PPL CorpPPL
PPL Corp Segments Disclosure
2. Segment and Related Information
(PPL)
PPL is organized into three segments, broken down by geographic location: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated.
The Kentucky Regulated segment consists primarily of the regulated electricity generation, transmission and distribution operations conducted by LG&E and KU, as well as LG&E's regulated distribution and sale of natural gas.
The Pennsylvania Regulated segment includes the regulated electricity transmission and distribution operations of PPL Electric.
The Rhode Island Regulated segment includes the regulated electricity transmission and distribution and natural gas distribution operations of RIE.
"Corporate and Other" primarily includes corporate level financing costs, certain unallocated corporate costs, and certain non-recoverable costs incurred in conjunction with the acquisition of RIE. "Corporate and Other" is presented to reconcile segment information to PPL's consolidated results and is not a reportable segment.
PPL's Chief Operating Decision Maker (CODM) is the CLC. The CLC uses financial metrics including segment net income, earnings from ongoing operations, earnings per share and return on equity, as well as various operational metrics to assess segment performance and make investment and resource decisions. Segment net income is the measure of segment profit or loss that most closely aligns with GAAP and is being presented for disclosure purposes.
The tables below provide information about PPL's segments and include a reconciliation of segment net income to consolidated net income for the year ended December 31, 2025:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total | ||||||||||||||||||||
| Operating Revenues from external customers (a) | $ | 3,760 | $ | 3,113 | $ | 2,168 | $ | 9,041 | |||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||
| Corporate and other revenues | 1 | ||||||||||||||||||||||
| Total consolidated revenues | $ | 9,042 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Fuel | 855 | — | — | 855 | |||||||||||||||||||
| Energy Purchases | 214 | 876 | 802 | 1,892 | |||||||||||||||||||
| Operation and maintenance | 818 | 630 | 851 | 2,299 | |||||||||||||||||||
| Depreciation | 717 | 413 | 177 | 1,307 | |||||||||||||||||||
| Taxes, other than income | 102 | 151 | 170 | 423 | |||||||||||||||||||
| Other (income) expense - net | (53) | (48) | (33) | (134) | |||||||||||||||||||
| Interest (income) from affiliate | — | (9) | (3) | (12) | |||||||||||||||||||
| Interest expense | 264 | 257 | 111 | 632 | |||||||||||||||||||
| Income taxes | 169 | 204 | 8 | 381 | |||||||||||||||||||
| Segment net income | $ | 674 | $ | 639 | $ | 85 | $ | 1,398 | |||||||||||||||
| Reconciliation of segment profit or loss to consolidated net income | |||||||||||||||||||||||
| Corporate and other net loss | (217) | ||||||||||||||||||||||
| Net Income | $ | 1,181 | |||||||||||||||||||||
(a)See Note 1 and Note 3 for additional information on Operating Revenues.
Other information for the segments and reconciliation to PPL's Consolidated results for the year ended December 31, 2025 are as follows:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total Segments | Corporate and Other | Consolidated Total | ||||||||||||||||||||||||||||||
| Other Segment Disclosures | |||||||||||||||||||||||||||||||||||
| Amortization (a) | $ | 43 | $ | 48 | $ | 1 | $ | 92 | $ | 12 | $ | 104 | |||||||||||||||||||||||
| Deferred income taxes and investment tax credits (b) | (9) | 24 | 28 | 43 | 149 | 192 | |||||||||||||||||||||||||||||
| Expenditures for long lived assets | 1,752 | 1,620 | 668 | 4,040 | 2 | 4,042 | |||||||||||||||||||||||||||||
(a)Represents non-cash expense items that include amortization of operating lease right-of-use assets, regulatory assets and liabilities, debt discounts and premiums and debt issuance costs.
(b)Represents a non-cash expense item that is also included in "Income Taxes."
The tables below provide information about PPL's segments and include a reconciliation of segment net income to consolidated net income for the year ended December 31, 2024:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total | ||||||||||||||||||||
| Operating Revenues from external customers (a) | $ | 3,562 | $ | 2,876 | $ | 2,024 | $ | 8,462 | |||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||
| Corporate and other revenues | — | ||||||||||||||||||||||
| Total consolidated revenues | $ | 8,462 | |||||||||||||||||||||
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total | ||||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Fuel | 783 | — | — | 783 | |||||||||||||||||||
| Energy Purchases | 176 | 721 | 782 | 1,679 | |||||||||||||||||||
| Operation and maintenance | 803 | 705 | 731 | 2,239 | |||||||||||||||||||
| Depreciation | 710 | 401 | 165 | 1,276 | |||||||||||||||||||
| Taxes, other than income | 99 | 131 | 144 | 374 | |||||||||||||||||||
| Other (income) expense - net | (29) | (45) | (20) | (94) | |||||||||||||||||||
| Interest (income) from affiliate | — | (33) | (4) | (37) | |||||||||||||||||||
| Interest expense | 240 | 246 | 95 | 581 | |||||||||||||||||||
| Income taxes | 160 | 176 | 22 | 358 | |||||||||||||||||||
| Segment net income | $ | 620 | $ | 574 | $ | 109 | $ | 1,303 | |||||||||||||||
| Reconciliation of segment profit or loss to consolidated net income | |||||||||||||||||||||||
| Corporate and other net loss | (415) | ||||||||||||||||||||||
| Net Income | $ | 888 | |||||||||||||||||||||
(a)See Note 1 and Note 3 for additional information on Operating Revenues.
Other information for the segments and reconciliation to PPL's Consolidated results for the year ended December 31, 2024 are as follows:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total Segments | Corporate and Other | Consolidated Total | ||||||||||||||||||||||||||||||
| Other Segment Disclosures | |||||||||||||||||||||||||||||||||||
| Amortization (a) | $ | 24 | $ | 45 | $ | 1 | $ | 70 | $ | 8 | $ | 78 | |||||||||||||||||||||||
| Deferred income taxes and investment tax credits (b) | 2 | 129 | 38 | 169 | 27 | 196 | |||||||||||||||||||||||||||||
| Expenditures for long lived assets | 1,088 | 1,229 | 495 | 2,812 | (7) | 2,805 | |||||||||||||||||||||||||||||
(a)Represents non-cash expense items that include amortization of operating lease right-of-use assets, regulatory assets and liabilities, debt discounts and premiums and debt issuance costs.
(b)Represents a non-cash expense item that is also included in "Income Taxes."
The tables below provide information about PPL's segments and include a reconciliation of segment net income to consolidated net income for the year ended December 31, 2023:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total | ||||||||||||||||||||
| Operating Revenues from external customers (a) | $ | 3,452 | $ | 3,008 | $ | 1,851 | $ | 8,311 | |||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||
| Corporate and other revenues | 1 | ||||||||||||||||||||||
| Total consolidated revenues | $ | 8,312 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Fuel | 733 | — | — | 733 | |||||||||||||||||||
| Energy Purchases | 192 | 992 | 658 | 1,842 | |||||||||||||||||||
| Operation and maintenance | 826 | 605 | 705 | 2,136 | |||||||||||||||||||
| Depreciation | 696 | 397 | 156 | 1,249 | |||||||||||||||||||
| Taxes, other than income | 93 | 143 | 156 | 392 | |||||||||||||||||||
| Other (income) expense - net | (12) | (39) | (19) | (70) | |||||||||||||||||||
| Interest expense | 235 | 223 | 83 | 541 | |||||||||||||||||||
| Income taxes | 137 | 168 | 16 | 321 | |||||||||||||||||||
| Segment net income | $ | 552 | $ | 519 | $ | 96 | $ | 1,167 | |||||||||||||||
| Reconciliation of segment profit or loss to consolidated net income | |||||||||||||||||||||||
| Corporate and other net loss | (427) | ||||||||||||||||||||||
| Net Income | $ | 740 | |||||||||||||||||||||
(a)See Note 1 and Note 3 for additional information on Operating Revenues.
Other information for the segments and reconciliation to PPL's Consolidated results for the year ended December 31, 2023 are as follows:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total Segments | Corporate and Other | Consolidated Total | ||||||||||||||||||||||||||||||
| Other Segment Disclosures | |||||||||||||||||||||||||||||||||||
| Amortization (a) | $ | 33 | $ | 41 | $ | 1 | $ | 75 | $ | 6 | $ | 81 | |||||||||||||||||||||||
| Deferred income taxes and investment tax credits (b) | (17) | 46 | 48 | 77 | 245 | 322 | |||||||||||||||||||||||||||||
| Expenditures for long lived assets | 950 | 956 | 454 | 2,360 | 30 | 2,390 | |||||||||||||||||||||||||||||
(a)Represents non-cash expense items that include amortization of operating lease right-of-use assets, regulatory assets and liabilities, debt discounts and premiums and debt issuance costs.
(b)Represents a non-cash expense item that is also included in "Income Taxes."
The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated results as of:
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Total Assets | |||||||||||
| Kentucky Regulated | $ | 19,060 | $ | 17,626 | |||||||
| Pennsylvania Regulated | 16,886 | 15,475 | |||||||||
| Rhode Island Regulated | 7,510 | 7,055 | |||||||||
| Corporate and Other (a) | 1,788 | 913 | |||||||||
| Total | $ | 45,244 | $ | 41,069 | |||||||
(a)Primarily consists of unallocated items, including cash, PP&E, goodwill, and the elimination of inter-segment transactions.
(PPL Electric)
PPL Electric has two operating segments, distribution and transmission, which are aggregated into a single reportable segment. PPL Electric's CODM is the President of PPL Electric.
The President uses financial metrics including segment net income, earnings from ongoing operations, earnings per share and return on equity, as well as various operational metrics to assess segment performance and make investment and resource decisions.
The significant segment expenses of and measure of profit and loss for PPL Electric regularly provided to the President are included on the face of PPL Electric's Statements of Income.
The measure of segment assets is reported on PPL Electric's Balance Sheets as total consolidated assets. The measures of significant non-cash segment expenses as well as expenditures for long lived assets are reported on PPL Electric's Statements of Cash Flows.
(LG&E and KU)
Each of LG&E and KU operates as a single operating and reportable segment, and the CODM for each of LG&E and KU is its President.
The President manages LG&E and KU as a single consolidated entity. Financial metrics including net income, earnings from ongoing operations, earnings per share and return on equity, as well as various operational metrics are used to assess segment performance and make investment and resource decisions.
The significant segment expenses of and measure of profit and loss for each of LG&E and KU regularly provided to its President are included on the face of the Statements of Income of LG&E and KU.
The measures of segment assets are reported on the Balance Sheets of LG&E and KU as total assets. The measures of significant non-cash segment expenses as well as expenditures for long lived assets are reported on the Statements of Cash Flows of LG&E and KU.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.