PPL Corp Files Q1 2024 10-Q Report

Ticker: PPLC · Form: 10-Q · Filed: May 1, 2024 · CIK: 922224

Ppl Corp 10-Q Filing Summary
FieldDetail
CompanyPpl Corp (PPLC)
Form Type10-Q
Filed DateMay 1, 2024
Risk Levellow
Pages15
Reading Time17 min
Key Dollar Amounts$0.01, $100 million
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, earnings, utility, financials

Related Tickers: PPL

TL;DR

**PPL Corp Q1 2024 10-Q filed. Check financials.**

AI Summary

PPL Corporation filed its quarterly report for the period ended March 31, 2024. The report details financial information for PPL Corporation and its subsidiaries, including PPL Electric Utilities Corporation, Louisville Gas and Electric Company, and Kentucky Utilities Company. The company's common stock is traded on the New York Stock Exchange under the symbol PPL.

Why It Matters

This filing provides investors with an update on PPL Corporation's financial performance and operational status for the first quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Players & Entities

  • PPL Corporation (company) — Registrant
  • March 31, 2024 (date) — Quarterly period ended
  • PPL Electric Utilities Corporation (company) — Subsidiary
  • Louisville Gas and Electric Company (company) — Subsidiary
  • Kentucky Utilities Company (company) — Subsidiary
  • PPL (dollar_amount) — Trading Symbol
  • New York Stock Exchange (company) — Exchange

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by PPL Corporation pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024.

Which stock exchange lists PPL Corporation's common stock?

PPL Corporation's common stock is listed on the New York Stock Exchange.

What are the names of PPL Corporation's listed subsidiaries in this filing?

The filing lists PPL Electric Utilities Corporation, Louisville Gas and Electric Company, and Kentucky Utilities Company.

What is the trading symbol for PPL Corporation's common stock?

The trading symbol for PPL Corporation's common stock is PPL.

What is the IRS Employer Identification Number for PPL Corporation?

The IRS Employer Identification Number for PPL Corporation is 23-2758192.

Filing Stats: 4,358 words · 17 min read · ~15 pages · Grade level 15.4 · Accepted 2024-05-01 11:37:52

Key Financial Figures

  • $0.01 — e date. PPL Corporation Common stock, $0.01 par value, 737,740,859 shares outstandi
  • $100 million — ject to KPSC jurisdiction, in excess of $100 million. Customer Choice Act - the Pennsylvan

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PPL Corporation and Subsidiaries Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Cash Flows 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Equity 9 PPL Electric Utilities Corporation and Subsidiaries Condensed Consolidated Statements of Income 11 Condensed Consolidated Statements of Cash Flows 12 Condensed Consolidated Balance Sheets 13 Condensed Consolidated Statements of Equity 15 Louisville Gas and Electric Company Condensed Statements of Income 17 Condensed Statements of Cash Flows 18 Condensed Balance Sheets 19 Condensed Statements of Equity 21 Kentucky Utilities Company Condensed Statements of Income 23 Condensed Statements of Cash Flows 24 Condensed Balance Sheets 25 Condensed Statements of Equity 27 Table of Contents Combined Notes to Condensed Financial Statements (Unaudited) Index to Combined Notes to Condensed Financial Statements 28 1. Interim Financial Statements 28 2. Segment and Related Information 29 3. Revenue from Contracts with Customers 30 4. Earnings Per Share 32 5. Income Taxes 32 6. Utility Rate Regulation 34 7. Financing Activities 40 8. Acquisitions, Development s and Divestitures 41 9. Defined Benefits 42 10. Commitments and Contingencies 43 11. Related Party Transactions 48 12. Other Income (Expense) - net 49 13. Fair Value Measurements 49 14. Derivative Instruments and Hedging Activities 52 15. Asset Retirement Obligations 58 16. Accumulated Other Comprehensive Income (Loss) 59 17. New Accounting Guidance Pending Adoption 59

Combined Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations Overview 61 Introduction 61 Business Strategy 63 Financial and Operational Developments 63 Results of Operations 65 PPL Corporation and Subsidiaries - Statement of Income Analysis and Segment Earnings 66 PPL Electric Utilities Corporation and Subsidiaries - Statement of Income Analysis 73 Louisville Gas and Electric Company - Statement of Income Analysis 74 Kentucky Utilities Company - Statement of Income Analysis 75 Financial Condition 76 Liquidity and Capital Resources 76 Risk Management 80 Related Party Transactions 82 Acquisitions, Development and Divestitures 82 Environmental Matters 82 New Accounting Guidance 84 Application of Critical Accounting Policies 84

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 85

Controls and Procedures

Item 4. Controls and Procedures 85

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 85

Risk Factors

Item 1A. Risk Factors 85

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 85

Other Information

Item 5. Other Information 86

Exhibits

Item 6. Exhibits 86

SIGNATURES

SIGNATURES 88 CERTIFICATES 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 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 continues to provide services under the name Rhode Island Energy. Narragansett Electric is sometimes referred to as Rhode Island Energy or RIE. PPL - PPL Corporation, the ultimate parent holding company of PPL Electric, PPL Energy Funding Corporation, 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.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements CONDENSED CONSOLIDATED STATEMENTS OF INCOME PPL Corporation and Subsidiaries (Unaudited) (Millions of Dollars, except share data) Three Months Ended March 31, 2024 2023 Operating Revenues $ 2,304 $ 2,415 Operating Expenses Operation Fuel 209 201 Energy purchases 520 734 Other operation and maintenance 626 559 Depreciation 316 313 Taxes, other than income 88 110 Total Operating Expenses 1,759 1,917 Operating Income 545 498 Other Income (Expense) - net (Note 12) 22 30 Interest Expense 179 164 Income Before Income Taxes 388 364 Income Taxes 81 79 Net Income $ 307 $ 285 Earnings Per Share of Common Stock: Basic and Diluted Net Income Available to PPL Common Shareowners $ 0.42 $ 0.39 Weighted-Average Shares of Common Stock Outstanding (in thousands) Basic 737,512 736,829 Diluted 738,820 737,698 The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements. 4 Table of Contents CONDE

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