PPL Corp Files Q2 2024 10-Q

TL;DR

PPL Corp's Q2 10-Q is in. Financials look steady, operations on track.

AI Summary

PPL Corp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational updates. Key financial figures and business segments are presented, reflecting the company's ongoing operations in the energy and transportation sector.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for PPL Corp, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Players & Entities

• PPL Corp (company) — Filer of the 10-Q
• PPL Electric Utilities Corp (company) — Subsidiary of PPL Corp
• Kentucky Utilities Co (company) — Subsidiary of PPL Corp
• June 30, 2024 (date) — End of the reporting period
• August 2, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — e date. PPL Corporation Common stock, $0.01 par value, 737,773,304 shares outstandi
• $100 million — ject to KPSC jurisdiction, in excess of $100 million. Customer Choice Act - the Pennsylvan

Filing Documents

• ppl-20240630.htm (10-Q) — 4925KB
• exhibit3a1.htm (EX-3.A 1) — 2KB
• exhibit3b1.htm (EX-3.B 1) — 1KB
• ppl-6302024_ex31a.htm (EX-31.A) — 10KB
• ppl-6302024_ex31b.htm (EX-31.B) — 11KB
• ppl-6302024_ex31c.htm (EX-31.C) — 11KB
• ppl-6302024_ex31d.htm (EX-31.D) — 11KB
• ppl-6302024_ex31e.htm (EX-31.E) — 11KB
• ppl-6302024_ex31f.htm (EX-31.F) — 11KB
• ppl-6302024_ex31g.htm (EX-31.G) — 10KB
• ppl-6302024_ex31h.htm (EX-31.H) — 11KB
• ppl-6302024_ex32a.htm (EX-32.A) — 9KB
• ppl-6302024_ex32b.htm (EX-32.B) — 9KB
• ppl-6302024_ex32c.htm (EX-32.C) — 9KB
• ppl-6302024_ex32d.htm (EX-32.D) — 9KB
• exhibit3a1001.jpg (GRAPHIC) — 153KB
• exhibit3b1001.jpg (GRAPHIC) — 217KB
• 0000922224-24-000024.txt ( ) — 23363KB
• ppl-20240630.xsd (EX-101.SCH) — 189KB
• ppl-20240630_cal.xml (EX-101.CAL) — 147KB
• ppl-20240630_def.xml (EX-101.DEF) — 1148KB
• ppl-20240630_lab.xml (EX-101.LAB) — 1611KB
• ppl-20240630_pre.xml (EX-101.PRE) — 1249KB
• ppl-20240630_htm.xml (XML) — 4557KB

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 33 5. Income Taxes 33 6. Utility Rate Regulation 35 7. Financing Activities 41 8. Acquisitions, Developments and Divestitures 42 9. Defined Benefits 43 10. Commitments and Contingencies 44 11. Related Party Transactions 49 12. Other Income (Expense) - net 50 13. Fair Value Measurements 51 14. Derivative Instruments and Hedging Activities 53 15. Asset Retirement Obligations 60 16. Accumulated Other Comprehensive Income (Loss) 60 17. New Accounting Guidance Pending Adoption 61

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 62 Introduction 62 Business Strategy 64 Financial and Operational Developments 64 Results of Operations 67 PPL Corporation and Subsidiaries - Statement of Income Analysis and Segment Earnings 67 PPL Electric Utilities Corporation and Subsidiaries - Statement of Income Analysis 77 Louisville Gas and Electric Company - Statement of Income Analysis 79 Kentucky Utilities Company - Statement of Income Analysis 80 Financial Condition 81 Liquidity and Capital Resources 82 Risk Management 86 Related Party Transactions 88 Acquisitions, Development and Divestitures 88 Environmental Matters 88 New Accounting Guidance 90 Application of Critical Accounting Policies 90

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 91

Controls and Procedures

Item 4. Controls and Procedures 91

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 91

Risk Factors

Item 1A. Risk Factors 91

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 91

Other Information

Item 5. Other Information 92

Exhibits

Item 6. Exhibits 93

SIGNATURES

SIGNATURES 94 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating Revenues $ 1,881 $ 1,823 $ 4,185 $ 4,238 Operating Expenses Operation Fuel 181 167 390 368 Energy purchases 275 340 795 1,074 Other operation and maintenance 623 609 1,249 1,168 Depreciation 319 313 635 626 Taxes, other than income 93 89 181 199 Total Operating Expenses 1,491 1,518 3,250 3,435 Operating Income 390 305 935 803 Other Income (Expense) - net (Note 12) 32 5 54 35 Interest Expense 182 165 361 329 Income Before Income Taxes 240 145 6

View Full Filing

View this 10-Q filing on SEC EDGAR