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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 19. Goodwill and Other Intangible Assets Goodwill (PPL) Goodwill for the Kentucky Regulated segment was $662 million at December 31, 2021 and 2020. Goodwill for Corporate and Other was $53 million at December 31, 2021 and 2020. There were no accumulated impairment losses related to goodwill. Other Intangible Assets (PPL) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2021 |  | December 31, 2020
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Subject to amortization: |  |  |  |  |  |  |
Contracts (a) | $ | 125 |  |  | $ | 90 |  |  | $ | 125 |  |  | $ | 82 |
Land rights and easements | 406 |  |  | 135 |  |  | 401 |  |  | 133 |
Licenses and other | 20 |  |  | 6 |  |  | 21 |  |  | 4 |
Total subject to amortization | 551 |  |  | 231 |  |  | 547 |  |  | 219 |
Not subject to amortization due to indefinite life: |  |  |  |  |  |  |
Land rights and easements | 17 |  |  | — |  |  | 17 |  |  | — |
Other | 6 |  |  | — |  |  | 6 |  |  | — |
Total not subject to amortization due to indefinite life | 23 |  |  | — |  |  | 23 |  |  | — |
Total | $ | 574 |  |  | $ | 231 |  |  | $ | 570 |  |  | $ | 219 |
(a)Gross carrying amount in 2021 and 2020 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: |  |  |  |  |
| 2021 |  | 2020 |  | 2019
Intangible assets with no regulatory offset | $ | 9 |  |  | $ | 7 |  |  | $ | 6 |
Intangible assets with regulatory offset | 8 |  |  | 8 |  |  | 9 |
Total | $ | 17 |  |  | $ | 15 |  |  | $ | 15 |
Amortization expense for each of the next five years is estimated to be:
| 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026
Intangible assets with no regulatory offset | $ | 5 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 5 |
Intangible assets with regulatory offset | 8 |  |  | 8 |  |  | 9 |  |  | 9 |  |  | 2 |
Total | $ | 13 |  |  | $ | 13 |  |  | $ | 14 |  |  | $ | 14 |  |  | $ | 7 |
(PPL Electric) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2021 |  | December 31, 2020
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Subject to amortization: |  |  |  |  |  |  |
Land rights and easements | $ | 382 |  |  | $ | 130 |  |  | $ | 379 |  |  | $ | 129 |
Licenses and other | 2 |  |  | 1 |  |  | 2 |  |  | 1 |
Total subject to amortization | 384 |  |  | 131 |  |  | 381 |  |  | 130 |
Not subject to amortization due to indefinite life: |  |  |  |  |  |  |
Land rights and easements | 17 |  |  | — |  |  | 17 |  |  | — |
Total | $ | 401 |  |  | $ | 131 |  |  | $ | 398 |  |  | $ | 130 |
Intangible assets are shown as "Intangibles" on the Balance Sheets. Amortization expense was as follows:
| 2021 |  | 2020 |  | 2019
Intangible assets with no regulatory offset | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |
Amortization expense for each of the next five years is estimated to be:
| 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026
Intangible assets with no regulatory offset | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |
(LG&E) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2021 |  | December 31, 2020
| 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 |  |  | 62 |  |  | 86 |  |  | 57 |
Total subject to amortization | $ | 93 |  |  | $ | 63 |  |  | $ | 93 |  |  | $ | 58 |
(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:
| 2021 |  | 2020 |  | 2019
Intangible assets with regulatory offset | $ | 5 |  |  | $ | 6 |  |  | $ | 6 |
Amortization expense for each of the next five years is estimated to be:
| 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026
Intangible assets with regulatory offset | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 1 |
(KU) The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2021 |  | December 31, 2020
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Subject to amortization: |  |  |  |  |  |  |
Land rights and easements | $ | 16 |  |  | $ | 4 |  |  | $ | 15 |  |  | $ | 3 |
OVEC power purchase agreement (a) | 39 |  |  | 28 |  |  | 39 |  |  | 25 |
Total subject to amortization | $ | 55 |  |  | $ | 32 |  |  | $ | 54 |  |  | $ | 28 |
(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:
| 2021 |  | 2020 |  | 2019
Intangible assets with no regulatory offset | $ | 1 |  |  | $ | — |  |  | $ | — |
Intangible assets with regulatory offset | 3 |  |  | 2 |  |  | 3 |
Amortization expense for each of the next five years is estimated to be:
| 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026
Intangible assets with regulatory offset | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 1 |

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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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