Defined Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Defined Benefits

9. Defined Benefits

(PPL)

Certain net periodic defined benefit costs are applied to accounts that are further distributed among capital, expense, regulatory assets and regulatory liabilities, including certain costs allocated to applicable subsidiaries for plans sponsored by PPL Services and LKE. Following are the net periodic defined benefit costs (credits) of the plans sponsored by PPL and its subsidiaries for the periods ended June 30:

	Pension Benefits
	Three Months				Six Months
	2023		2022		2023		2022
PPL
Service cost	$	8	$	13	$	17	$	25
Interest cost	48		30		94		62
Expected return on plan assets	(77)		(63)		(155)		(127)
Amortization of:
Prior service cost	1		2		3		4
Actuarial loss	1		17		1		29
Net periodic defined benefit costs (credits) before settlements	(19)		(1)		(40)		(7)
Settlements (a)	—		12		—		12
Net periodic defined benefit costs (credits)	$	(19)	$	11	$	(40)	$	5

(a)Due to the amount of lump sum payment distributions from the LKE qualified pension plan, settlement charges were incurred during the three and six months ended, June 30, 2022. In accordance with existing regulatory accounting treatment, LG&E and KU have primarily maintained the settlement charge in regulatory assets to be amortized over 15 years.

	Other Postretirement Benefits
	Three Months				Six Months
	2023		2022		2023		2022
PPL
Service cost	$	1	$	2	$	3	$	3
Interest cost	8		4		15		8
Expected return on plan assets	(7)		(6)		(15)		(12)
Amortization of:
Prior service cost	1		1		1		1
Actuarial loss	(2)		(2)		(3)		(2)
Net periodic defined benefit costs (credits)	$	1	$	(1)	$	1	$	(2)

(All Registrants)

The non-service cost components of net periodic defined benefit costs (credits) (interest cost, expected return on plan assets, amortization of prior service cost and amortization of actuarial gain and loss) are presented in "Other Income (Expense) - net" on the Statements of Income. See Note 12 for additional information.