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Financing Activities
 6 Months Ended
Jun. 30, 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:
 June 30, 2022December 31, 2021
 Expiration
Date		CapacityBorrowedLetters of
Credit
and
Commercial
Paper
Issued		Unused
Capacity		BorrowedLetters of
Credit
and
Commercial
Paper
Issued
PPL       
PPL Capital Funding (a)       
Syndicated Credit FacilityDec. 2026$1,250 $— $256 $994 $— $— 
Bilateral Credit FacilityMar. 2023100 — — 100 — — 
Bilateral Credit Facility (b)Mar. 2023100 — 60 40 — 15 
Total PPL Capital Funding Credit Facilities$1,450 $— $316 $1,134 $— $15 
PPL Electric        
Syndicated Credit FacilityDec. 2026$650 $— $1 $649 $— $1 
LG&E      
Syndicated Credit FacilityDec. 2026$500 $— $394 $106 $— $69 
KU       
Syndicated Credit FacilityDec. 2026$400 $— $338 $62 $— $— 

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.
(b)Includes a $45 million letter of credit on behalf of RIE.
(PPL, LG&E and KU)

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.

In July 2022, LG&E entered into a $300 million term loan credit facility expiring in 2024. On July 29, 2022, LG&E borrowed $300 million under this facility at an initial interest rate of 3.23%. The per annum interest rate fluctuates based on the applicable secured overnight financing rate plus a spread. The proceeds will be used to repay short-term debt and for general corporate purposes.

In July 2022, KU entered into a $300 million term loan credit facility expiring in 2024. On July 29, 2022, KU borrowed $300 million under this facility at an initial interest rate of 3.23%. The per annum interest rate fluctuates based on the applicable secured overnight financing rate plus a spread. The proceeds will be used to repay short-term debt and for general corporate purposes.

(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:
 June 30, 2022December 31, 2021
Weighted -
Average
Interest Rate		CapacityCommercial
Paper
Issuances		Unused
Capacity		Weighted -
Average
Interest Rate		Commercial
Paper
Issuances
PPL Capital Funding (a)1.19%$1,350 $256 $1,094 $— 
PPL Electric
650 — 650 — 
LG&E1.20%425 394 31 0.31%69 
KU1.21%350 338 12 — 
Total $2,775 $988 $1,787  $69 

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.

(PPL Electric, LG&E, and KU)

See Note 11 for discussion of intercompany borrowings.

(PPL)

Long-term Debt

As a result of the acquisition of Narragansett Electric on May 25, 2022, PPL assumed approximately $1.5 billion of long-term debt. The following was outstanding at June 30, 2022:
 Weighted-Average
Rate (a)		Maturities (a)June 30, 2022
RIE  
Senior Unsecured Notes4.10 %2028 - 2042$1,500 
Senior Secured Notes/First Mortgage Bonds (b)8.27 %2022 - 202516 
Total Long-term Debt before adjustments  1,516 
Unamortized debt issuance costs(6)
Total Long-term Debt1,510 
Less current portion of Long-term Debt14 
Total Long-term Debt, noncurrent$1,496 

(a)The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of June 30, 2022.
(b)Includes first mortgage bonds with an annual sinking fund requirement of $750,000 through maturity in 2025.
The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2022 through 2026 and thereafter are as follows:
RIE
2022$14 
20231 
20241 
20251 
2026— 
Thereafter1,499 
Total$1,516 

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 and six months ended June 30, 2022. The actual additional amounts to be repurchased pursuant to this authority will depend on various factors, including PPL’s share price and market conditions. PPL may purchase shares on each trading day subject to market conditions and principles of best execution.

Dividends

In June 2022, PPL declared a quarterly common stock dividend, payable July 1, 2022, of 22.5 cents per share (equivalent to 90.0 cents per annum).

Preferred Stock

RIE has $3 million of certain issues of non-participating cumulative preferred stock outstanding that can be redeemed at the option of RIE. There are no mandatory redemption provisions on the cumulative preferred stock. Dividends on the cumulative preferred stock accrue quarterly and are prior to any dividends on the common stock of RIE. Pursuant to the preferred stock arrangement, as long as any preferred stock is outstanding, certain restrictions on payment of common stock dividends would come into effect if the common stock equity of RIE was, or by reason of payment of such dividends became, less than 25% of total capitalization of RIE. RIE was current on the preferred stock dividends and was in compliance with this covenant and accordingly, was not restricted as to the payment of common stock dividends under the foregoing provisions as of June 30, 2022.