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Retirement and Postemployment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items] |
Schedule Of Net Periodic Defined Benefit Costs (Credits) | The following table provides the components of net periodic defined benefit costs (credits) for PPL's pension and other postretirement benefit plans for the years ended December 31.
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Net periodic defined benefit costs (credits): |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 51 |  |  | $ | 56 |  |  | $ | 56 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | 6 |
Interest cost | 144 |  |  | 121 |  |  | 146 |  |  | 20 |  |  | 16 |  |  | 19 |
Expected return on plan assets | (276) |  |  | (255) |  |  | (246) |  |  | (28) |  |  | (23) |  |  | (21) |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | 8 |  |  | 8 |  |  | 9 |  |  | 1 |  |  | 1 |  |  | 1 |
Actuarial (gain) loss | 51 |  |  | 93 |  |  | 89 |  |  | (5) |  |  | (1) |  |  | — |
Net periodic defined benefit costs (credits) prior to settlements and termination benefits | (22) |  |  | 23 |  |  | 54 |  |  | (5) |  |  | (1) |  |  | 5 |
Settlements (a) | 23 |  |  | 18 |  |  | 23 |  |  | — |  |  | — |  |  | — |
Net periodic defined benefit costs (credits) | $ | 1 |  |  | $ | 41 |  |  | $ | 77 |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | 5 |
Other Changes in Plan Assets and Benefit Obligations Recognized in OCI and Regulatory Assets/Liabilities - Gross: |  |  |  |  |  |  |  |  |  |  |
Net (loss)/gain allocated at acquisition | $ | 33 |  |  | $ | — |  |  | $ | — |  |  | $ | (49) |  |  | $ | — |  |  | $ | — |
Settlement | (23) |  |  | (18) |  |  | (23) |  |  | — |  |  | — |  |  | — |
Net (gain) loss | 242 |  |  | 42 |  |  | (221) |  |  | — |  |  | (53) |  |  | (6) |
Prior service cost (credit) | — |  |  | 3 |  |  | 1 |  |  | — |  |  | — |  |  | 5 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Prior service (cost) credit | (8) |  |  | (8) |  |  | (9) |  |  | (1) |  |  | (1) |  |  | (1) |
Actuarial gain (loss) | (51) |  |  | (93) |  |  | (89) |  |  | 5 |  |  | 1 |  |  | — |
Total recognized in OCI and regulatory assets/liabilities | 193 |  |  | (74) |  |  | (341) |  |  | (45) |  |  | (53) |  |  | (2) |
Total recognized in net periodic defined benefit costs, OCI and regulatory assets/liabilities | $ | 194 |  |  | $ | (33) |  |  | $ | (264) |  |  | $ | (50) |  |  | $ | (54) |  |  | $ | 3 |
(a)Settlement charges incurred as a result of the amount of lump sum payment distributions, primarily from the LKE qualified pension plan. In accordance with existing regulatory accounting treatment, LG&E and KU have primarily maintained the settlement charge in regulatory assets to be amortized in accordance with existing regulatory practice. The portion of the settlement attributed to LKE's operations outside of the jurisdiction of the KPSC has been charged to expense.
Schedule of Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities | For PPL's pension and postretirement benefits, the amounts recognized in OCI and regulatory assets/liabilities for the years ended December 31 were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
OCI | $ | 142 |  |  | $ | (70) |  |  | $ | (428) |  |  | $ | 13 |  |  | $ | (42) |  |  | $ | (12) |
Regulatory assets/liabilities | 51 |  |  | (4) |  |  | 87 |  |  | (58) |  |  | (11) |  |  | 10 |
Total recognized in OCI and regulatory assets/liabilities | $ | 193 |  |  | $ | (74) |  |  | $ | (341) |  |  | $ | (45) |  |  | $ | (53) |  |  | $ | (2) |
Defined Benefit Plan Assumptions and Impact of One Point Change on Postretirement Plans | The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31.
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
PPL |  |  |  |  |  |  |
Discount rate | 5.80 | % |  | 3.15 | % |  | 5.81 | % |  | 3.13 | %
Rate of compensation increase | 3.77 | % |  | 3.76 | % |  | 3.78 | % |  | 3.77 | %
The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31.
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
PPL |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.35 | % |  | 2.92 | % |  | 3.64 | % |  | 3.54 | % |  | 2.84 | % |  | 3.60 | %
Rate of compensation increase | 3.74 | % |  | 3.76 | % |  | 3.79 | % |  | 2.84 | % |  | 3.75 | % |  | 3.76 | %
Expected return on plan assets | 7.25 | % |  | 7.25 | % |  | 7.25 | % |  | 6.52 | % |  | 6.48 | % |  | 6.44 | %
(a)The expected long-term rates of return for pension and other postretirement benefits are based on management's projections using a best-estimate of expected returns, volatilities and correlations for each asset class. Each plan's specific current and expected asset allocations are also considered in developing a reasonable return assumption. The following table provides the assumed health care cost trend rates for the years ended December 31:
| 2022 |  | 2021 |  | 2020
PPL |  |  |  |  |
Health care cost trend rate assumed for next year |  |  |  |  |
– obligations | 6.50 | % |  | 6.25 | % |  | 6.50 | %
– cost | 6.25 | % |  | 6.50 | % |  | 6.60 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  |  |  |  |
– obligations | 5.00 | % |  | 5.00 | % |  | 5.00 | %
– cost | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend rate |  |  |  |  |
– obligations | 2029 |  | 2027 |  | 2027
– cost | 2027 |  | 2027 |  | 2024
Schedule of Funded Status of Defined Benefit Plans | The funded status of PPL's plans at December 31 was as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
Change in Benefit Obligation |  |  |  |  |  |  |
Benefit Obligation, beginning of period | $ | 3,989 |  |  | $ | 4,251 |  |  | $ | 504 |  |  | $ | 573 |
Service cost | 51 |  |  | 56 |  |  | 7 |  |  | 6 |
Interest cost | 144 |  |  | 121 |  |  | 20 |  |  | 16 |
Participant contributions | — |  |  | — |  |  | 9 |  |  | 14 |
Plan amendments | — |  |  | 2 |  |  | — |  |  | — |
Actuarial (gain) loss | (1,026) |  |  | (88) |  |  | (114) |  |  | (50) |
Acquisition (a) | 553 |  |  | — |  |  | 163 |  |  | — |
Settlements | (111) |  |  | (106) |  |  | — |  |  | — |
Gross benefits paid | (267) |  |  | (247) |  |  | (55) |  |  | (55) |
Benefit Obligation, end of period | 3,333 |  |  | 3,989 |  |  | 534 |  |  | 504 |
Change in Plan Assets |  |  |  |  |  |  |
Plan assets at fair value, beginning of period | 3,887 |  |  | 4,068 |  |  | 367 |  |  | 367 |
Actual return on plan assets | (992) |  |  | 125 |  |  | (86) |  |  | 25 |
Employer contributions | 9 |  |  | 47 |  |  | 19 |  |  | 18 |
Participant contributions | — |  |  | — |  |  | 7 |  |  | 11 |
Acquisition (a) | 623 |  |  | — |  |  | 160 |  |  | — |
Settlements | (111) |  |  | (106) |  |  | — |  |  | — |
Gross benefits paid | (267) |  |  | (247) |  |  | (50) |  |  | (54) |
Plan assets at fair value, end of period | 3,149 |  |  | 3,887 |  |  | 417 |  |  | 367 |
Funded Status, end of period | $ | (184) |  |  | $ | (102) |  |  | $ | (117) |  |  | $ | (137) |
Amounts recognized in the Balance Sheets consist of: |  |  |  |  |  |  |
Noncurrent asset | $ | 33 |  |  | $ | 91 |  |  | $ | 9 |  |  | $ | — |
Current liability | (10) |  |  | (10) |  |  | (14) |  |  | (15) |
Noncurrent liability | (207) |  |  | (183) |  |  | (112) |  |  | (122) |
Net amount recognized, end of period | $ | (184) |  |  | $ | (102) |  |  | $ | (117) |  |  | $ | (137) |
Amounts recognized in AOCI and regulatory assets/liabilities (pre-tax) consist of: |  |  |  |  |  |  |
Prior service cost (credit) | $ | 14 |  |  | $ | 22 |  |  | $ | 11 |  |  | $ | 12 |
Net actuarial (gain) loss | 827 |  |  | 626 |  |  | (95) |  |  | (51) |
Total | $ | 841 |  |  | $ | 648 |  |  | $ | (84) |  |  | $ | (39) |
Total accumulated benefit obligation for defined benefit pension plans | $ | 3,197 |  |  | $ | 3,786 |  |  |  |  |
(a)Related to the pension and other postretirement plans assumed for the employees of Rhode Island Energy. See Note 9 for additional details on the acquisition of Narragansett Electric. For PPL's pension and other postretirement benefit plans, the amounts recognized in AOCI and regulatory assets/liabilities at December 31 were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
AOCI | $ | 183 |  |  | $ | 239 |  |  | $ | 13 |  |  | $ | (2) |
Regulatory assets/liabilities | 658 |  |  | 409 |  |  | (97) |  |  | (37) |
Total | $ | 841 |  |  | $ | 648 |  |  | $ | (84) |  |  | $ | (39) |
Schedule of Projected or Accumulated Benefit Obligations In Excess of Plan Assets | The following tables provide information on pension plans where the projected benefit obligation (PBO) or accumulated benefit obligation (ABO) exceed the fair value of plan assets:
| PBO in excess of plan assets
| 2022 |  | 2021
Projected benefit obligation | $ | 2,818 |  |  | $ | 193 |
Fair value of plan assets | 2,601 |  |  | — |
| ABO in excess of plan assets
| 2022 |  | 2021
Accumulated benefit obligation | $ | 1,720 |  |  | $ | 177 |
Fair value of plan assets | 1,581 |  |  | — |
Schedules of Asset Allocation of U.S. Pension Trusts Assets | The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows:
| Percentage of trust assets |  | 2022
| 2022 |  | 2021 |  | Target Asset Allocation
Growth Portfolio | 55 | % |  | 55 | % |  | 55 | %
Equity securities | 31 | % |  | 32 | % |  |
Debt securities (a) | 13 | % |  | 13 | % |  |
Alternative investments | 11 | % |  | 10 | % |  |
Immunizing Portfolio | 43 | % |  | 43 | % |  | 43 | %
Debt securities (a) | 33 | % |  | 35 | % |  |
Derivatives (b) | 10 | % |  | 8 | % |  |
Liquidity Portfolio | 2 | % |  | 2 | % |  | 2 | %
Total | 100 | % |  | 100 | % |  | 100 | %
(a)Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes. (b)Includes posted collateral to support derivative instruments subject to counterparty risk.
Schedule of Fair Value of Financial Assets for U.S. Pension Plan Assets | The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was:
| December 31, 2022 |  | December 31, 2021
| Fair Value Measurements Using |  | Fair Value Measurements Using
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
PPL Services Corporation Master Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 306 |  |  | $ | 306 |  |  | $ | — |  |  | $ | — |  |  | $ | 266 |  |  | $ | 266 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Equity | 34 |  |  | 34 |  |  | — |  |  | — |  |  | 41 |  |  | 41 |  |  | — |  |  | — |
U.S. Equity fund measured at NAV (a) | 574 |  |  | — |  |  | — |  |  | — |  |  | 754 |  |  | — |  |  | — |  |  | — |
International equity fund at NAV (a) | 403 |  |  | — |  |  | — |  |  | — |  |  | 511 |  |  | — |  |  | — |  |  | — |
Commingled debt measured at NAV (a) | 526 |  |  | — |  |  | — |  |  | — |  |  | 677 |  |  | — |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored agency | 153 |  |  | 153 |  |  | — |  |  | — |  |  | 281 |  |  | 280 |  |  | 1 |  |  | — |
Corporate | 834 |  |  | — |  |  | 818 |  |  | 16 |  |  | 1,039 |  |  | — |  |  | 1,019 |  |  | 20 |
Other | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | — |
Alternative investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate measured at NAV (a) | 60 |  |  | — |  |  | — |  |  | — |  |  | 69 |  |  | — |  |  | — |  |  | — |
Private equity measured at NAV (a) | 96 |  |  | — |  |  | — |  |  | — |  |  | 92 |  |  | — |  |  | — |  |  | — |
Private credit partnerships measured at NAV (a) | 6 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Hedge funds measured at NAV (a) | 194 |  |  | — |  |  | — |  |  | — |  |  | 236 |  |  | — |  |  | — |  |  | — |
Derivatives | 8 |  |  | — |  |  | 8 |  |  | — |  |  | 35 |  |  | — |  |  | 35 |  |  | — |
PPL Services Corporation Master Trust assets, at fair value | 3,208 |  |  | $ | 493 |  |  | $ | 840 |  |  | $ | 16 |  |  | 4,017 |  |  | $ | 587 |  |  | $ | 1,069 |  |  | $ | 20 |
Receivables and payables, net (b) | 67 |  |  |  |  |  |  |  |  | 25 |  |  |  |  |  |  |
401(h) accounts restricted for other postretirement benefit obligations | (126) |  |  |  |  |  |  |  |  | (155) |  |  |  |  |  |  |
Total PPL Services Corporation Master Trust pension assets | $ | 3,149 |  |  |  |  |  |  |  |  | $ | 3,887 |  |  |  |  |  |  |
(a)In accordance with accounting guidance, certain investments that are measured at fair value using the 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. (b)Receivables and payables, net represents amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received.
Reconciliation of U.S. Pension Trust Assets Classified as Level 3 Included in Earnings | A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2022 is as follows:
| Corporate debt |  |  |  |  |  |
Balance at beginning of period | $ | 20 |  |  |  |  |  |  |
Actual return on plan assets: |  |  |  |  |  |  |
Relating to assets still held at the reporting date | (2) |  |  |  |  |  |  |
Relating to assets sold during the period | 2 |  |  |  |  |  |  |
Purchases, sales and settlements | (4) |  |  |  |  |  |  |
Balance at end of period | $ | 16 |  |  |  |  |  |  |
A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2021 is as follows:
| Corporate debt |  |  |  |  |  |
Balance at beginning of period | $ | 15 |  |  |  |  |  |  |
Purchases, sales and settlements | 5 |  |  |  |  |  |  |
Balance at end of period | $ | 20 |  |  |  |  |  |  |
Schedules of Target Allocation of U.S. Other Postretirement Benefit Plans VEBA Trust | The asset allocation for the PPL VEBA trusts and the target allocation, by asset class, at December 31 are detailed below.
| Percentage of plan assets |  | Target Asset Allocation
| 2022 |  | 2021 |  | 2022
Asset Class |  |  |  |  |
Equity securities | 45 | % |  | 45 | % |  | 44 | %
Debt securities (a) | 48 | % |  | 52 | % |  | 50 | %
Cash and cash equivalents (b) | 7 | % |  | 3 | % |  | 6 | %
Total | 100 | % |  | 100 | % |  | 100 | %
(a)Includes commingled debt funds and debt securities. (b)Includes money market funds.
Schedule of Fair Value of Financial Assets for U.S. Postretirement Benefits | The fair value of assets in the other postretirement benefit plans by asset class and level within the fair value hierarchy was:
| December 31, 2022 |  | December 31, 2021
| Fair Value Measurement Using |  | Fair Value Measurement Using
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Money market funds | $ | 19 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large-cap equity fund measure at NAV (a) | 71 |  |  | — |  |  | — |  |  | — |  |  | 96 |  |  | — |  |  | — |  |  | — |
Commingled debt fund measured at NAV (a) | 77 |  |  | — |  |  | — |  |  | — |  |  | 75 |  |  | — |  |  | — |  |  | — |
Global equity exchange-traded fund | 61 |  |  | 61 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Long-term bond exchange-traded fund | 65 |  |  | 65 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | — |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | — |  |  | 38 |  |  | — |
Total VEBA trust assets, at fair value | 293 |  |  | $ | 145 |  |  | $ | — |  |  | $ | — |  |  | 215 |  |  | $ | 6 |  |  | $ | 38 |  |  | $ | — |
Receivables and payables, net (b) | (2) |  |  |  |  |  |  |  |  | (3) |  |  |  |  |  |  |
401(h) account assets | 126 |  |  |  |  |  |  |  |  | 155 |  |  |  |  |  |  |
Total other postretirement benefit plan assets | $ | 417 |  |  |  |  |  |  |  |  | $ | 367 |  |  |  |  |  |  |
(a)In accordance with accounting guidance certain investments that are measured at fair value using the 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. (b)Receivables and payables represent amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received.
Schedule of Expected Cash Flows - U.S. Defined Benefit Plans - Expected Payments and Related Federal Subsidy | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans and the following federal subsidy payments are expected to be received by PPL.
|  |  | Other Postretirement
| Pension |  | Benefit Payment |  | Expected Federal Subsidy
2023 | $ | 282 |  |  | $ | 51 |  |  | $ | — |
2024 | 281 |  |  | 50 |  |  | — |
2025 | 283 |  |  | 49 |  |  | — |
2026 | 280 |  |  | 48 |  |  | — |
2027 | 275 |  |  | 48 |  |  | — |
2028-2032 | 1,327 |  |  | 225 |  |  | 1 |
Expected Employer Contributions to U.S. Savings Plans | Substantially, all employees of PPL's subsidiaries are eligible to participate in deferred savings plans (401(k)s). Employer contributions to the plans were:
| 2022 |  | 2021 |  | 2020
PPL | $ | 36 |  |  | $ | 29 |  |  | $ | 29 |
PPL Electric | 6 |  |  | 5 |  |  | 6 |
LG&E | 7 |  |  | 7 |  |  | 6 |
KU | 5 |  |  | 5 |  |  | 5 |
LKE [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Schedules of Asset Allocation of U.S. Pension Trusts Assets | The asset allocation for the trust and the target allocation by portfolio at December 31 are as follows:
| Percentage of trust assets |  | 2022
| 2022 |  | 2021 |  | Target Asset Allocation
Growth Portfolio | 55 | % |  | 55 | % |  | 55 | %
Equity securities | 31 | % |  | 32 | % |  |
Debt securities (a) | 13 | % |  | 13 | % |  |
Alternative investments | 11 | % |  | 10 | % |  |
Immunizing Portfolio | 43 | % |  | 43 | % |  | 43 | %
Debt securities (a) | 33 | % |  | 35 | % |  |
Derivatives (b) | 10 | % |  | 8 | % |  |
Liquidity Portfolio | 2 | % |  | 2 | % |  | 2 | %
Total | 100 | % |  | 100 | % |  | 100 | %
(a)Includes commingled debt funds, which PPL treats as debt securities for asset allocation purposes. (b)Includes posted collateral to support derivative instruments subject to counterparty risk.
Schedule of Fair Value of Financial Assets for U.S. Pension Plan Assets | The fair value of net assets in the Master Trust by asset class and level within the fair value hierarchy was:
| December 31, 2022 |  | December 31, 2021
| Fair Value Measurements Using |  | Fair Value Measurements Using
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
PPL Services Corporation Master Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 306 |  |  | $ | 306 |  |  | $ | — |  |  | $ | — |  |  | $ | 266 |  |  | $ | 266 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Equity | 34 |  |  | 34 |  |  | — |  |  | — |  |  | 41 |  |  | 41 |  |  | — |  |  | — |
U.S. Equity fund measured at NAV (a) | 574 |  |  | — |  |  | — |  |  | — |  |  | 754 |  |  | — |  |  | — |  |  | — |
International equity fund at NAV (a) | 403 |  |  | — |  |  | — |  |  | — |  |  | 511 |  |  | — |  |  | — |  |  | — |
Commingled debt measured at NAV (a) | 526 |  |  | — |  |  | — |  |  | — |  |  | 677 |  |  | — |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored agency | 153 |  |  | 153 |  |  | — |  |  | — |  |  | 281 |  |  | 280 |  |  | 1 |  |  | — |
Corporate | 834 |  |  | — |  |  | 818 |  |  | 16 |  |  | 1,039 |  |  | — |  |  | 1,019 |  |  | 20 |
Other | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | — |
Alternative investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate measured at NAV (a) | 60 |  |  | — |  |  | — |  |  | — |  |  | 69 |  |  | — |  |  | — |  |  | — |
Private equity measured at NAV (a) | 96 |  |  | — |  |  | — |  |  | — |  |  | 92 |  |  | — |  |  | — |  |  | — |
Private credit partnerships measured at NAV (a) | 6 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Hedge funds measured at NAV (a) | 194 |  |  | — |  |  | — |  |  | — |  |  | 236 |  |  | — |  |  | — |  |  | — |
Derivatives | 8 |  |  | — |  |  | 8 |  |  | — |  |  | 35 |  |  | — |  |  | 35 |  |  | — |
PPL Services Corporation Master Trust assets, at fair value | 3,208 |  |  | $ | 493 |  |  | $ | 840 |  |  | $ | 16 |  |  | 4,017 |  |  | $ | 587 |  |  | $ | 1,069 |  |  | $ | 20 |
Receivables and payables, net (b) | 67 |  |  |  |  |  |  |  |  | 25 |  |  |  |  |  |  |
401(h) accounts restricted for other postretirement benefit obligations | (126) |  |  |  |  |  |  |  |  | (155) |  |  |  |  |  |  |
Total PPL Services Corporation Master Trust pension assets | $ | 3,149 |  |  |  |  |  |  |  |  | $ | 3,887 |  |  |  |  |  |  |
(a)In accordance with accounting guidance, certain investments that are measured at fair value using the 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. (b)Receivables and payables, net represents amounts for investments sold/purchased but not yet settled along with interest and dividends earned but not yet received.
Reconciliation of U.S. Pension Trust Assets Classified as Level 3 Included in Earnings | A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2022 is as follows:
| Corporate debt |  |  |  |  |  |
Balance at beginning of period | $ | 20 |  |  |  |  |  |  |
Actual return on plan assets: |  |  |  |  |  |  |
Relating to assets still held at the reporting date | (2) |  |  |  |  |  |  |
Relating to assets sold during the period | 2 |  |  |  |  |  |  |
Purchases, sales and settlements | (4) |  |  |  |  |  |  |
Balance at end of period | $ | 16 |  |  |  |  |  |  |
A reconciliation of the Master Trust assets classified as Level 3 at December 31, 2021 is as follows:
| Corporate debt |  |  |  |  |  |
Balance at beginning of period | $ | 15 |  |  |  |  |  |  |
Purchases, sales and settlements | 5 |  |  |  |  |  |  |
Balance at end of period | $ | 20 |  |  |  |  |  |  |
PPL Electric Utilities Corp [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Funded Status of Defined Benefit Plans | Allocations to PPL Electric resulted in assets/(liabilities) at December 31 as follows:
| 2022 |  | 2021
Pension | $ | (34) |  |  | $ | 42 |
Other postretirement benefits | (60) |  |  | (78) |
Louisville Gas And Electric Co [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Defined Benefit Plan Assumptions and Impact of One Point Change on Postretirement Plans | The following weighted-average assumptions were used in the valuation of the benefit obligations at December 31.
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
PPL |  |  |  |  |  |  |
Discount rate | 5.80 | % |  | 3.15 | % |  | 5.81 | % |  | 3.13 | %
Rate of compensation increase | 3.77 | % |  | 3.76 | % |  | 3.78 | % |  | 3.77 | %
The following weighted-average assumptions were used to determine the net periodic defined benefit costs for the years ended December 31.
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
PPL |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.35 | % |  | 2.92 | % |  | 3.64 | % |  | 3.54 | % |  | 2.84 | % |  | 3.60 | %
Rate of compensation increase | 3.74 | % |  | 3.76 | % |  | 3.79 | % |  | 2.84 | % |  | 3.75 | % |  | 3.76 | %
Expected return on plan assets | 7.25 | % |  | 7.25 | % |  | 7.25 | % |  | 6.52 | % |  | 6.48 | % |  | 6.44 | %
(a)The expected long-term rates of return for pension and other postretirement benefits are based on management's projections using a best-estimate of expected returns, volatilities and correlations for each asset class. Each plan's specific current and expected asset allocations are also considered in developing a reasonable return assumption.
Schedule of Funded Status of Defined Benefit Plans | Allocations to LG&E resulted in assets/(liabilities) at December 31 as follows:
| 2022 |  | 2021
Pension | $ | 41 |  |  | $ | 85 |
Other postretirement benefits | (41) |  |  | (51) |
Kentucky Utilities Co [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Funded Status of Defined Benefit Plans | Allocations to KU resulted in assets/(liabilities) at December 31 as follows.
| 2022 |  | 2021
Pension | $ | 44 |  |  | $ | 75 |
Other postretirement benefits | (9) |  |  | (6) |

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