Financing Activities

3 Months Ended

Mar. 31, 2022

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 act as a backstop to commercial paper programs. For reporting purposes, on a consolidated basis, PPL's arrangements listed below include the credit facilities and commercial paper programs of PPL Electric, LG&E and KU. The amounts listed in the borrowed column below are recorded as "Short-term debt" on the Balance Sheets. The following credit facilities were in place at:

	March 31, 2022									December 31, 2021
	Expiration Date	Capacity		Borrowed		Letters of Credit and Commercial Paper Issued		Unused Capacity		Borrowed		Letters of Credit and Commercial Paper Issued
PPL
PPL Capital Funding
Syndicated Credit Facility	Dec. 2026	$	1,250	$	—	$	347	$	903	$	—	$	—
Bilateral Credit Facility	Mar. 2023	100		—		—		100		—		—
Bilateral Credit Facility	Mar. 2023	100		—		15		85		—		15
Total PPL Capital Funding Credit Facilities		$	1,450	$	—	$	362	$	1,088	$	—	$	15
PPL Electric
Syndicated Credit Facility	Dec. 2026	$	650	$	—	$	1	$	649	$	—	$	1
LG&E
Syndicated Credit Facility	Dec. 2026	$	500	$	—	$	353	$	147	$	—	$	69
KU
Syndicated Credit Facility	Dec. 2026	$	400	$	—	$	285	$	115	$	—	$	—

(PPL)

In March 2022, PPL Capital Funding amended and restated its two existing $50 million bilateral credit facilities to extend the termination dates from March 9, 2022 to March 6, 2023 and to increase the borrowing capacity under each facility to $100 million.

(All Registrants)

PPL Capital Funding, PPL Electric, LG&E and KU maintain commercial paper programs to provide an additional financing source to fund short-term liquidity needs. Commercial paper issuances, included in "Short-term debt" on the Balance Sheets, are supported by the respective Registrant's credit facilities. The following commercial paper programs were in place at:

	March 31, 2022							December 31, 2021
	Weighted - Average Interest Rate	Capacity		Commercial Paper Issuances		Unused Capacity		Weighted - Average Interest Rate	Commercial Paper Issuances
PPL Capital Funding	0.84%	$	1,350	$	347	$	1,003		$	—
PPL Electric		650		—		650			—
LG&E	0.72%	425		353		72		0.31%	69
KU	0.78%	350		285		65			—
Total		$	2,775	$	985	$	1,790		$	69

(PPL Electric, LG&E, and KU)

See Note 11 for discussion of intercompany borrowings.

(PPL)

Equity Securities

Share Repurchase

In August 2021, PPL's Board of Directors authorized share repurchases of up to $3 billion of PPL common shares. In 2021, PPL repurchased approximately $1 billion of PPL common shares. There were no share repurchases during the three months ended March 31, 2022. The actual additional amounts to be repurchased pursuant to this authority will depend on various factors, including PPL’s share price, market conditions, and the determination of other uses for the proceeds from the sale of the U.K. utility business, including for incremental capital expenditures. PPL may purchase shares on each trading day subject to market conditions and principles of best execution.

Dividends

In February 2022, PPL declared a quarterly common stock dividend, payable April 1, 2022, of 20.0 cents per share.