v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The assets and liabilities measured at fair value were:
September 30, 2026December 31, 2025
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
PPL
Assets
Cash and cash equivalents$393 $393 $— $— $1,071 $1,071 $— $— 
Restricted cash and cash equivalents (a)3 3 — — 15 15 — — 
Total Cash, Cash Equivalents and Restricted Cash (b)396 396 — — 1,086 1,086 — — 
Special use funds (a):
Money market fund— — — — 1 1 — — 
Commingled debt fund measured at NAV (c)2 — — — 5 — — — 
Commingled equity fund measured at NAV (c)1 — — — 5 — — — 
Total special use funds3 — — — 11 1 — — 
Price risk management assets (d):
Gas contracts3 — — 3 6 — 2 4 
Total assets$402 $396 $— $3 $1,103 $1,087 $2 $4 
Liabilities
Price risk management liabilities (d):
Interest rate derivatives$1 $— $1 $— $5 $— $5 $— 
Gas contracts21 — 19 2 10 — 6 4 
Total price risk management liabilities$22 $— $20 $2 $15 $— $11 $4 
PPL Electric
Assets
Cash and cash equivalents$9 $9 $— $— $30 $30 $— $— 
Total assets$9 $9 $— $— $30 $30 $— $— 
LG&E
Assets
Cash and cash equivalents$13 $13 $— $— $162 $162 $— $— 
Restricted cash and cash equivalents (a)1 1 — — 7 7 — — 
Total Cash, Cash Equivalents and Restricted Cash (b)14 14 — — 169 169 — — 
Total assets$14 $14 $— $— $169 $169 $— $— 
Liabilities
Price risk management liabilities
Interest rate derivatives$1 $— $1 $— $5 $— $5 $— 
Total price risk management liabilities$1 $— $1 $— $5 $— $5 $— 
KU
Assets
Cash and cash equivalents$23 $23 $— $— $10 $10 $— $— 
Restricted cash and cash equivalents (a)1 1 — — 7 7 — — 
Total Cash, Cash Equivalents and Restricted Cash (b)24 24 — — 17 17 — — 
Total assets$24 $24 $— $— $17 $17 $— $— 

(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 nine months ended September 30 is as follows:
Gas Contracts
2026
Balance at beginning of period$— 
Total unrealized gains (losses) recognized as Regulatory Assets/Regulatory Liabilities1 
Balance at end of period$1 
Fair Value, by Balance Sheet Grouping The carrying amounts of contract adjustment payments related to the Purchase Contract component of the Corporate Units and long-term debt on the Balance Sheets and their estimated fair values are set forth below:
September 30, 2026December 31, 2025
Carrying
Amount (a)		Fair ValueCarrying
Amount (a)		Fair Value
PPL
Contract adjustment payments (b)$82 $80 $— $— 
Long-term debt20,211 18,451 18,894 18,488 
PPL Electric
Long-term debt6,200 5,450 5,707 5,473 
LG&E
Long-term debt2,816 2,520 2,865 2,784 
KU
Long-term debt3,493 3,016 3,510 3,304 

(a)Long-term debt amounts are net of issuance costs.
(b)Current portion is included in "Other current liabilities" and noncurrent portion is included in "Other deferred credits and noncurrent liabilities" on the Balance Sheets.