Segment and Related Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment and Related Information

2. Segment and Related Information

(PPL)

PPL is organized into three segments: Kentucky Regulated, Pennsylvania Regulated and Rhode Island Regulated. PPL's segments are determined by geographic location.

Beginning on January 1, 2023, 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. Prior to January 1, 2023, the Kentucky Regulated segment also included the financing activities of LKE. The financing activity of LKE is presented in "Corporate and Other" beginning on January 1, 2023. Prior periods have been adjusted to reflect this change. As a result, PPL’s segments consist of its regulated operations in Kentucky, Pennsylvania and Rhode Island and exclude any incremental financing activities of holding companies, which Management believes is a more meaningful presentation as it provides information on the core regulated operations of PPL.

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, which were acquired on May 25, 2022.

"Corporate and Other" primarily includes corporate level financing costs, certain unallocated costs, certain non-recoverable costs incurred in conjunction with the acquisition of Narragansett Electric and the financial results of Safari Energy, prior to its sale on November 1, 2022. "Corporate and Other" is presented to reconcile segment information to PPL's consolidated results.

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
	2023		2022		2023		2022
Operating Revenues from external customers
Kentucky Regulated	$	893	$	977	$	2,631	$	2,864
Pennsylvania Regulated	737		766		2,295		2,217
Rhode Island Regulated	413		384		1,355		512
Corporate and Other	—		7		—		19
Total	$	2,043	$	2,134	$	6,281	$	5,612
Net Income (Loss)
Kentucky Regulated	$	175	$	164	$	432	$	465
Pennsylvania Regulated	136		143		384		410
Rhode Island Regulated	6		(26)		70		(55)
Corporate and Other	(87)		(107)		(259)		(254)
Total	$	230	$	174	$	627	$	566

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

	September 30, 2023		December 31, 2022
Assets
Kentucky Regulated	$	16,867	$	16,904
Pennsylvania Regulated	14,069		13,565
Rhode Island Regulated	6,393		6,081
Corporate and Other (a)	1,300		1,287
Total	$	38,629	$	37,837

(a)Primarily consists of unallocated items, including cash, PP&E, goodwill and the elimination of inter-segment transactions.

(PPL Electric, LG&E and KU)PPL Electric has two operating segments, distribution and transmission, which are aggregated into a single reportable segment. Each of LG&E and KU is a single operating and reportable segment.