Financing Activities (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Line Items]

Credit Facilities in Place at Period End

The following credit facilities were in place at:

				December 31, 2015										December 31, 2014
										Letters of						Letters of
										Credit						Credit
										and						and
										Commercial						Commercial
				Expiration						Paper		Unused				Paper
				Date		Capacity		Borrowed		Issued		Capacity		Borrowed		Issued
PPL
U.K.
	WPD plc
		Syndicated Credit Facility (a) (c)			Dec. 2016	£	210	£	133			£	77	£	103
	WPD (South West)
		Syndicated Credit Facility (a) (c)			July 2020		245						245
	WPD (East Midlands)
		Syndicated Credit Facility (a) (c)			July 2020		300						300		64
	WPD (West Midlands)
		Syndicated Credit Facility (a) (c)			July 2020		300						300
	Uncommitted Credit Facilities						40			£	4		36			£	5
			Total U.K. Credit Facilities (b)			£	1,095	£	133	£	4	£	958	£	167	£	5
U.S.
	PPL Capital Funding
		Syndicated Credit Facility (c) (d)			Nov. 2018	$	300			$	151	$	149
		Syndicated Credit Facility (c) (d)			July 2019		300				300
		Bilateral Credit Facility (c) (d)			Mar. 2016		150				20		130			$	21
			Total PPL Capital Funding Credit Facilities			$	750			$	471	$	279			$	21
PPL Electric
	Syndicated Credit Facility (c) (d)				July 2019	$	300			$	1	$	299			$	1
LKE
	Syndicated Credit Facility (c) (d) (f)				Oct. 2018	$	75	$	75					$	75
LG&E
	Syndicated Credit Facility (c) (d)				July 2019	$	500			$	142	$	358			$	264
KU
	Syndicated Credit Facility (c) (d)				July 2019	$	400			$	48	$	352			$	236
	Letter of Credit Facility (c) (d) (e)				Oct. 2017		198				198						198
			Total KU Credit Facilities			$	598			$	246	$	352			$	434

(a)The facilities contain financial covenants to maintain an interest coverage ratio of not less than 3.0 times consolidated earnings before income taxes, depreciation and amortization and total net debt not in excess of 85% of its RAV, calculated in accordance with the credit facility.

(b)WPD plc's amounts borrowed at December 31, 2015 and 2014 were USD-denominated borrowings of $200 million and $161 million, which bore interest at 1.83% and 1.86%. WPD (East Midlands) amount borrowed at December 31, 2014 was a GBP-denominated borrowing which equated to $100 million and bore interest at 1.00%. At December 31, 2015, the unused capacity under the U.K. credit facilities was approximately $1.4 billion.

(c)Each company pays customary fees under its respective facility and borrowings generally bear interest at LIBOR-based rates plus an applicable margin.

(d)The facilities contain a financial covenant requiring debt to total capitalization not to exceed 70% for PPL Capital Funding, PPL Electric, LKE, LG&E and KU, as calculated in accordance with the facilities and other customary covenants. Additionally, as it relates to the syndicated and bilateral credit facilities and subject to certain conditions, PPL Capital Funding may request that the capacity of its facility expiring in July 2019 be increased by up to $100 million and the facilities expiring in November 2018 and March 2016 may be increased by up to $30 million, PPL Electric, LG&E and KU each may request up to a $100 million increase in its facility's capacity and LKE may request up to a $25 million increase in its facility's capacity.

(e)KU's letter of credit facility agreement allows for certain payments under the letter of credit facility to be converted to loans rather than requiring immediate payment.

(f)At December 31, 2015, LKE's interest rate on outstanding borrowings was 1.68%. At December 31, 2014, LKE’s interest rate on outstanding borrowings was 1.67%.

Commercial paper

The following commercial paper programs were in place at:

		December 31, 2015								December 31, 2014
		Weighted -				Commercial				Weighted -		Commercial
		Average				Paper		Unused		Average		Paper
		Interest Rate		Capacity		Issuances		Capacity		Interest Rate		Issuances
PPL Capital Funding			0.78%	$	600	$	451	$	149
PPL Electric					300				300
LG&E			0.71%		350		142		208		0.42%	$	264
KU			0.72%		350		48		302		0.49%		236
	Total			$	1,600	$	641	$	959			$	500

Long-term Debt

Long-term Debt (All Registrants)

			Weighted-Average		December 31,
			Rate (g)	Maturities (g)	2015		2014
PPL
U.S.
	Senior Unsecured Notes		3.87%	2018 - 2044	$	3,425	$	3,825
	Senior Secured Notes/First Mortgage Bonds (a) (b) (c)		3.97%	2016 - 2045		6,874		6,074
	Junior Subordinated Notes		6.31%	2067 - 2073		930		930
		Total U.S. Long-term Debt				11,229		10,829
U.K.
	Senior Unsecured Notes (d)		5.33%	2016 - 2040		7,170		6,627
	Index-linked Senior Unsecured Notes (e)		1.82%	2043 - 2056		772		732
		Total U.K. Long-term Debt (f)				7,942		7,359
		Total Long-term Debt Before Adjustments				19,171		18,188
	Fair market value adjustments					30		37
	Unamortized premium and (discount), net (e)					(28)		(52)
	Unamortized debt issuance costs					(125)		(119)
		Total Long-term Debt				19,048		18,054
	Less current portion of Long-term Debt					485		1,000
		Total Long-term Debt, noncurrent			$	18,563	$	17,054
PPL Electric
	Senior Secured Notes/First Mortgage Bonds (a) (b)		4.50%	2020 - 2045	$	2,864	$	2,614
		Total Long-term Debt Before Adjustments				2,864		2,614
	Unamortized discount					(13)		(12)
	Unamortized debt issuance costs					(23)		(21)
		Total Long-term Debt				2,828		2,581
	Less current portion of Long-term Debt							100
		Total Long-term Debt, noncurrent			$	2,828	$	2,481
LKE
	Senior Unsecured Notes		3.97%	2020 - 2021	$	725	$	1,125
	First Mortgage Bonds (a) (c)		3.58%	2016 - 2045		4,010		3,460
	Long-term debt to affiliate		3.50%	2025		400
		Total Long-term Debt Before Adjustments				5,135		4,585
	Fair market value adjustments					(1)		(1)
	Unamortized discount					(16)		(17)
	Unamortized debt issuance costs					(30)		(24)
		Total Long-term Debt				5,088		4,543
	Less current portion of Long-term Debt					25		900
		Total Long-term Debt, noncurrent			$	5,063	$	3,643
LG&E
	First Mortgage Bonds (a) (c)		3.36%	2016 - 2045	$	1,659	$	1,359
		Total Long-term Debt Before Adjustments				1,659		1,359
	Fair market value adjustments					(1)		(1)
	Unamortized discount					(4)		(5)
	Unamortized debt issuance costs					(12)		(8)
		Total Long-term Debt				1,642		1,345
	Less current portion of Long-term Debt					25		250
		Total Long-term Debt, noncurrent			$	1,617	$	1,095
KU
	First Mortgage Bonds (a) (c)		3.74%	2020 - 2045	$	2,351	$	2,101
		Total Long-term Debt Before Adjustments				2,351		2,101
	Unamortized discount					(10)		(10)
	Unamortized debt issuance costs					(15)		(12)
		Total Long-term Debt				2,326		2,079
	Less current portion of Long-term Debt							250
		Total Long-term Debt, noncurrent			$	2,326	$	1,829

(a)IncludesPPL Electric's senior secured and first mortgage bonds that are secured by the lien of PPL Electric's 2001 Mortgage Indenture, which covers substantially all electric distribution plant and certain transmission plant owned by PPL Electric. The carrying value of PPL Electric's property, plant and equipment was approximately $6.7 billion and $5.8 billion at December 31, 2015 and 2014.

Includes LG&E's first mortgage bonds that are secured by the lien of the LG&E 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of LG&E's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity and the storage and distribution of natural gas. The aggregate carrying value of the property subject to the lien was $4.2 billion and $3.7 billion at December 31, 2015 and 2014.

Includes KU's first mortgage bonds that are secured by the lien of the KU 2010 Mortgage Indenture which creates a lien, subject to certain exceptions and exclusions, on substantially all of KU's real and tangible personal property located in Kentucky and used or to be used in connection with the generation, transmission and distribution of electricity. The aggregate carrying value of the property subject to the lien was $5.7 billion and $5.5 billion at December 31, 2015 and 2014.

(b)Includes PPL Electric'sseries of senior secured bonds that secure its obligations to make payments with respect to each series of Pollution Control Bonds that were issued by the LCIDA and the PEDFA on behalf of PPL Electric. These senior secured bonds were issued in the same principal amount, contain payment and redemption provisions that correspond to and bear the same interest rate as such Pollution Control Bonds. These senior secured bonds were issued under PPL Electric's 2001 Mortgage Indenture and are secured as noted in (a) above. This amount includes $224 million that may be redeemed at par beginning in 2015 and $90 million that may be redeemed, in whole or in part, at par beginning in October 2020 and are subject to mandatory redemption upon determination that the interest rate on the bonds would be included in the holders' gross income for federal tax purposes.

(c)Includes LG&E's and KU's series of first mortgage bonds that were issued to the respective trustees of tax-exempt revenue bonds to secure its respective obligations to make payments with respect to each series of bonds. The first mortgage bonds were issued in the same principal amounts, contain payment and redemption provisions that correspond to and bear the same interest rate as such tax-exempt revenue bonds. These first mortgage bonds were issued under the LG&E 2010 Mortgage Indenture and the KU 2010 Mortgage Indenture and are secured as noted in (a) above. The related tax-exempt revenue bonds were issued by various governmental entities, principally counties in Kentucky, on behalf of LG&E and KU. The related revenue bond documents allow LG&E and KU to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, term rate of at least one year or, in some cases, an auction rate or a LIBOR index rate.

At December 31, 2015, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $418 million for LKE, comprised of $391 million and $27 million for LG&E and KU, respectively. At December 31, 2015, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $507 million for LKE, comprised of $183 million and $324 million for LG&E and KU, respectively.

Several series of the tax-exempt revenue bonds are insured by monoline bond insurers whose ratings were reduced due to exposures relating to insurance of sub-prime mortgages. Of the bonds outstanding, $231 million are in the form of insured auction rate securities ($135 million for LG&E and $96 million for KU), wherein interest rates are reset either weekly or every 35 days via an auction process. Beginning in late 2007, the interest rates on these insured bonds began to increase due to investor concerns about the creditworthiness of the bond insurers. During 2008, interest rates increased, and LG&E and KU experienced failed auctions when there were insufficient bids for the bonds. When a failed auction occurs, the interest rate is set pursuant to a formula stipulated in the indenture. As noted above, the instruments governing these auction rate bonds permit LG&E and KU to convert the bonds to other interest rate modes.

Certain of the variable rate tax-exempt revenue bonds totaling $251 million at December 31, 2015 ($23 million for LG&E and $228 million for KU), are subject to tender for purchase by LG&E and KU at the option of the holder and to mandatory tender for purchase by LG&E and KU upon the occurrence of certain events.

(d)Includes £225 million ($339 million at December 31, 2015) of notes that may be redeemed, in total but not in part, on December 21, 2026, at the greater of the principal value or a value determined by reference to the gross redemption yield on a nominated U.K. Government bond.

(e)The principal amount of the notes issued by WPD (South West) and WPD (East Midlands) is adjusted based on changes in a specified index, as detailed in the terms of the related indentures. The adjustment to the principal amounts from 2014 to 2015 was an increase of approximately £4million ($6million) resulting from inflation. In addition, this amount includes £225 million ($339 million at December 31, 2015)of notes issued by WPD (South West)that may be redeemed, in total by series, on December 1, 2026, at the greater of the adjusted principal value and a make-whole value determined by reference to the gross real yield on a nominated U.K. government bond.

(f)Includes £4.4 billion ($6.6 billion at December 31, 2015) of notes that may be put by the holders to the issuer for redemption if the long-term credit ratings assigned to the notes are withdrawn by any of the rating agencies (Moody's or S&P) or reduced to a non-investment grade rating of Ba1 or BB+ or lower in connection with a restructuring event which includes the loss of, or a material adverse change to, the distribution licenses under which the issuer operates.

(g)The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of December 31, 2015.

Long-term Debt Maturities

The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2016 through 2020 and thereafter are as follows:

			PPL
	PPL		Electric		LKE		LG&E		KU
2016	$	485			$	25	$	25
2017		294				194		194
2018		348				98		98
2019		40				40		40
2020		1,301	$	100		975			$	500
Thereafter		16,703		2,764		3,803		1,302		1,851
Total	$	19,171	$	2,864	$	5,135	$	1,659	$	2,351