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Retirement and Postemployment Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Defined Benefit Plan Disclosure [Line Items]

Schedule Of Net Periodic Defined Benefit Costs (Credits)

The following table provides the components of net periodic defined benefit costs for PPL's domestic (U.S.) and WPD’s (U.K.) pension and other postretirement benefit plans for the years ended December 31.

			Pension Benefits
			U.S.						U.K.						Other Postretirement Benefits
			2015		2014		2013		2015		2014		2013		2015		2014		2013
Net periodic defined benefit costs
	(credits):
Service cost			$	96	$	97	$	119	$	79	$	71	$	69	$	11	$	12	$	13
Interest cost				194		224		205		314		354		320		26		31		29
Expected return on plan assets				(258)		(287)		(283)		(523)		(521)		(465)		(26)		(26)		(25)
Amortization of:
		Prior service cost (credit)		7		20		22						1		1
		Actuarial (gain) loss		84		28		77		158		132		150				1		6
Net periodic defined benefit costs
	(credits) prior to termination
	benefits			123		82		140		28		36		75		12		18		23
Termination benefits						13								3
Net periodic defined benefit costs
	(credits)		$	123	$	95	$	140	$	28	$	36	$	78	$	12	$	18	$	23

Other Changes in Plan Assets
	and Benefit Obligations
	Recognized in OCI and
	Regulatory Assets/Liabilities -
	Gross:
Divestiture (a)			$	(353)											$	(6)
Net (gain) loss				63	$	574	$	(304)	$	508	$	354	$	76		(9)	$	22	$	(67)
Prior service cost
	(credit)			18		(8)												7
Amortization of:
		Prior service (cost) credit		(7)		(20)		(22)						(1)		(1)
		Actuarial gain (loss)		(85)		(28)		(77)		(158)		(132)		(150)				(1)		(6)
Total recognized in OCI and
	regulatory assets/liabilities (b)			(364)		518		(403)		350		222		(75)		(16)		28		(73)

Total recognized in net periodic
	defined benefit costs, OCI and
	regulatory assets/liabilities (b)		$	(241)	$	613	$	(263)	$	378	$	258	$	3	$	(4)	$	46	$	(50)

(a) As a result of the spinoff of PPL Energy Supply, amounts in AOCI were allocated to certain former active and inactive employees of PPL Energy Supply and included in the distribution. See Note 8 for additional details.

(b) WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. As a result, WPD does not record regulatory assets/liabilities.

Schedule of Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities

For PPL's U.S. pension benefits and for other postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows:

		U.S. Pension Benefits							Other Postretirement Benefits
			2015		2014		2013		2015		2014		2013

OCI		$	(269)	$	319	$	(210)	$	12	$	7	$	(37)
Regulatory assets/liabilities			(95)		199		(193)		(28)		21		(36)
Total recognized in OCI and
	regulatory assets/liabilities	$	(364)	$	518	$	(403)	$	(16)	$	28	$	(73)

Schedule of Amounts to be Amortized from AOCI and Regulatory Assets/Liabilities in Next Fiscal Year

The estimated amounts to be amortized from AOCI and regulatory assets/liabilities into net periodic defined benefit costs in 2016 are as follows:


	Pension Benefits
	U.S.		U.K.

Prior service cost (credit)	$	8
Actuarial (gain) loss		49	$	151
Total	$	57	$	151

Amortization from Balance Sheet:
AOCI	$	12	$	151
Regulatory assets/liabilities		45
Total	$	57	$	151

Schedule of Net Periodic Defined Benefit Costs Included in Income Statement

The following net periodic defined benefit costs (credits) were charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts. The U.K. pension benefits apply to PPL only.

	Pension Benefits
	U.S.						U.K.						Other Postretirement Benefits
	2015		2014		2013		2015		2014		2013		2015		2014		2013

PPL	$	71	$	45	$	72	$	(21)	$	(9)	$	33	$	8	$	10	$	13
PPL Electric (a)		15		12		18										2		3

LKE (b)	37	17	32	8	7	8
LG&E (b)	12	5	14	4	4	4
KU (a) (b)	9	3	9	2	2	2

(a) PPL Electric and KU do not directly sponsor any defined benefit plans. PPL Electric and KU were allocated these costs of defined benefit plans sponsored by PPL Services (for PPL Electric) and by LKE (for KU), based on their participation in those plans, which management believes are reasonable.

(b) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between net periodic defined benefit costs calculated in accordance with LKE’s, LG&E’s and KU’s pension accounting policy and the net periodic defined benefit costs calculated using a 15 year amortization period for gains and losses is recorded as a regulatory asset. Of the costs charged to operating expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts, $4 million for LG&E and $1 million for KU were recorded as regulatory assets.

Defined Benefit Plan Assumptions and Impact of One Point Change on Postretirement Plans

The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31. The U.K. pension benefits apply to PPL only.

		Pension Benefits
		U.S.				U.K.				Other Postretirement Benefits
		2015		2014		2015		2014		2015		2014
PPL
	Discount rate		4.59%		4.25%		3.68%		3.85%		4.48%		4.09%
	Rate of compensation increase		3.93%		3.91%		4.00%		4.00%		3.91%		3.86%

LKE
	Discount rate		4.56%		4.25%						4.49%		4.06%
	Rate of compensation increase		3.50%		3.50%						3.50%		3.50%

LG&E
	Discount rate		4.49%		4.20%

The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only.

		Pension Benefits
		U.S.						U.K.						Other Postretirement Benefits
		2015		2014		2013		2015		2014		2013		2015		2014		2013
PPL
	Discount rate		4.25%		5.12%		4.22%		3.85%		4.41%		4.27%		4.09%		4.91%		4.00%
	Rate of compensation increase		3.91%		3.97%		3.98%		4.00%		4.00%		4.00%		3.86%		3.96%		3.97%
	Expected return on plan assets (a)		7.00%		7.00%		7.03%		7.19%		7.19%		7.16%		6.06%		5.96%		5.94%

LKE
	Discount rate		4.25%		5.18%		4.24%								4.06%		4.91%		3.99%
	Rate of compensation increase		3.50%		4.00%		4.00%								3.50%		4.00%		4.00%
	Expected return on plan assets (a)		7.00%		7.00%		7.10%								6.82%		6.75%		6.76%

LG&E
	Discount rate		4.20%		5.13%		4.20%
	Expected return on plan assets (a)		7.00%		7.00%		7.10%

(a) The expected long-term rates of return for pension and other postretirement benefits are based on management's projections using a best-estimate of expected returns, volatilities and correlations for each asset class. Each plan's specific current and expected asset allocations are also considered in developing a reasonable return assumption.

The following table provides the assumed health care cost trend rates for the years ended December 31:

			2015		2014		2013
PPL and LKE
	Health care cost trend rate assumed for next year
		- obligations		6.8%		7.2%		7.6%
		- cost		7.2%		7.6%		8.0%
	Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
		- obligations		5.0%		5.0%		5.0%
		- cost		5.0%		5.0%		5.5%
	Year that the rate reaches the ultimate trend rate
		- obligations		2020		2020		2020
		- cost		2020		2020		2019

A one percentage point change in the assumed health care costs trend rate assumption would have had the following effects on the other postretirement benefit plans in 2015:

		One Percentage Point
		Increase		Decrease
Effect on accumulated postretirement benefit obligation
	PPL	$	6	$	(5)
	LKE		5		(4)

Schedule of Funded Status of Defined Benefit Plans

The funded status of PPL's plans at December 31 was as follows:

				Pension Benefits
				U.S.				U.K.				Other Postretirement Benefits
				2015		2014		2015		2014		2015		2014
Change in Benefit Obligation
Benefit Obligation, beginning of period				$	5,399	$	4,428	$	8,523	$	8,143	$	716	$	650
		Service cost			96		97		79		71		11		12
		Interest cost			194		224		314		354		26		31
		Participant contributions							15		16		13		12
		Plan amendments			19		(7)								6
		Actuarial (gain) loss			(193)		887		200		747		(37)		59
		Divestiture (a)			(1,416)								(76)
		Termination benefits					13
		Gross benefits paid (b)			(236)		(243)		(391)		(411)		(58)		(55)
		Federal subsidy											1		1
		Currency conversion							(336)		(397)
Benefit Obligation, end of period					3,863		5,399		8,404		8,523		596		716

Change in Plan Assets
Plan assets at fair value, beginning of period					4,462		4,009		7,734		7,284		484		446
		Actual return on plan assets			2		600		205		895		(2)		62
		Employer contributions			158		96		366		311		17		15
		Participant contributions							15		16		13		12
		Divestiture (a)			(1,159)								(80)
		Gross benefits paid (b)			(236)		(243)		(391)		(411)		(53)		(51)
		Currency conversion							(304)		(361)
Plan assets at fair value, end of period					3,227		4,462		7,625		7,734		379		484

Funded Status, end of period				$	(636)	$	(937)	$	(779)	$	(789)	$	(217)	$	(232)

Amounts recognized in the Balance
	Sheets consist of:
		Noncurrent asset										$	2	$	1
		Current liability		$	(10)	$	(10)			$	(1)		(3)		(3)
		Noncurrent liability			(626)		(668)	$	(779)		(788)		(216)		(196)
		Noncurrent liability of discontinued
			operations				(259)								(34)
Net amount recognized, end of period				$	(636)	$	(937)	$	(779)	$	(789)	$	(217)	$	(232)

Amounts recognized in AOCI and
	regulatory assets/liabilities (pre-tax)
	consist of:
Prior service cost (credit)				$	53	$	41					$	1
Net actuarial (gain) loss					977		1,353	$	2,684	$	2,334		37	$	54
Total (c)				$	1,030	$	1,394	$	2,684	$	2,334	$	38	$	54

Total accumulated benefit obligation
	for defined benefit pension plans			$	3,590	$	4,946	$	7,747	$	7,867

(a) As a result of the spinoff of PPL Energy Supply, obligations and assets attributable to certain former active and inactive employees of PPL Energy Supply were transferred to Talen Energy plans.

(b) Certain U.S. pension plans offered a limited-time program in 2014 during which terminated vested participants could elect to receive their accrued pension benefit as a one-time lump sum payment. Gross benefits paid includes $33 million of lump-sum cash payments made to terminated vested participants in 2014 in connection with these offerings.

(c) WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP and as a result, does not record regulatory assets/liabilities.

For PPL's U.S. pension and other postretirement benefit plans, the amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows:

	U.S. Pension Benefits				Other Postretirement Benefits
	2015		2014		2015		2014

AOCI	$	275	$	714	$	18	$	30
Regulatory assets/liabilities		755		680		20		24
Total	$	1,030	$	1,394	$	38	$	54

Schedule of Projected or Accumulated Benefit Obligations In Excess of Plan Assets

The following tables provide information on pension plans where the projected benefit obligation (PBO) or accumulated benefit obligation (ABO) exceed the fair value of plan assets:

	U.S.				U.K.
	PBO in excess of plan assets				PBO in excess of plan assets
		2015		2014		2015		2014

Projected benefit obligation	$	3,863	$	5,399	$	8,404	$	8,523
Fair value of plan assets		3,227		4,462		7,625		7,734

	U.S.				U.K.
	ABO in excess of plan assets				ABO in excess of plan assets
		2015		2014		2015		2014

Accumulated benefit obligation	$	3,590	$	4,946	$	3,532	$	3,592
Fair value of plan assets		3,227		4,462		3,287		3,321

Schedules of Asset Allocation of U.S. Pension Trusts Assets

The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows:

		Percentage of trust assets			2015
					Target Asset
			2015 (a)	2014	Allocation (a)

Growth Portfolio			51%	51%		50%
	Equity securities		25%	26%
	Debt securities (b)		13%	13%
	Alternative investments		13%	12%
Immunizing Portfolio			47%	47%		48%
	Debt securities (b)		42%	44%
	Derivatives		5%	3%
Liquidity Portfolio			2%	2%		2%
Total			100%	100%		100%

(a) Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan.

(b) Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes.

Schedule of Fair Value of Financial Assets for U.S. Pension Plan Assets

The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was:

				December 31, 2015								December 31, 2014
						Fair Value Measurements Using								Fair Value Measurements Using
				Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL Services Corporation Master Trust
Cash and cash equivalents				$	225	$	225					$	246	$	246
Equity securities:
		U.S.:
			Large-cap		87		87						114		114
			Large-cap fund measured at NAV (a)		197								318
			Small-cap		85		85						145		145
		International equity fund at NAV (a)			454								615
		Commingled debt measured at NAV (a)			514								818
Debt securities:
		U.S. Treasury and U.S. government sponsored
			agency		501		492	$	9				723		706	$	17
		Residential/commercial backed securities			3				3				2				2
		Corporate			747				737	$	10		1,109				1,088	$	21
		International government			4				4				8				8
		Other			7				7				9				9
Alternative investments:
		Commodities measured at NAV (a)			70								90
		Real estate measured at NAV (a)			118								148
		Private equity measured at NAV (a)			81								104
		Hedge funds measured at NAV (a)			171								223
Derivatives:
		Interest rate swaps and swaptions			80				80				92				92
		Other			11				11				12				12
Insurance contracts					32						32		33						33
PPL Services Corporation Master Trust assets, at
	fair value				3,387	$	889	$	851	$	42		4,809	$	1,211	$	1,228	$	54
Receivables and payables, net (b)					(49)								(41)
401(h) accounts restricted for other
	postretirement benefit obligations				(111)								(136)
Total PPL Services Corporation Master Trust
	pension assets (c)			$	3,227							$	4,632

(a) In accordance with accounting guidance certain investments that are measured at fair value using the net asset value per share (NAV), or its equivalent, practical expedient 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 statement of financial position.

(b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received.

(c) As a result of the spinoff of PPL Energy Supply, $1,159 million of assets were transferred to Talen Energy in 2015, attributable to former active and inactive employees of PPL Energy Supply that had participated in PPL’s pension plan. An additional $170 million of assets of the PPL Montana pension plan transferred to Talen Energy, as that entire plan was assumed by Talen Energy.

Reconciliation of U.S. Pension Trust Assets Classified as Level 3 Included in Earnings

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2015 is as follows:

				Corporate		Insurance
				debt		contracts		Total

Balance at beginning of period				$	21	$	33	$	54
	Actual return on plan assets
		Relating to assets still held
			at the reporting date				2		2
		Relating to assets sold during the period			(1)				(1)
	Purchases, sales and settlements				(10)		(3)		(13)
Balance at end of period				$	10	$	32	$	42

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2014 is as follows:

				Corporate		Insurance
				debt		contracts		Total

Balance at beginning of period				$	23	$	37	$	60
	Actual return on plan assets
		Relating to assets still held
			at the reporting date		(1)		1
		Relating to assets sold during the period			(1)				(1)
	Purchases, sales and settlements						(5)		(5)
Balance at end of period				$	21	$	33	$	54

Schedules of Target Allocation of U.S. Other Postretirement Benefit Plans VEBA Trust

The asset allocation for the PPL VEBA trusts, excluding LKE, and the target allocation, by asset class, at December 31 are detailed below.

						Target Asset
		Percentage of plan assets				Allocation
		2015		2014		2015
Asset Class
U.S. Equity securities			48%		49%		45%
Debt securities (a)			50%		49%		50%
Cash and cash equivalents (b)			2%		2%		5%
	Total		100%		100%		100%

(a) Includes commingled debt funds and debt securities.

(b) Includes money market funds.

Schedule of Fair Value of Financial Assets for U.S. Postretirement Benefits

The fair value of assets in the U.S. other postretirement benefit plans by asset class and level within the fair value hierarchy was:

			December 31, 2015							December 31, 2014
					Fair Value Measurement Using							Fair Value Measurement Using
			Total		Level 1		Level 2		Level 3	Total		Level 1		Level 2		Level 3
Money market funds			$	6	$	6				$	9	$	9
U.S. Equity securities:
		Large-cap equity fund measure at NAV (a)		129							169
		Commingled debt fund measured at NAV (a)		109							136
Debt securities:
		Municipalities		23			$	23			33			$	33
Total VEBA trust assets, at fair value				267	$	6	$	23			347	$	9	$	33
Receivables and payables, net (b)				1							1
401(h) account assets				111							136
Total other postretirement benefit plan
	assets (c)		$	379						$	484

(b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received.

(c) As a result of the spinoff of PPL Energy Supply, $80 million of assets were transferred to Talen Energy in 2015, attributable to former active employees of PPL Energy Supply that had participated in PPL’s other postretirement benefit plan.

Schedules of Asset Allocation of U.K. Pension Plan Assets

The asset allocation and target allocation at December 31 of WPD's pension plans are detailed below.

						Target Asset
		Percentage of plan assets				Allocation
		2015		2014		2015
Asset Class
Cash and cash equivalents			1%		1%
Equity securities
	U.K.		3%		3%		4%
	European (excluding the U.K.)		2%		3%		3%
	Asian-Pacific		2%		2%		2%
	North American		3%		3%		3%
	Emerging markets		10%		9%		10%
	Currency		1%		2%		1%
	Global Tactical Asset Allocation		31%		29%		31%
Debt securities (a)			40%		42%		39%
Alternative investments			7%		6%		7%
	Total		100%		100%		100%

(a) Includes commingled debt funds.

Schedule of Fair Value of Financial Assets for U.K. Pension Plan Assets

The fair value of assets in the U.K. pension plans by asset class and level within the fair value hierarchy was:

			December 31, 2015							December 31, 2014
					Fair Value Measurement Using							Fair Value Measurement Using
			Total		Level 1		Level 2		Level 3	Total		Level 1		Level 2		Level 3

Cash and cash equivalents			$	55	$	55				$	57	$	57
Equity securities measured at NAV (a) :
	U.K. companies			274							239
	European companies (excluding the U.K.)			190							198
	Asian-Pacific companies			132							142
	North American companies			220							227
	Emerging markets companies			284							309
	Global Equities			500							397
	Currency			39							190
	Other			2,384							2,263
	Commingled debt:
		U.K. corporate bonds		2							92
		U.K. gilts		3							913
Debt Securities:
		U.K. corporate bonds		364			$	364			344			$	344
		U.K. gilts		2,645				2,645			1,927				1,927
Alternative investments:
	Real estate measured at NAV (a)			533							436
Fair value - U.K. pension plans			$	7,625	$	55	$	3,009		$	7,734	$	57	$	2,271

Schedule of Expected Cash Flows - U.S. Defined Benefit Plans - Expected Payments and Related Federal Subsidy

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans and the following federal subsidy payments are expected to be received by PPL.

			Other Postretirement
					Expected
			Benefit		Federal
		Pension	Payment		Subsidy

2016	$	234	$	54	$	1
2017		245		53		1
2018		250		53		1
2019		259		53		1
2020		261		52		1
2021-2025		1,333		244		2

Schedule of Expected Cash Flows - U.K. Pension Plans - Expected Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans.

	Pension

2016	$	379
2017		384
2018		391
2019		397
2020		402
2021-2025		2,074

Expected Employer Contributions to U.S. Savings Plans

Substantially all employees of PPL's domestic subsidiaries are eligible to participate in deferred savings plans (401(k)s). Employer contributions to the plans were:

	2015		2014		2013

PPL	$	34	$	33	$	29
PPL Electric		6		6		6

LKE	16	15	13
LG&E	5	5	7
KU	4	4	6

PPL Electric Utilities Corp [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Funded Status of Defined Benefit Plans

Allocations to PPL Electric resulted in liabilities at December 31 as follows.

LG And E And KU Energy LLC [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule Of Net Periodic Defined Benefit Costs (Credits)

The following table provides the components of net periodic defined benefit costs for LKE’s pension and other postretirement benefit plans for the years ended December 31.

			Pension Benefits						Other Postretirement Benefits
			2015		2014		2013		2015		2014		2013
Net periodic defined benefit costs
	(credits):
Service cost			$	26	$	21	$	26	$	5	$	4	$	5
Interest cost				68		66		62		9		9		8
Expected return on plan assets				(88)		(82)		(82)		(6)		(4)		(5)
Amortization of:
		Prior service cost (credit)		7		5		5		3		2		3
		Actuarial (gain) loss (a)		37		12		33				(1)
Net periodic defined benefit costs
	(credit)		$	50	$	22	$	44	$	11	$	10	$	11

Other Changes in Plan Assets
	and Benefit Obligations
	Recognized in OCI and
	Regulatory Assets/Liabilities -
	Gross:
Net (gain) loss			$	20	$	162	$	(116)	$	(15)	$	26	$	(14)
Prior service cost (credit)				19		23						6
Amortization of:
		Prior service (cost) credit		(7)		(5)		(5)		(3)		(2)		(3)
		Actuarial gain (loss)		(37)		(12)		(33)				1
Total recognized in OCI and
	regulatory assets/liabilities			(5)		168		(154)		(18)		31		(17)

Total recognized in net periodic
	defined benefit costs, OCI and
	regulatory assets/liabilities		$	45	$	190	$	(110)	$	(7)	$	41	$	(6)

(a) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between actuarial (gain)/loss calculated in accordance with LKE’s pension accounting policy and actuarial (gain)/loss calculated using a 15 year amortization period was $9 million.

Schedule of Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities

For LKE's pension and other postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows:

		Pension Benefits						Other Postretirement Benefits
		2015		2014		2013		2015		2014		2013


OCI		$	4	$	84	$	(46)	$	(2)	$	9	$	(1)
Regulatory assets/liabilities			(9)		84		(108)		(16)		22		(16)
Total recognized in OCI and
	regulatory assets/liabilities	$	(5)	$	168	$	(154)	$	(18)	$	31	$	(17)

Schedule of Amounts to be Amortized from AOCI and Regulatory Assets/Liabilities in Next Fiscal Year

The estimated amounts to be amortized from AOCI and regulatory assets/liabilities into net periodic defined benefit costs for LKE in 2016 are as follows.

			Other
	Pension		Postretirement
	Benefits		Benefits

Prior service cost (credit)	$	8	$	2
Actuarial (gain) loss		20
Total	$	28	$	2

Amortization from Balance Sheet:
AOCI	$	2	$	1
Regulatory assets/liabilities		26		1
Total	$	28	$	2

Defined Benefit Plan Assumptions and Impact of One Point Change on Postretirement Plans

The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31. The U.K. pension benefits apply to PPL only.

		Pension Benefits
		U.S.				U.K.				Other Postretirement Benefits
		2015		2014		2015		2014		2015		2014
PPL
	Discount rate		4.59%		4.25%		3.68%		3.85%		4.48%		4.09%
	Rate of compensation increase		3.93%		3.91%		4.00%		4.00%		3.91%		3.86%

LKE
	Discount rate		4.56%		4.25%						4.49%		4.06%
	Rate of compensation increase		3.50%		3.50%						3.50%		3.50%

LG&E
	Discount rate		4.49%		4.20%

The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only.

		Pension Benefits
		U.S.						U.K.						Other Postretirement Benefits
		2015		2014		2013		2015		2014		2013		2015		2014		2013
PPL
	Discount rate		4.25%		5.12%		4.22%		3.85%		4.41%		4.27%		4.09%		4.91%		4.00%
	Rate of compensation increase		3.91%		3.97%		3.98%		4.00%		4.00%		4.00%		3.86%		3.96%		3.97%
	Expected return on plan assets (a)		7.00%		7.00%		7.03%		7.19%		7.19%		7.16%		6.06%		5.96%		5.94%

LKE
	Discount rate		4.25%		5.18%		4.24%								4.06%		4.91%		3.99%
	Rate of compensation increase		3.50%		4.00%		4.00%								3.50%		4.00%		4.00%
	Expected return on plan assets (a)		7.00%		7.00%		7.10%								6.82%		6.75%		6.76%

LG&E
	Discount rate		4.20%		5.13%		4.20%
	Expected return on plan assets (a)		7.00%		7.00%		7.10%

The following table provides the assumed health care cost trend rates for the years ended December 31:

			2015		2014		2013
PPL and LKE
	Health care cost trend rate assumed for next year
		- obligations		6.8%		7.2%		7.6%
		- cost		7.2%		7.6%		8.0%
	Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
		- obligations		5.0%		5.0%		5.0%
		- cost		5.0%		5.0%		5.5%
	Year that the rate reaches the ultimate trend rate
		- obligations		2020		2020		2020
		- cost		2020		2020		2019

A one percentage point change in the assumed health care costs trend rate assumption would have had the following effects on the other postretirement benefit plans in 2015:

		One Percentage Point
		Increase		Decrease
Effect on accumulated postretirement benefit obligation
	PPL	$	6	$	(5)
	LKE		5		(4)

Schedule of Funded Status of Defined Benefit Plans

The funded status of LKE's plans at December 31 was as follows:

			Pension Benefits				Other Postretirement Benefits
			2015		2014		2015		2014
Change in Benefit Obligation
Benefit Obligation, beginning of period			$	1,608	$	1,328	$	234	$	193
		Service cost		26		21		5		4
		Interest cost		68		66		9		9
		Participant contributions						7		7
		Plan amendments (a)		19		23				6
		Actuarial (gain) loss		(74)		253		(22)		32
		Gross benefits paid (b)		(59)		(83)		(18)		(17)
		Federal subsidy						1
Benefit Obligation, end of period				1,588		1,608		216		234

Change in Plan Assets
Plan assets at fair value, beginning of period				1,301		1,173		82		74
		Actual return on plan assets		(7)		173				10
		Employer contributions		54		38		17		8
		Participant contributions						7		7
		Gross benefits paid (b)		(59)		(83)		(18)		(17)
Plan assets at fair value, end of period				1,289		1,301		88		82

Funded Status, end of period			$	(299)	$	(307)	$	(128)	$	(152)

Amounts recognized in the Balance
	Sheets consist of:
		Noncurrent asset					$	2	$	2
		Current liability	$	(3)	$	(3)		(3)		(3)
		Noncurrent liability		(296)		(304)		(127)		(151)
Net amount recognized, end of period			$	(299)	$	(307)	$	(128)	$	(152)

Amounts recognized in AOCI and
	regulatory assets/liabilities (pre-tax)
	consist of:
Prior service cost (credit)			$	54	$	43	$	9	$	12
Net actuarial (gain) loss				338		354		(19)		(4)
Total			$	392	$	397	$	(10)	$	8

Total accumulated benefit obligation
	for defined benefit pension plans		$	1,452	$	1,461

(a) The pension plans were amended in December 2015 allowing terminated vested participants to elect to receive their accrued pension benefit as a one-time lump-sum payment effective January 1, 2016. The projected benefit obligation increased by $19 million as a result of the amendment.

The plans were amended in December 2014 to enhance the early retirement factors for all plan participants retiring on or after January 1, 2015. These modifications resulted in an increase of $23 million in the plans’ projected benefit obligations as of December 31, 2014.

(b) Certain LKE pension plans offered a limited-time program in 2014 during which terminated vested participants could elect to receive their accrued pension benefit as a one-time lump-sum payment. The gross benefits paid includes $33 million of lump-sum cash payments made to terminated vested participants during 2014 in connection with these offerings.

The amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows:

	Pension Benefits				Other Postretirement Benefits
	2015		2014		2015		2014

AOCI	$	70	$	65	$	7	$	8
Regulatory assets/liabilities		322		332		(17)
Total	$	392	$	397	$	(10)	$	8

Schedule of Projected or Accumulated Benefit Obligations In Excess of Plan Assets

The following tables provide information on pension plans where the projected benefit obligation (PBO) or accumulated benefit obligations (ABO) exceed the fair value of plan assets:

	PBO in excess of plan assets
		2015		2014

Projected benefit obligation	$	1,588	$	1,608
Fair value of plan assets		1,289		1,301

	ABO in excess of plan assets
		2015		2014

Accumulated benefit obligation	$	1,452	$	1,461
Fair value of plan assets		1,289		1,301

Schedules of Asset Allocation of U.S. Pension Trusts Assets

The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows:

		Percentage of trust assets			2015
					Target Asset
			2015 (a)	2014	Allocation (a)

Growth Portfolio			51%	51%		50%
	Equity securities		25%	26%
	Debt securities (b)		13%	13%
	Alternative investments		13%	12%
Immunizing Portfolio			47%	47%		48%
	Debt securities (b)		42%	44%
	Derivatives		5%	3%
Liquidity Portfolio			2%	2%		2%
Total			100%	100%		100%

(a) Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan.

(b) Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes.

Schedule of Fair Value of Financial Assets for U.S. Pension Plan Assets

The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was:

				December 31, 2015								December 31, 2014
						Fair Value Measurements Using								Fair Value Measurements Using
				Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL Services Corporation Master Trust
Cash and cash equivalents				$	225	$	225					$	246	$	246
Equity securities:
		U.S.:
			Large-cap		87		87						114		114
			Large-cap fund measured at NAV (a)		197								318
			Small-cap		85		85						145		145
		International equity fund at NAV (a)			454								615
		Commingled debt measured at NAV (a)			514								818
Debt securities:
		U.S. Treasury and U.S. government sponsored
			agency		501		492	$	9				723		706	$	17
		Residential/commercial backed securities			3				3				2				2
		Corporate			747				737	$	10		1,109				1,088	$	21
		International government			4				4				8				8
		Other			7				7				9				9
Alternative investments:
		Commodities measured at NAV (a)			70								90
		Real estate measured at NAV (a)			118								148
		Private equity measured at NAV (a)			81								104
		Hedge funds measured at NAV (a)			171								223
Derivatives:
		Interest rate swaps and swaptions			80				80				92				92
		Other			11				11				12				12
Insurance contracts					32						32		33						33
PPL Services Corporation Master Trust assets, at
	fair value				3,387	$	889	$	851	$	42		4,809	$	1,211	$	1,228	$	54
Receivables and payables, net (b)					(49)								(41)
401(h) accounts restricted for other
	postretirement benefit obligations				(111)								(136)
Total PPL Services Corporation Master Trust
	pension assets (c)			$	3,227							$	4,632

(b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received.

Reconciliation of U.S. Pension Trust Assets Classified as Level 3 Included in Earnings

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2015 is as follows:

				Corporate		Insurance
				debt		contracts		Total

Balance at beginning of period				$	21	$	33	$	54
	Actual return on plan assets
		Relating to assets still held
			at the reporting date				2		2
		Relating to assets sold during the period			(1)				(1)
	Purchases, sales and settlements				(10)		(3)		(13)
Balance at end of period				$	10	$	32	$	42

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2014 is as follows:

				Corporate		Insurance
				debt		contracts		Total

Balance at beginning of period				$	23	$	37	$	60
	Actual return on plan assets
		Relating to assets still held
			at the reporting date		(1)		1
		Relating to assets sold during the period			(1)				(1)
	Purchases, sales and settlements						(5)		(5)
Balance at end of period				$	21	$	33	$	54

Schedule of Fair Value of Financial Assets for U.S. Postretirement Benefits

The fair value of assets in the U.S. other postretirement benefit plans by asset class and level within the fair value hierarchy was:

			December 31, 2015							December 31, 2014
					Fair Value Measurement Using							Fair Value Measurement Using
			Total		Level 1		Level 2		Level 3	Total		Level 1		Level 2		Level 3
Money market funds			$	6	$	6				$	9	$	9
U.S. Equity securities:
		Large-cap equity fund measure at NAV (a)		129							169
		Commingled debt fund measured at NAV (a)		109							136
Debt securities:
		Municipalities		23			$	23			33			$	33
Total VEBA trust assets, at fair value				267	$	6	$	23			347	$	9	$	33
Receivables and payables, net (b)				1							1
401(h) account assets				111							136
Total other postretirement benefit plan
	assets (c)		$	379						$	484

Schedule of Expected Cash Flows - U.S. Defined Benefit Plans - Expected Payments and Related Federal Subsidy

			Other Postretirement
					Expected
			Benefit		Federal
		Pension	Payment		Subsidy

2016	$	95	$	13
2017		100		14
2018		102		15	$	1
2019		105		16
2020		107		16
2021-2025		550		85		2

Louisville Gas And Electric Co [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule Of Net Periodic Defined Benefit Costs (Credits)

The following table provides the components of net periodic defined benefit costs for LG&E’s pension benefit plan for the years ended December 31.

			Pension Benefits
			2015		2014		2013
Net periodic defined benefit costs (credits):
Service cost			$	1	$	1	$	2
Interest cost				14		15		14
Expected return on plan assets				(20)		(19)		(20)
Amortization of:
		Prior service cost (credit)		3		2		2
		Actuarial (gain) loss (a)		11		6		14
Net periodic defined benefit costs (credits)			$	9	$	5	$	12

Other Changes in Plan Assets and Benefit Obligations
	Recognized in Regulatory Assets - Gross:
Net (gain) loss			$	8	$	14	$	(20)
Prior service cost (credit)				10		9
Amortization of:
		Prior service (cost) credit		(3)		(2)		(2)
		Actuarial gain (loss)		(11)		(6)		(14)
Total recognized in regulatory assets/liabilities				4		15		(36)
Total recognized in net periodic defined benefit costs and regulatory assets			$	13	$	20	$	(24)

(a) As a result of the 2014 Kentucky rate case settlement that became effective July 1, 2015, the difference between actuarial (gain)/loss calculated in accordance with LG&E’s pension accounting policy and actuarial (gain)/loss calculated using a 15 year amortization period was $3 million.

Schedule of Amounts to be Amortized from AOCI and Regulatory Assets/Liabilities in Next Fiscal Year

The estimated amounts to be amortized from regulatory assets into net periodic defined benefit costs for LG&E in 2016 are as follows.

	Pension
	Benefits

Prior service cost (credit)	$	5
Actuarial (gain) loss		7
Total	$	12

Schedule of Net Periodic Defined Benefit Costs Included in Income Statement

In the table above LG&E amounts include costs for the specific plans its sponsors and the following allocated costs of defined benefit plans sponsored by LKE, based on its participation in those plans, which management believes are reasonable:

	Pension Benefits						Other Postretirement Benefits
	2015		2014		2013		2015		2014		2013

LG&E	$	5	$	2	$	5	$	4	$	4	$	4

Defined Benefit Plan Assumptions and Impact of One Point Change on Postretirement Plans

The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31. The U.K. pension benefits apply to PPL only.

		Pension Benefits
		U.S.				U.K.				Other Postretirement Benefits
		2015		2014		2015		2014		2015		2014
PPL
	Discount rate		4.59%		4.25%		3.68%		3.85%		4.48%		4.09%
	Rate of compensation increase		3.93%		3.91%		4.00%		4.00%		3.91%		3.86%

LKE
	Discount rate		4.56%		4.25%						4.49%		4.06%
	Rate of compensation increase		3.50%		3.50%						3.50%		3.50%

LG&E
	Discount rate		4.49%		4.20%

The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only.

		Pension Benefits
		U.S.						U.K.						Other Postretirement Benefits
		2015		2014		2013		2015		2014		2013		2015		2014		2013
PPL
	Discount rate		4.25%		5.12%		4.22%		3.85%		4.41%		4.27%		4.09%		4.91%		4.00%
	Rate of compensation increase		3.91%		3.97%		3.98%		4.00%		4.00%		4.00%		3.86%		3.96%		3.97%
	Expected return on plan assets (a)		7.00%		7.00%		7.03%		7.19%		7.19%		7.16%		6.06%		5.96%		5.94%

LKE
	Discount rate		4.25%		5.18%		4.24%								4.06%		4.91%		3.99%
	Rate of compensation increase		3.50%		4.00%		4.00%								3.50%		4.00%		4.00%
	Expected return on plan assets (a)		7.00%		7.00%		7.10%								6.82%		6.75%		6.76%

LG&E
	Discount rate		4.20%		5.13%		4.20%
	Expected return on plan assets (a)		7.00%		7.00%		7.10%

Schedule of Funded Status of Defined Benefit Plans

(LG&E)

The funded status of LG&E's plan at December 31, was as follows:

			Pension Benefits
			2015		2014
Change in Benefit Obligation
Benefit Obligation, beginning of period			$	331	$	291
		Service cost		1		1
		Interest cost		14		15
		Plan amendments (a)		10		9
		Actuarial (gain) loss		(15)		36
		Gross benefits paid (b)		(15)		(21)
Benefit Obligation, end of period				326		331

Change in Plan Assets
Plan assets at fair value, beginning of period				301		281
		Actual return on plan assets		(2)		41
		Employer contributions		13
		Gross benefits paid (b)		(15)		(21)
Plan assets at fair value, end of period				297		301

Funded Status, end of period			$	(29)	$	(30)

Amounts recognized in the Balance Sheets consist of:
		Noncurrent liability	$	(29)	$	(30)
Net amount recognized, end of period			$	(29)	$	(30)

Amounts recognized in regulatory assets (pre-tax)
	consist of:
Prior service cost (credit)			$	29	$	22
Net actuarial (gain) loss				95		98
Total			$	124	$	120

Total accumulated benefit obligation for defined benefit pension plan			$	326	$	330

(a) The plan was amended in December 2015 allowing terminated vested participants to elect to receive their accrued pension benefit as a one-time lump-sum payment effective January 1, 2016. The projected benefit obligation increased by $10 million as a result of the amendment.

The plan was amended in December 2014 to enhance the early retirement factors for all plan participants retiring on or after January 1, 2015. The projected benefit obligation increased by $9 million as a result of the amendment.

(b) LG&E's pension plan offered a limited-time program in 2014 during which terminated vested participants could elect to receive their accrued pension benefit as a one-time lump-sum payment. The gross benefits paid includes $8 million of lump-sum cash payments made to terminated vested participants in 2014 in connection with this offering.

Allocations to LG&E resulted in liabilities at December 31 as follows:

Schedules of Asset Allocation of U.S. Pension Trusts Assets

The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows:

		Percentage of trust assets			2015
					Target Asset
			2015 (a)	2014	Allocation (a)

Growth Portfolio			51%	51%		50%
	Equity securities		25%	26%
	Debt securities (b)		13%	13%
	Alternative investments		13%	12%
Immunizing Portfolio			47%	47%		48%
	Debt securities (b)		42%	44%
	Derivatives		5%	3%
Liquidity Portfolio			2%	2%		2%
Total			100%	100%		100%

(a) Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan.

(b) Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes.

Schedule of Fair Value of Financial Assets for U.S. Pension Plan Assets

The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was:

				December 31, 2015								December 31, 2014
						Fair Value Measurements Using								Fair Value Measurements Using
				Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL Services Corporation Master Trust
Cash and cash equivalents				$	225	$	225					$	246	$	246
Equity securities:
		U.S.:
			Large-cap		87		87						114		114
			Large-cap fund measured at NAV (a)		197								318
			Small-cap		85		85						145		145
		International equity fund at NAV (a)			454								615
		Commingled debt measured at NAV (a)			514								818
Debt securities:
		U.S. Treasury and U.S. government sponsored
			agency		501		492	$	9				723		706	$	17
		Residential/commercial backed securities			3				3				2				2
		Corporate			747				737	$	10		1,109				1,088	$	21
		International government			4				4				8				8
		Other			7				7				9				9
Alternative investments:
		Commodities measured at NAV (a)			70								90
		Real estate measured at NAV (a)			118								148
		Private equity measured at NAV (a)			81								104
		Hedge funds measured at NAV (a)			171								223
Derivatives:
		Interest rate swaps and swaptions			80				80				92				92
		Other			11				11				12				12
Insurance contracts					32						32		33						33
PPL Services Corporation Master Trust assets, at
	fair value				3,387	$	889	$	851	$	42		4,809	$	1,211	$	1,228	$	54
Receivables and payables, net (b)					(49)								(41)
401(h) accounts restricted for other
	postretirement benefit obligations				(111)								(136)
Total PPL Services Corporation Master Trust
	pension assets (c)			$	3,227							$	4,632

(b) Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received.

Reconciliation of U.S. Pension Trust Assets Classified as Level 3 Included in Earnings

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2015 is as follows:

				Corporate		Insurance
				debt		contracts		Total

Balance at beginning of period				$	21	$	33	$	54
	Actual return on plan assets
		Relating to assets still held
			at the reporting date				2		2
		Relating to assets sold during the period			(1)				(1)
	Purchases, sales and settlements				(10)		(3)		(13)
Balance at end of period				$	10	$	32	$	42

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2014 is as follows:

				Corporate		Insurance
				debt		contracts		Total

Balance at beginning of period				$	23	$	37	$	60
	Actual return on plan assets
		Relating to assets still held
			at the reporting date		(1)		1
		Relating to assets sold during the period			(1)				(1)
	Purchases, sales and settlements						(5)		(5)
Balance at end of period				$	21	$	33	$	54

Schedule of Expected Cash Flows - U.S. Defined Benefit Plans - Expected Payments and Related Federal Subsidy

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plan.

		Pension

2016	$	23
2017		25
2018		24
2019		25
2020		25
2021-2025		111

Kentucky Utilities Co [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Funded Status of Defined Benefit Plans

Allocations to KU resulted in liabilities at December 31 as follows.

Other postretirement benefits