PPL had $3.49 billion in U.S. plan assets as of Dec. 31 and benefit obligations of $4.29 billion, for a funding ratio of 81.4%, up from 79.5% the same time the year before. Meanwhile, the company had $8.49 billion in U.K. plan assets as of Dec. 31 and a benefit obligation of $8.22 billion, for a funding ratio of 103.3%, up from 97.7% the previous year.
The discount rate for its U.S. plans as of Dec. 31 was 3.7%, down from 4.21% the year before. Its discount rate for its U.K. plans was 2.65%, down from 2.87% the year prior.
The company's target asset allocation for its U.S. DB plans as of Dec. 31 was 50% fixed income, 45% equities, and 5% cash and cash equivalents. Its target asset allocation for its U.K. plans was 41% global tactical asset allocation, 38% fixed income, 10% global equities, 5% alternatives, 2% U.K. equities, and 1% each to European ex-U.K. equities, Asia-Pacific equities, North American equities and emerging markets equities.