Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021								December 31, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL
Assets
Cash and cash equivalents	$	421	$	421	$	—	$	—	$	442	$	442	$	—	$	—
Restricted cash and cash equivalents (a)	1		1		—		—		1		1		—		—
Special use funds (a):
Commingled debt fund measured at NAV (b)	25		—		—		—		26		—		—		—
Commingled equity fund measured at NAV (b)	24		—		—		—		25		—		—		—
Total special use funds	49		—		—		—		51		—		—		—
Total assets	$	471	$	422	$	—	$	—	$	494	$	443	$	—	$	—
Liabilities
Price risk management liabilities (c):
Interest rate swaps	$	17	$	—	$	17	$	—	$	23	$	—	$	23	$	—
Total price risk management liabilities	$	17	$	—	$	17	$	—	$	23	$	—	$	23	$	—
PPL Electric
Assets
Cash and cash equivalents	$	29	$	29	$	—	$	—	$	40	$	40	$	—	$	—
Total assets	$	29	$	29	$	—	$	—	$	40	$	40	$	—	$	—
LKE
Assets
Cash and cash equivalents	$	16	$	16	$	—	$	—	$	29	$	29	$	—	$	—
Total assets	$	16	$	16	$	—	$	—	$	29	$	29	$	—	$	—
Liabilities
Price risk management liabilities:
Interest rate swaps	$	17	$	—	$	17	$	—	$	23	$	—	$	23	$	—
Total price risk management liabilities	$	17	$	—	$	17	$	—	$	23	$	—	$	23	$	—
LG&E
Assets
Cash and cash equivalents	$	7	$	7	$	—	$	—	$	7	$	7	$	—	$	—
Total assets	$	7	$	7	$	—	$	—	$	7	$	7	$	—	$	—

	March 31, 2021								December 31, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Liabilities
Price risk management liabilities:
Interest rate swaps	$	17	$	—	$	17	$	—	$	23	$	—	$	23	$	—
Total price risk management liabilities	$	17	$	—	$	17	$	—	$	23	$	—	$	23	$	—
KU
Assets
Cash and cash equivalents	$	8	$	8	$	—	$	—	$	22	$	22	$	—	$	—
Total assets	$	8	$	8	$	—	$	—	$	22	$	22	$	—	$	—

(a)Included in "Other current assets" on the Balance Sheets.

(b)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.

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

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, 2021				December 31, 2020
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
PPL	$	14,691	$	16,607	$	14,689	$	17,774
PPL Electric	4,237		4,881		4,236		5,338
LKE	6,075		7,051		6,074		7,589
LG&E	2,007		2,321		2,007		2,499
KU	2,618		3,042		2,618		3,334

(a)Amounts are net of debt issuance costs.