Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
PPL
Assets
Cash and cash equivalents	$	331	$	331	$	—	$	—	$	356	$	356	$	—	$	—
Restricted cash and cash equivalents (a)	51		51		—		—		1		1		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	382		382		—		—		357		357		—		—
Special use funds (a):
Money market fund	1		1		—		—		1		1		—		—
Commingled debt fund measured at NAV (c)	9		—		—		—		13		—		—		—
Commingled equity fund measured at NAV (c)	8		—		—		—		11		—		—		—
Total special use funds	18		1		—		—		25		1		—		—

	December 31, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Price risk management assets (d):
Gas contracts	1		—		1		—		25		—		25		—
Total assets	$	401	$	383	$	1	$	—	$	407	$	358	$	25	$	—
Liabilities
Price risk management liabilities (d):
Interest rate swaps	$	7	$	—	$	7	$	—	$	7	$	—	$	7	$	—
Gas contracts	60		—		41		19		66		—		10		56
Total price risk management liabilities	$	67	$	—	$	48	$	19	$	73	$	—	$	17	$	56
PPL Electric
Assets
Cash and cash equivalents	$	51	$	51	$	—	$	—	$	25	$	25	$	—	$	—
Total assets	$	51	$	51	$	—	$	—	$	25	$	25	$	—	$	—
LG&E
Assets
Cash and cash equivalents	$	18	$	18	$	—	$	—	$	93	$	93	$	—	$	—
Restricted cash and cash equivalents (a)	26		26		—		—		—		—		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	44		44		—		—		93		93		—		—
Total assets	$	44	$	44	$	—	$	—	$	93	$	93	$	—	$	—
Liabilities
Price risk management liabilities:
Interest rate swaps	$	7	$	—	$	7	$	—	$	7	$	—	$	7	$	—
Total price risk management liabilities	$	7	$	—	$	7	$	—	$	7	$	—	$	7	$	—
KU
Assets
Cash and cash equivalents	$	14	$	14	$	—	$	—	$	21	$	21	$	—	$	—
Restricted cash and cash equivalents (a)	24		24		—		—		—		—		—		—
Total Cash, Cash Equivalents and Restricted Cash (b)	38		38		—		—		21		21		—		—
Total assets	$	38	$	38	$	—	$	—	$	21	$	21	$	—	$	—

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

(b)Total Cash, Cash Equivalents and Restricted Cash provides a reconciliation of these items reported within the Balance Sheets to the sum shown on the Statements of Cash Flows.

(c)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.

(d)Current portion is included in "Other current liabilities" and noncurrent portion is included in "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, 2023				December 31, 2022
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
PPL	$	14,612	$	14,031	$	13,243	$	12,239
PPL Electric	4,567		4,475		4,486		4,259
LG&E	2,469		2,369		2,307		2,128
KU	3,064		2,861		2,920		2,616

(a)Amounts are net of debt issuance costs.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

A reconciliation of net liabilities classified as Level 3 for the year ended December 31 is as follows:

	Gas Contracts
2023
Balance at beginning of period	$	56
Purchases	19
Settlements	(56)
Balance at end of period	$	19