Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2015

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, excluding derivative instruments of discontinued operations.

						June 30, 2015								December 31, 2014
						Derivatives designated as				Derivatives not designated				Derivatives designated as				Derivatives not designated
						hedging instruments				as hedging instruments				hedging instruments				as hedging instruments
						Assets		Liabilities		Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
Current:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps (b)					$	59			$	5			$	94			$	5
			Cross-currency swaps (b)			$	28										3
			Foreign currency
				contracts			12			$	42		17	$	12			$	67
					Total current		40		59		42		22		12		97		67		5
Noncurrent:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps (b)										40				14				43
			Cross-currency swaps (b)				35								29
			Foreign currency
				contracts							39		3		5				46		2
					Total noncurrent		35				39		43		34		14		46		45
Total derivatives						$	75	$	59	$	81	$	65	$	46	$	111	$	113	$	50

(a)Included in "Other current assets", "Other current liabilities", "Other noncurrent assets" and "Other deferred credits and noncurrent liabilities"on theBalance Sheets.

(b)Excludes accrued interest, if applicable.

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 for the periods ended June 30, 2015.

Three Months

Six Months

Gain (Loss)

Gain (Loss)

Recognized

Recognized

in Income

in Income

on Derivative

Gain (Loss)

on Derivative

Gain (Loss)

(Ineffective

Reclassified

(Ineffective

Location of

Reclassified

Portion and

from AOCI

Portion and

Derivative Gain

Gain (Loss)

from AOCI

Amount

into

Amount

(Loss) Recognized in

Recognized

into Income

Excluded from

Income

Excluded from

Derivative

OCI (Effective Portion)

in Income

(Effective

Effectiveness

(Effective

Effectiveness

Relationships

Three Months

Six Months

on Derivative

Portion)

Testing)

Portion)

Testing)

Cash Flow Hedges:

Interest rate swaps

$

17

$

(2)

Interest expense

$

(3)

$

(7)

Discontinued

operations

$

(77)

$

(77)

Cross-currency swaps

15

36

Interest expense

1

2

Other income

(expense) - net

15

32

Commodity contracts

Discontinued

operations

6

7

13

7

Total

$

32

$

34

$

19

$

(70)

$

40

$

(70)

Net Investment Hedges:

Foreign currency contracts

$

(17)

$

(1)

Derivatives Not Designated as	Location of Gain (Loss) Recognized in
Hedging Instruments	Income on Derivative	Three Months		Six Months
Foreign currency contracts	Other income (expense) - net	$	(102)	$	(14)
Interest rate swaps	Interest expense		(2)		(4)
	Total	$	(104)	$	(18)
Derivatives Not Designated as	Location of Gain (Loss) Recognized as
Hedging Instruments	Regulatory Liabilities/Assets	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	7	$	3
Hedging Instruments	Regulatory Liabilities/Assets	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	76	$	20

The following tables present the pre-tax effect of derivative instruments recognized in income, OCI, or regulatory assets and regulatory liabilities for the periods ended June 30, 2014.

Three Months

Six Months

Gain (Loss)

Gain (Loss)

Recognized

Recognized

in Income

in Income

on Derivative

Gain (Loss)

on Derivative

Gain (Loss)

(Ineffective

Reclassified

(Ineffective

Location of

Reclassified

Portion and

from AOCI

Portion and

Derivative Gain

Gain (Loss)

from AOCI

Amount

into

Amount

(Loss) Recognized in

Recognized

into Income

Excluded from

Income

Excluded from

Derivative

OCI (Effective Portion)

in Income

(Effective

Effectiveness

(Effective

Effectiveness

Relationships

Three Months

Six Months

on Derivative

Portion)

Testing)

Portion)

Testing)

Cash Flow Hedges:

Interest rate swaps

$

(14)

$

(60)

Interest expense

$

(4)

$

(9)

$

2

Cross-currency swaps

9

(16)

Interest expense

1

1

Other income

(expense) - net

(29)

Commodity contracts

Discontinued

operations

13

22

Total

$

(5)

$

(76)

$

10

$

(15)

$

2

Net Investment Hedges:

Foreign currency contracts

$

(14)

$

(18)

Derivatives Not Designated as	Location of Gain (Loss) Recognized in
Hedging Instruments	Income on Derivative	Three Months		Six Months
Foreign currency contracts	Other income (expense) - net	$	(72)	$	(96)
Interest rate swaps	Interest expense		(2)		(4)
	Total	$	(74)	$	(100)
Derivatives Not Designated as	Location of Gain (Loss) Recognized as
Hedging Instruments	Regulatory Liabilities/Assets	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	(2)	$	(6)

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
						Cash							Cash
				Derivative		Collateral					Derivative		Collateral
		Gross		Instruments		Received	Net		Gross		Instruments		Pledged		Net
June 30, 2015
Treasury Derivatives
	PPL	$	156	$	64		$	92	$	124	$	64	$	9	$	51

LKE	91	9	82
LG&E	68	9	59
KU	23		23

December 31, 2014
Treasury Derivatives
	PPL	$	159	$	65	$	94	$	161	$	65	$	21	$	75

LKE	114	20	94
LG&E	81	20	61
KU	33		33

Credit Risk-Related Contingent Features

At June 30, 2015, derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the relatedeffect of a decrease in credit ratings below investment grade are summarized as follows:

		PPL		LKE		LG&E
Aggregate fair value of derivative instruments in a net liability position with credit risk-related
	contingent features	$	42	$	28	$	28
Aggregate fair value of collateral posted on these derivative instruments			9		9		9
Aggregate fair value of additional collateral requirements in the event of
	a credit downgrade below investment grade (a)		33		19		19

(a)Includes the effect of net receivables and payables already recorded on the Balance Sheet.

LG And E And KU Energy LLC [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 derivative instruments designated as cash flow hedges.

				June 30, 2015			December 31, 2014
				Assets	Liabilities		Assets	Liabilities
Current:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps		$	46		$	66

(a)Represents the location on the Balance Sheets.

(LKE and LG&E)

The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments.

					June 30, 2015			December 31, 2014
					Assets	Liabilities			Assets	Liabilities
Current:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps			$	5			$	5
				Total current			5				5
Noncurrent:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps				40				43
				Total noncurrent			40				43
Total derivatives						$	45			$	48

(a)Represents the location on the Balance Sheets.

Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet

The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets for the periods ended June 30, 2015.

Derivative Instruments	Location of Gain (Loss)	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	76	$	20

The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the periods ended June 30, 2015.

	Location of Gain (Loss) Recognized in
Derivative Instruments	Income on Derivatives	Three Months		Six Months
Interest rate swaps	Interest expense	$	(2)	$	(4)
	Location of Gain (Loss) Recognized in
Derivative Instruments	Regulatory Assets	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	7	$	3

The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that arerecognized in income or regulatory assetsfor the periods ended June 30, 2014.

	Location of Gain (Loss) Recognized in
Derivative Instruments	Income on Derivatives	Three Months		Six Months
Interest rate swaps	Interest expense	$	(2)	$	(4)
	Location of Gain (Loss) Recognized in
Derivative Instruments	Regulatory Assets	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	(2)	$	(6)

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
						Cash							Cash
				Derivative		Collateral					Derivative		Collateral
		Gross		Instruments		Received	Net		Gross		Instruments		Pledged		Net
June 30, 2015
Treasury Derivatives
	PPL	$	156	$	64		$	92	$	124	$	64	$	9	$	51

LKE	91	9	82
LG&E	68	9	59
KU	23		23

December 31, 2014
Treasury Derivatives
	PPL	$	159	$	65	$	94	$	161	$	65	$	21	$	75

LKE	114	20	94
LG&E	81	20	61
KU	33		33

Credit Risk-Related Contingent Features

At June 30, 2015, derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the relatedeffect of a decrease in credit ratings below investment grade are summarized as follows:

		PPL		LKE		LG&E
Aggregate fair value of derivative instruments in a net liability position with credit risk-related
	contingent features	$	42	$	28	$	28
Aggregate fair value of collateral posted on these derivative instruments			9		9		9
Aggregate fair value of additional collateral requirements in the event of
	a credit downgrade below investment grade (a)		33		19		19

(a)Includes the effect of net receivables and payables already recorded on the Balance Sheet.

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 derivative instruments designated as cash flow hedges.

				June 30, 2015			December 31, 2014
				Assets	Liabilities		Assets	Liabilities
Current:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps		$	23		$	33

(a)Represents the location on the Balance Sheets.

(LKE and LG&E)

The following table presents the fair value and the location on the Balance Sheets of derivatives not designated as hedging instruments.

					June 30, 2015			December 31, 2014
					Assets	Liabilities			Assets	Liabilities
Current:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps			$	5			$	5
				Total current			5				5
Noncurrent:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps				40				43
				Total noncurrent			40				43
Total derivatives						$	45			$	48

(a)Represents the location on the Balance Sheets.

Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet

The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets for the periods ended June 30, 2015.

Derivative Instruments	Location of Gain (Loss)	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	38	$	10

The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that are recognized in income or regulatory assets for the periods ended June 30, 2015.

	Location of Gain (Loss) Recognized in
Derivative Instruments	Income on Derivatives	Three Months		Six Months
Interest rate swaps	Interest expense	$	(2)	$	(4)
	Location of Gain (Loss) Recognized in
Derivative Instruments	Regulatory Assets	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	7	$	3

The following tables present the pre-tax effect of derivatives not designated as cash flow hedges that arerecognized in income or regulatory assetsfor the periods ended June 30, 2014.

	Location of Gain (Loss) Recognized in
Derivative Instruments	Income on Derivatives	Three Months		Six Months
Interest rate swaps	Interest expense	$	(2)	$	(4)
	Location of Gain (Loss) Recognized in
Derivative Instruments	Regulatory Assets	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	(2)	$	(6)

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
						Cash							Cash
				Derivative		Collateral					Derivative		Collateral
		Gross		Instruments		Received	Net		Gross		Instruments		Pledged		Net
June 30, 2015
Treasury Derivatives
	PPL	$	156	$	64		$	92	$	124	$	64	$	9	$	51

LKE	91	9	82
LG&E	68	9	59
KU	23		23

December 31, 2014
Treasury Derivatives
	PPL	$	159	$	65	$	94	$	161	$	65	$	21	$	75

LKE	114	20	94
LG&E	81	20	61
KU	33		33

Credit Risk-Related Contingent Features

At June 30, 2015, derivative contracts in a net liability position that contain credit risk-related contingent features, collateral posted on those positions and the relatedeffect of a decrease in credit ratings below investment grade are summarized as follows:

		PPL		LKE		LG&E
Aggregate fair value of derivative instruments in a net liability position with credit risk-related
	contingent features	$	42	$	28	$	28
Aggregate fair value of collateral posted on these derivative instruments			9		9		9
Aggregate fair value of additional collateral requirements in the event of
	a credit downgrade below investment grade (a)		33		19		19

(a)Includes the effect of net receivables and payables already recorded on the Balance Sheet.

Kentucky Utilities 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 derivative instruments designated as cash flow hedges.

				June 30, 2015			December 31, 2014
				Assets	Liabilities		Assets	Liabilities
Current:
	Price Risk Management
		Assets/Liabilities (a):
			Interest rate swaps		$	23		$	33

(a)Represents the location on the Balance Sheets.

Pre-tax Gain (Loss) on Derivative Instruments Recognized in Income or on the Balance Sheet

The following table presents the pre-tax effect of derivative instruments designated as cash flow hedges that are recognized in regulatory assets for the periods ended June 30, 2015.

Derivative Instruments	Location of Gain (Loss)	Three Months		Six Months
Interest rate swaps	Regulatory assets - noncurrent	$	38	$	10

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
						Cash							Cash
				Derivative		Collateral					Derivative		Collateral
		Gross		Instruments		Received	Net		Gross		Instruments		Pledged		Net
June 30, 2015
Treasury Derivatives
	PPL	$	156	$	64		$	92	$	124	$	64	$	9	$	51

LKE	91	9	82
LG&E	68	9	59
KU	23		23

December 31, 2014
Treasury Derivatives
	PPL	$	159	$	65	$	94	$	161	$	65	$	21	$	75

LKE	114	20	94
LG&E	81	20	61
KU	33		33