Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021								December 31, 2020
	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)	$	—	$	—	$	—	$	1	$	—	$	—	$	—	$	2
Cross-currency swaps (c)	—		—		—		—		94		—		—		—
Foreign currency contracts (c)	—		—		—		—		—		—		—		137
Total current	—		—		—		1		94		—		—		139
Noncurrent:
Price Risk Management
Assets/Liabilities (a):
Interest rate swaps (b)	—		—		—		17		—		—		—		21
Cross-currency swaps (c)	—		—		—		—		52		—		—		—
Total noncurrent	—		—		—		17		52		—		—		21
Total derivatives	$	—	$	—	$	—	$	18	$	146	$	—	$	—	$	160

(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.

(c)Included in "Current assets held for sale" and "Current liabilities held for sale" on the Balance Sheet.

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		Location of Gain (Loss) Recognized in Income on Derivative	Gain (Loss) Reclassified from AOCI into Income
2021
Cash Flow Hedges:
Interest rate swaps	$	—	Interest Expense	$	11
			Income (Loss) from Discontinued operations (net of taxes)	(2)
Cross-currency swaps	(50)		Income (Loss) from Discontinued operations (net of taxes)	(39)
Total	$	(50)		$	(30)
Net Investment Hedges:
Foreign currency contracts in Discontinued operations	$	1
2020
Cash Flow Hedges:
Interest rate swaps	$	(9)	Interest Expense	$	(8)
			Income (Loss) from Discontinued operations (net of taxes)	(2)
Cross-currency swaps	(15)		Income (Loss) from Discontinued operations (net of taxes)	(22)
Total	$	(24)		$	(32)
Net Investment Hedges:
Foreign currency contracts in Discontinued operations	$	1
2019
Cash Flow Hedges:
Interest rate swaps	$	(30)	Interest Expense	$	(9)
Cross-currency swaps	17		Income (Loss) from Discontinued operations (net of taxes)	(9)
Total	$	(13)		$	(18)
Net Investment Hedges:
Foreign currency contracts in Discontinued operations	$	2

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	2021		2020		2019
Foreign currency contracts	Income (Loss) from Discontinued Operations (net of taxes)	$	(266)	$	(98)	$	(14)
Interest rate swaps	Interest Expense	(2)		(5)		(5)
	Total	$	(268)	$	(103)	$	(19)

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized as Regulatory Liabilities/Assets	2021		2020		2019
Interest rate swaps	Regulatory assets - noncurrent	$	5	$	(2)	$	(1)

The following table presents the effect of cash flow hedge activity on the Statement of Income for the year ended December 31, 2021:

	Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Interest Expense		Income (Loss) from Discontinued Operations (net of income taxes)
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded	$	918	$	(1,498)
The effects of cash flow hedges:
Gain (Loss) on cash flow hedging relationships:
Interest rate swaps:
Amount of gain (loss) reclassified from AOCI to income	11		(2)
Cross-currency swaps:
Hedged items	—		39
Amount of gain (loss) reclassified from AOCI to income	—		(39)

The following table presents the effect of cash flow hedge activity on the Statement of Income for the year ended December 31, 2020:

	Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Interest Expense		Income (Loss) from Discontinued Operations (net of income taxes)
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded	$	634	$	829
The effects of cash flow hedges:
Gain (Loss) on cash flow hedging relationships:
Interest rate swaps:
Amount of gain (loss) reclassified from AOCI to income	(8)		(2)
Cross-currency swaps:
Hedged items	—		22
Amount of gain (loss) reclassified from AOCI to income	—		(22)

The following table presents the effect of cash flow hedge activity on the Statement of Income for the year ended December 31,2019:

	Location and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Interest Expense		Income (Loss) from Discontinued Operations (net of income taxes)
Total income and expense line items presented in the income statement in which the effect of cash flow hedges are recorded	$	621	$	1,010
The effects of cash flow hedges:
Gain (Loss) on cash flow hedging relationships:
Interest rate swaps:
Amount of gain (loss) reclassified from AOCI to income	(9)		—
Cross-currency swaps:
Hedged items	—		9
Amount of gain (loss) reclassified from AOCI to income	—		(9)

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, 2021
Treasury Derivatives
PPL	$	—	$	—	$	—	$	—	$	18	$	—	$	—	$	18
LG&E	—		—		—		—		18		—		—		18
December 31, 2020
Treasury Derivatives
PPL	$	146	$	34	$	—	$	112	$	160	$	34	$	—	$	126
LG&E	—		—		—		—		23		—		—		23

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, 2021				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
Current:
Price Risk Management
Assets/Liabilities:
Interest rate swaps	$	—	$	1	$	—	$	2
Total current	—		1		—		2
Noncurrent:
Price Risk Management
Assets/Liabilities:
Interest rate swaps	—		17		—		21
Total noncurrent	—		17		—		21
Total derivatives	$	—	$	18	$	—	$	23

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)	2021		2020		2019
Interest rate swaps	Interest Expense	$	(2)	$	(5)	$	(5)

Derivative Instruments	Location of Gain (Loss)	2021		2020		2019
Interest rate swaps	Regulatory assets - noncurrent	$	5	$	(2)	$	(1)

Derivative Positions Eligible for Offset with Related Cash Collateral

The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged.

	Assets								Liabilities
			Eligible for Offset								Eligible for Offset
	Gross		Derivative Instruments		Cash Collateral Received		Net		Gross		Derivative Instruments		Cash Collateral Pledged		Net
December 31, 2021
Treasury Derivatives
PPL	$	—	$	—	$	—	$	—	$	18	$	—	$	—	$	18
LG&E	—		—		—		—		18		—		—		18
December 31, 2020
Treasury Derivatives
PPL	$	146	$	34	$	—	$	112	$	160	$	34	$	—	$	126
LG&E	—		—		—		—		23		—		—		23

Kentucky Utilities Co [Member]

Derivative Instruments And Hedging Activities [Line Items]

Derivative Positions Eligible for Offset with Related Cash Collateral

The table below summarizes the derivative positions presented in the balance sheets where a right of setoff exists under these arrangements and related cash collateral received or pledged.

	Assets								Liabilities
			Eligible for Offset								Eligible for Offset
	Gross		Derivative Instruments		Cash Collateral Received		Net		Gross		Derivative Instruments		Cash Collateral Pledged		Net
December 31, 2021
Treasury Derivatives
PPL	$	—	$	—	$	—	$	—	$	18	$	—	$	—	$	18
LG&E	—		—		—		—		18		—		—		18
December 31, 2020
Treasury Derivatives
PPL	$	146	$	34	$	—	$	112	$	160	$	34	$	—	$	126
LG&E	—		—		—		—		23		—		—		23