PPL Corp Files Q3 2024 10-Q

TL;DR

PPL Corp's Q3 10-Q is in. Check financials for the latest.

AI Summary

PPL Corp filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational updates. Key subsidiaries include PPL Electric Utilities Corp and Kentucky Utilities Co, both operating in the electric services 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 performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 4911 — SIC Code (Electric Services industry classification for PPL Corp and its subsidiaries.)

Key Players & Entities

• PPL Corp (company) — Filer
• PPL Electric Utilities Corp (company) — Subsidiary
• Kentucky Utilities Co (company) — Subsidiary
• 20240930 (date) — Reporting Period End Date
• 20241101 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — e date. PPL Corporation Common stock, $0.01 par value, 737,970,005 shares outstandi
• $100 million — ject to KPSC jurisdiction, in excess of $100 million. Customer Choice Act - the Pennsylvan

Filing Documents

• ppl-20240930.htm (10-Q) — 5012KB
• ppl-9302024_ex31a.htm (EX-31.A) — 10KB
• ppl-9302024_ex31b.htm (EX-31.B) — 11KB
• ppl-9302024_ex31c.htm (EX-31.C) — 11KB
• ppl-9302024_ex31d.htm (EX-31.D) — 11KB
• ppl-9302024_ex31e.htm (EX-31.E) — 11KB
• ppl-9302024_ex31f.htm (EX-31.F) — 11KB
• ppl-9302024_ex31g.htm (EX-31.G) — 10KB
• ppl-9302024_ex31h.htm (EX-31.H) — 11KB
• ppl-9302024_ex32a.htm (EX-32.A) — 9KB
• ppl-9302024_ex32b.htm (EX-32.B) — 9KB
• ppl-9302024_ex32c.htm (EX-32.C) — 9KB
• ppl-9302024_ex32d.htm (EX-32.D) — 9KB
• 0000922224-24-000030.txt ( ) — 22478KB
• ppl-20240930.xsd (EX-101.SCH) — 189KB
• ppl-20240930_cal.xml (EX-101.CAL) — 147KB
• ppl-20240930_def.xml (EX-101.DEF) — 1152KB
• ppl-20240930_lab.xml (EX-101.LAB) — 1618KB
• ppl-20240930_pre.xml (EX-101.PRE) — 1253KB
• ppl-20240930_htm.xml (XML) — 4258KB

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 Cont en ts 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 43 9. Defined Benefits 44 10. Commitments and Contingencies 45 11. Related Party Transactions 49 12. Other Income (Expense) - net 51 13. Fair Value Measurements 52 14. Derivative Instruments and Hedging Activities 54 15. Asset Retirement Obligations 61 16. Accumulated Other Comprehensive Income (Loss) 61 17. New Accounting Guidance Pending Adoption 62

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 64 Introduction 64 Business Strategy 66 Financial and Operational Developments 66 Results of Operations 69 PPL Corporation and Subsidiaries - Statement of Income Analysis and Segment Earnings 69 PPL Electric Utilities Corporation and Subsidiaries - Statement of Income Analysis 78 Louisville Gas and Electric Company - Statement of Income Analysis 80 Kentucky Utilities Company - Statement of Income Analysis 81 Financial Condition 82 Liquidity and Capital Resources 82 Risk Management 87 Related Party Transactions 89 Acquisitions, Development and Divestitures 89 Environmental Matters 89 New Accounting Guidance 90 Application of Critical Accounting Policies 91

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 92

Controls and Procedures

Item 4. Controls and Procedures 92

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 92

Risk Factors

Item 1A. Risk Factors 92

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 92

Other Information

Item 5. Other Information 93

Exhibits

Item 6. Exhibits 94

SIGNATURES

SIGNATURES 95 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 Cont en ts 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 subsidiarie

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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating Revenues $ 2,066 $ 2,043 $ 6,251 $ 6,281 Operating Expenses Operation Fuel 207 199 597 567 Energy purchases 338 356 1,133 1,430 Other operation and maintenance 681 637 1,930 1,805 Depreciation 322 314 957 940 Taxes, other than income 90 100 271 299 Total Operating Expenses 1,638 1,606 4,888 5,041 Operating Income 428 437 1,363 1,240 Other Income (Expense) - net (Note 12) 32 16 86 51 Interest Expense 188 165 549 494 Income Before Income Taxes 272 288 900 797 Income Taxes 58 58 189 170 Net Income $ 214 $ 230 $ 7

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