Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value [Line Items]

Fair Value of Assets and Liabilities Measured on Recurring Basis

The assets and liabilities measured at fair value were:

	December 31, 2020								December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL
Assets
Cash and cash equivalents	$	708	$	708	$	—	$	—	$	815	$	815	$	—	$	—
Restricted cash and cash equivalents (a)	19		19		—		—		21		21		—		—
Special use funds (a):
Commingled debt fund measured at NAV (b)	26		—		—		—		29		—		—		—
Commingled equity fund measured at NAV (b)	25		—		—		—		27		—		—		—
Total special use funds	51		—		—		—		56		—		—		—
Price risk management assets (c):
Foreign currency contracts	—		—		—		—		142		—		142		—
Cross-currency swaps	146		—		146		—		154		—		154		—
Total price risk management assets	146		—		146		—		296		—		296		—
Total assets	$	924	$	727	$	146	$	—	$	1,188	$	836	$	296	$	—
Liabilities
Price risk management liabilities (c):
Interest rate swaps	$	23	$	—	$	23	$	—	$	21	$	—	$	21	$	—
Foreign currency contracts	137		—		137		—		5		—		5		—
Total price risk management liabilities	$	160	$	—	$	160	$	—	$	26	$	—	$	26	$	—

	December 31, 2020								December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL Electric
Assets
Cash and cash equivalents	$	40	$	40	$	—	$	—	$	262	$	262	$	—	$	—
Restricted cash and cash equivalents (a)	—		—		—		—		2		2		—		—
Total assets	$	40	$	40	$	—	$	—	$	264	$	264	$	—	$	—
LKE
Assets
Cash and cash equivalents	$	29	$	29	$	—	$	—	$	27	$	27	$	—	$	—
Total assets	$	29	$	29	$	—	$	—	$	27	$	27	$	—	$	—
Liabilities
Price risk management liabilities:
Interest rate swaps	$	23	$	—	$	23	$	—	$	21	$	—	$	21	$	—
Total price risk management liabilities	$	23	$	—	$	23	$	—	$	21	$	—	$	21	$	—
LG&E
Assets
Cash and cash equivalents	$	7	$	7	$	—	$	—	$	15	$	15	$	—	$	—
Total assets	$	7	$	7	$	—	$	—	$	15	$	15	$	—	$	—
Liabilities
Price risk management liabilities:
Interest rate swaps	$	23	$	—	$	23	$	—	$	21	$	—	$	21	$	—
Total price risk management liabilities	$	23	$	—	$	23	$	—	$	21	$	—	$	21	$	—
KU
Assets
Cash and cash equivalents	$	22	$	22	$	—	$	—	$	12	$	12	$	—	$	—
Total assets	$	22	$	22	$	—	$	—	$	12	$	12	$	—	$	—

(a)Current portion is included in "Other current assets" and long-term portion is included in "Other noncurrent assets" on the Balance Sheets.

(b)In accordance with accounting guidance, certain investments that are measured at fair value using net asset value per share (NAV), or its equivalent, 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.

(c)Current portion is included in "Price risk management assets" and "Other current liabilities" and noncurrent portion is included in "Price risk management assets" and "Other deferred credits and noncurrent liabilities" on the Balance Sheets.

Fair Value of Financial Instruments Not Recorded at Fair Value - Other

The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below.

	December 31, 2020				December 31, 2019
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
PPL	$	23,127	$	28,765	$	21,893	$	25,481
PPL Electric	4,236		5,338		3,985		4,589
LKE	6,074		7,589		6,002		6,766
LG&E	2,007		2,499		2,005		2,278
KU	2,618		3,334		2,623		3,003

(a)Amounts are net of debt issuance costs.