PPL CorpPPL
PPL Corp Goodwill & Intangibles Disclosure
17. Goodwill and Other Intangible Assets
Goodwill
(PPL)
Goodwill at PPL totaled $2,247 million at December 31, 2025 and 2024, consisting of $662 million for the Kentucky Regulated segment, $725 million for the Rhode Island Regulated segment and $860 million for Corporate and Other. 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, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
| Subject to amortization: | |||||||||||||||||||||||
| Contracts (a) | $ | 125 | $ | 124 | $ | 125 | $ | 116 | |||||||||||||||
| Renewable Energy Credits | 24 | — | 20 | — | |||||||||||||||||||
| Land rights and easements | 445 | 139 | 432 | 147 | |||||||||||||||||||
| Licenses and other | 2 | — | 2 | — | |||||||||||||||||||
| Total subject to amortization | 596 | 263 | 579 | 263 | |||||||||||||||||||
| Not subject to amortization due to indefinite life: | |||||||||||||||||||||||
| Land rights and easements | 18 | — | 18 | — | |||||||||||||||||||
| Total not subject to amortization due to indefinite life | 18 | — | 18 | — | |||||||||||||||||||
| Total | $ | 614 | $ | 263 | $ | 597 | $ | 263 | |||||||||||||||
(a)Gross carrying amount 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: | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Intangible assets with no regulatory offset | $ | 5 | $ | 5 | $ | 5 | |||||||||||
| Intangible assets with regulatory offset | 8 | 8 | 9 | ||||||||||||||
| Total | $ | 13 | $ | 13 | $ | 14 | |||||||||||
Amortization expense for each of the next five years is estimated to be:
| 2026 | 2027 | 2028 | 2029 | 2030 | |||||||||||||||||||||||||
| Intangible assets with no regulatory offset | $ | 5 | $ | 5 | $ | 5 | $ | 5 | $ | 5 | |||||||||||||||||||
| Intangible assets with regulatory offset | 1 | — | — | — | — | ||||||||||||||||||||||||
| Total | $ | 6 | $ | 5 | $ | 5 | $ | 5 | $ | 5 | |||||||||||||||||||
(PPL Electric)
The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
| Subject to amortization: | |||||||||||||||||||||||
| Land rights and easements | $ | 408 | $ | 145 | $ | 396 | $ | 141 | |||||||||||||||
| Licenses and other | 2 | 1 | 2 | 1 | |||||||||||||||||||
| Total subject to amortization | 410 | 146 | 398 | 142 | |||||||||||||||||||
| Not subject to amortization due to indefinite life: | |||||||||||||||||||||||
| Land rights and easements | 18 | — | 18 | — | |||||||||||||||||||
| Total | $ | 428 | $ | 146 | $ | 416 | $ | 142 | |||||||||||||||
Intangible assets are shown as "Intangibles" on the Balance Sheets.
Amortization expense was as follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| Intangible assets with no regulatory offset | $ | 4 | $ | 4 | $ | 4 | |||||||||||
Amortization expense for each of the next five years is estimated to be:
| 2026 | 2027 | 2028 | 2029 | 2030 | |||||||||||||||||||||||||
| 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, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
| Subject to amortization: | |||||||||||||||||||||||
| Land rights and easements (a) | $ | 8 | $ | (2) | $ | 7 | $ | 2 | |||||||||||||||
| OVEC power purchase agreement (b) | 86 | 85 | 86 | 79 | |||||||||||||||||||
| Total subject to amortization | $ | 94 | $ | 83 | $ | 93 | $ | 81 | |||||||||||||||
(a) December 31, 2025 accumulated amortization includes salvage proceeds related to a land sale in excess of the related accumulated amortization.
(b) 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:
| 2025 | 2024 | 2023 | |||||||||||||||
| Intangible assets with regulatory offset | $ | 6 | $ | 6 | $ | 6 | |||||||||||
Amortization expense for each of the next five years is immaterial.
(KU)
The gross carrying amount and the accumulated amortization of other intangible assets were:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
| Subject to amortization: | |||||||||||||||||||||||
| Land rights and easements (a) | $ | 30 | $ | (3) | $ | 29 | $ | 4 | |||||||||||||||
| OVEC power purchase agreement (b) | 39 | 38 | 39 | 36 | |||||||||||||||||||
| Total subject to amortization | $ | 69 | $ | 35 | $ | 68 | $ | 40 | |||||||||||||||
(a) December 31, 2025 accumulated amortization includes salvage proceeds related to a land sale in excess of the related accumulated amortization.
(b) 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:
| 2025 | 2024 | 2023 | |||||||||||||||
| Intangible assets with regulatory offset | $ | 2 | $ | 2 | $ | 3 | |||||||||||
Amortization expense for each of the next five years is estimated to be immaterial.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2022 | Feb 17, 2023 | |
| 2019 | Feb 14, 2020 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.