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Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 5. Income Taxes Reconciliations of income tax expense (benefit) for the periods ended March 31 are as follows.
(PPL)
|  |  | Three Months
|  |  |  |  | 2025 |  | 2024
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% |  |  |  |  | $ | 108 |  |  | $ | 81 |
Increase (decrease) due to: |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  |  | 20 |  |  | 17 |
Utility rate-making tax adjustments (a) |  |  |  |  | (10) |  |  | (5) |
Amortization of excess deferred federal and state income taxes |  |  |  |  | (15) |  |  | (13) |
Other |  |  |  |  | (1) |  |  | 1 |
Total increase (decrease) |  |  |  |  | (6) |  |  | — |
Total income tax expense (benefit) |  |  |  |  | $ | 102 |  |  | $ | 81 |
(a) Primarily consists of tax impacts of AFUDC equity and related depreciation across PPL's regulated utility subsidiaries and flow through tax impacts of Pennsylvania utility ratemaking. Flow through occurs when the regulator excludes deferred tax expense or benefit from recoverable costs when determining income tax expense.
(PPL Electric) |  |  |  |  |  |  |
|  |  | Three Months
|  |  |  |  | 2025 |  | 2024
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% |  |  |  |  | $ | 50 |  |  | $ | 41 |
Increase (decrease) due to: |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  |  | 15 |  |  | 14 |
Utility rate-making tax adjustments (a) |  |  |  |  | (6) |  |  | (4) |
Amortization of excess deferred federal and state income taxes |  |  |  |  | (3) |  |  | (2) |
Other |  |  |  |  | (2) |  |  | (1) |
Total increase (decrease) |  |  |  |  | 4 |  |  | 7 |
Total income tax expense (benefit) |  |  |  |  | $ | 54 |  |  | $ | 48 |
(a) Primarily consists of tax impacts of AFUDC equity and related depreciation and flow through tax impacts of Pennsylvania utility ratemaking. Flow through occurs when the regulator excludes deferred tax expense or benefit from recoverable costs when determining income tax expense.
(LG&E) |  |  |  |  |  |  |
|  |  | Three Months
|  |  |  |  | 2025 |  | 2024
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% |  |  |  |  | $ | 27 |  |  | $ | 25 |
Increase (decrease) due to: |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  |  | 5 |  |  | 4 |
Amortization of excess deferred federal and state income taxes |  |  |  |  | (4) |  |  | (3) |
Other |  |  |  |  | (2) |  |  | (2) |
Total increase (decrease) |  |  |  |  | (1) |  |  | (1) |
Total income tax expense (benefit) |  |  |  |  | $ | 26 |  |  | $ | 24 |
(KU) |  |  |  |  |  |  |
|  |  | Three Months
|  |  |  |  | 2025 |  | 2024
Federal income tax on Income Before Income Taxes at statutory tax rate - 21% |  |  |  |  | $ | 33 |  |  | $ | 28 |
Increase (decrease) due to: |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  |  | 6 |  |  | 5 |
Amortization of excess deferred federal and state income taxes |  |  |  |  | (5) |  |  | (5) |
Other |  |  |  |  | (3) |  |  | (1) |
Total increase (decrease) |  |  |  |  | (2) |  |  | (1) |
Total income tax expense (benefit) |  |  |  |  | $ | 31 |  |  | $ | 27 |
Other IRS Revenue Procedure 2023-15 (PPL and LG&E) On April 14, 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized for tax purposes. PPL and LG&E are currently reviewing the revenue procedure to determine what impact the guidance may have on their financial statements.

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