Financing Activities (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Line Items]

Credit Facilities in Place at Period End

The following credit facilities were in place at:

	December 31, 2017									December 31, 2016
	Expiration Date	Capacity		Borrowed		Letters of Credit and Commercial Paper Issued		Unused Capacity		Borrowed		Letters of Credit and Commercial Paper Issued
PPL
U.K.
WPD plc
Syndicated Credit Facility (a) (c)	Jan. 2022	£	210	£	148	£	—	£	60	£	160	£	—
WPD (South West)
Syndicated Credit Facility (a) (c)	July 2021	245		—		—		245		110		—
WPD (East Midlands)
Syndicated Credit Facility (a) (c)	July 2021	300		180		—		120		9		—
WPD (West Midlands)
Syndicated Credit Facility (a) (c)	July 2021	300		120		—		180		—		—
Uncommitted Credit Facilities		100		—		4		96		60		4
Total U.K. Credit Facilities (b)		£	1,155	£	448	£	4	£	701	£	339	£	4
U.S.
PPL Capital Funding
Syndicated Credit Facility (c) (d)	Jan. 2022	$	950	$	—	$	230	$	720	$	—	$	20
Syndicated Credit Facility (c) (d)	Nov. 2018	300		—		—		300		—		—
Bilateral Credit Facility (c) (d)	Mar. 2018	150		—		18		132		—		17
Total PPL Capital Funding Credit Facilities		$	1,400	$	—	$	248	$	1,152	$	—	$	37
PPL Electric
Syndicated Credit Facility (c) (d)	Jan. 2022	$	650	$	—	$	1	$	649	$	—	$	296
LKE
Syndicated Credit Facility (c) (d)	Oct. 2018	$	75	$	—	$	—	$	75	$	—	$	—
LG&E
Syndicated Credit Facility (c) (d)	Jan. 2022	$	500	$	—	$	199	$	301	$	—	$	169
Term Loan Credit Facility (c) (e)	Oct. 2019	200		100		—		100		—		—
Total LG&E Credit Facilities		$	700	$	100	$	199	$	401	$	—	$	169
KU
Syndicated Credit Facility (c) (d)	Jan. 2022	$	400	$	—	$	45	$	355	$	—	$	16
Letter of Credit Facility (c) (d) (f)	Oct. 2020	198		—		198		—		—		198
Total KU Credit Facilities		$	598	$	—	$	243	$	355	$	—	$	214

(a) The facilities contain financial covenants to maintain an interest coverage ratio of not less than 3.0 times consolidated earnings before income taxes, depreciation and amortization and total net debt not in excess of 85% of its RAV, calculated in accordance with the credit facility.

(b) The WPD plc amounts borrowed at December 31, 2017 and 2016 included USD-denominated borrowings of $200 million for both periods, which bore interest at 2.17% and 1.43%. The unused capacity reflects the amount borrowed in GBP of £150 million as of the date borrowed. The WPD (East Midlands) amount borrowed at December 31, 2017 was a GBP-denominated borrowing, which equated to $244 million and bore interest at 0.89%. The WPD (West Midlands) amount borrowed at December 31, 2017 was a GBP-denominated borrowing, which equated to $162 million and bore interest at 0.89%. At December 31, 2017, the unused capacity under the U.K. credit facilities was approximately $949 million.

(c) Each company pays customary fees under its respective facility and borrowings generally bear interest at LIBOR-based rates plus an applicable margin.

(d) The facilities contain a financial covenant requiring debt to total capitalization not to exceed 70% for PPL Capital Funding, PPL Electric, LKE, LG&E and KU, as calculated in accordance with the facilities and other customary covenants. Additionally, as it relates to the syndicated and bilateral credit facilities and subject to certain conditions, PPL Capital Funding may request that the capacity of its facilities expiring in November 2018 and March 2018 be increased by up to $30 million, LG&E and KU each may request up to a $100 million increase in its facility's capacity and LKE may request up to a $25 million increase in its facility's capacity.

(e) LG&E entered into a term loan credit agreement in October 2017 whereby it may borrow up to $200 million. The outstanding borrowings at December 31, 2017 bore interest at a rate of 2.06%.

(f) KU's letter of credit facility agreement allows for certain payments under the letter of credit facility to be converted to loans rather than requiring immediate payment.

Commercial paper

The following commercial paper programs were in place at:

	December 31, 2017							December 31, 2016
	Weighted - Average Interest Rate	Capacity		Commercial Paper Issuances		Unused Capacity		Weighted - Average Interest Rate	Commercial Paper Issuances
PPL Capital Funding	1.64%	$	1,000	$	230	$	770	1.10%	$	20
PPL Electric		650		—		650		1.05%	295
LG&E	1.83%	350		199		151		0.94%	169
KU	1.97%	350		45		305		0.87%	16
Total		$	2,350	$	474	$	1,876		$	500

Long-term Debt

Long-term Debt(All Registrants)

				December 31,
	Weighted-Average Rate (g)		Maturities (g)	2017			2016
PPL
U.S.
Senior Unsecured Notes	3.78	%	2020 - 2047	$	4,575		$	4,075
Senior Secured Notes/First Mortgage Bonds (a) (b) (c)	3.96	%	2018 - 2047	7,314			6,849
Junior Subordinated Notes	5.10	%	2067 - 2073	930			930
Term Loan Credit Facility	2.06	%	2019	100			—
Total U.S. Long-term Debt				12,919			11,854
U.K.
Senior Unsecured Notes (d)	5.24	%	2020 - 2040	6,351			5,707
Index-linked Senior Unsecured Notes (e)	1.56	%	2026 - 2056	1,012			838
Total U.K. Long-term Debt (f)				7,363			6,545
Total Long-term Debt Before Adjustments				20,282			18,399
Fair market value adjustments				21			22
Unamortized premium and (discount), net (e)				14			20
Unamortized debt issuance costs				(122		)	(115		)
Total Long-term Debt				20,195			18,326
Less current portion of Long-term Debt				348			518
Total Long-term Debt, noncurrent				$	19,847		$	17,808

				December 31,
	Weighted-Average Rate (g)		Maturities (g)	2017			2016
PPL Electric
Senior Secured Notes/First Mortgage Bonds (a) (b)	4.23	%	2020 - 2047	$	3,339		$	2,864
Total Long-term Debt Before Adjustments				3,339			2,864
Unamortized discount				(16		)	(12		)
Unamortized debt issuance costs				(25		)	(21		)
Total Long-term Debt				3,298			2,831
Less current portion of Long-term Debt				—			224
Total Long-term Debt, noncurrent				$	3,298		$	2,607
LKE
Senior Unsecured Notes	3.97	%	2020 - 2021	$	725		$	725
Term Loan Credit Facility	2.06	%	2019	100			—
First Mortgage Bonds (a) (c)	3.73	%	2018 - 2045	3,975			3,985
Long-term debt to affiliate	3.50	%	2026	400			400
Total Long-term Debt Before Adjustments				5,200			5,110
Fair market value adjustments				—			(1		)
Unamortized discount				(14		)	(15		)
Unamortized debt issuance costs				(27		)	(29		)
Total Long-term Debt				5,159			5,065
Less current portion of Long-term Debt				98			194
Total Long-term Debt, noncurrent				$	5,061		$	4,871
LG&E
Term Loan Credit Facility	2.06	%	2019	$	100		$	—
First Mortgage Bonds (a) (c)	3.48	%	2018 - 2045	1,624			1,634
Total Long-term Debt Before Adjustments				1,724			1,634
Fair market value adjustments				—			(1		)
Unamortized discount				(4		)	(4		)
Unamortized debt issuance costs				(11		)	(12		)
Total Long-term Debt				1,709			1,617
Less current portion of Long-term Debt				98			194
Total Long-term Debt, noncurrent				$	1,611		$	1,423
KU
First Mortgage Bonds (a) (c)	3.91	%	2019 - 2045	$	2,351		$	2,351
Total Long-term Debt Before Adjustments				2,351			2,351
Unamortized discount				(9		)	(9		)
Unamortized debt issuance costs				(14		)	(15		)
Total Long-term Debt				2,328			2,327
Less current portion of Long-term Debt				—			—
Total Long-term Debt, noncurrent				$	2,328		$	2,327

(a) Includes PPL Electric's senior secured and first mortgage bonds that are secured by the lien of PPL Electric's 2001 Mortgage Indenture, which covers substantially all electric distribution plant and certain transmission plant owned by PPL Electric. The carrying value of PPL Electric's property, plant and equipment was approximately $8.5 billion and $7.6 billion at December 31, 2017 and 2016.

Includes LG&E's first mortgage bonds that are secured by the lien of the LG&E 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of LG&E's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity and the storage and distribution of natural gas. The aggregate carrying value of the property subject to the lien was $4.7 billion and $4.4 billion at December 31, 2017 and 2016.

Includes KU's first mortgage bonds that are secured by the lien of the KU 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of KU's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity. The aggregate carrying value of the property subject to the lien was $6.0 billion and $5.8 billion at December 31, 2017 and 2016.

(b) Includes PPL Electric's series of senior secured bonds that secure its obligations to make payments with respect to each series of Pollution Control Bonds that were issued by the LCIDA and the PEDFA on behalf of PPL Electric. These senior secured bonds were issued in the same principal amount, contain payment and redemption provisions that correspond to and bear the same interest rate as such Pollution Control Bonds. These senior secured bonds were issued under PPL Electric's 2001 Mortgage Indenture and are secured as noted in (a) above. This amount includes $224 million of which PPL Electric is allowed to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, or term rate of at least one year and $90 million that may be redeemed, in whole or in part, at par beginning in October 2020, and are subject to mandatory redemption upon determination that the interest rate on the bonds would be included in the holders' gross income for federal tax purposes.

(c) Includes LG&E's and KU's series of first mortgage bonds that were issued to the respective trustees of tax-exempt revenue bonds to secure its respective obligations to make payments with respect to each series of bonds. The first mortgage bonds were issued in the same principal amounts, contain payment and redemption provisions that correspond to and bear the same interest rate as such tax-exempt revenue bonds. These first mortgage bonds were issued under the LG&E 2010 Mortgage Indenture and the KU 2010 Mortgage Indenture and are secured as noted in (a) above. The related tax-exempt revenue bonds were issued by various governmental entities, principally counties in Kentucky, on behalf of LG&E and KU. The related revenue bond documents allow LG&E and KU to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, term rate of at least one year or, in some cases, an auction rate or a LIBOR index rate.

At December 31, 2017, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $514 million for LKE, comprised of $391 million and $123 million for LG&E and KU. At December 31, 2017, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $375 million for LKE, comprised of $147 million and $228 million for LG&E and KU. These variable rate tax-exempt revenue bonds are subject to tender for purchase by LG&E and KU at the option of the holder and to mandatory tender for purchase by LG&E and KU upon the occurrence of certain events.

(d) Includes £225 million ($304 million at December 31, 2017) of notes that may be redeemed, in total but not in part, on December 21, 2026, at the greater of the principal value or a value determined by reference to the gross redemption yield on a nominated U.K. Government bond.

(e) The principal amount of the notes issued by WPD (South West), WPD (East Midlands) and WPD (South Wales) is adjusted based on changes in a specified index, as detailed in the terms of the related indentures. The adjustment to the principal amounts from 2016 to 2017 was an increase of approximately £27 million ($37 million) resulting from inflation. In addition, this amount includes £225 million ($304 million at December 31, 2017) of notes issued by WPD (South West) that may be redeemed, in total by series, on December 1, 2026, at the greater of the adjusted principal value and a make-whole value determined by reference to the gross real yield on a nominated U.K. government bond.

(f) Includes £4.7 billion ($6.4 billion at December 31, 2017) of notes that may be put by the holders to the issuer for redemption if the long-term credit ratings assigned to the notes are withdrawn by any of the rating agencies (Moody's or S&P) or reduced to a non-investment grade rating of Ba1 or BB+ or lower in connection with a restructuring event, which includes the loss of, or a material adverse change to, the distribution licenses under which the issuer operates.

(g) The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of December 31, 2017.

Long-term Debt Maturities

The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2018 through 2022 and thereafter are as follows:

	PPL		PPL Electric		LKE		LG&E		KU
2018	$	348	$	—	$	98	$	98	$	—
2019	430		—		430		334		96
2020	1,278		100		975		—		500
2021	1,150		400		250		—		—
2022	1,274		474		—		—		—
Thereafter	15,802		2,365		3,447		1,292		1,755
Total	$	20,282	$	3,339	$	5,200	$	1,724	$	2,351

Schedule Of Stock Offering Program

PPL issued the following for the years ended December 31:

	2017		2016		2015
Number of shares (in thousands)	10,373		710		1,477
Net Proceeds	$	377	$	25	$	49