XML 308 R46.htm IDEA: XBRL DOCUMENT v3.20.4
Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Line Items]  
Commercial paper
 December 31, 2020December 31, 2019
Weighted -
Average
Interest Rate		CapacityCommercial
Paper
Issuances		Unused
Capacity		Weighted -
Average
Interest Rate		Commercial
Paper
Issuances
PPL Capital Funding0.25%$1,500 $402 $1,098 2.13%$450 
PPL Electric650 — 650 — 
LG&E0.28%350 262 88 2.07%238 
KU0.28%350 203 147 2.02%150 
Total $2,850 $867 $1,983 $838 
Long-term Debt
Long-term Debt (All Registrants)
  December 31,
 Weighted-Average
Rate (g)		Maturities (g)20202019
PPL    
U.S.    
Senior Unsecured Notes3.95 %2021 - 2047$4,850 $4,325 
Senior Secured Notes/First Mortgage Bonds (a) (b) (c)3.81 %2021 - 20508,955 8,705 
Junior Subordinated Notes4.35 %2067 - 2073930 930 
Term Loan Credit Facility0.85 %2022100 — 
Total U.S. Long-term Debt  14,835 13,960 
U.K.    
Senior Unsecured Notes (d)4.69 %2021 - 20407,197 6,874 
Index-linked Senior Unsecured Notes (e)1.42 %2028 - 20561,150 1,104 
Term Loan Credit Facility1.46 %202467 64 
Total U.K. Long-term Debt (f)  8,414 8,042 
Total Long-term Debt Before Adjustments  23,249 22,002 
Fair market value adjustments  8 12 
Unamortized premium and (discount), net   2 5 
Unamortized debt issuance costs  (132)(126)
Total Long-term Debt  23,127 21,893 
Less current portion of Long-term Debt  1,574 1,172 
Total Long-term Debt, noncurrent  $21,553 $20,721 
PPL Electric    
Senior Secured Notes/First Mortgage Bonds (a) (b)3.79 %2021 - 2049$4,289 $4,039 
Total Long-term Debt Before Adjustments  4,289 4,039 
Unamortized discount  (23)(24)
Unamortized debt issuance costs  (30)(30)
Total Long-term Debt  4,236 3,985 
Less current portion of Long-term Debt  400 — 
Total Long-term Debt, noncurrent  $3,836 $3,985 
LKE    
Senior Unsecured Notes4.38 %2021$250 $725 
First Mortgage Bonds (a) (c)3.82 %2023 - 20504,666 4,666 
Long-term debt to affiliate3.89 %2026 - 20301,200 650 
Total Long-term Debt Before Adjustments  6,116 6,041 
Unamortized premium5 5 
Unamortized discount  (13)(12)
Unamortized debt issuance costs  (34)(32)
Total Long-term Debt  6,074 6,002 
Less current portion of Long-term Debt  674 975 
Total Long-term Debt, noncurrent  $5,400 $5,027 
  December 31,
 Weighted-Average
Rate (g)		Maturities (g)20202019
LG&E    
First Mortgage Bonds (a) (c)3.69 %2025 - 2049$2,024 $2,024 
Total Long-term Debt Before Adjustments  2,024 2,024 
Unamortized discount  (4)(4)
Unamortized debt issuance costs  (13)(15)
Total Long-term Debt  2,007 2,005 
Less current portion of Long-term Debt  292 — 
Total Long-term Debt, noncurrent  $1,715 $2,005 
KU    
First Mortgage Bonds (a) (c)3.92 %2023 - 2050$2,642 $2,642 
Total Long-term Debt Before Adjustments  2,642 2,642 
Unamortized premium5 5 
Unamortized discount  (9)(8)
Unamortized debt issuance costs  (20)(16)
Total Long-term Debt  2,618 2,623 
Less current portion of Long-term Debt  132 500 
Total Long-term Debt, noncurrent  $2,486 $2,123 
(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 $10.8 billion and $10.1 billion at December 31, 2020 and 2019.

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 $5.5 billion and $5.3 billion at December 31, 2020 and 2019.

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 $6.7 billion and $6.6 billion at December 31, 2020 and 2019.
(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. This amount includes $224 million of which PPL Electric is allowed to convert the interest rate mode on the bonds from time to time to a commercial paper rate, daily rate, weekly rate, or term rate of at least one year and $90 million which is 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 on or after September 28, 2021, at a redemption price equal to 100% of the principal amount of the bonds, plus accrued and unpaid interest to, but excluding, such 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, 2020, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a term rate mode totaled $848 million for LKE, comprised of $539 million and $309 million for LG&E and KU respectively. At December 31, 2020, the aggregate tax-exempt revenue bonds issued on behalf of LG&E and KU that were in a variable rate mode totaled $33 million for LKE and KU respectively. 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)Includes £225 million ($300 million at December 31, 2020) of notes that may be redeemed, in total but not in part, on December 21, 2026, at the greater of the principal value or a value determined by reference to the gross redemption yield on a nominated U.K. Government bond.
(e)The principal amount of the notes issued by WPD (South West), WPD (East Midlands) and WPD (South Wales) is adjusted based on changes in a specified index, as detailed in the terms of the related indentures. The adjustment to the principal amounts from 2019 to 2020 was an increase of approximately £10 million ($13 million) resulting from inflation. In addition, this amount includes £331 million ($441 million at December 31, 2020) of notes issued by WPD (South West) that may be redeemed, in total by series, on December 1, 2026, at the greater of the adjusted principal value and a make-whole value determined by reference to the gross real yield on a nominated U.K. government bond.
(f)Includes £5.8 billion ($7.7 billion at December 31, 2020) of notes that may be put by the holders to the issuer for redemption if the long-term credit ratings assigned to the notes are withdrawn by any of the rating agencies (Moody's or S&P) or reduced to a non-investment grade rating of Ba1 or BB+ or lower in connection with a restructuring event, which includes the loss of, or a material adverse change to, the distribution licenses under which the issuer operates.
(g)The table reflects principal maturities only, based on stated maturities or earlier put dates, and the weighted-average rates as of December 31, 2020.
Long-term Debt Maturities The aggregate maturities of long-term debt, based on stated maturities or earlier put dates, for the periods 2021 through 2025 and thereafter are as follows:
PPLPPL
Electric		LKELG&EKU
2021$1,574 $400 $674 $292 $132 
20221,374 474 — — — 
20232,552 340 13 — 13 
2024950 — — — — 
2025883 — 550 300 250 
Thereafter15,916 3,075 4,879 1,432 2,247 
Total$23,249 $4,289 $6,116 $2,024 $2,642