Segment and Related Information

3 Months Ended

Mar. 31, 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 March 31 are as follows:

	Three Months
	2023		2022
Operating Revenues from external customers
Kentucky Regulated	$	960	$	1,004
Pennsylvania Regulated	891		775
Rhode Island Regulated	565		—
Corporate and Other	(1)		3
Total	$	2,415	$	1,782
Net Income (Loss)
Kentucky Regulated	$	166	$	189
Pennsylvania Regulated	138		143
Rhode Island Regulated	54		—
Corporate and Other	(73)		(59)
Total	$	285	$	273

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

	March 31, 2023		December 31, 2022
Assets
Kentucky Regulated	$	16,738	$	16,904
Pennsylvania Regulated	13,921		13,565
Rhode Island Regulated	6,253		6,081
Corporate and Other (a)	1,390		1,287
Total	$	38,302	$	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. LG&E and KU are individually single operating and reportable segments.