PPL $ 30 $ 28 $ 11 PPL Electric 3 4 2 LKE 5 4 — Performance Units Performance units 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 total shareowner return during a three -year performance period. At the end of the period, payout is determined by comparing PPL's performance to the total shareowner return 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, performance units are subject to forfeiture upon termination of employment except for retirement, disability or death of an employee. For performance units granted prior to 2014, the performance units are eligible for pro-rata vesting at the end of the performance period for retirement, disability or death of an employee. Beginning in 2014, the fair value of 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. The fair value of performance units granted in 2013 and prior years was recognized as compensation expense on a straight-line basis over the three -year performance period. 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: 2016 2015 2014 Expected stock volatility 19.60 % 15.90 % 15.80 % Expected life 3 years 3 years 3 years The weighted-average grant date fair value of performance units granted was: 2016 2015 2014 PPL $ 35.74 $ 36.76 $ 34.55 PPL Electric 35.68 37.93 34.43 LKE 35.28 37.10 34.12 Performance unit activity for 2016 was: Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 993,540 $ 33.09 Granted 471,401 35.74 Vested (375,668 ) 31.96 Forfeited (18,737 ) 33.22 Nonvested, end of period (a) 1,070,536 34.65 Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 67,671 $ 33.05 Granted 35,694 35.68 Vested (23,880 ) 31.89 Forfeited (2,759 ) 31.74 Nonvested, end of period 76,726 34.68 LKE Nonvested, beginning of period 193,164 $ 32.96 Transfer between registrants (4,432 ) 35.07 Granted 84,298 35.28 Vested (70,048 ) 31.74 Forfeited (11,381 ) 33.61 Nonvested, end of period 191,601 34.34 (a) Excludes 230,196 performance units 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 performance units vesting for the year ended December 31, 2016 , 2015 and 2014 was $12 million , $6 million and $5 million for PPL and insignificant for PPL Electric and LKE. Stock Options PPL's CGNC eliminated the use of stock options and changed its long-term incentive mix to 60% performance units and 40% performance-contingent restricted stock units, resulting in 100% performance-based long-term incentive mix for equity awards granted 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, 2016 , are fully vested. All options expire no later than ten years from the grant date. The options become exercisable immediately in certain situations, as defined by each of the Plans. Stock option activity for 2016 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 6,385,149 $ 28.54 Exercised (1,903,989 ) 27.51 Outstanding and exercisable at end of period 4,481,160 28.98 4.4 $ 29 PPL Electric Outstanding at beginning of period 313,433 $ 27.79 Exercised (72,494 ) 28.84 Outstanding and exercisable at end of period 240,939 27.48 4.5 $ 2 LKE Outstanding at beginning of period 425,656 $ 26.08 Exercised (363,760 ) 26.12 Outstanding and exercisable at end of period 61,896 25.81 5.5 $ 1 For 2016 , 2015 and 2014 , PPL received $52 million , $97 million and $67 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 2016 , 2015 and 2014 were $18 million , $21 million and $13 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: 2016 2015 2014 PPL $ 27 $ 33 $ 30 PPL Electric 16 14 12 LKE 7 8 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: 2016 2015 2014 PPL $ 12 $ 14 $ 12 PPL Electric 7 6 5 LKE 3 3 3 At December 31, 2016 , unrecognized compensation expense related to nonvested restricted stock, restricted stock units, and performance units was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 8 1.8 PPL Electric 1 1.8 LKE 1 1.6 |
Retirement and Postemployment B
Retirement and Postemployment Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Postemployment Benefits | 11. Retirement and Postemployment Benefits (All Registrants) Defined Benefits The majority of PPL's subsidiaries domestic employees 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 2016 2015 2014 2016 2015 2014 2016 2015 2014 Net periodic defined benefit costs (credits): Service cost $ 66 $ 96 $ 97 $ 69 $ 79 $ 71 $ 7 $ 11 $ 12 Interest cost 174 194 224 235 314 354 26 26 31 Expected return on plan assets (228 ) (258 ) (287 ) (504 ) (523 ) (521 ) (22 ) (26 ) (26 ) Amortization of: Prior service cost (credit) 8 7 20 — — — — 1 — Actuarial (gain) loss 50 84 28 138 158 132 1 — 1 Net periodic defined benefit costs (credits) prior to settlements and termination benefits 70 123 82 (62 ) 28 36 12 12 18 Settlements 3 — — — — — — — — Termination benefits — — 13 — — — — — — Net periodic defined benefit costs (credits) $ 73 $ 123 $ 95 $ (62 ) $ 28 $ 36 $ 12 $ 12 $ 18 Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: Divestiture (a) $ — $ (353 ) $ — $ — $ — $ — $ — $ (6 ) $ — Settlement (3 ) — — — — — — — — Net (gain) loss 253 63 574 7 508 354 9 (9 ) 22 Prior service cost (credit) 15 18 (8 ) — — — — — 7 Amortization of: Prior service (cost) credit (8 ) (7 ) (20 ) — — — (1 ) (1 ) — Actuarial gain (loss) (50 ) (85 ) (28 ) (138 ) (158 ) (132 ) (1 ) — (1 ) Total recognized in OCI and regulatory assets/liabilities (b) 207 (364 ) 518 (131 ) 350 222 7 (16 ) 28 Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities (b) $ 280 $ (241 ) $ 613 $ (193 ) $ 378 $ 258 $ 19 $ (4 ) $ 46 (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 2016 2015 2014 2016 2015 2014 OCI $ 236 $ (269 ) $ 319 $ 7 $ 12 $ 7 Regulatory assets/liabilities (29 ) (95 ) 199 — (28 ) 21 Total recognized in OCI and regulatory assets/liabilities $ 207 $ (364 ) $ 518 $ 7 $ (16 ) $ 28 The estimated amounts to be amortized from AOCI and regulatory assets/liabilities into net periodic defined benefit costs in 2017 are as follows: Pension Benefits U.S. U.K. Prior service cost (credit) $ 9 $ — Actuarial (gain) loss 67 141 Total $ 76 $ 141 Amortization from Balance Sheet: AOCI $ 18 $ 141 Regulatory assets/liabilities 58 — Total $ 76 $ 141 (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 2016 2015 2014 2016 2015 2014 Net periodic defined benefit costs (credits): Service cost $ 23 $ 26 $ 21 $ 5 $ 5 $ 4 Interest cost 71 68 66 9 9 9 Expected return on plan assets (91 ) (88 ) (82 ) (6 ) (6 ) (4 ) Amortization of: Prior service cost 8 7 5 3 3 2 Actuarial (gain) loss (a) 21 37 12 (1 ) — (1 ) Net periodic defined benefit costs $ 32 $ 50 $ 22 $ 10 $ 11 $ 10 Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: Net (gain) loss $ 119 $ 20 $ 162 $ 6 $ (15 ) $ 26 Prior service cost — 19 23 — — 6 Amortization of: Prior service credit (8 ) (7 ) (5 ) (3 ) (3 ) (2 ) Actuarial gain (loss) (21 ) (37 ) (12 ) 1 — 1 Total recognized in OCI and regulatory assets/liabilities 90 (5 ) 168 4 (18 ) 31 Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities $ 122 $ 45 $ 190 $ 14 $ (7 ) $ 41 (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 $6 million in 2016 and $9 million in 2015 . 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 2016 2015 2014 2016 2015 2014 OCI $ 42 $ 4 $ 84 $ 2 $ (2 ) $ 9 Regulatory assets/liabilities 48 (9 ) 84 2 (16 ) 22 Total recognized in OCI and regulatory assets/liabilities $ 90 $ (5 ) $ 168 $ 4 $ (18 ) $ 31 The estimated amounts to be amortized from AOCI and regulatory assets/liabilities into net periodic defined benefit costs for LKE in 2017 are as follows. Pension Benefits Other Postretirement Benefits Prior service cost $ 8 $ 1 Actuarial Loss 30 — Total $ 38 $ 1 Amortization from Balance Sheet: AOCI $ 5 $ — Regulatory assets/liabilities 33 1 Total $ 38 $ 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 2016 2015 2014 Net periodic defined benefit costs (credits): Service cost $ 1 $ 1 $ 1 Interest cost 15 14 15 Expected return on plan assets (21 ) (20 ) (19 ) Amortization of: Prior service cost 4 3 2 Actuarial loss (a) 7 11 6 Net periodic defined benefit costs $ 6 $ 9 $ 5 Other Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets - Gross: Net loss $ 22 $ 8 $ 14 Prior service cost — 10 9 Amortization of: Prior service credit (4 ) (3 ) (2 ) Actuarial gain (7 ) (11 ) (6 ) Total recognized in regulatory assets/liabilities 11 4 15 Total recognized in net periodic defined benefit costs and regulatory assets $ 17 $ 13 $ 20 (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 $5 million in 2016 and $3 million in 2015 . The estimated amounts to be amortized from regulatory assets into net periodic defined benefit costs for LG&E in 2017 are as follows. Pension Benefits Prior service cost $ 4 Actuarial loss 9 Total $ 13 (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 2016 2015 2014 2016 2015 2014 2016 2015 2014 PPL $ 53 $ 71 $ 45 $ (95 ) $ (21 ) $ (9 ) $ 7 $ 8 $ 10 PPL Electric (a) 10 15 12 1 — 2 LKE (b) 24 37 17 6 8 7 LG&E (b) 8 12 5 3 4 4 KU (a) (b) 5 9 3 2 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. (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, $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, based on its participation in those plans, which management believes are reasonable: Pension Benefits Other Postretirement Benefits 2016 2015 2014 2016 2015 2014 LG&E Non-Union Only $ 4 $ 5 $ 2 $ 3 $ 4 $ 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) for all U.S. defined benefit pension and other postretirement benefit plans. In addition, 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. These new mortality assumptions reflect the recognition of both improved life expectancies and the expectation of continuing 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 2016 2015 2016 2015 2016 2015 PPL Discount rate 4.21 % 4.59 % 2.87 % 3.68 % 4.11 % 4.48 % Rate of compensation increase 3.95 % 3.93 % 3.50 % 4.00 % 3.92 % 3.91 % LKE Discount rate 4.19 % 4.56 % 4.12 % 4.49 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % LG&E Discount rate 4.13 % 4.49 % 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 2016 2015 2014 2016 2015 2014 2016 2015 2014 PPL Discount rate service cost (b) 4.59 % 4.25 % 5.12 % 3.90 % 3.85 % 4.41 % 4.48 % 4.09 % 4.91 % Discount rate interest cost (b) 4.59 % 4.25 % 5.12 % 3.14 % 3.85 % 4.41 % 4.48 % 4.09 % 4.91 % Rate of compensation increase 3.93 % 3.91 % 3.97 % 4.00 % 4.00 % 4.00 % 3.91 % 3.86 % 3.96 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 7.20 % 7.19 % 7.19 % 6.11 % 6.06 % 5.96 % LKE Discount rate 4.56 % 4.25 % 5.18 % 4.49 % 4.06 % 4.91 % Rate of compensation increase 3.50 % 3.50 % 4.00 % 3.50 % 3.50 % 4.00 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 6.82 % 6.82 % 6.75 % LG&E Discount rate 4.49 % 4.20 % 5.13 % 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: 2016 2015 2014 PPL and LKE Health care cost trend rate assumed for next year – obligations 7.0 % 6.8 % 7.2 % – cost 6.8 % 7.2 % 7.6 % 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 2020 2020 – cost 2020 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 2016 : One Percentage Point Increase Decrease Effect on accumulated postretirement benefit obligation PPL $ 5 $ (5 ) LKE 4 (4 ) (PPL) The funded status of PPL's plans at December 31 was as follows: Pension Benefits U.S. U.K. Other Postretirement Benefits 2016 2015 2016 2015 2016 2015 Change in Benefit Obligation Benefit Obligation, beginning of period $ 3,863 $ 5,399 $ 8,404 $ 8,523 $ 596 $ 716 Service cost 66 96 69 79 7 11 Interest cost 174 194 235 314 26 26 Participant contributions — — 14 15 14 13 Plan amendments 14 19 — — — — Actuarial (gain) loss 214 (193 ) 484 200 11 (37 ) Divestiture (a) — (1,416 ) — — — (76 ) Settlements (9 ) — — — — — Gross benefits paid (243 ) (236 ) (357 ) (391 ) (64 ) (58 ) Federal subsidy — — — — 1 1 Currency conversion — — (1,466 ) (336 ) — — Benefit Obligation, end of period 4,079 3,863 7,383 8,404 591 596 Change in Plan Assets Plan assets at fair value, beginning of period 3,227 4,462 7,625 7,734 379 484 Actual return on plan assets 189 2 979 205 25 (2 ) Employer contributions 79 158 330 366 19 17 Participant contributions — — 14 15 14 13 Divestiture (a) — (1,159 ) — — — (80 ) Settlements (9 ) — — — — — Gross benefits paid (243 ) (236 ) (357 ) (391 ) (59 ) (53 ) Currency conversion — — (1,380 ) (304 ) — — Plan assets at fair value, end of period 3,243 3,227 7,211 7,625 378 379 Funded Status, end of period $ (836 ) $ (636 ) $ (172 ) $ (779 ) $ (213 ) $ (217 ) Amounts recognized in the Balance Sheets consist of: Noncurrent asset $ — $ — $ 10 $ — $ 2 $ 2 Current liability (17 ) (10 ) — — (3 ) (3 ) Noncurrent liability (819 ) (626 ) (182 ) (779 ) (212 ) (216 ) Net amount recognized, end of period $ (836 ) $ (636 ) $ (172 ) $ (779 ) $ (213 ) $ (217 ) Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: Prior service cost (credit) $ 59 $ 53 $ — $ — $ — $ 1 Net actuarial (gain) loss 1,178 977 2,553 2,684 45 37 Total (b) $ 1,237 $ 1,030 $ 2,553 $ 2,684 $ 45 $ 38 Total accumulated benefit obligation for defined benefit pension plans $ 3,807 $ 3,590 $ 6,780 $ 7,747 (a) As a result of the spinoff of PPL Energy Supply, obligations and assets attributable to certain former active and inactive employees of PPL Energy Supply were transferred to Talen Energy plans. (b) 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 2016 2015 2016 2015 AOCI $ 357 $ 275 $ 20 $ 18 Regulatory assets/liabilities 880 755 25 20 Total $ 1,237 $ 1,030 $ 45 $ 38 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 2016 2015 2016 2015 Projected benefit obligation $ 4,079 $ 3,863 $ 3,403 $ 8,404 Fair value of plan assets 3,243 3,227 3,221 7,625 U.S. U.K. ABO in excess of plan assets ABO in excess of plan assets 2016 2015 2016 2015 Accumulated benefit obligation $ 3,807 $ 3,590 $ 657 $ 3,532 Fair value of plan assets 3,243 3,227 643 3,287 (LKE) The funded status of LKE's plans at December 31 was as follows: Pension Benefits Other Postretirement Benefits 2016 2015 2016 2015 Change in Benefit Obligation Benefit Obligation, beginning of period $ 1,588 $ 1,608 $ 216 $ 234 Service cost 23 26 5 5 Interest cost 71 68 9 9 Participant contributions — — 7 7 Plan amendments (a) — 19 — — Actuarial (gain) loss 96 (74 ) 4 (22 ) Gross benefits paid (a) (109 ) (59 ) (21 ) (18 ) Federal subsidy — — — 1 Benefit Obligation, end of period 1,669 1,588 220 216 Change in Plan Assets Plan assets at fair value, beginning of period 1,289 1,301 88 82 Actual return on plan assets 69 (7 ) 4 — Employer contributions 66 54 20 17 Participant contributions — — 7 7 Gross benefits paid (109 ) (59 ) (21 ) (18 ) Plan assets at fair value, end of period 1,315 1,289 98 88 Funded Status, end of period $ (354 ) $ (299 ) $ (122 ) $ (128 ) Pension Benefits Other Postretirement Benefits 2016 2015 2016 2015 Amounts recognized in the Balance Sheets consist of: Noncurrent asset $ — $ — $ 2 $ 2 Current liability (4 ) (3 ) (3 ) (3 ) Noncurrent liability (350 ) (296 ) (121 ) (127 ) Net amount recognized, end of period $ (354 ) $ (299 ) $ (122 ) $ (128 ) Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: Prior service cost $ 45 $ 54 $ 6 $ 9 Net actuarial (gain) loss 436 338 (13 ) (19 ) Total $ 481 $ 392 $ (7 ) $ (10 ) Total accumulated benefit obligation for defined benefit pension plans $ 1,531 $ 1,452 (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, 2015 increased by $19 million as a result of the amendment. Gross benefits paid by the plans include $53 million of lump-sum cash payments made to participants during 2016 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 2016 2015 2016 2015 AOCI $ 111 $ 70 $ 8 $ 7 Regulatory assets/liabilities 370 322 (15 ) (17 ) Total $ 481 $ 392 $ (7 ) $ (10 ) 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 2016 2015 Projected benefit obligation $ 1,669 $ 1,588 Fair value of plan assets 1,315 1,289 ABO in excess of plan assets 2016 2015 Accumulated benefit obligation $ 1,531 $ 1,452 Fair value of plan assets 1,315 1,289 (LG&E) The funded status of LG&E's plan at December 31, was as follows: Pension Benefits 2016 2015 Change in Benefit Obligation Benefit Obligation, beginning of period $ 326 $ 331 Service cost 1 1 Interest cost 15 14 Plan amendments (a) — 10 Actuarial (gain) loss 15 (15 ) Gross benefits paid (a) (28 ) (15 ) Benefit Obligation, end of period 329 326 Pension Benefits 2016 2015 Change in Plan Assets Plan assets at fair value, beginning of period 297 301 Actual return on plan assets 14 (2 ) Employer contributions 35 13 Gross benefits paid (28 ) (15 ) Plan assets at fair value, end of period 318 297 Funded Status, end of period $ (11 ) $ (29 ) Amounts recognized in the Balance Sheets consist of: Noncurrent liability $ (11 ) $ (29 ) Net amount recognized, end of period $ (11 ) $ (29 ) Amounts recognized in regulatory assets (pre-tax) consist of: Prior service cost $ 25 $ 29 Net actuarial loss 110 95 Total $ 135 $ 124 Total accumulated benefit obligation for defined benefit pension plan $ 329 $ 326 (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 $14 million of lump-sum cash payments made to the participants during 2016 in connection with this offering. LG&E's pension plan had projected and accumulated benefit obligations in excess of plan assets at December 31, 2016 and 2015 . 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 based on its 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: 2016 2015 Pension $ 42 $ 26 Other postretirement benefits 76 77 (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: 2016 2015 Pension $ 281 $ 183 Other postretirement benefits 72 67 (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 based on its 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. 2016 2015 Pension $ 62 $ 46 Other postretirement benefits 40 42 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 on a plan basis based on input from external consultants with a goal of limiting funded status volatility. The EBPB monitors the investments in each portfolio on a plan basis, 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 2016 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 2016 2016 (a) 2015 Target Asset Allocation (a) Growth Portfolio 52 % 51 % 50 % Equity securities 30 % 25 % Debt securities (b) 12 % 13 % Alternative investments 10 % 13 % Immunizing Portfolio 46 % 47 % 48 % Debt securities (b) 43 % 42 % Derivatives 3 % 5 % Liquidity Portfolio 2 % 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 $1.3 billion at December 31, 2016 and 2015 represents an interest of approximately 41% and 40% 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 $318 million and $297 million at December 31, 2016 and 2015 represents an interest of approximately 10% and 9% 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, 2016 December 31, 2015 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 $ 181 $ 181 $ — $ — $ 225 $ 225 $ — $ — Equity securities: U.S. Equity 152 152 — — 172 172 — — U.S. Equity fund measured at NAV (a) 272 — — — 197 — — — International equity fund at NAV (a) 551 — — — 454 — — — Commingled debt measured at NAV (a) 546 — — — 514 — — — Debt securities: U.S. Treasury and U.S. government sponsored agency 381 381 — — 501 492 9 — Corporate 850 — 837 13 747 — 737 10 Other 8 — 8 — 14 — 14 — Alternative investments: Commodities measured at NAV (a) — — — — 70 — — — Real estate measured at NAV (a) 102 — — — 118 — — — Private equity measured at NAV (a) 80 — — — 81 — — — Hedge funds measured at NAV (a) 167 — 171 — — — Derivatives: Interest rate swaps and swaptions 61 — 61 — 80 — 80 — Other 3 — 3 — 11 — 11 — Insurance contracts 27 — — 27 32 — — 32 PPL Services Corporation Master Trust assets, at fair value 3,381 $ 714 $ 909 $ 40 3,387 $ 889 $ 851 $ 42 Receivables and payables, net (b) (15 ) (49 ) 401(h) accounts restricted for other postretirement benefit obligations (123 ) (111 ) Total PPL Services Corporation Master Trust pension assets $ 3,243 $ 3,227 (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, 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 A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2015 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 21 $ 33 $ 54 Actual return on plan assets Relating to assets still held at the reporting date — 2 2 Relating to assets sold during the period (1 ) — (1 ) Purchases, sales and settlements (10 ) (3 ) (13 ) Balance at end of period $ 10 $ 32 $ 42 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 and exchange traded funds (ETFs). 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 well as funds that invest in investment grade long-duration fixed-income securities. The fair value measurements of debt securities are generally based on evaluations that reflect observable market information, such as actual trade information for identical securities or for similar securities, adjusted for observable differences. The fair value of debt securities is generally measured using a market approach, including the use of pricing models, which incorporate observable inputs. Common inputs include benchmark yields, relevant trade data, broker/dealer bid/ask prices, benchmark securities and credit valuation adjustments. When necessary, the fair value of debt securities is measured using the income approach, which incorporates similar observable inputs as well as payment data, future predicted cash flows, collateral performance and new issue data. For the Master Trust, these securities represent investments in securities issued by U.S. Treasury and U.S. government sponsored agencies; investments securitized by residential mortgages, auto loans, credit cards and other pooled loans; investments in investment grade and non-investment grade bonds issued by U.S. companies across several industries; investments in debt securities issued by foreign governments and corporations. Investments in commodities represent ownership interest of a commingled fund that is invested in a portfolio of exchange-traded futures and forward contracts in commodities to obtain broad exposure to all principal groups in the global commodity markets, including energies, agriculture and metals (both precious and industrial) using proprietary commodity trading strategies. Redem |
Jointly Owned Facilities
Jointly Owned Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Facilities | 12. Jointly Owned Facilities (PPL, LKE, LG&E and KU) At December 31, 2016 and 2015 , 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, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 December 31, 2015 Generating Plants Trimble County Unit 1 75.00 % $ 399 $ 44 $ 6 Trimble County Unit 2 75.00 % 1,013 141 27 LG&E 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 12 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 47 10 1 Trimble County Unit 1 75.00 % 399 44 6 Trimble County Unit 2 14.25 % 210 28 12 Trimble County Units 5-6 29.00 % 29 6 — Trimble County Units 7-10 37.00 % 71 14 — Cane Run Unit 7 22.00 % 115 1 1 E.W. Brown Solar Unit 39.00 % — — 4 Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 19 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 43 9 1 Trimble County Unit 2 60.75 % 803 113 15 Trimble County Units 5-6 71.00 % 70 15 — Trimble County Units 7-10 63.00 % 121 23 — Cane Run Unit 7 78.00 % 411 6 5 E.W. Brown Solar Unit 61.00 % — — 6 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, 2016 and 2015 , 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, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 December 31, 2015 Generating Plants Trimble County Unit 1 75.00 % $ 399 $ 44 $ 6 Trimble County Unit 2 75.00 % 1,013 141 27 LG&E 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 12 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 47 10 1 Trimble County Unit 1 75.00 % 399 44 6 Trimble County Unit 2 14.25 % 210 28 12 Trimble County Units 5-6 29.00 % 29 6 — Trimble County Units 7-10 37.00 % 71 14 — Cane Run Unit 7 22.00 % 115 1 1 E.W. Brown Solar Unit 39.00 % — — 4 Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 19 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 43 9 1 Trimble County Unit 2 60.75 % 803 113 15 Trimble County Units 5-6 71.00 % 70 15 — Trimble County Units 7-10 63.00 % 121 23 — Cane Run Unit 7 78.00 % 411 6 5 E.W. Brown Solar Unit 61.00 % — — 6 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, 2016 and 2015 , 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, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 December 31, 2015 Generating Plants Trimble County Unit 1 75.00 % $ 399 $ 44 $ 6 Trimble County Unit 2 75.00 % 1,013 141 27 LG&E 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 12 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 47 10 1 Trimble County Unit 1 75.00 % 399 44 6 Trimble County Unit 2 14.25 % 210 28 12 Trimble County Units 5-6 29.00 % 29 6 — Trimble County Units 7-10 37.00 % 71 14 — Cane Run Unit 7 22.00 % 115 1 1 E.W. Brown Solar Unit 39.00 % — — 4 Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 19 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 43 9 1 Trimble County Unit 2 60.75 % 803 113 15 Trimble County Units 5-6 71.00 % 70 15 — Trimble County Units 7-10 63.00 % 121 23 — Cane Run Unit 7 78.00 % 411 6 5 E.W. Brown Solar Unit 61.00 % — — 6 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, 2016 and 2015 , 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, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 December 31, 2015 Generating Plants Trimble County Unit 1 75.00 % $ 399 $ 44 $ 6 Trimble County Unit 2 75.00 % 1,013 141 27 LG&E 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 12 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 47 10 1 Trimble County Unit 1 75.00 % 399 44 6 Trimble County Unit 2 14.25 % 210 28 12 Trimble County Units 5-6 29.00 % 29 6 — Trimble County Units 7-10 37.00 % 71 14 — Cane Run Unit 7 22.00 % 115 1 1 E.W. Brown Solar Unit 39.00 % — — 4 Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 19 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 43 9 1 Trimble County Unit 2 60.75 % 803 113 15 Trimble County Units 5-6 71.00 % 70 15 — Trimble County Units 7-10 63.00 % 121 23 — Cane Run Unit 7 78.00 % 411 6 5 E.W. Brown Solar Unit 61.00 % — — 6 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, 2016 | |
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 2017 Coal 2022 Coal Transportation and Fleeting Services 2024 Natural Gas Storage 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, as well as contractually required reimbursement of plant operating, maintenance and other expenses are projected as follows: LG&E KU Total 2017 $ 20 $ 9 $ 29 2018 20 9 29 2019 19 9 28 2020 20 9 29 2021 20 9 29 Thereafter 389 172 561 Total $ 488 $ 217 $ 705 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2016 2015 2014 LG&E $ 16 $ 15 $ 17 KU 7 7 8 Total $ 23 $ 22 $ 25 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. (PPL and LKE) WKE Indemnification 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 and RCRA. In addition, these plaintiffs assert common law claims of nuisance, trespass and negligence. These plaintiffs seek injunctive relief and civil penalties, plus costs and attorney fees, for the alleged statutory violations. Under the common law claims, these plaintiffs seek monetary compensation and punitive damages for property damage and diminished property values for a class consisting of residents within four miles of the Cane Run plant. In their individual capacities, these plaintiffs sought compensation for alleged adverse health effects. In response to a motion to dismiss filed by PPL and LG&E, in July 2014, the court dismissed the plaintiffs' RCRA claims and all but one Clean Air Act claim, but declined to dismiss their common law tort claims. In November 2016, plaintiffs filed an amended complaint removing the personal injury claims and removing certain previously named plaintiffs. In February 2017, the District Court issued an order dismissing PPL as a defendant and dismissing the final federal claim against LG&E, under the Clean Air Act, and directed the parties to submit briefs regarding whether the court should continue to exercise supplemental jurisdiction regarding the remaining state law-only claims. 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. Mill Creek Environmental Claims In May 2014, the Sierra Club filed a citizen suit against LG&E in the U.S. District Court for the Western District of Kentucky for alleged violations of the Clean Water Act. The Sierra Club alleged that various discharges at the Mill Creek plant constituted violations of the plant's water discharge permit. The Sierra Club sought civil penalties, injunctive relief, costs and attorney's fees. The parties reached a proposed settlement in the matter in September 2016. LG&E has agreed to limited alterations to outfall facilities and discharge practices and to fund $1 million in environmental enhancement projects focused on tree planting and water quality in Kentucky. The settlement includes no finding or agreement of any violation of law by LG&E and does not involve fines or civil penalties. In December 2016, the court approved the proposed settlement which resolves the pending litigation. (PPL, LKE and KU) E.W. Brown Environmental Claims In October 2015, KU received a notice of intent from Earthjustice and the Sierra Club informing certain federal and state agencies of the Sierra Club's intent to file a citizen suit, following expiration of the mandatory 60-day notification period, for alleged violations of the Clean Water Act. The claimants allege discharges at the E.W. Brown plant in violation of applicable rules and the plant's water discharge permit. The claimants assert that, unless the alleged discharges are promptly brought into compliance, it intends to seek civil penalties, injunctive relief and attorney's fees. In November 2015, the claimants submitted an amended notice of intent to add the Kentucky Waterways Alliance as a claimant. On October 26, 2016, the claimants submitted an additional notice of intent alleging management of waste in a manner that may present an imminent and substantial endangerment under the RCRA. PPL, LKE and KU cannot predict the outcome of this matter or the potential impact on the operations of the E. W. Brown plant, including increased capital or operating costs, if any. (PPL, LKE, LG&E and KU) Trimble County Unit 2 Air Permit The Sierra Club and other environmental groups petitioned the Kentucky Environmental and Public Protection Cabinet to overturn the air permit issued for the Trimble County Unit 2 baseload coal-fired generating unit, but the agency upheld the permit in an order issued in September 2007. In response to subsequent petitions by environmental groups, the EPA ordered certain non-material changes to the permit, which in January 2010, were incorporated into a final revised permit issued by the Kentucky Division for Air Quality. In March 2010, the environmental groups petitioned the EPA to object to the revised state permit. Until the EPA issues a final ruling on the pending petition and all available appeals are exhausted, PPL, LKE, LG&E and KU cannot predict the outcome of this matter or the potential impact on the operations of the Trimble County plant, including increased capital or operating costs, if any. Trimble County Water Discharge Permit In May 2010, the Kentucky Waterways Alliance and other environmental groups filed a petition with the Kentucky Energy and Environment Cabinet (KEEC) challenging the Kentucky Pollutant Discharge Elimination System permit issued in April 2010, which covers water discharges from the Trimble County plant. In November 2010, the KEEC issued a final order upholding the permit, which was subsequently appealed by the environmental groups. In September 2013, the Franklin Circuit Court reversed the KEEC order upholding the permit and remanded the permit to the agency for further proceedings. LG&E and the KEEC appealed the order to the Kentucky Court of Appeals. In July 2015, the Court of Appeals upheld the lower court ruling. LG&E and the KEEC moved for discretionary review by the Kentucky Supreme Court. In February 2016, the Kentucky Supreme Court issued an order granting discretionary review and oral arguments were held in September 2016. PPL, LKE, LG&E and KU are unable to predict the outcome of this matter or the potential impact on the operations of the Trimble County plant, including increased capital or operating costs, if any. (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. LG&E, KU and PPL Electric 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. WPD's distribution businesses are subject to certain statutory and regulatory environmental requirements. In connection with the matters discussed below, 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) The Clean Air Act, which regulates air pollutants from mobile and stationary sources in the United States, has a significant impact on the operation of fossil fuel plants. The Clean Air Act requires the EPA periodically to review and establish concentration levels in the ambient air for six criteria pollutants to protect public health and welfare. These concentration levels are known as NAAQS. The six criteria pollutants are carbon monoxide, lead, nitrogen dioxide, ozone, particulate matter and sulfur dioxide. Federal environmental regulations of these criteria pollutants require states to adopt implementation plans, known as state implementation plans, for certain pollutants, 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. National Ambient Air Quality Standards (NAAQS) Under the Clean Air Act, the EPA is required to reassess the NAAQS for certain air pollutants on a five-year schedule. In 2008, the EPA revised the NAAQS for ozone and proposed to further strengthen the standard in November 2014. The EPA released a new ozone standard on October 1, 2015. The states and the EPA will determine attainment with the new ozone standard through review of relevant ambient air monitoring data, with attainment or nonattainment designations scheduled no later than October 2017. States are also obligated to address interstate transport issues associated with new 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. States that are not in the ozone transport region, including Kentucky, worked together to evaluate the need for further nitrogen oxide reductions from fossil-fueled plants with SCRs. Based on regulatory developments to date, PPL, LKE, LG&E, and KU do not anticipate requirements for nitrogen oxide reductions beyond those currently required under the Cross State Air Pollution Rule. In 2010, the EPA finalized revised 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 . Based on regulatory developments to date, PPL, LKE, LG&E and KU expect that certain previously required compliance measures, such as upgraded or new sulfur dioxide Scrubbers and additional sulfur dioxide limits at certain plants and the retirement of coal-fired generating units at LG&E's Cane Run plant and KU's Green River plant, are sufficient to achieve compliance with the new sulfur dioxide and ozone standards. Mercury and Air Toxics Standards (MATS) In February 2012, the EPA finalized the MATS rule requiring reductions of mercury and other hazardous air pollutants from fossil-fuel fired power plants, with an effective date of April 16, 2012. In a subsequent judicial challenge, the U.S. Supreme Court (Supreme Court) held that the EPA failed to properly consider costs when deciding to regulate hazardous air emissions from power plants under MATS. The Supreme Court remanded the matter to the D.C. Circuit Court which, in December 2015, remanded the rule to the EPA without vacating it. The EPA has proposed a supplemental finding regarding costs of the rule. The EPA's MATS rule remains in effect during the pendency of the ongoing proceedings. LG&E and KU have installed significant controls in response to the MATS rule and in conjunction with compliance with other environmental requirements, including fabric-filter baghouses, upgraded Scrubbers or chemical additive systems for which appropriate KPSC authorization and/or ECR treatment has been received. LG&E and KU have received KPSC approval for a compliance plan providing for installation of additional MATS-related controls; however, the estimated cost of these controls is not expected to be significant for either LG&E or KU. See Note 6 for additional information. New Source Review (NSR) The NSR litigation brought by the EPA, states and environmental groups against coal-fired generating plants in past years continues to proceed through the courts. Although none of this litigation directly involves PPL, LKE, LG&E or KU, it can influence the permitting of large capital projects at LG&E's and KU's power plants, the costs of which cannot presently be determined but could be significant. Climate Change There is continuing world-wide attention focused on issues related to climate change. In June 2016, the President announced that the United States, Canada and Mexico have 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 greenhouse gas (GHG) emissions from both developed and developing nations. Although the agreement does not establish binding reduction requirements, it requires each nation to prepare, communicate, and maintain GHG reduction commitments. Reductions can be achieved in a variety of ways, including energy conservation, power plant efficiency improvements, reduced utilization of coal-fired generation or replacing coal-fired generation with natural gas or renewable generation. Based on the EPA's Clean Power Plan described below, the U.S. has committed to an initial reduction target of 26% to 28% below 2005 levels by 2025. However, the new U.S. presidential administration has expressed an intention to review existing Climate Change commitments to determine if changes are warranted. PPL, LKE, LG&E, and KU cannot predict the outcome of such review 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 included in WPD's current operating expenses. The EPA's Rules under Section 111 of the Clean Air Act As further described below, the EPA finalized rules imposing GHG emission standards for both new and existing power plants. The EPA has also issued a proposed federal implementation plan that would apply to any states that fail to submit an acceptable state implementation plan under these rules. The EPA's authority to promulgate these regulations under Section 111 of the Clean Air Act has been challenged in the D.C. Circuit Court by several states and industry groups. On February 9, 2016, the Supreme Court stayed the rule for existing plants (the Clean Power Plan) pending the D.C. Circuit Court's review and subsequent review by the Supreme Court if a writ of certiorari is filed and granted. The EPA's rule for new power plants imposes separate emission standards for coal and natural gas units based on the application of different technologies. The coal standard is based on the application of partial carbon capture and sequestration technology, but because this technology is not presently commercially viable, the rule effectively precludes the construction of new coal-fired plants. The standard for NGCC power plants is the same as the EPA proposed in 2012 and is not continuously achievable. The preclusion of new coal-fired plants and the compliance difficulties posed for new natural gas-fired plants could have a significant industry-wide impact. The EPA's Clean Power Plan The EPA's rule for existing power plants, referred to as the Clean Power Plan, was published in the Federal Register in October 2015. The Clean Power Plan contains state-specific rate-based and mass-based reduction goals and guidelines for the development, submission and implementation of state implementation plans to achieve the state goals. State-specific goals were calculated from 2012 data by applying the EPA's broad interpretation and definition of the BSER, resulting in the most stringent targets to be met in 2030, with interim targets to be met beginning in 2022. The EPA believes it has offered some flexibility to the states as to how their compliance plans can be crafted, including the option to use a rate-based approach (limit emissions per megawatt hour) or a mass-based approach (limit total tons of emissions per year), and the option to demonstrate compliance through emissions trading and multi-state collaborations. Under the rate-based approach, Kentucky would need to make a 41% reduction from its 2012 emissions rate and under a mass-based approach it would need to make a 36% reduction. These reductions are significantly greater than initially proposed and present significant challenges to the state. If the Clean Power Plan is ultimately upheld and Kentucky fails to develop an approvable implementation plan by the applicable deadline, the EPA may impose a federal implementation plan that could be more stringent than what the state plan might provide. Depending on the provisions of the Kentucky implementation plan, LG&E and KU may need to modify their current portfolio of generating assets during the next decade and/or participate in an allowance trading program. LG&E and KU are monitoring developments at the state and federal level. Various states, industry groups and individual companies including LKE have filed petitions for reconsideration with EPA and petitions for review with the D.C. Circuit Court challenging the Clean Power Plan. In February 2016, the U.S. Supreme Court stayed the rule pending the D.C. Circuit Court's review. A ruling from the D.C. Circuit Court is expected in 2017. The new U.S. presidential administration has expressed an intention to review the Clean Power Plan and related regulatory developments to determine if changes are warranted. PPL, LKE, LG&E and KU cannot predict the outcome of the pending litigation, any changes in regulations, interpretations, or litigation positions that may be implemented by the new U.S. presidential administration or the potential impact, if any, on plant operations, or future capital or operating costs. PPL, LKE, LG&E and KU believe that the costs, which could be significant, would be subject to cost recovery. In April 2014, the Kentucky General Assembly passed legislation limiting the measures that the Kentucky Energy and Environment Cabinet may consider in setting performance standards to comply with the EPA's regulations governing GHG emissions from existing sources, if enacted. The legislation provides that such state GHG performance standards shall be based on emission reductions, efficiency measures and other improvements available at each power plant, rather than renewable energy, end-use energy efficiency, fuel switching and re-dispatch. These statutory restrictions may make it more difficult for Kentucky to achieve the GHG reduction levels that the EPA has established for Kentucky, if enacted. Sulfuric Acid Mist Emissions (PPL, LKE and LG&E) In June 2016, the EPA issued a notice of violation under the Clean Air Act alleging that LG&E violated applicable rules relating to sulfuric acid mist emissions at its Mill Creek plant. The notice alleges failure to install proper controls, failure to operate the facility consistent with good air pollution control practice, and causing emissions exceeding applicable requirements or constituting a nuisance or endangerment. LG&E believes it has complied with applicable regulations during the relevant time period. Discussion between the EPA and LG&E are ongoing. PPL, LKE and LG&E are unable to predict the outcome of this matter or the potential impact on operations of the Mill Creek plant, including increased capital or operating costs, and potential civil penalties or remedial measures, if any. Water/Waste (PPL, LKE, LG&E and KU) Coal Combustion Residuals (CCRs) In April 2015, the EPA published its final rule regulating CCRs. CCRs include fly ash, bottom ash and sulfur dioxide scrubber wastes. The rule became effective in October 2015. It imposes extensive new requirements, including location restrictions, design and operating standards, groundwater monitoring and corrective action requirements, and closure and post-closure care requirements on CCR impoundments and landfills that are located on active power plants in the United States and not closed. Under the rule, CCRs are regulated as non-hazardous under Subtitle D of RCRA and beneficial use of CCRs is allowed, with some restrictions. The rule's requirements for covered CCR impoundments and landfills include implementation of groundwater monitoring and commencement or completion of closure activities generally between three and ten years from certain triggering events. The rule requires posting of compliance documentation on a publicly accessible website. Industry groups, environmental groups, individual companies and others have filed legal challenges to the final rule, which are pending before the D.C. Circuit Court of Appeals. Recently enacted federal legislation has authorized the EPA to approve equally protective state programs that would operate in lieu of the CCR Rule. Kentucky has proposed a state rule aimed at reflecting the requirements of the federal rule. LG&E and KU have received KPSC approval for a compliance plan providing for construction of additional landfill capacity at the E.W. Brown station, closure of impoundments at the Mill Creek, Trimble County, E.W. Brown, and Ghent stations, and construction of process water management facilities at those plants. In addition to the foregoing measures required for compliance with federal CCR rule requirements, LG&E and KU also received KPSC approval for their 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 and 2016. 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. Effluent Limitations Guidelines (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, but the requirements of the rule must be fully implemented no later than 2023. 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. LG&E and KU are developing compliance strategies and schedules. PPL, LKE, LG&E and KU are unable to fully estimate compliance costs or timing at this time, although certain preliminary estimates are included in current capital forecasts for applicable periods. Costs to comply with ELGs or other discharge limits, which are expected to be significant, are subject to rate recovery. Clean Water Act Section 316(b) The EPA's final 316(b) rule for existing facilities became effective in October 2014, and regulates cooling water intake structures and their impact on aquatic organisms. The rule requires existing facilities to choose among several options to reduce the impact on aquatic organisms that become trapped against water intake screens (impingement) and to determine the intake structure's impact on aquatic organisms pulled through a plant's cooling water system (entrainment). Based on studies conducted by LG&E and KU to date, all plants will incur only insignificant operational costs. In addition, LG&E's Mill Creek Unit 1 is expected to incur capital costs. PPL, LKE, LG&E and KU do not expect compliance costs, which are subject to rate recovery, to be significant. Seepages and Groundwater Infiltration Seepages or groundwater infiltration have been detected at active and retired wastewater basins and landfills at various LG&E or 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 reasonable possible losses 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) Waters of the United States (WOTUS) The U.S. Court of Appeals for the Sixth Circuit has issued a stay of the EPA's rule on the definition of WOTUS pending the court's review of the rule. The effect of the stay is that the WOTUS rule is not in effect anywhere. The ultimate outcome of the court's review of the rule remains uncertain. Because of the strict permitting programs already in place in Kentucky and Pennsylvania, the Registrants do not expect the rule to have a significant impact on their operations. Other Issues On June 22, 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. The first, scheduled for March 2017, relates to the use of PCBs in small capacitors and fluorescent ballasts in schools and day care centers. The second, scheduled for October 2017, 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 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
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. When KU has excess generation capacity after serving its own retail customers and its generation cost is lower than that of LG&E, LG&E purchases electricity from KU. 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 their respective PPL, PPL Electric and LKE subsidiaries 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. 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. 2016 2015 2014 PPL Electric from PPL Services $ 132 $ 125 $ 151 LKE from PPL Services 18 16 15 PPL Electric from PPL EU Services 69 60 — LG&E from LKS 178 155 140 KU from LKS 194 185 165 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 (LKE) LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rates on borrowings are equal to one-month LIBOR plus a spread. At December 31, 2016 and 2015 , $163 million and $54 million , respectively, were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rate on the outstanding borrowings at December 31, 2016 and 2015 was 2.12% and 1.74% . Interest expense on the revolving line of credit was not significant for 2016 , 2015 or 2014 . 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, 2016 and 2015 . The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. Interest income on this note was not significant for 2016 , 2015 or 2014 . In November 2015, LKE entered into a $400 million ten -year-note with a PPL affiliate with an interest rate of 3.5% . The proceeds were used to repay the entire $400 million principal amount of its 2.125% Senior Unsecured Notes which matured in November 2015 . At December 31, 2016 and 2015, the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on this note was $14 million for 2016 . Interest expense on this note was not significant for 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. See Note 17 for additional information on intercompany derivatives. 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. When KU has excess generation capacity after serving its own retail customers and its generation cost is lower than that of LG&E, LG&E purchases electricity from KU. 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 their respective PPL, PPL Electric and LKE subsidiaries 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. 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. 2016 2015 2014 PPL Electric from PPL Services $ 132 $ 125 $ 151 LKE from PPL Services 18 16 15 PPL Electric from PPL EU Services 69 60 — LG&E from LKS 178 155 140 KU from LKS 194 185 165 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 (LKE) LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rates on borrowings are equal to one-month LIBOR plus a spread. At December 31, 2016 and 2015 , $163 million and $54 million , respectively, were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rate on the outstanding borrowings at December 31, 2016 and 2015 was 2.12% and 1.74% . Interest expense on the revolving line of credit was not significant for 2016 , 2015 or 2014 . 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, 2016 and 2015 . The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. Interest income on this note was not significant for 2016 , 2015 or 2014 . In November 2015, LKE entered into a $400 million ten -year-note with a PPL affiliate with an interest rate of 3.5% . The proceeds were used to repay the entire $400 million principal amount of its 2.125% Senior Unsecured Notes which matured in November 2015 . At December 31, 2016 and 2015, the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on this note was $14 million for 2016 . Interest expense on this note was not significant for 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. See Note 17 for additional information on intercompany derivatives. 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. When KU has excess generation capacity after serving its own retail customers and its generation cost is lower than that of LG&E, LG&E purchases electricity from KU. 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 their respective PPL, PPL Electric and LKE subsidiaries 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. 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. 2016 2015 2014 PPL Electric from PPL Services $ 132 $ 125 $ 151 LKE from PPL Services 18 16 15 PPL Electric from PPL EU Services 69 60 — LG&E from LKS 178 155 140 KU from LKS 194 185 165 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 (LKE) LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rates on borrowings are equal to one-month LIBOR plus a spread. At December 31, 2016 and 2015 , $163 million and $54 million , respectively, were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rate on the outstanding borrowings at December 31, 2016 and 2015 was 2.12% and 1.74% . Interest expense on the revolving line of credit was not significant for 2016 , 2015 or 2014 . 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, 2016 and 2015 . The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. Interest income on this note was not significant for 2016 , 2015 or 2014 . In November 2015, LKE entered into a $400 million ten -year-note with a PPL affiliate with an interest rate of 3.5% . The proceeds were used to repay the entire $400 million principal amount of its 2.125% Senior Unsecured Notes which matured in November 2015 . At December 31, 2016 and 2015, the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on this note was $14 million for 2016 . Interest expense on this note was not significant for 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. See Note 17 for additional information on intercompany derivatives. 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. When KU has excess generation capacity after serving its own retail customers and its generation cost is lower than that of LG&E, LG&E purchases electricity from KU. 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 their respective PPL, PPL Electric and LKE subsidiaries 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. 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. 2016 2015 2014 PPL Electric from PPL Services $ 132 $ 125 $ 151 LKE from PPL Services 18 16 15 PPL Electric from PPL EU Services 69 60 — LG&E from LKS 178 155 140 KU from LKS 194 185 165 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 (LKE) LKE maintains a $225 million revolving line of credit with a PPL Energy Funding subsidiary whereby LKE can borrow funds on a short-term basis at market-based rates. The interest rates on borrowings are equal to one-month LIBOR plus a spread. At December 31, 2016 and 2015 , $163 million and $54 million , respectively, were outstanding and reflected in "Notes payable with affiliates" on the Balance Sheets. The interest rate on the outstanding borrowings at December 31, 2016 and 2015 was 2.12% and 1.74% . Interest expense on the revolving line of credit was not significant for 2016 , 2015 or 2014 . 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, 2016 and 2015 . The interest rate on the loan based on the PPL affiliate's credit rating is currently equal to one-month LIBOR plus a spread. Interest income on this note was not significant for 2016 , 2015 or 2014 . In November 2015, LKE entered into a $400 million ten -year-note with a PPL affiliate with an interest rate of 3.5% . The proceeds were used to repay the entire $400 million principal amount of its 2.125% Senior Unsecured Notes which matured in November 2015 . At December 31, 2016 and 2015, the note was reflected in "Long-term debt to affiliate" on the Balance Sheets. Interest expense on this note was $14 million for 2016 . Interest expense on this note was not significant for 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. See Note 17 for additional information on intercompany derivatives. 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, 2016 | |
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: 2016 2015 2014 Other Income Economic foreign currency exchange contracts (Note 17) $ 384 $ 122 $ 121 Interest income 3 4 1 AFUDC - equity component 19 14 11 Miscellaneous 6 6 7 Total Other Income 412 146 140 Other Expense Charitable contributions 9 21 27 Miscellaneous 13 17 8 Total Other Expense 22 38 35 Other Income (Expense) - net $ 390 $ 108 $ 105 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 and 2015 , 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, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 341 $ 341 $ — $ — $ 836 $ 836 $ — $ — Restricted cash and cash equivalents (a) 26 26 — — 33 33 — — Price risk management assets (b): Foreign currency contracts 211 — 211 — 209 — 209 — Cross-currency swaps 188 — 188 — 86 — 86 — Total price risk management assets 399 — 399 — 295 — 295 — Auction rate securities (c) — — — — 2 — — 2 Total assets $ 766 $ 367 $ 399 $ — $ 1,166 $ 869 $ 295 $ 2 December 31, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Price risk management liabilities (b): Interest rate swaps $ 31 $ — $ 31 $ — $ 71 $ — $ 71 $ — Foreign currency contracts 27 — 27 — 1 — 1 — Total price risk management liabilities $ 58 $ — $ 58 $ — $ 72 $ — $ 72 $ — PPL Electric Assets Cash and cash equivalents $ 13 $ 13 $ — $ — $ 47 $ 47 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 15 $ 15 $ — $ — $ 49 $ 49 $ — $ — LKE Assets Cash and cash equivalents $ 13 $ 13 $ — $ — $ 30 $ 30 $ — $ — Cash collateral posted to counterparties (d) 3 3 — — 9 9 — — Total assets $ 16 $ 16 $ — $ — $ 39 $ 39 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 31 $ — $ 31 $ — $ 47 $ — $ 47 $ — Total price risk management liabilities $ 31 $ — $ 31 $ — $ 47 $ — $ 47 $ — LG&E Assets Cash and cash equivalents $ 5 $ 5 $ — $ — $ 19 $ 19 $ — $ — Cash collateral posted to counterparties (d) 3 3 — — 9 9 — — Total assets $ 8 $ 8 $ — $ — $ 28 $ 28 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 31 $ — $ 31 $ — $ 47 $ — $ 47 $ — Total price risk management liabilities $ 31 $ — $ 31 $ — $ 47 $ — $ 47 $ — KU Assets Cash and cash equivalents $ 7 $ 7 $ — $ — $ 11 $ 11 $ — $ — Total assets $ 7 $ 7 $ — $ — $ 11 $ 11 $ — $ — (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 current assets" on the Balance Sheets. (d) Included in "Other noncurrent assets" on the Balance Sheets. Represents cash collateral posted to offset the exposure with counterparties related to certain interest rate swaps under master netting arrangements that are not offset. 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, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value PPL $ 18,326 $ 21,355 $ 19,048 $ 21,218 PPL Electric 2,831 3,148 2,828 3,088 LKE 5,065 5,439 5,088 5,384 LG&E 1,617 1,710 1,642 1,704 KU 2,327 2,514 2,326 2,467 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, 2016 | |
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 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 the 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. 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 mechanisms in place. Foreign currency risk • PPL is exposed to foreign currency exchange risk primarily associated with its investments in and earnings of U.K. affiliates. Commodity price risk PPL is exposed to commodity price risk through its domestic subsidiaries as described below. • PPL Electric is exposed to commodity price risk from its obligation as PLR; however, its PUC-approved cost recovery mechanism substantially eliminates its exposure to this risk. PPL Electric also mitigates its exposure to commodity price risk by entering into full-requirement supply agreements to serve its PLR customers. These supply agreements transfer the commodity price risk associated with the PLR obligation to the energy suppliers. • LG&E's and KU's rates include certain mechanisms for fuel and fuel-related expenses. In addition, LG&E's rates include a mechanism for natural gas supply expenses. These mechanisms generally provide for timely recovery of market price fluctuations associated with these expenses. Volumetric risk PPL is exposed to volumetric risk through its subsidiaries as described below. • WPD is exposed to volumetric risk which, is significantly mitigated as a result of the method of regulation in the U.K. Under the RIIO-ED1 price control period, recovery of such exposure occurs on a two year lag. See Note 1 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 defined benefit plans. This risk is significantly mitigated at the regulated domestic utilities and for certain plans at WPD due to the recovery mechanisms 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 LKE (through its subsidiaries LG&E and KU) or PPL Electric defaults on its obligation, those entities 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, thus 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 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 $19 million obligation to return cash collateral under master netting arrangements at December 31, 2016 and no obligation to return cash collateral at December 31, 2015 . LKE, LG&E and KU had no obligation to return cash collateral under master netting arrangements at December 31, 2016 and 2015 . PPL, LKE and LG&E posted $3 million and $9 million of cash collateral under master netting arrangements at December 31, 2016 and 2015 . KU did not post any cash collateral under master netting arrangements at December 31, 2016 and 2015 . 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. Various financial derivative instruments are utilized to adjust the mix of fixed and floating interest rates in their debt portfolio, adjust the duration of the debt portfolio and lock in benchmark interest rates in anticipation of future financing, when appropriate. Risk limits under PPL's risk management program are designed to balance risk exposure to volatility in interest expense and changes in the fair value of the debt portfolio due to changes in benchmark interest rates. In addition, the interest rate risk of certain subsidiaries is potentially mitigated as a result of the existing regulatory framework or the timing of rate cases. Cash Flow Hedges (PPL) Interest rate risks include exposure to adverse interest rate movements for outstanding variable rate debt and for future anticipated financings. Financial interest rate swap contracts that qualify as cash flow hedges may be entered into to hedge floating interest rate risk associated with both existing and anticipated debt issuances. PPL held no such contracts at December 31, 2016 . For 2016, 2015 and 2014, hedge ineffectiveness associated with interest rate derivatives was insignificant. At December 31, 2016 , PPL held an aggregate notional value in cross-currency interest rate swap contracts of $802 million that range in maturity from 2017 through 2028 to hedge the interest payments and principal of WPD's U.S. dollar-denominated senior notes. In May 2016, $460 million of WPD's U.S. dollar-denominated senior notes were repaid upon maturity and $460 million notional value of cross-currency interest rate swap contracts matured. PPL recorded a $46 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 no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges in 2016 and an insignificant amount in 2014. 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, 2016, the accumulated net unrecognized after-tax gains (losses) on qualifying derivatives expected to be reclassified into earnings during the next 12 months is $53 million . 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, 2016 , 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 such contracts outstanding at December 31, 2016 . At December 31, 2016 and 2015 , PPL had $21 million and $19 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, 2016 , the total exposure hedged by PPL was approximately £1.9 billion (approximately $2.6 billion based on contracted rates). These contracts had termination dates ranging from January 2017 through December 2018 . 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 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 and KU'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, 2016 and 2015 . 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, 2016 December 31, 2015 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 $ — $ 24 $ — $ 5 Cross-currency swaps (b) 32 — — — 35 — — — Foreign currency contracts — — 31 21 10 — 94 1 Total current 32 — 31 25 45 24 94 6 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 27 — — — 42 Cross-currency swaps (b) 156 — — — 51 — — — Foreign currency contracts — — 180 6 — — 105 — Total noncurrent 156 — 180 33 51 — 105 42 Total derivatives $ 188 $ — $ 211 $ 58 $ 96 $ 24 $ 199 $ 48 (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) 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 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 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) 2014 Cash Flow Hedges: Interest rate swaps $ (91 ) Interest Expense $ (18 ) $ 2 Cross-currency swaps 58 Other Income (Expense) - net 57 — Interest Expense 4 — Commodity contracts Discontinued operations 42 — Total $ (33 ) $ 85 $ 2 Net Investment Hedges: Foreign currency contracts $ 23 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2016 2015 2014 Foreign currency contracts Other Income (Expense) - net $ 384 $ 122 $ 121 Interest rate swaps Interest Expense (7 ) (8 ) (8 ) Total $ 377 $ 114 $ 113 Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ — $ (22 ) $ (66 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ 7 $ 1 $ (12 ) (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) 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ — $ (22 ) $ (66 ) (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) 2016 2015 2014 Interest rate swaps Regulatory asset - noncurrent $ — $ (11 ) $ (33 ) (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) 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ — $ (11 ) $ (33 ) (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, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities (a): Interest rate swaps $ — $ 4 $ — $ 5 Total current — 4 — 5 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps — 27 — 42 Total noncurrent — 27 — 42 Total derivatives $ — $ 31 $ — $ 47 (a) Represents the location on the Balance Sheets. 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) 2016 2015 2014 Interest rate swaps Interest Expense $ (7 ) $ (8 ) $ (8 ) Derivative Instruments Location of Gain (Loss) 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ 7 $ 1 $ (12 ) (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, 2016 Treasury Derivatives PPL $ 399 $ 27 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2015 Treasury Derivatives PPL $ 295 $ 25 $ — $ 270 $ 72 $ 25 $ 9 $ 38 LKE — — — — 47 — 9 38 LG&E — — — — 47 — 9 38 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, 2016 , 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 $ 13 $ 13 $ 13 Aggregate fair value of collateral posted on these derivative instruments 3 3 3 Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 10 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, 2016 | |
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 2016 2015 2016 2015 2016 2015 Balance at beginning of period (a) $ 2,888 $ 3,005 $ 662 $ 662 $ 3,550 $ 3,667 Effect of foreign currency exchange rates (490 ) (117 ) (490 ) (117 ) Balance at end of period (a) $ 2,398 $ 2,888 $ 662 $ 662 $ 3,060 $ 3,550 (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, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Contracts (a) $ 405 $ 325 $ 407 $ 300 Land and transmission rights 362 115 337 111 Emission allowances/RECs (b) 2 — 5 — Licenses and other 6 2 10 5 Total subject to amortization 775 442 759 416 Not subject to amortization due to indefinite life: Land and transmission rights 19 — 33 — Easements (c) 348 — 303 — Total not subject to amortization due to indefinite life 367 — 336 — Total $ 1,142 $ 442 $ 1,095 $ 416 (a) Gross carrying amount includes the fair value at the acquisition date of the OVEC power purchase contract and coal contracts with terms favorable to market recognized as a result of the 2010 acquisition of LKE by PPL. 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. (c) The increase during 2016 was primarily from increases at WPD. 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: 2016 2015 2014 Intangible assets with no regulatory offset $ 6 $ 6 $ 6 Intangible assets with regulatory offset 24 51 47 Total $ 30 $ 57 $ 53 Amortization expense for each of the next five years, excluding insignificant amounts for consumption of emission allowances/RECs, is estimated to be: 2017 2018 2019 2020 2021 Intangible assets with no regulatory offset $ 6 $ 6 $ 6 $ 6 $ 6 Intangible assets with regulatory offset 9 9 9 8 8 Total $ 15 $ 15 $ 15 $ 14 $ 14 (PPL Electric) The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Land and transmission rights $ 341 $ 112 $ 316 $ 108 Licenses and other 3 1 4 1 Total subject to amortization 344 113 320 109 Not subject to amortization due to indefinite life: Land and transmission rights 20 — 33 — Total $ 364 $ 113 $ 353 $ 109 Intangible assets are shown as "Intangibles" on the Balance Sheets. Amortization expense was insignificant in 2016 , 2015 and 2014 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, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ 269 $ 269 $ 269 $ 252 Land and transmission rights 21 3 21 2 Emission allowances (b) — — 3 — OVEC power purchase agreement (c) 126 49 126 42 Total subject to amortization $ 416 $ 321 $ 419 $ 296 (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 assets, eliminating any income statement impact. See Note 6 for additional information. (b) Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. (c) 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: 2016 2015 2014 Intangible assets with no regulatory offset $ 1 $ — $ — Intangible assets with regulatory offset 24 51 47 Total $ 25 $ 51 $ 47 Amortization expense for each of the next five years is estimated to be: 2017 2018 2019 2020 2021 Intangible assets with regulatory offset $ 9 $ 9 $ 9 $ 8 $ 8 (LG&E) The gross carrying amount and the accumulated amortization of other intangible assets were: December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ 124 $ 124 $ 124 $ 116 Land and transmission rights 7 1 7 1 Emission allowances (b) — — 1 — OVEC power purchase agreement (c) 87 34 87 29 Total subject to amortization $ 218 $ 159 $ 219 $ 146 (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 assets, eliminating any income statement impact. See Note 6 for additional information. (b) Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. (c) 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: 2016 2015 2014 Intangible assets with regulatory offset $ 13 $ 24 $ 23 Amortization expense for each of the next five years is estimated to be: 2017 2018 2019 2020 2021 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, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ 145 $ 145 $ 145 $ 136 Land and transmission rights 14 2 14 1 Emission allowances (b) — — 2 — OVEC power purchase agreement (c) 39 15 39 13 Total subject to amortization $ 198 $ 162 $ 200 $ 150 (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 assets, eliminating any income statement impact. See Note 6 for additional information. (b) Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. (c) 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: 2016 2015 2014 Intangible assets with no regulatory offset $ 1 $ — $ — Intangible assets with regulatory offset 11 27 24 Total $ 12 $ 27 $ 24 Amortization expense for each of the next five years is estimated to be: 2017 2018 2019 2020 2021 Intangible assets with regulatory offset $ 3 $ 3 $ 3 $ 2 $ 2 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2016 | |
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 approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligation. For other AROs, at the time of retirement, the related ARO regulatory asset is offset against the associated cost of removal regulatory liability, PP&E and ARO liability. The changes in the carrying amounts of AROs were as follows. PPL LKE LG&E KU 2016 2015 2016 2015 2016 2015 2016 2015 ARO at beginning of period $ 586 $ 336 $ 535 $ 285 $ 175 $ 74 $ 360 $ 211 Accretion 24 19 22 18 7 5 15 13 Obligations incurred — 5 — 5 — 3 — 2 Changes in estimated timing or cost (84 ) 235 (95 ) 234 (19 ) 98 (76 ) 136 Effect of foreign currency exchange rates (9 ) (2 ) — — — — — — Obligations settled (29 ) (7 ) (29 ) (7 ) (18 ) (5 ) (11 ) (2 ) ARO at end of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 LKE recorded decreases of $114 million ( $90 million at KU and $24 million at LG&E) to the existing AROs during 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. LKE recorded increases of $228 million ( $139 million at KU and $89 million at LG&E) to the existing AROs during 2015 as a result of an engineering study that was performed, in connection with the final CCR rule, providing clarity on projected CCR closure costs and revisions in the timing and amounts of future expected cash flows. Further increases to AROs or changes to current capital plans or to operating costs may be required as estimates of future cash flows are refined based on closure developments, groundwater monitoring results 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 with the KPSC. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
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, 2013 $ (11 ) $ 172 $ 94 $ 1 $ (6 ) $ (1,815 ) $ (1,565 ) Amounts arising during the year (275 ) 35 (10 ) — 5 (509 ) (754 ) Reclassifications from AOCI — (6 ) (64 ) — 4 111 45 Net OCI during the year (275 ) 29 (74 ) — 9 (398 ) (709 ) 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 ) LKE December 31, 2013 $ 1 $ (2 ) $ 14 $ 13 Amounts arising during the year — (7 ) (50 ) (57 ) Reclassifications from AOCI (1 ) 1 (1 ) (1 ) Net OCI during the year (1 ) (6 ) (51 ) (58 ) 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 ) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the years ended December 31, 2016 and 2015 . LKE amounts are insignificant for the years ended December 31, 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 2016 2015 Affected Line Item on the Statements of Income 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 (7 ) (11 ) Interest Expense — (77 ) Discontinued operations Cross-currency swaps 116 49 Other Income (Expense) - net 3 2 Interest Expense Commodity contracts — 20 Discontinued operations Total Pre-tax 112 (17 ) Income Taxes (21 ) 15 Total After-tax 91 (2 ) Equity Investees' AOCI 1 1 Other Income (Expense) - net Total Pre-tax 1 1 Income Taxes — — Total After-tax 1 1 Defined benefit plans Prior service costs (2 ) — Net actuarial loss (156 ) (192 ) Total Pre-tax (158 ) (192 ) Income Taxes 36 46 Total After-tax (122 ) (146 ) Total reclassifications during the year $ (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, 2013 $ (11 ) $ 172 $ 94 $ 1 $ (6 ) $ (1,815 ) $ (1,565 ) Amounts arising during the year (275 ) 35 (10 ) — 5 (509 ) (754 ) Reclassifications from AOCI — (6 ) (64 ) — 4 111 45 Net OCI during the year (275 ) 29 (74 ) — 9 (398 ) (709 ) 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 ) LKE December 31, 2013 $ 1 $ (2 ) $ 14 $ 13 Amounts arising during the year — (7 ) (50 ) (57 ) Reclassifications from AOCI (1 ) 1 (1 ) (1 ) Net OCI during the year (1 ) (6 ) (51 ) (58 ) 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 ) The following table presents PPL's gains (losses) and related income taxes for reclassifications from AOCI for the years ended December 31, 2016 and 2015 . LKE amounts are insignificant for the years ended December 31, 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 2016 2015 Affected Line Item on the Statements of Income 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 (7 ) (11 ) Interest Expense — (77 ) Discontinued operations Cross-currency swaps 116 49 Other Income (Expense) - net 3 2 Interest Expense Commodity contracts — 20 Discontinued operations Total Pre-tax 112 (17 ) Income Taxes (21 ) 15 Total After-tax 91 (2 ) Equity Investees' AOCI 1 1 Other Income (Expense) - net Total Pre-tax 1 1 Income Taxes — — Total After-tax 1 1 Defined benefit plans Prior service costs (2 ) — Net actuarial loss (156 ) (192 ) Total Pre-tax (158 ) (192 ) Income Taxes 36 46 Total After-tax (122 ) (146 ) Total reclassifications during the year $ (30 ) $ (145 ) |
New Accounting Guidance Pending
New Accounting Guidance Pending Adoption | 12 Months Ended |
Dec. 31, 2016 | |
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. For public business entities, this guidance can be applied using either a full retrospective or modified retrospective transition method, beginning in annual reporting periods after December 15, 2017 and interim periods within those years. Public business entities may early adopt this guidance in annual reporting periods beginning after December 15, 2016. The Registrants will adopt this guidance effective January 1, 2018. The Registrants have performed an assessment of a significant portion of their revenue under this new guidance to determine its effect on their current revenue recognition policies, and at this time they do not believe it will have a material impact. However, the Registrants will continue to monitor the development of industry specific application guidance which could have an impact on their assessments. The Registrants will determine the transition method they will apply after the industry specific application guidance is final and the implications of using either the full retrospective or modified retrospective transition methods are known. Accounting for Leases In February 2016, the FASB issued accounting guidance for leases. This new guidance requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). For income statement purposes, the FASB retained a dual model for lessees, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. 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 companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Registrants are currently assessing the impact of adopting this guidance. 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. 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. |
SCHEDULE I - CONDENSED UNCONSOL
SCHEDULE I - CONDENSED UNCONSOLICATED FINANCIAL STATEMENTS AND NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Operating Revenues $ — $ — $ — Operating Expenses Other operation and maintenance 2 9 16 Total Operating Expenses 2 9 16 Operating Loss (2 ) (9 ) (16 ) Other Income (Expense) - net Equity in earnings of subsidiaries 1,915 711 1,776 Other income (expense) (1 ) (15 ) (18 ) Total 1,914 696 1,758 Interest Expense 8 9 15 Interest Expense with Affiliates 10 10 10 Income Before Income Taxes 1,894 668 1,717 Income Taxes (8 ) (14 ) (20 ) Net Income $ 1,902 $ 682 $ 1,737 Comprehensive Income Attributable to PPL Shareowners $ 852 $ 252 $ 1,028 Earnings Per Share of Common Stock: Net Income Available to PPL Common Shareowners: Basic $ 2.80 $ 1.01 $ 2.64 Diluted $ 2.79 $ 1.01 $ 2.61 Weighted-Average Shares of Common Stock Outstanding (in thousands) Basic 677,592 669,814 653,504 Diluted 680,446 672,586 665,973 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) 2016 2015 2014 Cash Flows from Operating Activities Net cash provided by (used in) operating activities $ 1,563 $ 993 $ 1,633 Cash Flows from Investing Activities Capital contributions to affiliated subsidiaries (308 ) (491 ) (1,045 ) Return of capital from affiliated subsidiaries — 112 247 Net cash provided by (used in) investing activities (308 ) (379 ) (798 ) Cash Flows from Financing Activities Issuance of equity, net of issuance costs 144 203 1,074 Net increase (decrease) in short-term debt with affiliates (341 ) 215 (913 ) Payment of common stock dividends (1,030 ) (1,004 ) (967 ) Contract adjustment payments on Equity Units — — (22 ) Other (24 ) (28 ) (7 ) Net cash provided by (used in) financing activities (1,251 ) (614 ) (835 ) Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Period — — — Cash and Cash Equivalents at End of Period $ 4 $ — $ — Supplemental Disclosures of Cash Flow Information: Cash Dividends Received from Subsidiaries $ 1,510 $ 1,198 $ 1,388 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) 2016 2015 Assets Current Assets Cash and cash equivalents $ 4 $ — Accounts Receivable Other 7 10 Affiliates 10 20 Price risk management assets 63 139 Total Current Assets 84 169 Investments Affiliated companies at equity 10,160 10,479 Other Noncurrent Assets Deferred income taxes 70 100 Price risk management assets 284 133 Other noncurrent assets 1 1 Total Other Noncurrent Assets 355 234 Total Assets $ 10,599 $ 10,882 Liabilities and Equity Current Liabilities Short-term debt with affiliates $ 44 $ 385 Accounts payable with affiliates 30 16 Dividends 259 255 Price risk management liabilities 237 268 Other current liabilities 20 — Total Current Liabilities 590 924 Deferred Credits and Other Noncurrent Liabilities 110 39 Equity Common stock - $0.01 par value (a) 7 7 Additional paid-in capital 9,841 9,687 Earnings reinvested 3,829 2,953 Accumulated other comprehensive loss (3,778 ) (2,728 ) Total Equity 9,899 9,919 Total Liabilities and Equity $ 10,599 $ 10,882 (a) 1,560,000 shares authorized; 679,731 shares issued and outstanding at December 31, 2016; 780,000 shares authorized; 673,857 shares issued and outstanding at December 31, 2015. 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. Balance Sheet Classification of Deferred Taxes Effective October 1, 2015, PPL Corporation retrospectively adopted accounting guidance to simplify the presentation of deferred taxes which requires that deferred tax assets and deferred tax liabilities be classified as noncurrent on the balance sheet. The adoption of this guidance required PPL Corporation to reclassify deferred tax assets and deferred tax liabilities from current to noncurrent on the balance sheet, and did not have a significant impact. 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, 2016 was $8.6 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) 2016 2015 2014 Other Income (Expense) - net Equity in Earnings of Subsidiaries $ 452 $ 390 $ 368 Interest Income with Affiliate 9 4 5 Total 461 394 373 Interest Expense 29 39 41 Interest Expense with Affiliate 18 5 3 Income Before Income Taxes 414 350 329 Income Tax Expense (Benefit) (15 ) (14 ) (15 ) Net Income Attributable to Member $ 429 $ 364 $ 344 Comprehensive Income Attributable to Member $ 405 $ 363 $ 286 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) 2016 2015 2014 Cash Flows from Operating Activities Net cash provided by (used in) operating activities $ 285 $ 246 $ (183 ) Cash Flows from Investing Activities Capital contributions to affiliated subsidiaries (91 ) (140 ) (248 ) Net decrease (increase) in notes receivable from affiliates 47 73 555 Net cash provided by (used in) investing activities (44 ) (67 ) 307 Cash Flows from Financing Activities Net increase (decrease) in notes payable with affiliates 90 315 58 Net increase (decrease) in short-term debt (75 ) — — Retirement of long-term debt — (400 ) — Contribution from member 61 125 248 Distribution to member (316 ) (219 ) (436 ) Net cash provided by (used in) financing activities (240 ) (179 ) (130 ) Net Increase (Decrease) in Cash and Cash Equivalents 1 — (6 ) Cash and Cash Equivalents at Beginning of Period — — 6 Cash and Cash Equivalents at End of Period $ 1 $ — $ — Supplemental disclosures of cash flow information: Cash Dividends Received from Subsidiaries $ 376 $ 272 $ 260 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) 2016 2015 Assets Current Assets Cash and cash equivalents $ 1 $ — Accounts receivable — 1 Accounts receivable from affiliates 23 3 Income taxes receivable 31 — Notes receivable from affiliates 1,007 1,054 Total Current Assets 1,062 1,058 Investments Affiliated companies at equity 5,219 5,076 Other Noncurrent Assets Deferred income taxes 227 228 Total Assets $ 6,508 $ 6,362 Liabilities and Equity Current Liabilities Short-term debt $ — $ 75 Notes payable to affiliates 179 69 Accounts payable to affiliates 450 469 Taxes — 3 Other current liabilities 6 5 Total Current Liabilities 635 621 Long-term Debt Long-term debt 721 720 Notes payable to affiliates 480 500 Total Long-term Debt 1,201 1,220 Deferred Credits and Other Noncurrent Liabilities 5 4 Equity 4,667 4,517 Total Liabilities and Equity $ 6,508 $ 6,362 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 covers other indemnifications related to the purchase price of excess power, has a term expiring in 2023 , and a maximum exposure of $100 million . In May 2012, LKE's indemnitee received an unfavorable arbitration panel's decision interpreting this matter. In October 2014, LKE's indemnitee filed a motion for discretionary review with the Kentucky Supreme Court seeking to overturn the arbitration decision, and such motion was denied by the court in September 2015. In September 2015, the counterparty issued a demand letter to LKE's indemnitee. In February 2016, the counterparty filed a complaint in Henderson, Kentucky Circuit Court, seeking an award of damages in the matter. The proceeding is currently in the discovery phase. LKE does not believe appropriate contractual, legal or commercial grounds exist for the claim made. LKE believes its indemnification obligations in the WKE matter remain subject to various uncertainties, including additional legal and contractual developments, as well as future prices, availability and demand for the subject excess power. Although the parties have also conducted certain settlement discussions, the ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of the various indemnification scenarios, but does not expect such outcomes to result in significant losses above the amounts recorded. 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 PPL. This note matures in 2025 . LKE's $80 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, 2016 was 1.381% . This note matures in 2019 . |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
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 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: (c) 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 (d) 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 2015 Operating revenues $ 2,230 $ 1,781 $ 1,878 $ 1,780 Operating income 890 638 686 617 Income from continuing operations after income taxes 552 250 396 405 Income (loss) from discontinued operations (net of income taxes) (d)(e) 95 (1,007 ) (3 ) (6 ) Net income (b) 647 (757 ) 393 399 Income from continuing operations after income taxes available to PPL common shareowners: (c) Basic EPS 0.83 0.37 0.59 0.60 Diluted EPS 0.82 0.37 0.59 0.60 Net income (loss) available to PPL common shareowners: (c) Basic EPS 0.97 (1.13 ) 0.58 0.59 Diluted EPS 0.96 (1.13 ) 0.58 0.59 Dividends declared per share of common stock (d) 0.3725 0.3725 0.3775 0.3775 Price per common share: High $ 36.38 $ 34.85 $ 33.58 $ 34.75 Low 31.40 29.45 29.41 32.60 (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 second quarter of 2015 includes a loss of $879 million from the spinoff of PPL Energy Supply. See Note 8 to the Financial Statements for additional information. (c) 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. (d) 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. (e) In the second quarter of 2015, PPL completed the spinoff of PPL Energy Supply substantially representing PPL's Supply segment. Accordingly, the previously reported operating results for PPL's Supply segment have been reclassified as discontinued operations. See Note 8 to the Financial Statements for additional information. |
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 2016 Operating revenues $ 585 $ 495 $ 539 $ 537 Operating income 180 154 176 154 Net income 94 79 90 77 2015 Operating revenues $ 630 $ 476 $ 519 $ 499 Operating income 175 116 121 126 Net income 87 49 55 61 (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, 2016 | |
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) "Income (Loss) from Discontinued Operations (net of income taxes)" on the Statements of Income for the years 2015 and 2014 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 Statements of Cash Flows for the same periods separately report 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 thus 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. (All Registrants) 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. |
Changes in Classification | Changes in Classification The classification of certain amounts in the 2015 and 2014 financial statements have been changed to conform to the current presentation. These reclassifications did not affect the Registrants' net income or equity. |
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 change in the fair value of debt instruments and to hedge exposures 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." See Note 17 for additional information. 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. See Note 17 for additional information. 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 entered into to hedge fluctuations in the fair value of existing debt can be designated as fair value hedges. • Transactions entered into 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 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. • 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 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. 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 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, adjustments for over or under-recovery from prior periods and adjustments related to the DPCR4 line loss close out. 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 based on revenue recognition and contingency accounting guidance. Unlike prior price control reviews, base demand revenue under RIIO-ED1 will be 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 in 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 - The RIIO-ED1 price control period also includes an Annual Iteration Process (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 and 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, under applicable GAAP, 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. Based on applicable GAAP, incentive revenues are not recorded as assets and are included in revenues when they are billed to customers. • DPCR4 Line Loss Adjustment - For regulatory years 2015/16 through 2018/19 allowed revenue will also be reduced to reflect Ofgem's final decision on the DPCR4 line loss incentives and penalties mechanism. WPD has a liability recorded related to this future revenue reduction and, therefore, this will not impact future earnings. See Note 6 for additional information. • Correction Factor - During the 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, 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 will occur in the 2016/17 regulatory year. Under applicable GAAP, WPD does not record a receivable for under-recoveries, but does record a liability for over-recoveries. K-factor is measured as of the end of the regulatory year, March 31. While WPD estimates over-recoveries and records a liability when it is probable that there will be an over-recovered position at the end of the regulatory-year, weather-related volume changes and other factors such as sales mix can affect the over or under-recovery between the end of PPL's calendar year and the end of the 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. (PPL and PPL Electric) In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for uncollectible accounts. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. During 2016 , 2015 and 2014 , PPL Electric purchased $1.4 billion , $1.3 billion and $1.1 billion of accounts receivable from unaffiliated third parties. During 2015 and 2014 , PPL Electric purchased $146 million and $336 million of accounts receivable from PPL EnergyPlus. PPL Electric's purchases from PPL EnergyPlus for 2015 include purchases through May 31, 2015, which is the period during 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 unaffiliated third parties. Allowance for Doubtful Accounts (All Registrants) 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 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 approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligations. 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 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. Significant management judgment is 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 management's conclusion that the undistributed earnings of WPD are considered indefinitely reinvested. Based on this conclusion, PPL Global does not record U.S. taxes on WPD's undistributed earnings. The provision for PPL's, PPL Electric's, LKE's, LG&E's and KU's deferred income taxes for regulated assets is based upon the ratemaking principles reflected in rates established by the regulators. The difference in the provision for deferred income taxes for regulated assets and the amount that otherwise would be recorded under GAAP is deferred and included on the Balance Sheet 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 and PPL Electric) PPL and PPL Electric restore all shares of common stock acquired to authorized but unissued shares of common stock upon acquisition. |
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 in the fourth quarter of 2016. 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. |
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. |
New Accounting Guidance Adopted | New Accounting Guidance Adopted (All Registrants) Accounting for Stock-Based Compensation Effective January 1, 2016, the Registrants adopted accounting guidance to simplify the accounting for share-based payment transactions. The guidance requires excess tax benefits and tax deficiencies to be recorded as income tax benefit or expense on the statement of income, eliminates the requirement that excess tax benefits be realized before companies can recognize them and changes the threshold for statutory income tax withholding requirements to qualify for equity classification to the maximum statutory tax rates in the applicable jurisdictions. This guidance also changes the classification of excess tax benefits to an operating activity and employee taxes paid when shares are withheld to satisfy the employer's statutory income tax withholding obligation to a financing activity on the statement of cash flows and allows entities to make a policy election to either estimate forfeitures or recognize them when they occur. The adoption of this guidance had the following impacts: • Using the required prospective method of transition, for the year ended December 31, 2016, PPL recorded tax benefits of $10 million ( $0.01 per share), and PPL Electric recorded tax benefits of $6 million , related to excess tax benefits for awards that were exercised and vested. These amounts were recorded to "Income Taxes" on the Statements of Income and "Deferred income taxes" on the Balance Sheets. The impact on LKE was not significant. • PPL elected to use the prospective method of transition for classifying excess tax benefits as an Operating activity on the Statement of Cash Flows. The amounts classified as Financing activities in the prior periods were not significant. • Upon adoption, using the required modified retrospective method of transition, PPL recorded a cumulative effect adjustment of $7 million to increase "Earnings reinvested" and decrease "Deferred income taxes" on the Balance Sheet related to prior period unrecognized excess tax benefits. • PPL has historically presented employee taxes paid for net settled awards as a Financing activity on the Statement of Cash Flows. Therefore, there is no transition impact for this requirement. • PPL has elected to recognize forfeitures when they occur. Due to past experience of insignificant forfeitures, there is no transition impact of this policy election. |
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. |
Accounts Receivable | In accordance with a PUC-approved purchase of accounts receivable program, PPL Electric purchases certain accounts receivable from alternative electricity suppliers at a discount, which reflects a provision for uncollectible accounts. The alternative electricity suppliers have no continuing involvement or interest in the purchased accounts receivable. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. During 2016 , 2015 and 2014 , PPL Electric purchased $1.4 billion , $1.3 billion and $1.1 billion of accounts receivable from unaffiliated third parties. During 2015 and 2014 , PPL Electric purchased $146 million and $336 million of accounts receivable from PPL EnergyPlus. PPL Electric's purchases from PPL EnergyPlus for 2015 include purchases through May 31, 2015, which is the period during 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 unaffiliated third parties. |
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, LKE, 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, LKE, 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. |
Treasury Stock | Treasury Stock (PPL and PPL Electric) PPL and PPL Electric restore all shares of common stock acquired to authorized but unissued shares of common stock upon acquisition. |
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 approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligations. 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 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, LKE, 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, LKE, 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 approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligations. 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 19 for additional information on AROs. |
Income Taxes | (PPL Electric, LKE, LG&E and KU) The income tax provision for PPL Electric, LKE, 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, LKE, 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 approved ECR projects for CCRs are amortized to expense over a period of 10 to 25 years based on retirement expenditures made related to the obligations. 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 19 for additional information on AROs. |
Income Taxes | (PPL Electric, LKE, LG&E and KU) The income tax provision for PPL Electric, LKE, 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, LKE, 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, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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, 2016 | |
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: 2016 2015 2014 Domestic electric and gas revenues (a) $ 5,297 $ 5,239 $ 5,209 U.K. operating revenues (b) 2,207 2,410 2,621 Domestic - other 13 20 22 Total $ 7,517 $ 7,669 $ 7,852 (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 2016 $ 41 $ 44 $ — $ 31 $ 54 2015 44 49 (2 ) 50 41 2014 43 49 — 48 44 PPL Electric 2016 $ 16 $ 35 $ — $ 23 $ 28 2015 17 39 — 40 16 2014 18 34 — 35 17 LKE 2016 $ 23 $ 8 $ — $ 7 $ 24 2015 25 9 (2 ) 9 23 2014 22 14 — 11 25 LG&E 2016 $ 1 $ 2 $ 1 $ 2 $ 2 2015 2 2 — 3 1 2014 2 5 (1 ) 4 2 KU 2016 $ 2 $ 4 $ — $ 4 $ 2 2015 2 5 — 5 2 2014 4 8 (3 ) 7 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 2016 2015 2016 2015 Low carbon network fund (a) $ 17 $ 22 $ — $ — Other 9 11 2 2 Total $ 26 $ 33 $ 2 $ 2 (a) Funds received by WPD, which are to be spent on approved initiatives to support a low carbon environment. |
Capitalized Interest Costs | Capitalized interest, including the debt component of AFUDC for PPL, was as follows: PPL 2016 $ 11 2015 11 2014 16 |
Weighted-average Rates of Depreciation | Following are the weighted-average annual rates of depreciation, for regulated utility plant, for the years ended December 31: 2016 2015 2014 PPL 2.73 % 2.57 % 2.92 % PPL Electric 2.63 % 2.46 % 2.46 % LKE 3.69 % 3.69 % 3.80 % LG&E 3.58 % 3.65 % 4.05 % KU 3.77 % 3.71 % 3.63 % |
Schedule of Utility Inventory | "Fuel, materials and supplies" on the Balance Sheets consisted of the following at December 31: PPL LKE LG&E KU 2016 2015 2016 2015 2016 2015 2016 2015 Fuel $ 158 $ 168 $ 158 $ 168 $ 60 $ 71 $ 98 $ 97 Natural gas stored underground (a) 42 42 42 42 42 42 — — Materials and supplies 156 147 97 88 41 38 56 50 Total $ 356 $ 357 $ 297 $ 298 $ 143 $ 151 $ 154 $ 147 (a) Natural gas stored underground is primarily held to serve retail customers. |
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 2016 2015 2016 2015 Low carbon network fund (a) $ 17 $ 22 $ — $ — Other 9 11 2 2 Total $ 26 $ 33 $ 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: 2016 2015 PPL Electric $ 13 $ 56 LKE 1 (10 ) LG&E (18 ) 4 KU (29 ) (5 ) |
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: 2016 2015 PPL Electric $ 13 $ 56 LKE 1 (10 ) LG&E (18 ) 4 KU (29 ) (5 ) |
Schedule of Utility Inventory | "Fuel, materials and supplies" on the Balance Sheets consisted of the following at December 31: PPL LKE LG&E KU 2016 2015 2016 2015 2016 2015 2016 2015 Fuel $ 158 $ 168 $ 158 $ 168 $ 60 $ 71 $ 98 $ 97 Natural gas stored underground (a) 42 42 42 42 42 42 — — Materials and supplies 156 147 97 88 41 38 56 50 Total $ 356 $ 357 $ 297 $ 298 $ 143 $ 151 $ 154 $ 147 (a) Natural gas stored underground is primarily held to serve retail customers. |
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: 2016 2015 PPL Electric $ 13 $ 56 LKE 1 (10 ) LG&E (18 ) 4 KU (29 ) (5 ) |
Schedule of Utility Inventory | "Fuel, materials and supplies" on the Balance Sheets consisted of the following at December 31: PPL LKE LG&E KU 2016 2015 2016 2015 2016 2015 2016 2015 Fuel $ 158 $ 168 $ 158 $ 168 $ 60 $ 71 $ 98 $ 97 Natural gas stored underground (a) 42 42 42 42 42 42 — — Materials and supplies 156 147 97 88 41 38 56 50 Total $ 356 $ 357 $ 297 $ 298 $ 143 $ 151 $ 154 $ 147 (a) Natural gas stored underground is primarily held to serve retail customers. |
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: 2016 2015 PPL Electric $ 13 $ 56 LKE 1 (10 ) LG&E (18 ) 4 KU (29 ) (5 ) |
Schedule of Utility Inventory | "Fuel, materials and supplies" on the Balance Sheets consisted of the following at December 31: PPL LKE LG&E KU 2016 2015 2016 2015 2016 2015 2016 2015 Fuel $ 158 $ 168 $ 158 $ 168 $ 60 $ 71 $ 98 $ 97 Natural gas stored underground (a) 42 42 42 42 42 42 — — Materials and supplies 156 147 97 88 41 38 56 50 Total $ 356 $ 357 $ 297 $ 298 $ 143 $ 151 $ 154 $ 147 (a) Natural gas stored underground is primarily held to serve retail customers. |
Segment and Related Informati37
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Financial data for the segments for the years ended December 31 are as follows: 2016 2015 2014 Income Statement Data Operating Revenues from external customers (a) U.K. Regulated $ 2,207 $ 2,410 $ 2,621 Kentucky Regulated 3,141 3,115 3,168 Pennsylvania Regulated 2,156 2,124 2,044 Corporate and Other 13 20 19 Total $ 7,517 $ 7,669 $ 7,852 Depreciation U.K. Regulated $ 233 $ 242 $ 337 Kentucky Regulated 404 382 354 Pennsylvania Regulated 253 214 185 Corporate and Other 36 45 47 Total $ 926 $ 883 $ 923 Amortization (b) U.K. Regulated $ 16 $ 6 $ 17 Kentucky Regulated 29 27 25 Pennsylvania Regulated 32 26 19 Corporate and Other 3 — 4 Total $ 80 $ 59 $ 65 Unrealized (gains) losses on derivatives and other hedging activities (c) U.K. Regulated $ 13 $ (88 ) $ (199 ) Kentucky Regulated 6 11 12 Total $ 19 $ (77 ) $ (187 ) Interest Expense U.K. Regulated $ 402 $ 417 $ 461 Kentucky Regulated 260 232 219 Pennsylvania Regulated 129 130 122 Corporate and Other 97 92 41 Total $ 888 $ 871 $ 843 Income from Continuing Operations Before Income Taxes U.K. Regulated $ 1,479 $ 1,249 $ 1,311 Kentucky Regulated 640 547 501 Pennsylvania Regulated 550 416 423 Corporate and Other (d) (119 ) (144 ) (106 ) Total $ 2,550 $ 2,068 $ 2,129 2016 2015 2014 Income Taxes (e) U.K. Regulated $ 233 $ 128 $ 329 Kentucky Regulated 242 221 189 Pennsylvania Regulated 212 164 160 Corporate and Other (d) (39 ) (48 ) 14 Total $ 648 $ 465 $ 692 Deferred income taxes and investment tax credits (f) U.K. Regulated $ 31 $ 45 $ 94 Kentucky Regulated 291 236 449 Pennsylvania Regulated 221 220 87 Corporate and Other (d) 17 (73 ) 36 Total $ 560 $ 428 $ 666 Net Income U.K. Regulated $ 1,246 $ 1,121 $ 982 Kentucky Regulated 398 326 312 Pennsylvania Regulated 338 252 263 Corporate and Other (d) (80 ) (96 ) (120 ) Discontinued Operations (g) — (921 ) 300 Total $ 1,902 $ 682 $ 1,737 2016 2015 2014 Cash Flow Data Expenditures for long-lived assets U.K. Regulated $ 1,031 $ 1,242 $ 1,438 Kentucky Regulated 791 1,210 1,262 Pennsylvania Regulated 1,134 1,107 957 Corporate and Other 1 11 66 Total $ 2,957 $ 3,570 $ 3,723 As of December 31, 2016 2015 Balance Sheet Data Total Assets U.K. Regulated (h) $ 14,537 $ 16,669 Kentucky Regulated 14,037 13,756 Pennsylvania Regulated 9,426 8,511 Corporate and Other (i) 315 365 Total $ 38,315 $ 39,301 (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 and 2014 include 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. (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. 2014 includes a gain of $237 million ( $137 million after-tax) on the sale of the Montana hydroelectric generating facilities. See Note 8 for additional information on these transactions. (h) Includes $ 10.8 billion and $ 12.2 billion of net PP&E as of December 31, 2016 and December 31, 2015. WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. (i) 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: 2016 2015 2014 Geographic Data Revenues from external customers U.K. $ 2,207 $ 2,410 $ 2,621 U.S. 5,310 5,259 5,231 Total $ 7,517 $ 7,669 $ 7,852 |
Long-lived Assets | Financial data for the segments for the years ended December 31 are as follows: As of December 31, 2016 2015 Long-Lived Assets U.K. (h) $ 11,177 $ 12,487 U.S. 19,595 18,569 Total $ 30,772 $ 31,056 (h) Includes $ 10.8 billion and $ 12.2 billion of net PP&E as of December 31, 2016 and December 31, 2015. WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 Income (Numerator) Income from continuing operations after income taxes $ 1,902 $ 1,603 $ 1,437 Less amounts allocated to participating securities 6 6 7 Income from continuing operations after income taxes available to PPL common shareowners - Basic 1,896 1,597 1,430 Plus interest charges (net of tax) related to Equity Units (a) — — 9 Income from continuing operations after income taxes available to PPL common shareowners - Diluted $ 1,896 $ 1,597 $ 1,439 Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted $ — $ (921 ) $ 300 Net income $ 1,902 $ 682 $ 1,737 Less amounts allocated to participating securities 6 2 9 Net income available to PPL common shareowners - Basic 1,896 680 1,728 Plus interest charges (net of tax) related to Equity Units (a) — — 9 Net income available to PPL common shareowners - Diluted $ 1,896 $ 680 $ 1,737 Shares of Common Stock (Denominator) Weighted-average shares - Basic EPS 677,592 669,814 653,504 Add incremental non-participating securities: Share-based payment awards (b) 2,854 2,772 1,910 Equity Units (a) — — 10,559 Weighted-average shares - Diluted EPS 680,446 672,586 665,973 2016 2015 2014 Basic EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 2.80 $ 2.38 $ 2.19 Income (loss) from discontinued operations (net of income taxes) — (1.37 ) 0.45 Net Income $ 2.80 $ 1.01 $ 2.64 Diluted EPS Available to PPL common shareowners: Income from continuing operations after income taxes $ 2.79 $ 2.37 $ 2.16 Income (loss) from discontinued operations (net of income taxes) — (1.36 ) 0.45 Net Income $ 2.79 $ 1.01 $ 2.61 (a) In 2014 , the If-Converted Method was applied to the Equity Units prior to settlement. See Note 7 for additional information on the Equity Units, including the issuance of PPL common stock to settle the Purchase contracts. (b) 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): 2016 Stock-based compensation plans (a) 3,224 DRIP 1,562 (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: 2016 2015 2014 Stock options 696 1,087 1,816 Performance units 176 36 5 Restricted stock units — — 31 |
Income and Other Taxes (Tables)
Income and Other Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Line Items] | |
Components of Income (Loss) From Continuing Operations Before Income Taxes | "Income from Continuing Operations Before Income Taxes" included the following: 2016 2015 2014 Domestic income $ 1,463 $ 968 $ 922 Foreign income 1,087 1,100 1,207 Total $ 2,550 $ 2,068 $ 2,129 |
Components of Deferred Tax Assets and Liabilities | Significant components of PPL's deferred income tax assets and liabilities were as follows: 2016 2015 Deferred Tax Assets Deferred investment tax credits $ 51 $ 50 Regulatory liabilities 94 123 Accrued pension costs 250 217 Federal loss carryforwards 565 587 State loss carryforwards 326 319 Federal and state tax credit carryforwards 256 201 Foreign capital loss carryforwards 302 387 Foreign loss carryforwards 3 4 Foreign - pensions 41 171 Foreign - regulatory obligations 6 12 Foreign - other 5 8 Contributions in aid of construction 141 139 Domestic - other 188 209 Unrealized losses on qualifying derivatives 20 15 Valuation allowances (a) (593 ) (662 ) Total deferred tax assets 1,655 1,780 Deferred Tax Liabilities Domestic plant - net 4,325 3,875 Taxes recoverable through future rates 170 162 Regulatory assets 343 332 Reacquired debt costs 25 28 Foreign plant - net 640 777 Domestic - other 14 24 Total deferred tax liabilities 5,517 5,198 Net deferred tax liability $ 3,862 $ 3,418 (a) Includes $77 million of deferred tax assets related to state loss carryforwards and related valuation allowances previously reflected on the PPL Energy Supply Segment. The deferred tax assets and related valuation allowance remained with PPL after the spinoff. |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2016, 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 $ 1,583 $ 554 $ — 2029-2035 Federal charitable contributions 28 11 — 2020-2021 State net operating losses 5,387 325 (269 ) 2017-2036 State charitable contributions 12 1 — 2017-2021 Foreign net operating losses 17 3 (3 ) Indefinite Foreign capital losses 1,783 302 (302 ) Indefinite Credit carryforwards Federal investment tax credit 133 — 2025-2036 Federal alternative minimum tax credit 30 — Indefinite Federal foreign tax credits 62 (3 ) 2024-2025 Federal - other 30 (11 ) 2017-2036 State - other 1 — Indefinite |
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 2016 $ 662 $ 17 $ 2 $ 88 (a) $ 593 2015 622 24 77 (b) 61 (a) 662 2014 585 57 6 26 622 (a) 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. (b) 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: 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ (14 ) $ (26 ) $ 18 Current - State 21 25 26 Current - Foreign 80 89 152 Total Current Expense 87 88 196 Deferred - Federal 385 699 299 Deferred - State 89 68 120 Deferred - Foreign 86 41 96 Total Deferred Expense, excluding operating loss carryforwards 560 808 515 Amortization of investment tax credit (3 ) (4 ) (5 ) Tax expense (benefit) of operating loss carryforwards Deferred - Federal (a) 25 (396 ) 8 Deferred - State (21 ) (31 ) (22 ) Total Tax Expense (Benefit) of Operating Loss Carryforwards 4 (427 ) (14 ) Total income taxes from continuing operations $ 648 $ 465 $ 692 Total income tax expense - Federal $ 393 $ 273 $ 320 Total income tax expense - State 89 62 124 Total income tax expense - Foreign 166 130 248 Total income taxes from continuing operations $ 648 $ 465 $ 692 (a) 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 (benefits) are excluded from income taxes from continuing operations: 2016 2015 2014 Discontinued operations - PPL Energy Supply Segment $ — $ (30 ) $ 198 Stock-based compensation recorded to Additional Paid-in Capital — — (4 ) Stock-based compensation recorded to Earnings Reinvested (7 ) — — Other comprehensive income (6 ) (2 ) (190 ) Valuation allowance on state deferred taxes recorded to other comprehensive income 1 (4 ) — Total $ (12 ) $ (36 ) $ 4 |
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: 2016 2015 2014 Reconciliation of Income Tax Expense Federal income tax on Income from Continuing Operations Before Income Taxes at statutory tax rate - 35% $ 893 $ 724 $ 745 Increase (decrease) due to: State income taxes, net of federal income tax benefit 46 31 28 Valuation allowance adjustments (a) 16 24 55 Impact of lower U.K. income tax rates (b) (177 ) (176 ) (180 ) U.S. income tax on foreign earnings - net of foreign tax credit (c) (42 ) 8 63 Federal and state tax reserves adjustments (d) — (22 ) (1 ) Impact of the U.K. Finance Acts on deferred tax balances (b) (49 ) (91 ) (1 ) Depreciation not normalized (10 ) (5 ) (7 ) Interest benefit on U.K. financing entities (17 ) (20 ) (5 ) Stock-based compensation (e) (10 ) — — Other (2 ) (8 ) (5 ) Total increase (decrease) (245 ) (259 ) (53 ) Total income taxes from continuing operations $ 648 $ 465 $ 692 Effective income tax rate 25.4 % 22.5 % 32.5 % (a) During 2016, PPL recorded deferred tax expense 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. As a result of the PPL Energy Supply spinoff announcement, PPL recorded $50 million of deferred income tax expense during 2014 , to adjust the valuation allowance on deferred tax assets primarily for state net operating loss carryforwards that were previously supported by the future earnings of PPL Energy Supply. See Note 8 for additional information on the spinoff. (b) The U.K. Finance Act 2016, enacted in September 2016, reduces the U.K. statutory income tax rate effective April 1, 2020 from 18% to 17% . As a result, PPL reduced its net deferred tax liabilities and recognized a deferred tax benefit during 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 deferred tax benefit during 2015 , related to both rate decreases. (c) 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. During 2015 , PPL recorded lower income taxes primarily attributable to a decrease in taxable dividends. During 2014 , PPL recorded $47 million of income tax expense primarily attributable to taxable dividends. (d) During 2015 , PPL recorded a $12 million 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. |
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: 2016 2015 2014 Taxes, other than income State gross receipts (a) $ 100 $ 89 $ 102 Foreign property 135 148 157 Domestic Other 66 62 58 Total $ 301 $ 299 $ 317 (a) The decrease in 2015 was primarily due to the settlement of a 2011 gross receipts tax audit resulting in the reversal of $17 million of previously recognized reserves. |
Summary of Income Tax Examinations | With few exceptions, at December 31, 2016 , 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) 2012 and prior 2012 and prior 2012 and prior 2012 and prior 2012 and prior Pennsylvania (state) 2011 and prior 2011 and prior Kentucky (state) 2011 and prior 2011 and prior 2011 and prior 2011 and prior U.K. (foreign) 2013 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: 2016 2015 Deferred Tax Assets Accrued pension costs $ 107 $ 92 Contributions in aid of construction 112 111 Regulatory liabilities 34 56 State loss carryforwards 22 27 Federal loss carryforwards 147 146 Other 81 87 Total deferred tax assets 503 519 Deferred Tax Liabilities Electric utility plant - net 2,001 1,803 Taxes recoverable through future rates 141 135 Reacquired debt costs 15 18 Regulatory assets 240 213 Other 5 13 Total deferred tax liabilities 2,402 2,182 Net deferred tax liability $ 1,899 $ 1,663 |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2016 , PPL Electric had the following loss carryforwards and related deferred tax assets: Gross Deferred Tax Asset Expiration Loss carryforwards Federal net operating losses $ 411 $ 144 2031-2035 Federal charitable contributions 5 2 2020-2021 State net operating losses (a) 327 21 2030-2032 State charitable contributions 11 1 2017-2021 (a) An immaterial amount of valuation allowances has been recorded against the deferred tax asset for state contributions. |
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. 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ (29 ) $ (80 ) $ 60 Current - State 19 23 15 Total Current Expense (Benefit) (10 ) (57 ) 75 Deferred - Federal 193 287 70 Deferred - State 29 12 16 Total Deferred Expense, excluding operating loss carryforwards 222 299 86 2016 2015 2014 Amortization of investment tax credit — — (1 ) Tax expense (benefit) of operating loss carryforwards Deferred - Federal — (75 ) — Deferred - State — (3 ) — Total Tax Expense (Benefit) of Operating Loss Carryforwards — (78 ) — Total income tax expense $ 212 $ 164 $ 160 Total income tax expense - Federal $ 164 $ 132 $ 129 Total income tax expense - State 48 32 31 Total income tax expense $ 212 $ 164 $ 160 |
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. 2016 2015 2014 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 193 $ 146 $ 148 Increase (decrease) due to: State income taxes, net of federal income tax benefit 36 25 22 Depreciation not normalized (8 ) (4 ) (6 ) Stock-based compensation (a) (6 ) — — Other (3 ) (3 ) (4 ) Total increase (decrease) 19 18 12 Total income tax expense $ 212 $ 164 $ 160 Effective income tax rate 38.4 % 39.4 % 37.8 % (a) 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. |
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. 2016 2015 2014 Taxes, other than income State gross receipts (a) $ 100 $ 89 $ 102 Property and other 5 5 5 Total $ 105 $ 94 $ 107 (a) The decrease in 2015 was primarily due to the settlement of a 2011 gross receipts tax audit resulting 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: 2016 2015 Deferred Tax Assets Federal loss carryforwards $ 248 $ 280 State loss carryforwards 35 35 Tax credit carryforwards 186 181 Contributions in aid of construction 29 29 Regulatory liabilities 60 66 Accrued pension costs 58 53 Income taxes due to customers 15 17 Deferred investment tax credits 51 50 Derivative liability 12 18 Other 49 55 Valuation allowances (11 ) (12 ) Total deferred tax assets 732 772 Deferred Tax Liabilities Plant - net 2,352 2,105 Regulatory assets 102 119 Other 13 11 Total deferred tax liabilities 2,467 2,235 Net deferred tax liability $ 1,735 $ 1,463 |
Summary of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2016 , 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 Federal net operating losses $ 709 $ 248 $ — 2029-2035 Federal contribution carryforwards 11 4 — 2020-2021 State net operating losses 907 35 — 2028-2036 Credit carryforwards Federal investment tax credit 133 — 2025-2036 Federal alternative minimum tax credit 27 — Indefinite Federal - other 26 (11 ) 2017-2036 State - other 1 — Indefinite |
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 2016 $ 12 $ — $ 1 (a) $ 11 2015 — 12 (b) — 12 2014 4 — 4 (c) — (a) Federal tax credit expiring in 2016. (b) Federal tax credits expiring in 2016 through 2020 that are more likely than not to expire before being utilized. (c) Primarily related to the expiration of state capital loss carryforwards. |
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: 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ (36 ) $ 2 $ (247 ) Current - State 1 1 8 Total Current Expense (Benefit) (35 ) 3 (239 ) Deferred - Federal 248 405 437 Deferred - State 38 32 23 Total Deferred Expense, excluding benefits of operating loss carryforwards 286 437 460 Amortization of investment tax credit - Federal (3 ) (3 ) (4 ) Tax benefit of operating loss carryforwards Deferred - Federal 10 (198 ) (8 ) Deferred - State (1 ) — — Total Tax Expense (Benefit) of Operating Loss Carryforwards 9 (198 ) (8 ) Total income tax expense from continuing operations (a) $ 257 $ 239 $ 209 Total income tax expense - Federal $ 219 $ 206 $ 178 Total income tax expense - State 38 33 31 Total income tax expense from continuing operations (a) $ 257 $ 239 $ 209 (a) Excludes current and deferred federal and state tax expense (benefit) recorded to Discontinued Operations of less than $1 million in 2016 , 2015 and 2014 . Also, excludes deferred federal and state tax expense (benefit) recorded to OCI of $(16) million in 2016 , less than $(1) million in 2015 and $(36) million in 2014 . |
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: 2016 2015 2014 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 240 $ 211 $ 194 Increase (decrease) due to: State income taxes, net of federal income tax benefit 25 22 20 Amortization of investment tax credit (3 ) (3 ) (4 ) Valuation allowance adjustment (a) — 12 — Stock-based compensation (b) (3 ) — — Other (2 ) (3 ) (1 ) Total increase 17 28 15 Total income tax expense $ 257 $ 239 $ 209 Effective income tax rate 37.5 % 39.6 % 37.8 % (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. |
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: 2016 2015 2014 Taxes, other than income Property and other $ 62 $ 57 $ 52 Total $ 62 $ 57 $ 52 |
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: 2016 2015 Deferred Tax Assets Federal loss carryforwards $ 80 $ 76 Contributions in aid of constructions 18 18 Regulatory liabilities 34 38 Deferred investment tax credits 14 13 Income taxes due to customers 17 17 Derivative liability 12 18 Other 17 15 Total deferred tax assets 192 195 Deferred Tax Liabilities Plant - net 1,058 914 Regulatory assets 65 75 Accrued pension costs 35 28 Other 8 7 Total deferred tax liabilities 1,166 1,024 Net deferred tax liability $ 974 $ 829 |
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: 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ (22 ) $ (15 ) $ (25 ) Current - State 1 3 10 Total Current Benefit (21 ) (12 ) (15 ) Deferred - Federal 134 190 114 Deferred - State 18 13 6 Total Deferred Expense, excluding benefits of operating loss carryforwards 152 203 120 Amortization of investment tax credit - Federal (1 ) (1 ) (2 ) Tax benefit of operating loss carryforwards Deferred - Federal (4 ) (76 ) — Total Tax Benefit of Operating Loss Carryforwards (4 ) (76 ) — Total income tax expense $ 126 $ 114 $ 103 Total income tax expense - Federal $ 107 $ 98 $ 87 Total income tax expense - State 19 16 16 Total income tax expense $ 126 $ 114 $ 103 |
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: 2016 2015 2014 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 115 $ 105 $ 95 Increase (decrease) due to: State income taxes, net of federal income tax benefit 12 11 10 Amortization of investment tax credit (1 ) (1 ) (2 ) Other — (1 ) — Total increase 11 9 8 Total income tax expense $ 126 $ 114 $ 103 Effective income tax rate 38.3 % 38.1 % 37.9 % |
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: 2016 2015 2014 Taxes, other than income Property and other $ 32 $ 28 $ 25 Total $ 32 $ 28 $ 25 |
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: 2016 2015 Deferred Tax Assets Federal loss carryforwards $ 79 $ 97 Contributions in aid of construction 11 11 Regulatory liabilities 26 28 Deferred investment tax credits 37 36 Other 11 7 Total deferred tax assets 164 179 Deferred Tax Liabilities Plant - net 1,280 1,175 Regulatory assets 37 44 Accrued pension costs 12 4 Other 5 2 Total deferred tax liabilities 1,334 1,225 Net deferred tax liability $ 1,170 $ 1,046 |
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: 2016 2015 2014 Income Tax Expense (Benefit) Current - Federal $ 31 $ (21 ) $ (95 ) Current - State 5 1 6 Total Current Expense (Benefit) 36 (20 ) (89 ) Deferred - Federal 131 240 212 Deferred - State 19 19 14 Total Deferred Expense, excluding benefits of operating loss carryforwards 150 259 226 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) $ 163 $ 140 $ 135 Total income tax expense - Federal $ 139 $ 120 $ 115 Total income tax expense - State 24 20 20 Total income tax expense (a) $ 163 $ 140 $ 135 (a) Excludes deferred federal and state tax expense (benefit) recorded to OCI of less than $(1) million in 2016 , 2015 and 2014 . |
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: 2016 2015 2014 Reconciliation of Income Taxes Federal income tax on Income Before Income Taxes at statutory tax rate - 35% $ 150 $ 131 $ 124 Increase (decrease) due to: State income taxes, net of federal income tax benefit 16 13 13 Amortization of investment tax credit (2 ) (2 ) (2 ) Other (1 ) (2 ) — Total increase 13 9 11 Total income tax expense $ 163 $ 140 $ 135 Effective income tax rate 38.1 % 37.4 % 38.0 % |
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: 2016 2015 2014 Taxes, other than income Property and other $ 30 $ 29 $ 27 Total $ 30 $ 29 $ 27 |
Utility Rate Regulation (Tables
Utility Rate Regulation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 2016 2015 Current Regulatory Assets: Environmental cost recovery $ 6 $ 24 $ — $ — Generation formula rate 11 7 — — Transmission service charge 7 10 7 10 Smart meter rider 6 2 6 2 Storm costs 5 — 5 — Other 4 5 1 1 Total current regulatory assets (a) $ 39 $ 48 $ 19 $ 13 Noncurrent Regulatory Assets: Defined benefit plans $ 947 $ 809 $ 549 $ 469 Taxes recoverable through future rates 340 326 340 326 Storm costs 57 93 9 30 Unamortized loss on debt 61 68 36 42 Interest rate swaps 129 141 — — Accumulated cost of removal of utility plant 159 137 159 137 AROs 211 143 — — Other 14 16 1 2 Total noncurrent regulatory assets $ 1,918 $ 1,733 $ 1,094 $ 1,006 Current Regulatory Liabilities: Generation supply charge $ 23 $ 41 $ 23 $ 41 Demand side management 3 8 — — Gas supply clause — 6 — — Universal service rider 14 5 14 5 Transmission formula rate 15 48 15 48 Fuel adjustment clause 11 14 — — Act 129 compliance rider 17 — 17 — Storm damage expense 13 16 13 16 Other 5 7 1 3 Total current regulatory liabilities $ 101 $ 145 $ 83 $ 113 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 700 $ 691 $ — $ — Coal contracts (b) — 17 — — Power purchase agreement - OVEC (b) 75 83 — — Net deferred tax assets 23 23 — — Act 129 compliance rider — 22 — 22 Defined benefit plans 23 24 — — Interest rate swaps 78 82 — — Other — 3 — — Total noncurrent regulatory liabilities $ 899 $ 945 $ — $ 22 LKE LG&E KU 2016 2015 2016 2015 2016 2015 Current Regulatory Assets: Environmental cost recovery $ 6 $ 24 $ 6 $ 13 $ — $ 11 Generation formula rate 11 7 — — 11 7 Other 3 4 3 3 — 1 Total current regulatory assets $ 20 $ 35 $ 9 $ 16 $ 11 $ 19 LKE LG&E KU 2016 2015 2016 2015 2016 2015 Noncurrent Regulatory Assets: Defined benefit plans $ 398 $ 340 $ 246 $ 215 $ 152 $ 125 Storm costs 48 63 26 35 22 28 Unamortized loss on debt 25 26 16 17 9 9 Interest rate swaps 129 141 88 98 41 43 AROs 211 143 70 57 141 86 Plant retirement costs 4 6 — — 4 6 Other 9 8 4 2 5 6 Total noncurrent regulatory assets $ 824 $ 727 $ 450 $ 424 $ 374 $ 303 Current Regulatory Liabilities: Demand side management $ 3 $ 8 $ 2 $ 4 $ 1 $ 4 Gas supply clause — 6 — 6 — — Fuel adjustment clause 11 14 2 2 9 12 Other 4 4 1 1 3 3 Total current regulatory liabilities $ 18 $ 32 $ 5 $ 13 $ 13 $ 19 Noncurrent Regulatory Liabilities: Accumulated cost of removal of utility plant $ 700 $ 691 $ 305 $ 301 $ 395 $ 390 Coal contracts (b) — 17 — 7 — 10 Power purchase agreement - OVEC (b) 75 83 52 57 23 26 Net deferred tax assets 23 23 23 23 — — Defined benefit plans 23 24 — — 23 24 Interest rate swaps 78 82 39 41 39 41 Other — 3 — 2 — 1 Total noncurrent regulatory liabilities $ 899 $ 923 $ 419 $ 431 $ 480 $ 492 (a) For PPL, these amounts are included in "Other current assets" on the Balance Sheets. (b) These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. |
Financing Activities (Tables)
Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Line Items] | |
Credit Facilities in Place at Period End | The following credit facilities were in place at: December 31, 2016 December 31, 2015 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. 2021 £ 210 £ 160 £ — £ 49 £ 133 £ — WPD (South West) Syndicated Credit Facility (a) (c) July 2021 245 110 — 135 — — WPD (East Midlands) Syndicated Credit Facility (a) (c) July 2021 300 9 — 291 — — WPD (West Midlands) Syndicated Credit Facility (a) (c) July 2021 300 — — 300 — — Uncommitted Credit Facilities 90 60 4 26 — 4 Total U.K. Credit Facilities (b) £ 1,145 £ 339 £ 4 £ 801 £ 133 £ 4 U.S. PPL Capital Funding Syndicated Credit Facility (c) (d) Jan. 2021 $ 950 $ — $ 20 $ 930 $ — $ 151 Syndicated Credit Facility (c) (d) Nov. 2018 300 — — 300 — 300 Bilateral Credit Facility (c) (d) Mar. 2017 150 — 17 133 — 20 Total PPL Capital Funding Credit Facilities $ 1,400 $ — $ 37 $ 1,363 $ — $ 471 PPL Electric Syndicated Credit Facility (c) (d) Jan. 2021 $ 650 $ — $ 296 $ 354 $ — $ 1 LKE Syndicated Credit Facility (c) (d) (f) Oct. 2018 $ 75 $ — $ — $ 75 $ 75 $ — LG&E Syndicated Credit Facility (c) (d) Dec. 2020 $ 500 $ — $ 169 $ 331 $ — $ 142 KU Syndicated Credit Facility (c) (d) Dec. 2020 $ 400 $ — $ 16 $ 384 $ — $ 48 Letter of Credit Facility (c) (d) (e) Oct. 2017 198 — 198 — — 198 Total KU Credit Facilities $ 598 $ — $ 214 $ 384 $ — $ 246 (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, 2016 and 2015 included USD-denominated borrowings of $200 million for both periods, which bore interest at 1.43% and 1.83% . The unused capacity reflects the amount borrowed in GBP of £161 million as of the date borrowed. The WPD (South West) amount borrowed at December 31, 2016 was a GBP-denominated borrowing, which equated to $137 million and bore interest at 0.66% . The WPD (East Midlands) amount borrowed at December 31, 2016 was a GBP-denominated borrowing, which equated to $11 million and bore interest at 0.66% . The WPD Uncommitted Credit Facilities amounts borrowed at December 31, 2016 were GBP-denominated borrowings which equated to $75 million and bore interest at 1.26% . At December 31, 2016 , the unused capacity under the U.K. credit facilities was approximately $1 billion . (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 2017 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) 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. (f) At December 31, 2015 , LKE's interest rate on outstanding borrowings was 1.68% . |
Commercial paper | The following commercial paper programs were in place at: December 31, 2016 December 31, 2015 Weighted - Capacity Commercial Unused Weighted - Commercial PPL Capital Funding 1.10% $ 1,000 $ 20 $ 980 0.78% $ 451 PPL Electric 1.05% 400 295 105 — LG&E 0.94% 350 169 181 0.71% 142 KU 0.87% 350 16 334 0.72% 48 Total $ 2,100 $ 500 $ 1,600 $ 641 |
Long-term Debt | Long-term Debt (All Registrants) December 31, Weighted-Average Maturities (g) 2016 2015 PPL U.S. Senior Unsecured Notes 3.75 % 2018 - 2044 $ 4,075 $ 3,425 Senior Secured Notes/First Mortgage Bonds (a) (b) (c) 3.88 % 2017 - 2045 6,849 6,874 Junior Subordinated Notes 6.31 % 2067 - 2073 930 930 Total U.S. Long-term Debt 11,854 11,229 U.K. Senior Unsecured Notes (d) 5.44 % 2017 - 2040 5,707 7,170 Index-linked Senior Unsecured Notes (e) 1.67 % 2026 - 2056 838 772 Total U.K. Long-term Debt (f) 6,545 7,942 Total Long-term Debt Before Adjustments 18,399 19,171 Fair market value adjustments 22 30 Unamortized premium and (discount), net (e) 20 (28 ) Unamortized debt issuance costs (115 ) (125 ) Total Long-term Debt 18,326 19,048 Less current portion of Long-term Debt 518 485 Total Long-term Debt, noncurrent $ 17,808 $ 18,563 December 31, Weighted-Average Maturities (g) 2016 2015 PPL Electric Senior Secured Notes/First Mortgage Bonds (a) (b) 4.20 % 2017 - 2045 $ 2,864 $ 2,864 Total Long-term Debt Before Adjustments 2,864 2,864 Unamortized discount (12 ) (13 ) Unamortized debt issuance costs (21 ) (23 ) Total Long-term Debt 2,831 2,828 Less current portion of Long-term Debt 224 — Total Long-term Debt, noncurrent $ 2,607 $ 2,828 LKE Senior Unsecured Notes 3.97 % 2020 - 2021 $ 725 $ 725 First Mortgage Bonds (a) (c) 3.67 % 2017 - 2045 3,985 4,010 Long-term debt to affiliate 3.50 % 2025 400 400 Total Long-term Debt Before Adjustments 5,110 5,135 Fair market value adjustments (1 ) (1 ) Unamortized discount (15 ) (16 ) Unamortized debt issuance costs (29 ) (30 ) Total Long-term Debt 5,065 5,088 Less current portion of Long-term Debt 194 25 Total Long-term Debt, noncurrent $ 4,871 $ 5,063 LG&E First Mortgage Bonds (a) (c) 3.45 % 2017 - 2045 $ 1,634 $ 1,659 Total Long-term Debt Before Adjustments 1,634 1,659 Fair market value adjustments (1 ) (1 ) Unamortized discount (4 ) (4 ) Unamortized debt issuance costs (12 ) (12 ) Total Long-term Debt 1,617 1,642 Less current portion of Long-term Debt 194 25 Total Long-term Debt, noncurrent $ 1,423 $ 1,617 KU First Mortgage Bonds (a) (c) 3.82 % 2019 - 2045 $ 2,351 $ 2,351 Total Long-term Debt Before Adjustments 2,351 2,351 Unamortized discount (9 ) (10 ) Unamortized debt issuance costs (15 ) (15 ) Total Long-term Debt 2,327 2,326 Less current portion of Long-term Debt — — Total Long-term Debt, noncurrent $ 2,327 $ 2,326 (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 $7.6 billion and $6.7 billion at December 31, 2016 and 2015 . 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 $4.4 billion and $4.2 billion at December 31, 2016 and 2015 . 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 $5.8 billion and $5.7 billion at December 31, 2016 and 2015 . (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, 2016 , 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, respectively. At December 31, 2016 , the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $386 million for LKE, comprised of $158 million and $228 million for LG&E and KU, respectively. Certain of the variable rate tax-exempt revenue bonds totaling $375 million at December 31, 2016 ( $147 million for LG&E and $228 million for KU), 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 ( $281 million at December 31, 2016 ) 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) and WPD (East Midlands) 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 2015 to 2016 was an increase of approximately £10 million ( $13 million ) resulting from inflation. In addition, this amount includes £225 million ( $281 million at December 31, 2016 ) 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 £4.4 billion ( $5.5 billion at December 31, 2016 ) 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, 2016 . |
Long-term Debt Maturities | The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2017 through 2021 and thereafter are as follows: PPL PPL Electric LKE LG&E KU 2017 $ 518 $ 224 $ 194 $ 194 $ — 2018 348 — 98 98 — 2019 136 — 136 40 96 2020 1,262 100 975 — 500 2021 1,150 400 250 — — Thereafter 14,985 2,140 3,457 1,302 1,755 Total $ 18,399 $ 2,864 $ 5,110 $ 1,634 $ 2,351 |
Schedule Of Stock Offering Program | PPL issued the following for the years ended December 31: 2016 2015 Number of shares (in thousands) 710 1,477 Average share price $ 35.23 $ 33.41 Net Proceeds $ 25 $ 49 |
Acquisitions, Development and42
Acquisitions, Development and Divestures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions, Development and Divestitures [Line Items] | |
Components of Discontinued Operations | 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 Following are the components of Discontinued Operations in the Statements of Income for the periods ended December 31: 2015 2014 Operating revenues $ 1,427 $ 3,848 Operating expenses 1,328 3,410 Other Income (Expense) - net (21 ) 13 Interest expense (a) 150 190 Gain on sale of Montana Hydro Sale — 237 Income tax expense (benefit) (30 ) 198 Loss on spinoff (879 ) — Income (Loss) from Discontinued Operations (net of income taxes) $ (921 ) $ 300 (a) Includes interest associated with the Supply segment with no additional allocation as the Supply segment was sufficiently capitalized. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Line Items] | |
Rent Expense for Operating Leases | Rent expense for the years ended December 31 for operating leases was as follows: 2016 2015 2014 PPL $ 50 $ 49 $ 51 LKE 26 24 18 LG&E 15 12 7 KU 11 11 10 |
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 2017 $ 31 $ 24 $ 15 $ 9 2018 26 22 14 8 2019 16 13 7 6 2020 11 9 4 5 2021 8 6 2 4 Thereafter 26 19 8 10 Total $ 118 $ 93 $ 50 $ 42 |
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: 2016 2015 2014 PPL $ 50 $ 49 $ 51 LKE 26 24 18 LG&E 15 12 7 KU 11 11 10 |
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 2017 $ 31 $ 24 $ 15 $ 9 2018 26 22 14 8 2019 16 13 7 6 2020 11 9 4 5 2021 8 6 2 4 Thereafter 26 19 8 10 Total $ 118 $ 93 $ 50 $ 42 |
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: 2016 2015 2014 PPL $ 50 $ 49 $ 51 LKE 26 24 18 LG&E 15 12 7 KU 11 11 10 |
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 2017 $ 31 $ 24 $ 15 $ 9 2018 26 22 14 8 2019 16 13 7 6 2020 11 9 4 5 2021 8 6 2 4 Thereafter 26 19 8 10 Total $ 118 $ 93 $ 50 $ 42 |
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: 2016 2015 2014 PPL $ 50 $ 49 $ 51 LKE 26 24 18 LG&E 15 12 7 KU 11 11 10 |
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 2017 $ 31 $ 24 $ 15 $ 9 2018 26 22 14 8 2019 16 13 7 6 2020 11 9 4 5 2021 8 6 2 4 Thereafter 26 19 8 10 Total $ 118 $ 93 $ 50 $ 42 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 10,000,000 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 and restricted stock units granted was: 2016 2015 2014 PPL $ 33.84 $ 34.50 $ 31.50 PPL Electric 34.32 34.41 31.81 LKE 33.73 34.89 30.98 |
Restricted Stock and Restricted Stock Units, Activity Rollforward | Restricted stock and restricted stock unit activity for 2016 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,679,475 $ 29.65 Granted 536,208 33.84 Vested (869,932 ) 29.30 Forfeited (8,726 ) 32.59 Nonvested, end of period (a) 1,337,025 31.57 PPL Electric Nonvested, beginning of period 221,085 $ 29.48 Transfer between registrants (10,405 ) 30.98 Granted 70,486 34.32 Vested (73,488 ) 28.91 Forfeited (3,108 ) 32.81 Nonvested, end of period 204,570 31.27 LKE Nonvested, beginning of period 318,963 $ 29.65 Transfer between registrants (24,993 ) 30.52 Granted 86,987 33.73 Vested (137,676 ) 28.76 Nonvested, end of period 243,281 31.53 (a) Excludes 862,337 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 and restricted stock units vesting for the years ended December 31 was: 2016 2015 2014 PPL $ 30 $ 28 $ 11 PPL Electric 3 4 2 LKE 5 4 — |
Performance Units, Valuation Assumptions | The weighted-average assumptions used in the model were: 2016 2015 2014 Expected stock volatility 19.60 % 15.90 % 15.80 % Expected life 3 years 3 years 3 years |
Performance Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of performance units granted was: 2016 2015 2014 PPL $ 35.74 $ 36.76 $ 34.55 PPL Electric 35.68 37.93 34.43 LKE 35.28 37.10 34.12 |
Performance Units, Activity Rollforward | Performance unit activity for 2016 was: Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 993,540 $ 33.09 Granted 471,401 35.74 Vested (375,668 ) 31.96 Forfeited (18,737 ) 33.22 Nonvested, end of period (a) 1,070,536 34.65 Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 67,671 $ 33.05 Granted 35,694 35.68 Vested (23,880 ) 31.89 Forfeited (2,759 ) 31.74 Nonvested, end of period 76,726 34.68 LKE Nonvested, beginning of period 193,164 $ 32.96 Transfer between registrants (4,432 ) 35.07 Granted 84,298 35.28 Vested (70,048 ) 31.74 Forfeited (11,381 ) 33.61 Nonvested, end of period 191,601 34.34 (a) Excludes 230,196 performance units 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. |
Stock Options, Activity Rollforward | Stock option activity for 2016 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 6,385,149 $ 28.54 Exercised (1,903,989 ) 27.51 Outstanding and exercisable at end of period 4,481,160 28.98 4.4 $ 29 PPL Electric Outstanding at beginning of period 313,433 $ 27.79 Exercised (72,494 ) 28.84 Outstanding and exercisable at end of period 240,939 27.48 4.5 $ 2 LKE Outstanding at beginning of period 425,656 $ 26.08 Exercised (363,760 ) 26.12 Outstanding and exercisable at end of period 61,896 25.81 5.5 $ 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: 2016 2015 2014 PPL $ 27 $ 33 $ 30 PPL Electric 16 14 12 LKE 7 8 8 The income tax benefit related to above compensation expense was as follows: 2016 2015 2014 PPL $ 12 $ 14 $ 12 PPL Electric 7 6 5 LKE 3 3 3 |
Unrecognized Compensation Cost, Nonvested Restricted Stock, Restricted Stock Units, Performance Units and Stock Option Awards | At December 31, 2016 , unrecognized compensation expense related to nonvested restricted stock, restricted stock units, and performance units was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 8 1.8 PPL Electric 1 1.8 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 10,000,000 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 and restricted stock units granted was: 2016 2015 2014 PPL $ 33.84 $ 34.50 $ 31.50 PPL Electric 34.32 34.41 31.81 LKE 33.73 34.89 30.98 |
Restricted Stock and Restricted Stock Units, Activity Rollforward | Restricted stock and restricted stock unit activity for 2016 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,679,475 $ 29.65 Granted 536,208 33.84 Vested (869,932 ) 29.30 Forfeited (8,726 ) 32.59 Nonvested, end of period (a) 1,337,025 31.57 PPL Electric Nonvested, beginning of period 221,085 $ 29.48 Transfer between registrants (10,405 ) 30.98 Granted 70,486 34.32 Vested (73,488 ) 28.91 Forfeited (3,108 ) 32.81 Nonvested, end of period 204,570 31.27 LKE Nonvested, beginning of period 318,963 $ 29.65 Transfer between registrants (24,993 ) 30.52 Granted 86,987 33.73 Vested (137,676 ) 28.76 Nonvested, end of period 243,281 31.53 (a) Excludes 862,337 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 and restricted stock units vesting for the years ended December 31 was: 2016 2015 2014 PPL $ 30 $ 28 $ 11 PPL Electric 3 4 2 LKE 5 4 — |
Performance Units, Valuation Assumptions | The weighted-average assumptions used in the model were: 2016 2015 2014 Expected stock volatility 19.60 % 15.90 % 15.80 % Expected life 3 years 3 years 3 years |
Performance Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of performance units granted was: 2016 2015 2014 PPL $ 35.74 $ 36.76 $ 34.55 PPL Electric 35.68 37.93 34.43 LKE 35.28 37.10 34.12 |
Performance Units, Activity Rollforward | Performance unit activity for 2016 was: Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 993,540 $ 33.09 Granted 471,401 35.74 Vested (375,668 ) 31.96 Forfeited (18,737 ) 33.22 Nonvested, end of period (a) 1,070,536 34.65 Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 67,671 $ 33.05 Granted 35,694 35.68 Vested (23,880 ) 31.89 Forfeited (2,759 ) 31.74 Nonvested, end of period 76,726 34.68 LKE Nonvested, beginning of period 193,164 $ 32.96 Transfer between registrants (4,432 ) 35.07 Granted 84,298 35.28 Vested (70,048 ) 31.74 Forfeited (11,381 ) 33.61 Nonvested, end of period 191,601 34.34 (a) Excludes 230,196 performance units 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. |
Stock Options, Activity Rollforward | Stock option activity for 2016 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 6,385,149 $ 28.54 Exercised (1,903,989 ) 27.51 Outstanding and exercisable at end of period 4,481,160 28.98 4.4 $ 29 PPL Electric Outstanding at beginning of period 313,433 $ 27.79 Exercised (72,494 ) 28.84 Outstanding and exercisable at end of period 240,939 27.48 4.5 $ 2 LKE Outstanding at beginning of period 425,656 $ 26.08 Exercised (363,760 ) 26.12 Outstanding and exercisable at end of period 61,896 25.81 5.5 $ 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: 2016 2015 2014 PPL $ 27 $ 33 $ 30 PPL Electric 16 14 12 LKE 7 8 8 The income tax benefit related to above compensation expense was as follows: 2016 2015 2014 PPL $ 12 $ 14 $ 12 PPL Electric 7 6 5 LKE 3 3 3 |
Unrecognized Compensation Cost, Nonvested Restricted Stock, Restricted Stock Units, Performance Units and Stock Option Awards | At December 31, 2016 , unrecognized compensation expense related to nonvested restricted stock, restricted stock units, and performance units was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 8 1.8 PPL Electric 1 1.8 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 10,000,000 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 and restricted stock units granted was: 2016 2015 2014 PPL $ 33.84 $ 34.50 $ 31.50 PPL Electric 34.32 34.41 31.81 LKE 33.73 34.89 30.98 |
Restricted Stock and Restricted Stock Units, Activity Rollforward | Restricted stock and restricted stock unit activity for 2016 was: Restricted Shares/Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 1,679,475 $ 29.65 Granted 536,208 33.84 Vested (869,932 ) 29.30 Forfeited (8,726 ) 32.59 Nonvested, end of period (a) 1,337,025 31.57 PPL Electric Nonvested, beginning of period 221,085 $ 29.48 Transfer between registrants (10,405 ) 30.98 Granted 70,486 34.32 Vested (73,488 ) 28.91 Forfeited (3,108 ) 32.81 Nonvested, end of period 204,570 31.27 LKE Nonvested, beginning of period 318,963 $ 29.65 Transfer between registrants (24,993 ) 30.52 Granted 86,987 33.73 Vested (137,676 ) 28.76 Nonvested, end of period 243,281 31.53 (a) Excludes 862,337 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 and restricted stock units vesting for the years ended December 31 was: 2016 2015 2014 PPL $ 30 $ 28 $ 11 PPL Electric 3 4 2 LKE 5 4 — |
Performance Units, Valuation Assumptions | The weighted-average assumptions used in the model were: 2016 2015 2014 Expected stock volatility 19.60 % 15.90 % 15.80 % Expected life 3 years 3 years 3 years |
Performance Units, Weighted Average Grant Date Fair Value | The weighted-average grant date fair value of performance units granted was: 2016 2015 2014 PPL $ 35.74 $ 36.76 $ 34.55 PPL Electric 35.68 37.93 34.43 LKE 35.28 37.10 34.12 |
Performance Units, Activity Rollforward | Performance unit activity for 2016 was: Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Nonvested, beginning of period 993,540 $ 33.09 Granted 471,401 35.74 Vested (375,668 ) 31.96 Forfeited (18,737 ) 33.22 Nonvested, end of period (a) 1,070,536 34.65 Performance Units Weighted- Average Grant Date Fair Value Per Share PPL Electric Nonvested, beginning of period 67,671 $ 33.05 Granted 35,694 35.68 Vested (23,880 ) 31.89 Forfeited (2,759 ) 31.74 Nonvested, end of period 76,726 34.68 LKE Nonvested, beginning of period 193,164 $ 32.96 Transfer between registrants (4,432 ) 35.07 Granted 84,298 35.28 Vested (70,048 ) 31.74 Forfeited (11,381 ) 33.61 Nonvested, end of period 191,601 34.34 (a) Excludes 230,196 performance units 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. |
Stock Options, Activity Rollforward | Stock option activity for 2016 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 6,385,149 $ 28.54 Exercised (1,903,989 ) 27.51 Outstanding and exercisable at end of period 4,481,160 28.98 4.4 $ 29 PPL Electric Outstanding at beginning of period 313,433 $ 27.79 Exercised (72,494 ) 28.84 Outstanding and exercisable at end of period 240,939 27.48 4.5 $ 2 LKE Outstanding at beginning of period 425,656 $ 26.08 Exercised (363,760 ) 26.12 Outstanding and exercisable at end of period 61,896 25.81 5.5 $ 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: 2016 2015 2014 PPL $ 27 $ 33 $ 30 PPL Electric 16 14 12 LKE 7 8 8 The income tax benefit related to above compensation expense was as follows: 2016 2015 2014 PPL $ 12 $ 14 $ 12 PPL Electric 7 6 5 LKE 3 3 3 |
Unrecognized Compensation Cost, Nonvested Restricted Stock, Restricted Stock Units, Performance Units and Stock Option Awards | At December 31, 2016 , unrecognized compensation expense related to nonvested restricted stock, restricted stock units, and performance units was: Unrecognized Compensation Expense Weighted- Average Period for Recognition PPL $ 8 1.8 PPL Electric 1 1.8 LKE 1 1.6 |
Retirement and Postemployment45
Retirement and Postemployment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 2014 2016 2015 2014 2016 2015 2014 Net periodic defined benefit costs (credits): Service cost $ 66 $ 96 $ 97 $ 69 $ 79 $ 71 $ 7 $ 11 $ 12 Interest cost 174 194 224 235 314 354 26 26 31 Expected return on plan assets (228 ) (258 ) (287 ) (504 ) (523 ) (521 ) (22 ) (26 ) (26 ) Amortization of: Prior service cost (credit) 8 7 20 — — — — 1 — Actuarial (gain) loss 50 84 28 138 158 132 1 — 1 Net periodic defined benefit costs (credits) prior to settlements and termination benefits 70 123 82 (62 ) 28 36 12 12 18 Settlements 3 — — — — — — — — Termination benefits — — 13 — — — — — — Net periodic defined benefit costs (credits) $ 73 $ 123 $ 95 $ (62 ) $ 28 $ 36 $ 12 $ 12 $ 18 Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: Divestiture (a) $ — $ (353 ) $ — $ — $ — $ — $ — $ (6 ) $ — Settlement (3 ) — — — — — — — — Net (gain) loss 253 63 574 7 508 354 9 (9 ) 22 Prior service cost (credit) 15 18 (8 ) — — — — — 7 Amortization of: Prior service (cost) credit (8 ) (7 ) (20 ) — — — (1 ) (1 ) — Actuarial gain (loss) (50 ) (85 ) (28 ) (138 ) (158 ) (132 ) (1 ) — (1 ) Total recognized in OCI and regulatory assets/liabilities (b) 207 (364 ) 518 (131 ) 350 222 7 (16 ) 28 Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities (b) $ 280 $ (241 ) $ 613 $ (193 ) $ 378 $ 258 $ 19 $ (4 ) $ 46 (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 2016 2015 2014 2016 2015 2014 OCI $ 236 $ (269 ) $ 319 $ 7 $ 12 $ 7 Regulatory assets/liabilities (29 ) (95 ) 199 — (28 ) 21 Total recognized in OCI and regulatory assets/liabilities $ 207 $ (364 ) $ 518 $ 7 $ (16 ) $ 28 |
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 2017 are as follows: Pension Benefits U.S. U.K. Prior service cost (credit) $ 9 $ — Actuarial (gain) loss 67 141 Total $ 76 $ 141 Amortization from Balance Sheet: AOCI $ 18 $ 141 Regulatory assets/liabilities 58 — Total $ 76 $ 141 |
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 2016 2015 2014 2016 2015 2014 2016 2015 2014 PPL $ 53 $ 71 $ 45 $ (95 ) $ (21 ) $ (9 ) $ 7 $ 8 $ 10 PPL Electric (a) 10 15 12 1 — 2 LKE (b) 24 37 17 6 8 7 LG&E (b) 8 12 5 3 4 4 KU (a) (b) 5 9 3 2 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. (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, $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 2016 2015 2016 2015 2016 2015 PPL Discount rate 4.21 % 4.59 % 2.87 % 3.68 % 4.11 % 4.48 % Rate of compensation increase 3.95 % 3.93 % 3.50 % 4.00 % 3.92 % 3.91 % LKE Discount rate 4.19 % 4.56 % 4.12 % 4.49 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % LG&E Discount rate 4.13 % 4.49 % 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 2016 2015 2014 2016 2015 2014 2016 2015 2014 PPL Discount rate service cost (b) 4.59 % 4.25 % 5.12 % 3.90 % 3.85 % 4.41 % 4.48 % 4.09 % 4.91 % Discount rate interest cost (b) 4.59 % 4.25 % 5.12 % 3.14 % 3.85 % 4.41 % 4.48 % 4.09 % 4.91 % Rate of compensation increase 3.93 % 3.91 % 3.97 % 4.00 % 4.00 % 4.00 % 3.91 % 3.86 % 3.96 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 7.20 % 7.19 % 7.19 % 6.11 % 6.06 % 5.96 % LKE Discount rate 4.56 % 4.25 % 5.18 % 4.49 % 4.06 % 4.91 % Rate of compensation increase 3.50 % 3.50 % 4.00 % 3.50 % 3.50 % 4.00 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 6.82 % 6.82 % 6.75 % LG&E Discount rate 4.49 % 4.20 % 5.13 % 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. The following table provides the assumed health care cost trend rates for the years ended December 31: 2016 2015 2014 PPL and LKE Health care cost trend rate assumed for next year – obligations 7.0 % 6.8 % 7.2 % – cost 6.8 % 7.2 % 7.6 % 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 2020 2020 – cost 2020 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 2016 : One Percentage Point Increase Decrease Effect on accumulated postretirement benefit obligation PPL $ 5 $ (5 ) LKE 4 (4 ) |
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 2016 2015 2016 2015 2016 2015 Change in Benefit Obligation Benefit Obligation, beginning of period $ 3,863 $ 5,399 $ 8,404 $ 8,523 $ 596 $ 716 Service cost 66 96 69 79 7 11 Interest cost 174 194 235 314 26 26 Participant contributions — — 14 15 14 13 Plan amendments 14 19 — — — — Actuarial (gain) loss 214 (193 ) 484 200 11 (37 ) Divestiture (a) — (1,416 ) — — — (76 ) Settlements (9 ) — — — — — Gross benefits paid (243 ) (236 ) (357 ) (391 ) (64 ) (58 ) Federal subsidy — — — — 1 1 Currency conversion — — (1,466 ) (336 ) — — Benefit Obligation, end of period 4,079 3,863 7,383 8,404 591 596 Change in Plan Assets Plan assets at fair value, beginning of period 3,227 4,462 7,625 7,734 379 484 Actual return on plan assets 189 2 979 205 25 (2 ) Employer contributions 79 158 330 366 19 17 Participant contributions — — 14 15 14 13 Divestiture (a) — (1,159 ) — — — (80 ) Settlements (9 ) — — — — — Gross benefits paid (243 ) (236 ) (357 ) (391 ) (59 ) (53 ) Currency conversion — — (1,380 ) (304 ) — — Plan assets at fair value, end of period 3,243 3,227 7,211 7,625 378 379 Funded Status, end of period $ (836 ) $ (636 ) $ (172 ) $ (779 ) $ (213 ) $ (217 ) Amounts recognized in the Balance Sheets consist of: Noncurrent asset $ — $ — $ 10 $ — $ 2 $ 2 Current liability (17 ) (10 ) — — (3 ) (3 ) Noncurrent liability (819 ) (626 ) (182 ) (779 ) (212 ) (216 ) Net amount recognized, end of period $ (836 ) $ (636 ) $ (172 ) $ (779 ) $ (213 ) $ (217 ) Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: Prior service cost (credit) $ 59 $ 53 $ — $ — $ — $ 1 Net actuarial (gain) loss 1,178 977 2,553 2,684 45 37 Total (b) $ 1,237 $ 1,030 $ 2,553 $ 2,684 $ 45 $ 38 Total accumulated benefit obligation for defined benefit pension plans $ 3,807 $ 3,590 $ 6,780 $ 7,747 (a) As a result of the spinoff of PPL Energy Supply, obligations and assets attributable to certain former active and inactive employees of PPL Energy Supply were transferred to Talen Energy plans. (b) 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 2016 2015 2016 2015 AOCI $ 357 $ 275 $ 20 $ 18 Regulatory assets/liabilities 880 755 25 20 Total $ 1,237 $ 1,030 $ 45 $ 38 |
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 2016 2015 2016 2015 Projected benefit obligation $ 4,079 $ 3,863 $ 3,403 $ 8,404 Fair value of plan assets 3,243 3,227 3,221 7,625 U.S. U.K. ABO in excess of plan assets ABO in excess of plan assets 2016 2015 2016 2015 Accumulated benefit obligation $ 3,807 $ 3,590 $ 657 $ 3,532 Fair value of plan assets 3,243 3,227 643 3,287 |
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 2016 2016 (a) 2015 Target Asset Allocation (a) Growth Portfolio 52 % 51 % 50 % Equity securities 30 % 25 % Debt securities (b) 12 % 13 % Alternative investments 10 % 13 % Immunizing Portfolio 46 % 47 % 48 % Debt securities (b) 43 % 42 % Derivatives 3 % 5 % Liquidity Portfolio 2 % 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, 2016 December 31, 2015 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 $ 181 $ 181 $ — $ — $ 225 $ 225 $ — $ — Equity securities: U.S. Equity 152 152 — — 172 172 — — U.S. Equity fund measured at NAV (a) 272 — — — 197 — — — International equity fund at NAV (a) 551 — — — 454 — — — Commingled debt measured at NAV (a) 546 — — — 514 — — — Debt securities: U.S. Treasury and U.S. government sponsored agency 381 381 — — 501 492 9 — Corporate 850 — 837 13 747 — 737 10 Other 8 — 8 — 14 — 14 — Alternative investments: Commodities measured at NAV (a) — — — — 70 — — — Real estate measured at NAV (a) 102 — — — 118 — — — Private equity measured at NAV (a) 80 — — — 81 — — — Hedge funds measured at NAV (a) 167 — 171 — — — Derivatives: Interest rate swaps and swaptions 61 — 61 — 80 — 80 — Other 3 — 3 — 11 — 11 — Insurance contracts 27 — — 27 32 — — 32 PPL Services Corporation Master Trust assets, at fair value 3,381 $ 714 $ 909 $ 40 3,387 $ 889 $ 851 $ 42 Receivables and payables, net (b) (15 ) (49 ) 401(h) accounts restricted for other postretirement benefit obligations (123 ) (111 ) Total PPL Services Corporation Master Trust pension assets $ 3,243 $ 3,227 (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, 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 A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2015 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 21 $ 33 $ 54 Actual return on plan assets Relating to assets still held at the reporting date — 2 2 Relating to assets sold during the period (1 ) — (1 ) Purchases, sales and settlements (10 ) (3 ) (13 ) Balance at end of period $ 10 $ 32 $ 42 |
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 2016 2015 2016 Asset Class U.S. Equity securities 48 % 48 % 45 % Debt securities (a) 50 % 50 % 50 % Cash and cash equivalents (b) 2 % 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, 2016 December 31, 2015 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 $ 5 $ 5 $ — $ — $ 6 $ 6 $ — $ — U.S. Equity securities: Large-cap equity fund measure at NAV (a) 123 — — — 129 — — — Commingled debt fund measured at NAV (a) 114 — — — 109 — — — Debt securities: Municipalities 12 — 12 — 23 — 23 — Total VEBA trust assets, at fair value 254 $ 5 $ 12 $ — 267 $ 6 $ 23 $ — Receivables and payables, net (b) 1 1 401(h) account assets 123 111 Total other postretirement benefit plan assets $ 378 $ 379 (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 2016 2015 2016 Asset Class Cash and cash equivalents 1 % 1 % 1 % Equity securities U.K. 3 % 3 % 3 % European (excluding the U.K.) 2 % 2 % 2 % Asian-Pacific 2 % 2 % 2 % North American 3 % 3 % 3 % Emerging markets 3 % 4 % 1 % Global equities 6 % 6 % 3 % Currency — % 1 % — % Global Tactical Asset Allocation 33 % 31 % 40 % Debt securities (a) 41 % 40 % 39 % Alternative investments 6 % 7 % 6 % 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, 2016 December 31, 2015 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 $ 42 $ 42 $ — $ — $ 55 $ 55 $ — $ — Equity securities measured at NAV (a) : U.K. companies 210 — — — 274 — — — European companies (excluding the U.K.) 177 — — — 190 — — — Asian-Pacific companies 140 — — — 132 — — — North American companies 227 — — — 220 — — — Emerging markets companies 209 — — — 284 — — — Global Equities 466 — — — 500 — — — Currency — — — — 39 — — — Other 2,363 — — — 2,384 — — Commingled debt: U.K. corporate bonds — — — — 2 — — — U.K. gilts — — — — 3 — — — Debt Securities: U.K. corporate bonds 2 — 2 — 364 — 364 — U.K. gilts 2,940 — 2,940 — 2,645 — 2,645 — Alternative investments: Real estate measured at NAV (a) 435 — — — 533 — — — Fair value - U.K. pension plans $ 7,211 $ 42 $ 2,942 $ — $ 7,625 $ 55 $ 3,009 $ — (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 2017 $ 251 $ 52 $ 1 2018 252 51 1 2019 261 51 1 2020 263 50 — 2021 267 49 — 2022-2026 1,344 228 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 2017 $ 314 2018 317 2019 322 2020 326 2021 329 2022-2026 1,693 |
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: 2016 2015 2014 PPL $ 35 $ 34 $ 33 PPL Electric 6 6 6 LKE 17 16 15 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: 2016 2015 Pension $ 281 $ 183 Other postretirement benefits 72 67 |
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 2016 2015 2014 2016 2015 2014 Net periodic defined benefit costs (credits): Service cost $ 23 $ 26 $ 21 $ 5 $ 5 $ 4 Interest cost 71 68 66 9 9 9 Expected return on plan assets (91 ) (88 ) (82 ) (6 ) (6 ) (4 ) Amortization of: Prior service cost 8 7 5 3 3 2 Actuarial (gain) loss (a) 21 37 12 (1 ) — (1 ) Net periodic defined benefit costs $ 32 $ 50 $ 22 $ 10 $ 11 $ 10 Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: Net (gain) loss $ 119 $ 20 $ 162 $ 6 $ (15 ) $ 26 Prior service cost — 19 23 — — 6 Amortization of: Prior service credit (8 ) (7 ) (5 ) (3 ) (3 ) (2 ) Actuarial gain (loss) (21 ) (37 ) (12 ) 1 — 1 Total recognized in OCI and regulatory assets/liabilities 90 (5 ) 168 4 (18 ) 31 Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities $ 122 $ 45 $ 190 $ 14 $ (7 ) $ 41 (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 $6 million in 2016 and $9 million in 2015 . |
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 2016 2015 2014 2016 2015 2014 OCI $ 42 $ 4 $ 84 $ 2 $ (2 ) $ 9 Regulatory assets/liabilities 48 (9 ) 84 2 (16 ) 22 Total recognized in OCI and regulatory assets/liabilities $ 90 $ (5 ) $ 168 $ 4 $ (18 ) $ 31 |
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 2017 are as follows. Pension Benefits Other Postretirement Benefits Prior service cost $ 8 $ 1 Actuarial Loss 30 — Total $ 38 $ 1 Amortization from Balance Sheet: AOCI $ 5 $ — Regulatory assets/liabilities 33 1 Total $ 38 $ 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 2016 2015 2016 2015 2016 2015 PPL Discount rate 4.21 % 4.59 % 2.87 % 3.68 % 4.11 % 4.48 % Rate of compensation increase 3.95 % 3.93 % 3.50 % 4.00 % 3.92 % 3.91 % LKE Discount rate 4.19 % 4.56 % 4.12 % 4.49 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % LG&E Discount rate 4.13 % 4.49 % 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 2016 2015 2014 2016 2015 2014 2016 2015 2014 PPL Discount rate service cost (b) 4.59 % 4.25 % 5.12 % 3.90 % 3.85 % 4.41 % 4.48 % 4.09 % 4.91 % Discount rate interest cost (b) 4.59 % 4.25 % 5.12 % 3.14 % 3.85 % 4.41 % 4.48 % 4.09 % 4.91 % Rate of compensation increase 3.93 % 3.91 % 3.97 % 4.00 % 4.00 % 4.00 % 3.91 % 3.86 % 3.96 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 7.20 % 7.19 % 7.19 % 6.11 % 6.06 % 5.96 % LKE Discount rate 4.56 % 4.25 % 5.18 % 4.49 % 4.06 % 4.91 % Rate of compensation increase 3.50 % 3.50 % 4.00 % 3.50 % 3.50 % 4.00 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 6.82 % 6.82 % 6.75 % LG&E Discount rate 4.49 % 4.20 % 5.13 % 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. The following table provides the assumed health care cost trend rates for the years ended December 31: 2016 2015 2014 PPL and LKE Health care cost trend rate assumed for next year – obligations 7.0 % 6.8 % 7.2 % – cost 6.8 % 7.2 % 7.6 % 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 2020 2020 – cost 2020 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 2016 : One Percentage Point Increase Decrease Effect on accumulated postretirement benefit obligation PPL $ 5 $ (5 ) LKE 4 (4 ) |
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 2016 2015 2016 2015 Change in Benefit Obligation Benefit Obligation, beginning of period $ 1,588 $ 1,608 $ 216 $ 234 Service cost 23 26 5 5 Interest cost 71 68 9 9 Participant contributions — — 7 7 Plan amendments (a) — 19 — — Actuarial (gain) loss 96 (74 ) 4 (22 ) Gross benefits paid (a) (109 ) (59 ) (21 ) (18 ) Federal subsidy — — — 1 Benefit Obligation, end of period 1,669 1,588 220 216 Change in Plan Assets Plan assets at fair value, beginning of period 1,289 1,301 88 82 Actual return on plan assets 69 (7 ) 4 — Employer contributions 66 54 20 17 Participant contributions — — 7 7 Gross benefits paid (109 ) (59 ) (21 ) (18 ) Plan assets at fair value, end of period 1,315 1,289 98 88 Funded Status, end of period $ (354 ) $ (299 ) $ (122 ) $ (128 ) Pension Benefits Other Postretirement Benefits 2016 2015 2016 2015 Amounts recognized in the Balance Sheets consist of: Noncurrent asset $ — $ — $ 2 $ 2 Current liability (4 ) (3 ) (3 ) (3 ) Noncurrent liability (350 ) (296 ) (121 ) (127 ) Net amount recognized, end of period $ (354 ) $ (299 ) $ (122 ) $ (128 ) Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: Prior service cost $ 45 $ 54 $ 6 $ 9 Net actuarial (gain) loss 436 338 (13 ) (19 ) Total $ 481 $ 392 $ (7 ) $ (10 ) Total accumulated benefit obligation for defined benefit pension plans $ 1,531 $ 1,452 (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, 2015 increased by $19 million as a result of the amendment. Gross benefits paid by the plans include $53 million of lump-sum cash payments made to participants during 2016 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 2016 2015 2016 2015 AOCI $ 111 $ 70 $ 8 $ 7 Regulatory assets/liabilities 370 322 (15 ) (17 ) Total $ 481 $ 392 $ (7 ) $ (10 ) |
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 2016 2015 Projected benefit obligation $ 1,669 $ 1,588 Fair value of plan assets 1,315 1,289 ABO in excess of plan assets 2016 2015 Accumulated benefit obligation $ 1,531 $ 1,452 Fair value of plan assets 1,315 1,289 |
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 2016 2016 (a) 2015 Target Asset Allocation (a) Growth Portfolio 52 % 51 % 50 % Equity securities 30 % 25 % Debt securities (b) 12 % 13 % Alternative investments 10 % 13 % Immunizing Portfolio 46 % 47 % 48 % Debt securities (b) 43 % 42 % Derivatives 3 % 5 % Liquidity Portfolio 2 % 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, 2016 December 31, 2015 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 $ 181 $ 181 $ — $ — $ 225 $ 225 $ — $ — Equity securities: U.S. Equity 152 152 — — 172 172 — — U.S. Equity fund measured at NAV (a) 272 — — — 197 — — — International equity fund at NAV (a) 551 — — — 454 — — — Commingled debt measured at NAV (a) 546 — — — 514 — — — Debt securities: U.S. Treasury and U.S. government sponsored agency 381 381 — — 501 492 9 — Corporate 850 — 837 13 747 — 737 10 Other 8 — 8 — 14 — 14 — Alternative investments: Commodities measured at NAV (a) — — — — 70 — — — Real estate measured at NAV (a) 102 — — — 118 — — — Private equity measured at NAV (a) 80 — — — 81 — — — Hedge funds measured at NAV (a) 167 — 171 — — — Derivatives: Interest rate swaps and swaptions 61 — 61 — 80 — 80 — Other 3 — 3 — 11 — 11 — Insurance contracts 27 — — 27 32 — — 32 PPL Services Corporation Master Trust assets, at fair value 3,381 $ 714 $ 909 $ 40 3,387 $ 889 $ 851 $ 42 Receivables and payables, net (b) (15 ) (49 ) 401(h) accounts restricted for other postretirement benefit obligations (123 ) (111 ) Total PPL Services Corporation Master Trust pension assets $ 3,243 $ 3,227 (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, 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 A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2015 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 21 $ 33 $ 54 Actual return on plan assets Relating to assets still held at the reporting date — 2 2 Relating to assets sold during the period (1 ) — (1 ) Purchases, sales and settlements (10 ) (3 ) (13 ) Balance at end of period $ 10 $ 32 $ 42 |
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, 2016 December 31, 2015 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 $ 5 $ 5 $ — $ — $ 6 $ 6 $ — $ — U.S. Equity securities: Large-cap equity fund measure at NAV (a) 123 — — — 129 — — — Commingled debt fund measured at NAV (a) 114 — — — 109 — — — Debt securities: Municipalities 12 — 12 — 23 — 23 — Total VEBA trust assets, at fair value 254 $ 5 $ 12 $ — 267 $ 6 $ 23 $ — Receivables and payables, net (b) 1 1 401(h) account assets 123 111 Total other postretirement benefit plan assets $ 378 $ 379 (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 2017 $ 105 $ 14 $ — 2018 108 14 — 2019 110 15 1 2020 111 16 — 2021 113 16 — 2022-2026 569 82 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 2016 2015 2014 Net periodic defined benefit costs (credits): Service cost $ 1 $ 1 $ 1 Interest cost 15 14 15 Expected return on plan assets (21 ) (20 ) (19 ) Amortization of: Prior service cost 4 3 2 Actuarial loss (a) 7 11 6 Net periodic defined benefit costs $ 6 $ 9 $ 5 Other Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets - Gross: Net loss $ 22 $ 8 $ 14 Prior service cost — 10 9 Amortization of: Prior service credit (4 ) (3 ) (2 ) Actuarial gain (7 ) (11 ) (6 ) Total recognized in regulatory assets/liabilities 11 4 15 Total recognized in net periodic defined benefit costs and regulatory assets $ 17 $ 13 $ 20 (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 $5 million |
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 2017 are as follows. Pension Benefits Prior service cost $ 4 Actuarial loss 9 Total $ 13 |
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, based on its participation in those plans, which management believes are reasonable: Pension Benefits Other Postretirement Benefits 2016 2015 2014 2016 2015 2014 LG&E Non-Union Only $ 4 $ 5 $ 2 $ 3 $ 4 $ 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 2016 2015 2016 2015 2016 2015 PPL Discount rate 4.21 % 4.59 % 2.87 % 3.68 % 4.11 % 4.48 % Rate of compensation increase 3.95 % 3.93 % 3.50 % 4.00 % 3.92 % 3.91 % LKE Discount rate 4.19 % 4.56 % 4.12 % 4.49 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 3.50 % LG&E Discount rate 4.13 % 4.49 % 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 2016 2015 2014 2016 2015 2014 2016 2015 2014 PPL Discount rate service cost (b) 4.59 % 4.25 % 5.12 % 3.90 % 3.85 % 4.41 % 4.48 % 4.09 % 4.91 % Discount rate interest cost (b) 4.59 % 4.25 % 5.12 % 3.14 % 3.85 % 4.41 % 4.48 % 4.09 % 4.91 % Rate of compensation increase 3.93 % 3.91 % 3.97 % 4.00 % 4.00 % 4.00 % 3.91 % 3.86 % 3.96 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 7.20 % 7.19 % 7.19 % 6.11 % 6.06 % 5.96 % LKE Discount rate 4.56 % 4.25 % 5.18 % 4.49 % 4.06 % 4.91 % Rate of compensation increase 3.50 % 3.50 % 4.00 % 3.50 % 3.50 % 4.00 % Expected return on plan assets (a) 7.00 % 7.00 % 7.00 % 6.82 % 6.82 % 6.75 % LG&E Discount rate 4.49 % 4.20 % 5.13 % 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 | The funded status of LG&E's plan at December 31, was as follows: Pension Benefits 2016 2015 Change in Benefit Obligation Benefit Obligation, beginning of period $ 326 $ 331 Service cost 1 1 Interest cost 15 14 Plan amendments (a) — 10 Actuarial (gain) loss 15 (15 ) Gross benefits paid (b) (28 ) (15 ) Benefit Obligation, end of period 329 326 Change in Plan Assets Plan assets at fair value, beginning of period 297 301 Actual return on plan assets 14 (2 ) Employer contributions 35 13 Gross benefits paid (28 ) (15 ) Plan assets at fair value, end of period 318 297 Funded Status, end of period $ (11 ) $ (29 ) Amounts recognized in the Balance Sheets consist of: Noncurrent liability $ (11 ) $ (29 ) Net amount recognized, end of period $ (11 ) $ (29 ) Amounts recognized in regulatory assets (pre-tax) consist of: Prior service cost $ 25 $ 29 Net actuarial loss 110 95 Total $ 135 $ 124 Total accumulated benefit obligation for defined benefit pension plan $ 329 $ 326 (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. (b) 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. Gross benefits paid by the plan include $14 million of lump-sum cash payments made to the participants during 2016 in connection with this offering. Allocations to LG&E resulted in liabilities at December 31 as follows: 2016 2015 Pension $ 42 $ 26 Other postretirement benefits 76 77 |
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 2016 2016 (a) 2015 Target Asset Allocation (a) Growth Portfolio 52 % 51 % 50 % Equity securities 30 % 25 % Debt securities (b) 12 % 13 % Alternative investments 10 % 13 % Immunizing Portfolio 46 % 47 % 48 % Debt securities (b) 43 % 42 % Derivatives 3 % 5 % Liquidity Portfolio 2 % 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, 2016 December 31, 2015 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 $ 181 $ 181 $ — $ — $ 225 $ 225 $ — $ — Equity securities: U.S. Equity 152 152 — — 172 172 — — U.S. Equity fund measured at NAV (a) 272 — — — 197 — — — International equity fund at NAV (a) 551 — — — 454 — — — Commingled debt measured at NAV (a) 546 — — — 514 — — — Debt securities: U.S. Treasury and U.S. government sponsored agency 381 381 — — 501 492 9 — Corporate 850 — 837 13 747 — 737 10 Other 8 — 8 — 14 — 14 — Alternative investments: Commodities measured at NAV (a) — — — — 70 — — — Real estate measured at NAV (a) 102 — — — 118 — — — Private equity measured at NAV (a) 80 — — — 81 — — — Hedge funds measured at NAV (a) 167 — 171 — — — Derivatives: Interest rate swaps and swaptions 61 — 61 — 80 — 80 — Other 3 — 3 — 11 — 11 — Insurance contracts 27 — — 27 32 — — 32 PPL Services Corporation Master Trust assets, at fair value 3,381 $ 714 $ 909 $ 40 3,387 $ 889 $ 851 $ 42 Receivables and payables, net (b) (15 ) (49 ) 401(h) accounts restricted for other postretirement benefit obligations (123 ) (111 ) Total PPL Services Corporation Master Trust pension assets $ 3,243 $ 3,227 (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, 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 A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2015 is as follows: Corporate debt Insurance contracts Total Balance at beginning of period $ 21 $ 33 $ 54 Actual return on plan assets Relating to assets still held at the reporting date — 2 2 Relating to assets sold during the period (1 ) — (1 ) Purchases, sales and settlements (10 ) (3 ) (13 ) Balance at end of period $ 10 $ 32 $ 42 |
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 2017 $ 25 2018 25 2019 25 2020 25 2021 24 2022-2026 110 |
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. 2016 2015 Pension $ 62 $ 46 Other postretirement benefits 40 42 |
Jointly Owned Utility Facilitie
Jointly Owned Utility Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Utility Facilities | At December 31, 2016 and 2015 , 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, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 December 31, 2015 Generating Plants Trimble County Unit 1 75.00 % $ 399 $ 44 $ 6 Trimble County Unit 2 75.00 % 1,013 141 27 LG&E 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 12 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 47 10 1 Trimble County Unit 1 75.00 % 399 44 6 Trimble County Unit 2 14.25 % 210 28 12 Trimble County Units 5-6 29.00 % 29 6 — Trimble County Units 7-10 37.00 % 71 14 — Cane Run Unit 7 22.00 % 115 1 1 E.W. Brown Solar Unit 39.00 % — — 4 Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 19 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 43 9 1 Trimble County Unit 2 60.75 % 803 113 15 Trimble County Units 5-6 71.00 % 70 15 — Trimble County Units 7-10 63.00 % 121 23 — Cane Run Unit 7 78.00 % 411 6 5 E.W. Brown Solar Unit 61.00 % — — 6 |
LG And E And KU Energy LLC [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Utility Facilities | At December 31, 2016 and 2015 , 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, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 December 31, 2015 Generating Plants Trimble County Unit 1 75.00 % $ 399 $ 44 $ 6 Trimble County Unit 2 75.00 % 1,013 141 27 LG&E 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 12 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 47 10 1 Trimble County Unit 1 75.00 % 399 44 6 Trimble County Unit 2 14.25 % 210 28 12 Trimble County Units 5-6 29.00 % 29 6 — Trimble County Units 7-10 37.00 % 71 14 — Cane Run Unit 7 22.00 % 115 1 1 E.W. Brown Solar Unit 39.00 % — — 4 Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 19 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 43 9 1 Trimble County Unit 2 60.75 % 803 113 15 Trimble County Units 5-6 71.00 % 70 15 — Trimble County Units 7-10 63.00 % 121 23 — Cane Run Unit 7 78.00 % 411 6 5 E.W. Brown Solar Unit 61.00 % — — 6 |
Louisville Gas And Electric Co [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Utility Facilities | At December 31, 2016 and 2015 , 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, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 December 31, 2015 Generating Plants Trimble County Unit 1 75.00 % $ 399 $ 44 $ 6 Trimble County Unit 2 75.00 % 1,013 141 27 LG&E 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 12 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 47 10 1 Trimble County Unit 1 75.00 % 399 44 6 Trimble County Unit 2 14.25 % 210 28 12 Trimble County Units 5-6 29.00 % 29 6 — Trimble County Units 7-10 37.00 % 71 14 — Cane Run Unit 7 22.00 % 115 1 1 E.W. Brown Solar Unit 39.00 % — — 4 Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 19 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 43 9 1 Trimble County Unit 2 60.75 % 803 113 15 Trimble County Units 5-6 71.00 % 70 15 — Trimble County Units 7-10 63.00 % 121 23 — Cane Run Unit 7 78.00 % 411 6 5 E.W. Brown Solar Unit 61.00 % — — 6 |
Kentucky Utilities Co [Member] | |
Jointly Owned Facilities [Line Items] | |
Jointly Owned Utility Facilities | At December 31, 2016 and 2015 , 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, 2016 Generating Plants Trimble County Unit 1 75.00 % $ 407 $ 55 $ 1 Trimble County Unit 2 75.00 % 1,026 161 83 December 31, 2015 Generating Plants Trimble County Unit 1 75.00 % $ 399 $ 44 $ 6 Trimble County Unit 2 75.00 % 1,013 141 27 LG&E 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 38.00 % $ 40 $ 12 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 53.00 % 47 10 1 Trimble County Unit 1 75.00 % 399 44 6 Trimble County Unit 2 14.25 % 210 28 12 Trimble County Units 5-6 29.00 % 29 6 — Trimble County Units 7-10 37.00 % 71 14 — Cane Run Unit 7 22.00 % 115 1 1 E.W. Brown Solar Unit 39.00 % — — 4 Ownership Interest Electric Plant Accumulated Depreciation Construction Work in Progress KU 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 — — December 31, 2015 Generating Plants E.W. Brown Units 6-7 62.00 % $ 65 $ 19 $ — Paddy's Run Unit 13 & E.W. Brown Unit 5 47.00 % 43 9 1 Trimble County Unit 2 60.75 % 803 113 15 Trimble County Units 5-6 71.00 % 70 15 — Trimble County Units 7-10 63.00 % 121 23 — Cane Run Unit 7 78.00 % 411 6 5 E.W. Brown Solar Unit 61.00 % — — 6 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, as well as contractually required reimbursement of plant operating, maintenance and other expenses are projected as follows: LG&E KU Total 2017 $ 20 $ 9 $ 29 2018 20 9 29 2019 19 9 28 2020 20 9 29 2021 20 9 29 Thereafter 389 172 561 Total $ 488 $ 217 $ 705 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2016 2015 2014 LG&E $ 16 $ 15 $ 17 KU 7 7 8 Total $ 23 $ 22 $ 25 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 2017 Coal 2022 Coal Transportation and Fleeting Services 2024 Natural Gas Storage 2024 Natural Gas Transportation 2026 |
Labor Agreement Negotiations | At December 31, 2016 , the expiring labor agreements covered the following. Number of Union Employees Percentage of Total Workforce PPL 2,173 17 % PPL Electric 1,150 63 % LKE 819 23 % LG&E 696 68 % KU 123 13 % |
Guarantees | The table below details guarantees provided as of December 31, 2016 . Exposure at Expiration Date PPL Indemnifications related to the WPD Midlands acquisition (a) WPD indemnifications for entities in liquidation and sales of assets $ 10 (b) 2019 WPD guarantee of pension and other obligations of unconsolidated entities 104 (c) PPL Electric Guarantee of inventory value 14 (d) 2018 LKE Indemnification of lease termination and other divestitures 301 (e) 2021 - 2023 LG&E and KU LG&E and KU guarantee of shortfall related to OVEC (f) (a) Indemnifications related to certain liabilities, including a specific unresolved tax issue and those relating to properties and assets owned by the seller that were transferred to WPD Midlands in connection with the acquisition. A cross indemnity has been received from the seller on the tax issue. The maximum exposure and expiration of these indemnifications cannot be estimated because the maximum potential liability is not capped and the expiration date is not specified in the transaction documents. (b) Indemnification to the liquidators and certain others for existing liabilities or expenses or liabilities arising during the liquidation process. The indemnifications are limited to distributions made from the subsidiary to its parent either prior or subsequent to liquidation or are not explicitly stated in the agreements. The indemnifications generally expire two to seven years subsequent to the date of dissolution of the entities. The exposure noted only includes those cases where the agreements provide for specific limits. In connection with their sales of various businesses, WPD and its affiliates have provided the purchasers with indemnifications that are standard for such transactions, including indemnifications for certain pre-existing liabilities and environmental and tax matters or have agreed to continue their obligations under existing third-party guarantees, either for a set period of time following the transactions or upon the condition that the purchasers make reasonable efforts to terminate the guarantees. Additionally, WPD and its affiliates remain secondarily responsible for lease payments under certain leases that they have assigned to third parties. (c) Relates to certain obligations of discontinued or modified electric associations that were guaranteed at the time of privatization by the participating members. Costs are allocated to the members and can be reallocated if an existing member becomes insolvent. At December 31, 2016 , WPD has recorded an estimated discounted liability for which the expected payment/performance is probable. Neither the expiration date nor the maximum amount of potential payments for certain obligations is explicitly stated in the related agreements, and as a result, the exposure has been estimated. (d) A third party logistics firm provides inventory procurement and fulfillment services. The logistics firm has title to the inventory, however, upon termination of the contracts, PPL Electric has guaranteed to purchase any remaining inventory that has not been used or sold. (e) LKE provides certain indemnifications covering the due and punctual payment, performance and discharge by each party of its respective obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under a 2009 Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a maximum exposure of $200 million , exclusive of certain items such as government fines and penalties that may exceed the maximum. Another WKE-related LKE guarantee covers other indemnifications related to the purchase price of excess power, has a term expiring in 2023, and a maximum exposure of $100 million . In May 2012, LKE's indemnitee received an unfavorable arbitration panel's decision interpreting this matter. In October 2014, LKE's indemnitee filed a motion for discretionary review with the Kentucky Supreme Court seeking to overturn the arbitration decision, and such motion was denied by the court in September 2015. In September 2015, the counterparty issued a demand letter to LKE's indemnitee. In February 2016, the counterparty filed a complaint in Henderson, Kentucky Circuit Court, seeking an award of damages in the matter. The proceeding is currently in the discovery phase. LKE does not believe appropriate contractual, legal or commercial grounds exist for the claim made. LKE believes its indemnification obligations in the WKE matter remain subject to various uncertainties, including additional legal and contractual developments, as well as future prices, availability and demand for the subject excess power. Although the parties have also conducted certain settlement discussions, the ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of the various indemnification scenarios, but does not expect such outcomes to result in significant losses above the amounts recorded. (f) Pursuant to the OVEC power purchase contract, LG&E and KU are obligated to pay for their share of OVEC's excess debt service, post-retirement and decommissioning costs, as well as any shortfall from amounts included within a demand charge designed and expected to cover these costs over the term of the contract. LKE's proportionate share of OVEC's outstanding debt was $123 million at December 31, 2016 , consisting of LG&E's share of $85 million and KU's share of $38 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, 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 2017 Coal 2022 Coal Transportation and Fleeting Services 2024 Natural Gas Storage 2024 Natural Gas Transportation 2026 Future obligations for power purchases from OVEC are unconditional demand payments, comprised of debt service payments, as well as contractually required reimbursement of plant operating, maintenance and other expenses are projected as follows: LG&E KU Total 2017 $ 20 $ 9 $ 29 2018 20 9 29 2019 19 9 28 2020 20 9 29 2021 20 9 29 Thereafter 389 172 561 Total $ 488 $ 217 $ 705 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2016 2015 2014 LG&E $ 16 $ 15 $ 17 KU 7 7 8 Total $ 23 $ 22 $ 25 |
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, as well as contractually required reimbursement of plant operating, maintenance and other expenses are projected as follows: LG&E KU Total 2017 $ 20 $ 9 $ 29 2018 20 9 29 2019 19 9 28 2020 20 9 29 2021 20 9 29 Thereafter 389 172 561 Total $ 488 $ 217 $ 705 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2016 2015 2014 LG&E $ 16 $ 15 $ 17 KU 7 7 8 Total $ 23 $ 22 $ 25 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 2017 Coal 2022 Coal Transportation and Fleeting Services 2024 Natural Gas Storage 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 2017 Coal 2022 Coal Transportation and Fleeting Services 2024 Natural Gas Storage 2024 Natural Gas Transportation 2026 Future obligations for power purchases from OVEC are unconditional demand payments, comprised of debt service payments, as well as contractually required reimbursement of plant operating, maintenance and other expenses are projected as follows: LG&E KU Total 2017 $ 20 $ 9 $ 29 2018 20 9 29 2019 19 9 28 2020 20 9 29 2021 20 9 29 Thereafter 389 172 561 Total $ 488 $ 217 $ 705 LG&E and KU had total energy purchases under the OVEC power purchase agreement for the years ended December 31 as follows: 2016 2015 2014 LG&E $ 16 $ 15 $ 17 KU 7 7 8 Total $ 23 $ 22 $ 25 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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. 2016 2015 2014 PPL Electric from PPL Services $ 132 $ 125 $ 151 LKE from PPL Services 18 16 15 PPL Electric from PPL EU Services 69 60 — LG&E from LKS 178 155 140 KU from LKS 194 185 165 |
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. 2016 2015 2014 PPL Electric from PPL Services $ 132 $ 125 $ 151 LKE from PPL Services 18 16 15 PPL Electric from PPL EU Services 69 60 — LG&E from LKS 178 155 140 KU from LKS 194 185 165 |
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. 2016 2015 2014 PPL Electric from PPL Services $ 132 $ 125 $ 151 LKE from PPL Services 18 16 15 PPL Electric from PPL EU Services 69 60 — LG&E from LKS 178 155 140 KU from LKS 194 185 165 |
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. 2016 2015 2014 PPL Electric from PPL Services $ 132 $ 125 $ 151 LKE from PPL Services 18 16 15 PPL Electric from PPL EU Services 69 60 — LG&E from LKS 178 155 140 KU from LKS 194 185 165 |
Other Income (Expense) - net (T
Other Income (Expense) - net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income (Expense) Net [Line Items] | |
Other Income (Expense) - net | The breakdown of "Other Income (Expense) - net" for the years ended December 31, was: 2016 2015 2014 Other Income Economic foreign currency exchange contracts (Note 17) $ 384 $ 122 $ 121 Interest income 3 4 1 AFUDC - equity component 19 14 11 Miscellaneous 6 6 7 Total Other Income 412 146 140 Other Expense Charitable contributions 9 21 27 Miscellaneous 13 17 8 Total Other Expense 22 38 35 Other Income (Expense) - net $ 390 $ 108 $ 105 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PPL Assets Cash and cash equivalents $ 341 $ 341 $ — $ — $ 836 $ 836 $ — $ — Restricted cash and cash equivalents (a) 26 26 — — 33 33 — — Price risk management assets (b): Foreign currency contracts 211 — 211 — 209 — 209 — Cross-currency swaps 188 — 188 — 86 — 86 — Total price risk management assets 399 — 399 — 295 — 295 — Auction rate securities (c) — — — — 2 — — 2 Total assets $ 766 $ 367 $ 399 $ — $ 1,166 $ 869 $ 295 $ 2 December 31, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Price risk management liabilities (b): Interest rate swaps $ 31 $ — $ 31 $ — $ 71 $ — $ 71 $ — Foreign currency contracts 27 — 27 — 1 — 1 — Total price risk management liabilities $ 58 $ — $ 58 $ — $ 72 $ — $ 72 $ — PPL Electric Assets Cash and cash equivalents $ 13 $ 13 $ — $ — $ 47 $ 47 $ — $ — Restricted cash and cash equivalents (a) 2 2 — — 2 2 — — Total assets $ 15 $ 15 $ — $ — $ 49 $ 49 $ — $ — LKE Assets Cash and cash equivalents $ 13 $ 13 $ — $ — $ 30 $ 30 $ — $ — Cash collateral posted to counterparties (d) 3 3 — — 9 9 — — Total assets $ 16 $ 16 $ — $ — $ 39 $ 39 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 31 $ — $ 31 $ — $ 47 $ — $ 47 $ — Total price risk management liabilities $ 31 $ — $ 31 $ — $ 47 $ — $ 47 $ — LG&E Assets Cash and cash equivalents $ 5 $ 5 $ — $ — $ 19 $ 19 $ — $ — Cash collateral posted to counterparties (d) 3 3 — — 9 9 — — Total assets $ 8 $ 8 $ — $ — $ 28 $ 28 $ — $ — Liabilities Price risk management liabilities: Interest rate swaps $ 31 $ — $ 31 $ — $ 47 $ — $ 47 $ — Total price risk management liabilities $ 31 $ — $ 31 $ — $ 47 $ — $ 47 $ — KU Assets Cash and cash equivalents $ 7 $ 7 $ — $ — $ 11 $ 11 $ — $ — Total assets $ 7 $ 7 $ — $ — $ 11 $ 11 $ — $ — (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 current assets" on the Balance Sheets. (d) Included in "Other noncurrent assets" on the Balance Sheets. Represents cash collateral posted to offset the exposure with counterparties related to certain interest rate swaps under master netting arrangements that are not offset. |
Fair Value 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, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value PPL $ 18,326 $ 21,355 $ 19,048 $ 21,218 PPL Electric 2,831 3,148 2,828 3,088 LKE 5,065 5,439 5,088 5,384 LG&E 1,617 1,710 1,642 1,704 KU 2,327 2,514 2,326 2,467 |
Derivative Instruments and He51
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 December 31, 2015 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 $ — $ 24 $ — $ 5 Cross-currency swaps (b) 32 — — — 35 — — — Foreign currency contracts — — 31 21 10 — 94 1 Total current 32 — 31 25 45 24 94 6 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps (b) — — — 27 — — — 42 Cross-currency swaps (b) 156 — — — 51 — — — Foreign currency contracts — — 180 6 — — 105 — Total noncurrent 156 — 180 33 51 — 105 42 Total derivatives $ 188 $ — $ 211 $ 58 $ 96 $ 24 $ 199 $ 48 (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) 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 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 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) 2014 Cash Flow Hedges: Interest rate swaps $ (91 ) Interest Expense $ (18 ) $ 2 Cross-currency swaps 58 Other Income (Expense) - net 57 — Interest Expense 4 — Commodity contracts Discontinued operations 42 — Total $ (33 ) $ 85 $ 2 Net Investment Hedges: Foreign currency contracts $ 23 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2016 2015 2014 Foreign currency contracts Other Income (Expense) - net $ 384 $ 122 $ 121 Interest rate swaps Interest Expense (7 ) (8 ) (8 ) Total $ 377 $ 114 $ 113 Derivatives Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ — $ (22 ) $ (66 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ 7 $ 1 $ (12 ) |
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, 2016 Treasury Derivatives PPL $ 399 $ 27 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2015 Treasury Derivatives PPL $ 295 $ 25 $ — $ 270 $ 72 $ 25 $ 9 $ 38 LKE — — — — 47 — 9 38 LG&E — — — — 47 — 9 38 |
Credit Risk-Related Contingent Features | At December 31, 2016 , 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 $ 13 $ 13 $ 13 Aggregate fair value of collateral posted on these derivative instruments 3 3 3 Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 10 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, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities (a): Interest rate swaps $ — $ 4 $ — $ 5 Total current — 4 — 5 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps — 27 — 42 Total noncurrent — 27 — 42 Total derivatives $ — $ 31 $ — $ 47 (a) Represents the location on the Balance Sheets. |
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) 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ — $ (22 ) $ (66 ) 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) 2016 2015 2014 Interest rate swaps Interest Expense $ (7 ) $ (8 ) $ (8 ) Derivative Instruments Location of Gain (Loss) 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ 7 $ 1 $ (12 ) |
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, 2016 Treasury Derivatives PPL $ 399 $ 27 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2015 Treasury Derivatives PPL $ 295 $ 25 $ — $ 270 $ 72 $ 25 $ 9 $ 38 LKE — — — — 47 — 9 38 LG&E — — — — 47 — 9 38 |
Credit Risk-Related Contingent Features | At December 31, 2016 , 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 $ 13 $ 13 $ 13 Aggregate fair value of collateral posted on these derivative instruments 3 3 3 Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 10 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, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Current: Price Risk Management Assets/Liabilities (a): Interest rate swaps $ — $ 4 $ — $ 5 Total current — 4 — 5 Noncurrent: Price Risk Management Assets/Liabilities (a): Interest rate swaps — 27 — 42 Total noncurrent — 27 — 42 Total derivatives $ — $ 31 $ — $ 47 (a) Represents the location on the Balance Sheets. |
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) 2016 2015 2014 Interest rate swaps Interest Expense $ (7 ) $ (8 ) $ (8 ) Derivative Instruments Location of Gain (Loss) 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ 7 $ 1 $ (12 ) 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) 2016 2015 2014 Interest rate swaps Regulatory asset - noncurrent $ — $ (11 ) $ (33 ) |
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, 2016 Treasury Derivatives PPL $ 399 $ 27 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2015 Treasury Derivatives PPL $ 295 $ 25 $ — $ 270 $ 72 $ 25 $ 9 $ 38 LKE — — — — 47 — 9 38 LG&E — — — — 47 — 9 38 |
Credit Risk-Related Contingent Features | At December 31, 2016 , 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 $ 13 $ 13 $ 13 Aggregate fair value of collateral posted on these derivative instruments 3 3 3 Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade (a) 10 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) 2016 2015 2014 Interest rate swaps Regulatory assets - noncurrent $ — $ (11 ) $ (33 ) |
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, 2016 Treasury Derivatives PPL $ 399 $ 27 19 $ 353 $ 58 $ 27 $ 3 $ 28 LKE — — — — 31 — 3 28 LG&E — — — — 31 — 3 28 Assets Liabilities Eligible for Offset Eligible for Offset Gross Derivative Instruments Cash Collateral Received Net Gross Derivative Instruments Cash Collateral Pledged Net December 31, 2015 Treasury Derivatives PPL $ 295 $ 25 $ — $ 270 $ 72 $ 25 $ 9 $ 38 LKE — — — — 47 — 9 38 LG&E — — — — 47 — 9 38 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 2016 2015 2016 2015 Balance at beginning of period (a) $ 2,888 $ 3,005 $ 662 $ 662 $ 3,550 $ 3,667 Effect of foreign currency exchange rates (490 ) (117 ) (490 ) (117 ) Balance at end of period (a) $ 2,398 $ 2,888 $ 662 $ 662 $ 3,060 $ 3,550 (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, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Contracts (a) $ 405 $ 325 $ 407 $ 300 Land and transmission rights 362 115 337 111 Emission allowances/RECs (b) 2 — 5 — Licenses and other 6 2 10 5 Total subject to amortization 775 442 759 416 Not subject to amortization due to indefinite life: Land and transmission rights 19 — 33 — Easements (c) 348 — 303 — Total not subject to amortization due to indefinite life 367 — 336 — Total $ 1,142 $ 442 $ 1,095 $ 416 (a) Gross carrying amount includes the fair value at the acquisition date of the OVEC power purchase contract and coal contracts with terms favorable to market recognized as a result of the 2010 acquisition of LKE by PPL. 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. (c) The increase during 2016 was primarily from increases at WPD. |
Amortization Expense, Excluding Consumption of Emission Allowances / Renewable Energy Credits | Amortization Expense was as follows: 2016 2015 2014 Intangible assets with no regulatory offset $ 6 $ 6 $ 6 Intangible assets with regulatory offset 24 51 47 Total $ 30 $ 57 $ 53 |
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: 2017 2018 2019 2020 2021 Intangible assets with no regulatory offset $ 6 $ 6 $ 6 $ 6 $ 6 Intangible assets with regulatory offset 9 9 9 8 8 Total $ 15 $ 15 $ 15 $ 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, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Land and transmission rights $ 341 $ 112 $ 316 $ 108 Licenses and other 3 1 4 1 Total subject to amortization 344 113 320 109 Not subject to amortization due to indefinite life: Land and transmission rights 20 — 33 — Total $ 364 $ 113 $ 353 $ 109 |
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, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ 269 $ 269 $ 269 $ 252 Land and transmission rights 21 3 21 2 Emission allowances (b) — — 3 — OVEC power purchase agreement (c) 126 49 126 42 Total subject to amortization $ 416 $ 321 $ 419 $ 296 (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 assets, eliminating any income statement impact. See Note 6 for additional information. (b) Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. (c) 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: 2016 2015 2014 Intangible assets with no regulatory offset $ 1 $ — $ — Intangible assets with regulatory offset 24 51 47 Total $ 25 $ 51 $ 47 |
Future Amortization Expense | Amortization expense for each of the next five years is estimated to be: 2017 2018 2019 2020 2021 Intangible assets with regulatory offset $ 9 $ 9 $ 9 $ 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, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ 124 $ 124 $ 124 $ 116 Land and transmission rights 7 1 7 1 Emission allowances (b) — — 1 — OVEC power purchase agreement (c) 87 34 87 29 Total subject to amortization $ 218 $ 159 $ 219 $ 146 (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 assets, eliminating any income statement impact. See Note 6 for additional information. (b) Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. (c) 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: 2016 2015 2014 Intangible assets with regulatory offset $ 13 $ 24 $ 23 |
Future Amortization Expense | Amortization expense for each of the next five years is estimated to be: 2017 2018 2019 2020 2021 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, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Subject to amortization: Coal contracts (a) $ 145 $ 145 $ 145 $ 136 Land and transmission rights 14 2 14 1 Emission allowances (b) — — 2 — OVEC power purchase agreement (c) 39 15 39 13 Total subject to amortization $ 198 $ 162 $ 200 $ 150 (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 assets, eliminating any income statement impact. See Note 6 for additional information. (b) Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. (c) 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: 2016 2015 2014 Intangible assets with no regulatory offset $ 1 $ — $ — Intangible assets with regulatory offset 11 27 24 Total $ 12 $ 27 $ 24 |
Future Amortization Expense | Amortization expense for each of the next five years is estimated to be: 2017 2018 2019 2020 2021 Intangible assets with regulatory offset $ 3 $ 3 $ 3 $ 2 $ 2 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 2016 2015 2016 2015 2016 2015 ARO at beginning of period $ 586 $ 336 $ 535 $ 285 $ 175 $ 74 $ 360 $ 211 Accretion 24 19 22 18 7 5 15 13 Obligations incurred — 5 — 5 — 3 — 2 Changes in estimated timing or cost (84 ) 235 (95 ) 234 (19 ) 98 (76 ) 136 Effect of foreign currency exchange rates (9 ) (2 ) — — — — — — Obligations settled (29 ) (7 ) (29 ) (7 ) (18 ) (5 ) (11 ) (2 ) ARO at end of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 |
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 2016 2015 2016 2015 2016 2015 2016 2015 ARO at beginning of period $ 586 $ 336 $ 535 $ 285 $ 175 $ 74 $ 360 $ 211 Accretion 24 19 22 18 7 5 15 13 Obligations incurred — 5 — 5 — 3 — 2 Changes in estimated timing or cost (84 ) 235 (95 ) 234 (19 ) 98 (76 ) 136 Effect of foreign currency exchange rates (9 ) (2 ) — — — — — — Obligations settled (29 ) (7 ) (29 ) (7 ) (18 ) (5 ) (11 ) (2 ) ARO at end of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 |
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 2016 2015 2016 2015 2016 2015 2016 2015 ARO at beginning of period $ 586 $ 336 $ 535 $ 285 $ 175 $ 74 $ 360 $ 211 Accretion 24 19 22 18 7 5 15 13 Obligations incurred — 5 — 5 — 3 — 2 Changes in estimated timing or cost (84 ) 235 (95 ) 234 (19 ) 98 (76 ) 136 Effect of foreign currency exchange rates (9 ) (2 ) — — — — — — Obligations settled (29 ) (7 ) (29 ) (7 ) (18 ) (5 ) (11 ) (2 ) ARO at end of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 |
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 2016 2015 2016 2015 2016 2015 2016 2015 ARO at beginning of period $ 586 $ 336 $ 535 $ 285 $ 175 $ 74 $ 360 $ 211 Accretion 24 19 22 18 7 5 15 13 Obligations incurred — 5 — 5 — 3 — 2 Changes in estimated timing or cost (84 ) 235 (95 ) 234 (19 ) 98 (76 ) 136 Effect of foreign currency exchange rates (9 ) (2 ) — — — — — — Obligations settled (29 ) (7 ) (29 ) (7 ) (18 ) (5 ) (11 ) (2 ) ARO at end of period $ 488 $ 586 $ 433 $ 535 $ 145 $ 175 $ 288 $ 360 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2013 $ (11 ) $ 172 $ 94 $ 1 $ (6 ) $ (1,815 ) $ (1,565 ) Amounts arising during the year (275 ) 35 (10 ) — 5 (509 ) (754 ) Reclassifications from AOCI — (6 ) (64 ) — 4 111 45 Net OCI during the year (275 ) 29 (74 ) — 9 (398 ) (709 ) 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 ) LKE December 31, 2013 $ 1 $ (2 ) $ 14 $ 13 Amounts arising during the year — (7 ) (50 ) (57 ) Reclassifications from AOCI (1 ) 1 (1 ) (1 ) Net OCI during the year (1 ) (6 ) (51 ) (58 ) 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 ) |
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, 2016 and 2015 . PPL Details about AOCI 2016 2015 Affected Line Item on the Statements of Income 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 (7 ) (11 ) Interest Expense — (77 ) Discontinued operations Cross-currency swaps 116 49 Other Income (Expense) - net 3 2 Interest Expense Commodity contracts — 20 Discontinued operations Total Pre-tax 112 (17 ) Income Taxes (21 ) 15 Total After-tax 91 (2 ) Equity Investees' AOCI 1 1 Other Income (Expense) - net Total Pre-tax 1 1 Income Taxes — — Total After-tax 1 1 Defined benefit plans Prior service costs (2 ) — Net actuarial loss (156 ) (192 ) Total Pre-tax (158 ) (192 ) Income Taxes 36 46 Total After-tax (122 ) (146 ) Total reclassifications during the year $ (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, 2013 $ (11 ) $ 172 $ 94 $ 1 $ (6 ) $ (1,815 ) $ (1,565 ) Amounts arising during the year (275 ) 35 (10 ) — 5 (509 ) (754 ) Reclassifications from AOCI — (6 ) (64 ) — 4 111 45 Net OCI during the year (275 ) 29 (74 ) — 9 (398 ) (709 ) 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 ) LKE December 31, 2013 $ 1 $ (2 ) $ 14 $ 13 Amounts arising during the year — (7 ) (50 ) (57 ) Reclassifications from AOCI (1 ) 1 (1 ) (1 ) Net OCI during the year (1 ) (6 ) (51 ) (58 ) 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 ) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 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: (c) 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 (d) 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 2015 Operating revenues $ 2,230 $ 1,781 $ 1,878 $ 1,780 Operating income 890 638 686 617 Income from continuing operations after income taxes 552 250 396 405 Income (loss) from discontinued operations (net of income taxes) (d)(e) 95 (1,007 ) (3 ) (6 ) Net income (b) 647 (757 ) 393 399 Income from continuing operations after income taxes available to PPL common shareowners: (c) Basic EPS 0.83 0.37 0.59 0.60 Diluted EPS 0.82 0.37 0.59 0.60 Net income (loss) available to PPL common shareowners: (c) Basic EPS 0.97 (1.13 ) 0.58 0.59 Diluted EPS 0.96 (1.13 ) 0.58 0.59 Dividends declared per share of common stock (d) 0.3725 0.3725 0.3775 0.3775 Price per common share: High $ 36.38 $ 34.85 $ 33.58 $ 34.75 Low 31.40 29.45 29.41 32.60 (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 second quarter of 2015 includes a loss of $879 million from the spinoff of PPL Energy Supply. See Note 8 to the Financial Statements for additional information. (c) 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. (d) 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. (e) In the second quarter of 2015, PPL completed the spinoff of PPL Energy Supply substantially representing PPL's Supply segment. Accordingly, the previously reported operating results for PPL's Supply segment have been reclassified as discontinued operations. See Note 8 to the Financial Statements for additional information. |
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 2016 Operating revenues $ 585 $ 495 $ 539 $ 537 Operating income 180 154 176 154 Net income 94 79 90 77 2015 Operating revenues $ 630 $ 476 $ 519 $ 499 Operating income 175 116 121 126 Net income 87 49 55 61 (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, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)Integer$ / sharesMW | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Income Taxes | $ 648 | $ 465 | $ 692 | |||||||||||||||||
Utility Revenue (Details) [Abstract] | ||||||||||||||||||||
Domestic electric and gas revenue | [1] | 5,297 | 5,239 | 5,209 | ||||||||||||||||
U.K. operating revenues | [2] | 2,207 | 2,410 | 2,621 | ||||||||||||||||
Domestic - other | 13 | 20 | 22 | |||||||||||||||||
Operating Revenues | $ 1,832 | [3] | $ 1,889 | [3] | $ 1,785 | [3] | $ 2,011 | [3] | $ 1,780 | [3] | $ 1,878 | [3] | $ 1,781 | [3] | $ 2,230 | [3] | 7,517 | 7,669 | 7,852 | |
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | ||||||||||||||||||||
Restricted cash and cash equivalents | 26 | 33 | 26 | 33 | ||||||||||||||||
Property, Plant and Equipment (Numeric) [Abstract] | ||||||||||||||||||||
Interest costs, capitalized during the period | $ 11 | 11 | $ 16 | |||||||||||||||||
Defined Benefits [Abstract] | ||||||||||||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | |||||||||||||||||||
The expected average remaining service of active plan participants | 50.00% | |||||||||||||||||||
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 | $ 356 | $ 357 | $ 356 | $ 357 | ||||||||||||||||
Balance Sheet Classification of Deferred Taxes [Abstract] | ||||||||||||||||||||
Basic (in dollars per share) | $ / shares | $ 0.68 | [3],[4] | $ 0.70 | [3],[4] | $ 0.71 | [3],[4] | $ 0.71 | [3],[4] | $ 0.59 | [3],[4] | $ 0.58 | [3],[4] | $ (1.13) | [3],[4] | $ 0.97 | [3],[4] | $ 2.80 | $ 1.01 | $ 2.64 | |
New Accounting Pronouncement Early Adoption [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Income Taxes | $ 10 | |||||||||||||||||||
Balance Sheet Classification of Deferred Taxes [Abstract] | ||||||||||||||||||||
Basic (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
Cumulative Effect Initial Adoption Of New Accounting Principle | $ 7 | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Amortization Period | 10 years | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Amortization Period | 25 years | |||||||||||||||||||
Fuel [Member] | ||||||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | $ 158 | $ 168 | $ 158 | $ 168 | ||||||||||||||||
Natural Gas Stored Underground [Member] | ||||||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | [5] | 42 | 42 | 42 | 42 | |||||||||||||||
Material And Supplies [Member] | ||||||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | 156 | 147 | $ 156 | $ 147 | ||||||||||||||||
Regulated Operations [Member] | Utility Plant [Member] | ||||||||||||||||||||
Depreciation (Details) [Abstract] | ||||||||||||||||||||
Weighted-average rates | 2.73% | 2.57% | 2.92% | |||||||||||||||||
Low Carbon Network Fund [Member] | ||||||||||||||||||||
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | ||||||||||||||||||||
Restricted cash and cash equivalents | [6] | 17 | 22 | $ 17 | $ 22 | |||||||||||||||
Other Restricted Cash [Member] | ||||||||||||||||||||
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | ||||||||||||||||||||
Restricted cash and cash equivalents | 9 | 11 | 9 | 11 | ||||||||||||||||
Allowance For Doubtful Accounts [Member] | ||||||||||||||||||||
Allowance for Doubtful Accounts (Details) [Roll Forward] | ||||||||||||||||||||
Balance at beginning of period | $ 41 | $ 44 | 41 | 44 | $ 43 | |||||||||||||||
Additions charged to income | 44 | 49 | 49 | |||||||||||||||||
Additions charged to other accounts | 0 | (2) | 0 | |||||||||||||||||
Deductions | [7] | 31 | 50 | 48 | ||||||||||||||||
Balance at end of period | 54 | 41 | 54 | 41 | 44 | |||||||||||||||
Unaffiliated Third Party Entity [Member] | ||||||||||||||||||||
Accounts Receivable (Numeric) [Abstract] | ||||||||||||||||||||
Purchases of accounts receivable | $ 1,400 | $ 1,300 | 1,100 | |||||||||||||||||
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% | |||||||||||||||||||
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 | |||||||||||||||||||
Balance Sheet Classification of Deferred Taxes [Abstract] | ||||||||||||||||||||
RIIO-ED1 Price Control Period | 8 years | |||||||||||||||||||
WPD [Member] | Utility Plant [Member] | ||||||||||||||||||||
Depreciation (Details) [Abstract] | ||||||||||||||||||||
Weighted average useful life | 69 years | 55 years | ||||||||||||||||||
Decrease in depreciation expense from change in weighted average useful lives | $ 84 | |||||||||||||||||||
Decrease in depreciation expense from change in weighted average useful lives, after-tax | $ 66 | |||||||||||||||||||
Decrease in depreciation expense from change in weighted average useful lives, per share | $ / shares | $ 0.10 | |||||||||||||||||||
PPL Electric Utilities Corp [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Liability Amortization Period | 5 years | |||||||||||||||||||
Income Taxes | $ 212 | $ 164 | 160 | |||||||||||||||||
Utility Revenue (Details) [Abstract] | ||||||||||||||||||||
Operating Revenues | 537 | [8] | $ 539 | [8] | $ 495 | [8] | 585 | [8] | 499 | [8] | $ 519 | [8] | $ 476 | [8] | 630 | [8] | 2,156 | 2,124 | $ 2,044 | |
Restricted Cash and Cash Equivalents (Numeric) [Abstract] | ||||||||||||||||||||
Restricted cash and cash equivalents | 2 | 2 | $ 2 | 2 | ||||||||||||||||
Defined Benefits [Abstract] | ||||||||||||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | |||||||||||||||||||
The expected average remaining service of active plan participants | 50.00% | |||||||||||||||||||
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) | 13 | 56 | $ 13 | $ 56 | ||||||||||||||||
PPL Electric Utilities Corp [Member] | New Accounting Pronouncement Early Adoption [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Income Taxes | $ 6 | |||||||||||||||||||
PPL Electric Utilities Corp [Member] | Regulated Operations [Member] | Utility Plant [Member] | ||||||||||||||||||||
Depreciation (Details) [Abstract] | ||||||||||||||||||||
Weighted-average rates | 2.63% | 2.46% | 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 | 16 | 17 | 16 | 17 | $ 18 | |||||||||||||||
Additions charged to income | 35 | 39 | 34 | |||||||||||||||||
Additions charged to other accounts | 0 | 0 | 0 | |||||||||||||||||
Deductions | [7] | 23 | 40 | 35 | ||||||||||||||||
Balance at end of period | 28 | 16 | 28 | 16 | 17 | |||||||||||||||
PPL Electric Utilities Corp [Member] | Unaffiliated Third Party Entity [Member] | ||||||||||||||||||||
Accounts Receivable (Numeric) [Abstract] | ||||||||||||||||||||
Purchases of accounts receivable | 1,400 | 1,300 | 1,100 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | PPL EnergyPlus [Member] | ||||||||||||||||||||
Accounts Receivable (Numeric) [Abstract] | ||||||||||||||||||||
Purchases of accounts receivable | 146 | 336 | ||||||||||||||||||
LG And E And KU Energy LLC [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Income Taxes | 257 | 239 | 209 | |||||||||||||||||
Utility Revenue (Details) [Abstract] | ||||||||||||||||||||
Operating Revenues | $ 3,141 | 3,115 | $ 3,168 | |||||||||||||||||
Defined Benefits [Abstract] | ||||||||||||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | |||||||||||||||||||
The expected average remaining service of active plan participants | 50.00% | |||||||||||||||||||
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) | 1 | (10) | $ 1 | (10) | ||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | 297 | 298 | $ 297 | 298 | ||||||||||||||||
LG And E And KU Energy LLC [Member] | Minimum [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Amortization Period | 10 years | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | Maximum [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Amortization Period | 25 years | |||||||||||||||||||
LG And E And KU Energy LLC [Member] | Fuel [Member] | ||||||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | 158 | 168 | $ 158 | 168 | ||||||||||||||||
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 | [5] | 42 | 42 | 42 | 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 | 97 | 88 | $ 97 | $ 88 | ||||||||||||||||
LG And E And KU Energy LLC [Member] | Regulated Operations [Member] | Utility Plant [Member] | ||||||||||||||||||||
Depreciation (Details) [Abstract] | ||||||||||||||||||||
Weighted-average rates | 3.69% | 3.69% | 3.80% | |||||||||||||||||
LG And E And KU Energy LLC [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 | |||||||||||||||||||
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 | 23 | 25 | $ 23 | $ 25 | $ 22 | |||||||||||||||
Additions charged to income | 8 | 9 | 14 | |||||||||||||||||
Additions charged to other accounts | 0 | (2) | 0 | |||||||||||||||||
Deductions | [7] | 7 | 9 | 11 | ||||||||||||||||
Balance at end of period | 24 | 23 | $ 24 | 23 | 25 | |||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Ohio Valley Electric Corporation [Member] | ||||||||||||||||||||
Cost Method Investments [Abstract] | ||||||||||||||||||||
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] | ||||||||||||||||||||
Ownership percentage | 2.50% | |||||||||||||||||||
Generation capacity in terms of ownership percentage (in MW) | MW | 53 | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Income Taxes | $ 126 | 114 | 103 | |||||||||||||||||
Utility Revenue (Details) [Abstract] | ||||||||||||||||||||
Operating Revenues | $ 1,430 | 1,444 | $ 1,533 | |||||||||||||||||
Defined Benefits [Abstract] | ||||||||||||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | |||||||||||||||||||
The expected average remaining service of active plan participants | 50.00% | |||||||||||||||||||
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) | (18) | 4 | $ (18) | 4 | ||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | 143 | 151 | $ 143 | 151 | ||||||||||||||||
Louisville Gas And Electric Co [Member] | Minimum [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Amortization Period | 10 years | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | Maximum [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Amortization Period | 25 years | |||||||||||||||||||
Louisville Gas And Electric Co [Member] | Fuel [Member] | ||||||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | 60 | 71 | $ 60 | 71 | ||||||||||||||||
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 | [5] | 42 | 42 | 42 | 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 | 41 | 38 | $ 41 | $ 38 | ||||||||||||||||
Louisville Gas And Electric Co [Member] | Regulated Operations [Member] | Utility Plant [Member] | ||||||||||||||||||||
Depreciation (Details) [Abstract] | ||||||||||||||||||||
Weighted-average rates | 3.58% | 3.65% | 4.05% | |||||||||||||||||
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 | 1 | 2 | $ 1 | $ 2 | $ 2 | |||||||||||||||
Additions charged to income | 2 | 2 | 5 | |||||||||||||||||
Additions charged to other accounts | 1 | 0 | (1) | |||||||||||||||||
Deductions | [7] | 2 | 3 | 4 | ||||||||||||||||
Balance at end of period | 2 | 1 | 2 | 1 | 2 | |||||||||||||||
Kentucky Utilities Co [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Income Taxes | 163 | 140 | 135 | |||||||||||||||||
Utility Revenue (Details) [Abstract] | ||||||||||||||||||||
Operating Revenues | $ 1,749 | 1,728 | $ 1,737 | |||||||||||||||||
Defined Benefits [Abstract] | ||||||||||||||||||||
Percentage in excess of gains and losses equal to the plan's projected benefit obligation to use accelerated amortization | 30.00% | |||||||||||||||||||
The expected average remaining service of active plan participants | 50.00% | |||||||||||||||||||
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) | (29) | (5) | $ (29) | (5) | ||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | 154 | 147 | $ 154 | 147 | ||||||||||||||||
Kentucky Utilities Co [Member] | Minimum [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Amortization Period | 10 years | |||||||||||||||||||
Kentucky Utilities Co [Member] | Maximum [Member] | ||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Regulatory Asset Amortization Period | 25 years | |||||||||||||||||||
Kentucky Utilities Co [Member] | Fuel [Member] | ||||||||||||||||||||
Fuel, Materials and Supplies (Details) [Abstract] | ||||||||||||||||||||
Fuel, materials and supplies on the Balance Sheet | 98 | 97 | $ 98 | 97 | ||||||||||||||||
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 | 56 | 50 | $ 56 | $ 50 | ||||||||||||||||
Kentucky Utilities Co [Member] | Regulated Operations [Member] | Utility Plant [Member] | ||||||||||||||||||||
Depreciation (Details) [Abstract] | ||||||||||||||||||||
Weighted-average rates | 3.77% | 3.71% | 3.63% | |||||||||||||||||
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 | $ 4 | |||||||||||||||
Additions charged to income | 4 | 5 | 8 | |||||||||||||||||
Additions charged to other accounts | 0 | 0 | (3) | |||||||||||||||||
Deductions | [7] | 4 | 5 | 7 | ||||||||||||||||
Balance at end of period | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | |||||||||||||||
[1] | Represents revenues from cost-based rate-regulated generation, transmission and/or distribution in Pennsylvania, Kentucky, Virginia and Tennessee, including regulated wholesale revenue. | |||||||||||||||||||
[2] | Primarily represents regulated electricity distribution revenues from the operation of WPD's distribution networks. | |||||||||||||||||||
[3] | 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. | |||||||||||||||||||
[4] | 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. | |||||||||||||||||||
[5] | Natural gas stored underground is primarily held to serve retail customers. | |||||||||||||||||||
[6] | Funds received by WPD, which are to be spent on approved initiatives to support a low carbon environment. | |||||||||||||||||||
[7] | Primarily related to uncollectible accounts written off. | |||||||||||||||||||
[8] | 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. |
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, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Integer | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||||||||||||
Income Statement Data | |||||||||||||||||||||||
Operating Revenues from external customers | $ 1,832 | [1] | $ 1,889 | [1] | $ 1,785 | [1] | $ 2,011 | [1] | $ 1,780 | [1] | $ 1,878 | [1] | $ 1,781 | [1] | $ 2,230 | [1] | $ 7,517 | $ 7,669 | $ 7,852 | ||||
Depreciation | 926 | 883 | 923 | ||||||||||||||||||||
Amortization | 80 | 59 | 65 | ||||||||||||||||||||
Unrealized (gains) losses on derivatives and other hedging activities | 19 | (77) | (187) | ||||||||||||||||||||
Interest Expense | 888 | 871 | 843 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 2,550 | 2,068 | 2,129 | ||||||||||||||||||||
Income Taxes | 648 | 465 | 692 | ||||||||||||||||||||
Deferred income taxes and investment tax credits | 560 | 428 | 666 | ||||||||||||||||||||
Net income | 465 | [1] | 473 | [1] | 483 | [1] | 481 | [1] | 399 | [1] | 393 | [1] | (757) | [1],[2] | 647 | [1] | 1,902 | 682 | 1,737 | ||||
Income (Loss) from Discontinued Operations (net of income taxes) | (6) | [1],[3],[4] | (3) | [1],[3],[4] | (1,007) | [1],[3],[4] | 95 | [1],[3],[4] | 0 | (921) | 300 | ||||||||||||
Cash Flow Data | |||||||||||||||||||||||
Expenditures for long-lived assets | 2,957 | 3,570 | 3,723 | ||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | 38,315 | 39,301 | $ 38,315 | 39,301 | |||||||||||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||||||||||
Number of reportable segments | Integer | 3 | ||||||||||||||||||||||
PPL Energy Supply Spinoff [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Deferred income taxes and investment tax credits | 50 | ||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | (921) | 300 | |||||||||||||||||||||
Gain (loss) on disposal group | (879) | (879) | 0 | ||||||||||||||||||||
Gain on sale of Montana | 0 | 237 | |||||||||||||||||||||
Montana Hydroelectric Generating Facilities [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Gain (loss) on disposal group | 137 | ||||||||||||||||||||||
Gain on sale of Montana | 237 | ||||||||||||||||||||||
U.K. Regulated [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Operating Revenues from external customers | [5] | $ 2,207 | 2,410 | 2,621 | |||||||||||||||||||
Depreciation | 233 | 242 | 337 | ||||||||||||||||||||
Amortization | [6] | 16 | 6 | 17 | |||||||||||||||||||
Unrealized (gains) losses on derivatives and other hedging activities | [7] | 13 | (88) | (199) | |||||||||||||||||||
Interest Expense | 402 | 417 | 461 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 1,479 | 1,249 | 1,311 | ||||||||||||||||||||
Income Taxes | [8] | 233 | 128 | 329 | |||||||||||||||||||
Deferred income taxes and investment tax credits | [9] | 31 | 45 | 94 | |||||||||||||||||||
Net income | 1,246 | 1,121 | 982 | ||||||||||||||||||||
Cash Flow Data | |||||||||||||||||||||||
Expenditures for long-lived assets | 1,031 | 1,242 | 1,438 | ||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | [10] | 14,537 | 16,669 | 14,537 | 16,669 | ||||||||||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||||||||||
Net property, plant and equipment not subject to accounting for the effects of certain types of regulation | 10,800 | 12,200 | 10,800 | 12,200 | |||||||||||||||||||
Kentucky Regulated [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Operating Revenues from external customers | [5] | 3,141 | 3,115 | 3,168 | |||||||||||||||||||
Depreciation | 404 | 382 | 354 | ||||||||||||||||||||
Amortization | [6] | 29 | 27 | 25 | |||||||||||||||||||
Unrealized (gains) losses on derivatives and other hedging activities | [7] | 6 | 11 | 12 | |||||||||||||||||||
Interest Expense | 260 | 232 | 219 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 640 | 547 | 501 | ||||||||||||||||||||
Income Taxes | [8] | 242 | 221 | 189 | |||||||||||||||||||
Deferred income taxes and investment tax credits | [9] | 291 | 236 | 449 | |||||||||||||||||||
Net income | 398 | 326 | 312 | ||||||||||||||||||||
Cash Flow Data | |||||||||||||||||||||||
Expenditures for long-lived assets | 791 | 1,210 | 1,262 | ||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | 14,037 | 13,756 | 14,037 | 13,756 | |||||||||||||||||||
Pennsylvania Regulated [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Operating Revenues from external customers | [5] | 2,156 | 2,124 | 2,044 | |||||||||||||||||||
Depreciation | 253 | 214 | 185 | ||||||||||||||||||||
Amortization | [6] | 32 | 26 | 19 | |||||||||||||||||||
Interest Expense | 129 | 130 | 122 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 550 | 416 | 423 | ||||||||||||||||||||
Income Taxes | [8] | 212 | 164 | 160 | |||||||||||||||||||
Deferred income taxes and investment tax credits | [9] | 221 | 220 | 87 | |||||||||||||||||||
Net income | 338 | 252 | 263 | ||||||||||||||||||||
Cash Flow Data | |||||||||||||||||||||||
Expenditures for long-lived assets | 1,134 | 1,107 | 957 | ||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | 9,426 | 8,511 | 9,426 | 8,511 | |||||||||||||||||||
Corporate And Other [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Operating Revenues from external customers | 13 | 20 | 19 | [5] | |||||||||||||||||||
Depreciation | 36 | 45 | 47 | ||||||||||||||||||||
Amortization | [6] | 3 | 0 | 4 | |||||||||||||||||||
Interest Expense | 97 | 92 | 41 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | (119) | (144) | [11] | (106) | [11] | ||||||||||||||||||
Income Taxes | [8] | (39) | (48) | [11] | 14 | [11] | |||||||||||||||||
Deferred income taxes and investment tax credits | [9] | 17 | (73) | [11] | 36 | [11] | |||||||||||||||||
Net income | (80) | (96) | [11] | (120) | [11] | ||||||||||||||||||
Cash Flow Data | |||||||||||||||||||||||
Expenditures for long-lived assets | 1 | 11 | 66 | ||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | [12] | 315 | 365 | 315 | 365 | ||||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | 0 | (921) | [13] | 300 | [13] | ||||||||||||||||||
PPL Electric Utilities Corp [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Operating Revenues from external customers | 537 | [14] | 539 | [14] | 495 | [14] | 585 | [14] | 499 | [14] | 519 | [14] | 476 | [14] | 630 | [14] | 2,156 | 2,124 | 2,044 | ||||
Depreciation | 253 | 214 | 185 | ||||||||||||||||||||
Amortization | 32 | 26 | 19 | ||||||||||||||||||||
Interest Expense | 129 | 130 | 122 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 552 | 416 | 423 | ||||||||||||||||||||
Income Taxes | 212 | 164 | 160 | ||||||||||||||||||||
Deferred income taxes and investment tax credits | 221 | 220 | 87 | ||||||||||||||||||||
Net income | 77 | [14] | $ 90 | [14] | $ 79 | [14] | $ 94 | [14] | 61 | [14] | $ 55 | [14] | $ 49 | [14] | $ 87 | [14] | 340 | [15] | 252 | [15] | 263 | [15] | |
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | 9,426 | 8,511 | $ 9,426 | 8,511 | |||||||||||||||||||
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 | $ 3,141 | 3,115 | 3,168 | ||||||||||||||||||||
Depreciation | 404 | 382 | 354 | ||||||||||||||||||||
Amortization | 29 | 27 | 25 | ||||||||||||||||||||
Interest Expense | 197 | 178 | 167 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 686 | 603 | 553 | ||||||||||||||||||||
Income Taxes | 257 | 239 | 209 | ||||||||||||||||||||
Deferred income taxes and investment tax credits | 291 | 236 | 449 | ||||||||||||||||||||
Net income | 429 | 364 | 344 | ||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | 14,371 | 14,090 | $ 14,371 | 14,090 | |||||||||||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||||||||||
Number of reportable segments | Integer | 1 | ||||||||||||||||||||||
Louisville Gas And Electric Co [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Operating Revenues from external customers | $ 1,430 | 1,444 | 1,533 | ||||||||||||||||||||
Depreciation | 170 | 162 | 157 | ||||||||||||||||||||
Amortization | 14 | 11 | 12 | ||||||||||||||||||||
Interest Expense | 71 | 57 | 49 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 329 | 299 | 272 | ||||||||||||||||||||
Income Taxes | 126 | 114 | 103 | ||||||||||||||||||||
Deferred income taxes and investment tax credits | 147 | 126 | 118 | ||||||||||||||||||||
Net income | [16] | 203 | 185 | 169 | |||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | 6,300 | 6,068 | $ 6,300 | 6,068 | |||||||||||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||||||||||
Number of reportable segments | Integer | 1 | ||||||||||||||||||||||
Kentucky Utilities Co [Member] | |||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||
Operating Revenues from external customers | $ 1,749 | 1,728 | 1,737 | ||||||||||||||||||||
Depreciation | 234 | 220 | 197 | ||||||||||||||||||||
Amortization | 14 | 13 | 11 | ||||||||||||||||||||
Interest Expense | 96 | 82 | 77 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 428 | 374 | 355 | ||||||||||||||||||||
Income Taxes | 163 | 140 | 135 | ||||||||||||||||||||
Deferred income taxes and investment tax credits | 126 | 160 | 224 | ||||||||||||||||||||
Net income | [17] | 265 | 234 | $ 220 | |||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||||
Total Assets | $ 8,085 | $ 8,011 | $ 8,085 | $ 8,011 | |||||||||||||||||||
Segment Information (Numeric) [Abstract] | |||||||||||||||||||||||
Number of reportable segments | Integer | 1 | ||||||||||||||||||||||
[1] | 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. | ||||||||||||||||||||||
[2] | The second quarter of 2015 includes a loss of $879 million from the spinoff of PPL Energy Supply. See Note 8 to the Financial Statements for additional information. | ||||||||||||||||||||||
[3] | In the second quarter of 2015, PPL completed the spinoff of PPL Energy Supply substantially representing PPL's Supply segment. Accordingly, the previously reported operating results for PPL's Supply segment have been reclassified as discontinued operations. See Note 8 to the Financial Statements for additional information. | ||||||||||||||||||||||
[4] | 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. | ||||||||||||||||||||||
[5] | See Note 1 for additional information on Operating Revenues. | ||||||||||||||||||||||
[6] | Represents non-cash expense items that include amortization of regulatory assets, debt discounts and premiums, debt issuance costs, emission allowances and RECs. | ||||||||||||||||||||||
[7] | Includes unrealized gains and losses from economic activity. See Note 17 for additional information. | ||||||||||||||||||||||
[8] | Represents both current and deferred income taxes, including investment tax credits. | ||||||||||||||||||||||
[9] | Represents a non-cash expense item that is also included in "Income Taxes." | ||||||||||||||||||||||
[10] | Includes $10.8 billion and $12.2 billion of net PP&E as of December 31, 2016 and December 31, 2015. WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. | ||||||||||||||||||||||
[11] | 2015 and 2014 include 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. | ||||||||||||||||||||||
[12] | Primarily consists of unallocated items, including cash, PP&E and the elimination of inter-segment transactions. | ||||||||||||||||||||||
[13] | 2015 includes an $879 million loss on the spinoff of PPL Energy Supply and five months of Supply segment earnings. 2014 includes a gain of $237 million ($137 million after-tax) on the sale of the Montana hydroelectric generating facilities. See Note 8 for additional information on these transactions. | ||||||||||||||||||||||
[14] | PPL Electric's business is seasonal in nature, with peak sales periods generally occurring in the winter and summer months. Accordingly, comparisons among quarters of a year may not be indicative of overall trends and changes in operations. | ||||||||||||||||||||||
[15] | Net income equals comprehensive income. | ||||||||||||||||||||||
[16] | Net income equals comprehensive income. | ||||||||||||||||||||||
[17] | Net income approximates comprehensive income. |
Segment and Related Informati58
Segment and Related Information (Geographic Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||
Revenues from external customers | $ 1,832 | [1] | $ 1,889 | $ 1,785 | $ 2,011 | $ 1,780 | [1] | $ 1,878 | $ 1,781 | $ 2,230 | $ 7,517 | $ 7,669 | $ 7,852 | |||||||
Long-lived assets | 30,772 | 31,056 | 30,772 | 31,056 | ||||||||||||||||
U.S. [Member] | ||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||
Revenues from external customers | 5,310 | 5,259 | 5,231 | |||||||||||||||||
Long-lived assets | 19,595 | 18,569 | 19,595 | 18,569 | ||||||||||||||||
U.K. [Member] | ||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||
Long-lived assets | [2] | 11,177 | 12,487 | 11,177 | 12,487 | |||||||||||||||
U.K. Regulated [Member] | ||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||
Revenues from external customers | [3] | 2,207 | 2,410 | $ 2,621 | ||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||||||||||||||||
Net property, plant and equipment not subject to accounting for the effects of certain types of regulation | $ 10,800 | $ 12,200 | $ 10,800 | $ 12,200 | ||||||||||||||||
[1] | 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. | |||||||||||||||||||
[2] | Includes $10.8 billion and $12.2 billion of net PP&E as of December 31, 2016 and December 31, 2015. WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. | |||||||||||||||||||
[3] | See Note 1 for additional information on Operating Revenues. |
Preferred Securities (Details)
Preferred Securities (Details) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
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, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income (Numerator) | |||||||||||||||||||||
Income from continuing operations after income taxes | $ 405 | $ 396 | $ 250 | $ 552 | $ 1,902 | $ 1,603 | $ 1,437 | ||||||||||||||
Less amounts allocated to participating securities | 6 | 6 | 7 | ||||||||||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Basic | 1,896 | 1,597 | 1,430 | ||||||||||||||||||
Plus interest charges (net of tax) related to Equity Units | 0 | 0 | 9 | [2] | |||||||||||||||||
Income from continuing operations after income taxes available to PPL common shareowners - Diluted | 1,896 | 1,597 | 1,439 | ||||||||||||||||||
Income (loss) from discontinued operations (net of income taxes) available to PPL common shareowners - Basic and Diluted | (6) | [3],[4] | (3) | [3],[4] | (1,007) | [3],[4] | 95 | [3],[4] | 0 | (921) | 300 | ||||||||||
Net income | $ 465 | $ 473 | $ 483 | $ 481 | $ 399 | $ 393 | $ (757) | [5] | $ 647 | 1,902 | 682 | 1,737 | |||||||||
Less amounts allocated to participating securities | 6 | 2 | 9 | ||||||||||||||||||
Net income available to PPL common shareowners - Basic | 1,896 | 680 | 1,728 | ||||||||||||||||||
Plus interest charges (net of tax) related to Equity Units | 0 | 0 | 9 | [2] | |||||||||||||||||
Net income available to PPL common shareowners - Diluted | $ 1,896 | $ 680 | $ 1,737 | ||||||||||||||||||
Shares of Common Stock (Denominator) | |||||||||||||||||||||
Weighted-average shares - Basic EPS (in shares) | 677,592 | 669,814 | 653,504 | ||||||||||||||||||
Add incremental non-participating securities: | |||||||||||||||||||||
Share-based payment awards (in shares) | [6] | 2,854 | 2,772 | 1,910 | |||||||||||||||||
Equity Units (in shares) | 0 | 0 | 10,559 | [2] | |||||||||||||||||
Weighted-average shares - Diluted EPS (in shares) | 680,446 | 672,586 | 665,973 | ||||||||||||||||||
Basic EPS - Available to PPL common shareowners: | |||||||||||||||||||||
Income from continuing operations after income taxes (in dollars per share) | $ 0.60 | [7] | $ 0.59 | [7] | $ 0.37 | [7] | $ 0.83 | [7] | $ 2.80 | $ 2.38 | $ 2.19 | ||||||||||
Income (loss) from discontinued operations (net of income taxes) (in dollars per share) | 0 | (1.37) | 0.45 | ||||||||||||||||||
Net Income (in dollars per share) | $ 0.68 | [7] | $ 0.70 | [7] | $ 0.71 | [7] | $ 0.71 | [7] | 0.59 | [7] | 0.58 | [7] | (1.13) | [7] | 0.97 | [7] | 2.80 | 1.01 | 2.64 | ||
Diluted EPS - Available to PPL common shareowners: | |||||||||||||||||||||
Income from continuing operations after income taxes (in dollars per share) | 0.60 | [7] | 0.59 | [7] | 0.37 | [7] | 0.82 | [7] | 2.79 | 2.37 | 2.16 | ||||||||||
Income (loss) from discontinued operations (net of income taxes) (in dollars per share) | 0 | (1.36) | 0.45 | ||||||||||||||||||
Net Income (in dollars per share) | $ 0.68 | [7] | $ 0.69 | [7] | $ 0.71 | [7] | $ 0.71 | [7] | $ 0.59 | [7] | $ 0.58 | [7] | $ (1.13) | [7] | $ 0.96 | [7] | $ 2.79 | $ 1.01 | $ 2.61 | ||
Shares Issued (Numeric) [Abstract] | |||||||||||||||||||||
Common stock issued under stock-based compensation plans (in shares) | [8] | 3,224 | |||||||||||||||||||
Common stock issued under DRIP (in shares) | 1,562 | ||||||||||||||||||||
Stock Options [Member] | |||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||
Shares excluded from the computations of diluted EPS | 696 | 1,087 | 1,816 | ||||||||||||||||||
Performance Units [Member] | |||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||
Shares excluded from the computations of diluted EPS | 176 | 36 | 5 | ||||||||||||||||||
Restricted Stock Units [Member] | |||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||
Shares excluded from the computations of diluted EPS | 0 | 0 | 31 | ||||||||||||||||||
[1] | 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. | ||||||||||||||||||||
[2] | In 2014, the If-Converted Method was applied to the Equity Units prior to settlement. See Note 7 for additional information on the Equity Units, including the issuance of PPL common stock to settle the Purchase contracts. | ||||||||||||||||||||
[3] | In the second quarter of 2015, PPL completed the spinoff of PPL Energy Supply substantially representing PPL's Supply segment. Accordingly, the previously reported operating results for PPL's Supply segment have been reclassified as discontinued operations. See Note 8 to the Financial Statements for additional information. | ||||||||||||||||||||
[4] | 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. | ||||||||||||||||||||
[5] | The second quarter of 2015 includes a loss of $879 million from the spinoff of PPL Energy Supply. See Note 8 to the Financial Statements for additional information. | ||||||||||||||||||||
[6] | The Treasury Stock Method was applied to non-participating share-based payment awards. | ||||||||||||||||||||
[7] | The sum of the quarterly amounts may not equal annual earnings per share due to changes in the number of common shares outstanding during the year or rounding. | ||||||||||||||||||||
[8] | Includes stock options exercised, vesting of performance units, vesting of restricted stock and restricted stock units and conversion of stock units granted to directors. |
Income and Other Taxes (Deferre
Income and Other Taxes (Deferred Tax Assets and Liabilities and Loss Carryforwards) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Income (Loss) from Continuing Operations (Details) [Abstract] | ||||
Domestic income | $ 1,463 | $ 968 | $ 922 | |
Foreign income | 1,087 | 1,100 | 1,207 | |
Income Before Income Taxes | 2,550 | 2,068 | 2,129 | |
Deferred Tax Assets | ||||
Deferred investment tax credits | 51 | 50 | ||
Regulatory obligations | 94 | 123 | ||
Accrued pension costs | 250 | 217 | ||
Federal loss carryforwards | 565 | 587 | ||
State loss carryforwards | 326 | 319 | ||
Federal and state tax credit carryforwards | 256 | 201 | ||
Foreign capital loss carryforwards | 302 | 387 | ||
Foreign loss carryforwards | 3 | 4 | ||
Foreign - pensions | 41 | 171 | ||
Foreign - regulatory obligations | 6 | 12 | ||
Foreign - other | 5 | 8 | ||
Contributions in aid of construction | 141 | 139 | ||
Domestic - other | 188 | 209 | ||
Unrealized losses on qualifying derivatives | 20 | 15 | ||
Valuation allowances | [1] | (593) | (662) | |
Total deferred tax assets | 1,655 | 1,780 | ||
Deferred Tax Liabilities | ||||
Domestic plant - net | 4,325 | 3,875 | ||
Taxes recoverable through future rates | 170 | 162 | ||
Other regulatory assets | 343 | 332 | ||
Reacquired debt costs | 25 | 28 | ||
Foreign plant - net | 640 | 777 | ||
Domestic - other | 14 | 24 | ||
Total deferred tax liabilities | 5,517 | 5,198 | ||
Net deferred tax liability | 3,862 | 3,418 | ||
State Loss Carryforwards And Valuation Allowances Net Spinoff Segment | 77 | |||
Federal loss carryforwards | 565 | 587 | ||
Federal [Member] | ||||
Deferred Tax Assets | ||||
Federal loss carryforwards | 554 | |||
Deferred Tax Liabilities | ||||
Net operating losses | 1,583 | |||
Charitable contributions | 28 | |||
Federal loss carryforwards | 554 | |||
Charitable contribution carryforwards | 11 | |||
Loss carryfoward valuation allowance on net operating losses | 0 | |||
Charitable Contributions Loss Carryforwards valuation allowance | 0 | |||
State [Member] | ||||
Deferred Tax Assets | ||||
State loss carryforwards | 325 | |||
Deferred Tax Liabilities | ||||
Net operating losses | 5,387 | |||
Charitable contributions | 12 | |||
Charitable contribution carryforwards | 1 | |||
Loss carryfoward valuation allowance on net operating losses | (269) | |||
Charitable Contributions Loss Carryforwards valuation allowance | 0 | |||
Foreign Tax Authority [Member] | ||||
Deferred Tax Assets | ||||
Foreign capital loss carryforwards | 302 | |||
Foreign loss carryforwards | 3 | |||
Deferred Tax Liabilities | ||||
Net operating losses | 17 | |||
Capital losses | 1,783 | |||
Loss carryfoward valuation allowance on net operating losses | (3) | |||
Loss carryfoward valuation allowance on capital losses | (302) | |||
Other Noncurrent Assets [Member] | ||||
Deferred Tax Liabilities | ||||
Deferred Tax Assets, State Taxes | 27 | 22 | ||
PPL Electric Utilities Corp [Member] | ||||
Income (Loss) from Continuing Operations (Details) [Abstract] | ||||
Income Before Income Taxes | 552 | 416 | 423 | |
Deferred Tax Assets | ||||
Regulatory obligations | 34 | 56 | ||
Accrued pension costs | 107 | 92 | ||
Federal loss carryforwards | 147 | 146 | ||
State loss carryforwards | 22 | 27 | ||
Contributions in aid of construction | 112 | 111 | ||
Domestic - other | 81 | 87 | ||
Total deferred tax assets | 503 | 519 | ||
Deferred Tax Liabilities | ||||
Domestic plant - net | 2,001 | 1,803 | ||
Taxes recoverable through future rates | 141 | 135 | ||
Other regulatory assets | 240 | 213 | ||
Reacquired debt costs | 15 | 18 | ||
Domestic - other | 5 | 13 | ||
Total deferred tax liabilities | 2,402 | 2,182 | ||
Net deferred tax liability | 1,899 | 1,663 | ||
Federal loss carryforwards | 147 | 146 | ||
PPL Electric Utilities Corp [Member] | Federal [Member] | ||||
Deferred Tax Assets | ||||
Federal loss carryforwards | 144 | |||
Deferred Tax Liabilities | ||||
Net operating losses | 411 | |||
Charitable contributions | 5 | |||
Federal loss carryforwards | 144 | |||
Charitable contribution carryforwards | 2 | |||
PPL Electric Utilities Corp [Member] | State [Member] | ||||
Deferred Tax Assets | ||||
State loss carryforwards | [2] | 21 | ||
Deferred Tax Liabilities | ||||
Net operating losses | 327 | |||
Charitable contributions | 11 | |||
Charitable contribution carryforwards | 1 | |||
LG And E And KU Energy LLC [Member] | ||||
Income (Loss) from Continuing Operations (Details) [Abstract] | ||||
Income Before Income Taxes | 686 | 603 | 553 | |
Deferred Tax Assets | ||||
Deferred investment tax credits | 51 | 50 | ||
Regulatory obligations | 60 | 66 | ||
Accrued pension costs | 58 | 53 | ||
Income taxes due to customers | 15 | 17 | ||
Federal loss carryforwards | 248 | 280 | ||
State loss carryforwards | 35 | 35 | ||
Federal and state tax credit carryforwards | 186 | 181 | ||
Contributions in aid of construction | 29 | 29 | ||
Domestic - other | 49 | 55 | ||
Unrealized losses on qualifying derivatives | 12 | 18 | ||
Valuation allowances | (11) | (12) | ||
Total deferred tax assets | 732 | 772 | ||
Deferred Tax Liabilities | ||||
Domestic plant - net | 2,352 | 2,105 | ||
Other regulatory assets | 102 | 119 | ||
Domestic - other | 13 | 11 | ||
Total deferred tax liabilities | 2,467 | 2,235 | ||
Net deferred tax liability | 1,735 | 1,463 | ||
Federal loss carryforwards | 248 | 280 | ||
LG And E And KU Energy LLC [Member] | Federal [Member] | ||||
Deferred Tax Assets | ||||
Federal loss carryforwards | 248 | |||
Deferred Tax Liabilities | ||||
Net operating losses | 709 | |||
Charitable contributions | 11 | |||
Federal loss carryforwards | 248 | |||
Charitable contribution carryforwards | 4 | |||
Loss carryfoward 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 | 35 | |||
Deferred Tax Liabilities | ||||
Net operating losses | 907 | |||
Federal loss carryforwards | 35 | |||
Loss carryfoward valuation allowance on net operating losses | 0 | |||
Louisville Gas And Electric Co [Member] | ||||
Income (Loss) from Continuing Operations (Details) [Abstract] | ||||
Income Before Income Taxes | 329 | 299 | 272 | |
Deferred Tax Assets | ||||
Deferred investment tax credits | 14 | 13 | ||
Regulatory obligations | 34 | 38 | ||
Income taxes due to customers | 17 | 17 | ||
Federal loss carryforwards | 80 | 76 | ||
Contributions in aid of construction | 18 | 18 | ||
Domestic - other | 17 | 15 | ||
Unrealized losses on qualifying derivatives | 12 | 18 | ||
Total deferred tax assets | 192 | 195 | ||
Deferred Tax Liabilities | ||||
Domestic plant - net | 1,058 | 914 | ||
Other regulatory assets | 65 | 75 | ||
Accrued pension costs | 35 | 28 | ||
Domestic - other | 8 | 7 | ||
Total deferred tax liabilities | 1,166 | 1,024 | ||
Net deferred tax liability | 974 | 829 | ||
Federal loss carryforwards | 80 | 76 | ||
Louisville Gas And Electric Co [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Net operating losses | 229 | |||
Charitable contributions | $ 7 | |||
Expiration - operating losses | Dec. 31, 2035 | |||
Kentucky Utilities Co [Member] | ||||
Income (Loss) from Continuing Operations (Details) [Abstract] | ||||
Income Before Income Taxes | $ 428 | 374 | $ 355 | |
Deferred Tax Assets | ||||
Deferred investment tax credits | 37 | 36 | ||
Regulatory obligations | 26 | 28 | ||
Federal loss carryforwards | 79 | 97 | ||
Contributions in aid of construction | 11 | 11 | ||
Domestic - other | 11 | 7 | ||
Total deferred tax assets | 164 | 179 | ||
Deferred Tax Liabilities | ||||
Domestic plant - net | 1,280 | 1,175 | ||
Other regulatory assets | 37 | 44 | ||
Accrued pension costs | 12 | 4 | ||
Domestic - other | 5 | 2 | ||
Total deferred tax liabilities | 1,334 | 1,225 | ||
Net deferred tax liability | 1,170 | 1,046 | ||
Federal loss carryforwards | 79 | $ 97 | ||
Kentucky Utilities Co [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Net operating losses | $ 227 | |||
Expiration - operating losses | Dec. 31, 2035 | |||
Minimum [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2029 | |||
Expiration - charitable contributions | Dec. 31, 2020 | |||
Minimum [Member] | State [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2017 | |||
Expiration - charitable contributions | Dec. 31, 2017 | |||
Minimum [Member] | PPL Electric Utilities Corp [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2031 | |||
Expiration - charitable contributions | Dec. 31, 2020 | |||
Minimum [Member] | PPL Electric Utilities Corp [Member] | State [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2030 | |||
Expiration - charitable contributions | Dec. 31, 2017 | |||
Minimum [Member] | LG And E And KU Energy LLC [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2029 | |||
Expiration - charitable contributions | Dec. 31, 2020 | |||
Minimum [Member] | LG And E And KU Energy LLC [Member] | State [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2028 | |||
Minimum [Member] | Louisville Gas And Electric Co [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - charitable contributions | Dec. 31, 2020 | |||
Maximum [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2035 | |||
Expiration - charitable contributions | Dec. 31, 2021 | |||
Maximum [Member] | State [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2036 | |||
Expiration - charitable contributions | Dec. 31, 2021 | |||
Maximum [Member] | PPL Electric Utilities Corp [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2035 | |||
Expiration - charitable contributions | Dec. 31, 2021 | |||
Maximum [Member] | PPL Electric Utilities Corp [Member] | State [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2032 | |||
Expiration - charitable contributions | Dec. 31, 2021 | |||
Maximum [Member] | LG And E And KU Energy LLC [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2035 | |||
Expiration - charitable contributions | Dec. 31, 2021 | |||
Maximum [Member] | LG And E And KU Energy LLC [Member] | State [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - operating losses | Dec. 31, 2036 | |||
Maximum [Member] | Louisville Gas And Electric Co [Member] | Federal [Member] | ||||
Deferred Tax Liabilities | ||||
Expiration - charitable contributions | Dec. 31, 2021 | |||
[1] | Includes $77 million of deferred tax assets related to state loss carryforwards and related valuation allowances previously reflected on the PPL Energy Supply Segment. The deferred tax assets and related valuation allowance remained with PPL after the spinoff. | |||
[2] | An immaterial amount of valuation allowances has been recorded against the deferred tax asset for state contributions. |
Income and Other Taxes (Credit
Income and Other Taxes (Credit Carryforwards and Valuation Allowances and Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Credit carryforwards | ||||||
Deferred tax asset credit carryforwards | $ 256 | $ 201 | ||||
Valuation Allowances and Reserves (Details) [Roll Forward] | ||||||
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 | |||||
Permanently reinvested cumulative undistributed foreign earnings | 5,500 | 4,600 | ||||
Valuation Allowance Of Deferred Tax Assets [Member] | ||||||
Valuation Allowances and Reserves (Details) [Roll Forward] | ||||||
Balance at beginning of period | 662 | 622 | $ 585 | |||
Additions charged to income | 17 | 24 | 57 | |||
Additions charged to other accounts | 2 | [1] | 77 | 6 | ||
Deductions | 88 | [2] | 61 | 26 | [2] | |
Balance at end of period | 593 | 662 | 622 | |||
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 | $ 62 | |||||
Credit Carryforward Valuation Allowance Foreign Tax Credits | $ (3) | |||||
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, 2025 | |||||
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 | 30 | |||||
Credit Carryforward Valuation Allowance Other | $ (11) | |||||
Other [Member] | Federal [Member] | Minimum [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2017 | |||||
Other [Member] | Federal [Member] | Maximum [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2036 | |||||
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 | 186 | 181 | ||||
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 | 12 | 0 | 4 | |||
Additions charged to other accounts | 0 | 12 | [3] | 0 | ||
Deductions | 1 | [4] | 0 | 4 | [5] | |
Balance at end of period | 11 | $ 12 | $ 0 | |||
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 | 26 | |||||
Credit Carryforward Valuation Allowance Other | $ (11) | |||||
LG And E And KU Energy LLC [Member] | Other [Member] | Federal [Member] | Minimum [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2017 | |||||
LG And E And KU Energy LLC [Member] | Other [Member] | Federal [Member] | Maximum [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2036 | |||||
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] | Federal [Member] | Minimum [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2034 | |||||
Louisville Gas And Electric Co [Member] | Federal [Member] | Maximum [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2036 | |||||
Louisville Gas And Electric Co [Member] | Other [Member] | Federal [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward, Amount | $ 5 | |||||
Kentucky Utilities Co [Member] | Federal [Member] | Minimum [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2034 | |||||
Kentucky Utilities Co [Member] | Federal [Member] | Maximum [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward Expiration Date 1 | Dec. 31, 2036 | |||||
Kentucky Utilities Co [Member] | Other [Member] | Federal [Member] | ||||||
Credit carryforwards | ||||||
Tax Credit Carryforward, Amount | $ 5 | |||||
[1] | 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. | |||||
[2] | The reductions of the U.K. statutory income tax rates in 2016 and 2015 resulted in $19 million and $44 million in reductions in the deferred tax assets and corresponding valuation allowances. See "Reconciliation of Income Tax Expense" below for more information on the impact of the U.K. Finance Acts 2016 and 2015. | |||||
[3] | Federal tax credits expiring in 2016 through 2020 that are more likely than not to expire before being utilized. | |||||
[4] | Federal tax credit expiring in 2016. | |||||
[5] | Primarily related to the expiration of state capital loss carryforwards. |
Income and Other Taxes (Income
Income and Other Taxes (Income Tax Expense and Reconciliation of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Income Tax Expense (Benefit) | |||||||
Current - Federal | $ (14) | $ (26) | $ 18 | ||||
Current - State | 21 | 25 | 26 | ||||
Current - Foreign | 80 | 89 | 152 | ||||
Total Current Expense (Benefit) | 87 | 88 | 196 | ||||
Deferred - Federal | 385 | 699 | 299 | ||||
Deferred - State | 89 | 68 | 120 | ||||
Deferred - Foreign | 86 | 41 | 96 | ||||
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 560 | 808 | 515 | ||||
Investment tax credit, net - Federal | (3) | (4) | (5) | ||||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||||||
Deferred - Federal | [1] | 25 | (396) | 8 | |||
Deferred - State | (21) | (31) | (22) | ||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | 4 | (427) | (14) | ||||
Total income tax from continuing operations | 648 | 465 | 692 | ||||
Income tax expense (benefit) from continuing operations [Abstract] | |||||||
Total income tax expense - Federal | 393 | 273 | 320 | ||||
Total income tax expense - State | 89 | 62 | 124 | ||||
Total income tax expense - Foreign | 166 | 130 | 248 | ||||
Total income tax from continuing operations | 648 | 465 | 692 | ||||
Discontinued operations | 0 | (30) | 198 | ||||
Stock-based compensation recorded to Additional Paid-in Capital | 0 | 0 | (4) | ||||
Stock-based compensation recorded to Earnings Reinvested | (7) | 0 | 0 | ||||
Other comprehensive income | (6) | (2) | (190) | ||||
Valuation allowance on state deferred taxes recorded to other comprehensive income | 1 | (4) | 0 | ||||
Total income tax expense (benefits) excluded from incomes taxes from continuing operations | (12) | (36) | 4 | ||||
Reconciliation of Income Tax Expense | |||||||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 893 | $ 724 | $ 745 | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||
Increase (decrease) due to: | |||||||
State income taxes, net of federal income tax benefit | $ 46 | $ 31 | $ 28 | ||||
Valuation allowance adjustments | [2] | 16 | 24 | 55 | |||
Income Tax Reconciliation Stock Based Compensation | (10) | [3] | 0 | 0 | |||
Impact of lower U.K. income tax rates | [4] | (177) | (176) | (180) | |||
U.S. income tax on foreign earnings - net of foreign tax credit | [5] | (42) | 8 | 63 | |||
Federal and state tax reserve adjustments | 0 | [6] | (22) | (1) | [6] | ||
Impact of the United Kingdom Finance Acts on deferred tax balances | [4] | (49) | (91) | (1) | |||
Depreciation not normalized | (10) | (5) | (7) | ||||
Interest benefit on United Kingdom financing entities | (17) | (20) | (5) | ||||
Other | (2) | (8) | (5) | ||||
Total increase (decrease) | (245) | (259) | (53) | ||||
Total income tax from continuing operations | $ 648 | $ 465 | $ 692 | ||||
Effective income tax rate | 25.40% | 22.50% | 32.50% | ||||
Expense related to increased Pennsylvania net operating loss carryforwards expected to be unutilized | $ 12 | ||||||
Expense related to federal tax credit carryforwards that are expected to expire as a result of future taxable earnings | 12 | ||||||
Adjustment to valuation allowance on deferred tax assets due to spinoff announcement | $ 50 | ||||||
Future UK Statutory Income Tax Rate Revised In Current Year | 18.00% | ||||||
United Kingdom statutory income tax rate in effect during period prior to a change | 20.00% | ||||||
U.K. statutory income tax rate reduction in year one | 19.00% | ||||||
Foreign Tax Rate Reduction Approved Current Year For Future Year Five | 18.00% | ||||||
U.K. statutory income tax rate reduction in year four | 17.00% | ||||||
Expense from increased taxable dividends | 47 | ||||||
Benefit recorded in continuing operations related to the settlement of the IRS audit for tax years 1998-2011 | 12 | ||||||
Taxes, other than income | |||||||
State gross receipts | $ 100 | 89 | [7] | 102 | |||
Foreign property | 135 | 148 | 157 | ||||
Domestic property and other | 66 | 62 | 58 | ||||
Total | 301 | 299 | 317 | ||||
Previously recorded reserves | 17 | ||||||
PPL Electric Utilities Corp [Member] | |||||||
Income Tax Expense (Benefit) | |||||||
Current - Federal | (29) | (80) | 60 | ||||
Current - State | 19 | 23 | 15 | ||||
Total Current Expense (Benefit) | (10) | (57) | 75 | ||||
Deferred - Federal | 193 | 287 | 70 | ||||
Deferred - State | 29 | 12 | 16 | ||||
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 222 | 299 | 86 | ||||
Investment tax credit, net - Federal | 0 | 0 | (1) | ||||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||||||
Deferred - Federal | 0 | (75) | 0 | ||||
Deferred - State | 0 | (3) | 0 | ||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | 0 | (78) | 0 | ||||
Total income tax from continuing operations | 212 | 164 | 160 | ||||
Income tax expense (benefit) from continuing operations [Abstract] | |||||||
Total income tax expense - Federal | 164 | 132 | 129 | ||||
Total income tax expense - State | 48 | 32 | 31 | ||||
Total income tax from continuing operations | 212 | 164 | 160 | ||||
Reconciliation of Income Tax Expense | |||||||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 193 | $ 146 | $ 148 | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||
Increase (decrease) due to: | |||||||
State income taxes, net of federal income tax benefit | $ 36 | $ 25 | $ 22 | ||||
Income Tax Reconciliation Stock Based Compensation | (6) | [8] | 0 | 0 | |||
Depreciation not normalized | (8) | (4) | (6) | ||||
Other | (3) | (3) | (4) | ||||
Total increase (decrease) | 19 | 18 | 12 | ||||
Total income tax from continuing operations | $ 212 | $ 164 | $ 160 | ||||
Effective income tax rate | 38.40% | 39.40% | 37.80% | ||||
Taxes, other than income | |||||||
State gross receipts | $ 100 | $ 89 | $ 102 | ||||
Domestic property and other | 5 | 5 | 5 | ||||
Total | 105 | 94 | 107 | ||||
Previously recorded reserves | 17 | ||||||
LG And E And KU Energy LLC [Member] | |||||||
Income Tax Expense (Benefit) | |||||||
Current - Federal | (36) | 2 | (247) | ||||
Current - State | 1 | 1 | 8 | ||||
Total Current Expense (Benefit) | (35) | 3 | (239) | ||||
Deferred - Federal | 248 | 405 | 437 | ||||
Deferred - State | 38 | 32 | 23 | ||||
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 286 | 437 | 460 | ||||
Investment tax credit, net - Federal | (3) | (3) | (4) | ||||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||||||
Deferred - Federal | 10 | (198) | (8) | ||||
Deferred - State | (1) | 0 | 0 | ||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | 9 | (198) | (8) | ||||
Total income tax from continuing operations | 257 | 239 | 209 | ||||
Income tax expense (benefit) from continuing operations [Abstract] | |||||||
Total income tax expense - Federal | 219 | 206 | 178 | ||||
Total income tax expense - State | 38 | 33 | 31 | ||||
Total income tax from continuing operations | 257 | 239 | 209 | ||||
Discontinued operations | 1 | 1 | 1 | ||||
Other comprehensive income | (16) | (1) | (36) | ||||
Reconciliation of Income Tax Expense | |||||||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 240 | $ 211 | $ 194 | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||
Increase (decrease) due to: | |||||||
State income taxes, net of federal income tax benefit | $ 25 | $ 22 | $ 20 | ||||
Valuation allowance adjustments | 0 | 12 | [9] | 0 | |||
Income Tax Reconciliation Stock Based Compensation | (3) | [10] | 0 | 0 | |||
Amortization of investment tax credit | (3) | (3) | (4) | ||||
Other | (2) | (3) | (1) | ||||
Total increase (decrease) | 17 | 28 | 15 | ||||
Total income tax from continuing operations | $ 257 | $ 239 | $ 209 | ||||
Effective income tax rate | 37.50% | 39.60% | 37.80% | ||||
Taxes, other than income | |||||||
Domestic property and other | $ 62 | $ 57 | $ 52 | ||||
Total | 62 | 57 | 52 | ||||
Louisville Gas And Electric Co [Member] | |||||||
Income Tax Expense (Benefit) | |||||||
Current - Federal | (22) | (15) | (25) | ||||
Current - State | 1 | 3 | 10 | ||||
Total Current Expense (Benefit) | (21) | (12) | (15) | ||||
Deferred - Federal | 134 | 190 | 114 | ||||
Deferred - State | 18 | 13 | 6 | ||||
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 152 | 203 | 120 | ||||
Investment tax credit, net - Federal | (1) | (1) | (2) | ||||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||||||
Deferred - Federal | (4) | (76) | 0 | ||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (4) | (76) | 0 | ||||
Total income tax from continuing operations | 126 | 114 | 103 | ||||
Income tax expense (benefit) from continuing operations [Abstract] | |||||||
Total income tax expense - Federal | 107 | 98 | 87 | ||||
Total income tax expense - State | 19 | 16 | 16 | ||||
Total income tax from continuing operations | 126 | 114 | 103 | ||||
Reconciliation of Income Tax Expense | |||||||
Federal income tax on Income (Loss) from Continuing Operations Before Income Taxes at statutory tax rate - 35% | $ 115 | $ 105 | $ 95 | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||
Increase (decrease) due to: | |||||||
State income taxes, net of federal income tax benefit | $ 12 | $ 11 | $ 10 | ||||
Amortization of investment tax credit | (1) | (1) | (2) | ||||
Other | 0 | (1) | 0 | ||||
Total increase (decrease) | 11 | 9 | 8 | ||||
Total income tax from continuing operations | $ 126 | $ 114 | $ 103 | ||||
Effective income tax rate | 38.30% | 38.10% | 37.90% | ||||
Taxes, other than income | |||||||
Domestic property and other | $ 32 | $ 28 | $ 25 | ||||
Total | 32 | 28 | 25 | ||||
Kentucky Utilities Co [Member] | |||||||
Income Tax Expense (Benefit) | |||||||
Current - Federal | 31 | (21) | (95) | ||||
Current - State | 5 | 1 | 6 | ||||
Total Current Expense (Benefit) | 36 | (20) | (89) | ||||
Deferred - Federal | 131 | 240 | 212 | ||||
Deferred - State | 19 | 19 | 14 | ||||
Total Deferred Expense (Benefit), excluding operating loss carry forwards | 150 | 259 | 226 | ||||
Investment tax credit, net - Federal | (2) | (2) | (2) | ||||
Tax expense (benefit) of operating loss carryforwards [Abstract] | |||||||
Deferred - Federal | (21) | (97) | 0 | ||||
Total Tax Expense (Benefit) of Operating Loss Carryforwards | (21) | (97) | 0 | ||||
Total income tax from continuing operations | 163 | 140 | 135 | ||||
Income tax expense (benefit) from continuing operations [Abstract] | |||||||
Total income tax expense - Federal | 139 | 120 | 115 | ||||
Total income tax expense - State | 24 | 20 | 20 | ||||
Total income tax from continuing operations | 163 | 140 | 135 | ||||
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% | $ 150 | $ 131 | $ 124 | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||
Increase (decrease) due to: | |||||||
State income taxes, net of federal income tax benefit | $ 16 | $ 13 | $ 13 | ||||
Amortization of investment tax credit | (2) | (2) | (2) | ||||
Other | (1) | (2) | 0 | ||||
Total increase (decrease) | 13 | 9 | 11 | ||||
Total income tax from continuing operations | $ 163 | $ 140 | $ 135 | ||||
Effective income tax rate | 38.10% | 37.40% | 38.00% | ||||
Taxes, other than income | |||||||
Domestic property and other | $ 30 | $ 29 | $ 27 | ||||
Total | $ 30 | $ 29 | $ 27 | ||||
[1] | 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. | ||||||
[2] | During 2016, PPL recorded deferred tax expense 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.As a result of the PPL Energy Supply spinoff announcement, PPL recorded $50 million of deferred income tax expense during 2014, to adjust the valuation allowance on deferred tax assets primarily for state net operating loss carryforwards that were previously supported by the future earnings of PPL Energy Supply. See Note 8 for additional information on the spinoff. | ||||||
[3] | 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. | ||||||
[4] | The U.K. Finance Act 2016, enacted in September 2016, reduces the U.K. statutory income tax rate effective April 1, 2020 from 18% to 17%. As a result, PPL reduced its net deferred tax liabilities and recognized a deferred tax benefit during 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 deferred tax benefit during 2015, related to both rate decreases. | ||||||
[5] | 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.During 2015, PPL recorded lower income taxes primarily attributable to a decrease in taxable dividends.During 2014, PPL recorded $47 million of income tax expense primarily attributable to taxable dividends. | ||||||
[6] | During 2015, PPL recorded a $12 million tax benefit related to the settlement of the IRS audit for the tax years 1998-2011. | ||||||
[7] | The decrease in 2015 was primarily due to the settlement of a 2011 gross receipts tax audit resulting in the reversal of $17 million of previously recognized reserves. | ||||||
[8] | 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. | ||||||
[9] | Represents a valuation allowance against tax credits expiring through 2020 that are more likely than not to expire before being utilized. | ||||||
[10] | 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. |
Income and Other Taxes (Unrecog
Income and Other Taxes (Unrecognized to End) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)Integer | Dec. 31, 2015USD ($) | |
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 | 2012 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 | 2011 and prior | |
United Kingdom - Foreign [Member] | ||
Income Tax Examination (Details) [Line Items] | ||
Income tax examination, year(s) no longer under examination | 2013 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 | 2012 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 | 2012 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 | 2011 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 | 2012 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 | 2011 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 | 2012 and prior | |
Kentucky Utilities Co [Member] | Kentucky - State [Member] | ||
Income Tax Examination (Details) [Line Items] | ||
Income tax examination, year(s) no longer under examination | 2011 and prior |
Utility Rate Regulation (Regula
Utility Rate Regulation (Regulatory Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Assets [Line Items] | |||
Current regulatory assets | [1] | $ 39 | $ 48 |
Noncurrent regulatory assets | 1,918 | 1,733 | |
Environmental Cost Recovery [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 6 | 24 | |
Municipal Generation True-up [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 11 | 7 | |
Transmission Service Charge [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 7 | 10 | |
Defined Benefit Plans [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 947 | 809 | |
Smart Meter Rider [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 6 | 2 | |
Taxes Recoverable Through Future Rates [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 340 | 326 | |
Storm Costs [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 5 | 0 | |
Noncurrent regulatory assets | 57 | 93 | |
Unamortized Loss On Debt [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 61 | 68 | |
Interest Rate Swaps [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 129 | 141 | |
Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 159 | 137 | |
Asset Retirement Obligations [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 211 | 143 | |
Other Regulatory Assets [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 4 | 5 | |
Noncurrent regulatory assets | 14 | 16 | |
PPL Electric Utilities Corp [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 19 | 13 | |
Noncurrent regulatory assets | 1,094 | 1,006 | |
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 | 7 | 10 | |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 549 | 469 | |
PPL Electric Utilities Corp [Member] | Smart Meter Rider [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 6 | 2 | |
PPL Electric Utilities Corp [Member] | Taxes Recoverable Through Future Rates [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 340 | 326 | |
PPL Electric Utilities Corp [Member] | Storm Costs [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 5 | 0 | |
Noncurrent regulatory assets | 9 | 30 | |
PPL Electric Utilities Corp [Member] | Unamortized Loss On Debt [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 36 | 42 | |
PPL Electric Utilities Corp [Member] | Interest Rate Swaps [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 0 | 0 | |
PPL Electric Utilities Corp [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 159 | 137 | |
PPL Electric Utilities Corp [Member] | Asset Retirement Obligations [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 0 | 0 | |
PPL Electric Utilities Corp [Member] | Other Regulatory Assets [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 1 | 1 | |
Noncurrent regulatory assets | 1 | 2 | |
LG And E And KU Energy LLC [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 20 | 35 | |
Noncurrent regulatory assets | 824 | 727 | |
LG And E And KU Energy LLC [Member] | Environmental Cost Recovery [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 6 | 24 | |
LG And E And KU Energy LLC [Member] | Municipal Generation True-up [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 11 | 7 | |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 398 | 340 | |
LG And E And KU Energy LLC [Member] | Storm Costs [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 48 | 63 | |
LG And E And KU Energy LLC [Member] | Unamortized Loss On Debt [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 25 | 26 | |
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 129 | 141 | |
LG And E And KU Energy LLC [Member] | Asset Retirement Obligations [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 211 | 143 | |
LG And E And KU Energy LLC [Member] | Plant Retirement Costs [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 4 | 6 | |
LG And E And KU Energy LLC [Member] | Other Regulatory Assets [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 3 | 4 | |
Noncurrent regulatory assets | 9 | 8 | |
Louisville Gas And Electric Co [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 9 | 16 | |
Noncurrent regulatory assets | 450 | 424 | |
Louisville Gas And Electric Co [Member] | Environmental Cost Recovery [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 6 | 13 | |
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] | Defined Benefit Plans [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 246 | 215 | |
Louisville Gas And Electric Co [Member] | Storm Costs [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 26 | 35 | |
Louisville Gas And Electric Co [Member] | Unamortized Loss On Debt [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 16 | 17 | |
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 88 | 98 | |
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 70 | 57 | |
Louisville Gas And Electric Co [Member] | Plant Retirement Costs [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 0 | 0 | |
Louisville Gas And Electric Co [Member] | Other Regulatory Assets [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 3 | 3 | |
Noncurrent regulatory assets | 4 | 2 | |
Kentucky Utilities Co [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 11 | 19 | |
Noncurrent regulatory assets | 374 | 303 | |
Kentucky Utilities Co [Member] | Environmental Cost Recovery [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 0 | 11 | |
Kentucky Utilities Co [Member] | Municipal Generation True-up [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 11 | 7 | |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 152 | 125 | |
Kentucky Utilities Co [Member] | Storm Costs [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 22 | 28 | |
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 | 41 | 43 | |
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 141 | 86 | |
Kentucky Utilities Co [Member] | Plant Retirement Costs [Member] | |||
Regulatory Assets [Line Items] | |||
Noncurrent regulatory assets | 4 | 6 | |
Kentucky Utilities Co [Member] | Other Regulatory Assets [Member] | |||
Regulatory Assets [Line Items] | |||
Current regulatory assets | 0 | 1 | |
Noncurrent regulatory assets | $ 5 | $ 6 | |
[1] | For PPL, these amounts are included in "Other current assets" on the Balance Sheets. |
Utility Rate Regulation (Regu66
Utility Rate Regulation (Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | $ 101 | $ 145 | |
Noncurrent regulatory liabilities | 899 | 945 | |
Generation Supply Charge [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 23 | 41 | |
Demand Side Management [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 3 | 8 | |
Gas Supply Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 6 | |
Universal Service Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 14 | 5 | |
Transmission Formula Rate [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 15 | 48 | |
Fuel Adjustment Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 11 | 14 | |
Storm Damage Expense [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 13 | 16 | |
Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 700 | 691 | |
Coal Contracts [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | [1] | 0 | 17 |
Power Purchase Agreement Ohio Valley Electric Corporation [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | [1] | 75 | 83 |
Net Deferred Tax Assets [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 23 | 23 | |
Act 129 Compliance Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 17 | 0 | |
Noncurrent regulatory liabilities | 0 | 22 | |
Defined Benefit Plans [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 23 | 24 | |
Interest Rate Swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 78 | 82 | |
Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 5 | 7 | |
Noncurrent regulatory liabilities | 0 | 3 | |
PPL Electric Utilities Corp [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 83 | 113 | |
Noncurrent regulatory liabilities | 0 | 22 | |
PPL Electric Utilities Corp [Member] | Generation Supply Charge [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 23 | 41 | |
PPL Electric Utilities Corp [Member] | Demand Side Management [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | |
PPL Electric Utilities Corp [Member] | Gas Supply Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | |
PPL Electric Utilities Corp [Member] | Universal Service Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 14 | 5 | |
PPL Electric Utilities Corp [Member] | Transmission Formula Rate [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 15 | 48 | |
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 | 13 | 16 | |
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] | Coal Contracts [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 | 0 | 0 | |
PPL Electric Utilities Corp [Member] | Act 129 Compliance Rider [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 17 | 0 | |
Noncurrent regulatory liabilities | 0 | 22 | |
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 0 | 0 | |
PPL Electric Utilities Corp [Member] | Interest Rate Swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 0 | 0 | |
PPL Electric Utilities Corp [Member] | Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 1 | 3 | |
Noncurrent regulatory liabilities | 0 | 0 | |
LG And E And KU Energy LLC [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 18 | 32 | |
Noncurrent regulatory liabilities | 899 | 923 | |
LG And E And KU Energy LLC [Member] | Demand Side Management [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 3 | 8 | |
LG And E And KU Energy LLC [Member] | Gas Supply Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 6 | |
LG And E And KU Energy LLC [Member] | Fuel Adjustment Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 11 | 14 | |
LG And E And KU Energy LLC [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 700 | 691 | |
LG And E And KU Energy LLC [Member] | Coal Contracts [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | [1] | 0 | 17 |
LG And E And KU Energy LLC [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | [1] | 75 | 83 |
LG And E And KU Energy LLC [Member] | Net Deferred Tax Assets [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 23 | 23 | |
LG And E And KU Energy LLC [Member] | Defined Benefit Plans [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 23 | 24 | |
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 78 | 82 | |
LG And E And KU Energy LLC [Member] | Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 4 | 4 | |
Noncurrent regulatory liabilities | 0 | 3 | |
Louisville Gas And Electric Co [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 5 | 13 | |
Noncurrent regulatory liabilities | 419 | 431 | |
Louisville Gas And Electric Co [Member] | Demand Side Management [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 2 | 4 | |
Louisville Gas And Electric Co [Member] | Gas Supply Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 6 | |
Louisville Gas And Electric Co [Member] | Fuel Adjustment Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 2 | 2 | |
Louisville Gas And Electric Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 305 | 301 | |
Louisville Gas And Electric Co [Member] | Coal Contracts [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | [1] | 0 | 7 |
Louisville Gas And Electric Co [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | [1] | 52 | 57 |
Louisville Gas And Electric Co [Member] | Net Deferred Tax Assets [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 23 | 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] | Interest Rate Swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 39 | 41 | |
Louisville Gas And Electric Co [Member] | Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 1 | 1 | |
Noncurrent regulatory liabilities | 0 | 2 | |
Kentucky Utilities Co [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 13 | 19 | |
Noncurrent regulatory liabilities | 480 | 492 | |
Kentucky Utilities Co [Member] | Demand Side Management [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 1 | 4 | |
Kentucky Utilities Co [Member] | Gas Supply Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 0 | 0 | |
Kentucky Utilities Co [Member] | Fuel Adjustment Clause [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 9 | 12 | |
Kentucky Utilities Co [Member] | Accumulated Cost Of Removal Of Utility Plant [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 395 | 390 | |
Kentucky Utilities Co [Member] | Coal Contracts [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | [1] | 0 | 10 |
Kentucky Utilities Co [Member] | Power Purchase Agreement Ohio Valley Electric Corporation [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | [1] | 23 | 26 |
Kentucky Utilities Co [Member] | Net Deferred Tax Assets [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 0 | 0 | |
Kentucky Utilities Co [Member] | Defined Benefit Plans [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 23 | 24 | |
Kentucky Utilities Co [Member] | Interest Rate Swaps [Member] | |||
Regulatory Liabilities [Line Items] | |||
Noncurrent regulatory liabilities | 39 | 41 | |
Kentucky Utilities Co [Member] | Other Regulatory Liabilities [Member] | |||
Regulatory Liabilities [Line Items] | |||
Current regulatory liabilities | 3 | 3 | |
Noncurrent regulatory liabilities | $ 0 | $ 1 | |
[1] | These liabilities were recorded as offsets to certain intangible assets that were recorded at fair value upon the acquisition of LKE by PPL. |
Utility Rate Regulation (Regu67
Utility Rate Regulation (Regulatory Assets and Liabilities) (Details) - USD ($) $ in Millions | Aug. 08, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Sep. 30, 2015 |
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ (9) | $ (101) | $ 0 | ||||
Minimum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 10 years | ||||||
Maximum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 25 years | ||||||
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 costs expected to be amortized into net periodic defined benefit costs in the next year | $ 58 | ||||||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | 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 2017 | $ 14 | ||||||
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 | ||||||
Unamortized Loss On Debt [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Amortization end date | Dec. 31, 2044 | ||||||
Accumulated Cost Of Removal Of Utility Plant [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 5 years | ||||||
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 | ||||||
Act 129 Compliance Rider [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 3 years | ||||||
Regulatory Assets and Liabilities - Act 129 Compliance Rider (Numeric) [Abstract] | |||||||
Maximum recoverable cost | $ 250 | ||||||
Maximum recoverable cost Phase II | 185 | ||||||
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 | ||||||
Smart Meter Rider [Member] | |||||||
Regulatory Assets and Liabilities - Smart Meter Rider (Numeric) [Abstract] | |||||||
Maximum number of years the cost of smart meters can be depreciated | 15 years | ||||||
Environmental Cost Recovery [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 12 months | ||||||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | |||||||
Period of recurring reviews of activity | six-month and two-year | ||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Gas Supply Clause [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 18 months | ||||||
Fuel Adjustment Clause [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 12 months | ||||||
Interest Rate Swaps [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Amortization end date | Dec. 31, 2033 | ||||||
Amortization end date for the deferred recovery of a regulatory liability | Dec. 31, 2043 | ||||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ 9 | (88) | |||||
Net cash settlements on terminated interest rate swaps | $ 86 | ||||||
Amortization end date for 2008 terminated swap contract | Dec. 31, 2035 | ||||||
Gas Line Tracker [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Return on equity | 10.00% | ||||||
Regulatory Assets and Liabilities - Gas Line Tracker (Numeric) [Abstract] | |||||||
Term, in years, of the gas service rider program | 5 years | ||||||
Asset Retirement Obligations [Member] | Minimum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 10 years | ||||||
Asset Retirement Obligations [Member] | Maximum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 25 years | ||||||
Coal Contracts [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Amortization end date | Dec. 31, 2016 | ||||||
Power Purchase Agreement Ohio Valley Electric Corporation [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Amortization end date | Mar. 31, 2026 | ||||||
Plant Retirement Costs [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 3 years | ||||||
Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Return on equity | 9.80% | ||||||
First Mortgage Bonds [Member] | Interest Rate Swaps [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Principal amount | $ 1,050 | ||||||
PPL Electric [Member] | |||||||
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 (in years) | 5 years | ||||||
PPL Electric Utilities Corp [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability 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 (in years) | 5 years | ||||||
PPL Electric Utilities Corp [Member] | Defined Benefit Plans [Member] | |||||||
Regulatory Assets and Liabilities - Defined Benefit Plans (Numeric) [Abstract] | |||||||
Regulatory asset costs expected to be amortized into net periodic defined benefit costs in the next year | $ 25 | ||||||
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 Liability 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 (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 3 years | ||||||
Regulatory Assets and Liabilities - Act 129 Compliance Rider (Numeric) [Abstract] | |||||||
Maximum recoverable cost | $ 250 | ||||||
Maximum recoverable cost Phase II | 185 | ||||||
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] | Smart Meter Rider [Member] | |||||||
Regulatory Assets and Liabilities - Smart Meter Rider (Numeric) [Abstract] | |||||||
Maximum number of years the cost of smart meters can be depreciated | 15 years | ||||||
PPL Electric Utilities Corp [Member] | First Mortgage Bonds [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Principal amount | $ 224 | ||||||
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 | $ (9) | (88) | 0 | ||||
LG And E And KU Energy LLC [Member] | Minimum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 10 years | ||||||
LG And E And KU Energy LLC [Member] | Maximum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 25 years | ||||||
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 costs expected to be amortized into net periodic defined benefit costs in the next year | $ 33 | ||||||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 20 | ||||||
LG And E And KU Energy LLC [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] | 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] | Environmental Cost Recovery [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 12 months | ||||||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | |||||||
Period of recurring reviews of activity | six-month and two-year | ||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
LG And E And KU Energy LLC [Member] | Gas Supply Clause [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 18 months | ||||||
LG And E And KU Energy LLC [Member] | Fuel Adjustment Clause [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 12 months | ||||||
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Amortization end date | Dec. 31, 2033 | ||||||
Amortization end date for the deferred recovery of a regulatory liability | Dec. 31, 2043 | ||||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ 9 | (88) | |||||
Net cash settlements on terminated interest rate swaps | 86 | ||||||
Amortization end date for 2008 terminated swap contract | Dec. 31, 2035 | ||||||
LG And E And KU Energy LLC [Member] | Gas Line Tracker [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Return on equity | 10.00% | ||||||
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] | Asset Retirement Obligations [Member] | Minimum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 10 years | ||||||
LG And E And KU Energy LLC [Member] | Asset Retirement Obligations [Member] | Maximum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 25 years | ||||||
LG And E And KU Energy LLC [Member] | Coal Contracts [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Amortization end date | Dec. 31, 2016 | ||||||
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] | Plant Retirement Costs [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 3 years | ||||||
LG And E And KU Energy LLC [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Return on equity | 9.80% | 9.80% | |||||
LG And E And KU Energy LLC [Member] | First Mortgage Bonds [Member] | Interest Rate Swaps [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Principal amount | 1,050 | ||||||
Louisville Gas And Electric Co [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 | $ (5) | (3) | |||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ (9) | (44) | 0 | ||||
Louisville Gas And Electric Co [Member] | Minimum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 10 years | ||||||
Louisville Gas And Electric Co [Member] | Maximum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 25 years | ||||||
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 costs expected to be amortized into net periodic defined benefit costs in the next year | $ 22 | ||||||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | 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 2017 | $ 8 | ||||||
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] | Environmental Cost Recovery [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 12 months | ||||||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | |||||||
Period of recurring reviews of activity | six-month and two-year | ||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Louisville Gas And Electric Co [Member] | Gas Supply Clause [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 18 months | ||||||
Louisville Gas And Electric Co [Member] | Fuel Adjustment Clause [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability 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 | ||||||
Amortization end date for the deferred recovery of a regulatory liability | Dec. 31, 2043 | ||||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ 9 | (44) | |||||
Net cash settlements on terminated interest rate swaps | 43 | ||||||
Amortization end date for 2008 terminated swap contract | Dec. 31, 2035 | ||||||
Louisville Gas And Electric Co [Member] | Gas Line Tracker [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Return on equity | 10.00% | ||||||
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] | Asset Retirement Obligations [Member] | Minimum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 10 years | ||||||
Louisville Gas And Electric Co [Member] | Asset Retirement Obligations [Member] | Maximum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 25 years | ||||||
Louisville Gas And Electric Co [Member] | Coal Contracts [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Amortization end date | Dec. 31, 2016 | ||||||
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] | Plant Retirement Costs [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 3 years | ||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Return on equity | 9.80% | 9.80% | |||||
Louisville Gas And Electric Co [Member] | First Mortgage Bonds [Member] | Interest Rate Swaps [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Principal amount | 550 | ||||||
Kentucky Utilities Co [Member] | |||||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ 0 | (44) | $ 0 | ||||
Kentucky Utilities Co [Member] | Minimum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 10 years | ||||||
Kentucky Utilities Co [Member] | Maximum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 25 years | ||||||
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 costs expected to be amortized into net periodic defined benefit costs in the next year | $ 11 | ||||||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | 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 2017 | $ 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] | Environmental Cost Recovery [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 12 months | ||||||
Regulatory Assets and Liabilities - Environmental Cost Recovery (Numeric) [Abstract] | |||||||
Period of recurring reviews of activity | six-month and two-year | ||||||
Return on equity for approved projects remaining from earlier ECR plans | 10.00% | ||||||
Kentucky Utilities Co [Member] | Fuel Adjustment Clause [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Liability Amortization Period | 12 months | ||||||
Kentucky Utilities Co [Member] | Interest Rate Swaps [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Amortization end date for the deferred recovery of a regulatory liability | Dec. 31, 2043 | ||||||
Regulatory Assets and Liabilities - Interest Rate Swaps (Numeric) [Abstract] | |||||||
Net cash settlements on terminated interest rate swaps | $ (44) | ||||||
Net cash settlements on terminated interest rate swaps | $ 43 | ||||||
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | Minimum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 10 years | ||||||
Kentucky Utilities Co [Member] | Asset Retirement Obligations [Member] | Maximum [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Regulatory Asset Amortization Period | 25 years | ||||||
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] | |||||||
Return on equity | 9.80% | 9.80% | |||||
Kentucky Utilities Co [Member] | First Mortgage Bonds [Member] | Interest Rate Swaps [Member] | |||||||
Regulatory Assets and Liabilities (Numeric) [Line Items] | |||||||
Principal amount | $ 500 |
Utility Rate Regulation (Regu68
Utility Rate Regulation (Regulatory Matters) (Details) $ in Millions | Nov. 23, 2016USD ($) | Aug. 08, 2016 | Sep. 03, 2015USD ($) | Aug. 31, 2016 | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Integer | Dec. 31, 2014USD ($) |
Regulatory Matters - United Kingdom Activities - Ofgem Review of Line Loss Calculation (Numeric) [Abstract] | ||||||||
Number Of Distribution Network Operators | Integer | 4 | |||||||
Charge to income during period for line loss incentive/penalty liability | $ 0 | $ 0 | $ 65 | |||||
Liability at period end regarding line loss incentive/penalty | $ 26 | $ 61 | ||||||
Minimum [Member] | ||||||||
Regulatory Matters - United Kingdom Activities - Ofgem Review of Line Loss Calculation (Numeric) [Abstract] | ||||||||
Customer liability refund date | Apr. 1, 2015 | |||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Amortization period for the deferred recovery of a regulatory asset | 10 years | |||||||
Maximum [Member] | ||||||||
Regulatory Matters - United Kingdom Activities - Ofgem Review of Line Loss Calculation (Numeric) [Abstract] | ||||||||
Customer liability refund date | Mar. 31, 2019 | |||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Amortization period for the deferred recovery of a regulatory asset | 25 years | |||||||
Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||||||
Regulatory Matters - Kentucky Activities - CPCN and ECR Filings (Numeric) [Abstract] | ||||||||
Return on equity | 9.80% | |||||||
PPL Electric [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 | |||||||
PPL Electric [Member] | Distribution Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 168 | |||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 124 | |||||||
LKE [Member] | Kentucky Public Service Commission [Member] | ||||||||
Regulatory Matters - Kentucky Activities - CPCN and ECR Filings (Numeric) [Abstract] | ||||||||
Return on equity | 9.80% | |||||||
Regulatory Matters - Federal Matters - Federal Energy Regulatory Commission Wholesale Formula Rates (Numeric) [Abstract] | ||||||||
Construction Projects Begin Date | Dec. 31, 2016 | |||||||
Construction Project Expected End Date | Dec. 31, 2023 | |||||||
LGE [Member] | Kentucky Public Service Commission [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Requested return on equity | 10.23% | |||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 94 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 8.50% | |||||||
LGE [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 14 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 4.20% | |||||||
KU [Member] | Kentucky Public Service Commission [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Requested return on equity | 10.23% | |||||||
KU [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 103 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 6.40% | |||||||
PPL Electric Utilities Corp [Member] | Distribution Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Increase in annual revenue requirements associated with base rates resulting from rate case | $ 124 | |||||||
PPL Electric Utilities Corp [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 | |||||||
PPL Electric Utilities Corp [Member] | Distribution Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 168 | |||||||
LG And E And KU Energy LLC [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] | Minimum [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Amortization period for the deferred recovery of a regulatory asset | 10 years | |||||||
LG And E And KU Energy LLC [Member] | Maximum [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Amortization period for the deferred recovery of a regulatory asset | 25 years | |||||||
LG And E And KU Energy LLC [Member] | Kentucky Public Service Commission [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Requested return on equity | 10.23% | |||||||
Regulatory Matters - Federal Matters - Federal Energy Regulatory Commission Wholesale Formula Rates (Numeric) [Abstract] | ||||||||
Construction Projects Begin Date | Dec. 31, 2016 | |||||||
Construction Project Expected End Date | Dec. 31, 2023 | |||||||
LG And E And KU Energy LLC [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||||||
Regulatory Matters - Kentucky Activities - CPCN and ECR Filings (Numeric) [Abstract] | ||||||||
Return on equity | 9.80% | 9.80% | ||||||
LG And E And KU Energy LLC [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 14 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 4.20% | |||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 94 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 8.50% | |||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 103 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 6.40% | |||||||
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% | |||||||
Louisville Gas And Electric Co [Member] | Minimum [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Amortization period for the deferred recovery of a regulatory asset | 10 years | |||||||
Louisville Gas And Electric Co [Member] | Maximum [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Amortization period for the deferred recovery of a regulatory asset | 25 years | |||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Requested return on equity | 10.23% | |||||||
Regulatory Matters - Federal Matters - Federal Energy Regulatory Commission Wholesale Formula Rates (Numeric) [Abstract] | ||||||||
Construction Projects Begin Date | Dec. 31, 2016 | |||||||
Construction Project Expected End Date | Dec. 31, 2023 | |||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||||||
Regulatory Matters - Kentucky Activities - CPCN and ECR Filings (Numeric) [Abstract] | ||||||||
Return on equity | 9.80% | 9.80% | ||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 94 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 8.50% | |||||||
Louisville Gas And Electric Co [Member] | Kentucky Public Service Commission [Member] | Gas Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 14 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 4.20% | |||||||
Kentucky Utilities Co [Member] | Minimum [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Amortization period for the deferred recovery of a regulatory asset | 10 years | |||||||
Kentucky Utilities Co [Member] | Maximum [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Amortization period for the deferred recovery of a regulatory asset | 25 years | |||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Requested return on equity | 10.23% | |||||||
Regulatory Matters - Federal Matters - Federal Energy Regulatory Commission Wholesale Formula Rates (Numeric) [Abstract] | ||||||||
Construction Projects Begin Date | Dec. 31, 2016 | |||||||
Construction Project Expected End Date | Dec. 31, 2023 | |||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Environmental Cost Recovery [Member] | ||||||||
Regulatory Matters - Kentucky Activities - CPCN and ECR Filings (Numeric) [Abstract] | ||||||||
Return on equity | 9.80% | 9.80% | ||||||
Kentucky Utilities Co [Member] | Kentucky Public Service Commission [Member] | Electric Rates [Member] | ||||||||
Regulatory Matters - Rate Case Proceedings / Federal Energy Regulatory Commission Formula Rates (Numeric) [Abstract] | ||||||||
Dollar amount requested increase in base rates with anticipated rate case filing | $ 103 | |||||||
Percentage requested increase in base rates with anticipated rate case filing | 6.40% |
Financing Activities (Credit Ar
Financing Activities (Credit Arrangements) (Details) £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2017 | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Nov. 28, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) | |||||
PPL Electric [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Jan. 29, 2021 | |||||||||
Capacity | [1],[2] | $ 650 | ||||||||
Borrowed | 0 | $ 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 296 | 1 | |||||||
Unused capacity | [1],[2] | $ 354 | ||||||||
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. 27, 2022 | |||||||||
LKE [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Oct. 30, 2018 | |||||||||
Capacity | [1],[2],[3] | $ 75 | ||||||||
Borrowed | 0 | 75 | [1],[2],[3] | |||||||
Letters of credit and commercial paper issued | 0 | $ 0 | ||||||||
Unused capacity | [1],[2],[3] | $ 75 | ||||||||
Interest rate on outstanding borrowing | 1.68% | 1.68% | ||||||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||||||
Potential capacity increase | $ 25 | |||||||||
LGE [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Dec. 31, 2020 | |||||||||
Capacity | [1],[2] | $ 500 | ||||||||
Borrowed | 0 | $ 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 169 | 142 | |||||||
Unused capacity | [1],[2] | $ 331 | ||||||||
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. 27, 2022 | |||||||||
KU [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Capacity | 598 | |||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | 214 | 246 | ||||||||
Unused capacity | $ 384 | |||||||||
KU [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Dec. 31, 2020 | |||||||||
Capacity | [1],[2] | $ 400 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 16 | 48 | |||||||
Unused capacity | [1],[2] | $ 384 | ||||||||
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. 27, 2022 | |||||||||
KU [Member] | Letter Of Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Oct. 1, 2017 | |||||||||
Capacity | [1],[2],[4] | $ 198 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2],[4] | 198 | 198 | |||||||
Unused capacity | $ 0 | |||||||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||||||
U.K. [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Capacity | £ | £ 1,145 | |||||||||
Borrowed | £ | [5] | 339 | £ 133 | |||||||
Letters of credit and commercial paper issued | £ | 4 | 4 | ||||||||
Unused capacity | $ 1,000 | 801 | [5] | |||||||
U.K. [Member] | Uncommitted Credit Facilities [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Capacity | £ | 90 | |||||||||
Borrowed | $ 75 | 60 | 0 | |||||||
Letters of credit and commercial paper issued | £ | 4 | 4 | ||||||||
Unused capacity | £ | £ 26 | |||||||||
Interest rate on outstanding borrowing | 1.26% | 1.26% | ||||||||
U.K. [Member] | WPD PLC [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Jan. 13, 2021 | |||||||||
Capacity | £ | [1],[6] | £ 210 | ||||||||
Borrowed | $ 200 | 160 | [1],[6] | £ 161 | $ 200 | 133 | [1],[6] | |||
Letters of credit and commercial paper issued | £ | 0 | £ 0 | ||||||||
Unused capacity | £ | [1],[6] | £ 49 | ||||||||
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 | 1.43% | 1.43% | 1.83% | 1.83% | ||||||
U.K. [Member] | WPD South West [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Jul. 29, 2021 | |||||||||
Capacity | £ | [1],[6] | £ 245 | ||||||||
Borrowed | $ 137 | 110 | [1],[6] | £ 0 | ||||||
Letters of credit and commercial paper issued | £ | 0 | 0 | ||||||||
Unused capacity | £ | [1],[6] | £ 135 | ||||||||
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 | 0.66% | 0.66% | ||||||||
U.K. [Member] | WPD East Midlands [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Jul. 29, 2021 | |||||||||
Capacity | £ | [1],[6] | £ 300 | ||||||||
Borrowed | $ 11 | 9 | [1],[6] | 0 | ||||||
Letters of credit and commercial paper issued | £ | 0 | 0 | ||||||||
Unused capacity | £ | [1],[6] | £ 291 | ||||||||
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 | 0.66% | 0.66% | ||||||||
U.K. [Member] | WPD West Midlands [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Jul. 29, 2021 | |||||||||
Capacity | £ | [1],[6] | £ 300 | ||||||||
Borrowed | £ | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | £ | 0 | £ 0 | ||||||||
Unused capacity | £ | [1],[6] | £ 300 | ||||||||
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% | ||||||||
U.S. [Member] | PPL Capital Funding [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Capacity | $ 1,400 | |||||||||
Borrowed | 0 | $ 0 | ||||||||
Letters of credit and commercial paper issued | 37 | 471 | ||||||||
Unused capacity | $ 1,363 | |||||||||
U.S. [Member] | PPL Capital Funding [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Jan. 29, 2021 | |||||||||
Capacity | [1],[2] | $ 950 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 20 | 151 | |||||||
Unused capacity | [1],[2] | $ 930 | ||||||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||||||
U.S. [Member] | PPL Capital Funding [Member] | Syndicated Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Jan. 27, 2022 | |||||||||
U.S. [Member] | PPL Capital Funding [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Nov. 12, 2018 | |||||||||
Capacity | [1],[2] | $ 300 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | 0 | 300 | [1],[2] | |||||||
Unused capacity | [1],[2] | $ 300 | ||||||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||||||
Potential capacity increase | $ 30 | |||||||||
U.S. [Member] | PPL Capital Funding [Member] | Bilateral Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Mar. 17, 2017 | |||||||||
Capacity | [1],[2] | $ 150 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 17 | 20 | |||||||
Unused capacity | [1],[2] | $ 133 | ||||||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||||||
Potential capacity increase | $ 30 | |||||||||
PPL Electric Utilities Corp [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Jan. 29, 2021 | |||||||||
Capacity | [1],[2] | $ 650 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 296 | 1 | |||||||
Unused capacity | [1],[2] | $ 354 | ||||||||
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. 27, 2022 | |||||||||
LG And E And KU Energy LLC [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Oct. 30, 2018 | |||||||||
Capacity | [1],[2],[3] | $ 75 | ||||||||
Borrowed | 0 | 75 | [1],[2],[3] | |||||||
Letters of credit and commercial paper issued | 0 | $ 0 | ||||||||
Unused capacity | [1],[2],[3] | $ 75 | ||||||||
Interest rate on outstanding borrowing | 1.68% | 1.68% | ||||||||
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] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Dec. 31, 2020 | |||||||||
Capacity | [1],[2] | $ 500 | ||||||||
Borrowed | 0 | $ 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 169 | 142 | |||||||
Unused capacity | [1],[2] | $ 331 | ||||||||
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. 27, 2022 | |||||||||
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 | 214 | 246 | ||||||||
Unused capacity | $ 384 | |||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Dec. 31, 2020 | |||||||||
Capacity | [1],[2] | $ 400 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 16 | 48 | |||||||
Unused capacity | [1],[2] | $ 384 | ||||||||
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. 27, 2022 | |||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Letter Of Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Oct. 1, 2017 | |||||||||
Capacity | [1],[2],[4] | $ 198 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2],[4] | 198 | 198 | |||||||
Unused capacity | $ 0 | |||||||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||||||
Louisville Gas And Electric Co [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Dec. 31, 2020 | |||||||||
Capacity | [1],[2] | $ 500 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 169 | 142 | |||||||
Unused capacity | [1],[2] | $ 331 | ||||||||
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. 27, 2022 | |||||||||
Kentucky Utilities Co [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Capacity | 598 | |||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | 214 | 246 | ||||||||
Unused capacity | $ 384 | |||||||||
Kentucky Utilities Co [Member] | Syndicated Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Dec. 31, 2020 | |||||||||
Capacity | [1],[2] | $ 400 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2] | 16 | 48 | |||||||
Unused capacity | [1],[2] | $ 384 | ||||||||
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. 27, 2022 | |||||||||
Kentucky Utilities Co [Member] | Letter Of Credit Facility [Member] | ||||||||||
Financing Activities [Line Items] | ||||||||||
Expiration date | Oct. 1, 2017 | |||||||||
Capacity | [1],[2],[4] | $ 198 | ||||||||
Borrowed | 0 | 0 | ||||||||
Letters of credit and commercial paper issued | [1],[2],[4] | 198 | $ 198 | |||||||
Unused capacity | $ 0 | |||||||||
Maximum percentage of debt to total capitalization allowed under the credit facility | 70.00% | 70.00% | ||||||||
[1] | Each company pays customary fees under its respective facility and borrowings generally bear interest at LIBOR-based rates plus an applicable margin. | |||||||||
[2] | 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 2017 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. | |||||||||
[3] | At December 31, 2015, LKE's interest rate on outstanding borrowings was 1.68%. | |||||||||
[4] | 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. | |||||||||
[5] | The WPD plc amounts borrowed at December 31, 2016 and 2015 included USD-denominated borrowings of $200 million for both periods, which bore interest at 1.43% and 1.83%. The unused capacity reflects the amount borrowed in GBP of £161 million as of the date borrowed. The WPD (South West) amount borrowed at December 31, 2016 was a GBP-denominated borrowing, which equated to $137 million and bore interest at 0.66%. The WPD (East Midlands) amount borrowed at December 31, 2016 was a GBP-denominated borrowing, which equated to $11 million and bore interest at 0.66%. The WPD Uncommitted Credit Facilities amounts borrowed at December 31, 2016 were GBP-denominated borrowings which equated to $75 million and bore interest at 1.26%. At December 31, 2016, the unused capacity under the U.K. credit facilities was approximately $1 billion. | |||||||||
[6] | The facilities contain financial covenants to maintain an interest coverage ratio of not less than 3.0 times consolidated earnings before income taxes, depreciation and amortization and total net debt not in excess of 85% of its RAV, calculated in accordance with the credit facility. |
Financing Activities (Short-ter
Financing Activities (Short-term Debt) (Details) - Commercial Paper [Member] - USD ($) $ in Millions | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | |||
Capacity | $ 2,100 | ||
Commercial paper issuances | 500 | $ 641 | |
Unused capacity | 1,600 | ||
PPL Electric [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 400 | ||
Commercial paper issuances | $ 295 | 0 | |
Weighted-average interest rate | 1.05% | ||
Unused capacity | $ 105 | ||
PPL Electric [Member] | Subsequent Event [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | $ 650 | ||
LGE [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 350 | ||
Commercial paper issuances | $ 169 | $ 142 | |
Weighted-average interest rate | 0.94% | 0.71% | |
Unused capacity | $ 181 | ||
KU [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 350 | ||
Commercial paper issuances | $ 16 | $ 48 | |
Weighted-average interest rate | 0.87% | 0.72% | |
Unused capacity | $ 334 | ||
PPL Capital Funding [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 1,000 | ||
Commercial paper issuances | $ 20 | $ 451 | |
Weighted-average interest rate | 1.10% | 0.78% | |
Unused capacity | $ 980 | ||
PPL Electric Utilities Corp [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 400 | ||
Commercial paper issuances | $ 295 | $ 0 | |
Weighted-average interest rate | 1.05% | ||
Unused capacity | $ 105 | ||
PPL Electric Utilities Corp [Member] | Subsequent Event [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | $ 650 | ||
LG And E And KU Energy LLC [Member] | LGE [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 350 | ||
Commercial paper issuances | $ 169 | $ 142 | |
Weighted-average interest rate | 0.94% | 0.71% | |
Unused capacity | $ 181 | ||
LG And E And KU Energy LLC [Member] | KU [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 350 | ||
Commercial paper issuances | $ 16 | $ 48 | |
Weighted-average interest rate | 0.87% | 0.72% | |
Unused capacity | $ 334 | ||
Louisville Gas And Electric Co [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 350 | ||
Commercial paper issuances | $ 169 | $ 142 | |
Weighted-average interest rate | 0.94% | 0.71% | |
Unused capacity | $ 181 | ||
Kentucky Utilities Co [Member] | |||
Short-term Debt [Line Items] | |||
Capacity | 350 | ||
Commercial paper issuances | $ 16 | $ 48 | |
Weighted-average interest rate | 0.87% | 0.72% | |
Unused capacity | $ 334 |
Financing Activities (Long-term
Financing Activities (Long-term Debt and Equity Securities) (Details) $ / shares in Units, shares in Thousands, £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2016GBP (£) | Sep. 30, 2016USD ($) | Aug. 31, 2016 | May 31, 2016USD ($) | Mar. 31, 2016USD ($) | Nov. 30, 2015 | Feb. 28, 2015USD ($)Integer | May 31, 2014USD ($)$ / sharesshares | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2016GBP (£) | Aug. 30, 2016USD ($) | May 31, 2016GBP (£) | ||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal outstanding | $ 18,399 | $ 18,399 | $ 19,171 | |||||||||||||||
Less current portion of Long-term debt | 518 | 518 | 485 | |||||||||||||||
Long-term Debt | 17,808 | 17,808 | 18,563 | |||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||
2,017 | 518 | 518 | ||||||||||||||||
2,018 | 348 | 348 | ||||||||||||||||
2,019 | 136 | 136 | ||||||||||||||||
2,020 | 1,262 | 1,262 | ||||||||||||||||
2,021 | 1,150 | 1,150 | ||||||||||||||||
Thereafter | 14,985 | 14,985 | ||||||||||||||||
Equity Programs (Numeric) [Abstract] | ||||||||||||||||||
Net proceeds from issuance of common stock | 144 | 203 | $ 1,074 | |||||||||||||||
Senior Unsecured Notes [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount that may be redeemed in total but not in part | 281 | $ 281 | £ 225 | |||||||||||||||
Earliest date the company may redeem the debt in total but not in part | Dec. 21, 2026 | |||||||||||||||||
WPD PLC [Member] | Senior Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayments of Senior Debt | $ 460 | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 3.90% | 3.90% | ||||||||||||||||
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 | 281 | $ 281 | 225 | |||||||||||||||
Earliest date the company may redeem the debt in total by series | Dec. 1, 2026 | |||||||||||||||||
Increase (decrease) in principal due to inflation | 13 | $ 13 | 10 | |||||||||||||||
WPD East Midlands [Member] | Index Linked Term Loan [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Term | 10 years | |||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | £ | £ 100 | |||||||||||||||||
Stated interest rate | 0.4975% | 0.4975% | ||||||||||||||||
WPD East Midlands [Member] | Index Linked Senior Unsecured Notes [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | £ | £ 40 | |||||||||||||||||
Stated interest rate | 2.671% | |||||||||||||||||
Maturity date (in years) | Jun. 1, 2043 | Jun. 1, 2043 | ||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | £ | £ 83 | |||||||||||||||||
Proceeds from debt, including premium net of debt issuance costs | $ 101 | |||||||||||||||||
Increase (decrease) in principal due to inflation | 13 | $ 13 | £ 10 | |||||||||||||||
PPL Capital Funding [Member] | Senior Notes [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 650 | |||||||||||||||||
Stated interest rate | 3.10% | 3.10% | ||||||||||||||||
Maturity date (in years) | May 15, 2026 | |||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 645 | |||||||||||||||||
PPL Electric [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||
PPL Electric [Member] | Senior Secured Notes [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds Series 2016A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 116 | |||||||||||||||||
Maturity date (in years) | Mar. 9, 2029 | |||||||||||||||||
Debt Instruments Initial Term Rate | 0.90% | |||||||||||||||||
Debt Instruments Future Repurchase Date | Sep. 1, 2017 | |||||||||||||||||
PPL Electric [Member] | Senior Secured Notes [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds Series 2016B [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 108 | |||||||||||||||||
Maturity date (in years) | Mar. 9, 2027 | |||||||||||||||||
Debt Instruments Initial Term Rate | 0.90% | |||||||||||||||||
Debt Instruments Future Repurchase Date | Aug. 15, 2017 | |||||||||||||||||
PPL Electric [Member] | Senior Secured Notes [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds 2005 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 4.70% | |||||||||||||||||
Maturity date (in years) | Mar. 9, 2029 | |||||||||||||||||
Principal amount redeemed at par | $ 116 | |||||||||||||||||
PPL Electric [Member] | Senior Secured Notes [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds 2005 Series B [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 4.75% | |||||||||||||||||
Maturity date (in years) | Mar. 9, 2027 | |||||||||||||||||
Principal amount redeemed at par | $ 108 | |||||||||||||||||
PPL Electric [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | 2001 Mortgage Indenture [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Aggregate carrying value of property subject to lien | 7,600 | $ 7,600 | 6,700 | |||||||||||||||
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. 1, 2020 | |||||||||||||||||
PPL Electric [Member] | First Mortgage Bonds [Member] | 2001 Mortgage Indenture [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | 224 | |||||||||||||||||
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 | 386 | 386 | ||||||||||||||||
Principal amount that may be put back to the issuer | $ 375 | 375 | ||||||||||||||||
LGE [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 125 | |||||||||||||||||
Maturity date (in years) | Sep. 1, 2044 | |||||||||||||||||
LGE [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2000 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Aug. 1, 2030 | |||||||||||||||||
Principal amount redeemed at par | $ 83 | |||||||||||||||||
LGE [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2002 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Oct. 1, 2032 | |||||||||||||||||
Principal amount redeemed at par | $ 42 | |||||||||||||||||
LGE [Member] | Senior Secured Notes [Member] | Jefferson County Pollution Control Revenue Refunding Bonds, 2000 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | May 1, 2027 | |||||||||||||||||
Principal amount redeemed at par | $ 25 | 25 | ||||||||||||||||
LGE [Member] | First Mortgage Bonds [Member] | 2010 Mortgage Indenture [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Aggregate carrying value of property subject to lien | 4,400 | 4,400 | 4,200 | |||||||||||||||
KU [Member] | Senior Secured Notes [Member] | County of Carroll, Kentucky Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 96 | |||||||||||||||||
Stated interest rate | 1.05% | |||||||||||||||||
Maturity date (in years) | Sep. 1, 2042 | |||||||||||||||||
Debt Instruments Future Repurchase Date | Sep. 1, 2019 | |||||||||||||||||
KU [Member] | Senior Secured Notes [Member] | County of Carroll, Kentucky Pollution Control Revenue Refunding Bonds, 2002 Series C [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Oct. 1, 2032 | |||||||||||||||||
Principal amount redeemed at par | $ 96 | |||||||||||||||||
KU [Member] | First Mortgage Bonds [Member] | 2010 Mortgage Indenture [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Aggregate carrying value of property subject to lien | 5,800 | $ 5,800 | $ 5,700 | |||||||||||||||
Equity Units 2011 [Member] | PPL Capital Funding [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 350 | |||||||||||||||||
Stated interest rate | 3.95% | |||||||||||||||||
Maturity date (in years) | Mar. 15, 2024 | |||||||||||||||||
Equity Units 2011 [Member] | PPL Capital Funding [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 400 | |||||||||||||||||
Stated interest rate | 5.00% | |||||||||||||||||
Maturity date (in years) | Mar. 15, 2044 | |||||||||||||||||
Equity Units 2011 [Member] | PPL Capital Funding [Member] | Junior Subordinated Debt [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Gain (loss) on extinguishment of debt | $ 9 | |||||||||||||||||
Equity Units 2011 [Member] | PPL Capital Funding [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Notes [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 4.32% | |||||||||||||||||
Maturity date (in years) | May 1, 2019 | |||||||||||||||||
Portion of total principal settled in cash | $ 228 | |||||||||||||||||
Principal amount extinguished | 228 | |||||||||||||||||
Equity Units 2011 [Member] | PPL Capital Funding [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Notes [Member] | Remarketed [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 978 | |||||||||||||||||
Stated interest rate | 4.32% | |||||||||||||||||
Maturity date (in years) | May 1, 2019 | |||||||||||||||||
Equity Units 2011 [Member] | PPL Capital Funding [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Notes [Member] | Exchanged [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 2.189% | |||||||||||||||||
Maturity date (in years) | Mar. 15, 2017 | |||||||||||||||||
Principal amount extinguished | $ 350 | |||||||||||||||||
Equity Units 2011 [Member] | PPL Capital Funding [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Notes [Member] | Exchanged [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 3.184% | |||||||||||||||||
Maturity date (in years) | Mar. 15, 2019 | |||||||||||||||||
Principal amount extinguished | $ 400 | |||||||||||||||||
Purchase Contacts 2011 [Member] | ||||||||||||||||||
Equity Programs (Numeric) [Abstract] | ||||||||||||||||||
Shares of common stock issued during the period | shares | 31,700 | |||||||||||||||||
Price per share of PPL common stock issued | $ / shares | $ 30.86 | |||||||||||||||||
Net proceeds from issuance of common stock | $ 978 | |||||||||||||||||
At The Market Stock Offering Program [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Common Stock Issued Average Price Per Share | $ / shares | $ 35.23 | $ 33.41 | ||||||||||||||||
Equity Programs (Numeric) [Abstract] | ||||||||||||||||||
Shares of common stock issued during the period | shares | 710 | 1,477 | ||||||||||||||||
Net proceeds from issuance of common stock | $ 25 | $ 49 | ||||||||||||||||
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 | $ 11,854 | $ 11,854 | 11,229 | |||||||||||||||
U.S. [Member] | Senior Unsecured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 3.75% | 3.75% | 3.75% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Jun. 1, 2018 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Mar. 15, 2044 | ||||||||||||||||
Principal outstanding | $ 4,075 | $ 4,075 | 3,425 | |||||||||||||||
U.S. [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 3.88% | 3.88% | 3.88% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Aug. 15, 2017 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Oct. 1, 2045 | ||||||||||||||||
Principal outstanding | [2],[3],[4] | $ 6,849 | $ 6,849 | 6,874 | ||||||||||||||
U.S. [Member] | Junior Subordinated Debt [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 6.31% | 6.31% | 6.31% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Mar. 30, 2067 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Apr. 30, 2073 | ||||||||||||||||
Principal outstanding | $ 930 | $ 930 | 930 | |||||||||||||||
U.K. [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal outstanding | 6,545 | 6,545 | 7,942 | |||||||||||||||
Fair market value adjustments | 22 | 22 | 30 | |||||||||||||||
Unamortized premium and (discount), net | [5] | 20 | 20 | (28) | ||||||||||||||
Unamortized debt issuance costs | (115) | (115) | (125) | |||||||||||||||
Total Long-term Debt | 18,326 | 18,326 | 19,048 | |||||||||||||||
Less current portion of Long-term debt | 518 | 518 | 485 | |||||||||||||||
Long-term Debt | 17,808 | 17,808 | 18,563 | |||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount that may be put back to the issuer | $ 5,500 | $ 5,500 | £ 4,400 | |||||||||||||||
U.K. [Member] | Senior Unsecured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 5.44% | 5.44% | 5.44% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Dec. 15, 2017 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Dec. 10, 2040 | ||||||||||||||||
Principal outstanding | [6] | $ 5,707 | $ 5,707 | 7,170 | ||||||||||||||
U.K. [Member] | Index Linked Senior Unsecured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [5] | 1.67% | 1.67% | 1.67% | ||||||||||||||
Maturity date of long-term debt range start | [1] | May 31, 2026 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Dec. 1, 2056 | ||||||||||||||||
Principal outstanding | [5] | $ 838 | $ 838 | 772 | ||||||||||||||
PPL Electric Utilities Corp [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal outstanding | 2,864 | 2,864 | 2,864 | |||||||||||||||
Unamortized discount | (12) | (12) | (13) | |||||||||||||||
Unamortized debt issuance costs | (21) | (21) | (23) | |||||||||||||||
Total Long-term Debt | 2,831 | 2,831 | 2,828 | |||||||||||||||
Less current portion of Long-term debt | 224 | 224 | 0 | |||||||||||||||
Long-term Debt | 2,607 | $ 2,607 | 2,828 | |||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||
2,017 | 224 | $ 224 | ||||||||||||||||
2,018 | 0 | 0 | ||||||||||||||||
2,019 | 0 | 0 | ||||||||||||||||
2,020 | 100 | 100 | ||||||||||||||||
2,021 | 400 | 400 | ||||||||||||||||
Thereafter | $ 2,140 | $ 2,140 | ||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds Series 2016A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 116 | |||||||||||||||||
Maturity date (in years) | Mar. 9, 2029 | |||||||||||||||||
Debt Instruments Initial Term Rate | 0.90% | |||||||||||||||||
Debt Instruments Future Repurchase Date | Sep. 1, 2017 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds Series 2016B [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 108 | |||||||||||||||||
Maturity date (in years) | Mar. 9, 2027 | |||||||||||||||||
Debt Instruments Initial Term Rate | 0.90% | |||||||||||||||||
Debt Instruments Future Repurchase Date | Aug. 15, 2017 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds 2005 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 4.70% | |||||||||||||||||
Maturity date (in years) | Mar. 9, 2029 | |||||||||||||||||
Principal amount redeemed at par | $ 116 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes [Member] | Lehigh County Industrial Development Authority Pollution Control Revenue Refunding Bonds 2005 Series B [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 4.75% | |||||||||||||||||
Maturity date (in years) | Mar. 9, 2027 | |||||||||||||||||
Principal amount redeemed at par | $ 108 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 4.20% | 4.20% | 4.20% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Aug. 15, 2017 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Oct. 1, 2045 | ||||||||||||||||
Principal outstanding | [3],[4] | $ 2,864 | $ 2,864 | 2,864 | ||||||||||||||
PPL Electric Utilities Corp [Member] | Senior Secured Notes - First Mortgage Bonds [Member] | 2001 Mortgage Indenture [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Aggregate carrying value of property subject to lien | 7,600 | 7,600 | 6,700 | |||||||||||||||
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. 1, 2020 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 224 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal outstanding | 5,110 | $ 5,110 | 5,135 | |||||||||||||||
Fair market value adjustments | (1) | (1) | (1) | |||||||||||||||
Unamortized discount | (15) | (15) | (16) | |||||||||||||||
Unamortized debt issuance costs | (29) | (29) | (30) | |||||||||||||||
Total Long-term Debt | 5,065 | 5,065 | 5,088 | |||||||||||||||
Less current portion of Long-term debt | 194 | 194 | 25 | |||||||||||||||
Long-term Debt | 4,871 | 4,871 | 5,063 | |||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||
2,017 | 194 | 194 | ||||||||||||||||
2,018 | 98 | 98 | ||||||||||||||||
2,019 | 136 | 136 | ||||||||||||||||
2,020 | 975 | 975 | ||||||||||||||||
2,021 | 250 | 250 | ||||||||||||||||
Thereafter | $ 3,457 | $ 3,457 | ||||||||||||||||
LG And E And KU Energy LLC [Member] | Senior Unsecured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 3.97% | 3.97% | 3.97% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Nov. 15, 2020 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Oct. 1, 2021 | ||||||||||||||||
Principal outstanding | $ 725 | $ 725 | 725 | |||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Stated interest rate | 2.125% | |||||||||||||||||
Maturity date (in years) | Nov. 15, 2015 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 3.67% | 3.67% | 3.67% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Apr. 3, 2017 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Oct. 1, 2045 | ||||||||||||||||
Principal outstanding | [2],[3] | $ 3,985 | $ 3,985 | 4,010 | ||||||||||||||
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 | 386 | 386 | ||||||||||||||||
Principal amount that may be put back to the issuer | $ 375 | $ 375 | ||||||||||||||||
LG And E And KU Energy LLC [Member] | Note Payable [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 3.50% | 3.50% | 3.50% | ||||||||||||||
Maturity date of long-term date range end | [1] | Nov. 13, 2025 | ||||||||||||||||
Principal outstanding | $ 400 | $ 400 | 400 | |||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [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] | LGE [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 125 | |||||||||||||||||
Maturity date (in years) | Sep. 1, 2044 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2000 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Aug. 1, 2030 | |||||||||||||||||
Principal amount redeemed at par | $ 83 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2002 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Oct. 1, 2032 | |||||||||||||||||
Principal amount redeemed at par | $ 42 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | Senior Secured Notes [Member] | Jefferson County Pollution Control Revenue Refunding Bonds, 2000 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | May 1, 2027 | |||||||||||||||||
Principal amount redeemed at par | $ 25 | $ 25 | ||||||||||||||||
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 | 4,400 | $ 4,400 | 4,200 | |||||||||||||||
LG And E And KU Energy LLC [Member] | KU [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] | Senior Secured Notes [Member] | County of Carroll, Kentucky Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 96 | |||||||||||||||||
Stated interest rate | 1.05% | |||||||||||||||||
Maturity date (in years) | Sep. 1, 2042 | |||||||||||||||||
Debt Instruments Future Repurchase Date | Sep. 1, 2019 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | Senior Secured Notes [Member] | County of Carroll, Kentucky Pollution Control Revenue Refunding Bonds, 2002 Series C [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Oct. 1, 2032 | |||||||||||||||||
Principal amount redeemed at par | $ 96 | |||||||||||||||||
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 | 5,800 | $ 5,800 | 5,700 | |||||||||||||||
Louisville Gas And Electric Co [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal outstanding | 1,634 | 1,634 | 1,659 | |||||||||||||||
Fair market value adjustments | (1) | (1) | (1) | |||||||||||||||
Unamortized discount | (4) | (4) | (4) | |||||||||||||||
Unamortized debt issuance costs | (12) | (12) | (12) | |||||||||||||||
Total Long-term Debt | 1,617 | 1,617 | 1,642 | |||||||||||||||
Less current portion of Long-term debt | 194 | 194 | 25 | |||||||||||||||
Long-term Debt | 1,423 | $ 1,423 | 1,617 | |||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||
2,017 | 194 | $ 194 | ||||||||||||||||
2,018 | 98 | 98 | ||||||||||||||||
2,019 | 40 | 40 | ||||||||||||||||
2,020 | 0 | 0 | ||||||||||||||||
2,021 | 0 | 0 | ||||||||||||||||
Thereafter | $ 1,302 | 1,302 | ||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 125 | |||||||||||||||||
Maturity date (in years) | Sep. 1, 2044 | |||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2000 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Aug. 1, 2030 | |||||||||||||||||
Principal amount redeemed at par | $ 83 | |||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [Member] | County of Trimble, Kentucky Pollution Control Revenue Refunding Bonds, 2002 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Oct. 1, 2032 | |||||||||||||||||
Principal amount redeemed at par | $ 42 | |||||||||||||||||
Louisville Gas And Electric Co [Member] | Senior Secured Notes [Member] | Jefferson County Pollution Control Revenue Refunding Bonds, 2000 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | May 1, 2027 | |||||||||||||||||
Principal amount redeemed at par | $ 25 | $ 25 | ||||||||||||||||
Louisville Gas And Electric Co [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 3.45% | 3.45% | 3.45% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Apr. 3, 2017 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Oct. 1, 2045 | ||||||||||||||||
Principal outstanding | [2],[3] | $ 1,634 | $ 1,634 | 1,659 | ||||||||||||||
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 | 4,400 | 4,400 | 4,200 | |||||||||||||||
Louisville Gas And Electric Co [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 | 391 | 391 | ||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a variable rate mode | 158 | 158 | ||||||||||||||||
Principal amount that may be put back to the issuer | 147 | 147 | ||||||||||||||||
Kentucky Utilities Co [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal outstanding | 2,351 | 2,351 | 2,351 | |||||||||||||||
Unamortized discount | (9) | (9) | (10) | |||||||||||||||
Unamortized debt issuance costs | (15) | (15) | (15) | |||||||||||||||
Total Long-term Debt | 2,327 | 2,327 | 2,326 | |||||||||||||||
Less current portion of Long-term debt | 0 | 0 | 0 | |||||||||||||||
Long-term Debt | 2,327 | $ 2,327 | 2,326 | |||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Minimum length of time to convert interest rate mode | 1 year | |||||||||||||||||
Aggregate maturities of long-term debt (Details) [Abstract] | ||||||||||||||||||
2,017 | 0 | $ 0 | ||||||||||||||||
2,018 | 0 | 0 | ||||||||||||||||
2,019 | 96 | 96 | ||||||||||||||||
2,020 | 500 | 500 | ||||||||||||||||
2,021 | 0 | 0 | ||||||||||||||||
Thereafter | $ 1,755 | $ 1,755 | ||||||||||||||||
Kentucky Utilities Co [Member] | Senior Secured Notes [Member] | County of Carroll, Kentucky Pollution Control Revenue Refunding Bonds, 2016 Series A [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Principal amount | $ 96 | |||||||||||||||||
Stated interest rate | 1.05% | |||||||||||||||||
Maturity date (in years) | Sep. 1, 2042 | |||||||||||||||||
Debt Instruments Future Repurchase Date | Sep. 1, 2019 | |||||||||||||||||
Kentucky Utilities Co [Member] | Senior Secured Notes [Member] | County of Carroll, Kentucky Pollution Control Revenue Refunding Bonds, 2002 Series C [Member] | ||||||||||||||||||
Long-term Debt (Numeric) [Abstract] | ||||||||||||||||||
Maturity date (in years) | Oct. 1, 2032 | |||||||||||||||||
Principal amount redeemed at par | $ 96 | |||||||||||||||||
Kentucky Utilities Co [Member] | First Mortgage Bonds [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted-Average Rate | [1] | 3.82% | 3.82% | 3.82% | ||||||||||||||
Maturity date of long-term debt range start | [1] | Sep. 1, 2019 | ||||||||||||||||
Maturity date of long-term date range end | [1] | Oct. 1, 2045 | ||||||||||||||||
Principal outstanding | [2],[3] | $ 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 | 5,800 | 5,800 | $ 5,700 | |||||||||||||||
Kentucky Utilities Co [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 | 123 | 123 | ||||||||||||||||
Aggregate amount of tax-exempt revenue bonds in a variable rate mode | 228 | 228 | ||||||||||||||||
Principal amount that may be put back to the issuer | $ 228 | $ 228 | ||||||||||||||||
[1] | The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of December 31, 2016. | |||||||||||||||||
[2] | 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, 2016, 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, respectively. At December 31, 2016, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $386 million for LKE, comprised of $158 million and $228 million for LG&E and KU, respectively. Certain of the variable rate tax-exempt revenue bonds totaling $375 million at December 31, 2016 ($147 million for LG&E and $228 million for KU), 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. | |||||||||||||||||
[3] | 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 $7.6 billion and $6.7 billion at December 31, 2016 and 2015.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 $4.4 billion and $4.2 billion at December 31, 2016 and 2015. 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 $5.8 billion and $5.7 billion at December 31, 2016 and 2015. | |||||||||||||||||
[4] | 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. | |||||||||||||||||
[5] | The principal amount of the notes issued by WPD (South West) and WPD (East Midlands) 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 2015 to 2016 was an increase of approximately £10 million ($13 million) resulting from inflation. In addition, this amount includes £225 million ($281 million at December 31, 2016) 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. | |||||||||||||||||
[6] | Includes £225 million ($281 million at December 31, 2016) of notes that may be redeemed, in total but not in part, on December 21, 2026, at the greater of the principal value or a value determined by reference to the gross redemption yield on a nominated U.K. Government bond. |
Financing Activities (Distribut
Financing Activities (Distributions and Capital Contributions) (Details) - USD ($) $ / shares in Units, $ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Feb. 28, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | [1],[2] | Jun. 30, 2016 | [1],[2] | Mar. 31, 2016 | [1],[2] | Dec. 31, 2015 | [2],[3] | Sep. 30, 2015 | [2],[3] | Jun. 30, 2015 | [2],[3] | Mar. 31, 2015 | [2],[3] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Distributions [Line Items] | ||||||||||||||||||||||
Dividend payable date of quarterly common stock dividend | Jan. 3, 2017 | |||||||||||||||||||||
Current quarterly common stock dividend (in dollars per share) | $ 0.38 | $ 0.38 | [1],[2] | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.3775 | $ 0.3775 | $ 0.3725 | $ 0.3725 | $ 1.52 | $ 1.50 | $ 1.49 | |||||||||
Annualized current quarterly common stock dividend (in dollars per share) | $ 1.52 | |||||||||||||||||||||
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% | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Distributions [Line Items] | ||||||||||||||||||||||
Current quarterly common stock dividend (in dollars per share) | $ 0.395 | |||||||||||||||||||||
Annualized current quarterly common stock dividend (in dollars per share) | $ 1.58 | |||||||||||||||||||||
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% | |||||||||||||||||||||
[1] | 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. | |||||||||||||||||||||
[2] | 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. | |||||||||||||||||||||
[3] | 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. |
Acquisitions, Development and73
Acquisitions, Development and Divestures (Details) $ in Millions | Jun. 01, 2015USD ($)shares | Sep. 30, 2015USD ($)Integer | Jun. 30, 2015USD ($)Integer | Mar. 31, 2015Integer | Nov. 30, 2014USD ($)IntegerMW | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | [1],[2],[3] | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)kVIntegermiMW | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Integer | Jun. 30, 2016USD ($) | ||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||||||||||||
Deferred income tax recorded as result of agreement to adjust valuation allowances | $ 560 | $ 428 | $ 666 | ||||||||||||||||
Continuing Involvement (Details) [Abstract] | |||||||||||||||||||
Energy purchases | 706 | 855 | 924 | ||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Results of Discontinued Operations (Details) [Abstract] | |||||||||||||||||||
Income tax expense (benefit) | 0 | (30) | 198 | ||||||||||||||||
Income (Loss) from Discontinued Operations | $ (6) | [1],[2],[3] | $ (3) | [1],[2],[3] | $ (1,007) | [1],[2],[3] | $ 95 | 0 | (921) | 300 | |||||||||
Development Projects [Abstract] | |||||||||||||||||||
Capitalized costs | 28,716 | $ 28,716 | 28,661 | 28,716 | |||||||||||||||
Construction work in progress | 1,315 | 1,315 | $ 1,134 | 1,315 | |||||||||||||||
Susquehanna Roseland Transmission Line [Member] | |||||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Total length (in miles) of the expansion project | mi | 150 | ||||||||||||||||||
Capacity (in kilovolts) of a transmission line | kV | 500 | ||||||||||||||||||
Project costs capitalized | $ 648 | ||||||||||||||||||
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 | ||||||||||||||||||
Project costs capitalized | $ 350 | ||||||||||||||||||
Adder to the return on equity incentive denied in ratemaking request (in basis points) | Integer | 100 | ||||||||||||||||||
Number of new substations included in request | Integer | 3 | ||||||||||||||||||
Spinoff [Member] | PPL Energy Supply Spinoff [Member] | |||||||||||||||||||
Divestitures - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||||||||||||
Separation benefits | 10 | $ 36 | |||||||||||||||||
Number of employees impacted | Integer | 306 | ||||||||||||||||||
Amount of accrued liability for separation benefits | 13 | 13 | 13 | ||||||||||||||||
Third-party costs | 45 | $ 27 | |||||||||||||||||
Spinoff [Member] | PPL Energy Supply Spinoff [Member] | Other Operation Maintenance [Member] | |||||||||||||||||||
Divestitures - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||||||||||||
Separation benefits | 8 | 20 | |||||||||||||||||
Consulting and other costs | 13 | 8 | |||||||||||||||||
Spinoff [Member] | PPL Energy Supply Spinoff [Member] | Discontinued Operations [Member] | |||||||||||||||||||
Divestitures - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||||||||||||
Separation benefits | 2 | $ 16 | |||||||||||||||||
Number of employees impacted | Integer | 112 | ||||||||||||||||||
Amount of accrued liability for separation benefits | $ 24 | ||||||||||||||||||
Bank advisory, legal and accounting fees | 32 | $ 19 | |||||||||||||||||
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) | ||||||||||||||||||
Deferred income tax recorded as result of agreement to adjust valuation allowances | 50 | ||||||||||||||||||
Continuing Involvement (Details) [Abstract] | |||||||||||||||||||
Maximum period for Transition Service Agreement (in years) | 2 years | ||||||||||||||||||
Amount for services billed to spinoff | $ 35 | 25 | |||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Results of Discontinued Operations (Details) [Abstract] | |||||||||||||||||||
Operating revenues | 1,427 | 3,848 | |||||||||||||||||
Operating expenses | 1,328 | 3,410 | |||||||||||||||||
Other Income (Expense) - net | (21) | 13 | |||||||||||||||||
Interest expense | [4] | 150 | 190 | ||||||||||||||||
Gain on sale of Montana | 0 | 237 | |||||||||||||||||
Income tax expense (benefit) | (30) | 198 | |||||||||||||||||
Gain (loss) on disposal group | $ (879) | (879) | 0 | ||||||||||||||||
Income (Loss) from Discontinued Operations | (921) | 300 | |||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Assets and Liabilities of Discontinued Operations (Details) [Abstract] | |||||||||||||||||||
Adjustment for loss on spinoff | 879 | ||||||||||||||||||
Net assets distributed | 3,200 | ||||||||||||||||||
PPL Energy Supply Spinoff [Member] | Talen Energy Marketing [Member] | |||||||||||||||||||
Continuing Involvement (Details) [Abstract] | |||||||||||||||||||
Energy purchases | 27 | 106 | |||||||||||||||||
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% | ||||||||||||||||||
Montana Hydroelectric Generating Facilities [Member] | |||||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Results of Discontinued Operations (Details) [Abstract] | |||||||||||||||||||
Gain on sale of Montana | 237 | ||||||||||||||||||
Gain (loss) on disposal group | 137 | ||||||||||||||||||
Divestitures - Montana Hydro Sale (Numeric) [Abstract] | |||||||||||||||||||
Capacity of facilities sold (in MW) | MW | 633 | ||||||||||||||||||
Agreed upon sales price for disposal of hydroelectric facilities owned by PPL Montana | $ 900 | ||||||||||||||||||
Number of hydroelectric facilities owned by PPL Montana sold | Integer | 11 | ||||||||||||||||||
LGE [Member] | |||||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Generating units retired at the Cane Run plant | Integer | 2 | 1 | |||||||||||||||||
Costs associated with the retirement of generating units | $ 11 | 11 | |||||||||||||||||
KU [Member] | |||||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Generating Units Retired Plant Two | Integer | 2 | ||||||||||||||||||
Costs associated with the retirement of generating units | $ 6 | 6 | |||||||||||||||||
PPL Electric Utilities Corp [Member] | |||||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||||||||||||
Deferred income tax recorded as result of agreement to adjust valuation allowances | 221 | 220 | 87 | ||||||||||||||||
Continuing Involvement (Details) [Abstract] | |||||||||||||||||||
Energy purchases | 535 | 657 | 587 | ||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Capitalized costs | 6,161 | 6,161 | 6,940 | 6,161 | |||||||||||||||
Construction work in progress | 530 | 530 | $ 641 | 530 | |||||||||||||||
PPL Electric Utilities Corp [Member] | Susquehanna Roseland Transmission Line [Member] | |||||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Total length (in miles) of the expansion project | mi | 150 | ||||||||||||||||||
Capacity (in kilovolts) of a transmission line | kV | 500 | ||||||||||||||||||
Project costs capitalized | $ 648 | ||||||||||||||||||
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 | ||||||||||||||||||
Project costs capitalized | $ 350 | ||||||||||||||||||
Adder to the return on equity incentive denied in ratemaking request (in basis points) | Integer | 100 | ||||||||||||||||||
Number of new substations included in request | Integer | 3 | ||||||||||||||||||
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] | |||||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||||||||||||
Deferred income tax recorded as result of agreement to adjust valuation allowances | 291 | 236 | 449 | ||||||||||||||||
Continuing Involvement (Details) [Abstract] | |||||||||||||||||||
Energy purchases | 171 | 184 | 253 | ||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply - Summarized Results of Discontinued Operations (Details) [Abstract] | |||||||||||||||||||
Income tax expense (benefit) | 1 | 1 | 1 | ||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Capitalized costs | 10,743 | 10,743 | 11,281 | 10,743 | |||||||||||||||
Construction work in progress | 660 | 660 | 317 | 660 | |||||||||||||||
LG And E And KU Energy LLC [Member] | LGE [Member] | |||||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Generating units retired at the Cane Run plant | Integer | 2 | 1 | |||||||||||||||||
Costs associated with the retirement of generating units | $ 11 | 11 | |||||||||||||||||
LG And E And KU Energy LLC [Member] | KU [Member] | |||||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Generating Units Retired Plant Two | Integer | 2 | ||||||||||||||||||
Costs associated with the retirement of generating units | $ 6 | 6 | |||||||||||||||||
LOUISVILLE GAS And ELECTRIC CO [Member] | |||||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||||||||||||
Deferred income tax recorded as result of agreement to adjust valuation allowances | 147 | 126 | 118 | ||||||||||||||||
Continuing Involvement (Details) [Abstract] | |||||||||||||||||||
Energy purchases | 153 | 166 | 230 | ||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Generating units retired at the Cane Run plant | Integer | 2 | 1 | |||||||||||||||||
Capitalized costs | 4,400 | 4,400 | 4,859 | 4,400 | |||||||||||||||
Construction work in progress | 390 | 390 | 133 | 390 | |||||||||||||||
Costs associated with the retirement of generating units | $ 11 | 11 | |||||||||||||||||
Kentucky Utilities Co [Member] | |||||||||||||||||||
Discontinued Operations - Spinoff of PPL Energy Supply (Numeric) [Abstract] | |||||||||||||||||||
Deferred income tax recorded as result of agreement to adjust valuation allowances | 126 | 160 | 224 | ||||||||||||||||
Continuing Involvement (Details) [Abstract] | |||||||||||||||||||
Energy purchases | 18 | 18 | $ 23 | ||||||||||||||||
Development Projects [Abstract] | |||||||||||||||||||
Capitalized costs | 6,340 | 6,340 | 6,417 | 6,340 | |||||||||||||||
Construction work in progress | $ 267 | $ 267 | $ 181 | $ 267 | |||||||||||||||
Generating Units Retired Plant Two | Integer | 2 | ||||||||||||||||||
Costs associated with the retirement of generating units | $ 6 | $ 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 | ||||||||||||||||||
[1] | In the second quarter of 2015, PPL completed the spinoff of PPL Energy Supply substantially representing PPL's Supply segment. Accordingly, the previously reported operating results for PPL's Supply segment have been reclassified as discontinued operations. See Note 8 to the Financial Statements for additional information. | ||||||||||||||||||
[2] | 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. | ||||||||||||||||||
[3] | 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. | ||||||||||||||||||
[4] | Includes interest associated with the Supply segment with no additional allocation as the Supply segment was sufficiently capitalized. |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rent - Operating Leases (Details) [Abstract] | |||
Operating leases, rent expense | $ 50 | $ 49 | $ 51 |
Operating leases, future minimum rental payments due (Details) [Abstract] | |||
2,017 | 31 | ||
2,018 | 26 | ||
2,019 | 16 | ||
2,020 | 11 | ||
2,021 | 8 | ||
Thereafter | 26 | ||
Total | 118 | ||
LG And E And KU Energy LLC [Member] | |||
Rent - Operating Leases (Details) [Abstract] | |||
Operating leases, rent expense | 26 | 24 | 18 |
Operating leases, future minimum rental payments due (Details) [Abstract] | |||
2,017 | 24 | ||
2,018 | 22 | ||
2,019 | 13 | ||
2,020 | 9 | ||
2,021 | 6 | ||
Thereafter | 19 | ||
Total | 93 | ||
Louisville Gas And Electric Co [Member] | |||
Rent - Operating Leases (Details) [Abstract] | |||
Operating leases, rent expense | 15 | 12 | 7 |
Operating leases, future minimum rental payments due (Details) [Abstract] | |||
2,017 | 15 | ||
2,018 | 14 | ||
2,019 | 7 | ||
2,020 | 4 | ||
2,021 | 2 | ||
Thereafter | 8 | ||
Total | 50 | ||
Kentucky Utilities Co [Member] | |||
Rent - Operating Leases (Details) [Abstract] | |||
Operating leases, rent expense | 11 | $ 11 | $ 10 |
Operating leases, future minimum rental payments due (Details) [Abstract] | |||
2,017 | 9 | ||
2,018 | 8 | ||
2,019 | 6 | ||
2,020 | 5 | ||
2,021 | 4 | ||
Thereafter | 10 | ||
Total | $ 42 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)Integer$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | ||
All Awards [Member] | ||||
Aggregate disclosures [Abstract] | ||||
Unrecognized compensation expense | $ | $ 8,000,000 | |||
Weighted-average period for recognition | Integer | 1.8 | |||
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) | 1,679,475 | |||
Granted (in shares) | 536,208 | |||
Vested (in shares) | (869,932) | |||
Forfeited (in shares) | (8,726) | |||
Nonvested, end of period (in shares) | 1,337,025 | [1] | 1,679,475 | |
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 | $ 29.65 | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 33.84 | $ 34.50 | $ 31.50 | |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 29.30 | |||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 32.59 | |||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 31.57 | [1] | $ 29.65 | |
Total fair value of units vested during the period | $ | $ 30,000,000 | $ 28,000,000 | $ 11,000,000 | |
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) | (862,337) | |||
All Plans [Member] | 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) | 993,540 | |||
Granted (in shares) | 471,401 | |||
Vested (in shares) | (375,668) | |||
Forfeited (in shares) | (18,737) | |||
Nonvested, end of period (in shares) | 1,070,536 | [2] | 993,540 | |
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 | $ 33.09 | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 35.74 | $ 36.76 | $ 34.55 | |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 31.96 | |||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 33.22 | |||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.65 | [2] | $ 33.09 | |
Total fair value of units vested during the period | $ | $ 12,000,000 | $ 6,000,000 | $ 5,000,000 | |
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 | 19.60% | 15.90% | 15.80% | |
All Plans [Member] | 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) | (230,196) | |||
All Plans [Member] | 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 | ||
All Plans [Member] | 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 | |
Aggregate disclosures [Abstract] | ||||
Minimum period after which employee stock options become exercisable (in years) | 1 year | 1 year | 1 year | |
All Plans [Member] | Stock Options [Member] | ||||
Aggregate disclosures [Abstract] | ||||
Cash received from exercise of stock options | $ | $ 52,000,000 | $ 97,000,000 | $ 67,000,000 | |
Stock option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 6,385,149 | |||
Exercised (in shares) | (1,903,989) | |||
Outstanding at end of period (in shares) | 4,481,160 | 6,385,149 | ||
Stock options - additional disclosures [Abstract] | ||||
Percentage of total of long-term incentive mix from performance units | 60.00% | |||
Percentage of total of long-term incentive mix from performance-contingent restricted stock units | 40.00% | |||
Total percentage of performance-based long-term incentive mix that are equity awards | 100.00% | |||
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 | $ 28.54 | |||
Weighted average exercise price per share, exercised (in dollars per share) | $ / shares | 27.51 | |||
Weighted average exercise price per share at end of period (in dollars per share) | $ / shares | $ 28.98 | $ 28.54 | ||
Weighted average remaining contractual term (in years) | 4 years 4 months 24 days | |||
Aggregate total intrinsic value | $ | $ 29,000,000 | |||
Options exercisable at end of period (in shares) | 4,481,160 | |||
Weighted average exercise price, options exercisable at end of period (in dollars per share) | $ / shares | $ 28.98 | |||
Weighted average remaining contractual term, options exercisable at end of period (in years) | 4 years 4 months 24 days | |||
Aggregate total intrinsic value, options exercisable at end of period | $ | $ 29,000,000 | |||
Total intrinsic value of stock options exercised | $ | 18,000,000 | $ 21,000,000 | 13,000,000 | |
All Plans [Member] | All Awards [Member] | ||||
Aggregate disclosures [Abstract] | ||||
Compensation expense | $ | 27,000,000 | 33,000,000 | 30,000,000 | |
Income tax benefit | $ | $ 12,000,000 | $ 14,000,000 | $ 12,000,000 | |
Stock Incentive Plan [Member] | ||||
Stock-Based Compensation [Line Items] | ||||
Maximum number of shares approved for awards under the plan (in shares) | 10,000,000 | |||
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 Awards [Member] | ||||
Aggregate disclosures [Abstract] | ||||
Unrecognized compensation expense | $ | $ 1,000,000 | |||
Weighted-average period for recognition | Integer | 1.8 | |||
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) | 221,085 | |||
Transfer between registrants | (10,405) | |||
Granted (in shares) | 70,486 | |||
Vested (in shares) | (73,488) | |||
Forfeited (in shares) | (3,108) | |||
Nonvested, end of period (in shares) | 204,570 | 221,085 | ||
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 | $ 29.48 | |||
Weighted-average grant date fair value per share, transfer between registrants (in dollars per share) | $ / shares | 30.98 | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 34.32 | $ 34.41 | $ 31.81 | |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 28.91 | |||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 32.81 | |||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 31.27 | $ 29.48 | ||
Total fair value of units vested during the period | $ | $ 3,000,000 | $ 4,000,000 | $ 2,000,000 | |
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] | 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) | 67,671 | |||
Granted (in shares) | 35,694 | |||
Vested (in shares) | (23,880) | |||
Forfeited (in shares) | (2,759) | |||
Nonvested, end of period (in shares) | 76,726 | 67,671 | ||
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 | $ 33.05 | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 35.68 | $ 37.93 | $ 34.43 | |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 31.89 | |||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 31.74 | |||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.68 | $ 33.05 | ||
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 | 19.60% | 15.90% | 15.80% | |
PPL Electric Utilities Corp [Member] | All Plans [Member] | 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] | 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 | |
Aggregate disclosures [Abstract] | ||||
Minimum period after which employee stock options become exercisable (in years) | 1 year | 1 year | ||
PPL Electric Utilities Corp [Member] | All Plans [Member] | Stock Options [Member] | ||||
Stock option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 313,433 | |||
Exercised (in shares) | (72,494) | |||
Outstanding at end of period (in shares) | 240,939 | 313,433 | ||
Stock options - additional disclosures [Abstract] | ||||
Percentage of total of long-term incentive mix from performance units | 60.00% | |||
Percentage of total of long-term incentive mix from performance-contingent restricted stock units | 40.00% | |||
Total percentage of performance-based long-term incentive mix that are equity awards | 100.00% | |||
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 | $ 27.79 | |||
Weighted average exercise price per share, exercised (in dollars per share) | $ / shares | 28.84 | |||
Weighted average exercise price per share at end of period (in dollars per share) | $ / shares | $ 27.48 | $ 27.79 | ||
Weighted average remaining contractual term (in years) | 4 years 6 months | |||
Aggregate total intrinsic value | $ | $ 2,000,000 | |||
Options exercisable at end of period (in shares) | 240,939 | |||
Weighted average exercise price, options exercisable at end of period (in dollars per share) | $ / shares | $ 27.48 | |||
Weighted average remaining contractual term, options exercisable at end of period (in years) | 4 years 6 months | |||
Aggregate total intrinsic value, options exercisable at end of period | $ | $ 2,000,000 | |||
PPL Electric Utilities Corp [Member] | All Plans [Member] | All Awards [Member] | ||||
Aggregate disclosures [Abstract] | ||||
Compensation expense | $ | 16,000,000 | $ 14,000,000 | $ 12,000,000 | |
Income tax benefit | $ | $ 7,000,000 | $ 6,000,000 | $ 5,000,000 | |
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) | 10,000,000 | |||
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 Awards [Member] | ||||
Aggregate disclosures [Abstract] | ||||
Unrecognized compensation expense | $ | $ 1,000,000 | |||
Weighted-average period for recognition | Integer | 1.6 | |||
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) | 318,963 | |||
Transfer between registrants | (24,993) | |||
Granted (in shares) | 86,987 | |||
Vested (in shares) | (137,676) | |||
Nonvested, end of period (in shares) | 243,281 | 318,963 | ||
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 | $ 29.65 | |||
Weighted-average grant date fair value per share, transfer between registrants (in dollars per share) | $ / shares | 30.52 | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 33.73 | $ 34.89 | $ 30.98 | |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 28.76 | |||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 31.53 | $ 29.65 | ||
Total fair value of units vested during the period | $ | $ 5,000,000 | $ 4,000,000 | $ 0 | |
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] | 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) | 193,164 | |||
Transfer between registrants | (4,432) | |||
Granted (in shares) | 84,298 | |||
Vested (in shares) | (70,048) | |||
Forfeited (in shares) | (11,381) | |||
Nonvested, end of period (in shares) | 191,601 | 193,164 | ||
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 | $ 32.96 | |||
Weighted-average grant date fair value per share, transfer between registrants (in dollars per share) | $ / shares | 35.07 | |||
Weighted-average grant date fair value per share, granted (in dollars per share) | $ / shares | 35.28 | $ 37.10 | $ 34.12 | |
Weighted-average grant date fair value per share, vested (in dollars per share) | $ / shares | 31.74 | |||
Weighted-average grant date fair value per share, forfeited (in dollars per share) | $ / shares | 33.61 | |||
Weighted-average grant date fair value per share, nonvested - end of period (in dollars per share) | $ / shares | $ 34.34 | $ 32.96 | ||
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 | 19.60% | 15.90% | 15.80% | |
LG And E And KU Energy LLC [Member] | All Plans [Member] | 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] | 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 | |
Aggregate disclosures [Abstract] | ||||
Minimum period after which employee stock options become exercisable (in years) | 1 year | 1 year | ||
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) | 425,656 | |||
Exercised (in shares) | (363,760) | |||
Outstanding at end of period (in shares) | 61,896 | 425,656 | ||
Stock options - additional disclosures [Abstract] | ||||
Percentage of total of long-term incentive mix from performance units | 60.00% | |||
Percentage of total of long-term incentive mix from performance-contingent restricted stock units | 40.00% | |||
Total percentage of performance-based long-term incentive mix that are equity awards | 100.00% | |||
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 | $ 26.08 | |||
Weighted average exercise price per share, exercised (in dollars per share) | $ / shares | 26.12 | |||
Weighted average exercise price per share at end of period (in dollars per share) | $ / shares | $ 25.81 | $ 26.08 | ||
Weighted average remaining contractual term (in years) | 5 years 6 months | |||
Aggregate total intrinsic value | $ | $ 1,000,000 | |||
Options exercisable at end of period (in shares) | 61,896 | |||
Weighted average exercise price, options exercisable at end of period (in dollars per share) | $ / shares | $ 25.81 | |||
Weighted average remaining contractual term, options exercisable at end of period (in years) | 5 years 6 months | |||
Aggregate total intrinsic value, options exercisable at end of period | $ | $ 1,000,000 | |||
LG And E And KU Energy LLC [Member] | All Plans [Member] | All Awards [Member] | ||||
Aggregate disclosures [Abstract] | ||||
Compensation expense | $ | 7,000,000 | $ 8,000,000 | $ 8,000,000 | |
Income tax benefit | $ | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | |
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) | 10,000,000 | |||
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 | |||
[1] | Excludes 862,337 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. | |||
[2] | Excludes 230,196 performance units 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. |
Retirement and Postemployment76
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Pension Benefits United States [Member] | |||||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||||
Service cost | $ 66 | $ 96 | $ 97 | ||
Interest cost | 174 | 194 | 224 | ||
Expected return on plan assets | (228) | (258) | (287) | ||
Amortization of: | |||||
Prior service cost (credit) | 8 | 7 | 20 | ||
Actuarial (gain) loss | 50 | 84 | 28 | ||
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | 70 | 123 | 82 | ||
Settlements | 3 | 0 | 0 | ||
Termination benefits | 0 | 0 | 13 | ||
Net periodic defined benefit costs (credits) | 73 | 123 | 95 | ||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||||
Divestiture | 0 | (353) | [1] | 0 | |
Settlement | (3) | 0 | 0 | ||
Net (gain) loss | 253 | 63 | 574 | ||
Prior service costs (credit) | 15 | 18 | (8) | ||
Amortization of: [Abstract] | |||||
Prior service (cost) credit | (8) | (7) | (20) | ||
Actuarial gain (loss) | (50) | (85) | (28) | ||
Total recognized in OCI and regulatory assets/liabilities | [2] | 207 | (364) | 518 | |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | [2] | 280 | (241) | 613 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||||
OCI | 236 | (269) | 319 | ||
Regulatory assets/liabilities | (29) | (95) | 199 | ||
Total recognized in OCI and regulatory assets/liabilities | [2] | 207 | (364) | 518 | |
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 | 67 | ||||
Total | 76 | ||||
Amortization from Balance Sheet: [Abstract] | |||||
AOCI | 18 | ||||
Regulatory assets/liabilities | 58 | ||||
Total | 76 | ||||
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 | 53 | 71 | 45 | ||
Pension Benefits United Kingdom [Member] | |||||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||||
Service cost | 69 | 79 | 71 | ||
Interest cost | 235 | 314 | 354 | ||
Expected return on plan assets | (504) | (523) | (521) | ||
Amortization of: | |||||
Prior service cost (credit) | 0 | 0 | 0 | ||
Actuarial (gain) loss | 138 | 158 | 132 | ||
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | (62) | 28 | 36 | ||
Settlements | 0 | 0 | 0 | ||
Termination benefits | 0 | 0 | 0 | ||
Net periodic defined benefit costs (credits) | (62) | 28 | 36 | ||
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 | 7 | 508 | 354 | ||
Prior service costs (credit) | 0 | 0 | 0 | ||
Amortization of: [Abstract] | |||||
Prior service (cost) credit | 0 | 0 | 0 | ||
Actuarial gain (loss) | (138) | (158) | (132) | ||
Total recognized in OCI and regulatory assets/liabilities | [2] | (131) | 350 | 222 | |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | [2] | (193) | 378 | 258 | |
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 | [2] | (131) | 350 | 222 | |
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 | 141 | ||||
Total | 141 | ||||
Amortization from Balance Sheet: [Abstract] | |||||
AOCI | 141 | ||||
Regulatory assets/liabilities | 0 | ||||
Total | 141 | ||||
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 | (95) | (21) | (9) | ||
Other Postretirement Benefits United States [Member] | |||||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||||
Service cost | 7 | 11 | 12 | ||
Interest cost | 26 | 26 | 31 | ||
Expected return on plan assets | (22) | (26) | (26) | ||
Amortization of: | |||||
Prior service cost (credit) | 0 | 1 | 0 | ||
Actuarial (gain) loss | 1 | 0 | 1 | ||
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | 12 | 12 | 18 | ||
Settlements | 0 | 0 | 0 | ||
Termination benefits | 0 | 0 | 0 | ||
Net periodic defined benefit costs (credits) | 12 | 12 | 18 | ||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||||
Divestiture | 0 | (6) | [1] | 0 | |
Settlement | 0 | 0 | 0 | ||
Net (gain) loss | 9 | (9) | 22 | ||
Prior service costs (credit) | 0 | 0 | 7 | ||
Amortization of: [Abstract] | |||||
Prior service (cost) credit | (1) | (1) | 0 | ||
Actuarial gain (loss) | (1) | 0 | (1) | ||
Total recognized in OCI and regulatory assets/liabilities | [2] | 7 | (16) | 28 | |
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | [2] | 19 | (4) | 46 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||||
OCI | 7 | 12 | 7 | ||
Regulatory assets/liabilities | 0 | (28) | 21 | ||
Total recognized in OCI and regulatory assets/liabilities | [2] | 7 | (16) | 28 | |
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 | 7 | 8 | 10 | ||
PPL Electric Utilities Corp [Member] | Pension Benefits United States [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 | [3] | 10 | 15 | 12 | |
PPL Electric Utilities Corp [Member] | Other Postretirement Benefits United States [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 | [3] | 1 | 0 | 2 | |
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | |||||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||||
Service cost | 23 | 26 | 21 | ||
Interest cost | 71 | 68 | 66 | ||
Expected return on plan assets | (91) | (88) | (82) | ||
Amortization of: | |||||
Prior service cost (credit) | 8 | 7 | 5 | ||
Actuarial (gain) loss | [4] | 21 | 37 | 12 | |
Net periodic defined benefit costs (credits) | $ 32 | $ 50 | 22 | ||
Amortization period for the deferred recovery of a regulatory asset | 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 | $ 6 | $ 9 | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||||
Net (gain) loss | 119 | 20 | 162 | ||
Prior service costs (credit) | 0 | 19 | 23 | ||
Amortization of: [Abstract] | |||||
Prior service (cost) credit | (8) | (7) | (5) | ||
Actuarial gain (loss) | (21) | (37) | (12) | ||
Total recognized in OCI and regulatory assets/liabilities | 90 | (5) | 168 | ||
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | 122 | 45 | 190 | ||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||||
OCI | 42 | 4 | 84 | ||
Regulatory assets/liabilities | 48 | (9) | 84 | ||
Total recognized in OCI and regulatory assets/liabilities | 90 | (5) | 168 | ||
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) | 8 | ||||
Actuarial (gain) loss | 30 | ||||
Total | 38 | ||||
Amortization from Balance Sheet: [Abstract] | |||||
AOCI | 5 | ||||
Regulatory assets/liabilities | 33 | ||||
Total | 38 | ||||
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] | $ 24 | $ 37 | 17 | |
Amortization period for the deferred recovery of a regulatory asset | 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 | $ (6) | $ (9) | |||
LG And E And KU Energy LLC [Member] | Other Postretirement Benefits United States [Member] | |||||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||||
Service cost | 5 | 5 | 4 | ||
Interest cost | 9 | 9 | 9 | ||
Expected return on plan assets | (6) | (6) | (4) | ||
Amortization of: | |||||
Prior service cost (credit) | 3 | 3 | 2 | ||
Actuarial (gain) loss | [4] | (1) | 0 | (1) | |
Net periodic defined benefit costs (credits) | $ 10 | $ 11 | 10 | ||
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||||
Net (gain) loss | $ 6 | $ (15) | 26 | ||
Prior service costs (credit) | 0 | 0 | 6 | ||
Amortization of: [Abstract] | |||||
Prior service (cost) credit | (3) | (3) | (2) | ||
Actuarial gain (loss) | 1 | 0 | 1 | ||
Total recognized in OCI and regulatory assets/liabilities | 4 | (18) | 31 | ||
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | 14 | (7) | 41 | ||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross (Details) [Abstract] | |||||
OCI | 2 | (2) | 9 | ||
Regulatory assets/liabilities | 2 | (16) | 22 | ||
Total recognized in OCI and regulatory assets/liabilities | 4 | (18) | 31 | ||
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 | 7 | |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | |||
Louisville Gas And Electric Co [Member] | |||||
Amortization of: | |||||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 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 | (5) | (3) | |||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | |||||
Net Periodic Defined Benefit Costs (Credits): [ Abstract] | |||||
Service cost | 1 | 1 | 1 | ||
Interest cost | 15 | 14 | 15 | ||
Expected return on plan assets | (21) | (20) | (19) | ||
Amortization of: | |||||
Prior service cost (credit) | 4 | 3 | 2 | ||
Actuarial (gain) loss | [6] | 7 | 11 | 6 | |
Net periodic defined benefit costs (credits) | $ 6 | $ 9 | 5 | ||
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ (3) | $ (4) | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: [Abstract] | |||||
Net (gain) loss | 22 | 8 | 14 | ||
Prior service costs (credit) | 0 | 10 | 9 | ||
Amortization of: [Abstract] | |||||
Prior service (cost) credit | (4) | (3) | (2) | ||
Actuarial gain (loss) | (7) | (11) | (6) | ||
Total recognized in OCI and regulatory assets/liabilities | 11 | 4 | 15 | ||
Total recognized in net periodic benefit costs, OCI and regulatory assets/liabilities | 17 | 13 | 20 | ||
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 | 11 | 4 | 15 | ||
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) | 4 | ||||
Actuarial (gain) loss | 9 | ||||
Total | 13 | ||||
Amortization from Balance Sheet: [Abstract] | |||||
Total | 13 | ||||
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] | $ 8 | $ 12 | 5 | |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 3 | $ 4 | |||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | LKE [Member] | |||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | |||||
Costs allocated to subsidiary by plan sponsors | $ 4 | $ 5 | 2 | ||
Louisville Gas And Electric Co [Member] | Other Postretirement Benefits United States [Member] | |||||
Amortization of: | |||||
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ (3) | $ (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 | [5] | $ 3 | $ 4 | 4 | |
Amortization period for the deferred recovery of a regulatory asset | 15 years | 15 years | |||
Deferred recovery of the difference between pension costs calculated with pension accounting policy and pension cost using 15 year amortization period | $ 3 | $ 4 | |||
Louisville Gas And Electric Co [Member] | Other Postretirement Benefits United States [Member] | LKE [Member] | |||||
Net Periodic Defined Benefit Costs Allocated to Subsidiary by Sponsor (Numeric) [Abstract] | |||||
Costs allocated to subsidiary by plan sponsors | $ 3 | $ 4 | 4 | ||
Kentucky Utilities Co [Member] | Pension Benefits United States [Member] | |||||
Amortization of: | |||||
Amortization period for the deferred recovery of a regulatory asset | 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) | $ (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 | [3],[5] | $ 5 | $ 9 | 3 | |
Amortization period for the deferred recovery of a regulatory asset | 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 | $ 1 | |||
Kentucky Utilities Co [Member] | Other Postretirement Benefits United States [Member] | |||||
Amortization of: | |||||
Amortization period for the deferred recovery of a regulatory asset | 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) | $ (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 | [3],[5] | $ 2 | $ 2 | $ 2 | |
Amortization period for the deferred recovery of a regulatory asset | 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 | $ 1 | |||
[1] | 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. | ||||
[2] | 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. | ||||
[3] | 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. | ||||
[4] | 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 $6 million in 2016 and $9 million in 2015. | ||||
[5] | 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, $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. | ||||
[6] | 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 $5 million in 2016 and $3 million in 2015. |
Retirement and Postemployment77
Retirement and Postemployment Benefits (Weighted-Average Assumptions, Cost Trend Rates and Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Pension Benefits United States [Member] | |||||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||||
Benefit obligations valuation discount rate | 4.21% | 4.59% | |||
Benefit obligations valuation rate of compensation increase | 3.95% | 3.93% | |||
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||||
Net periodic benefit costs discount rate - service cost | 4.59% | 4.25% | 5.12% | ||
Net periodic benefit costs discount rate - interest cost | 4.59% | 4.25% | 5.12% | ||
Net periodic benefit costs rate of compensation increase | 3.93% | 3.91% | 3.97% | ||
Net periodic benefit costs expected return on plan assets | [1] | 7.00% | 7.00% | 7.00% | |
Assumed Health Care Cost Trend Rates (Details) [Abstract] | |||||
Health care cost trend rate assumed for next year, obligations | 7.00% | 6.80% | 7.20% | ||
Health care cost trend rate assumed for next year, cost | 6.80% | 7.20% | 7.60% | ||
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 | 2,020 | 2,020 | ||
Year that the rate reaches the ultimate trend rate, cost | 2,020 | 2,020 | 2,020 | ||
Change in Benefit Obligation [Roll Forward] | |||||
Benefit Obligation, beginning of period | $ 3,863 | $ 5,399 | |||
Service cost | 66 | 96 | $ 97 | ||
Interest cost | 174 | 194 | 224 | ||
Plan Amendments | 14 | 19 | |||
Participant contributions | 0 | 0 | |||
Actuarial (gain) loss | 214 | (193) | |||
Divestiture | 0 | (1,416) | [2] | ||
Settlements | (9) | 0 | |||
Gross benefits paid | (243) | (236) | |||
Federal subsidy | 0 | 0 | |||
Currency conversion | 0 | 0 | |||
Benefit Obligation, end of period | 4,079 | 3,863 | 5,399 | ||
Change in Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 3,227 | 4,462 | |||
Actual return on plan assets | 189 | 2 | |||
Employer contributions | 79 | 158 | |||
Participant contributions | 0 | 0 | |||
Divestiture | 0 | (1,159) | [2] | ||
Settlements | 9 | 0 | |||
Gross benefits paid | (243) | (236) | |||
Currency conversion | 0 | 0 | |||
Balance at end of period | 3,243 | 3,227 | $ 4,462 | ||
Funded Status, end of period | (836) | (636) | |||
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||||
Noncurrent asset | 0 | 0 | |||
Current liability | (17) | (10) | |||
Noncurrent liability | (819) | (626) | |||
Net amount recognized, end of period | (836) | (636) | |||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||||
Prior service cost (credit) | 59 | 53 | |||
Net actuarial (gain) loss | 1,178 | 977 | |||
Total | [3] | 1,237 | 1,030 | ||
Total accumulated benefit obligation for defined benefit pension plans | 3,807 | 3,590 | |||
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||||
AOCI | 357 | 275 | |||
Regulatory assets/liabilities | 880 | 755 | |||
Total | [3] | 1,237 | 1,030 | ||
Pension Plans Where the Projected or Accumulated Benefit Obligation Exceed the Fair Value of Plan Assets (Details) [Abstract] | |||||
Projected benefit obligations | 4,079 | 3,863 | |||
Fair value of plan assets where the projected benefit obligations exceed the value of plan assets | 3,243 | 3,227 | |||
Accumulated benefit obligation | 3,807 | 3,590 | |||
Fair value of plan assets where the accumulated benefit obligations exceed the value of plan assets | $ 3,243 | $ 3,227 | |||
Pension Benefits United Kingdom [Member] | |||||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||||
Benefit obligations valuation discount rate | 2.87% | 3.68% | |||
Benefit obligations valuation rate of compensation increase | 3.50% | 4.00% | |||
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||||
Net periodic benefit costs discount rate - service cost | 3.90% | 3.85% | 4.41% | ||
Net periodic benefit costs discount rate - interest cost | 3.14% | 3.85% | 4.41% | ||
Net periodic benefit costs rate of compensation increase | 4.00% | 4.00% | 4.00% | ||
Net periodic benefit costs expected return on plan assets | [1] | 7.20% | 7.19% | 7.19% | |
Change in Benefit Obligation [Roll Forward] | |||||
Benefit Obligation, beginning of period | $ 8,404 | $ 8,523 | |||
Service cost | 69 | 79 | $ 71 | ||
Interest cost | 235 | 314 | 354 | ||
Plan Amendments | 0 | 0 | |||
Participant contributions | 14 | 15 | |||
Actuarial (gain) loss | 484 | 200 | |||
Divestiture | 0 | 0 | |||
Settlements | 0 | 0 | |||
Gross benefits paid | (357) | (391) | |||
Federal subsidy | 0 | 0 | |||
Currency conversion | (1,466) | (336) | |||
Benefit Obligation, end of period | 7,383 | 8,404 | 8,523 | ||
Change in Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 7,625 | 7,734 | |||
Actual return on plan assets | 979 | 205 | |||
Employer contributions | 330 | 366 | |||
Participant contributions | 14 | 15 | |||
Divestiture | 0 | 0 | |||
Settlements | 0 | 0 | |||
Gross benefits paid | (357) | (391) | |||
Currency conversion | (1,380) | (304) | |||
Balance at end of period | 7,211 | 7,625 | $ 7,734 | ||
Funded Status, end of period | (172) | (779) | |||
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||||
Noncurrent asset | 10 | 0 | |||
Current liability | 0 | 0 | |||
Noncurrent liability | (182) | (779) | |||
Net amount recognized, end of period | (172) | (779) | |||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||||
Prior service cost (credit) | 0 | 0 | |||
Net actuarial (gain) loss | 2,553 | 2,684 | |||
Total | [3] | 2,553 | 2,684 | ||
Total accumulated benefit obligation for defined benefit pension plans | 6,780 | 7,747 | |||
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||||
Total | [3] | 2,553 | 2,684 | ||
Pension Plans Where the Projected or Accumulated Benefit Obligation Exceed the Fair Value of Plan Assets (Details) [Abstract] | |||||
Projected benefit obligations | 3,403 | 8,404 | |||
Fair value of plan assets where the projected benefit obligations exceed the value of plan assets | 3,221 | 7,625 | |||
Accumulated benefit obligation | 657 | 3,532 | |||
Fair value of plan assets where the accumulated benefit obligations exceed the value of plan assets | $ 643 | $ 3,287 | |||
Other Postretirement Benefits United States [Member] | |||||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||||
Benefit obligations valuation discount rate | 4.11% | 4.48% | |||
Benefit obligations valuation rate of compensation increase | 3.92% | 3.91% | |||
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||||
Net periodic benefit costs discount rate - service cost | 4.48% | 4.09% | 4.91% | ||
Net periodic benefit costs discount rate - interest cost | 4.48% | 4.09% | 4.91% | ||
Net periodic benefit costs rate of compensation increase | 3.91% | 3.86% | 3.96% | ||
Net periodic benefit costs expected return on plan assets | [1] | 6.11% | 6.06% | 5.96% | |
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 | $ 5 | ||||
Effect on accumulated postretirement benefit obligation of a one percentage point decrease | (5) | ||||
Change in Benefit Obligation [Roll Forward] | |||||
Benefit Obligation, beginning of period | 596 | $ 716 | |||
Service cost | 7 | 11 | $ 12 | ||
Interest cost | 26 | 26 | 31 | ||
Plan Amendments | 0 | 0 | |||
Participant contributions | 14 | 13 | |||
Actuarial (gain) loss | 11 | (37) | |||
Divestiture | 0 | (76) | [2] | ||
Settlements | 0 | 0 | |||
Gross benefits paid | (64) | (58) | |||
Federal subsidy | 1 | 1 | |||
Currency conversion | 0 | 0 | |||
Benefit Obligation, end of period | 591 | 596 | 716 | ||
Change in Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 379 | 484 | |||
Actual return on plan assets | 25 | (2) | |||
Employer contributions | 19 | 17 | |||
Participant contributions | 14 | 13 | |||
Divestiture | 0 | (80) | [2] | ||
Settlements | 0 | 0 | |||
Gross benefits paid | (59) | (53) | |||
Currency conversion | 0 | 0 | |||
Balance at end of period | 378 | 379 | $ 484 | ||
Funded Status, end of period | (213) | (217) | |||
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||||
Noncurrent asset | 2 | 2 | |||
Current liability | (3) | (3) | |||
Noncurrent liability | (212) | (216) | |||
Net amount recognized, end of period | (213) | (217) | |||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||||
Prior service cost (credit) | 0 | 1 | |||
Net actuarial (gain) loss | 45 | 37 | |||
Total | [3] | 45 | 38 | ||
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||||
AOCI | 20 | 18 | |||
Regulatory assets/liabilities | 25 | 20 | |||
Total | [3] | 45 | 38 | ||
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 Benefits United States [Member] | PPL Services Funded Status Allocation [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Funded Status, end of period | 281 | 183 | |||
Non-cash contributions related to remeasurement and separation of benefit plans | 56 | ||||
PPL Electric Utilities Corp [Member] | Other Postretirement Benefits United States [Member] | PPL Services Funded Status Allocation [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Funded Status, end of period | $ 72 | $ 67 | |||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | |||||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||||
Benefit obligations valuation discount rate | 4.19% | 4.56% | |||
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 | 4.56% | 4.25% | 5.18% | ||
Net periodic benefit costs rate of compensation increase | 3.50% | 3.50% | 4.00% | ||
Net periodic benefit costs expected return on plan assets | [1] | 7.00% | 7.00% | 7.00% | |
Assumed Health Care Cost Trend Rates (Details) [Abstract] | |||||
Health care cost trend rate assumed for next year, obligations | 7.00% | 6.80% | 7.20% | ||
Health care cost trend rate assumed for next year, cost | 6.80% | 7.20% | 7.60% | ||
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 | 2,020 | 2,020 | 2,020 | ||
Year that the rate reaches the ultimate trend rate, cost | 2,020 | 2,020 | 2,020 | ||
Change in Benefit Obligation [Roll Forward] | |||||
Benefit Obligation, beginning of period | $ 1,588 | $ 1,608 | |||
Service cost | 23 | 26 | $ 21 | ||
Interest cost | 71 | 68 | 66 | ||
Plan Amendments | 0 | 19 | [4] | ||
Participant contributions | 0 | 0 | |||
Actuarial (gain) loss | 96 | (74) | |||
Gross benefits paid | [4] | (109) | (59) | ||
Federal subsidy | 0 | 0 | |||
Benefit Obligation, end of period | 1,669 | 1,588 | 1,608 | ||
Increase during the period resulting from a plan amendment | 19 | ||||
Defined Benefit Plan One Time Cash Payouts To Terminated Vested Employees | 53 | ||||
Change in Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 1,289 | 1,301 | |||
Actual return on plan assets | 69 | (7) | |||
Employer contributions | 66 | 54 | |||
Participant contributions | 0 | 0 | |||
Gross benefits paid | (109) | (59) | |||
Balance at end of period | 1,315 | 1,289 | $ 1,301 | ||
Funded Status, end of period | (354) | (299) | |||
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||||
Noncurrent asset | 0 | 0 | |||
Current liability | (4) | (3) | |||
Noncurrent liability | (350) | (296) | |||
Net amount recognized, end of period | (354) | (299) | |||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||||
Prior service cost (credit) | 45 | 54 | |||
Net actuarial (gain) loss | 436 | 338 | |||
Total | 481 | 392 | |||
Total accumulated benefit obligation for defined benefit pension plans | 1,531 | 1,452 | |||
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||||
AOCI | 111 | 70 | |||
Regulatory assets/liabilities | 370 | 322 | |||
Total | 481 | 392 | |||
Pension Plans Where the Projected or Accumulated Benefit Obligation Exceed the Fair Value of Plan Assets (Details) [Abstract] | |||||
Projected benefit obligations | 1,669 | 1,588 | |||
Fair value of plan assets where the projected benefit obligations exceed the value of plan assets | 1,315 | 1,289 | |||
Accumulated benefit obligation | 1,531 | 1,452 | |||
Fair value of plan assets where the accumulated benefit obligations exceed the value of plan assets | $ 1,315 | $ 1,289 | |||
LG And E And KU Energy LLC [Member] | Other Postretirement Benefits United States [Member] | |||||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||||
Benefit obligations valuation discount rate | 4.12% | 4.49% | |||
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 | 4.49% | 4.06% | 4.91% | ||
Net periodic benefit costs rate of compensation increase | 3.50% | 3.50% | 4.00% | ||
Net periodic benefit costs expected return on plan assets | [1] | 6.82% | 6.82% | 6.75% | |
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 | 216 | $ 234 | |||
Service cost | 5 | 5 | $ 4 | ||
Interest cost | 9 | 9 | 9 | ||
Plan Amendments | 0 | 0 | |||
Participant contributions | 7 | 7 | |||
Actuarial (gain) loss | 4 | (22) | |||
Gross benefits paid | [4] | (21) | (18) | ||
Federal subsidy | 0 | 1 | |||
Benefit Obligation, end of period | 220 | 216 | 234 | ||
Change in Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 88 | 82 | |||
Actual return on plan assets | 4 | 0 | |||
Employer contributions | 20 | 17 | |||
Participant contributions | 7 | 7 | |||
Gross benefits paid | (21) | (18) | |||
Balance at end of period | 98 | 88 | $ 82 | ||
Funded Status, end of period | (122) | (128) | |||
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||||
Noncurrent asset | 2 | 2 | |||
Current liability | (3) | (3) | |||
Noncurrent liability | (121) | (127) | |||
Net amount recognized, end of period | (122) | (128) | |||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||||
Prior service cost (credit) | 6 | 9 | |||
Net actuarial (gain) loss | (13) | (19) | |||
Total | (7) | (10) | |||
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||||
AOCI | 8 | 7 | |||
Regulatory assets/liabilities | (15) | (17) | |||
Total | $ (7) | $ (10) | |||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | |||||
Weighted Average Assumptions Used in the Valuation of the Benefit Obligations (Details) [Abstract] | |||||
Benefit obligations valuation discount rate | 4.13% | 4.49% | |||
Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs (Details) [Abstract] | |||||
Net periodic benefit costs discount rate | 4.49% | 4.20% | 5.13% | ||
Net periodic benefit costs expected return on plan assets | [1] | 7.00% | 7.00% | 7.00% | |
Change in Benefit Obligation [Roll Forward] | |||||
Benefit Obligation, beginning of period | $ 326 | $ 331 | |||
Service cost | 1 | 1 | $ 1 | ||
Interest cost | 15 | 14 | 15 | ||
Plan Amendments | 0 | 10 | [5] | ||
Actuarial (gain) loss | 15 | (15) | |||
Gross benefits paid | [5] | (28) | (15) | ||
Benefit Obligation, end of period | 329 | 326 | 331 | ||
Increase during the period resulting from a plan amendment | 10 | ||||
Defined Benefit Plan One Time Cash Payouts To Terminated Vested Employees | 14 | ||||
Change in Plan Assets [Roll Forward] | |||||
Balance at beginning of period | 297 | 301 | |||
Actual return on plan assets | 14 | (2) | |||
Employer contributions | 35 | 13 | |||
Gross benefits paid | (28) | (15) | |||
Balance at end of period | 318 | 297 | $ 301 | ||
Funded Status, end of period | (11) | (29) | |||
Amounts recognized in the Balance Sheets consist of: [Abstract] | |||||
Noncurrent liability | (11) | (29) | |||
Net amount recognized, end of period | (11) | (29) | |||
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax): [Abstract] | |||||
Prior service cost (credit) | 25 | 29 | |||
Net actuarial (gain) loss | 110 | 95 | |||
Total | 135 | 124 | |||
Total accumulated benefit obligation for defined benefit pension plans | 329 | 326 | |||
Changes in Plan Assets and Benefit Obligations Recognized in AOCI and Regulatory Assets/Liabilities by Type (Details) [Abstract] | |||||
Total | 135 | 124 | |||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | LKE Funded Status Allocation [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Funded Status, end of period | 42 | 26 | |||
Louisville Gas And Electric Co [Member] | Other Postretirement Benefits United States [Member] | LKE Funded Status Allocation [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Funded Status, end of period | 76 | 77 | |||
Kentucky Utilities Co [Member] | Pension Benefits United States [Member] | LKE Funded Status Allocation [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Funded Status, end of period | 62 | 46 | |||
Kentucky Utilities Co [Member] | Other Postretirement Benefits United States [Member] | LKE Funded Status Allocation [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Funded Status, end of period | $ 40 | $ 42 | |||
[1] | 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. | ||||
[2] | As a result of the spinoff of PPL Energy Supply, obligations and assets attributable to certain former active and inactive employees of PPL Energy Supply were transferred to Talen Energy plans. | ||||
[3] | 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. | ||||
[4] | 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, 2015 increased by $19 million as a result of the amendment. Gross benefits paid by the plans include $53 million of lump-sum cash payments made to participants during 2016 in connection with these offerings. | ||||
[5] | 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 $14 million of lump-sum cash payments made to the participants during 2016 in connection with this offering. |
Retirement and Postemployment78
Retirement and Postemployment Benefits (Plan Assets and Expected Cash Flows) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Assumptions Used in Calculations (Numeric) [Abstract] | |||||||
Number Of Days Notice Required To Redeem Shares | 45 days | ||||||
Pension Benefits United States [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | $ (3,243) | $ (3,227) | $ (4,462) | $ (3,243) | $ (3,227) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (3,243) | (3,227) | (4,462) | ||||
Balance at end of period | (3,243) | (3,227) | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Employer contributions | 79 | 158 | |||||
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 | 17 | ||||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||||
2,017 | 251 | ||||||
2,018 | 252 | ||||||
2,019 | 261 | ||||||
2,020 | 263 | ||||||
2,021 | 267 | ||||||
2022-2026 | 1,344 | ||||||
Pension Benefits United States [Member] | Subsequent Event [Member] | |||||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Employer contributions | 53 | ||||||
Pension Benefits United States [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 limited lives of fifth partnership of private equity investments (in years) | 15 years | ||||||
The amount of potential liability that maybe required to be funded by the master trust during life of the partnership | $ 22 | ||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 100.00% | [1] | 100.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 100.00% | |||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (3,381) | $ (3,387) | (3,387) | $ (3,381) | $ (3,387) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (3,381) | (3,387) | |||||
Balance at end of period | (3,381) | (3,387) | |||||
Pension Benefits United States [Member] | Master Trust [Member] | Level 1 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (714) | (889) | (889) | (714) | (889) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (714) | (889) | |||||
Balance at end of period | (714) | (889) | |||||
Pension Benefits United States [Member] | Master Trust [Member] | Level 2 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (909) | (851) | (851) | (909) | (851) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (909) | (851) | |||||
Balance at end of period | (909) | (851) | |||||
Pension Benefits United States [Member] | Master Trust [Member] | Level 3 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (40) | (42) | (54) | (40) | (42) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (40) | (42) | (54) | ||||
Actual return on plan assets relating to assets still held at the reporting date | 1 | 2 | |||||
Actual return on plan assets relating to assets sold during the period | (1) | ||||||
Purchases, sales and settlements | (3) | (13) | |||||
Balance at end of period | (40) | (42) | |||||
Pension Benefits United States [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 | 181 | 225 | |||||
Pension Benefits United States [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 | 181 | 225 | |||||
Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | 152 | 172 | |||||
Measured at fair value using net asset value per share | [2] | 272 | 197 | ||||
Pension Benefits United States [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 | 152 | 172 | |||||
Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | [2] | 551 | 454 | ||||
Pension Benefits United States [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 | [2] | 546 | 514 | ||||
Pension Benefits United States [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 | 381 | 501 | |||||
Pension Benefits United States [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 | 381 | 492 | |||||
Pension Benefits United States [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 | 9 | |||||
Pension Benefits United States [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 Benefits United States [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 | 850 | 747 | |||||
Pension Benefits United States [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 Benefits United States [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 | 837 | 737 | |||||
Pension Benefits United States [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 | 10 | |||||
Fair value at end of period | (13) | (10) | (21) | (13) | (10) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (13) | (10) | (21) | ||||
Actual return on plan assets relating to assets still held at the reporting date | 0 | 0 | |||||
Actual return on plan assets relating to assets sold during the period | (1) | ||||||
Purchases, sales and settlements | 3 | (10) | |||||
Balance at end of period | (13) | (10) | |||||
Pension Benefits United States [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 | 8 | 14 | |||||
Pension Benefits United States [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 Benefits United States [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 | 8 | 14 | |||||
Pension Benefits United States [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 Benefits United States [Member] | Master Trust [Member] | Commodities Alternative Investments [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [2] | 0 | 70 | ||||
Pension Benefits United States [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 | [2] | 102 | 118 | ||||
Pension Benefits United States [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 | [2] | 80 | 81 | ||||
Pension Benefits United States [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 | [2] | 167 | 171 | ||||
Pension Benefits United States [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 | 61 | 80 | |||||
Pension Benefits United States [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 Benefits United States [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 | 61 | 80 | |||||
Pension Benefits United States [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 Benefits United States [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 | 3 | 11 | |||||
Pension Benefits United States [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 Benefits United States [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 | 3 | 11 | |||||
Pension Benefits United States [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 Benefits United States [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 | 27 | 32 | |||||
Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | 27 | 32 | |||||
Fair value at end of period | (27) | (32) | (33) | (27) | (32) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (27) | (32) | (33) | ||||
Actual return on plan assets relating to assets still held at the reporting date | 1 | 2 | |||||
Actual return on plan assets relating to assets sold during the period | 0 | ||||||
Purchases, sales and settlements | (6) | (3) | |||||
Balance at end of period | (27) | (32) | |||||
Pension Benefits United States [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 | [3] | (15) | (49) | (49) | (15) | (49) | |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | [3] | (15) | (49) | ||||
Balance at end of period | [3] | (15) | (49) | ||||
Pension Benefits United States [Member] | Master Trust [Member] | Account 401 H [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (123) | (111) | (111) | (123) | (111) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (123) | (111) | |||||
Balance at end of period | (123) | (111) | |||||
Pension Benefits United States [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 | (3,243) | (3,227) | (3,227) | $ (3,243) | $ (3,227) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (3,243) | (3,227) | |||||
Balance at end of period | $ (3,243) | (3,227) | |||||
Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 52.00% | [1] | 51.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 50.00% | |||||
Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 30.00% | [1] | 25.00% | ||||
Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Debt Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [4] | 12.00% | [1] | 13.00% | |||
Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Alternative Investments [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 10.00% | [1] | 13.00% | ||||
Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 46.00% | [1] | 47.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 48.00% | |||||
Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Debt Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [4] | 43.00% | [1] | 42.00% | |||
Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Derivatives [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 3.00% | [1] | 5.00% | ||||
Pension Benefits United States [Member] | Master Trust [Member] | Liquidity Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 2.00% | [1] | 2.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 2.00% | |||||
Pension Benefits United Kingdom [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 100.00% | 100.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 100.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (7,211) | $ (7,625) | (7,734) | $ (7,211) | $ (7,625) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (7,211) | (7,625) | (7,734) | ||||
Balance at end of period | (7,211) | (7,625) | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Employer contributions | 330 | 366 | |||||
Amount to be contributed to plan in the next fiscal year | $ 389 | ||||||
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] | |||||||
2,017 | 314 | ||||||
2,018 | 317 | ||||||
2,019 | 322 | ||||||
2,020 | 326 | ||||||
2,021 | 329 | ||||||
2022-2026 | 1,693 | ||||||
Pension Benefits United Kingdom [Member] | Subsequent Event [Member] | |||||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Amount to be contributed to plan in the next fiscal year | 98 | ||||||
Pension Benefits United Kingdom [Member] | Level 1 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (42) | $ (55) | (55) | (42) | (55) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (42) | (55) | |||||
Balance at end of period | (42) | (55) | |||||
Pension Benefits United Kingdom [Member] | Level 2 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (2,942) | (3,009) | (3,009) | (2,942) | (3,009) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (2,942) | (3,009) | |||||
Balance at end of period | (2,942) | (3,009) | |||||
Pension Benefits United Kingdom [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 Benefits United Kingdom [Member] | Cash And Cash Equivalents [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 1.00% | 1.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 1.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value not using net asset value per share | $ 42 | $ 55 | |||||
Pension Benefits United Kingdom [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 | 42 | 55 | |||||
Pension Benefits United Kingdom [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 Benefits United Kingdom [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 Benefits United Kingdom [Member] | UK Companies Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 3.00% | 3.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 3.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [5] | $ 210 | $ 274 | ||||
Pension Benefits United Kingdom [Member] | European Companies Excluding UK Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 2.00% | 2.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 2.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [5] | $ 177 | $ 190 | ||||
Pension Benefits United Kingdom [Member] | Asian Pacific Companies Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 2.00% | 2.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 2.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [5] | $ 140 | $ 132 | ||||
Pension Benefits United Kingdom [Member] | North American Companies Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 3.00% | 3.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 3.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [5] | $ 227 | $ 220 | ||||
Pension Benefits United Kingdom [Member] | Emerging Markets Companies Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 3.00% | 4.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 1.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [5] | $ 209 | $ 284 | ||||
Pension Benefits United Kingdom [Member] | Global Equities Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 6.00% | 6.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 3.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [5] | $ 466 | $ 500 | ||||
Pension Benefits United Kingdom [Member] | Currency Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 0.00% | 1.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 0.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [5] | $ 0 | $ 39 | ||||
Pension Benefits United Kingdom [Member] | Global Tactical Asset Allocation Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 33.00% | 31.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 40.00% | ||||||
Pension Benefits United Kingdom [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 | [5] | $ 2,363 | $ 2,384 | ||||
Pension Benefits United Kingdom [Member] | UK Corporate Bonds 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 | [5] | 0 | 2 | ||||
Pension Benefits United Kingdom [Member] | UK Gilts 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 | [5] | $ 0 | $ 3 | ||||
Pension Benefits United Kingdom [Member] | Debt Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [6] | 41.00% | 40.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [6] | 39.00% | |||||
Pension Benefits United Kingdom [Member] | United Kingdom 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 | $ 2 | $ 364 | |||||
Pension Benefits United Kingdom [Member] | United Kingdom 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 Benefits United Kingdom [Member] | United Kingdom 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 | 2 | 364 | |||||
Pension Benefits United Kingdom [Member] | United Kingdom 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 Benefits United Kingdom [Member] | United Kingdom 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 | 2,940 | 2,645 | |||||
Pension Benefits United Kingdom [Member] | United Kingdom 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 Benefits United Kingdom [Member] | United Kingdom 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 | 2,940 | 2,645 | |||||
Pension Benefits United Kingdom [Member] | United Kingdom 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 Benefits United Kingdom [Member] | Alternative Investments [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 6.00% | 7.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 6.00% | ||||||
Pension Benefits United Kingdom [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 | $ 435 | $ 533 | |||||
Other Postretirement Benefits United States [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 100.00% | 100.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 100.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (378) | $ (379) | (484) | $ (378) | $ (379) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (378) | (379) | (484) | ||||
Balance at end of period | (378) | (379) | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Employer contributions | 19 | 17 | |||||
Amount to be contributed to plan in the next fiscal year | $ 14 | ||||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||||
2,017 | 52 | ||||||
2,018 | 51 | ||||||
2,019 | 51 | ||||||
2,020 | 50 | ||||||
2,021 | 49 | ||||||
2022-2026 | 228 | ||||||
Expected Federal Subsidy (Details) [Abstract] | |||||||
Federal subsidy 2017 | 1 | ||||||
Federal subsidy 2018 | 1 | ||||||
Federal subsidy 2019 | 1 | ||||||
Federal subsidy 2020 | 0 | ||||||
Federal subsidy 2021 | 0 | ||||||
Federal subsidy 2022-2026 | $ 2 | ||||||
Other Postretirement Benefits United States [Member] | Cash And Cash Equivalents [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [7] | 2.00% | 2.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [7] | 5.00% | |||||
Other Postretirement Benefits United States [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 | (5) | $ (6) | (6) | $ (5) | $ (6) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (5) | (6) | |||||
Balance at end of period | $ (5) | (6) | |||||
Other Postretirement Benefits United States [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 | 5 | 6 | |||||
Other Postretirement Benefits United States [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 United States [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 United States [Member] | Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 48.00% | 48.00% | |||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | 45.00% | ||||||
Other Postretirement Benefits United States [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 | [8] | $ 123 | $ 129 | ||||
Other Postretirement Benefits United States [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 | [8] | $ 114 | $ 109 | ||||
Other Postretirement Benefits United States [Member] | Debt Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [9] | 50.00% | 50.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [9] | 50.00% | |||||
Other Postretirement Benefits United States [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 | $ 12 | $ 23 | |||||
Other Postretirement Benefits United States [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 United States [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 | 12 | 23 | |||||
Other Postretirement Benefits United States [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 United States [Member] | Receivables And Payables Net [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | [10] | (1) | $ (1) | (1) | (1) | (1) | |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | [10] | (1) | (1) | ||||
Balance at end of period | [10] | (1) | (1) | ||||
Other Postretirement Benefits United States [Member] | Account 401 H [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (123) | (111) | (111) | (123) | (111) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (123) | (111) | |||||
Balance at end of period | (123) | (111) | |||||
Other Postretirement Benefits United States [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 | (254) | (267) | (267) | (254) | (267) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (254) | (267) | |||||
Balance at end of period | (254) | (267) | |||||
Other Postretirement Benefits United States [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 | (5) | (6) | (6) | (5) | (6) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (5) | (6) | |||||
Balance at end of period | (5) | (6) | |||||
Other Postretirement Benefits United States [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 | (12) | (23) | (23) | (12) | (23) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (12) | (23) | |||||
Balance at end of period | (12) | (23) | |||||
Other Postretirement Benefits United States [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 Benefits United States [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (1,315) | (1,289) | (1,301) | (1,315) | (1,289) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (1,315) | (1,289) | (1,301) | ||||
Balance at end of period | (1,315) | (1,289) | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Employer contributions | 66 | $ 54 | |||||
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] | |||||||
2,017 | 105 | ||||||
2,018 | 108 | ||||||
2,019 | 110 | ||||||
2,020 | 111 | ||||||
2,021 | 113 | ||||||
2022-2026 | 569 | ||||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Subsequent Event [Member] | |||||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Employer contributions | 18 | ||||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | |||||||
Information About Plan Assets (Numeric) [Abstract] | |||||||
Value of plan U.S. pension trust assets that relate to PPL subsidiary | 1,300 | $ 1,300 | |||||
Undivided interest percentage in each asset category that PPL subsidiary holds | 41.00% | 40.00% | |||||
Assumptions Used in Calculations (Numeric) [Abstract] | |||||||
The limited lives of four partnership of private equity investments (in years) | 10 years | ||||||
The limited lives of fifth partnership of private equity investments (in years) | 15 years | ||||||
The amount of potential liability that maybe required to be funded by the master trust during life of the partnership | $ 22 | ||||||
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, weighted average | 100.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (3,381) | $ (3,387) | $ (3,387) | $ (3,381) | $ (3,387) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (3,381) | (3,387) | |||||
Balance at end of period | (3,381) | (3,387) | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Level 1 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (714) | (889) | (889) | (714) | (889) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (714) | (889) | |||||
Balance at end of period | (714) | (889) | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Level 2 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (909) | (851) | (851) | (909) | (851) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (909) | (851) | |||||
Balance at end of period | (909) | (851) | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Level 3 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (40) | (42) | (54) | (40) | (42) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (40) | (42) | (54) | ||||
Actual return on plan assets relating to assets still held at the reporting date | 2 | ||||||
Actual return on plan assets relating to assets sold during the period | 0 | (1) | |||||
Purchases, sales and settlements | (3) | (13) | |||||
Balance at end of period | (40) | (42) | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 181 | 225 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 181 | 225 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | 152 | 172 | |||||
Measured at fair value using net asset value per share | [2] | 272 | 197 | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 152 | 172 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | [2] | 551 | 454 | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | [2] | 546 | 514 | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 381 | 501 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 381 | 492 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 9 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 | 850 | 747 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 | 837 | 737 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 10 | |||||
Fair value at end of period | (21) | ||||||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (21) | ||||||
Actual return on plan assets relating to assets still held at the reporting date | 0 | ||||||
Actual return on plan assets relating to assets sold during the period | 0 | (1) | |||||
Purchases, sales and settlements | 3 | (10) | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 8 | 14 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 | 8 | 14 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [Member] | Master Trust [Member] | Commodities Alternative Investments [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [2] | 0 | 70 | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | [2] | 102 | 118 | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | [2] | 80 | 81 | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | [2] | 167 | 171 | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | 61 | 80 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 | 61 | 80 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 | 3 | 11 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 | 3 | 11 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 | 27 | 32 | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | 27 | 32 | |||||
Fair value at end of period | (33) | ||||||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (33) | ||||||
Actual return on plan assets relating to assets still held at the reporting date | 2 | ||||||
Actual return on plan assets relating to assets sold during the period | 1 | 0 | |||||
Purchases, sales and settlements | (6) | (3) | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | [3] | (15) | (49) | (49) | (15) | (49) | |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | [3] | (15) | (49) | ||||
Balance at end of period | [3] | (15) | (49) | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Account 401 H [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (123) | (111) | (111) | (123) | (111) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (123) | (111) | |||||
Balance at end of period | (123) | (111) | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [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 | (3,243) | (3,227) | (3,227) | $ (3,243) | $ (3,227) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (3,243) | (3,227) | |||||
Balance at end of period | $ (3,243) | (3,227) | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 52.00% | [1] | 51.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 50.00% | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 30.00% | [1] | 25.00% | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Debt Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [4] | 12.00% | [1] | 13.00% | |||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Alternative Investments [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 10.00% | [1] | 13.00% | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 46.00% | [1] | 47.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 48.00% | |||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Debt Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [4] | 43.00% | [1] | 42.00% | |||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Derivatives [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 3.00% | [1] | 5.00% | ||||
LG And E And KU Energy LLC [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Liquidity Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 2.00% | [1] | 2.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 2.00% | |||||
LG And E And KU Energy LLC [Member] | Other Postretirement Benefits United States [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (98) | $ (88) | (82) | $ (98) | $ (88) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (98) | (88) | (82) | ||||
Balance at end of period | (98) | (88) | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Employer contributions | 20 | 17 | |||||
Amount to be contributed to plan in the next fiscal year | 14 | ||||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||||
2,017 | 14 | ||||||
2,018 | 14 | ||||||
2,019 | 15 | ||||||
2,020 | 16 | ||||||
2,021 | 16 | ||||||
2022-2026 | 82 | ||||||
Expected Federal Subsidy (Details) [Abstract] | |||||||
Federal subsidy 2017 | 0 | ||||||
Federal subsidy 2018 | 0 | ||||||
Federal subsidy 2019 | 1 | ||||||
Federal subsidy 2020 | 0 | ||||||
Federal subsidy 2021 | 0 | ||||||
Federal subsidy 2022-2026 | 2 | ||||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (318) | (297) | (301) | (318) | (297) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (318) | (297) | (301) | ||||
Balance at end of period | (318) | (297) | |||||
Defined Benefit Plan Estimated Future Employer Contributions (Numeric) [Abstract] | |||||||
Employer contributions | 35 | $ 13 | |||||
Amount to be contributed to plan in the next fiscal year | $ 0 | ||||||
Estimated Future Benefit Payments (Details) [Abstract] | |||||||
2,017 | 25 | ||||||
2,018 | 25 | ||||||
2,019 | 25 | ||||||
2,020 | 25 | ||||||
2,021 | 24 | ||||||
2022-2026 | 110 | ||||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | |||||||
Information About Plan Assets (Numeric) [Abstract] | |||||||
Value of plan U.S. pension trust assets that relate to PPL subsidiary | 318 | $ 297 | |||||
Undivided interest percentage in each asset category that PPL subsidiary holds | 10.00% | 9.00% | |||||
Assumptions Used in Calculations (Numeric) [Abstract] | |||||||
The limited lives of four partnership of private equity investments (in years) | 10 years | ||||||
The limited lives of fifth partnership of private equity investments (in years) | 15 years | ||||||
The amount of potential liability that maybe required to be funded by the master trust during life of the partnership | $ 22 | ||||||
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, weighted average | 100.00% | ||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (3,381) | $ (3,387) | $ (3,387) | $ (3,381) | $ (3,387) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (3,381) | (3,387) | |||||
Balance at end of period | (3,381) | (3,387) | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Level 1 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (714) | (889) | (889) | (714) | (889) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (714) | (889) | |||||
Balance at end of period | (714) | (889) | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Level 2 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (909) | (851) | (851) | (909) | (851) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (909) | (851) | |||||
Balance at end of period | (909) | (851) | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Level 3 [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (40) | (42) | (54) | (40) | (42) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (40) | (42) | (54) | ||||
Actual return on plan assets relating to assets still held at the reporting date | 2 | ||||||
Actual return on plan assets relating to assets sold during the period | 0 | (1) | |||||
Purchases, sales and settlements | (3) | (13) | |||||
Balance at end of period | (40) | (42) | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 181 | 225 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 181 | 225 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | 152 | 172 | |||||
Measured at fair value using net asset value per share | [2] | 272 | 197 | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 152 | 172 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | [2] | 551 | 454 | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | [2] | 546 | 514 | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 381 | 501 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 381 | 492 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 9 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 | 850 | 747 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 | 837 | 737 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 10 | |||||
Fair value at end of period | (21) | ||||||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (21) | ||||||
Actual return on plan assets relating to assets still held at the reporting date | 0 | ||||||
Actual return on plan assets relating to assets sold during the period | 0 | (1) | |||||
Purchases, sales and settlements | 3 | (10) | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 8 | 14 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 | 8 | 14 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [Member] | Master Trust [Member] | Commodities Alternative Investments [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Measured at fair value using net asset value per share | [2] | 0 | 70 | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | [2] | 102 | 118 | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | [2] | 80 | 81 | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | [2] | 167 | 171 | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | 61 | 80 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 | 61 | 80 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 | 3 | 11 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 | 3 | 11 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 | 27 | 32 | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 Benefits United States [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 Benefits United States [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 | 27 | 32 | |||||
Fair value at end of period | (33) | ||||||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (33) | ||||||
Actual return on plan assets relating to assets still held at the reporting date | 2 | ||||||
Actual return on plan assets relating to assets sold during the period | 1 | 0 | |||||
Purchases, sales and settlements | (6) | (3) | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | [3] | (15) | (49) | (49) | (15) | (49) | |
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | [3] | (15) | (49) | ||||
Balance at end of period | [3] | (15) | (49) | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Account 401 H [Member] | |||||||
Defined benefit plan fair value of plan assets (Details) [Abstract] | |||||||
Fair value at end of period | (123) | (111) | (111) | (123) | (111) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | (123) | (111) | |||||
Balance at end of period | (123) | (111) | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [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 | (3,243) | (3,227) | (3,227) | $ (3,243) | $ (3,227) | ||
Change in Fair Value of Level 3 Plan Assets [Roll Forward] | |||||||
Balance at beginning of period | $ (3,243) | (3,227) | |||||
Balance at end of period | $ (3,243) | $ (3,227) | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 52.00% | [1] | 51.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 50.00% | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Equity Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 30.00% | [1] | 25.00% | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Debt Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [4] | 12.00% | [1] | 13.00% | |||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Growth Portfolio [Member] | Alternative Investments [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 10.00% | [1] | 13.00% | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 46.00% | [1] | 47.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 48.00% | |||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Debt Securities [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | [4] | 43.00% | [1] | 42.00% | |||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Immunizing Portfolio [Member] | Derivatives [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 3.00% | [1] | 5.00% | ||||
Louisville Gas And Electric Co [Member] | Pension Benefits United States [Member] | Master Trust [Member] | Liquidity Portfolio [Member] | |||||||
Actual Allocation by Plan Asset (Details) [Abstract] | |||||||
Percentage of trust assets | 2.00% | [1] | 2.00% | ||||
Target Allocations (Details ) [Abstract] | |||||||
Target asset allocation, weighted average | [1] | 2.00% | |||||
[1] | Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan. | ||||||
[2] | 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. | ||||||
[3] | Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received. | ||||||
[4] | Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes. | ||||||
[5] | 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. | ||||||
[6] | Includes commingled debt funds. | ||||||
[7] | Includes money market funds. | ||||||
[8] | 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. | ||||||
[9] | Includes commingled debt funds and debt securities. | ||||||
[10] | Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received. |
Retirement and Postemployment79
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Pension And Other Postretirement Plans [Line Items] | |||
Employer contributions to deferred savings plans | $ 35 | $ 34 | $ 33 |
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 | 17 | 16 | 15 |
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, 2016 | Dec. 31, 2015 |
Trimble County Unit 1 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 75.00% | 75.00% |
Electric plant | $ 407 | $ 399 |
Accumulated depreciation | 55 | 44 |
Construction work in progress | $ 1 | $ 6 |
Trimble County Unit 2 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 75.00% | 75.00% |
Electric plant | $ 1,026 | $ 1,013 |
Accumulated depreciation | 161 | 141 |
Construction work in progress | $ 83 | $ 27 |
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 | $ 407 | $ 309 |
Accumulated depreciation | 55 | 44 |
Construction work in progress | $ 1 | $ 6 |
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 | $ 1,026 | $ 1,013 |
Accumulated depreciation | 161 | 141 |
Construction work in progress | $ 83 | $ 27 |
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 | $ 40 | $ 40 |
Accumulated depreciation | 15 | 12 |
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 | $ 55 | $ 47 |
Accumulated depreciation | 12 | 10 |
Construction work in progress | $ 1 | $ 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 | $ 407 | $ 399 |
Accumulated depreciation | 55 | 44 |
Construction work in progress | $ 1 | $ 6 |
Louisville Gas And Electric Co [Member] | Trimble County Unit 2 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 14.25% | 14.25% |
Electric plant | $ 214 | $ 210 |
Accumulated depreciation | 32 | 28 |
Construction work in progress | $ 43 | $ 12 |
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 | $ 30 | $ 29 |
Accumulated depreciation | 8 | 6 |
Construction work in progress | $ 1 | $ 0 |
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 | $ 71 | $ 71 |
Accumulated depreciation | 17 | 14 |
Construction work in progress | $ 1 | $ 0 |
Louisville Gas And Electric Co [Member] | Cane Run Unit 7 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 22.00% | 22.00% |
Electric plant | $ 114 | $ 115 |
Accumulated depreciation | 5 | 1 |
Construction work in progress | $ 2 | $ 1 |
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 | $ 0 |
Accumulated depreciation | 0 | 0 |
Construction work in progress | $ 0 | $ 4 |
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 | $ 65 | $ 65 |
Accumulated depreciation | 23 | 19 |
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 | $ 50 | $ 43 |
Accumulated depreciation | 11 | 9 |
Construction work in progress | $ 1 | $ 1 |
Kentucky Utilities Co [Member] | Trimble County Unit 2 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 60.75% | 60.75% |
Electric plant | $ 812 | $ 803 |
Accumulated depreciation | 129 | 113 |
Construction work in progress | $ 40 | $ 15 |
Kentucky Utilities Co [Member] | Trimble County Units 5 And 6 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 71.00% | 71.00% |
Electric plant | $ 74 | $ 70 |
Accumulated depreciation | 19 | 15 |
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 | $ 121 | $ 121 |
Accumulated depreciation | 29 | 23 |
Construction work in progress | $ 1 | $ 0 |
Kentucky Utilities Co [Member] | Cane Run Unit 7 [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 78.00% | 78.00% |
Electric plant | $ 412 | $ 411 |
Accumulated depreciation | 18 | 6 |
Construction work in progress | $ 4 | $ 5 |
Kentucky Utilities Co [Member] | E W Brown Solar Unit [Member] | ||
Jointly Owned Facilities [Line Items] | ||
Ownership interest | 61.00% | 61.00% |
Electric plant | $ 15 | $ 0 |
Accumulated depreciation | 0 | 0 |
Construction work in progress | $ 0 | $ 6 |
Commitments and Contingencies81
Commitments and Contingencies (Energy Purchases, Energy Sales, Other Commitments and Legal Matters) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2015Integer | Mar. 31, 2015Integer | Dec. 31, 2016USD ($)claimresidentmi | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
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 | ||||
KU [Member] | |||||
Energy Purchase Commitments [Line Items] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
LGE [Member] | |||||
Energy Purchase Commitments [Line Items] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | |||||
Generating units retired at the Cane Run plant | Integer | 2 | 1 | |||
Legal Matters - Mill Creek Environmental Claims (Numeric) [Abstract] | |||||
Amount Agreed To Fund In Environmental Enhancement Projects | $ 1 | ||||
Power Purchase [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
2,017 | 29 | ||||
2,018 | 29 | ||||
2,019 | 28 | ||||
2,020 | 29 | ||||
2,021 | 29 | ||||
Thereafter | 561 | ||||
Total future obligation | 705 | ||||
Purchases | $ 23 | $ 22 | $ 25 | ||
Natural Gas Fuel Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,017 | ||||
Coal [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,022 | ||||
Coal Transportation And Fleeting Services [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,024 | ||||
Natural Gas Storage [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,024 | ||||
Natural Gas Transportation [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,026 | ||||
LG And E And KU Energy LLC [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 | ||||
LG And E And KU Energy LLC [Member] | KU [Member] | |||||
Energy Purchase Commitments [Line Items] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
LG And E And KU Energy LLC [Member] | LGE [Member] | |||||
Energy Purchase Commitments [Line Items] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
Legal Matters - Cane Run Environmental Claims (Numeric) [Abstract] | |||||
Generating units retired at the Cane Run plant | Integer | 2 | 1 | |||
Legal Matters - Mill Creek Environmental Claims (Numeric) [Abstract] | |||||
Amount Agreed To Fund In Environmental Enhancement Projects | $ 1 | ||||
LG And E And KU Energy LLC [Member] | Power Purchase [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
2,017 | 29 | ||||
2,018 | 29 | ||||
2,019 | 28 | ||||
2,020 | 29 | ||||
2,021 | 29 | ||||
Thereafter | 561 | ||||
Total future obligation | 705 | ||||
Purchases | $ 23 | 22 | 25 | ||
LG And E And KU Energy LLC [Member] | Natural Gas Fuel Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,017 | ||||
LG And E And KU Energy LLC [Member] | Coal [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,022 | ||||
LG And E And KU Energy LLC [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] | Natural Gas Storage [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,024 | ||||
LG And E And KU Energy LLC [Member] | Natural Gas Transportation [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,026 | ||||
Kentucky Utilities Co [Member] | |||||
Energy Purchase Commitments [Line Items] | |||||
Expiration date of the power purchase agreement with OVEC | Jun. 30, 2040 | ||||
Kentucky Utilities Co [Member] | Power Purchase [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
2,017 | $ 9 | ||||
2,018 | 9 | ||||
2,019 | 9 | ||||
2,020 | 9 | ||||
2,021 | 9 | ||||
Thereafter | 172 | ||||
Total future obligation | 217 | ||||
Purchases | $ 7 | 7 | 8 | ||
Kentucky Utilities Co [Member] | Natural Gas Fuel Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,017 | ||||
Kentucky Utilities Co [Member] | Coal [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,022 | ||||
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 Storage [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 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | |||||
Energy Purchase Commitments [Line Items] | |||||
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 | Integer | 2 | 1 | |||
Legal Matters - Mill Creek Environmental Claims (Numeric) [Abstract] | |||||
Amount Agreed To Fund In Environmental Enhancement Projects | $ 1 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | Power Purchase [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
2,017 | 20 | ||||
2,018 | 20 | ||||
2,019 | 19 | ||||
2,020 | 20 | ||||
2,021 | 20 | ||||
Thereafter | 389 | ||||
Total future obligation | 488 | ||||
Purchases | $ 16 | $ 15 | $ 17 | ||
LOUISVILLE GAS And ELECTRIC CO [Member] | Natural Gas Fuel Purchase Contracts [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,017 | ||||
LOUISVILLE GAS And ELECTRIC CO [Member] | Coal [Member] | |||||
Energy Purchase Commitments (Numeric) [Abstract] | |||||
Maximum maturity date | 2,022 | ||||
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 Storage [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 |
Commitments and Contingencies82
Commitments and Contingencies (Environmental Matter and Other) (Details) wood_poles in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)wood_polesemployees | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Collective Bargaining Agreement Term | 3 years |
Environmental Matters - European Union Creosote Ban Numeric [Abstract] | |
Number of poles to be replaced | wood_poles | 1.4 |
Workforce Subject to Collective Bargaining Agreement | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 2,173 |
Percentage of Total Workforce | 17.00% |
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] | |
Collective Bargaining Agreement Term | 3 years |
PPL Electric Utilities Corp [Member] | Workforce Subject to Collective Bargaining Agreement | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 1,150 |
Percentage of Total Workforce | 63.00% |
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] | Workforce Subject to Collective Bargaining Agreement | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 819 |
Percentage of Total Workforce | 23.00% |
LOUISVILLE GAS And ELECTRIC CO [Member] | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Collective Bargaining Agreement Term | 3 years |
LOUISVILLE GAS And ELECTRIC CO [Member] | Workforce Subject to Collective Bargaining Agreement | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 696 |
Percentage of Total Workforce | 68.00% |
Kentucky Utilities Co [Member] | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Collective Bargaining Agreement Term | 3 years |
Kentucky Utilities Co [Member] | Workforce Subject to Collective Bargaining Agreement | |
Other - Labor Union Agreements (Numeric) [Abstract] | |
Number Of Union Employees | 123 |
Percentage of Total Workforce | 13.00% |
Commitments and Contingencies83
Commitments and Contingencies (Guarantees and Other Assurances) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Integer | Dec. 31, 2015USD ($) | ||
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | $ 22 | $ 25 | |
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 | [1] | $ 10 | |
Expiration date | 2,019 | ||
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 | [2] | $ 104 | |
PPL Electric Guarantee [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | [3] | $ 14 | |
Expiration date | 2,018 | ||
LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | [4] | $ 301 | |
Expiration date minimum | 2,021 | ||
Expiration date maximum | 2,023 | ||
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 | ||
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 | $ 123 | ||
PPL Electric Utilities Corp [Member] | Indemnification Guarantee [Member] | Guarantee Of Inventory Value [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | $ 14 | ||
Expiration date | 2,018 | ||
LG And E And KU Energy LLC [Member] | |||
Guarantor Obligations [Line Items] | |||
Recorded liability for all guarantees | $ 17 | $ 18 | |
LG And E And KU Energy LLC [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum exposure | $ 301 | ||
Expiration date minimum | 2,021 | ||
Expiration date maximum | 2,023 | ||
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] | 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 | $ 123 | ||
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] | |||
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 | $ 85 | ||
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] | |||
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 | $ 38 | ||
[1] | 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. | ||
[2] | 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, 2016, 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. | ||
[3] | 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. | ||
[4] | LKE provides certain indemnifications covering the due and punctual payment, performance and discharge by each party of its respective obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under a 2009 Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a maximum exposure of $200 million, exclusive of certain items such as government fines and penalties that may exceed the maximum. Another WKE-related LKE guarantee covers other indemnifications related to the purchase price of excess power, has a term expiring in 2023, and a maximum exposure of $100 million. In May 2012, LKE's indemnitee received an unfavorable arbitration panel's decision interpreting this matter. In October 2014, LKE's indemnitee filed a motion for discretionary review with the Kentucky Supreme Court seeking to overturn the arbitration decision, and such motion was denied by the court in September 2015. In September 2015, the counterparty issued a demand letter to LKE's indemnitee. In February 2016, the counterparty filed a complaint in Henderson, Kentucky Circuit Court, seeking an award of damages in the matter. The proceeding is currently in the discovery phase. LKE does not believe appropriate contractual, legal or commercial grounds exist for the claim made. LKE believes its indemnification obligations in the WKE matter remain subject to various uncertainties, including additional legal and contractual developments, as well as future prices, availability and demand for the subject excess power. Although the parties have also conducted certain settlement discussions, the ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of the various indemnification scenarios, but does not expect such outcomes to result in significant losses above the amounts recorded. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
PPL Electric Utilities Corp [Member] | PPL Services [Member] | ||||
Support Costs (Details) [Abstract] | ||||
Support cost allocations from subsidiary of parent to registrant | $ 132 | $ 125 | $ 151 | |
PPL Electric Utilities Corp [Member] | PPL EU Services [Member] | ||||
Support Costs (Details) [Abstract] | ||||
Support cost allocations from subsidiary of parent to registrant | 69 | 60 | 0 | |
LG And E And KU Energy LLC [Member] | ||||
Intercompany Borrowings (Numeric) [Abstract] | ||||
Notes payable to affiliates | 163 | 54 | ||
Long-term debt to affiliate | 400 | 400 | ||
Interest Expense, Related Party | 17 | 3 | 0 | |
LG And E And KU Energy LLC [Member] | Senior Unsecured Notes [Member] | ||||
Intercompany Borrowings (Numeric) [Abstract] | ||||
Repayment of Debt | $ 400 | |||
Stated interest rate | 2.125% | |||
Maturity date (in years) | Nov. 15, 2015 | |||
LG And E And KU Energy LLC [Member] | PPL Services [Member] | ||||
Support Costs (Details) [Abstract] | ||||
Support cost allocations from subsidiary of parent to registrant | $ 18 | $ 16 | 15 | |
LG And E And KU Energy LLC [Member] | PPL Energy Funding [Member] | ||||
Intercompany Borrowings (Numeric) [Abstract] | ||||
Intercompany borrowings demand note rate on outstanding borrowing | 2.12% | 1.74% | ||
Notes payable to affiliates | $ 163 | $ 54 | ||
Intercompany note with affiliate maximum borrowing capacity | $ 225 | |||
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 | |||
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 | 178 | 155 | 140 | |
Kentucky Utilities Co [Member] | ||||
Intercompany Billings by LKS (Details) [Abstract] | ||||
Intercompany billings between affiliates | $ 194 | $ 185 | $ 165 |
Other Income (Expense) - net (D
Other Income (Expense) - net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income [Line Items] | |||
Economic foreign currency exchange contracts | $ 384 | $ 122 | $ 121 |
Interest income | 3 | 4 | 1 |
Allowance for funds used during construction - equity component | 19 | 14 | 11 |
Miscellaneous | 6 | 6 | 7 |
Total Other Income | 412 | 146 | 140 |
Other Expense [Line Items] | |||
Charitable contributions | 9 | 21 | 27 |
Miscellaneous | 13 | 17 | 8 |
Total Other Expense | 22 | 38 | 35 |
Other Income (Expense) - net | 390 | 108 | 105 |
PPL Electric Utilities Corp [Member] | |||
Other Expense [Line Items] | |||
Other Income (Expense) - net | 17 | 8 | 7 |
LG And E And KU Energy LLC [Member] | |||
Other Expense [Line Items] | |||
Other Income (Expense) - net | (9) | (8) | (9) |
Louisville Gas And Electric Co [Member] | |||
Other Expense [Line Items] | |||
Other Income (Expense) - net | (5) | (6) | (3) |
Kentucky Utilities Co [Member] | |||
Other Expense [Line Items] | |||
Other Income (Expense) - net | $ (5) | $ 1 | $ (1) |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis Table) (Details) - Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | ||
Assets | ||||
Cash and cash equivalents | $ 341 | $ 836 | ||
Restricted cash and cash equivalents | [1] | 26 | 33 | |
Price risk management assets: | ||||
Foreign currency contracts | [2] | 211 | 209 | |
Cross-currency swaps | [2] | 188 | 86 | |
Total price risk management assets | [2] | 399 | 295 | |
Auction rate securities | 0 | 2 | [3] | |
Total assets | 766 | 1,166 | ||
Price risk management liabilities: | ||||
Interest rate swaps | [2] | 31 | 71 | |
Foreign currency contracts | [2] | 27 | 1 | |
Total price risk management liabilities | [2] | 58 | 72 | |
Level 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 341 | 836 | ||
Restricted cash and cash equivalents | [1] | 26 | 33 | |
Price risk management assets: | ||||
Foreign currency contracts | 0 | 0 | ||
Cross-currency swaps | 0 | 0 | ||
Total price risk management assets | 0 | 0 | ||
Auction rate securities | 0 | 0 | ||
Total assets | 367 | 869 | ||
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 | [2] | 211 | 209 | |
Cross-currency swaps | [2] | 188 | 86 | |
Total price risk management assets | [2] | 399 | 295 | |
Auction rate securities | 0 | 0 | ||
Total assets | 399 | 295 | ||
Price risk management liabilities: | ||||
Interest rate swaps | [2] | 31 | 71 | |
Foreign currency contracts | [2] | 27 | 1 | |
Total price risk management liabilities | [2] | 58 | 72 | |
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 | ||
Auction rate securities | 0 | 2 | [3] | |
Total assets | 0 | 2 | ||
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 | 13 | 47 | ||
Restricted cash and cash equivalents | [1] | 2 | 2 | |
Price risk management assets: | ||||
Total assets | 15 | 49 | ||
PPL Electric Utilities Corp [Member] | Level 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 13 | 47 | ||
Restricted cash and cash equivalents | [1] | 2 | 2 | |
Price risk management assets: | ||||
Total assets | 15 | 49 | ||
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 | 13 | 30 | ||
Price risk management assets: | ||||
Cash collateral posted to counterparties | [4] | 3 | 9 | |
Total assets | 16 | 39 | ||
Price risk management liabilities: | ||||
Interest rate swaps | 31 | 47 | ||
Total price risk management liabilities | 31 | 47 | ||
LG And E And KU Energy LLC [Member] | Level 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 13 | 30 | ||
Price risk management assets: | ||||
Cash collateral posted to counterparties | [4] | 3 | 9 | |
Total assets | 16 | 39 | ||
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 | 31 | 47 | ||
Total price risk management liabilities | 31 | 47 | ||
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 | 5 | 19 | ||
Price risk management assets: | ||||
Cash collateral posted to counterparties | [4] | 3 | 9 | |
Total assets | 8 | 28 | ||
Price risk management liabilities: | ||||
Interest rate swaps | 31 | 47 | ||
Total price risk management liabilities | 31 | 47 | ||
Louisville Gas And Electric Co [Member] | Level 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 5 | 19 | ||
Price risk management assets: | ||||
Cash collateral posted to counterparties | [4] | 3 | 9 | |
Total assets | 8 | 28 | ||
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 | 31 | 47 | ||
Total price risk management liabilities | 31 | 47 | ||
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 | 7 | 11 | ||
Price risk management assets: | ||||
Total assets | 7 | 11 | ||
Kentucky Utilities Co [Member] | Level 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents | 7 | 11 | ||
Price risk management assets: | ||||
Total assets | 7 | 11 | ||
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 | ||
[1] | Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets. | |||
[2] | "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. | |||
[3] | Included in "Other current assets" on the Balance Sheets. | |||
[4] | 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 Measurements (Financ
Fair Value Measurements (Financial Instruments Not Recorded at Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | $ 18,326 | $ 19,048 |
Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 21,355 | 21,218 |
PPL Electric Utilities Corp [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 2,831 | 2,828 |
PPL Electric Utilities Corp [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 3,148 | 3,088 |
LG And E And KU Energy LLC [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 5,065 | 5,088 |
LG And E And KU Energy LLC [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 5,439 | 5,384 |
Louisville Gas And Electric Co [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 1,617 | 1,642 |
Louisville Gas And Electric Co [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 1,710 | 1,704 |
Kentucky Utilities Co [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | 2,327 | 2,326 |
Kentucky Utilities Co [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt | $ 2,514 | $ 2,467 |
Derivative Instruments and He88
Derivative Instruments and Hedging Activities (Intro) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Master Netting Arrangements (Numeric) [Line Items] | ||
Cash Collateral Obligation Under Master Netting Arrangement | $ 19 | $ 0 |
Cash Collateral Posted Under Master Netting Arrangements | 3 | 9 |
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 | 3 | 9 |
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 | 3 | 9 |
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 He89
Derivative Instruments and Hedging Activities (Risk Disclosures) (Details) $ in Millions, £ in Billions | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2016USD ($) | May 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016GBP (£) | Sep. 30, 2015USD ($) | |
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||||
Repayment Of Senior Debt Related To Matured Cash Flow Hedge | $ 460 | ||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Notional amount of terminated swaps | $ 32 | ||||||
Net cash settlements on terminated interest rate swaps | $ 9 | $ 101 | $ 0 | ||||
Interest Rate Swaps [Member] | First Mortgage Bonds [Member] | |||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||||
Principal amount | $ 1,050 | ||||||
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 2016, 2015 and 2014, 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 no cash flow hedges reclassified into earnings associated with discontinued cash flow hedges in 2016 and an insignificant amount in 2014. | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 53 | ||||||
Cash Flow Hedges [Member] | Cross Currency Interest Rate Swaps [Member] | |||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | |||||||
Notional amount | $ 802 | ||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||||
Earliest maturity date of cross-currency cash flow hedge contracts | 2,017 | ||||||
Latest maturity date of cross-currency cash flow hedge contracts | 2,028 | ||||||
Derivative, Notional Amount Matured | $ 460 | ||||||
Gain (loss) recognized in income upon settlement of cross-currency interest rate swap contracts | $ 46 | ||||||
Economic Hedges [Member] | Interest Rate Swaps [Member] | |||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | |||||||
Notional amount | $ 147 | ||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Year of expiration of the maximum maturity date of interest rate economic activity contracts | 2,033 | ||||||
Economic Hedges [Member] | Foreign Currency Contracts [Member] | |||||||
Foreign Currency Risk - Economic Activity (Numeric) [Abstract] | |||||||
Total exposure hedged related to foreign currency contracts for anticipated earnings hedges classified as economic activity | $ 2,600 | £ 1.9 | |||||
Earliest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | January 2,017 | ||||||
Latest termination date of foreign currency contracts for anticipated earnings hedges classified as economic activity | December 2,018 | ||||||
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] | |||||||
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 | 21 | 19 | |||||
LG And E And KU Energy LLC [Member] | |||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Notional amount of terminated swaps | 32 | ||||||
Net cash settlements on terminated interest rate swaps | 9 | 88 | 0 | ||||
LG And E And KU Energy LLC [Member] | Interest Rate Swaps [Member] | First Mortgage Bonds [Member] | |||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||||
Principal amount | 1,050 | ||||||
LG And E And KU Energy LLC [Member] | Economic Hedges [Member] | Interest Rate Swaps [Member] | |||||||
Interest Rate Risk And Foreign Currency Risk [Line Items] | |||||||
Notional amount | $ 147 | ||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Year of expiration of the maximum maturity date of interest rate economic activity contracts | 2,033 | ||||||
Louisville Gas And Electric Co [Member] | |||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
Notional amount of terminated swaps | $ 32 | ||||||
Net cash settlements on terminated interest rate swaps | 9 | 44 | 0 | ||||
Louisville Gas And Electric Co [Member] | Interest Rate Swaps [Member] | First Mortgage Bonds [Member] | |||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||||
Principal amount | 550 | ||||||
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 | ||||||
Interest Rate Risk - Economic Activity (Numeric) [Abstract] | |||||||
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 | $ 44 | $ 0 | ||||
Kentucky Utilities Co [Member] | Interest Rate Swaps [Member] | First Mortgage Bonds [Member] | |||||||
Interest Rate Risk - Cash Flow Hedges (Numeric) [Abstract] | |||||||
Principal amount | $ 500 |
Derivative Instruments and He90
Derivative Instruments and Hedging Activities (Fair Values) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |||
Derivatives Designated As Hedging Instruments [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Asset value | [1] | $ 188 | $ 96 | ||
Liability value | [1] | 0 | 24 | ||
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Asset value | [1] | 32 | 45 | ||
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 | [1],[2] | 32 | 35 | ||
Derivatives Designated As Hedging Instruments [Member] | Current Assets [Member] | Foreign Currency Contracts [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Asset value | 0 | 10 | [1] | ||
Derivatives Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Asset value | [1] | 156 | 51 | ||
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 | [1],[2] | 156 | 51 | ||
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 | 24 | [1] | ||
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Liability value | 0 | 24 | [1],[2] | ||
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 | [1] | 211 | 199 | ||
Liability value | [1] | 58 | 48 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Current Assets [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Asset value | [1] | 31 | 94 | ||
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 | [1] | 31 | 94 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Assets [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Asset value | [1] | 180 | 105 | ||
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 | [1] | 180 | 105 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Liability value | [1] | 25 | 6 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Current Liabilities [Member] | Interest Rate Swaps [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Liability value | [1],[2] | 4 | 5 | ||
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 | [1] | 21 | 1 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Liability value | [1] | 33 | 42 | ||
Derivatives Not Designated As Hedging Instruments [Member] | Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | |||||
Fair Values by Balance Sheet Location [Abstract] | |||||
Liability value | [1],[2] | 27 | 42 | ||
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 | 6 | [1] | 0 | ||
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 | [3] | 31 | 47 | ||
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 | [3] | 4 | 5 | ||
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 | [3] | 4 | 5 | ||
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 | [3] | 27 | 42 | ||
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 | [3] | 27 | 42 | ||
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 | [3] | 31 | 47 | ||
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 | [3] | 4 | 5 | ||
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 | [3] | 4 | 5 | ||
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 | [3] | 27 | 42 | ||
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 | [3] | $ 27 | $ 42 | ||
[1] | 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. | ||||
[2] | Excludes accrued interest, if applicable. | ||||
[3] | Represents the location on the Balance Sheets. |
Derivative Instruments and He91
Derivative Instruments and Hedging Activities (Gains and Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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) | $ 112 | $ 53 | $ 85 |
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | (70) | 2 |
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) | 109 | 26 | (33) |
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) | (21) | (34) | (91) |
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) | (7) | (11) | (18) |
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 2 |
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) | 130 | 60 | 58 |
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) | 116 | 49 | 57 |
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 | 4 |
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 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 | 42 | |
Gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 7 | 0 | |
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) | 2 | 9 | 23 |
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 | (22) | (66) |
Derivatives Not Designated As Hedging Instruments [Member] | |||
Amounts Included in Income, OCI or Regulatory Liabilities/Assets [Abstract] | |||
Gain (loss) recognized in income on derivative | 377 | 114 | 113 |
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 | 7 | 1 | (12) |
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 | (7) | (8) | (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 | 384 | 122 | 121 |
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 | (22) | (66) |
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 | 7 | 1 | (12) |
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 | (7) | (8) | (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 | (11) | (33) |
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 | 7 | 1 | (12) |
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 | (7) | (8) | (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 | $ (11) | $ (33) |
Derivative Instruments and He92
Derivative Instruments and Hedging Activities (Offsetting Derivative Instruments and Credit Risk-Related Features) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Credit Risk-Related Contingent Features [Abstract] | |||
Aggregate fair value of derivative instruments in a net liability position with credit risk-related contingent features | $ 13 | ||
Aggregate fair value of collateral posted on these derivative instruments | 3 | ||
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | [1] | 10 | |
Treasury Derivatives [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Gross assets | 399 | $ 295 | |
Derivative instruments eligible for offset - assets | 27 | 25 | |
Cash collateral received eligible for offset - assets | 19 | 0 | |
Net assets | 353 | 270 | |
Gross liabilities | 58 | 72 | |
Derivative instruments eligible for offset - liabilities | 27 | 25 | |
Cash collateral pledged eligible for offset - liabilities | 3 | 9 | |
Net liabilities | 28 | 38 | |
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 | 13 | ||
Aggregate fair value of collateral posted on these derivative instruments | 3 | ||
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | [1] | 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 | 31 | 47 | |
Derivative instruments eligible for offset - liabilities | 0 | 0 | |
Cash collateral pledged eligible for offset - liabilities | 3 | 9 | |
Net liabilities | 28 | 38 | |
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 | 13 | ||
Aggregate fair value of collateral posted on these derivative instruments | 3 | ||
Aggregate fair value of additional collateral requirements in the event of a credit downgrade below investment grade | [1] | 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 | 31 | 47 | |
Derivative instruments eligible for offset - liabilities | 0 | 0 | |
Cash collateral pledged eligible for offset - liabilities | 3 | 9 | |
Net liabilities | $ 28 | $ 38 | |
[1] | Includes the effect of net receivables and payables already recorded on the Balance Sheet. |
Goodwill and Other Intangible93
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | |||
Balance at beginning of period | [1] | $ 3,550 | $ 3,667 |
Effect of foreign currency exchange rates | (490) | (117) | |
Balance at end of period | [1] | 3,060 | 3,550 |
U.K. Regulated [Member] | |||
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | |||
Balance at beginning of period | [1] | 2,888 | 3,005 |
Effect of foreign currency exchange rates | (490) | (117) | |
Balance at end of period | [1] | 2,398 | 2,888 |
Kentucky Regulated [Member] | |||
Changes in the Carrying Amount of Goodwill by Segment [Roll Forward] | |||
Balance at beginning of period | [1] | 662 | 662 |
Balance at end of period | [1] | 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 | |
[1] | There were no accumulated impairment losses related to goodwill. |
Goodwill and Other Intangible94
Goodwill and Other Intangible Assets (Other Intangibles) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | $ 775 | $ 759 | ||
Accumulated amortization | 442 | 416 | ||
Not subject to amortization due to indefinite life: [Line Items] | ||||
Gross carrying amount | 367 | 336 | ||
Gross carrying amount - other intangible assets | 1,142 | 1,095 | ||
Land And Transmission Rights [Member] | ||||
Not subject to amortization due to indefinite life: [Line Items] | ||||
Gross carrying amount | 19 | 33 | ||
Easements [Member] | ||||
Not subject to amortization due to indefinite life: [Line Items] | ||||
Gross carrying amount | [1] | 348 | 303 | |
Contracts [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [2] | 405 | 407 | |
Accumulated amortization | [2] | 325 | 300 | |
Land And Transmission Rights [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 362 | 337 | ||
Accumulated amortization | 115 | 111 | ||
Emission Allowances And Renewable Energy Credits [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [3] | 2 | 5 | |
Accumulated amortization | 0 | 0 | ||
Licenses And Other [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 6 | 10 | ||
Accumulated amortization | 2 | 5 | ||
Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits [Member] | ||||
Subject to amortization: [Abstract] | ||||
Amortization expense | 30 | 57 | $ 53 | |
Forecasted amortization in 2017 | 15 | |||
Forecasted amortization in 2018 | 15 | |||
Forecasted amortization in 2019 | 15 | |||
Forecasted amortization in 2020 | 14 | |||
Forecasted amortization in 2021 | 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 2017 | 6 | |||
Forecasted amortization in 2018 | 6 | |||
Forecasted amortization in 2019 | 6 | |||
Forecasted amortization in 2020 | 6 | |||
Forecasted amortization in 2021 | 6 | |||
Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits With Regulatory Offset [Member] | ||||
Subject to amortization: [Abstract] | ||||
Amortization expense | 24 | 51 | 47 | |
Forecasted amortization in 2017 | 9 | |||
Forecasted amortization in 2018 | 9 | |||
Forecasted amortization in 2019 | 9 | |||
Forecasted amortization in 2020 | 8 | |||
Forecasted amortization in 2021 | 8 | |||
PPL Electric Utilities Corp [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 344 | 320 | ||
Accumulated amortization | 113 | 109 | ||
Not subject to amortization due to indefinite life: [Line Items] | ||||
Gross carrying amount - other intangible assets | 364 | 353 | ||
PPL Electric Utilities Corp [Member] | Land And Transmission Rights [Member] | ||||
Not subject to amortization due to indefinite life: [Line Items] | ||||
Gross carrying amount | 20 | 33 | ||
PPL Electric Utilities Corp [Member] | Land And Transmission Rights [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 341 | 316 | ||
Accumulated amortization | 112 | 108 | ||
PPL Electric Utilities Corp [Member] | Licenses And Other [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 3 | 4 | ||
Accumulated amortization | 1 | 1 | ||
LG And E And KU Energy LLC [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 416 | 419 | ||
Accumulated amortization | 321 | 296 | ||
LG And E And KU Energy LLC [Member] | Coal Contracts [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [4] | 269 | 269 | |
Accumulated amortization | [4] | 269 | 252 | |
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 | 2 | ||
LG And E And KU Energy LLC [Member] | Emission Allowances [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [5] | 0 | 3 | |
Accumulated amortization | 0 | 0 | ||
LG And E And KU Energy LLC [Member] | Ohio Valley Electric Corporation Power Purchase Agreement [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [6] | 126 | 126 | |
Accumulated amortization | [6] | 49 | 42 | |
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 | 25 | 51 | 47 | |
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 | 1 | 0 | 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 | 24 | 51 | 47 | |
Forecasted amortization in 2017 | 9 | |||
Forecasted amortization in 2018 | 9 | |||
Forecasted amortization in 2019 | 9 | |||
Forecasted amortization in 2020 | 8 | |||
Forecasted amortization in 2021 | 8 | |||
Louisville Gas And Electric Co [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 218 | 219 | ||
Accumulated amortization | 159 | 146 | ||
Louisville Gas And Electric Co [Member] | Coal Contracts [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [7] | 124 | 124 | |
Accumulated amortization | [7] | 124 | 116 | |
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] | Emission Allowances [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [8] | 0 | 1 | |
Accumulated amortization | 0 | 0 | ||
Louisville Gas And Electric Co [Member] | Ohio Valley Electric Corporation Power Purchase Agreement [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [9] | 87 | 87 | |
Accumulated amortization | [9] | 34 | 29 | |
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 | 13 | 24 | 23 | |
Forecasted amortization in 2017 | 6 | |||
Forecasted amortization in 2018 | 6 | |||
Forecasted amortization in 2019 | 6 | |||
Forecasted amortization in 2020 | 6 | |||
Forecasted amortization in 2021 | 6 | |||
Kentucky Utilities Co [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 198 | 200 | ||
Accumulated amortization | 162 | 150 | ||
Kentucky Utilities Co [Member] | Coal Contracts [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [10] | 145 | 145 | |
Accumulated amortization | [10] | 145 | 136 | |
Kentucky Utilities Co [Member] | Land And Transmission Rights [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | 14 | 14 | ||
Accumulated amortization | 2 | 1 | ||
Kentucky Utilities Co [Member] | Emission Allowances [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [11] | 0 | 2 | |
Accumulated amortization | 0 | 0 | ||
Kentucky Utilities Co [Member] | Ohio Valley Electric Corporation Power Purchase Agreement [Member] | ||||
Subject to amortization: [Abstract] | ||||
Gross carrying amount | [12] | 39 | 39 | |
Accumulated amortization | [12] | 15 | 13 | |
Kentucky Utilities Co [Member] | Other Intangibles Excluding Emission Allowances And Or Renewable Energy Credits [Member] | ||||
Subject to amortization: [Abstract] | ||||
Amortization expense | 12 | 27 | 24 | |
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 | 1 | 0 | 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 | 11 | $ 27 | $ 24 | |
Forecasted amortization in 2017 | 3 | |||
Forecasted amortization in 2018 | 3 | |||
Forecasted amortization in 2019 | 3 | |||
Forecasted amortization in 2020 | 2 | |||
Forecasted amortization in 2021 | $ 2 | |||
[1] | The increase during 2016 was primarily from increases at WPD. | |||
[2] | Gross carrying amount includes the fair value at the acquisition date of the OVEC power purchase contract and coal contracts with terms favorable to market recognized as a result of the 2010 acquisition of LKE by PPL. 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. | |||
[3] | Emission allowances/RECs are expensed when consumed or sold; therefore, there is no accumulated amortization. | |||
[4] | 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 assets, eliminating any income statement impact. See Note 6 for additional information. | |||
[5] | Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. | |||
[6] | 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. | |||
[7] | 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 assets, eliminating any income statement impact. See Note 6 for additional information. | |||
[8] | Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. | |||
[9] | 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. | |||
[10] | 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 assets, eliminating any income statement impact. See Note 6 for additional information. | |||
[11] | Emission allowances are expensed when consumed or sold; therefore, there is no accumulated amortization. | |||
[12] | 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. |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation [Rollforward] | ||
Balance at Beginning of Period | $ 586 | $ 336 |
Accretion | 24 | 19 |
Obligations incurred | 0 | 5 |
Changes in estimated cash flow or settlement date | (84) | 235 |
Effect of foreign currency exchange rates | (9) | (2) |
Obligations settled | (29) | (7) |
Balance at End of Period | $ 488 | 586 |
Minimum [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 10 years | |
Minimum [Member] | Asset Retirement Obligations Costs [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 10 years | |
Maximum [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 25 years | |
Maximum [Member] | Asset Retirement Obligations Costs [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 25 years | |
LG And E And KU Energy LLC [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Balance at Beginning of Period | $ 535 | 285 |
Accretion | 22 | 18 |
Obligations incurred | 0 | 5 |
Changes in estimated cash flow or settlement date | (95) | 234 |
Obligations settled | (29) | (7) |
Balance at End of Period | 433 | 535 |
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 | $ (114) | 228 |
LG And E And KU Energy LLC [Member] | Minimum [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 10 years | |
LG And E And KU Energy LLC [Member] | Minimum [Member] | Asset Retirement Obligations Costs [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 10 years | |
LG And E And KU Energy LLC [Member] | Maximum [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 25 years | |
LG And E And KU Energy LLC [Member] | Maximum [Member] | Asset Retirement Obligations Costs [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 25 years | |
Louisville Gas And Electric Co [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Balance at Beginning of Period | $ 175 | 74 |
Accretion | 7 | 5 |
Obligations incurred | 0 | 3 |
Changes in estimated cash flow or settlement date | (19) | 98 |
Obligations settled | (18) | (5) |
Balance at End of Period | 145 | 175 |
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 | $ (24) | 89 |
Louisville Gas And Electric Co [Member] | Minimum [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 10 years | |
Louisville Gas And Electric Co [Member] | Minimum [Member] | Asset Retirement Obligations Costs [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 10 years | |
Louisville Gas And Electric Co [Member] | Maximum [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 25 years | |
Louisville Gas And Electric Co [Member] | Maximum [Member] | Asset Retirement Obligations Costs [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 25 years | |
Kentucky Utilities Co [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Balance at Beginning of Period | $ 360 | 211 |
Accretion | 15 | 13 |
Obligations incurred | 0 | 2 |
Changes in estimated cash flow or settlement date | (76) | 136 |
Obligations settled | (11) | (2) |
Balance at End of Period | 288 | 360 |
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 | $ (90) | $ 139 |
Kentucky Utilities Co [Member] | Minimum [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 10 years | |
Kentucky Utilities Co [Member] | Minimum [Member] | Asset Retirement Obligations Costs [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 10 years | |
Kentucky Utilities Co [Member] | Maximum [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 25 years | |
Kentucky Utilities Co [Member] | Maximum [Member] | Asset Retirement Obligations Costs [Member] | ||
Asset Retirement Obligation [Rollforward] | ||
Regulatory Asset Amortization Period | 25 years |
Accumulated Other Comprehensi96
Accumulated Other Comprehensive Income (Loss) (After-tax Changes by Component) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (2,728) | $ (2,274) | $ (1,565) |
Amounts arising during the period | (1,080) | (575) | (754) |
Reclassifications from accumulated other comprehensive income | 30 | 145 | 45 |
Net other comprehensive income during the period | (1,050) | (430) | (709) |
Distribution of PPL Energy Supply | (24) | ||
Balance at end of period | (3,778) | (2,728) | (2,274) |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (520) | (286) | (11) |
Amounts arising during the period | (1,107) | (234) | (275) |
Reclassifications from accumulated other comprehensive income | 0 | 0 | 0 |
Net other comprehensive income during the period | (1,107) | (234) | (275) |
Distribution of PPL Energy Supply | 0 | ||
Balance at end of period | (1,627) | (520) | (286) |
Available For Sale Securities Unrealized Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 0 | 201 | 172 |
Amounts arising during the period | 0 | 8 | 35 |
Reclassifications from accumulated other comprehensive income | 0 | (2) | (6) |
Net other comprehensive income during the period | 0 | 6 | 29 |
Distribution of PPL Energy Supply | (207) | ||
Balance at end of period | 0 | 0 | 201 |
Qualifying Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (7) | 20 | 94 |
Amounts arising during the period | 91 | 26 | (10) |
Reclassifications from accumulated other comprehensive income | (91) | 2 | (64) |
Net other comprehensive income during the period | 0 | 28 | (74) |
Distribution of PPL Energy Supply | (55) | ||
Balance at end of period | (7) | (7) | 20 |
Equity Investees Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 0 | 1 | 1 |
Amounts arising during the period | 0 | 0 | 0 |
Reclassifications from accumulated other comprehensive income | (1) | (1) | 0 |
Net other comprehensive income during the period | (1) | (1) | 0 |
Distribution of PPL Energy Supply | 0 | ||
Balance at end of period | (1) | 0 | 1 |
Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (6) | 3 | (6) |
Amounts arising during the period | (3) | (9) | 5 |
Reclassifications from accumulated other comprehensive income | 1 | 0 | 4 |
Net other comprehensive income during the period | (2) | (9) | 9 |
Distribution of PPL Energy Supply | 0 | ||
Balance at end of period | (8) | (6) | 3 |
Defined Benefit Plans Actuarial Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (2,195) | (2,213) | (1,815) |
Amounts arising during the period | (61) | (366) | (509) |
Reclassifications from accumulated other comprehensive income | 121 | 146 | 111 |
Net other comprehensive income during the period | 60 | (220) | (398) |
Distribution of PPL Energy Supply | 238 | ||
Balance at end of period | (2,135) | (2,195) | (2,213) |
LG And E And KU Energy LLC [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (46) | (45) | 13 |
Amounts arising during the period | (27) | (7) | (57) |
Reclassifications from accumulated other comprehensive income | 3 | 6 | (1) |
Net other comprehensive income during the period | (24) | (1) | (58) |
Balance at end of period | (70) | (46) | (45) |
LG And E And KU Energy LLC [Member] | Equity Investees Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 0 | 0 | 1 |
Amounts arising during the period | 0 | 0 | 0 |
Reclassifications from accumulated other comprehensive income | (1) | 0 | (1) |
Net other comprehensive income during the period | (1) | 0 | (1) |
Balance at end of period | (1) | 0 | 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 | (10) | (8) | (2) |
Amounts arising during the period | 0 | (3) | (7) |
Reclassifications from accumulated other comprehensive income | 2 | 1 | 1 |
Net other comprehensive income during the period | 2 | (2) | (6) |
Balance at end of period | (8) | (10) | (8) |
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 | (36) | (37) | 14 |
Amounts arising during the period | (27) | (4) | (50) |
Reclassifications from accumulated other comprehensive income | 2 | 5 | (1) |
Net other comprehensive income during the period | (25) | 1 | (51) |
Balance at end of period | $ (61) | $ (36) | $ (37) |
Accumulated Other Comprehensi97
Accumulated Other Comprehensive Income (Loss) (Income (Expense) Effect of Reclassifications) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Affected Line Item on the Statements of Income | |||||||||||
Interest Expense | $ (888) | $ (871) | $ (843) | ||||||||
Other Income (Expense) - net | 390 | 108 | 105 | ||||||||
Total Pre-tax | 2,550 | 2,068 | 2,129 | ||||||||
Income Taxes | (648) | (465) | (692) | ||||||||
Total After-Tax | $ 405 | $ 396 | $ 250 | $ 552 | 1,902 | 1,603 | $ 1,437 | ||||
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||||||||||
Affected Line Item on the Statements of Income | |||||||||||
Total After-Tax | (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 | 4 | |||||||||
Total Pre-tax | 0 | 4 | |||||||||
Income Taxes | 0 | (2) | |||||||||
Total After-Tax | 0 | 2 | |||||||||
Qualifying Derivatives [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||||||||||
Affected Line Item on the Statements of Income | |||||||||||
Total Pre-tax | 112 | (17) | |||||||||
Income Taxes | (21) | 15 | |||||||||
Total After-Tax | 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 | (7) | (11) | |||||||||
Discontinued operations | 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 | 3 | 2 | |||||||||
Other Income (Expense) - net | 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 | 20 | |||||||||
Equity Investees Accumulated Other Comprehensive Income [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | |||||||||||
Affected Line Item on the Statements of Income | |||||||||||
Other Income (Expense) - net | 1 | 1 | |||||||||
Total Pre-tax | 1 | 1 | |||||||||
Income Taxes | 0 | 0 | |||||||||
Total After-Tax | 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 | (158) | (192) | |||||||||
Income Taxes | 36 | 46 | |||||||||
Total After-Tax | (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) | 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 | $ (156) | $ (192) | |||||||||
[1] | 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. |
SCHEDULE I - CONDENSED UNCONS98
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, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Revenues [Abstract] | |||||||||||||||||||
Operating Revenues | $ 1,832 | $ 1,889 | $ 1,785 | $ 2,011 | $ 1,780 | $ 1,878 | $ 1,781 | $ 2,230 | $ 7,517 | $ 7,669 | $ 7,852 | ||||||||
Operating Expenses [Abstract] | |||||||||||||||||||
Other operation and maintenance | 1,745 | 1,938 | 1,856 | ||||||||||||||||
Total Operating Expenses | 4,469 | 4,838 | 4,985 | ||||||||||||||||
Operating Income (Loss) | 714 | 786 | 725 | 823 | 617 | 686 | 638 | 890 | 3,048 | 2,831 | 2,867 | ||||||||
Other Income (Expense) - net [Abstract] | |||||||||||||||||||
Other Income (Expense) - net | 390 | 108 | 105 | ||||||||||||||||
Interest Expense | 888 | 871 | 843 | ||||||||||||||||
Income (Loss) Before Income Taxes | 2,550 | 2,068 | 2,129 | ||||||||||||||||
Income Tax Expense (Benefit) | 648 | 465 | 692 | ||||||||||||||||
Net income | $ 465 | $ 473 | $ 483 | $ 481 | $ 399 | $ 393 | $ (757) | [2] | $ 647 | 1,902 | 682 | 1,737 | |||||||
Comprehensive Income (Loss) | $ 852 | $ 252 | $ 1,028 | ||||||||||||||||
Net Income Available to PPL Corporation Common Shareowners: (in dollars per share) | |||||||||||||||||||
Basic | $ 0.68 | [3] | $ 0.70 | [3] | $ 0.71 | [3] | $ 0.71 | [3] | $ 0.59 | [3] | $ 0.58 | [3] | $ (1.13) | [3] | $ 0.97 | [3] | $ 2.80 | $ 1.01 | $ 2.64 |
Diluted | $ 0.68 | [3] | $ 0.69 | [3] | $ 0.71 | [3] | $ 0.71 | [3] | $ 0.59 | [3] | $ 0.58 | [3] | $ (1.13) | [3] | $ 0.96 | [3] | $ 2.79 | $ 1.01 | $ 2.61 |
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||||||||||
Basic | 677,592 | 669,814 | 653,504 | ||||||||||||||||
Diluted | 680,446 | 672,586 | 665,973 | ||||||||||||||||
PPL Corp [Member] | |||||||||||||||||||
Operating Revenues [Abstract] | |||||||||||||||||||
Operating Revenues | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Operating Expenses [Abstract] | |||||||||||||||||||
Other operation and maintenance | 2 | 9 | 16 | ||||||||||||||||
Total Operating Expenses | 2 | 9 | 16 | ||||||||||||||||
Operating Income (Loss) | (2) | (9) | (16) | ||||||||||||||||
Other Income (Expense) - net [Abstract] | |||||||||||||||||||
Equity in earnings of subsidiaries | 1,915 | 711 | 1,776 | ||||||||||||||||
Other income (expense) | (1) | (15) | (18) | ||||||||||||||||
Other Income (Expense) - net | 1,914 | 696 | 1,758 | ||||||||||||||||
Interest Expense | 8 | 9 | 15 | ||||||||||||||||
Interest Expense with Affiliates | 10 | 10 | 10 | ||||||||||||||||
Income (Loss) Before Income Taxes | 1,894 | 668 | 1,717 | ||||||||||||||||
Income Tax Expense (Benefit) | (8) | (14) | (20) | ||||||||||||||||
Net income | 1,902 | 682 | 1,737 | ||||||||||||||||
Comprehensive Income (Loss) | $ 852 | $ 252 | $ 1,028 | ||||||||||||||||
Net Income Available to PPL Corporation Common Shareowners: (in dollars per share) | |||||||||||||||||||
Basic | $ 2.80 | $ 1.01 | $ 2.64 | ||||||||||||||||
Diluted | $ 2.79 | $ 1.01 | $ 2.61 | ||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||||||||||
Basic | 677,592 | 669,814 | 653,504 | ||||||||||||||||
Diluted | 680,446 | 672,586 | 665,973 | ||||||||||||||||
L G And E And K U Energy L L C Unconsolidated [Member] | |||||||||||||||||||
Other Income (Expense) - net [Abstract] | |||||||||||||||||||
Equity in earnings of subsidiaries | $ 452 | $ 390 | $ 368 | ||||||||||||||||
Interest Income from Affiliate | 9 | 4 | 5 | ||||||||||||||||
Other Income (Expense) - net | 461 | 394 | 373 | ||||||||||||||||
Interest Expense | 29 | 39 | 41 | ||||||||||||||||
Interest Expense with Affiliates | 18 | 5 | 3 | ||||||||||||||||
Income (Loss) Before Income Taxes | 414 | 350 | 329 | ||||||||||||||||
Income Tax Expense (Benefit) | (15) | (14) | (15) | ||||||||||||||||
Net income | 429 | 364 | 344 | ||||||||||||||||
Comprehensive Income (Loss) | $ 405 | $ 363 | $ 286 | ||||||||||||||||
[1] | 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. | ||||||||||||||||||
[2] | The second quarter of 2015 includes a loss of $879 million from the spinoff of PPL Energy Supply. See Note 8 to the Financial Statements for additional information. | ||||||||||||||||||
[3] | The sum of the quarterly amounts may not equal annual earnings per share due to changes in the number of common shares outstanding during the year or rounding. |
SCHEDULE I - CONDENSED UNCONS99
SCHEDULE I - CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities [Abstract] | |||
Net cash provided by (used in) operating activities | $ 2,890 | $ 2,272 | $ 2,941 |
Cash Flows from Investing Activities [Abstract] | |||
Net cash provided by (used in) investing activities | (2,918) | (3,588) | (3,329) |
Cash Flows from Financing Activities [Abstract] | |||
Issuance of equity, net of issuance costs | 144 | 203 | 1,074 |
Net increase (decrease) in short-term debt | 29 | 94 | 147 |
Retirement of long-term debt | (930) | (1,000) | (237) |
Issuance of long-term debt | 1,342 | 2,236 | 296 |
Payment of common stock dividends | (1,030) | (1,004) | (967) |
Other | (40) | (47) | (51) |
Net cash provided by (used in) financing activities | (439) | 482 | 262 |
Net Cash Provided by (Used in) Financing Activities | (439) | 68 | 583 |
Net Increase (Decrease) in Cash and Cash Equivalents | (495) | (563) | 536 |
Cash and Cash Equivalents at Beginning of Period | 836 | 1,399 | 863 |
Cash and Cash Equivalents at End of Period | 341 | 836 | 1,399 |
PPL Corp [Member] | |||
Cash Flows from Operating Activities [Abstract] | |||
Net cash provided by (used in) operating activities | 1,563 | 993 | 1,633 |
Cash Flows from Investing Activities [Abstract] | |||
Capital contributions to affiliated subsidiaries | (308) | (491) | (1,045) |
Return of capital from affiliated subsidiaries | 0 | 112 | 247 |
Net cash provided by (used in) investing activities | (308) | (379) | (798) |
Cash Flows from Financing Activities [Abstract] | |||
Issuance of equity, net of issuance costs | 144 | 203 | 1,074 |
Net increase (decrease) in short-term debt with affiliates | (341) | 215 | (913) |
Payment of common stock dividends | (1,030) | (1,004) | (967) |
Contract adjustment payments on Equity Units | 0 | 0 | (22) |
Other | (24) | (28) | (7) |
Net Cash Provided by (Used in) Financing Activities | (1,251) | (614) | (835) |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 4 | 0 | 0 |
Supplemental Disclosures of Cash Flow Information: [Abstract] | |||
Cash Dividends Received from Subsidiaries | 1,510 | 1,198 | 1,388 |
L G And E And K U Energy L L C Unconsolidated [Member] | |||
Cash Flows from Operating Activities [Abstract] | |||
Net cash provided by (used in) operating activities | 285 | 246 | (183) |
Cash Flows from Investing Activities [Abstract] | |||
Capital contributions to affiliated subsidiaries | (91) | (140) | (248) |
Net decrease in notes receivable from affiliates | 47 | 73 | 555 |
Net cash provided by (used in) investing activities | (44) | (67) | 307 |
Cash Flows from Financing Activities [Abstract] | |||
Net increase (decrease) in notes payable to affiliates | 90 | 315 | 58 |
Net increase (decrease) in short-term debt | (75) | 0 | 0 |
Retirement of long-term debt | 0 | (400) | 0 |
Contributions from member | 61 | 125 | 248 |
Distributions to member | (316) | (219) | (436) |
Net cash provided by (used in) financing activities | (240) | (179) | (130) |
Net Increase (Decrease) in Cash and Cash Equivalents | 1 | 0 | (6) |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 6 |
Cash and Cash Equivalents at End of Period | 1 | 0 | 0 |
Supplemental Disclosures of Cash Flow Information: [Abstract] | |||
Cash Dividends Received from Subsidiaries | $ 376 | $ 272 | $ 260 |
SCHEDULE I - CONDENSED UNCON100
SCHEDULE I - CONDENSED UNCONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Assets | |||||
Cash and cash equivalents | $ 341 | $ 836 | $ 1,399 | $ 863 | |
Accounts Receivable [Abstract] | |||||
Other | 46 | 59 | |||
Accounts receivable | 666 | 673 | |||
Prepayments | 63 | 66 | |||
Price risk management assets | 63 | 139 | |||
Other current assets | 52 | 63 | |||
Total Current Assets | 2,067 | 2,646 | |||
Other Noncurrent Assets [Abstract] | |||||
Price risk management assets | 336 | 156 | |||
Other noncurrent assets | 160 | 155 | |||
Total Other Noncurrent Assets | 6,174 | 6,273 | |||
Total Assets | 38,315 | 39,301 | |||
Current Liabilities [Abstract] | |||||
Short-term debt | 923 | 916 | |||
Long-term debt due within one year | 518 | 485 | |||
Dividends | 259 | 255 | |||
Taxes | 101 | 85 | |||
Other current liabilities | 569 | 549 | |||
Total Current Liabilities | 3,837 | 3,876 | |||
Long-term Debt [Abstract] | |||||
Total Long-term Debt | 17,808 | 18,563 | |||
Total Deferred Credits and Other Noncurrent Liabilities | 6,771 | 6,943 | |||
Equity [Abstract] | |||||
Common stock | [1] | 7 | 7 | ||
Additional paid-in capital | 9,841 | 9,687 | |||
Earnings reinvested | 3,829 | 2,953 | |||
Accumulated other comprehensive income (loss) | (3,778) | (2,728) | (2,274) | (1,565) | |
Total Equity | 9,899 | 9,919 | 13,628 | 12,466 | |
Total Liabilities and Equity | $ 38,315 | $ 39,301 | |||
PPL Corporation Shareowners' Common Equity Additional Information [Abstract] | |||||
Common stock par value | $ 0.01 | $ 0.01 | |||
Common stock shares authorized | 1,560,000 | 780,000 | |||
Common stock shares issued | 679,731 | 673,857 | |||
Common stock shares outstanding | 679,731 | 673,857 | |||
PPL Corp [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | $ 4 | $ 0 | 0 | 0 | |
Accounts Receivable [Abstract] | |||||
Other | 7 | 10 | |||
Accounts receivable from affiliates | 10 | 20 | |||
Price risk management assets | 63 | 139 | |||
Total Current Assets | 84 | 169 | |||
Investments [Abstract] | |||||
Affiliated companies at equity | 10,160 | 10,479 | |||
Other Noncurrent Assets [Abstract] | |||||
Deferred income taxes | 70 | 100 | |||
Price risk management assets | 284 | 133 | |||
Other noncurrent assets | 1 | 1 | |||
Total Other Noncurrent Assets | 355 | 234 | |||
Total Assets | 10,599 | 10,882 | |||
Current Liabilities [Abstract] | |||||
Short-term debt with affiliates | 44 | 385 | |||
Accounts payable with affiliates | 30 | 16 | |||
Dividends | 259 | 255 | |||
Price risk management liabilities | 237 | 268 | |||
Other current liabilities | 20 | 0 | |||
Total Current Liabilities | 590 | 924 | |||
Long-term Debt [Abstract] | |||||
Total Deferred Credits and Other Noncurrent Liabilities | 110 | 39 | |||
Equity [Abstract] | |||||
Common stock | [1] | 7 | 7 | ||
Additional paid-in capital | 9,841 | 9,687 | |||
Earnings reinvested | 3,829 | 2,953 | |||
Accumulated other comprehensive income (loss) | (3,778) | (2,728) | |||
Total Equity | 9,899 | 9,919 | |||
Total Liabilities and Equity | $ 10,599 | $ 10,882 | |||
PPL Corporation Shareowners' Common Equity Additional Information [Abstract] | |||||
Common stock par value | $ 0.01 | $ 0.01 | |||
Common stock shares authorized | 1,560,000 | 780,000 | |||
Common stock shares issued | 679,731 | 673,857 | |||
Common stock shares outstanding | 679,731 | 673,857 | |||
L G And E And K U Energy L L C Unconsolidated [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | $ 1 | $ 0 | $ 0 | $ 6 | |
Accounts Receivable [Abstract] | |||||
Accounts receivable | 0 | 1 | |||
Accounts receivable from affiliates | 23 | 3 | |||
Income Taxes Receivable, Current | 31 | 0 | |||
Notes receivable from affiliates | 1,007 | 1,054 | |||
Total Current Assets | 1,062 | 1,058 | |||
Investments [Abstract] | |||||
Affiliated companies at equity | 5,219 | 5,076 | |||
Other Noncurrent Assets [Abstract] | |||||
Deferred income taxes | 227 | 228 | |||
Total Assets | 6,508 | 6,362 | |||
Current Liabilities [Abstract] | |||||
Short-term debt | 0 | 75 | |||
Notes payable to affiliates | 179 | 69 | |||
Accounts payable with affiliates | 450 | 469 | |||
Taxes | 0 | 3 | |||
Other current liabilities | 6 | 5 | |||
Total Current Liabilities | 635 | 621 | |||
Long-term Debt [Abstract] | |||||
Long-term debt | 721 | 720 | |||
Notes payable to affiliates | 480 | 500 | |||
Total Long-term Debt | 1,201 | 1,220 | |||
Total Deferred Credits and Other Noncurrent Liabilities | 5 | 4 | |||
Equity [Abstract] | |||||
Members Equity | 4,667 | 4,517 | |||
Total Liabilities and Equity | $ 6,508 | $ 6,362 | |||
[1] | 1,560,000 shares authorized; 679,731 shares issued and outstanding at December 31, 2016; 780,000 shares authorized; 673,857 shares issued and outstanding at December 31, 2015. |
SCHEDULE I - NOTES TO CONDENSED
SCHEDULE I - NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Aggregate maturities of long-term debt (Details) [Abstract] | |||
2,020 | $ 1,262 | ||
2,021 | 1,150 | ||
Principal outstanding | 18,399 | $ 19,171 | |
LKE Guarantee [Member] | Indemnification Guarantee [Member] | Indemnification Of Lease Termination And Other Divestitures [Member] | |||
Condensed Unconsolidated Financial Statements [Line Items] | |||
Maximum exposure | [1] | $ 301 | |
Term of guarantee (in years) | 12 years | ||
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 | ||
PPL Corp [Member] | PPL Guarantee [Member] | Financial Guarantee [Member] | Guarantee Of Principal And Premium And Interest [Member] | |||
Condensed Unconsolidated Financial Statements [Line Items] | |||
Maximum exposure | $ 8,600 | ||
Expiration date | 2,073 | ||
L G And E And K U Energy L L C Unconsolidated [Member] | Senior Unsecured Notes [Member] | |||
Aggregate maturities of long-term debt (Details) [Abstract] | |||
2,020 | $ 475 | ||
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, 2025 | ||
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 | $ 80 | ||
Maturity date (in years) | Dec. 31, 2019 | ||
Stated interest rate | 1.381% | ||
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 | ||
[1] | LKE provides certain indemnifications covering the due and punctual payment, performance and discharge by each party of its respective obligations. The most comprehensive of these guarantees is the LKE guarantee covering operational, regulatory and environmental commitments and indemnifications made by WKE under a 2009 Transaction Termination Agreement. This guarantee has a term of 12 years ending July 2021, and a maximum exposure of $200 million, exclusive of certain items such as government fines and penalties that may exceed the maximum. Another WKE-related LKE guarantee covers other indemnifications related to the purchase price of excess power, has a term expiring in 2023, and a maximum exposure of $100 million. In May 2012, LKE's indemnitee received an unfavorable arbitration panel's decision interpreting this matter. In October 2014, LKE's indemnitee filed a motion for discretionary review with the Kentucky Supreme Court seeking to overturn the arbitration decision, and such motion was denied by the court in September 2015. In September 2015, the counterparty issued a demand letter to LKE's indemnitee. In February 2016, the counterparty filed a complaint in Henderson, Kentucky Circuit Court, seeking an award of damages in the matter. The proceeding is currently in the discovery phase. LKE does not believe appropriate contractual, legal or commercial grounds exist for the claim made. LKE believes its indemnification obligations in the WKE matter remain subject to various uncertainties, including additional legal and contractual developments, as well as future prices, availability and demand for the subject excess power. Although the parties have also conducted certain settlement discussions, the ultimate outcomes of the WKE termination-related indemnifications cannot be predicted at this time. Additionally, LKE has indemnified various third parties related to historical obligations for other divested subsidiaries and affiliates. The indemnifications vary by entity and the maximum exposures range from being capped at the sale price to no specified maximum. LKE could be required to perform on these indemnifications in the event of covered losses or liabilities being claimed by an indemnified party. LKE cannot predict the ultimate outcomes of the various indemnification scenarios, but does not expect such outcomes to result in significant losses above the amounts recorded. |
Quarterly Financial Data (Un102
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Nov. 30, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||||||
Quarterly Financial Information Disclosure [Line Items] | ||||||||||||||||||||||||
Operating Revenues | $ 1,832 | [1] | $ 1,889 | [1] | $ 1,785 | [1] | $ 2,011 | [1] | $ 1,780 | [1] | $ 1,878 | [1] | $ 1,781 | [1] | $ 2,230 | [1] | $ 7,517 | $ 7,669 | $ 7,852 | |||||
Operating income | 714 | [1] | 786 | [1] | 725 | [1] | 823 | [1] | 617 | [1] | 686 | [1] | 638 | [1] | 890 | [1] | 3,048 | 2,831 | 2,867 | |||||
Income from continuing operations after income taxes | 405 | [1] | 396 | [1] | 250 | [1] | 552 | [1] | 1,902 | 1,603 | 1,437 | |||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | (6) | [1],[2],[3] | (3) | [1],[2],[3] | (1,007) | [1],[2],[3] | 95 | [1],[2],[3] | 0 | (921) | 300 | |||||||||||||
Net income (loss) | $ 465 | [1] | $ 473 | [1] | $ 483 | [1] | $ 481 | [1] | $ 399 | [1] | $ 393 | [1] | $ (757) | [1],[4] | $ 647 | [1] | $ 1,902 | $ 682 | $ 1,737 | |||||
Income from continuing operations after income taxes available to PPL common shareowners: [Abstract] | ||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.60 | [1],[5] | $ 0.59 | [1],[5] | $ 0.37 | [1],[5] | $ 0.83 | [1],[5] | $ 2.80 | $ 2.38 | $ 2.19 | |||||||||||||
Diluted (in dollars per share) | 0.60 | [1],[5] | 0.59 | [1],[5] | 0.37 | [1],[5] | 0.82 | [1],[5] | 2.79 | 2.37 | 2.16 | |||||||||||||
Net income (loss) available to PPL common shareowners: [Abstract] | ||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.68 | [1],[5] | $ 0.70 | [1],[5] | $ 0.71 | [1],[5] | $ 0.71 | [1],[5] | 0.59 | [1],[5] | 0.58 | [1],[5] | (1.13) | [1],[5] | 0.97 | [1],[5] | 2.80 | 1.01 | 2.64 | |||||
Diluted (in dollars per share) | 0.68 | [1],[5] | 0.69 | [1],[5] | 0.71 | [1],[5] | 0.71 | [1],[5] | 0.59 | [1],[5] | 0.58 | [1],[5] | (1.13) | [1],[5] | 0.96 | [1],[5] | 2.79 | 1.01 | 2.61 | |||||
Dividends declared per share of common stock (in dollars per share) | $ 0.38 | 0.38 | [1],[3] | 0.38 | [1],[3] | 0.38 | [1],[3] | 0.38 | [1],[3] | 0.3775 | [1],[5] | 0.3775 | [1],[5] | 0.3725 | [1],[5] | 0.3725 | [1],[5] | $ 1.52 | $ 1.50 | $ 1.49 | ||||
Price per common share: [Abstract] | ||||||||||||||||||||||||
High (in dollars per share) | [1] | 34.74 | 37.71 | 39.68 | 38.07 | 34.75 | 33.58 | 34.85 | 36.38 | |||||||||||||||
Low (in dollars per share) | [1] | $ 32.19 | $ 33.63 | $ 36.27 | $ 32.80 | $ 32.60 | $ 29.41 | $ 29.45 | $ 31.40 | |||||||||||||||
PPL Energy Supply Spinoff [Member] | ||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Line Items] | ||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of income taxes) | $ (921) | $ 300 | ||||||||||||||||||||||
Price per common share: [Abstract] | ||||||||||||||||||||||||
Gain (loss) on disposal group | $ (879) | (879) | 0 | |||||||||||||||||||||
Montana Hydroelectric Generating Facilities [Member] | ||||||||||||||||||||||||
Price per common share: [Abstract] | ||||||||||||||||||||||||
Gain (loss) on disposal group | 137 | |||||||||||||||||||||||
PPL Electric Utilities Corp [Member] | ||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Line Items] | ||||||||||||||||||||||||
Operating Revenues | $ 537 | [6] | $ 539 | [6] | $ 495 | [6] | $ 585 | [6] | $ 499 | [6] | $ 519 | [6] | 476 | [6] | $ 630 | [6] | $ 2,156 | 2,124 | 2,044 | |||||
Operating income | 154 | [6] | 176 | [6] | 154 | [6] | 180 | [6] | 126 | [6] | 121 | [6] | 116 | [6] | 175 | [6] | 664 | 538 | 538 | |||||
Net income (loss) | $ 77 | [6] | $ 90 | [6] | $ 79 | [6] | $ 94 | [6] | $ 61 | [6] | $ 55 | [6] | $ 49 | [6] | $ 87 | [6] | $ 340 | [7] | $ 252 | [7] | $ 263 | [7] | ||
[1] | 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. | |||||||||||||||||||||||
[2] | In the second quarter of 2015, PPL completed the spinoff of PPL Energy Supply substantially representing PPL's Supply segment. Accordingly, the previously reported operating results for PPL's Supply segment have been reclassified as discontinued operations. See Note 8 to the Financial Statements for additional information. | |||||||||||||||||||||||
[3] | 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. | |||||||||||||||||||||||
[4] | The second quarter of 2015 includes a loss of $879 million from the spinoff of PPL Energy Supply. See Note 8 to the Financial Statements for additional information. | |||||||||||||||||||||||
[5] | 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. | |||||||||||||||||||||||
[6] | 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. | |||||||||||||||||||||||
[7] | Net income equals comprehensive income. |