v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The assets and liabilities measured at fair value were:
June 30, 2025December 31, 2024
 TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
PPL        
Assets        
Cash and cash equivalents$294 $294 $— $— $306 $306 $— $— 
Restricted cash and cash equivalents (a)24 24 — — 33 33 — — 
Total Cash, Cash Equivalents and Restricted Cash (b)318 318 — — 339 339 — — 
Special use funds (a):
Money market fund1 1 — — 1 1 — — 
Commingled debt fund measured at NAV (c)7 — — — 10 — — — 
Commingled equity fund measured at NAV (c)6 — — — 8 — — — 
Total special use funds14 1 — — 19 1 — — 
Price risk management assets (d):
Interest rate derivatives2 — 2 — — — — — 
Gas contracts10 — 10 — 9 — 4 5 
Total assets$344 $319 $12 $— $367 $340 $4 $5 
Liabilities        
Price risk management liabilities (d):        
Interest rate derivatives$5 $— $5 $— $3 $— $3 $— 
Gas contracts8 — 3 5 13 — 10 3 
Total price risk management liabilities$13 $— $8 $5 $16 $— $13 $3 
PPL Electric        
Assets        
Cash and cash equivalents$15 $15 $— $— $24 $24 $— $— 
Total assets$15 $15 $— $— $24 $24 $— $— 
LG&E      
Assets      
Cash and cash equivalents$10 $10 $— $— $8 $8 $— $— 
Restricted cash and cash equivalents (a)11 11 — — 16 16 — — 
Total Cash, Cash Equivalents and Restricted Cash (b)21 21 — — 24 24 — — 
Total assets$21 $21 $— $— $24 $24 $— $— 
Liabilities      
Price risk management liabilities:      
Interest rate derivatives$5 $— $5 $— $3 $— $3 $— 
Total price risk management liabilities$5 $— $5 $— $3 $— $3 $— 
KU        
Assets        
Cash and cash equivalents$11 $11 $— $— $13 $13 $— $— 
Restricted cash and cash equivalents (a)11 11 — — 16 16 — — 
Total Cash, Cash Equivalents and Restricted Cash (b)22 22 — — 29 29 — — 
Total assets$22 $22 $— $— $29 $29 $— $— 

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

A reconciliation of net assets (liabilities) classified as Level 3 for the six months ended June 30 is as follows:
Gas Contracts
2025
Balance at beginning of period$2 
Total unrealized gains (losses) recognized as Regulatory Assets/Regulatory Liabilities:(7)
Balance at end of period$(5)
Fair Value, by Balance Sheet Grouping The carrying amounts of long-term debt on the Balance Sheets and their estimated fair values are set forth below.
 June 30, 2025December 31, 2024
Carrying
Amount (a)		Fair ValueCarrying
Amount (a)		Fair Value
PPL$16,511 $15,750 $16,503 $15,562 
PPL Electric5,215 4,901 5,214 4,862 
LG&E2,472 2,316 2,471 2,295 
KU3,067 2,771 3,066 2,750 

(a)Amounts are net of debt issuance costs.