PPL Corp Files 2023 Annual Report on Form 10-K

Ticker: PPLC · Form: 10-K · Filed: Feb 16, 2024 · CIK: 922224

Ppl Corp 10-K Filing Summary
FieldDetail
CompanyPpl Corp (PPLC)
Form Type10-K
Filed DateFeb 16, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $100 million
Sentimentneutral

Sentiment: neutral

Topics: PPL Corp, 10-K, Annual Report, Utilities, Financials

TL;DR

<b>PPL Corp has submitted its 2023 10-K filing, detailing the financial performance and operations of its subsidiaries.</b>

AI Summary

PPL Corp (PPLC) filed a Annual Report (10-K) with the SEC on February 16, 2024. PPL Corp filed its annual report for the fiscal year ending December 31, 2023. The filing includes information for PPL Corp, PPL Electric Utilities Corp, Kentucky Utilities Co, and Louisville Gas & Electric Co. PPL Corp is identified by Central Index Key 0000922224 and operates in Electric Services (SIC 4911). PPL Electric Utilities Corp (CIK 0000317187) is also in Electric Services. Kentucky Utilities Co (CIK 0000055387) and Louisville Gas & Electric Co (CIK 0000060549) are also listed with their respective SIC codes.

Why It Matters

For investors and stakeholders tracking PPL Corp, this filing contains several important signals. This 10-K provides a comprehensive overview of PPL Corp's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The filing consolidates information from key operating companies like PPL Electric Utilities, Kentucky Utilities, and Louisville Gas & Electric, offering a holistic view of the parent company's business segments and regulatory environments.

Risk Assessment

Risk Level: medium — PPL Corp shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains extensive financial and operational data, but lacks specific forward-looking financial targets or significant event disclosures that would indicate immediate high risk or opportunity.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand PPL Corp's operational performance and potential challenges for the upcoming fiscal year.

Key Numbers

  • 20231231 — Fiscal Year End (Reported period)
  • 20240216 — Filing Date (Date of submission)
  • 4911 — SIC Code (Electric Services for PPL Corp and PPL Electric Utilities Corp)
  • 4931 — SIC Code (Electric & Other Services Combined for Louisville Gas & Electric Co)

Key Players & Entities

  • PPL Corp (company) — Filer and parent company
  • PPL Electric Utilities Corp (company) — Subsidiary
  • Kentucky Utilities Co (company) — Subsidiary
  • Louisville Gas & Electric Co (company) — Subsidiary
  • 0000922224 (company) — Central Index Key for PPL Corp
  • 0000317187 (company) — Central Index Key for PPL Electric Utilities Corp
  • 0000055387 (company) — Central Index Key for Kentucky Utilities Co
  • 0000060549 (company) — Central Index Key for Louisville Gas & Electric Co

FAQ

When did PPL Corp file this 10-K?

PPL Corp filed this Annual Report (10-K) with the SEC on February 16, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by PPL Corp (PPLC).

Where can I read the original 10-K filing from PPL Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PPL Corp.

What are the key takeaways from PPL Corp's 10-K?

PPL Corp filed this 10-K on February 16, 2024. Key takeaways: PPL Corp filed its annual report for the fiscal year ending December 31, 2023.. The filing includes information for PPL Corp, PPL Electric Utilities Corp, Kentucky Utilities Co, and Louisville Gas & Electric Co.. PPL Corp is identified by Central Index Key 0000922224 and operates in Electric Services (SIC 4911)..

Is PPL Corp a risky investment based on this filing?

Based on this 10-K, PPL Corp presents a moderate-risk profile. The filing is a standard 10-K, which typically contains extensive financial and operational data, but lacks specific forward-looking financial targets or significant event disclosures that would indicate immediate high risk or opportunity.

What should investors do after reading PPL Corp's 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand PPL Corp's operational performance and potential challenges for the upcoming fiscal year. The overall sentiment from this filing is neutral.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
  • 2024-02-16: Filing Date — Date PPL Corp submitted its 10-K to the SEC.

Filing Stats: 4,540 words · 18 min read · ~15 pages · Grade level 13.5 · Accepted 2024-02-16 11:54:54

Key Financial Figures

  • $0.01 — rporation had 737,085,881 shares of its $0.01 par value Common Stock outstanding. The
  • $100 million — ject to KPSC jurisdiction, in excess of $100 million. Customer Choice Act - the Pennsylvan

Filing Documents

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS PPL Corporation and Subsidiaries Consolidated Statements of Income for the years ended December 31, 202 3 , 202 2 and 20 21 73 Consolidated Statements of Comprehensive Income for the years ended December 31, 202 3 , 202 2 and 2021 74 Consolidated Statements of Cash Flows for the years ended December 31, 202 3 , 202 2 and 20 21 75 Consolidated Balance Sheets at December 31, 202 3 and 20 2 2 76 Consolidated Statements of Equity for the years ended December 31, 202 3 , 20 2 2 and 20 21 78 PPL Electric Utilities Corporation and Subsidiaries Consolidated Statements of Income for the years ended December 31, 202 3 , 202 2 and 20 21 80 Consolidated Statements of Cash Flows for the years ended December 31 , 202 3 , 202 2 and 20 21 81 Consolidated Balance Sheets at December 31, 202 3 and 20 2 2 82 Consolidated Statements of Equity for the years ended December 31, 202 3 , 202 2 and 20 21 84 Louisville Gas and Electric Company 86 87 Balance Sheets at December 31, 202 3 and 20 2 2 88 90 Kentucky Utilities Company 92 93 Balance Sheets at December 31, 202 3 and 20 2 2 94 96 Table of Contents Item Page COMBINED NOTES TO FINANCIAL STATEMENTS Index to Combined Notes to Consolidated Financial Statements 97 1. Summary of Significant Accounting Policies 97 2. Segment and Related Information 108 3. Revenue from Contracts with Customers 110 4. Preferred Securities 114 5. Earnings Per Share 115 6. Income and Other Taxes

Signatures

Signatures 212 Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Certificates of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 PPL Corporation and Subsidiaries Long-term Debt Schedule Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS PPL Corporation and its subsidiaries CEP Reserves - CEP Reserves, Inc., a cash management subsidiary of PPL that maintains cash reserves for the balance sheet management of PPL and certain subsidiaries. KU - Kentucky Utilities Company, a public utility subsidiary of LKE engaged in the regulated generation, transmission, distribution and sale of electricity, primarily in Kentucky. LG&E - Louisville Gas and Electric Company, a public utility subsidiary of LKE engaged in the regulated generation, transmission, distribution and sale of electricity and the distribution and sale of natural gas in Kentucky. LKE - LG&E and KU Energy LLC, a subsidiary of PPL and the parent of LG&E, KU and other subsidiaries. LKS - LG&E and KU Services Company, a subsidiary of LKE that provides administrative, management and support services primarily to LG&E and KU, as well as to LKE and its other subsidiaries. Narragansett Electric - The Narragansett Electric Company, an entity that serves electric and natural gas customers in Rhode Island. On May 25, 2022, PPL and its subsidiary, PPL Rhode Island Holdings announced the completion of the acquisition of Narragansett Electric, which will continue to provide services under the name Rhode Island Energy. PPL - PPL Corporation, the ultimate parent holding company of PPL Electric, PPL Energy Funding, PPL Capital Funding, LKE, RIE and other subsidiaries. PPL Capital Funding - PPL Capital Funding, Inc., a financing subsidiary of PPL that provides financing for the operations of PPL and certain subsidiaries. Debt issued by PPL Capita

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