Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The assets and liabilities measured at fair value were:

	March 31, 2024								December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL
Assets
Cash and cash equivalents	$	276	$	276	$	—	$	—	$	331	$	331	$	—	$	—
Restricted cash and cash equivalents (a)	45		45		—		—		51		51		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	321		321		—		—		382		382		—		—
Special use funds (a):
Money market fund	2		2		—		—		1		1		—		—
Commingled debt fund measured at NAV (c)	7		—		—		—		9		—		—		—
Commingled equity fund measured at NAV (c)	7		—		—		—		8		—		—		—
Total special use funds	16		2		—		—		18		1		—		—
Price risk management assets (d):
Gas contracts	1		—		1		—		1		—		1		—
Total assets	$	338	$	323	$	1	$	—	$	401	$	383	$	1	$	—
Liabilities
Price risk management liabilities (d):
Interest rate swaps	$	5	$	—	$	5	$	—	$	7	$	—	$	7	$	—
Gas contracts	34		—		33		1		60		—		41		19
Total price risk management liabilities	$	39	$	—	$	38	$	1	$	67	$	—	$	48	$	19
PPL Electric
Assets
Cash and cash equivalents	$	21	$	21	$	—	$	—	$	51	$	51	$	—	$	—
Total assets	$	21	$	21	$	—	$	—	$	51	$	51	$	—	$	—
LG&E
Assets
Cash and cash equivalents	$	8	$	8	$	—	$	—	$	18	$	18	$	—	$	—
Restricted cash and cash equivalents (a)	22		22		—		—		26		26		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	30		30		—		—		44		44		—		—
Total assets	$	30	$	30	$	—	$	—	$	44	$	44	$	—	$	—
Liabilities
Price risk management liabilities:
Interest rate swaps	$	5	$	—	$	5	$	—	$	7	$	—	$	7	$	—
Total price risk management liabilities	$	5	$	—	$	5	$	—	$	7	$	—	$	7	$	—
KU
Assets
Cash and cash equivalents	$	12	$	12	$	—	$	—	$	14	$	14	$	—	$	—
Restricted cash and cash equivalents (a)	22		22		—		—		24		24		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	34		34		—		—		38		38		—		—
Total assets	$	34	$	34	$	—	$	—	$	38	$	38	$	—	$	—

(a)Current portion is included in "Other current assets" and noncurrent portion is included in "Other noncurrent assets" on the Balance Sheets.

(b)Total Cash, Cash Equivalents and Restricted Cash provides a reconciliation of these items reported within the Balance Sheets to the sum shown on the Statements of Cash Flows.

(c)In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, 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 Balance Sheets.

(d)Current portion is included in "Other current asset" and "Other current liabilities" and noncurrent portion is included in "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets.

A reconciliation of net liabilities classified as Level 3 for the three months ended March 31 is as follows:

	Gas Contracts
2024
Balance at beginning of period	$	19
Settlements	(18)
Balance at end of period	$	1

Fair Value, by Balance Sheet Grouping

The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below.

	March 31, 2024				December 31, 2023
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
PPL	$	15,754	$	15,016	$	14,612	$	14,031
PPL Electric	5,211		5,023		4,567		4,475
LG&E	2,469		2,344		2,469		2,369
KU	3,064		2,832		3,064		2,861

(a)Amounts are net of debt issuance costs.