Retirement and Postemployment Benefits (Tables)

12 Months Ended

Dec. 31, 2020

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 domestic (U.S.) and WPD's (U.K.) pension and other postretirement benefit plans for the years ended December 31.

	Pension Benefits
	U.S.						U.K.						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Net periodic defined benefit costs (credits):
Service cost	$	56	$	50	$	62	$	89	$	68	$	82	$	6	$	6	$	7
Interest cost	146		164		156		143		187		185		19		22		21
Expected return on plan assets	(246)		(245)		(249)		(622)		(588)		(587)		(21)		(18)		(23)
Amortization of:
Prior service cost (credit)	9		8		10		1		1		—		1		(1)		(1)
Actuarial (gain) loss	89		56		84		213		92		151		—		1		—
Net periodic defined benefit costs (credits) prior to settlements and termination benefits	54		33		63		(176)		(240)		(169)		5		10		4
Settlements (a)	23		1		—		—		—		—		—		—		—
Net periodic defined benefit costs (credits)	$	77	$	34	$	63	$	(176)	$	(240)	$	(169)	$	5	$	10	$	4
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross:
Settlement	(23)		(1)		—		—		—		—		—		—		—
Net (gain) loss	(221)		(121)		157		459		723		201		(6)		(18)		8
Prior service cost (credit)	1		2		1		—		—		13		5		—		—
Amortization of:
Prior service (cost) credit	(9)		(8)		(10)		(1)		(1)		—		(1)		1		1
Actuarial gain (loss)	(89)		(56)		(84)		(213)		(92)		(151)		—		(1)		—
Total recognized in OCI and regulatory assets/liabilities (b)	(341)		(184)		64		245		630		63		(2)		(18)		9
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities (b)	$	(264)	$	(150)	$	127	$	69	$	390	$	(106)	$	3	$	(8)	$	13

(a)Includes 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.

(b)WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP. As a result, WPD does not record regulatory assets/liabilities.

Schedule of Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities

For PPL's U.S. pension benefits and for other postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows:

	U.S. Pension Benefits						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018
OCI	$	(428)	$	(194)	$	90	$	(12)	$	(13)	$	20
Regulatory assets/liabilities	87		10		(26)		10		(5)		(11)
Total recognized in OCI and regulatory assets/liabilities	$	(341)	$	(184)	$	64	$	(2)	$	(18)	$	9

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. The U.K. pension benefits apply to PPL only.

	Pension Benefits
	U.S.						U.K.						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018		2020		2019		2018
PPL	$	40	$	18	$	40	$	(237)	$	(287)	$	(226)	$	4	$	8	$	2
PPL Electric (a)	(2)		(4)		4								2		4		(1)
LKE (b)	20		12		21								1		2		3
LG&E (a) (b)	4		3		4								2		2		2
KU (a) (b)	1		(1)		2								—		—		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 and KU do 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 LKE's, 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, $3 million for LG&E and $1 million for KU were recorded as regulatory assets in 2020, $2 million for LG&E and $1 million for KU were recorded as regulatory assets in 2019 and $3 million for LG&E and $2 million for KU were recorded as regulatory assets in 2018.

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. The U.K. pension benefits apply to PPL only.

	Pension Benefits
	U.S.				U.K.				Other Postretirement Benefits
	2020		2019		2020		2019		2020		2019
PPL
Discount rate	2.92	%	3.64	%	1.53	%	1.94	%	2.84	%	3.60	%
Rate of compensation increase	3.76	%	3.79	%	3.25	%	3.25	%	3.75	%	3.76	%
LKE
Discount rate	2.91	%	3.62	%					2.85	%	3.59	%
Rate of compensation increase	3.50	%	3.50	%					3.50	%	3.50	%
LG&E
Discount rate	—	%	3.60	%

The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only.

	Pension Benefits
	U.S.						U.K.						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018		2020		2019		2018
PPL
Discount rate service cost	3.64	%	4.35	%	3.70	%	2.03	%	3.12	%	2.73	%	3.60	%	4.31	%	3.64	%
Discount rate interest cost	3.64	%	4.35	%	3.70	%	1.73	%	2.62	%	2.31	%	3.60	%	4.31	%	3.64	%
Rate of compensation increase	3.79	%	3.79	%	3.78	%	3.25	%	3.50	%	3.50	%	3.76	%	3.76	%	3.75	%
Expected return on plan assets	7.25	%	7.25	%	7.25	%	7.13	%	7.21	%	7.23	%	6.44	%	6.46	%	6.40	%
LKE
Discount rate	3.62	%	4.35	%	3.69	%							3.59	%	4.32	%	3.65	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%							3.50	%	3.50	%	3.50	%
Expected return on plan assets (a)	7.25	%	7.25	%	7.25	%							7.02	%	7.00	%	7.15	%
LG&E
Discount rate	—	%	4.33	%	3.65	%
Expected return on plan assets (a)	—	%	7.25	%	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 and LKE)

The following table provides the assumed health care cost trend rates for the years ended December 31:

	2020		2019		2018
PPL and LKE
Health care cost trend rate assumed for next year
– obligations	6.5	%	6.6	%	6.6	%
– cost	6.6	%	6.6	%	6.6	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
– obligations	5.0	%	5.0	%	5.0	%
– cost	5.0	%	5.0	%	5.0	%
Year that the rate reaches the ultimate trend rate
– obligations	2027		2024		2023
– cost	2024		2023		2022

Schedule of Funded Status of Defined Benefit Plans

The funded status of PPL's plans at December 31 was as follows:

	Pension Benefits
	U.S.				U.K.				Other Postretirement Benefits
	2020		2019		2020		2019		2020		2019
Change in Benefit Obligation
Benefit Obligation, beginning of period	$	4,146	$	3,883	$	8,515	$	7,275	$	557	$	538
Service cost	56		50		89		68		6		6
Interest cost	146		164		143		187		19		22
Participant contributions	—		—		12		12		15		14
Plan amendments	2		2		—		—		5		—
Actuarial (gain) loss	256		368		624		1,220		29		34
Settlements	(114)		(21)		—		—		—		—
Gross benefits paid	(241)		(300)		(366)		(363)		(58)		(58)
Federal subsidy	—		—		—		—		—		1
Currency conversion	—		—		281		116		—		—
Benefit Obligation, end of period	4,251		4,146		9,298		8,515		573		557
Change in Plan Assets
Plan assets at fair value, beginning of period	3,585		3,109		8,945		7,801		340		301
Actual return on plan assets	723		735		805		1,095		56		71
Employer contributions	115		63		272		278		18		10
Participant contributions	—		—		12		12		11		10
Settlements	(114)		(22)		—		—		—		—
Gross benefits paid	(241)		(300)		(366)		(363)		(58)		(52)
Currency conversion	—		—		302		122		—		—
Plan assets at fair value, end of period	4,068		3,585		9,970		8,945		367		340
Funded Status, end of period	$	(183)	$	(561)	$	672	$	430	$	(206)	$	(217)
Amounts recognized in the Balance Sheets consist of:
Noncurrent asset	$	24	$	24	$	682	$	440	$	—	$	11
Current liability	(18)		(8)		—		(1)		(22)		(2)
Noncurrent liability	(189)		(577)		(10)		(9)		(184)		(226)
Net amount recognized, end of period	$	(183)	$	(561)	$	672	$	430	$	(206)	$	(217)

	Pension Benefits
	U.S.				U.K.				Other Postretirement Benefits
	2020		2019		2020		2019		2020		2019
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of:
Prior service cost (credit)	$	27	$	34	$	11	$	11	$	14	$	10
Net actuarial (gain) loss	695		1,029		3,682		3,435		—		6
Total (a)	$	722	$	1,063	$	3,693	$	3,446	$	14	$	16
Total accumulated benefit obligation for defined benefit pension plans	$	4,024	$	3,910	$	8,516	$	7,821

(a)WPD is not subject to accounting for the effects of certain types of regulation as prescribed by GAAP and as a result, does not record regulatory assets/liabilities.

For PPL's U.S. pension and other postretirement benefit plans, the amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows:

	U.S. Pension Benefits				Other Postretirement Benefits
	2020		2019		2020		2019
AOCI	$	270	$	352	$	10	$	13
Regulatory assets/liabilities	452		711		4		3
Total	$	722	$	1,063	$	14	$	16

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:

	U.S.				U.K.
	PBO in excess of plan assets				PBO in excess of plan assets
	2020		2019		2020		2019
Projected benefit obligation	$	1,875	$	3,861	$	11	$	10
Fair value of plan assets	1,668		3,275		—		—
	U.S.				U.K.
	ABO in excess of plan assets				ABO in excess of plan assets
	2020		2019		2020		2019
Accumulated benefit obligation	$	184	$	3,624	$	11	$	10
Fair value of plan assets	—		3,275		—		—

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 assets				2020
	2020		2019 (a)		Target Asset Allocation (a)
Growth Portfolio	56	%	57	%	55	%
Equity securities	34	%	34	%
Debt securities (b)	13	%	14	%
Alternative investments	9	%	9	%
Immunizing Portfolio	43	%	42	%	43	%
Debt securities (b)	33	%	35	%
Derivatives	10	%	7	%
Liquidity Portfolio	1	%	1	%	2	%
Total	100	%	100	%	100	%

(a)Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan.

(b)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, 2020								December 31, 2019
			Fair Value Measurements Using								Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL Services Corporation Master Trust
Cash and cash equivalents	$	300	$	300	$	—	$	—	$	182	$	182	$	—	$	—
Equity securities:
U.S. Equity	60		60		—		—		194		194		—		—
U.S. Equity fund measured at NAV (a)	742		—		—		—		451		—		—		—
International equity fund at NAV (a)	566		—		—		—		554		—		—		—
Commingled debt measured at NAV (a)	712		—		—		—		621		—		—		—
Debt securities:
U.S. Treasury and U.S. government sponsored agency	336		335		1		—		310		309		1		—
Corporate	1,045		—		1,030		15		951		—		931		20
Other	13		—		13		—		14		—		14		—

	December 31, 2020								December 31, 2019
			Fair Value Measurements Using								Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Alternative investments:
Real estate measured at NAV (a)	76		—		—		—		88		—		—		—
Private equity measured at NAV (a)	68		—		—		—		62		—		—		—
Hedge funds measured at NAV (a)	223		—		—		—		194		—		—		—
Limited Partnerships at NAV (a)	6		—		—		—		—		—		—		—
Derivatives	(37)		—		(37)		—		3		—		3		—
Insurance contracts	—		—		—		—		4		—		—		4
PPL Services Corporation Master Trust assets, at fair value	4,110		$	695	$	1,007	$	15	3,628		$	685	$	949	$	24
Receivables and payables, net (b)	116								99
401(h) accounts restricted for other postretirement benefit obligations	(158)								(142)
Total PPL Services Corporation Master Trust pension assets	$	4,068							$	3,585

(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, 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

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2019 is as follows: 

	Corporate debt		Insurance contracts		Total
Balance at beginning of period	$	25	$	21	$	46
Actual return on plan assets:
Relating to assets still held at the reporting date	(1)		4		3
Relating to assets sold during the period	3		—		3
Purchases, sales and settlements	(7)		(21)		(28)
Balance at end of period	$	20	$	4	$	24

Schedules of Target Allocation of U.S. Other Postretirement Benefit Plans VEBA Trust

The asset allocation for the PPL VEBA trusts, excluding LKE, and the target allocation, by asset class, at December 31 are detailed below.

	Percentage of plan assets				Target Asset Allocation
	2020		2019		2020
Asset Class
U.S. Equity securities	42	%	45	%	45	%
Debt securities (a)	55	%	52	%	50	%
Cash and cash equivalents (b)	3	%	3	%	5	%
Total	100	%	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 U.S. other postretirement benefit plans by asset class and level within the fair value hierarchy was:

	December 31, 2020								December 31, 2019
			Fair Value Measurement Using								Fair Value Measurement Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Money market funds	$	5	$	5	$	—	$	—	$	6	$	6	$	—	$	—
U.S. Equity securities:
Large-cap equity fund measure at NAV (a)	89		—		—		—		89		—		—		—
Commingled debt fund measured at NAV (a)	77		—		—		—		68		—		—		—
Debt securities:
Corporate bonds	37		—		37		—		35		—		35		—
U.S. Treasury and U.S. government sponsored agency	2		—		2		—		—		—		—		—
Total VEBA trust assets, at fair value	210		$	5	$	39	$	—	198		$	6	$	35	$	—
Receivables and payables, net (b)	(1)								—
401(h) account assets	158								142
Total other postretirement benefit plan assets	$	367							$	340

(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.

Schedules of Asset Allocation of U.K. Pension Plan Assets

The asset allocation and target allocation at December 31 of WPD's pension plans are detailed below.

					Target Asset
	Percentage of plan assets				Allocation
	2020		2019		2020
Asset Class
Cash and cash equivalents	4	%	2	%	—	%
Equity securities
U.K.	—	%	—	%	2	%
European (excluding the U.K.)	—	%	—	%	1	%
Asian-Pacific	—	%	—	%	1	%
North American	—	%	1	%	1	%
Emerging markets	—	%	—	%	1	%
Global equities	23	%	19	%	9	%
Global Tactical Asset Allocation	20	%	29	%	41	%
Debt securities (a)	48	%	43	%	38	%
Alternative investments	5	%	6	%	6	%
Total	100	%	100	%	100	%

(a)Includes commingled debt funds.

Schedule of Fair Value of Financial Assets for U.K. Pension Plan Assets

The fair value of assets in the U.K. pension plans by asset class and level within the fair value hierarchy was:

	December 31, 2020								December 31, 2019
			Fair Value Measurement Using								Fair Value Measurement Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	412	$	412	$	—	$	—	$	154	$	154	$	—	$	—
Equity securities measured at NAV (a) :
U.K. companies	1		—		—		—		22		—		—		—
European companies (excluding the U.K.)	3		—		—		—		54		—		—		—
Asian-Pacific companies	3		—		—		—		35		—		—		—
North American companies	3		—		—		—		74		—		—		—
Emerging markets companies	1		—		—		—		32		—		—		—
Global Equities	2,253		—		—		—		1,684		—		—		—
Other	1,950		—		—		—		2,584		—		—		—
Debt Securities:
U.K. corporate bonds	—		—		—		—		5		—		5		—
U.K. corporate bonds measured at NAV (a)	574		—		—		—		—		—		$	—	—
U.K. gilts	4,209		—		4,209		—		3,819		—		3,819		—
Alternative investments:
Real estate measured at NAV (a)	557		—		—		—		519		—		—		—
Fair value - U.K. pension plans	9,966		$	412	$	4,209	$	—	8,982		$	154	$	3,824	$	—
Receivables and payables, net (b)	4								(37)
Total U.K. pension assets	$	9,970							$	8,945

(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.

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
	Pension		Benefit Payment		Expected Federal Subsidy
2021	$	296	$	49	$	1
2022	284		47		—
2023	279		46		—
2024	275		44		—
2025	273		43		—
2026-2030	1,273		194		1

Schedule of Expected Cash Flows - U.K. Pension Plans - Expected Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans.

	Pension
2021	$	362
2022	367
2023	370
2024	375
2025	377
2026-2030	1,884

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:

	2020		2019		2018
PPL	$	42	$	42	$	40
PPL Electric	6		6		6
LKE	19		21		20
LG&E	6		6		6
KU	5		5		5

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:

	2020		2019
Pension	$	(4)	$	179
Other postretirement benefits	99		122

LG And E And KU Energy LLC [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 LKE's pension and other postretirement benefit plans for the years ended December 31.

	Pension Benefits						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018
Net periodic defined benefit costs (credits):
Service cost	$	24	$	22	$	25	$	4	$	4	$	4
Interest cost	57		66		63		7		8		8
Expected return on plan assets	(101)		(101)		(102)		(9)		(8)		(9)
Amortization of:
Prior service cost	8		8		9		1		1		1
Actuarial (gain) loss (a)	41		22		35		(1)		(1)		—
Net periodic defined benefit costs (credits) before settlements	$	29	$	17	$	30	$	2	$	4	$	4
Settlements (b)	15		—		—		—		—		—
Net periodic defined benefit costs (credits) (c)	$	44	$	17	$	30	$	2	$	4	$	4
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross:
Settlements	$	(15)	$	—	$	—	$	—	$	—	$	—
Net (gain) loss	(29)		(37)		40		(1)		(14)		1
Prior service cost	2		2		—		5		—		—
Amortization of:
Prior service credit	(8)		(8)		(9)		(1)		(1)		(1)
Actuarial gain (loss)	(41)		(22)		(35)		1		1		—
Total recognized in OCI and regulatory assets/liabilities	(91)		(65)		(4)		4		(14)		—
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities	$	(47)	$	(48)	$	26	$	6	$	(10)	$	4

(a)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 LKE's pension accounting policy and actuarial (gain)/loss calculated using a 15 year amortization period was $11 million in 2020, $5 million in 2019 and $11 million in 2018.

(b)Due to the amount of lump sum payment distributions from the LKE qualified pension plan, a settlement charge of $15 million for the year ended December 31, 2020 was incurred. 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 attributable to LKE’s operations outside of the jurisdiction of the KPSC has been charged to expense.

(c)Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, settlement charges of $5 million in 2019 and $6 million in 2018 were 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.

Schedule of Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities

For LKE's pension and other postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows:

	Pension Benefits						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018
OCI	$	(5)	$	13	$	(25)	$	(2)	$	(7)	$	4
Regulatory assets/liabilities	(86)		(78)		21		6		(7)		(4)
Total recognized in OCI and regulatory assets/liabilities	$	(91)	$	(65)	$	(4)	$	4	$	(14)	$	—

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. The U.K. pension benefits apply to PPL only.

	Pension Benefits
	U.S.				U.K.				Other Postretirement Benefits
	2020		2019		2020		2019		2020		2019
PPL
Discount rate	2.92	%	3.64	%	1.53	%	1.94	%	2.84	%	3.60	%
Rate of compensation increase	3.76	%	3.79	%	3.25	%	3.25	%	3.75	%	3.76	%
LKE
Discount rate	2.91	%	3.62	%					2.85	%	3.59	%
Rate of compensation increase	3.50	%	3.50	%					3.50	%	3.50	%
LG&E
Discount rate	—	%	3.60	%

The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only.

	Pension Benefits
	U.S.						U.K.						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018		2020		2019		2018
PPL
Discount rate service cost	3.64	%	4.35	%	3.70	%	2.03	%	3.12	%	2.73	%	3.60	%	4.31	%	3.64	%
Discount rate interest cost	3.64	%	4.35	%	3.70	%	1.73	%	2.62	%	2.31	%	3.60	%	4.31	%	3.64	%
Rate of compensation increase	3.79	%	3.79	%	3.78	%	3.25	%	3.50	%	3.50	%	3.76	%	3.76	%	3.75	%
Expected return on plan assets	7.25	%	7.25	%	7.25	%	7.13	%	7.21	%	7.23	%	6.44	%	6.46	%	6.40	%
LKE
Discount rate	3.62	%	4.35	%	3.69	%							3.59	%	4.32	%	3.65	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%							3.50	%	3.50	%	3.50	%
Expected return on plan assets (a)	7.25	%	7.25	%	7.25	%							7.02	%	7.00	%	7.15	%
LG&E
Discount rate	—	%	4.33	%	3.65	%
Expected return on plan assets (a)	—	%	7.25	%	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 and LKE)

The following table provides the assumed health care cost trend rates for the years ended December 31:

	2020		2019		2018
PPL and LKE
Health care cost trend rate assumed for next year
– obligations	6.5	%	6.6	%	6.6	%
– cost	6.6	%	6.6	%	6.6	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
– obligations	5.0	%	5.0	%	5.0	%
– cost	5.0	%	5.0	%	5.0	%
Year that the rate reaches the ultimate trend rate
– obligations	2027		2024		2023
– cost	2024		2023		2022

Schedule of Funded Status of Defined Benefit Plans

The funded status of LKE's plans at December 31 was as follows:

	Pension Benefits				Other Postretirement Benefits
	2020		2019		2020		2019
Change in Benefit Obligation
Benefit Obligation, beginning of period	$	1,684	$	1,580	$	208	$	205
Service cost	24		22		4		4
Interest cost	57		66		7		8
Participant contributions	—		—		9		7
Plan amendments	2		2		5		—
Actuarial (gain) loss (a)	164		166		18		5
Settlements	(83)		(16)		—		—
Gross benefits paid	(63)		(136)		(22)		(21)
Benefit Obligation, end of period	1,785		1,684		229		208
Change in Plan Assets
Plan assets at fair value, beginning of period	1,470		1,294		141		117
Actual return on plan assets	294		304		28		27
Employer contributions	50		24		4		11
Participant contributions	—		—		9		7
Settlements	(83)		(16)		—		—
Gross benefits paid	(63)		(136)		(22)		(21)
Plan assets at fair value, end of period	1,668		1,470		160		141
Funded Status, end of period	$	(117)	$	(214)	$	(69)	$	(67)
Amounts recognized in the Balance Sheets consist of:
Noncurrent asset	$	—	$	24	$	—	$	11
Current liability	(5)		(5)		(2)		(2)
Noncurrent liability	(112)		(233)		(67)		(76)
Net amount recognized, end of period	$	(117)	$	(214)	$	(69)	$	(67)
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of:
Prior service cost	$	23	$	30	$	14	$	10
Net actuarial (gain) loss	296		380		(37)		(37)
Total	$	319	$	410	$	(23)	$	(27)
Total accumulated benefit obligation for defined benefit pension plans	$	1,657	$	1,561

(a)The actuarial (gain) loss for all pension plans in 2020 and 2019 was primarily related to changes in the discount rate used to measure the benefit obligations of those plans.

The amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows:

	Pension Benefits				Other Postretirement Benefits
	2020		2019		2020		2019
AOCI	$	127	$	132	$	2	$	4
Regulatory assets/liabilities	192		278		(25)		(31)
Total	$	319	$	410	$	(23)	$	(27)

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 obligations (ABO) exceed the fair value of plan assets: 

	PBO in excess of plan assets
	2020		2019
Projected benefit obligation	$	1,785	$	1,398
Fair value of plan assets	1,668		1,160
	ABO in excess of plan assets
	2020		2019
Accumulated benefit obligation	$	104	$	1,276
Fair value of plan assets	—		1,160

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 assets				2020
	2020		2019 (a)		Target Asset Allocation (a)
Growth Portfolio	56	%	57	%	55	%
Equity securities	34	%	34	%
Debt securities (b)	13	%	14	%
Alternative investments	9	%	9	%
Immunizing Portfolio	43	%	42	%	43	%
Debt securities (b)	33	%	35	%
Derivatives	10	%	7	%
Liquidity Portfolio	1	%	1	%	2	%
Total	100	%	100	%	100	%

(a)Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan.

(b)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, 2020								December 31, 2019
			Fair Value Measurements Using								Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL Services Corporation Master Trust
Cash and cash equivalents	$	300	$	300	$	—	$	—	$	182	$	182	$	—	$	—
Equity securities:
U.S. Equity	60		60		—		—		194		194		—		—
U.S. Equity fund measured at NAV (a)	742		—		—		—		451		—		—		—
International equity fund at NAV (a)	566		—		—		—		554		—		—		—
Commingled debt measured at NAV (a)	712		—		—		—		621		—		—		—
Debt securities:
U.S. Treasury and U.S. government sponsored agency	336		335		1		—		310		309		1		—
Corporate	1,045		—		1,030		15		951		—		931		20
Other	13		—		13		—		14		—		14		—

	December 31, 2020								December 31, 2019
			Fair Value Measurements Using								Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Alternative investments:
Real estate measured at NAV (a)	76		—		—		—		88		—		—		—
Private equity measured at NAV (a)	68		—		—		—		62		—		—		—
Hedge funds measured at NAV (a)	223		—		—		—		194		—		—		—
Limited Partnerships at NAV (a)	6		—		—		—		—		—		—		—
Derivatives	(37)		—		(37)		—		3		—		3		—
Insurance contracts	—		—		—		—		4		—		—		4
PPL Services Corporation Master Trust assets, at fair value	4,110		$	695	$	1,007	$	15	3,628		$	685	$	949	$	24
Receivables and payables, net (b)	116								99
401(h) accounts restricted for other postretirement benefit obligations	(158)								(142)
Total PPL Services Corporation Master Trust pension assets	$	4,068							$	3,585

(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, 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

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2019 is as follows: 

	Corporate debt		Insurance contracts		Total
Balance at beginning of period	$	25	$	21	$	46
Actual return on plan assets:
Relating to assets still held at the reporting date	(1)		4		3
Relating to assets sold during the period	3		—		3
Purchases, sales and settlements	(7)		(21)		(28)
Balance at end of period	$	20	$	4	$	24

Schedule of Fair Value of Financial Assets for U.S. Postretirement Benefits

The fair value of assets in the U.S. other postretirement benefit plans by asset class and level within the fair value hierarchy was:

	December 31, 2020								December 31, 2019
			Fair Value Measurement Using								Fair Value Measurement Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Money market funds	$	5	$	5	$	—	$	—	$	6	$	6	$	—	$	—
U.S. Equity securities:
Large-cap equity fund measure at NAV (a)	89		—		—		—		89		—		—		—
Commingled debt fund measured at NAV (a)	77		—		—		—		68		—		—		—
Debt securities:
Corporate bonds	37		—		37		—		35		—		35		—
U.S. Treasury and U.S. government sponsored agency	2		—		2		—		—		—		—		—
Total VEBA trust assets, at fair value	210		$	5	$	39	$	—	198		$	6	$	35	$	—
Receivables and payables, net (b)	(1)								—
401(h) account assets	158								142
Total other postretirement benefit plan assets	$	367							$	340

(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 LKE.

			Other Postretirement
	Pension		Benefit Payment		Expected Federal Subsidy
2021	$	121	$	15	$	1
2022	119		16		—
2023	118		16		—
2024	117		16		—
2025	115		16		—
2026-2030	533		75		1

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 years ended December 31.

	Pension Benefits
	2019 (a)		2018
Net periodic defined benefit costs (credits):
Service cost	$	1	$	1
Interest cost	11		12
Expected return on plan assets	(21)		(22)
Amortization of:
Prior service cost (credit)	5		5
Actuarial loss (b)	9		7
Net periodic defined benefit costs (credits) (c)	$	5	$	3
Other Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets - Gross:
Net (gain) loss	$	(19)	$	22
Prior service cost	—		—
Amortization of:
Prior service credit	(5)		(5)
Actuarial gain	(9)		(7)
Total recognized in regulatory assets/liabilities	(33)		10
Total recognized in net periodic defined benefit costs and regulatory assets	$	(28)	$	13

(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 and $2 million in 2018.

(c)Due to the amount of lump sum payment distributions from the LG&E qualified pension plan, settlement charges of $5 million in 2019 and $6 million in 2018 were 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.

Schedule of Net Periodic Defined Benefit Costs Included in Income Statement

In the table above, LG&E amounts include costs for the specific plans it sponsors and the following allocated costs of defined benefit plans sponsored by LKE. LG&E is 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 from LKS. These allocations are based on LG&E's participation in those plans, which management believes are reasonable:

	Pension Benefits				Other Postretirement Benefits
	2019 (a)		2018		2019 (a)		2018
LG&E Non-Union Only	$	—	$	2	$	2	$	2

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. The U.K. pension benefits apply to PPL only.

	Pension Benefits
	U.S.				U.K.				Other Postretirement Benefits
	2020		2019		2020		2019		2020		2019
PPL
Discount rate	2.92	%	3.64	%	1.53	%	1.94	%	2.84	%	3.60	%
Rate of compensation increase	3.76	%	3.79	%	3.25	%	3.25	%	3.75	%	3.76	%
LKE
Discount rate	2.91	%	3.62	%					2.85	%	3.59	%
Rate of compensation increase	3.50	%	3.50	%					3.50	%	3.50	%
LG&E
Discount rate	—	%	3.60	%

The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31. The U.K. pension benefits apply to PPL only.

	Pension Benefits
	U.S.						U.K.						Other Postretirement Benefits
	2020		2019		2018		2020		2019		2018		2020		2019		2018
PPL
Discount rate service cost	3.64	%	4.35	%	3.70	%	2.03	%	3.12	%	2.73	%	3.60	%	4.31	%	3.64	%
Discount rate interest cost	3.64	%	4.35	%	3.70	%	1.73	%	2.62	%	2.31	%	3.60	%	4.31	%	3.64	%
Rate of compensation increase	3.79	%	3.79	%	3.78	%	3.25	%	3.50	%	3.50	%	3.76	%	3.76	%	3.75	%
Expected return on plan assets	7.25	%	7.25	%	7.25	%	7.13	%	7.21	%	7.23	%	6.44	%	6.46	%	6.40	%
LKE
Discount rate	3.62	%	4.35	%	3.69	%							3.59	%	4.32	%	3.65	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%							3.50	%	3.50	%	3.50	%
Expected return on plan assets (a)	7.25	%	7.25	%	7.25	%							7.02	%	7.00	%	7.15	%
LG&E
Discount rate	—	%	4.33	%	3.65	%
Expected return on plan assets (a)	—	%	7.25	%	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

(LG&E)

The funded status of LG&E's plan at December 31, was as follows:

	Pension Benefits
	2019 (a)
Change in Benefit Obligation
Benefit Obligation, beginning of period	$	285
Service cost	1
Interest cost	11
Actuarial (gain) loss	25
Gross benefits paid	(36)
Benefit Obligation, end of period	286
Change in Plan Assets
Plan assets at fair value, beginning of period	281
Actual return on plan assets	64
Employer contributions	1
Gross benefits paid	(36)
Plan assets at fair value, end of period	310
Funded Status, end of period	$	24
Amounts recognized in the Balance Sheets consist of:
Noncurrent asset (liability)	$	24
Net amount recognized, end of period	$	24
Amounts recognized in regulatory assets (pre-tax) consist of:
Prior service cost	$	17
Net actuarial loss	79
Total	$	96
Total accumulated benefit obligation for defined benefit pension plan	$	286

(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.

Allocations to LG&E resulted in (assets)/liabilities at December 31 as follows:

	2020		2019
Pension	$	(78)	$	(7)
Other postretirement benefits	68		63

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 assets				2020
	2020		2019 (a)		Target Asset Allocation (a)
Growth Portfolio	56	%	57	%	55	%
Equity securities	34	%	34	%
Debt securities (b)	13	%	14	%
Alternative investments	9	%	9	%
Immunizing Portfolio	43	%	42	%	43	%
Debt securities (b)	33	%	35	%
Derivatives	10	%	7	%
Liquidity Portfolio	1	%	1	%	2	%
Total	100	%	100	%	100	%

(a)Allocations exclude consideration of a group annuity contract held by the LG&E and KU Retirement Plan.

(b)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, 2020								December 31, 2019
			Fair Value Measurements Using								Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL Services Corporation Master Trust
Cash and cash equivalents	$	300	$	300	$	—	$	—	$	182	$	182	$	—	$	—
Equity securities:
U.S. Equity	60		60		—		—		194		194		—		—
U.S. Equity fund measured at NAV (a)	742		—		—		—		451		—		—		—
International equity fund at NAV (a)	566		—		—		—		554		—		—		—
Commingled debt measured at NAV (a)	712		—		—		—		621		—		—		—
Debt securities:
U.S. Treasury and U.S. government sponsored agency	336		335		1		—		310		309		1		—
Corporate	1,045		—		1,030		15		951		—		931		20
Other	13		—		13		—		14		—		14		—

	December 31, 2020								December 31, 2019
			Fair Value Measurements Using								Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Alternative investments:
Real estate measured at NAV (a)	76		—		—		—		88		—		—		—
Private equity measured at NAV (a)	68		—		—		—		62		—		—		—
Hedge funds measured at NAV (a)	223		—		—		—		194		—		—		—
Limited Partnerships at NAV (a)	6		—		—		—		—		—		—		—
Derivatives	(37)		—		(37)		—		3		—		3		—
Insurance contracts	—		—		—		—		4		—		—		4
PPL Services Corporation Master Trust assets, at fair value	4,110		$	695	$	1,007	$	15	3,628		$	685	$	949	$	24
Receivables and payables, net (b)	116								99
401(h) accounts restricted for other postretirement benefit obligations	(158)								(142)
Total PPL Services Corporation Master Trust pension assets	$	4,068							$	3,585

(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, 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

A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2019 is as follows: 

	Corporate debt		Insurance contracts		Total
Balance at beginning of period	$	25	$	21	$	46
Actual return on plan assets:
Relating to assets still held at the reporting date	(1)		4		3
Relating to assets sold during the period	3		—		3
Purchases, sales and settlements	(7)		(21)		(28)
Balance at end of period	$	20	$	4	$	24

Schedule of Fair Value of Financial Assets for U.S. Postretirement Benefits

The fair value of assets in the U.S. other postretirement benefit plans by asset class and level within the fair value hierarchy was:

	December 31, 2020								December 31, 2019
			Fair Value Measurement Using								Fair Value Measurement Using
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Money market funds	$	5	$	5	$	—	$	—	$	6	$	6	$	—	$	—
U.S. Equity securities:
Large-cap equity fund measure at NAV (a)	89		—		—		—		89		—		—		—
Commingled debt fund measured at NAV (a)	77		—		—		—		68		—		—		—
Debt securities:
Corporate bonds	37		—		37		—		35		—		35		—
U.S. Treasury and U.S. government sponsored agency	2		—		2		—		—		—		—		—
Total VEBA trust assets, at fair value	210		$	5	$	39	$	—	198		$	6	$	35	$	—
Receivables and payables, net (b)	(1)								—
401(h) account assets	158								142
Total other postretirement benefit plan assets	$	367							$	340

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.

	2020		2019
Pension	$	(62)	$	(31)
Other postretirement benefits	16		16