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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill (PPL) The changes in the carrying amount of goodwill by segment were:
| U.K. Regulated |  | Kentucky Regulated |  | Corporate and Other |  | Total
| 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Balance at beginning of period (a) | $ | 2,447 |  |  | $ | 2,596 |  |  | $ | 662 |  |  | $ | 662 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 3,162 |  |  | $ | 3,258 |
Effect of foreign currency exchange rates | 34 |  |  | (149 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  | (149 | )
Goodwill recognized during the period (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 53 |  |  | — |  |  | 53 |
Other | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |
Balance at end of period (a) | $ | 2,483 |  |  | $ | 2,447 |  |  | $ | 662 |  |  | $ | 662 |  |  | $ | 53 |  |  | $ | 53 |  |  | $ | 3,198 |  |  | $ | 3,162 |
(a) | There were no accumulated impairment losses related to goodwill.
(b) | Recognized as a result of the acquisition of Safari Energy.
Other Intangible Assets (PPL) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2019 |  | December 31, 2018
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Subject to amortization: |  |  |  |  |  |  |
Contracts (a) | $ | 136 |  |  | $ | 84 |  |  | $ | 137 |  |  | $ | 75 |
Land rights and easements | 440 |  |  | 135 |  |  | 418 |  |  | 128 |
Licenses and other | 22 |  |  | 3 |  |  | 21 |  |  | 1 |
Total subject to amortization | 598 |  |  | 222 |  |  | 576 |  |  | 204 |
Not subject to amortization due to indefinite life: |  |  |  |  |  |  |
Land rights and easements | 361 |  |  | — |  |  | 339 |  |  | — |
Other | 6 |  |  | — |  |  | 6 |  |  | — |
Total not subject to amortization due to indefinite life | 367 |  |  | — |  |  | 345 |  |  | — |
Total | $ | 965 |  |  | $ | 222 |  |  | $ | 921 |  |  | $ | 204 |
(a) | Gross carrying amount in 2019 and 2018 includes the fair value at the acquisition date of the OVEC power purchase contract with terms favorable to market recognized as a result of the 2010 acquisition of LKE by PPL.
Current intangible assets are included in "Other current assets" and long-term intangible assets are included in "Other intangibles" on the Balance Sheets.
Amortization expense was as follows: |  |  |  |  |
| 2019 |  | 2018 |  | 2017
Intangible assets with no regulatory offset | $ | 9 |  |  | $ | 7 |  |  | $ | 6 |
Intangible assets with regulatory offset | 9 |  |  | 8 |  |  | 9 |
Total | $ | 18 |  |  | $ | 15 |  |  | $ | 15 |
Amortization expense for each of the next five years is estimated to be:
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
Intangible assets with no regulatory offset | $ | 9 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | 9 |
Intangible assets with regulatory offset | 8 |  |  | 8 |  |  | 8 |  |  | 8 |  |  | 8 |
Total | $ | 17 |  |  | $ | 17 |  |  | $ | 17 |  |  | $ | 17 |  |  | $ | 17 |
(PPL Electric) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2019 |  | December 31, 2018
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Subject to amortization: |  |  |  |  |  |  |
Land rights and easements | $ | 370 |  |  | $ | 125 |  |  | $ | 363 |  |  | $ | 121 |
Licenses and other | 3 |  |  | 1 |  |  | 2 |  |  | 1 |
Total subject to amortization | 373 |  |  | 126 |  |  | 365 |  |  | 122 |
Not subject to amortization due to indefinite life: |  |  |  |  |  |  |
Land rights and easements | 17 |  |  | — |  |  | 17 |  |  | — |
Total | $ | 390 |  |  | $ | 126 |  |  | $ | 382 |  |  | $ | 122 |
Intangible assets are shown as "Intangibles" on the Balance Sheets. Amortization expense was insignificant in 2019, 2018 and 2017 and is expected to be insignificant in future years. (LKE) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2019 |  | December 31, 2018
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Subject to amortization: |  |  |  |  |  |  |
Land rights and easements | $ | 22 |  |  | $ | 4 |  |  | $ | 21 |  |  | $ | 3 |
OVEC power purchase agreement (a) | 125 |  |  | 74 |  |  | 126 |  |  | 66 |
Total subject to amortization | $ | 147 |  |  | $ | 78 |  |  | $ | 147 |  |  | $ | 69 |
(a) | Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 7 for additional information.
Long-term intangible assets are presented as "Other intangibles" on the Balance Sheets. Amortization expense was as follows:
| 2019 |  | 2018 |  | 2017
Intangible assets with regulatory offset | $ | 9 |  |  | $ | 8 |  |  | $ | 9 |
Amortization expense for each of the next five years is estimated to be:
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
Intangible assets with regulatory offset | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |
(LG&E) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2019 |  | December 31, 2018
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Subject to amortization: |  |  |  |  |  |  |
Land rights and easements | $ | 7 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 1 |
OVEC power purchase agreement (a) | 86 |  |  | 51 |  |  | 87 |  |  | 46 |
Total subject to amortization | $ | 93 |  |  | $ | 52 |  |  | $ | 94 |  |  | $ | 47 |
(a) | Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 7 for additional information.
Long-term intangible assets are presented as "Other intangibles" on the Balance Sheets. Amortization expense was as follows:
| 2019 |  | 2018 |  | 2017
Intangible assets with regulatory offset | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |
Amortization expense for each of the next five years is estimated to be:
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
Intangible assets with regulatory offset | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |
(KU) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2019 |  | December 31, 2018
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Subject to amortization: |  |  |  |  |  |  |
Land rights and easements | $ | 15 |  |  | $ | 3 |  |  | $ | 14 |  |  | $ | 2 |
OVEC power purchase agreement (a) | 39 |  |  | 23 |  |  | 39 |  |  | 20 |
Total subject to amortization | $ | 54 |  |  | $ | 26 |  |  | $ | 53 |  |  | $ | 22 |
(a) | Gross carrying amount represents the fair value at the acquisition date of the OVEC power purchase contract recognized as a result of the 2010 acquisition by PPL. An offsetting regulatory liability was recorded related to this contract, which is being amortized over the same period as the intangible asset, eliminating any income statement impact. See Note 7 for additional information.
Long-term intangible assets are presented as "Other intangibles" on the Balance Sheets. Amortization expense was as follows:
| 2019 |  | 2018 |  | 2017
Intangible assets with regulatory offset | $ | 3 |  |  | $ | 2 |  |  | $ | 3 |
Amortization expense for each of the next five years is estimated to be:
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
Intangible assets with regulatory offset | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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