KENTUCKY UTILITIES CO
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
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2. Segment and Related Information
- 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 primarily consists of the regulated electricity generation, transmission and distribution operations conducted by LG&E and KU, as well as LG&E's regulated transmission, distribution and sale of natural gas.
The Pennsylvania Regulated segment consists of the regulated electricity transmission and distribution operations of PPL Electric.
The Rhode Island Regulated segment consists of the regulated electricity transmission and distribution and natural gas distribution operations of RIE.
"Corporate and Other" primarily consists of corporate level financing costs, certain unallocated 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.
The table below provides information about PPL’s segments and includes the reconciliation to consolidated net income for the three months ended September 30, 2025:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total | |
|---|---|---|---|---|
| Operating Revenues from external customers (a) | $944 | $786 | $509 | $2,239 |
| Reconciliation of revenue | ||||
| Corporate and Other revenues | — | |||
| Total consolidated revenues | $2,239 | |||
| Less: | ||||
| Fuel | 231 | — | — | 231 |
| Energy purchases | 23 | 224 | 173 | 420 |
| Other operation and maintenance | 201 | 160 | 196 | 557 |
| Depreciation | 180 | 105 | 45 | 330 |
| Taxes, other than income | 26 | 38 | 38 | 102 |
| Other (income) expense - net | (17) | (14) | (2) | (33) |
| Interest (income) from affiliate | — | (2) | — | (2) |
| Interest expense | 68 | 67 | 28 | 163 |
| Income taxes | 47 | 49 | 4 | 100 |
| Segment net income | $185 | $159 | $27 | $371 |
| Reconciliation of segment profit or loss to consolidated net income | ||||
| Corporate and Other net loss | (53) | |||
| Net Income | $318 | |||
The table below provides information about PPL’s segments and includes the reconciliation to consolidated net income for the nine months ended September 30, 2025:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total | |
|---|---|---|---|---|
| Operating Revenues from external customers (a) | $2,841 | $2,298 | $1,629 | $6,768 |
| Reconciliation of revenue | ||||
| Corporate and Other revenues | — | |||
| Total consolidated revenues | $6,768 | |||
| Less: | ||||
| Fuel | 657 | — | — | 657 |
| Energy purchases | 149 | 622 | 598 | 1,369 |
| Other operation and maintenance | 601 | 481 | 610 | 1,692 |
| Depreciation | 535 | 307 | 131 | 973 |
| Taxes, other than income | 77 | 111 | 127 | 315 |
| Other (income) expense - net | (35) | (36) | (5) | (76) |
| Interest (income) from affiliate | — | (4) | (3) | (7) |
| Interest expense | 191 | 189 | 78 | 458 |
| Income taxes | 132 | 146 | 13 | 291 |
| Segment net income | $534 | $482 | $80 | $1,096 |
| Reconciliation of segment profit or loss to consolidated net income | ||||
| Corporate and Other net loss | (181) | |||
| Net Income | $915 | |||
Other information for the segments and reconciliation to PPL's Consolidated results for the nine months ended September 30, 2025 are as follows:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total Segments | Corporate and Other | Consolidated Total | |
|---|---|---|---|---|---|---|
| Other Segment Disclosures | ||||||
| Amortization (a) | $28 | $34 | $1 | $63 | $10 | $73 |
| Deferred income taxes and investment tax credits (b) | 21 | 63 | 38 | 122 | 55 | 177 |
| Expenditures for long lived assets | 1,243 | 1,082 | 539 | 2,864 | 4 | 2,868 |
(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 table below provides information about PPL’s segments and includes the reconciliation to consolidated net income for the three months ended September 30, 2024:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total | |
|---|---|---|---|---|
| Operating Revenues from external customers (a) | $895 | $716 | $455 | $2,066 |
| Reconciliation of revenue | ||||
| Corporate and Other revenues | — | |||
| Total consolidated revenues | $2,066 | |||
| Less: | ||||
| Fuel | 207 | — | — | 207 |
| Energy purchases | 25 | 177 | 135 | 337 |
| Other operation and maintenance | 196 | 176 | 211 | 583 |
| Depreciation | 178 | 101 | 42 | 321 |
| Taxes, other than income | 25 | 32 | 33 | 90 |
| Other (income) expense - net | (8) | (13) | (7) | (28) |
| Interest (income) from affiliate | — | (7) | — | (7) |
| Interest expense | 60 | 61 | 25 | 146 |
| Income taxes | 43 | 47 | 2 | 92 |
| Segment net income | $169 | $142 | $14 | $325 |
| Reconciliation of segment profit or loss to consolidated net income | ||||
| Corporate and Other net loss | (111) | |||
| Net Income | $214 | |||
The table below provides information about PPL’s segments and includes the reconciliation to consolidated net income for the nine months ended September 30, 2024:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total | |
|---|---|---|---|---|
| Operating Revenues from external customers (a) | $2,698 | $2,159 | $1,393 | $6,250 |
| Reconciliation of revenue | ||||
| Corporate and Other revenues | 1 | |||
| Total consolidated revenues | $6,251 | |||
| Less: | ||||
| Fuel | 597 | — | — | 597 |
| Energy purchases | 124 | 544 | 464 | 1,132 |
| Other operation and maintenance | 593 | 511 | 547 | 1,651 |
| Depreciation | 531 | 300 | 123 | 954 |
| Taxes, other than income | 74 | 98 | 99 | 271 |
| Other (income) expense - net | (20) | (33) | (20) | (73) |
| Interest (income) from affiliate | — | (27) | — | (27) |
| Interest expense | 181 | 184 | 72 | 437 |
| Income taxes | 125 | 141 | 18 | 284 |
| Segment net income | $493 | $441 | $90 | $1,024 |
| Reconciliation of segment profit or loss to consolidated net income | ||||
| Corporate and Other net loss | (313) | |||
| Net Income | $711 | |||
Other information for the segments and reconciliation to PPL's Consolidated results for the nine months ended September 30, 2024 are as follows:
| Kentucky Regulated | Pennsylvania Regulated | Rhode Island Regulated | Total Segments | Corporate and Other | Consolidated Total | |
|---|---|---|---|---|---|---|
| Other Segment Disclosures | ||||||
| Amortization (a) | $18 | $35 | $1 | $54 | $7 | $61 |
| Deferred income taxes and investment tax credits (b) | (1) | 91 | 38 | 128 | 19 | 147 |
| Expenditures for long lived assets | 792 | 820 | 342 | 1,954 | (9) | 1,945 |
(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 Balance Sheets as of:
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Total Assets | ||
| Kentucky Regulated | $19,234 | $17,626 |
| Pennsylvania Regulated | 16,702 | 15,475 |
| Rhode Island Regulated | 7,247 | 7,055 |
| Corporate and Other (a) | 756 | 913 |
| Total | $43,939 | $41,069 |
(a)Primarily consists of unallocated items, including cash, PP&E, goodwill and the elimination of inter-segment transactions.
PPL Electric has two operating segments, distribution and transmission, which are aggregated into a single reportable segment.
The measure of segment assets is reported on PPL Electric's Balance Sheets as total consolidated assets. The measures of significant segment expenses are reported on PPL Electric's Statements of Income. 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.
The measures of segment assets are reported on the Balance Sheets of LG&E and KU as total assets. The measures of significant segment expenses are reported on the Statements of Income of LG&E and KU. 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.
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