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Financing Activities (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Line Items]  
Credit Facilities in Place at Period End The following credit facilities were in place at:
 December 31, 2022December 31, 2021
 Expiration
Date
CapacityBorrowedLetters of
Credit
and
Commercial
Paper
Issued (c)
Unused CapacityBorrowedLetters of
Credit
and
Commercial
Paper
Issued
PPL       
PPL Capital Funding       
Syndicated Credit Facility (a) (b)Dec 2026$1,250 $— $561 $689 $— $— 
Bilateral Credit Facility (a) (b)Mar 2023100 — — 100 — — 
Bilateral Credit Facility (a) (b)Mar 2023100 — 58 42 — 15 
Total PPL Capital Funding Credit Facilities$1,450 $— $619 $831 $— $15 
PPL Electric       
Syndicated Credit Facility (a) (b)Dec 2026650 — 146 504 — 
Term Loan Credit Facility (a) (b)Mar 2024250 250 — — — — 
Total PPL Electric Credit Facilities$900 $250 $146 $504 $— $
 December 31, 2022December 31, 2021
 Expiration
Date
CapacityBorrowedLetters of
Credit
and
Commercial
Paper
Issued (c)
Unused CapacityBorrowedLetters of
Credit
and
Commercial
Paper
Issued
LG&E       
Syndicated Credit Facility (a) (b)Dec 2026500 — 180 320 — 69 
Term Loan Credit Facility (a) (b)Jul 2024300 300 — — — — 
Total LG&E Credit Facilities$800 $300 $180 $320 $— $69 
KU       
Syndicated Credit Facility (a) (b)Dec 2026400 — 101 299 — — 
Term Loan Credit Facility (a) (b)Jul 2024300 300 — — — — 
Total KU Credit Facilities $700 $300 $101 $299 $— $— 

(a)Each company pays customary fees under its respective facility and borrowings generally bear interest at LIBOR-based rates, or applicable secured overnight financing rates, plus an applicable margin.
(b)The facilities contain a financial covenant requiring debt to total capitalization not to exceed 70% for PPL Capital Funding, PPL Electric, LG&E and KU, as calculated in accordance with the facilities and other customary covenants. Additionally, subject to certain conditions, PPL Capital Funding may request that the capacity of one of its bilateral credit facilities expiring in March 2023 be increased by up to $30 million and PPL Capital Funding, PPL Electric, LG&E and KU may each request up to a $250 million increase in its syndicated credit facility's capacity. Participation in any such increase is at the sole discretion of each lender.
(c)Commercial paper issued reflects the undiscounted face value of the issuance.
Commercial paper The following commercial paper programs were in place at:
 December 31, 2022December 31, 2021
Weighted -
Average
Interest Rate
CapacityCommercial
Paper
Issuances (d)
Unused
Capacity
Weighted -
Average
Interest Rate
Commercial
Paper
Issuances (d)
PPL Capital Funding (a)4.84%$1,350 $561 $789 $— 
PPL Electric4.74%650 145 505 — 
LG&E (b)4.94%500 180 320 0.31%69 
KU (c)4.90%400 101 299 — 
Total $2,900 $987 $1,913 $69 

(a)PPL Capital Funding's obligations are fully and unconditionally guaranteed by PPL.
(b)In August 2022, LG&E increased the size of their commercial paper program to $500 million.
(c)In August 2022, KU increased the size of their commercial paper program to $400 million.
(d)Commercial paper issued reflects the undiscounted face value of the issuance.
Long-term Debt
Long-term Debt (All Registrants)

  December 31,
 Weighted-Average
Rate (d)
Maturities (d)20222021
PPL    
Senior Unsecured Notes3.95 %2026 - 2047$3,066 $1,566 
Senior Secured Notes/First Mortgage Bonds (a) (b) (c)4.06 %2023 - 20508,957 9,205 
Junior Subordinated Notes7.39 %2067480 480 
Term Loan Credit Facility5.21 %2024850 — 
Total Long-term Debt before adjustments  13,353 11,251 
Unamortized premium and (discount), net(32)(34)
Unamortized debt issuance costs(78)(77)
Total Long-term Debt13,243 11,140 
Less current portion of Long-term Debt354 474 
Total Long-term Debt, noncurrent$12,889 $10,666 
PPL Electric    
Senior Secured Notes/First Mortgage Bonds (a) (b)4.26 %2023 - 2049$4,289 $4,539 
Term Loan Credit Facility5.17 %2024250 — 
Total Long-term Debt Before Adjustments  4,539 4,539 
Unamortized discount  (22)(22)
Unamortized debt issuance costs  (31)(33)
Total Long-term Debt  4,486 4,484 
Less current portion of Long-term Debt  340 474 
Total Long-term Debt, noncurrent  $4,146 $4,010 
  December 31,
 Weighted-Average
Rate (d)
Maturities (d)20222021
LG&E    
Senior Secured Notes/First Mortgage Bonds (a) (c)3.70 %2025 - 2049$2,024 $2,024 
Term Loan Credit Facility5.22 %2024300 — 
Total Long-term Debt Before Adjustments  2,324 2,024 
Unamortized discount  (4)(4)
Unamortized debt issuance costs  (13)(14)
Total Long-term Debt  2,307 2,006 
Less current portion of Long-term Debt  — — 
Total Long-term Debt, noncurrent  $2,307 $2,006 
KU    
Senior Secured Notes/First Mortgage Bonds (a) (c)4.00 %2023 - 2050$2,642 $2,642 
Term Loan Credit Facility5.22 %2024300 — 
Total Long-term Debt Before Adjustments  2,942 2,642 
Unamortized premium
Unamortized discount  (9)(9)
Unamortized debt issuance costs  (18)(20)
Total Long-term Debt  2,920 2,618 
Less current portion of Long-term Debt  13 — 
Total Long-term Debt, noncurrent  $2,907 $2,618 

(a)Includes PPL 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 of PPL Electric’s tangible distribution properties and certain of its tangible transmission properties located in Pennsylvania, subject to certain exceptions and exclusions. The carrying value of PPL Electric's property, plant and equipment was approximately $11.8 billion and $11.3 billion at December 31, 2022 and 2021.

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 $5.8 billion and $5.7 billion at December 31, 2022 and 2021.

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 $7.1 billion and $6.9 billion at December 31, 2022 and 2021.
(b)Includes PPL Electric's series 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. The tax-exempt revenue bonds 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.

Includes $250 million of notes that may be called at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.
(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, 2022, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $782 million for PPL, comprised of $473 million and $309 million for LG&E and KU. At December 31, 2022, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $66 million and $33 million for LG&E and KU. These variable rate tax-exempt revenue bonds 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)The table reflects principal maturities only, based on stated maturities, sinking fund requirements, or earlier put dates, and the weighted-average rates as of December 31, 2022.
Long-term Debt Maturities
The aggregate maturities of long-term debt, based on sinking fund requirements, stated maturities or earlier put dates, for the periods 2023 through 2027 and thereafter are as follows:
PPLPPL
Electric
LG&EKU
2023$354 $340 $— $13 
20241,501 900 300 300 
2025551 — 300 250 
2026904 — 90 164 
2027303 108 195 — 
Thereafter9,740 3,191 1,439 2,215 
Total$13,353 $4,539 $2,324 $2,942