Segment and Related Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment and Related Information

3. Segment and Related Information

(PPL)

See Note 2 in PPL's 2020 Form 10-K for a discussion of reportable segments and related information.

On March 17, 2021, PPL WPD Limited entered into a share purchase agreement to sell PPL's U.K. utility business, which substantially represented PPL's U.K. Regulated segment. As a result, PPL determined segment information for the U.K. Regulated segment would no longer be provided beginning with the March 31, 2021 Form 10-Q. The sale of the U.K. utility business was completed on June 14, 2021. See Note 9 for additional information.

Income Statement data for the segments and reconciliation to PPL's consolidated results for the periods ended September 30 are as follows:

	Three Months				Nine Months
	2021		2020		2021		2020
Operating Revenues from external customers
Kentucky Regulated	$	879	$	806	$	2,505	$	2,331
Pennsylvania Regulated	627		586		1,769		1,748
Corporate and Other	6		8		24		24
Total	$	1,512	$	1,400	$	4,298	$	4,103
Net Income
Kentucky Regulated (a)	$	159	$	129	$	389	$	330
Pennsylvania Regulated (a)	126		135		335		371
Corporate and Other (a)(b)(c)	(76)		(147)		(848)		(227)
Discontinued Operations (d)	(2)		164		(1,490)		705
Total	$	207	$	281	$	(1,614)	$	1,179

(a)Beginning in 2021, corporate level financing costs are no longer allocated to the reportable segments and are being reported in Corporate and Other. For the three and nine months ended September 30, 2020, corporate level financing costs of $8 million, net of $2 million of income taxes, and $25 million, net of $6 million of income taxes, were allocated to the Kentucky Regulated segment. For the three and nine months ended September 30, 2020, an immaterial amount of financing costs were allocated to the Pennsylvania Regulated segment.

(b)The amounts for the periods ended September 30, 2020 have been adjusted for certain costs that were previously included in the U.K. Regulated segment.

(c)2021 includes losses from the extinguishment of PPL Capital Funding debt. See Note 8 for additional information.

(d)See Note 9 for additional information.

The following provides Balance Sheet data for the segments and reconciliation to PPL's consolidated Balance Sheets as of:

	September 30, 2021		December 31, 2020
Assets
Kentucky Regulated	$	16,250	$	15,943
Pennsylvania Regulated	13,350		12,347
Corporate and Other (a)	4,571		843
Assets Held for Sale (b)	—		18,983
Total	$	34,171	$	48,116

(a)Primarily consists of unallocated items, including cash, PP&E, goodwill, the elimination of inter-segment transactions as well as the assets of Safari Energy.

(b)See Note 9 for additional information.

(PPL Electric, LG&E and KU)

PPL Electric has two operating segments, distribution and transmission, which are aggregated into a single reportable segment. LG&E and KU are individually single operating and reportable segments.