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Retirement and Postemployment Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
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 (credits) for PPL's pension and other postretirement benefit plans for the years ended December 31.
 Pension BenefitsOther Postretirement Benefits
 202120202019202120202019
Net periodic defined benefit costs (credits):      
Service cost$56 $56 $50 $6 $6 $6 
Interest cost121 146 164 16 19 22 
Expected return on plan assets(255)(246)(245)(23)(21)(18)
Amortization of:      
Prior service cost (credit)8 9 8 1 1 (1)
Actuarial (gain) loss93 89 56 (1)— 1 
Net periodic defined benefit costs (credits) prior to settlements and termination benefits23 54 33 (1)5 10 
Settlements (a)18 23 1 — — — 
Net periodic defined benefit costs (credits) $41 $77 $34 $(1)$5 $10 
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross:
Settlement(18)(23)(1)— — — 
Net (gain) loss42 (221)(121)(53)(6)(18)
Prior service cost (credit)3 1 2 — 5 — 
Amortization of:      
Prior service (cost) credit(8)(9)(8)(1)(1)1 
Actuarial gain (loss)(93)(89)(56)1 — (1)
Total recognized in OCI and regulatory assets/liabilities(74)(341)(184)(53)(2)(18)
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities$(33)$(264)$(150)$(54)$3 $(8)
 
(a)2021 and 2020 include a settlement charge for a retired PPL executive as well as a settlement charge incurred as a result of the amount of lump sum payment distributions from the LKE qualified pension plan. In accordance with existing regulatory accounting treatment, LG&E and KU have primarily maintained the settlement charge in regulatory assets to be amortized in accordance with existing regulatory practice. The portion of the settlement attributed to LKE's operations outside of the jurisdiction of the KPSC has been charged to expense.
Schedule of Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities
For PPL's pension and postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows:
 Pension BenefitsOther Postretirement Benefits
 202120202019202120202019
OCI$(70)$(428)$(194)$(42)$(12)$(13)
Regulatory assets/liabilities(4)87 10 (11)10 (5)
Total recognized in OCI and
regulatory assets/liabilities		$(74)$(341)$(184)$(53)$(2)$(18)
Schedule of Net Periodic Defined Benefit Costs Included in Income Statement
The following net periodic defined benefit costs (credits) were charged to expense or regulatory assets, excluding amounts charged to construction and other non-expense accounts.
 Pension BenefitsOther Postretirement Benefits
 202120202019202120202019
PPL$12 $40 $18 $(1)$4 $8 
PPL Electric (a)(9)(2)(4)(1)2 4 
LG&E (a) (b)(1)4 3 2 2 2 
KU (a) (b)(3)1 (1)— — — 
 
(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. KU is also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. Effective January 1, 2020, the LKE and LG&E defined benefit pension plans were merged into a combined defined benefit pension plan, sponsored by LKE, therefore LG&E does not directly sponsor any defined benefit plans. LG&E and KU were allocated these costs of defined benefit plans sponsored by LKE, based on their participation in those plans, which management believes are reasonable. LG&E and KU are also allocated costs of defined benefit plans from LKS for defined benefit plans sponsored by LKE. See Note 15 for additional information on costs allocated to LG&E and KU from LKS.
(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 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 Other operation and maintenance, Other Income (Expense) - net or regulatory assets, excluding amounts charged to construction and other non-expense accounts, insignificant amounts for LG&E and KU were recorded as regulatory assets in 2021, $3 million for LG&E and $1 million for KU were recorded as regulatory assets in 2020 and $2 million for LG&E and $1 million for KU were recorded as regulatory assets in 2019.
Schedule of Funded Status of Defined Benefit Plans
The funded status of PPL's plans at December 31 was as follows:
 Pension BenefitsOther Postretirement Benefits
 2021202020212020
Change in Benefit Obligation    
Benefit Obligation, beginning of period$4,251 $4,146 $573 $557 
Service cost56 56 6 6 
Interest cost121 146 16 19 
Participant contributions— — 14 15 
Plan amendments2 2 — 5 
Actuarial (gain) loss(88)256 (50)29 
Settlements(106)(114)— — 
Gross benefits paid(247)(241)(55)(58)
Benefit Obligation, end of period3,989 4,251 504 573 
Change in Plan Assets    
Plan assets at fair value, beginning of period4,068 3,585 367 340 
Actual return on plan assets125 723 25 56 
Employer contributions47 115 18 18 
Participant contributions— — 11 11 
Settlements(106)(114)— — 
Gross benefits paid(247)(241)(54)(58)
Plan assets at fair value, end of period3,887 4,068 367 367 
Funded Status, end of period$(102)$(183)$(137)$(206)
Amounts recognized in the Balance Sheets consist of:    
Noncurrent asset$91 $24 $— $— 
Current liability(10)(18)(15)(22)
Noncurrent liability(183)(189)(122)(184)
Net amount recognized, end of period$(102)$(183)$(137)$(206)
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of:    
Prior service cost (credit)$22 $27 $12 $14 
Net actuarial (gain) loss626 695 (51)— 
Total$648 $722 $(39)$14 
Total accumulated benefit obligation
for defined benefit pension plans		$3,786 $4,024   

For PPL's pension and other postretirement benefit plans, the amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows:
 Pension BenefitsOther Postretirement Benefits
 2021202020212020
AOCI$239 $270 $(2)$10 
Regulatory assets/liabilities409 452 (37)4 
Total$648 $722 $(39)$14 
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:
 PBO in excess of plan assets
 20212020
Projected benefit obligation$193 $1,875 
Fair value of plan assets— 1,668 
 ABO in excess of plan assets
 20212020
Accumulated benefit obligation$177 $184 
Fair value of plan assets— — 
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 assets2021
20212020Target Asset
Allocation
Growth Portfolio55 %56 %55 %
Equity securities32 %34 % 
Debt securities (a)13 %13 % 
Alternative investments10 %9 % 
Immunizing Portfolio43 %43 %43 %
Debt securities (a)35 %33 % 
Derivatives8 %10 % 
Liquidity Portfolio2 %1 %2 %
Total100 %100 %100 %
 
(a)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, 2021December 31, 2020
 Fair Value Measurements UsingFair Value Measurements Using
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
PPL Services Corporation Master Trust        
Cash and cash equivalents$266 $266 $— $— $300 $300 $— $— 
Equity securities:        
U.S. Equity41 41 — — 60 60 — — 
U.S. Equity fund measured at NAV (a)754 — — — 742 — — — 
International equity fund at NAV (a)511 — — — 566 — — — 
Commingled debt measured at NAV (a)677 — — — 712 — — — 
 December 31, 2021December 31, 2020
 Fair Value Measurements UsingFair Value Measurements Using
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Debt securities:        
U.S. Treasury and U.S. government sponsored
agency		281 280 1 — 336 335 1 — 
Corporate1,039 — 1,019 20 1,045 — 1,030 15 
Other14 — 14 — 13 — 13 — 
Alternative investments:        
Real estate measured at NAV (a)69 — — — 76 — — — 
Private equity measured at NAV (a)94 — — — 68 — — — 
Hedge funds measured at NAV (a)236 — — — 223 — — — 
Limited Partnerships at NAV (a)— — — — 6 — — — 
Derivatives35 — 35 — (37)— (37)— 
PPL Services Corporation Master Trust assets, at
fair value		4,017 $587 $1,069 $20 4,110 $695 $1,007 $15 
Receivables and payables, net (b)25   116    
401(h) accounts restricted for other
postretirement benefit obligations		(155)   (158)   
Total PPL Services Corporation Master Trust
pension assets		$3,887    $4,068    
 
(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, net represents 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, 2021 is as follows:
Corporate
debt		Total
Balance at beginning of period$15 $15 
Purchases, sales and settlements5 5 
Balance at end of period$20 $20 
 
A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2020 is as follows: 
Corporate
debt		Insurance
contracts		Total
Balance at beginning of period$20 $4 $24 
Purchases, sales and settlements(5)(4)(9)
Balance at end of period$15 $— $15 
Schedules of Target Allocation of U.S. Other Postretirement Benefit Plans VEBA Trust The asset allocation for the PPL VEBA trusts and the target allocation, by asset class, at December 31 are detailed below.
Percentage of plan assetsTarget Asset
Allocation
 202120202021
Asset Class   
U.S. Equity securities45 %42 %45 %
Debt securities (a)52 %55 %50 %
Cash and cash equivalents (b)3 %3 %5 %
Total100 %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 other postretirement benefit plans by asset class and level within the fair value hierarchy was:
 December 31, 2021December 31, 2020
 Fair Value Measurement UsingFair Value Measurement Using
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Money market funds$6 $6 $— $— $5 $5 $— $— 
U.S. Equity securities:        
Large-cap equity fund measure at NAV (a)96 — — — 89 — — — 
Commingled debt fund measured at NAV (a)75 — — — 77 — — — 
Debt securities:        
Corporate bonds38 — 38 — 37 — 37 — 
U.S. Treasury and U.S. government sponsored
agency		— — — — 2 — 2 — 
Total VEBA trust assets, at fair value215 $6 $38 $— 210 $5 $39 $— 
Receivables and payables, net (b)(3)   (1)   
401(h) account assets155    158    
Total other postretirement benefit plan assets$367    $367    
 
(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.
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
PensionBenefit
Payment		Expected
Federal
Subsidy
2022$207 $44 $1 
2023207 42 — 
2024204 41 — 
2025204 40 — 
2026202 38 — 
2027-2030946 176 1 
Expected Employer Contributions to U.S. Savings Plans
Substantially all employees of PPL's subsidiaries are eligible to participate in deferred savings plans (401(k)s). Employer contributions to the plans were:
 202120202019
PPL$29 $29 $30 
PPL Electric5 6 6 
LG&E7 6 6 
KU5 5 5 
LKE [Member]  
Defined Benefit Plan Disclosure [Line Items]  
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.
 Pension BenefitsOther Postretirement Benefits
 2021202020212020
PPL    
Discount rate3.15 %2.92 %3.13 %2.84 %
Rate of compensation increase3.76 %3.76 %3.77 %3.75 %
 
The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31.
 Pension BenefitsOther Postretirement Benefits
 202120202019202120202019
PPL      
Discount rate 2.92 %3.64 %4.35 %2.84 %3.60 %4.31 %
Rate of compensation increase3.76 %3.79 %3.79 %3.75 %3.76 %3.76 %
Expected return on plan assets7.25 %7.25 %7.25 %6.48 %6.44 %6.46 %
LG&E      
Discount rate— %— %4.33 %   
Expected return on plan assets (a)— %— %7.25 %   
 
(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.

(PPL)
 
The following table provides the assumed health care cost trend rates for the years ended December 31:
 202120202019
PPL    
Health care cost trend rate assumed for next year   
– obligations6.25 %6.50 %6.60 %
– cost6.50 %6.60 %6.60 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)   
– obligations5.00 %5.00 %5.00 %
– cost5.00 %5.00 %5.00 %
Year that the rate reaches the ultimate trend rate   
– obligations202720272024
– cost 202720242023
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 assets2021
20212020Target Asset
Allocation
Growth Portfolio55 %56 %55 %
Equity securities32 %34 % 
Debt securities (a)13 %13 % 
Alternative investments10 %9 % 
Immunizing Portfolio43 %43 %43 %
Debt securities (a)35 %33 % 
Derivatives8 %10 % 
Liquidity Portfolio2 %1 %2 %
Total100 %100 %100 %
 
(a)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, 2021December 31, 2020
 Fair Value Measurements UsingFair Value Measurements Using
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
PPL Services Corporation Master Trust        
Cash and cash equivalents$266 $266 $— $— $300 $300 $— $— 
Equity securities:        
U.S. Equity41 41 — — 60 60 — — 
U.S. Equity fund measured at NAV (a)754 — — — 742 — — — 
International equity fund at NAV (a)511 — — — 566 — — — 
Commingled debt measured at NAV (a)677 — — — 712 — — — 
 December 31, 2021December 31, 2020
 Fair Value Measurements UsingFair Value Measurements Using
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Debt securities:        
U.S. Treasury and U.S. government sponsored
agency		281 280 1 — 336 335 1 — 
Corporate1,039 — 1,019 20 1,045 — 1,030 15 
Other14 — 14 — 13 — 13 — 
Alternative investments:        
Real estate measured at NAV (a)69 — — — 76 — — — 
Private equity measured at NAV (a)94 — — — 68 — — — 
Hedge funds measured at NAV (a)236 — — — 223 — — — 
Limited Partnerships at NAV (a)— — — — 6 — — — 
Derivatives35 — 35 — (37)— (37)— 
PPL Services Corporation Master Trust assets, at
fair value		4,017 $587 $1,069 $20 4,110 $695 $1,007 $15 
Receivables and payables, net (b)25   116    
401(h) accounts restricted for other
postretirement benefit obligations		(155)   (158)   
Total PPL Services Corporation Master Trust
pension assets		$3,887    $4,068    
 
(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, net represents 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, 2021 is as follows:
Corporate
debt		Total
Balance at beginning of period$15 $15 
Purchases, sales and settlements5 5 
Balance at end of period$20 $20 
 
A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2020 is as follows: 
Corporate
debt		Insurance
contracts		Total
Balance at beginning of period$20 $4 $24 
Purchases, sales and settlements(5)(4)(9)
Balance at end of period$15 $— $15 
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 assets/(liabilities) at December 31 as follows:
 20212020
Pension$42 $4 
Other postretirement benefits(78)(99)
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 year ended December 31.
 Pension Benefits
 2019 (a)
Net periodic defined benefit costs (credits): 
Service cost$1 
Interest cost11 
Expected return on plan assets(21)
Amortization of: 
Prior service cost (credit)5 
Actuarial loss (b)9 
Net periodic defined benefit costs (credits) (c)$5 
Other Changes in Plan Assets and Benefit Obligations
Recognized in Regulatory Assets - Gross:		 
Net (gain) loss$(19)
Amortization of: 
Prior service credit(5)
Actuarial gain(9)
Total recognized in regulatory assets/liabilities(33)
Total recognized in net periodic defined benefit costs and regulatory assets$(28)
 
(a)The pension plans sponsored by LKE and LG&E were merged effective January 1, 2020 into the LG&E and KU Pension Plan, sponsored by LKE.
(b)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 in 2019.
(c)Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, settlement charges of $5 million in 2019 was incurred. In accordance with existing regulatory accounting treatment, LG&E has maintained the settlement charge in regulatory assets. The amount will be amortized in accordance with existing regulatory practice.
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.
 Pension BenefitsOther Postretirement Benefits
 2021202020212020
PPL    
Discount rate3.15 %2.92 %3.13 %2.84 %
Rate of compensation increase3.76 %3.76 %3.77 %3.75 %
 
The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31.
 Pension BenefitsOther Postretirement Benefits
 202120202019202120202019
PPL      
Discount rate 2.92 %3.64 %4.35 %2.84 %3.60 %4.31 %
Rate of compensation increase3.76 %3.79 %3.79 %3.75 %3.76 %3.76 %
Expected return on plan assets7.25 %7.25 %7.25 %6.48 %6.44 %6.46 %
LG&E      
Discount rate— %— %4.33 %   
Expected return on plan assets (a)— %— %7.25 %   
 
(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.
Schedule of Funded Status of Defined Benefit Plans Allocations to LG&E resulted in assets/(liabilities) at December 31 as follows:
20212020
Pension$85 $78 
Other postretirement benefits(51)(68)
Kentucky Utilities Co [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Funded Status of Defined Benefit Plans Allocations to KU resulted in assets/(liabilities) at December 31 as follows.
 20212020
Pension$75 $62 
Other postretirement benefits(6)(16)