PPL Corp
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
PPL CORPORATION
PPL ELECTRIC UTILITIES CORPORATION
LOUISVILLE GAS AND ELECTRIC COMPANY
KENTUCKY UTILITIES COMPANY
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2024
This combined Form 10-Q is separately filed by the following Registrants in their individual capacity: PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company. Information contained herein relating to any individual Registrant is filed by such Registrant solely on its own behalf, and no Registrant makes any representation as to information relating to any other Registrant, except that information under "Forward-Looking Information" relating to subsidiaries of PPL Corporation is also attributed to PPL Corporation.
Unless otherwise specified, references in this Report, individually, to PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company are references to such entities directly or to one or more of their subsidiaries, as the case may be, the financial results of which subsidiaries are consolidated into such Registrants' financial statements in accordance with GAAP. This presentation has been applied where identification of particular subsidiaries is not material to the matter being disclosed, and to conform narrative disclosures to the presentation of financial information on a consolidated basis.
| Page | |||
|---|---|---|---|
| GLOSSARY OF TERMS AND ABBREVIATIONS | i | ||
| FORWARD-LOOKING INFORMATION | 1 | ||
| PART I. FINANCIAL INFORMATION | |||
| 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 | ||
| 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, Developments 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 | |||
| 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 | |||
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 85 | |||
| Item 4. Controls and Procedures | 85 | |||
| PART II. OTHER INFORMATION | ||||
| Item 1. Legal Proceedings | 85 | |||
| Item 1A. Risk Factors | 85 | |||
| Item 4. Mine Safety Disclosures | 85 | |||
| Item 5. Other Information | 86 | |||
| Item 6. Exhibits | 86 | |||
| SIGNATURES | 88 | |||
| CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICERPURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 | ||||
| CERTIFICATES OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICERPURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 | ||||
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